China is good news and in fact necessary

[hsmst4]

I suppose there are a few different ways to look at this...

Bitcoin was created by design to cause a disruption to normal fiat, currency, and asset classes.  War and uncertainty is inevitable and in fact required in the process.  The Chinese government has the power to easily turn things on and off.  Especially something they can't regulate, tax, or control.  Why would they not do this???     

The shutdown of any exchanges means that bitcoin is disruptive and actually succeeding in what it was intended to do!   Get ready for more of this all over the world in the coming months and years.

The verdict is still out if bitcoin will be allowed to survive in public and truly be worth anything.  That could take decades and which is why any crypto is still very risky.   But I see the adoption by Japan as the biggest victory yet.   Each country will need to decide how to handle, but the long term decision of whether it lives or dies will most likely end up in the hands of the United States.  (As usual...)  Where the citizens ultimately decide on what is legal or not.   Most likely it will end up being taxed and regulated, but that court case will be the deciding day if a bitcoin is worth $100 or $100,000. 

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[Tadzka]

Honestly, I can't agree with you more!

[eternalgloom]

I'm not sure if I completely follow you when you say that the shutdown of exchanges is a good thing and that it means that Bitcoin is disruptive.
But I do agree that all this news from China isn't too bad at all, the dip in price might be a little bit more extreme than expected, but it's also very necessary.

Actually, I wouldn't even mind too much if China just outright banned Bitcoin altogether, at least we wouldn't be hearing any more news regarding Bitcoin and cryptocurrency anymore 

[techindo]

Cryptocurrency world can not be controlled by any country including china.
Virtual currencies are hard to control
Bitcoin exchange rate up and down purely following the market mechanism. The government can not control the exchange rate, unlike the yuan against the US dollar. The government does not like something that can not be arranged.

[hsmst4]

The shutting down of exchanges indicates that governments and/or banks are considering it a threat which is exactly what it's supposed to do.  (Or at least disruptive enough to create laws and regulations around it.)   You'll know that bitcoin is actually succeeding and growing when governments and banks start to put up a fight which is what we may be starting to see.  And attacking the exchanges are exactly how they'll do it.

No, the government certainly can't control the value or exchange rate.   But they can close down the shady shop on the corner where you cash in your paper lottery ticket.
Until grocery stores universally start to accept bitcoins, having 845 of them doesn't do you any good if you can't get anyone to accept it as currency.   Otherwise, it's just a meaningless number like the bankers and investors are suggesting.

For the near future, the exchanges are vital for fiat conversion and therefore adoption.   Regardless of the outcome, that battle is inevitable and an important sign the war is progressing as planned.

[teejayrichard2]

You spoke my mind on this

[Sweety girl]

China has no pricing power for cryptocurrencies, and since September China has not been able to trade Bitcoin, pricing power has gone down.

[1Referee]

China has no pricing power for cryptocurrencies, and since September China has not been able to trade Bitcoin, pricing power has gone down.

China's market importance has gone from the moment the PBOC stepped in. We've been trolled by China far too often, and that's why I am glad that they (at least for now) are put off side when it comes to on-exchange trading. China just needed to fart, and people would start selling like there was no tomorrow, which is beyond insanse. Why let the entire market tank just because something happens in China? It makes no sense. That's why I prefer to see Bitcoin's adoption being spread out over several larger countries, instead of just one like how things were before the PBOC sanctions. Currently that's more or less the same when it comes to Japan, but they at least are the complete opposite in terms of their approach.

[joseph ca]

I suppose there are a few different ways to look at this...

Bitcoin was created by design to cause a disruption to normal fiat, currency, and asset classes.  War and uncertainty is inevitable and in fact required in the process.  The Chinese government has the power to easily turn things on and off.  Especially something they can't regulate, tax, or control.  Why would they not do this???     

The shutdown of any exchanges means that bitcoin is disruptive and actually succeeding in what it was intended to do!   Get ready for more of this all over the world in the coming months and years.

The verdict is still out if bitcoin will be allowed to survive in public and truly be worth anything.  That could take decades and which is why any crypto is still very risky.   But I see the adoption by Japan as the biggest victory yet.   Each country will need to decide how to handle, but the long term decision of whether it lives or dies will most likely end up in the hands of the United States.  (As usual...)  Where the citizens ultimately decide on what is legal or not.   Most likely it will end up being taxed and regulated, but that court case will be the deciding day if a bitcoin is worth $100 or $100,000. 

Honestly, I can't agree with you more,you when you say that the shutdown of exchanges is a good thing and that it means that Bitcoin is disruptive,China has no pricing power for bitcoin.

[googs84]

For me China`s ban on bitcoin was an opportunity for the traders to accumulate more and more coins at such discounted price. China is communist country, it has always tried to influence and control its economy and the economic tools operating in it. They applied the same principal on bitcoin and tried to put a pressure on bitcoin by shutting down its exchanges. No country can control digital currency. Bitcoin price after dip of 20% a day roared back strongly, now it has crossed $7200. Such incidence are necessary for a development of any economic tool.

[phutakami]

I suppose there are a few different ways to look at this...

Bitcoin was created by design to cause a disruption to normal fiat, currency, and asset classes.  War and uncertainty is inevitable and in fact required in the process.  The Chinese government has the power to easily turn things on and off.  Especially something they can't regulate, tax, or control.  Why would they not do this???     

The shutdown of any exchanges means that bitcoin is disruptive and actually succeeding in what it was intended to do!   Get ready for more of this all over the world in the coming months and years.

The verdict is still out if bitcoin will be allowed to survive in public and truly be worth anything.  That could take decades and which is why any crypto is still very risky.   But I see the adoption by Japan as the biggest victory yet.   Each country will need to decide how to handle, but the long term decision of whether it lives or dies will most likely end up in the hands of the United States.  (As usual...)  Where the citizens ultimately decide on what is legal or not.   Most likely it will end up being taxed and regulated, but that court case will be the deciding day if a bitcoin is worth $100 or $100,000. 

Of course this is good news and it certainly will make the bitcoin rise higher than the present value.

[arseaboy]

For me China`s ban on bitcoin was an opportunity for the traders to accumulate more and more coins at such discounted price. China is communist country, it has always tried to influence and control its economy and the economic tools operating in it. They applied the same principal on bitcoin and tried to put a pressure on bitcoin by shutting down its exchanges. No country can control digital currency. Bitcoin price after dip of 20% a day roared back strongly, now it has crossed $7200. Such incidence are necessary for a development of any economic tool.

You get it directly to the point mate, China just wanted to put pressure and wanted to show power inside crypto industry which more of the western countries doesn't like to be applied inside this system so instead of allowing China they showed strong support and bring bitcoin up much higher.

[stompix]

China was never necessary
It was all inflated news, fake numbers on exchanges, manipulation and all the mess that comes with it.

The Chinese people were not using bitcoin in RL. They were just playing traders on exchanges with 0 trading fees.
There was nothing great about bitcoin in China , there was nothing special.
And the current evolution in both price and increased daily transaction volume shows that the effect of China was 0.

And stop labeling the shutdown of the exchanges as a victory.
If the US and the EU do the same tomorrow you will count the value in cents and the Pyrrhic victory of having two shady guys behind a convenience store selling bitcoin and defying the government will leave a bad taste.

[kirikmax]

Information about the Chinese market is not as influential as people think. Only whales have taken that information to influence the market and make a profit for them