What does the Chinese market now consist of?

[gentlemand]

They're still mining like mad, there must be many thousands of people who hold some BTC still.

How are they trading? Is there masses of OTC and P2P? Is it possible for them to get on Korean and Japanese exchanges?

Many predicted that after their big fat congress they'd reinstate some sort of exchange functionality. That doesn't appear to have happened.

Will they go for a full clamp down including attempting to squash non centralised trading?

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[ImHash]

They are trying to stop their people from cashing out in local currency, Cashing out Yuan will cause inflation for them, People now are trying to cash out in other countries to get dollar in exchange, They are in a war with the west. War of the coins

[davis196]

They're still mining like mad, there must be many thousands of people who hold some BTC still.

How are they trading? Is there masses of OTC and P2P? Is it possible for them to get on Korean and Japanese exchanges?

Many predicted that after their big fat congress they'd reinstate some sort of exchange functionality. That doesn't appear to have happened.

Will they go for a full clamp down including attempting to squash non centralised trading?

The situation in China is absurd,because the government and PBOC banned cryptocurrency trading,but didn`t ban mining.The chinese government has two options to choose from:
1.Ban cryptocurrency mining.
2.Allow cryptocurrency trading and the ICOs.
Anyway,i think that the worldwide crypto market is in a better shape without the chinese exchange platforms,because they were manipulating their trading volumes and were trying to manipulate the prices.

[gentlemand]

The situation in China is absurd,because the government and PBOC banned cryptocurrency trading,but didn`t ban mining.The chinese government has two options to choose from:
1.Ban cryptocurrency mining.
2.Allow cryptocurrency trading and the ICOs.
Anyway,i think that the worldwide crypto market is in a better shape without the chinese exchange platforms,because they were manipulating their trading volumes and were trying to manipulate the prices.

Yes, I think we wouldn't be anywhere near where we are now if the zero fee exchanges had carried on as they were.

Allowing mining in theory means that their useless electricity is being exchanged for foreign currency so there's less incentive to murder it. It's the average citizen having full control over their own money that's the biggest problem to them.

Miners will have to be more creative in finding buyers but potentially they might be selling abroad.

[Chris!]

I've been wondering this too. They must either be so well off at this point that they're just waiting it out or they just really don't need fiat because Bitcoin is popular enough. I'm asking they just have fiat to live off of though.

[HasHe]

They're still mining like mad, there must be many thousands of people who hold some BTC still.

How are they trading? Is there masses of OTC and P2P? Is it possible for them to get on Korean and Japanese exchanges?

Many predicted that after their big fat congress they'd reinstate some sort of exchange functionality. That doesn't appear to have happened.

Will they go for a full clamp down including attempting to squash non centralised trading?

Chinese are not mad.Even though,bitcoin has been laid severe restrictions in china,chinese investors and miners know very well the value of bitcoin in the outer world.Now,at present,they are selling in counter sales P2P and also traders use telegram for communication.They have not given up.They hope that the present situation in their country would soon change.I think that china could not crash non centralized trading.

[littlebill16]

I think that many are trading using VPNs to access sites in different countries or even just selling to other whales directly who then sell on another foreign exchange, given bitcoins anonymity there must be many ways for them to get around it.

[dead_m92]

Chineses are like the whole population of bitcoin, and that is it, i am not wrong about it.

I read a chart in where it said that China has more than 35% of the total miners that are mining our blocks and our transactions at the moment.

That is why bitcoin crashed a lot during the mess with bitcoin cash, because they all switched to mine that coin.-

Without them, we are almost dead, because the other 65% of the hashrate is not enough to process all the other transactions/blocks smoothly.

[Kronos21]

I think that many are trading using VPNs to access sites in different countries or even just selling to other whales directly who then sell on another foreign exchange, given bitcoins anonymity there must be many ways for them to get around it.

VPN is a weak defense. If you wish, you can always discover. For example in Russia all the services that offer VPN services are required to provide information about these users. It seems to me that you are too trusting. Online safety is a myth. You need to be able to defend their interests openly.

[gentlemand]

Chineses are like the whole population of bitcoin, and that is it, i am not wrong about it.

I read a chart in where it said that China has more than 35% of the total miners that are mining our blocks and our transactions at the moment.

That is why bitcoin crashed a lot during the mess with bitcoin cash, because they all switched to mine that coin.-

Without them, we are almost dead, because the other 65% of the hashrate is not enough to process all the other transactions/blocks smoothly.

It's probably 60-70% and Bitcoin would survive just fine if they all buggered off permanently. It would slow down for a few weeks and then adjust until all the lost miners were made up for.

[Torque]

China PBoC allows the miners to continue, as long as the sell/give bitcoin OTC directly to their oligarchs. In return they are allowed to mine using cheap electricity.  Win win.

They don't want the Chinese people to benefit from Bitcoin, only their state wealthy elite. They allow the people to have WeChat Pay for digital direct payments and believe that will suffice.

That's my theory and I'm sticking to it.  

[BrewMaster]

that is the question that i also had in mind ever since price went past $10k. people seem to be interested only in the ban and how that affected bitcoin (calling i the end of bitcoin, even topics asking "is bitcoin finished"!!!).

when they closed the exchanges, foreign ones from Korea and Japan and also the localbitcoins volume had a big increase so my guess is, most of the traders migrated elsewhere.

additionally i saw their exchanges still are operational but moved their servers and domains outside of China. BTCC,... they may be handling a big part of the volume too.

[littlebill16]

I think that many are trading using VPNs to access sites in different countries or even just selling to other whales directly who then sell on another foreign exchange, given bitcoins anonymity there must be many ways for them to get around it.

VPN is a weak defense. If you wish, you can always discover. For example in Russia all the services that offer VPN services are required to provide information about these users. It seems to me that you are too trusting. Online safety is a myth. You need to be able to defend their interests openly.

I don't personally do it as I'm not based in China but it wouldn't surprise me, not to mention that people could probably create their own VPN if they wanted to. It's not something I'd risk but for many in China bitcoin is probably a huge amount of their wealth given the relatively low incomes.

[thecodebear]

Chineses are like the whole population of bitcoin, and that is it, i am not wrong about it.

I read a chart in where it said that China has more than 35% of the total miners that are mining our blocks and our transactions at the moment.

That is why bitcoin crashed a lot during the mess with bitcoin cash, because they all switched to mine that coin.-

Without them, we are almost dead, because the other 65% of the hashrate is not enough to process all the other transactions/blocks smoothly.

It seems you don't understand how Bitcoin works. Block mining would only slow down until the next difficulty change. The hashrate is not required to process the actual transactions, only one miner ever actually processes each block - meaning that one miner could run the whole network by themselves, the hashrate has to do with keeping the block time to about 10 minutes, that's all.

[Lieldoryn]

I'm sure that even if Chinese miners are not to process transactions and mine coins that won't be a problem for bitcoin. The price of production will go up dramatically and there are many who take on their power. At the big desire always it is possible to increase the block size. Bitcoin blackmail will not work.

[DustyRah]

The goal of Chinese government is to bring wealth into the country but not allow it leave. Mining brings in wealth. Allowing users to buy Bitcoins with RMB has a huge risk of that Bitcoin leaving the country and getting converted to another currency, basically money leaving the country.

They are on top of everything including the mining activity and they are quite happy with the Bitcoins being generated in China.

They do have unofficial channels to buy and sell Bitcoins so its not an issue for miners to sell the coins for RMB.

[jagster]

War of the coins

*Continuously screams like Datoka Fanning*

I bet a lot of Chinese citizens don't care and will continue on. Can't stop this party.

It's definitely about wealth control. The US keeps accusing them of currency manipulation. Crypto-currency manipulation should be right up their alley.

[TERA2]

[atjiat]

War of the coins

*Continuously screams like Datoka Fanning*

I bet a lot of Chinese citizens don't care and will continue on. Can't stop this party.

It's definitely about wealth control. The US keeps accusing them of currency manipulation. Crypto-currency manipulation should be right up their alley.

I am also surprised by the Chinese market and Chinese citizens. After the Chinese government has made a problem, the Chinese market is still very good and promising.

[nl247]

Chineses are like the whole population of bitcoin, and that is it, i am not wrong about it.

I read a chart in where it said that China has more than 35% of the total miners that are mining our blocks and our transactions at the moment.

That is why bitcoin crashed a lot during the mess with bitcoin cash, because they all switched to mine that coin.-

Without them, we are almost dead, because the other 65% of the hashrate is not enough to process all the other transactions/blocks smoothly.

Sure, China has some of the largest rigs when it comes to mining even more than the percentage you stated, but trust bro, they do not have any hold on bitcoin and even when they thought they did, I guess the market really proved them wrong. The citizens are doing well for themselves and I am sure even the traders have been able to find solace in the Japanese market which is why I am sure it is booming as the highest trading volume right now. However, contrary to what you have said, without them we are not dead, and worst that would ever happen is the difficulty level of bitcoin dropping which is a good thing to me.