China crackdown on BTC and will support its own cryptocurrency

[Tambu]

https://www.forbes.com/sites/sarahsu/2017/10/19/will-china-host-the-worlds-biggest-state-backed-digital-currency/#380d56461231

Though the news was on October 2017 but still relevant and could be one of the contributor why there is huge dip of BTC's price recently.
 
Majority of Chinese patronize their own. We cannot deny the fact that there are large of Chinese population in  the market of Cryptocurrency and their absence will be a huge blow to the price of BTC and other cryptocurrencies in generals.

[1715056768]

1715056768

[1715056768]

1715056768

[dothebeats]

https://www.forbes.com/sites/sarahsu/2017/10/19/will-china-host-the-worlds-biggest-state-backed-digital-currency/#380d56461231

Though the news was on October 2017 but still relevant and could be one of the contributor why there is huge dip of BTC's price recently.
 We cannot deny the fact that there are large of Chinese population in  the market of Cryptocurrency and their absence will be a huge blow to the price of BTC and other cryptocurrencies in generals.

This is not news, and how many times have bitcoin and the cryptocurrency space have survived Chinese bluffs and bullshit? 3 or 4? With the amount of new money flowing in to bitcoin, it's safe to say that losing a significant portion of Chinese traders is bearable and bitcoin would just recover with the number of new traders and money pouring in every single day.

Majority of Chinese patronize their own.

I disagree. They patronize other countries' works and try to imitate it at the best of their abilities. It's their communist government who are strict on their policies and rules, but the majority of the Chinese people I knew don't like how their leaders are doing. Ever wonder why most successful Chinese businessmen are from different countries and not in China?

[jbkg111816]

I have to agree with the other persons opinion most of the successful chinese businessman are residing in other country rather than their own and they are making a lot of income there becuase they see that other citizens have a potential and skills to help develop and improved their businesses.

[Tambu]

This is not news, and how many times have bitcoin and the cryptocurrency space have survived Chinese bluffs and bullshit? 3 or 4? With the amount of new money flowing in to bitcoin, it's safe to say that losing a significant portion of Chinese traders is bearable and bitcoin would just recover with the number of new traders and money pouring in every single day.

Thanks Dude for your insight. We all know that Chinese are business tactician whether it is a bluff or not but the effect still bloody.

I disagree. They patronize other countries' works and try to imitate it at the best of their abilities. It's their communist government who are strict on their policies and rules, but the majority of the Chinese people I knew don't like how their leaders are doing. Ever wonder why most successful Chinese businessmen are from different countries and not in China?

Yes agree with this that many Chinese are successful outside China but don't you believe that those Chinese majority of them  their income they still transfer to China. If you were in China you can felt their nationalism it is just a media portray it in other way around.

[reflector]

https://www.forbes.com/sites/sarahsu/2017/10/19/will-china-host-the-worlds-biggest-state-backed-digital-currency/#380d56461231

Though the news was on October 2017 but still relevant and could be one of the contributor why there is huge dip of BTC's price recently.
 
Majority of Chinese patronize their own. We cannot deny the fact that there are large of Chinese population in  the market of Cryptocurrency and their absence will be a huge blow to the price of BTC and other cryptocurrencies in generals.

Most of the projects, trading sites, mining platforms are belongs to China only. Their support is must see the bitcoin and other cryptos in the high price. Atleast companies should migrate to other countries where bitcoin is legal to use.
Other countries still really looking to adapt the bitcoins but some illegal source are spread negative information about the bitcoin. So they all are fear to invest on the bitcoin.

[cryptohunter]

Nobody cares about china now. They are out, the stability that will afford us is worth more than their constant annoying fud.

They will be the main losers here because most other wealthy nations are going to regulate and get their cut of the crypto pie.

" when the winds of change come - some build walls and others build windmills"

ironically that is a chinese proverb

[tokexchain]

This is not news, what should have been news was when the Chinese government banned Cryptocurrencies, and then the launched NEO - this is just one example of the attempted mass wealth reversal, some stood strong but many sold into the hands of the government coffers. Our coins will always be attacked with underhand measures from central governments to single hackers. Again, do not falter and protect yourselves, it is only just now the word has spread and so the vicious attacks are becoming more and more so.

[Tambu]

Nobody cares about china now. They are out, the stability that will afford us is worth more than their constant annoying fud.

They will be the main losers here because most other wealthy nations are going to regulate and get their cut of the crypto pie.

" when the winds of change come - some build walls and others build windmills"

ironically that is a chinese proverb

It's ironically that everything you have, have a Chinese touch.  Quality in China is depend on the amount of your money. They can deliver you the same products in different prices but in different quality. Their business principle is 'we can give everything you need regardless of the price'. And that principle work well and bring more profit to them. 

[Anti-Cen]

The OP is trying to ignore the three big elephants in the room

1. Fees being 1000 X more than other coins
2. USDT is counterfeit and being used to pump coins
3. Lightning network cat is out the bag, the hubs are mini banks

You didn't even mention NEO which you can add as number four if you like but please
start thinking for yourself because I can parrot out what the BBC is saying all day long

[Anti-Cen]

The OP is trying to ignore the three big elephants in the room

1. Fees being 1000 X more than other coins
2. USDT is counterfeit and being used to pump coins
3. Lightning network cat is out the bag, the hubs are mini banks

You didn't even mention NEO which you can add as number four if you like but please
start thinking for yourself because I can parrot out what the BBC is saying all day long

[Tambu]

Most of the projects, trading sites, mining platforms are belongs to China only. Their support is must see the bitcoin and other cryptos in the high price. Atleast companies should migrate to other countries where bitcoin is legal to use.
Other countries still really looking to adapt the bitcoins but some illegal source are spread negative information about the bitcoin. So they all are fear to invest on the bitcoin.

You nailed it bro. 'Fair.' China is good on that. And that tactics really work in the market.

[sean.maley]

https://www.forbes.com/sites/sarahsu/2017/10/19/will-china-host-the-worlds-biggest-state-backed-digital-currency/#380d56461231

Though the news was on October 2017 but still relevant and could be one of the contributor why there is huge dip of BTC's price recently.
 
Majority of Chinese patronize their own. We cannot deny the fact that there are large of Chinese population in  the market of Cryptocurrency and their absence will be a huge blow to the price of BTC and other cryptocurrencies in generals.

Most of the projects, trading sites, mining platforms are belongs to China only. Their support is must see the bitcoin and other cryptos in the high price. Atleast companies should migrate to other countries where bitcoin is legal to use.
Other countries still really looking to adapt the bitcoins but some illegal source are spread negative information about the bitcoin. So they all are fear to invest on the bitcoin.

Agreed. They are the one dominating both investing and mining part. After all these years they think that they finally got the chance to beat usd, not with their own currency but crypto currencies.

[trickyriky]

Nobody cares about china now. They are out, the stability that will afford us is worth more than their constant annoying fud.

They will be the main losers here because most other wealthy nations are going to regulate and get their cut of the crypto pie.

" when the winds of change come - some build walls and others build windmills"

ironically that is a chinese proverb

You are wrong. china is a great country, and people there are very intelligent and sly. If they chose this strategy, then it means soon they will win with it.

[Tambu]

Nobody cares about china now. They are out, the stability that will afford us is worth more than their constant annoying fud.

They will be the main losers here because most other wealthy nations are going to regulate and get their cut of the crypto pie.

" when the winds of change come - some build walls and others build windmills"

ironically that is a chinese proverb

You are wrong. china is a great country, and people there are very intelligent and sly. If they chose this strategy, then it means soon they will win with it.

 All country is unique and have their own cultures that they can proud of. China has a lot of it. China made a lot of invention that change the world. One of China's remarkable invention is the gun powder until now still very useful.

[Herbert2020]

at the end of the day people are buying bitcoin for two main reasons:
1. it is a decentralized currency that nobody can control, censor, tax, restrict, ban,...
2. it is a good investment that appreciates more and more every day.

when a country releases their own coin it will lack both of these aspects. it will be centralized which means a lot of people won't even get near it because it means even more surveillance on what they do compared to when they are using usual fiat methods. and they will keep the price stable which means it can not be an investment either!

[AmericanBit]

https://www.forbes.com/sites/sarahsu/2017/10/19/will-china-host-the-worlds-biggest-state-backed-digital-currency/#380d56461231

Though the news was on October 2017 but still relevant and could be one of the contributor why there is huge dip of BTC's price recently.
 
Majority of Chinese patronize their own. We cannot deny the fact that there are large of Chinese population in  the market of Cryptocurrency and their absence will be a huge blow to the price of BTC and other cryptocurrencies in generals.

Yes of course China has great influence, and we already saw results. But I think soon some alternatives will emerge, which will replace China. I read in other topic that Russia making crypto legal, so it might be one of the alternatives.

[yytcoin]

I do not know why many people are attacking China. I seriously doubt this is a prejudice against China， it is undeniable that these measures of China's suppression of bitcoin are disappointing. However, we all just stand in their own interest and see problems， the Chinese government needs to look at the interests of the entire country. Now it is not only a matter of China, but also other countries are suppressing Bitcoin. I suspect that many governments are jointly suppressing Bitcoin.

[Tambu]

I do not know why many people are attacking China. I seriously doubt this is a prejudice against China， it is undeniable that these measures of China's suppression of bitcoin are disappointing. However, we all just stand in their own interest and see problems， the Chinese government needs to look at the interests of the entire country. Now it is not only a matter of China, but also other countries are suppressing Bitcoin. I suspect that many governments are jointly suppressing Bitcoin.

Yes it could be that many countries will follow what China did. Supporting their own currency. Currently the TRON already tie up with Peiwo App which give an advantage on TRON. Peiwo Apps is the largest audio content in China which could influence a huge population to Chinese to invest on TRON.

[racistyui]

https://www.forbes.com/sites/sarahsu/2017/10/19/will-china-host-the-worlds-biggest-state-backed-digital-currency/#380d56461231

Though the news was on October 2017 but still relevant and could be one of the contributor why there is huge dip of BTC's price recently.
 
Majority of Chinese patronize their own. We cannot deny the fact that there are large of Chinese population in  the market of Cryptocurrency and their absence will be a huge blow to the price of BTC and other cryptocurrencies in generals.

China continues to implement bans on Bitcoin trading platforms instead of the ICO Ban as in August, China's work to promote China's dominance of the market.

Chinese regulators also target individuals and companies that provide clearing services, arrange and market. Small-scale (P2P) transactions are not affected.

Miners started moving to other countries, which was obvious because of the good workmanship and good law

China's government's digital money-cutting measures have had a huge impact on bitcoins and other co-substitutes over the past several months.

In line with China's ban on bitcoin, on price bubbles, Korea tightens bitcoin trading.
At the beginning of last year, China remained the strongest bitcoin trading market. It is also home to many of the world's largest bitcoin companies. Digital diggers have rushed into China because of low electricity prices, cheap labor and many supporting industries.

Many bitcoin companies like Bitman, BTC.Top and ViaBTC have fled China for easier-to-do markets like the United States, Canada and Singapore.

[Tambu]

https://www.forbes.com/sites/sarahsu/2017/10/19/will-china-host-the-worlds-biggest-state-backed-digital-currency/#380d56461231

Though the news was on October 2017 but still relevant and could be one of the contributor why there is huge dip of BTC's price recently.
 
Majority of Chinese patronize their own. We cannot deny the fact that there are large of Chinese population in  the market of Cryptocurrency and their absence will be a huge blow to the price of BTC and other cryptocurrencies in generals.

China continues to implement bans on Bitcoin trading platforms instead of the ICO Ban as in August, China's work to promote China's dominance of the market.

Chinese regulators also target individuals and companies that provide clearing services, arrange and market. Small-scale (P2P) transactions are not affected.

Miners started moving to other countries, which was obvious because of the good workmanship and good law

China's government's digital money-cutting measures have had a huge impact on bitcoins and other co-substitutes over the past several months.

In line with China's ban on bitcoin, on price bubbles, Korea tightens bitcoin trading.
At the beginning of last year, China remained the strongest bitcoin trading market. It is also home to many of the world's largest bitcoin companies. Digital diggers have rushed into China because of low electricity prices, cheap labor and many supporting industries.

Many bitcoin companies like Bitman, BTC.Top and ViaBTC have fled China for easier-to-do markets like the United States, Canada and Singapore.

Ironically there are people belittling the contribution of China or Chinese in the market of Cryptocurrency.  China is a marketplace that cannot be neglected. Their impact can be felt immediately.