Does China FUD matter anymore?

[dragonvslinux]

Based on the following, I'm assuming the so-called continued crackdown on crypto in China is becoming less and less relevant if users are merely moving away from Chinese exchanges. Anyone have more understanding of this? It also seems that China changes it's mind so often that almost nothing legally sticks in the end anyway.

Bitcoin flows to Binance from Huobi reached an all-time high since the Huobi chief operating officer, Robin Zhu, allegedly went missing on Nov. 2. According to data provided by CryptoQuant, a total number of 18,652 bitcoin, worth nearly $300 million, was transferred from Huobi to Binance from that day until Nov. 11.

Source: https://www.coindesk.com/china-exchanges-crackdown-binance-huobi-okex

I still remember the "China FUD" in the past, it used to be one of the worst types of FUD I thought. Now it just reads like old news going round in a circle again.

[barto123]

News hasn't really effected the price of Bitcoin at all the last couple of years.

The crash in March this year was a liquidity crisis on all markets; people wanted fiat because of the COVID madness.

The hodlers with true conviction have just been stacking like crazy.

It's going to get volatile again no doubt (20-30% crashes in a day), but in the end it won't matter.

Any news, positive or negative, tends to be good for Bitcoin.'

Honey Badger don't care

[DeathAngel]

China with their regular banning & unbanning of bitcoin used to have a big effect on the price. I don’t think anybody cares any more, the shock value in what China does or doesn’t do in relation to bitcoin doesn’t really cause an impact these days.

[SquirrelJulietGarden]

Big mining pools are in China but there are very little bitcoin full nodes from China. With 9088 full nodes, total nodes come from China are 186.

If anything bad happens in China, for crypto regulations or for mining pools: shutdowns or restrictions or 51% hashrate centralization, miners will switch to other pools and exchanges will move their main offices and licenses in other nations.

Do you forget the Xi pump last year? After 3 years of FUDs from China, bans on crypto, Xi-news is a nuclear bomb to help bitcoin took off. Don't forget it.

US 2787
DE 1589
FR 572
NL 374
GB 331
SG 312
CA 300
JP 223
RU 210
IN 194
CN 186

https://bitaps.com/

[NeuroticFish]

There's a good chance that the influx of US corporate buyers make China FUD matter much less.
But if I'd trade I'd still be careful with it, since if the stars align correctly their FUD may matter on the markets (even if it'll be for shorter time).

[ChiBitCTy]

This is a great question and personally a great topic to revisit for myself.  One of the first questions I came on here and asked was about the effects of China banning cryptocurrency.  Back when every time China said anything about bitcoin or crypto the value would either drop or rise significantly.  Anymore today I'm with you and the chart..I don't think it matters at all.  Bitcoin and crypto has become too global, mainstream, and is much bigger than just one country.

[eaLiTy]

I don't think it matters at all.  Bitcoin and crypto has become too global, mainstream, and is much bigger than just one country.

China dominated the BTCitcoin market for a long time and majority of the trading volume comes from China and so is the reason anything that comes out from China had an impact on the entire market and the FUD was mainly whenever the market was moving higher and that would halt the movement and we usually see a correction. The ban from the Chinese government was a blessing in disguise for the entire market as it helped the market move away from its clutches . 

[CarnagexD]

At this point we all know China as the grumpy party pooper in the cryptocurrency fiesta. Despite that, they still have an awful amount of traction especially from the newbie demographic. These people are the easiest to sway and persuade. For veterans, we already know how things roll so we are not easily swayed. And with the coming if new investors brought about by the pandemic, they're going to do things to have these people be convinced to not invest or dump.

[Hypscoin]

Regarding the China FUD, if any of you guys are using Binance, have you guys withdraw your funds to a different exchange if your interested in selling when the price reaches ATH?

[hatshepsut93]

I believe China FUD became irrelevant a long time ago, we've already saw some attempts to restrict mining and trading in the past few years, and it didn't lead to any bear markets. China might still have a lot of mining, but they aren't a big player in crypto world, they don't have a lot of adoption. If the US or EU made a move against Bitcoin, that would be much more serious, because it would be both new and a lot of adoption, even if it's only adoption as an investment, is coming from these regions.

[snarlpill]

From what I understand the majority of Bitcoin mining takes place in China nowadays, but I don't think any news of China either cracking down or welcoming/accepting Bitcoin more will have much of an effect on the price. The knowledge of Bitcoin has spread worldwide and it is now nearly a household name. I think if anything, China cracking down on Bitcoin more would only help to increase the price as the news would catch more people's attention and they might think- "If the communist government of China is trying to shut down this whole Bitcoin thing then it must be something of revolutionary ideals that's worth looking into." Just my 2 cents.

[Baofeng]

It depends on what cycle we have, right now we are in the bullish sentiments, so no matter what negative news we got not just coming from China, it doesn't matter and it doesn't affect the price negatively. And I guess the market and the investors mature already, if this is 2017, I'm sure that those kind of news will have a dent in the market as soon as it is released to the public. But not today, we have come along way that we just shrugged it off, rolling our eyes over, but that's it.

A good test case is the $1 Billion in Bitcoin Moved, Making It the Largest Dollar Value Crypto Transaction in History. Damn, if that coin moves in 2017, and then later on we know that US files a civil action to that hackers to forfeit and seize? I wouldn't be surprised if the price nose dive to -30% or more following that news.

[suzanne5223]

First of all, the news writer totally doesn't understand what happened to the Huobi COO cause he was not missing but he was actually arrested by the Chinese police just like they did to OKEx founder.
With that been said, the best thing every crypto investors and traders can do is to stay away from every China exchange site but I still don't understand is what gave them the power to arrest the official of an exchange that is not licensed by the Chinese government and also not operating on their soil ever the 2017 issue.

[Jating]

The only FUD that can really affect us is that the Chinese totally shutdowns bitcoin mining. But other than that, since they already made a U-turn on bitcoin and just embraces the technology behind and altcoins/shitcoins.

https://www.chainnews.com/articles/647805801818.htm

Bitcoin is not even in there top ten, lol, and I'm sure the next reports will show bitcoin perhaps in the 15-20 spot. So it just shows that they are no longer in the bitcoin bandwagon, or at least that's what the message the government is trying to send the us.

[Yamifoud]

Well, they know what is the situation in China. And despite saying that they are banning crypto in their area but wondering why there are exchangers still working. We know also that China is very influential and their capability to manipulate people has proven enough. FUD's could still be working, those newcomers will certainly be victims to this scheme and do the panic selling. But the effect is not likely the same as what happens before. Many had already learned from China and only those people who know nothing will be affected.

[TimeTeller]

China with their regular banning & unbanning of bitcoin used to have a big effect on the price. I don’t think anybody cares any more, the shock value in what China does or doesn’t do in relation to bitcoin doesn’t really cause an impact these days.

People are already tired of what they want with crypto.
So right now, don't think it will matter to the crypto community.
They can basically do what they want, and the crypto community will not bother them.

Well, they know what is the situation in China. And despite saying that they are banning crypto in their area but wondering why there are exchangers still working. We know also that China is very influential and their capability to manipulate people has proven enough. FUD's could still be working, those newcomers will certainly be victims to this scheme and do the panic selling. But the effect is not likely the same as what happens before. Many had already learned from China and only those people who know nothing will be affected.

Chinese have different mentality when it comes to business.
So there's really no surprise if there are still big Chinese exchanges that are still operating.
And don't be surprise if tomorrow, we will hear from them about accepting crypto in their system.

[Darker45]

We don't know until it happens once again. Perhaps if the FUD is grounded on rumors just like in the past, it won't matter much. But if the FUD is founded upon an actual stricter state policy and serious crackdown actions by the Chinese government, I think it matters still. Bitcoin's strength is growing in so many countries but the Chinese market is admittedly large enough that it is expected to cause some significant movements in the price.

[pooya87]

FUD has always been here and will always be in this market in the future. the subject of it changes but the principles are the same. it doesn't even have to be "China" but any other country as we have seen in the past. for instance in the past couple of months they literary replaced the word China with the word USA and released the same exact nonsense FUD.
it is always an attempt to cause panic sells, and sometimes it is successful and sometimes it fails. the important thing is that it will never affect anything in the long run.

Big mining pools are in China but there are very little bitcoin full nodes from China. With 9088 full nodes, total nodes come from China are 186.

you can't make this claim because you are NOT looking at all bitcoin nodes. you are just looking at those which you can see aka the reachable nodes. 90% of bitcoin full nodes don't accept incoming connections which means you won't see them.
the number of bitcoin full nodes is estimated to be around 100k.

[Yogee]

People have developed some sort of "immunity" just like how our bodies gets immune to some illnesses. I'm not a medical expert hehe.

.....Bitcoin is not even in there top ten, lol, and I'm sure the next reports will show bitcoin perhaps in the 15-20 spot. So it just shows that they are no longer in the bitcoin bandwagon, or at least that's what the message the government is trying to send the us.

You can also add the fact that they have been working on the CBDC and they probably closer to rolling it out to the entire country.

FUD has always been here and will always be in this market in the future. the subject of it changes but the principles are the same. it doesn't even have to be "China" but any other country as we have seen in the past. for instance in the past couple of months they literary replaced the word China with the word USA and released the same exact nonsense FUD.
it is always an attempt to cause panic sells, and sometimes it is successful and sometimes it fails. the important thing is that it will never affect anything in the long run.

It doesn't have to be a country also. Some financial institutions or some big shot traditional investors creating FUD just so they can buy more BTC at a discount.

[pooya87]

It doesn't have to be a country also. Some financial institutions or some big shot traditional investors creating FUD just so they can buy more BTC at a discount.

the FUD is not created by the big shot investors, countries,etc. it can simply be created by any small time newbie and then spread and become big. years ago someone saw the big numbers the Chinese exchanges reported as their volume and started the trend of "China controls bitcoin" FUD. about 6 months ago someone saw a similarity between bitcoin and stock market for 24 hours and started the FUD that "bitcoin follows stocks and will be dumped whenever stock market dumps".
all you have to do is make it intriguing and post it on the internet, next thing you know all the news sites that are desperate for traffic are writing about that FUD!