Will China's crackdown on Bitcoin cause Bitcoin to become worthless?

[Hughes_Ryan]

As we all know, in the cryptocurrency market, Chinese account for a large portion. So what impact will the Chinese government's total blockade of Bitcoin have on the cryptocurrency market? The sharp drop in the price of Bitcoin is the result we have seen, so after this blow, can the price of Bitcoin return to its peak, or will it fail? What do you think? I am confused now, hope someone can answer it for me.

The ban in China has always had very serious consequences on market sentiment.  This has happened in the past, everything is wrapped up as a part... the fact that bitcoin mining camps will migrate it is only part of the weakening.  But I think in the long term, this is a new opportunity for bitcoin.  And why, you can imagine a bunch of bitcoin target references on twitter going to over $100k for 2021. Beware of the wick and it's ready.

[ILuckyGuyI]

Of course such thing will never happen. It'd be really silly if it happened. Because Bitcoin is not in anyone's control. It needs much bigger things to have a problem like that. China's crackdown was just one of the FUDs. And it affected the price negatively also. But that was it. It's caused nothing bigger than that.

[darkangelosme]

No matter how Chinese government try to stop bitcoin they can only achive failure  , they can onl stop bitcoin in their own country and i think it's their lost if they  will going to do that. 

[Silberman]

No matter how Chinese government try to stop bitcoin they can only achive failure  , they can onl stop bitcoin in their own country and i think it's their lost if they  will going to do that. 

They cannot even do that, bitcoin is difficult to stop by nature, after all the bittorrent technology has existed for a long time and despite all the money invested by the music and the movie industry it still exists and it is going strong, bitcoin is very similar so even if they try to put as many laws as possible to stop and hinder the growth of bitcoin it is never going to be enough, after all if people see they can get an advantage with bitcoin and make money with it they will use it regardless of what any government has to say about it.

[Fortify]

As we all know, in the cryptocurrency market, Chinese account for a large portion. So what impact will the Chinese government's total blockade of Bitcoin have on the cryptocurrency market? The sharp drop in the price of Bitcoin is the result we have seen, so after this blow, can the price of Bitcoin return to its peak, or will it fail? What do you think? I am confused now, hope someone can answer it for me.

I think Bitcoin will survive and might even do better now it is less vulnerable to the whims of the Chinese government. It was getting to a point where the blockchain may have become vulnerable to a 51% attack because so much computing power was based inside China. People should be happy for a steadier trend upwards instead of the skyrocket prices we have seen over the last year - the $65k peak has shown what is possible in time and should make bitcoiners happy. After Bitcoin leaves China it might actually become more eco-friendly again, rather than going for the cheapest and dirtiest power generation possible, which might be enough to tempt back certain firms like Tesla again with new commitments.

[Fatunad]

As we all know, in the cryptocurrency market, Chinese account for a large portion. So what impact will the Chinese government's total blockade of Bitcoin have on the cryptocurrency market? The sharp drop in the price of Bitcoin is the result we have seen, so after this blow, can the price of Bitcoin return to its peak, or will it fail? What do you think? I am confused now, hope someone can answer it for me.

A common reaction you have here mate.If you had been on this market for a while then you wont easily freak out with these kind of banning news of some countries specially in China.
If you arent informed then this isnt the first time on where China made out some decisions which are on the negative side which can really affect the market on negative way
but talking about Bitcoin on becoming worthless? If we do consider on how many circumstances or situations on where bitcoin had been put into trouble but it do still end up
on standing strong already in a decade.This decentralized market couldnt really be easily taken down and no doubt that this is one of the reason on why it do gain much support and demand.

[Silberman]

As we all know, in the cryptocurrency market, Chinese account for a large portion. So what impact will the Chinese government's total blockade of Bitcoin have on the cryptocurrency market? The sharp drop in the price of Bitcoin is the result we have seen, so after this blow, can the price of Bitcoin return to its peak, or will it fail? What do you think? I am confused now, hope someone can answer it for me.

A common reaction you have here mate.If you had been on this market for a while then you wont easily freak out with these kind of banning news of some countries specially in China.
If you arent informed then this isnt the first time on where China made out some decisions which are on the negative side which can really affect the market on negative way
but talking about Bitcoin on becoming worthless? If we do consider on how many circumstances or situations on where bitcoin had been put into trouble but it do still end up
on standing strong already in a decade.This decentralized market couldnt really be easily taken down and no doubt that this is one of the reason on why it do gain much support and demand.

It is a common reaction and while understandable at the same time it leads people to lose money they would not have lost otherwise, however it seems China now is more serious than ever on going against bitcoin miners and this seems to me to be just wrong, this move could benefit them on the short term as they try to strengthen their currency but over the long term it will affect them, bitcoin is on the verge of becoming widely adopted and anyone that is not in it will miss the boat.

[carlfebz2]

I don't understand why some people worry about the probability of Bitcoin becoming worthless after China's actions. It's near impossible thing. This market is not that weak anymore. Even if it was weak, it isn't a way to destroy Bitcoin too. It only affected the price, that's all.

Its not nearly impossible but rather impossible indeed instead because this market isnt really just rolling out for China. When it comes to support and demand then this is talking about global aspects which basically means that China is just a part but cant really be a reason for Bitcoin to die.

We had seen several instances or situations like these in the past where bans are every now and then.It did surely affect the market as a whole in terms of price but eventually it did really make some recovery
afterwards which do proves out that it cant just be easily dumped or killed.

Nothing is assured though because nothing do last forever and this thing should be put up in mind.

[ziyaaa]

There have been many big things happened so far. And many of them were bad for the market. But none of them caused Bitcoin to become worthless. China's crackdown on Bitcoin also won't cause that. But Bitcoin price is having tough days that's for sure.

[STT]

China is a big country but it still cant change the laws of nature and despite nonsense commonly believed and repeated by any central bank, an economy is a natural entity that exists despite politics not ever because of it.    The reason you know economies are natural is humans are involved and human populations are a phenomena of nature and we repeat and form patterns that defy government control.
   Russia failed in its false economy and China will fail because they are fighting the tide not one person not even one network.   The whole country is under siege by a military force, it might be their own military but its not a success any more then Venezuela or anywhere occupied by and for force of violence is a success.

So far what China did is to make BTC more expensive for their own people and cheaper for the rest of the world to own and operate.  Who will lose from those two because cheaper can be a good thing, the lower price might signal some negative to a few but every market requires a mix of prices which we have.   The most important thing is the circulation ongoing, the soviets used dollars despite its ban and the Chinese will use alternatives despite any ban because laws dont change reality of requirement and utility.

[Woodie]

Bitcoin is bigger than China,  it's revolutionary and it has already written the history books. What China is doing is just slowing the money revolution, otherwise China will be on the wrong side of history when the time comes.

And no China won't kill bitcoin , miners are found all around the world and those based in China are leaving for places with a conducive environment.

[adzino]

Bitcoin is a decentralized currency. No country owns it or no country has full influence on the market. So if China puts a total ban on bitcoin, it will only affect the market temporarily. It won't become worthless. It highly likely will never be (unless the current chain can be broken or a huge flaw is found which puts bitcoins security into question). We will see a crash in the market because their people will start selling their coins. Once they are done selling, new investors from other countries will have opportunity to invest. This will help the market to get back where it was.

[Slow death]

everything that comes from china is shady, china's political system is very scary, check out this news:

Crypto miner claims all major Yunnan operations shut down in advance of CCP anniversary

it may be that there is some truth in this news because everything that comes from china is dark. one thing for sure: bitcoin will be better away from china

Once they are done selling, new investors from other countries will have opportunity to invest. This will help the market to get back where it was.

the worst situation will be for miners who are from china and who do not intend to move from china due to family issues, for these will lose the mining business

[smyslov]

As we all know, in the cryptocurrency market, Chinese account for a large portion. So what impact will the Chinese government's total blockade of Bitcoin have on the cryptocurrency market?

If China decides to drop Bitcoin there will be another country that will emerge to take their place, but will the Chinese investor allow this? Of course, they will find a way to create a solution, they made huge money from investing their money and their effort on Bitcoin and the money still keeps coming, they will not allow other countries to replace them.

[Silberman]

I don't understand why some people worry about the probability of Bitcoin becoming worthless after China's actions. It's near impossible thing. This market is not that weak anymore. Even if it was weak, it isn't a way to destroy Bitcoin too. It only affected the price, that's all.

This happens because those people do not really understand bitcoin at all, they know of the power of the Chinese government and how they have even began to shape our culture and they think the same can happen to bitcoin when this is not the case at all, China is powerful but bitcoin was designed to resist the attacks that are coming so this is not really such a big issue, but since those people do not know this they believe that the policies the Chinese governments are taking are enough to end bitcoin when this is not the case.

[dimonstration]

As we all know, in the cryptocurrency market, Chinese account for a large portion. So what impact will the Chinese government's total blockade of Bitcoin have on the cryptocurrency market?

If China decides to drop Bitcoin there will be another country that will emerge to take their place, but will the Chinese investor allow this? Of course, they will find a way to create a solution, they made huge money from investing their money and their effort on Bitcoin and the money still keeps coming, they will not allow other countries to replace them.

Some companies as well users just started to know crypto and Bitcoin being centralized will hard for Chinese developers to manipulate it unless they will be able to buy and sell at huge amount. Bitcoin becoming worthless is far from happening as it is designed for future adoption unless all users who already knew it stops to use then thats the only time, but O have heard some BTC were already just floating since some owners didnt able to access it.

[justdimin]

There have been many big things happened so far. And many of them were bad for the market. But none of them caused Bitcoin to become worthless. China's crackdown on Bitcoin also won't cause that. But Bitcoin price is having tough days that's for sure.

I don't see any change in the confirmation timings as well so if some miners stopped mining there are new ones ready to occupy their slots. Lesser and slower mining of BTC is actually good because it means less amount of coins are mined and hence lesser the coins to sell in the market technically and hence more the price. It is as if China stops supplying apples (fruit) which they produce 10 times the 2nd biggest producer, then the price will only rise because there will be shortage.

All of a sudden all this FUD and decisions look really fishy to me, only a couple of months ago everything was looking good and even Elon said they will accept BTC payments at tesla and then what happened overnight I don't know such that they are all finding problems while these are properties of BTC that last since the beginning, why they are having so much concern over the power suddenly.

[Nightz]

No matter how Chinese government try to stop bitcoin they can only achive failure  , they can onl stop bitcoin in their own country and i think it's their lost if they  will going to do that. 

They cannot even do that, bitcoin is difficult to stop by nature, after all the bittorrent technology has existed for a long time and despite all the money invested by the music and the movie industry it still exists and it is going strong, bitcoin is very similar so even if they try to put as many laws as possible to stop and hinder the growth of bitcoin it is never going to be enough, after all if people see they can get an advantage with bitcoin and make money with it they will use it regardless of what any government has to say about it.

Bitcoin is impossible to stop by nature! You can't stop it because you can't stop the internet as the global infrastructure is dependent on the internet. Also, what does stop even mean? Is Bitcoin stopped when 150 countries banned it and 50 did not? To me stopped means that it is literally dead, you can't use it anymore. That I don't see coming. Even if many countries crack down on it, there will still be places where it is used to store value or transact or speculate.

[TheGreatPython]

It looks funny to see how a government is handling the hurdle, the government do not want to give the freedom to their citizens even though Bitcoin will help them overcome the restrictions imposed by other countries according to you and they are known to control their citizens from which sites they visit to which media they watch and they need to continue that because they might not want their citizens to achieve financial freedom.

It's all because the government wants control and power in their hands while bitcoin is made to give the power back to the people which has been taken away long back by the banks and the banking sector as a whole. China and all the countries know that stopping bitcoins is neither possible nor feasible but because they are losing control over the transactions they are taking such decisions as the banning of mining because it consumes too much power.

[hd49728]

Bitcoin is impossible to stop by nature! You can't stop it because you can't stop the internet as the global infrastructure is dependent on the internet. Also, what does stop even mean? Is Bitcoin stopped when 150 countries banned it and 50 did not? To me stopped means that it is literally dead, you can't use it anymore. That I don't see coming. Even if many countries crack down on it, there will still be places where it is used to store value or transact or speculate.

It is partially stopped by China and Bitcoin mining is now easier and more profitable as algorithm adjusts after China crackdown.

The first key point is "More than 54% of bitcoin’s hashrate, which is the collective computing power of miners worldwide, has dropped off the network since its market peak in May." so if anyone or corporation collect all those mining power, they can be able to do 51% attack. It is theory but looks to be unrealistic to be done.

Lastly, China can flip their policy a few months later and it will not be the first time they change policies.