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

[Nightz]

If your argument was true, even if we lost 54% from the peak of hash power, why didn't anyone attack Bitcoin one year ago? Or two years ago? Or three years ago? Or... you get the point.

Even a 54% drop in hash power doesn't lead to a vulnerable network. I am also sure that it wouldn't go unnoticed if one bank starts to acquire all the equipment that is now supposed to be idle because of the Chinese mining ban. That ban also doesn't mean that those businesses leave the mining industry, they might rather leave the country. I doubt we will see a successful attack ever given the current market conditions like required hardware and electricity.

For how long, the attackers need to maintain 51% dominance in mining hash rate, in order to pull off such an attack? Given the current conditions, it will be extremely difficult for any new entity to garner even 10% of the hash rate. 51% is a long way away. And even in case they somehow manage to hit the 51% level, the other miners are not going to sit idle. They will immediately increase their hashpower (by diverting some of the hashpower from those who are currently mining altcoins). That's why I am curious about the duration. For how long they need to maintain this >51% level?

Well, when you say they are going to immediately increase their hash power, I guess this is one bottle neck we are talking about. There is only so much hash power available in the world. That is why brand new ASICS are permanently sold out. That is also why it is difficult for anyone to pull off such an attack on Bitcoin (much easier on other coins, see ETC attack). When you want to attack Bitcoin, the first problem you'll run into is hardware shortage. You can't even obtain the hardware to attack Bitcoin.

[dota2bestplayer]

will not! The more China suppresses Bitcoin, the more Bitcoin's pricing power will be biased overseas. Most people have seen the highly speculative nature of Bitcoin. But the true value of Bitcoin lies in whether anyone believes that even if it plummets, some people will choose not to sell it. This is consensus.

[arwin100]

They will surely do that as there's no stability and security if they will just operate in China, maybe in the future if the government stance on crypto and bitcoin will chance, but until that happen, they'll have to find a place where they can operate again because if they will just stop, they'll lose a lot of money as we know how much capital is need to run a big mining rig business.

I'm not sure if the government will ban mining forever and maybe it's just a temporary ban with certain considerations, after consideration of dispensation for miners being a big force to push bitcoin to peak prices, I'm very sure if there is support for bitcoin after this drama ends.

For now they will not support it so expect that we can see more news or fuds about it since China always want to be in power but I also believe that this ban is temporary since if bitcoin econony grow even if their country is absent on supporting this for sure China will think about lifting up the decision they made earlier, for now lets forger about China and focus to the other country who adopt bitcoin well.

[lepbagong]

will not! The more China suppresses Bitcoin, the more Bitcoin's pricing power will be biased overseas. Most people have seen the highly speculative nature of Bitcoin. But the true value of Bitcoin lies in whether anyone believes that even if it plummets, some people will choose not to sell it. This is consensus.

Actually, what China is doing is not only now they do it, but several times and it's normal, because they understand that bitcoin is very strong and cannot be suppressed because the mechanism is due to market movements. but indeed they are good at managing with a clear goal is the desire to seek profit as well as its nature.

so let this go by itself then everything will be normal, because everyone also knows that bitcoin is very sought after and made a very attractive investment, they will always keep it until the time when the price has been exceeded.

[tygeade]

It is obvious that we are all scared about it because China has been a big part of the crypto world, but that doesn't change the fact that we may not see anything substantially changing from crypto world when they leave neither. Remember they can only sell once and after they do, we do not need them anymore to keep the price high, just let them go and after that we can share the spoils of the war for years to come and that is why we will profit from it.

I personally believe that we should not be focusing on what to do with China situation but we should probably focus something more about what we can do about the mining operations in other nations. While China dreaming of a world where they can catch USA in power, the reality is that ever since they stopped mining operations, there are now a lot more starting up in USA and specially in Texas, which could bring USA some more power.

[Hippocrypto]

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.

This won't make bitcoin worthless because, we're not relying only from China and there's a lot of countries who's support on bitcoin was strong. Don't be confuse on what's happening because it's just a temporary situation that we're experiencing nowadays. Eventually we will overcome the certain crackdown of the market, fud shouldn't be taken seriously because that not healthy for a person who has goals for cryptocurrency.

[Fatunad]

It is obvious that we are all scared about it because China has been a big part of the crypto world, but that doesn't change the fact that we may not see anything substantially changing from crypto world when they leave neither. Remember they can only sell once and after they do, we do not need them anymore to keep the price high, just let them go and after that we can share the spoils of the war for years to come and that is why we will profit from it.

I personally believe that we should not be focusing on what to do with China situation but we should probably focus something more about what we can do about the mining operations in other nations. While China dreaming of a world where they can catch USA in power, the reality is that ever since they stopped mining operations, there are now a lot more starting up in USA and specially in Texas, which could bring USA some more power.

When you are just new into this market then you would really be having that kind of feeling whenever these kind of banning news then they do easily freak out and yes it do really affect the market
since China do really have a big contribution into this market specially in mining operation too and when ban comes then expect that would really make out some shake off but doesnt mean that
it would really end up badly on the entire market or making bitcoin worthless which is impossible because demand is always present which make it even more valuable as the year passed.
Crackdowns and bans is normal already on this market since government doesnt really like decentralization at the first place so its a bit anticipated.

[coin-investor]

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.

China may have had a big impact on the market and the development of Cryptocurrency and Bitcoin but they are not the sole developer of it, any country can take the lead if they want to leave, and it's their loss their miners and investors have amassed huge money from Cryptocurrency, if China ban Bitcoin I don't think all their miners and investors will just follow, of course, they will find a way.

[AmoreJaz]

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.

China may have had a big impact on the market and the development of Cryptocurrency and Bitcoin but they are not the sole developer of it, any country can take the lead if they want to leave, and it's their loss their miners and investors have amassed huge money from Cryptocurrency, if China ban Bitcoin I don't think all their miners and investors will just follow, of course, they will find a way.

definitely, those miners will find a way how to continue their business. now, that they learned the world of crypto, they will always find a way how to go around their govt. that's not the end of their life in crypto. and yes, when one door closes, the other door will open. we are not solely depending on China here. remember bitcoin and crypto can exist even without them. there will be other countries that are more than willing to host their closed businesses. so it is not our loss but them.
so btc becoming worthless is far from happening.

[777Jolami]

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.

This scenario looks like 2018, but market conditions have changed greatly,... I believe history will not repeat itself. Bitcoin mining hashrate is increasing rapidly in recent days. It is one of the great signals to continue to be optimistic about the overthrow of Chinese influence and domination.

[Jating]

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.

This scenario looks like 2018, but market conditions have changed greatly,... I believe history will not repeat itself. Bitcoin mining hashrate is increasing rapidly in recent days. It is one of the great signals to continue to be optimistic about the overthrow of Chinese influence and domination.

No, doesn't look the 2018 to me, scenario is different that time, if there is an FUD that involves China, it's March of 2017 if I'm not mistaken wherein there went hard on several Chinese crypto exchanges and there are misconception that time that they are going to ban bitcoin, but instead it was the ICO that they came hard that time.

I disagree though, the hash hate is dropping hard because some of the minings have pulled their plugged already because of the Chinese crackdown.

[Sithara007]

No, doesn't look the 2018 to me, scenario is different that time, if there is an FUD that involves China, it's March of 2017 if I'm not mistaken wherein there went hard on several Chinese crypto exchanges and there are misconception that time that they are going to ban bitcoin, but instead it was the ICO that they came hard that time.

I disagree though, the hash hate is dropping hard because some of the minings have pulled their plugged already because of the Chinese crackdown.

Hash rate may be dropping because of the low BTC price as well. A couple of months back, Bitcoin was trading at $62,000 per coin. The exchange rate as of now is $34,000. Expenses for the miners remain the same, and at least for some of the mining farms the price of Bitcoin is not high enough to return a profit from their operations. So there is a chance that they simply shut down the mining operations for the time being. The number of coins being mined is limited. So even if they increase their hash rate, they are not going to get more coins.

[Argoo]

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.

Such negative news has only a temporary effect on this market. Then the market inevitably recovers and moves on. The Chinese government has already tried to limit or even ban the circulation of decentralized cryptocurrency since 2017, but such measures were not systematic and they were not carried out at the highest level. If they intend to do this, let them do it to the end and once. The market will be reformed and after a while it will move on. Otherwise, negative news will be fed constantly.

[sana54210]

China may have had a big impact on the market and the development of Cryptocurrency and Bitcoin but they are not the sole developer of it, any country can take the lead if they want to leave, and it's their loss their miners and investors have amassed huge money from Cryptocurrency, if China ban Bitcoin I don't think all their miners and investors will just follow, of course, they will find a way.

definitely, those miners will find a way how to continue their business. now, that they learned the world of crypto, they will always find a way how to go around their govt. that's not the end of their life in crypto. and yes, when one door closes, the other door will open. we are not solely depending on China here. remember bitcoin and crypto can exist even without them. there will be other countries that are more than willing to host their closed businesses. so it is not our loss but them.
so btc becoming worthless is far from happening.

Some of them already did, look at the mining power and you will see that it dropped a ton and then increased a bit, that increase is caused by some of them already finding a place. Also remember miner is not a person physically mining, it is a machine and as long as the machine continues to exist you could just plug it out of china and then ship it to some other nation and plug it in there, hence continue to mine without a problem.

Many of them are doing that now, selling their well used and old machines as brand new and selling it with brand new prices whereas it is already used for months now, that is the trick they do, then use that money to buy real brand new stuff, if you are stupid you do get fooled and buy, they apparently can find enough stupid people to sell a whole mining facility, I saw that in a youtube video. Long story short I am sure miners are doing fine.

[Oilacris]

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.

Such negative news has only a temporary effect on this market. Then the market inevitably recovers and moves on. The Chinese government has already tried to limit or even ban the circulation of decentralized cryptocurrency since 2017, but such measures were not systematic and they were not carried out at the highest level. If they intend to do this, let them do it to the end and once. The market will be reformed and after a while it will move on. Otherwise, negative news will be fed constantly.

Yes, we have seen many times on how negative news affect the market and its true that no matter how bad it do affect but still it would really be likely for it to recover.

It might not be all the time but we had seen lots of situations like this and its impossible to say that it would be worthless considering on whats the level of adoption as of this current year

then its really hard to believe on.I do really expect these kind of sentiments or words into those people who dont have sufficient knowledge and experience in the market.

[arwin100]

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.

It will not going to happen that China losing participation in mining can cause it to become worthless, there are many who are able to take over what they have left it's their loss, not ours, yes we have a drop but we seen drops a hundred times before and the price eventually recover, the best that you can do is to stop creating FUD, you relax the whales and influencers are working to make the price move up again.

It will create temporary effect as the manipulators are using this just to make bitcoin price go dump at certain target they wanted, but I'm sure we know many countries still backing it up so there's nothing to worry about china banning of it since for sure others will step up and once china that there actions isn't effective provably they will be back on the scene and allow their miners again.

[bryant.coleman]

China is not the largest market for cryptocurrency, and also it is not the most important market in terms of purchasing power. The only segment in which they have an almost complete monopoly is in the manufacturing of mining equipment. Right now, 95% to 98% of all the mining rigs are manufactured in China. Some of the mining farms are moving to countries such as Kazakhstan and Russia, but as long as the equipment is produced in China, the farms located in that country will have an unfair advantage in terms of lower capital costs.

[Saisher]

China is just a portion of the entire bitcoin market, even though a large part of bitcoin mining activities is carried out in China does not mean the country can destroy bitcoin if they decide to do so.

Bitcoin is a decentralized currency and can survive any attack. China's decisions on Bitcoin may affect the market negatively but can not stop Bitcoin from moving to the mainstream sector of the world economy.

That's true we should stop relying on China as the only country that can move and help Bitcoin to reach the top, Bitcoin is decentralized any country can replace China and it is not the only superpower on the internet, in fact, there's a lot of censorship of China over Bitcoin it's time for it to move forward by not relying on China alone.

[JillianTaft]

After China banned mining, the deputy governor of the People's Bank of China began to suppress virtual currencies. Every time, because of China's FUD, it will affect the market trend. I personally think that no matter which country it is, whether it is a big country or a small country, Bitcoin does not depend on the country. People need Bitcoin, and Bitcoin will remain the king even after it is restored.

[Natalim]

After China banned mining, the deputy governor of the People's Bank of China began to suppress virtual currencies. Every time, because of China's FUD, it will affect the market trend. I personally think that no matter which country it is, whether it is a big country or a small country, Bitcoin does not depend on the country. People need Bitcoin, and Bitcoin will remain the king even after it is restored.

People need bitcoin if they don't trust the centralized system, but if we do, we can consider bitcoin as an alternative and as a good investment as well as eventually the demand will grow. Hearing that a big country is banning bitcoin, that's a sad news and it might affect its future growth, however, I still believe we are at the right track.