China FUD

[wxa7115]

China seems to be close to the full suite of Bitcoin restrictions:
1) No crypto exchanges allowed in China, restricting fiat to crypto flows
2) No mining companies allowed in China
3) No Bitcoin related spending allowed using bank accounts in China

If all three bans are enacted and enforced, do you think this still considered FUD or reason for concern?

Does it matter? I mean do we need the approval of the Chinese government in order for bitcoin to succeed? Since the answer is no let them do whatever they want, at the end of the day they are the ones denying themselves the opportunity to be part of one of the markets with the most potential around the world.

It is funny how history keeps repeating itself, China has always been one of the most powerful countries around the world but historically they have the tendency to try to keep things the same and isolate themselves, this had a terrible effect on the country as a whole and it seems this could happen again.

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[hazenyc]

It isn't new for me, it's been a long time since China always creating FUD against Bitcoin and now they step up on their regulation on Bitcoin which is in the end, Bitcoin will always recover at any moment.  But this isn't a barrier for most big investors that come from China, they still able to use and invest in Bitcoin through P2P exchanges.

when one door closes another will open...

I tend to agree, even though China was banning Bitcoin but still, there is a large percentage of countries that still believe in cryptocurrency and legalizing it under their jurisdictions.  As I heard, just like El Salvador and Iran which is now legalized Bitcoin and willing to embrace this cryptocurrency.

Bitcoin price will always recover and this isn't new at all.  Though it has a little effect and it seems like what happened before but yet, Bitcoin always has made a surprise for us, and let's wait again for the new ATH will come.

What we don't know right now is how harsh China will crack down on people who are getting caught dealing with Bitcoin. If they are really brutal with them that could have definitely an effect on people shying away from cryptocurrencies. As we all know China can be extremely strict in rule and law enforcement. I think we shouldn't freak out but still have an eye on what is happening in China. They are now putting the banks under pressure as well which goes way too far in my opinion, but we know it already.

[Tristan Bieber]

On the contrary, I think that the more big countries suppress Bitcoin, the more long-term Bitcoin cannot fall.
The reason is simple. There are a lot of people in big countries holding bitcoins, and the market circulation has decreased, reducing buying and selling. Bitcoin cannot be used. The price declines in the short-term, but it is still bullish in the long-term. Regulations make it impossible to sell some of them, which is more likely to lead to long-term price increases, which is equivalent to reducing the market value of circulation. After a while, people found that it was useless to suppress powerful countries, and the value of Bitcoin became more prominent, but it would increase in the long run.

[KaliLinux]

China seems to be close to the full suite of Bitcoin restrictions:
1) No crypto exchanges allowed in China, restricting fiat to crypto flows
2) No mining companies allowed in China
3) No Bitcoin related spending allowed using bank accounts in China

If all three bans are enacted and enforced, do you think this still considered FUD or reason for concern?

Reason for Concern  Some people keep acting like China is Bitcoin and like once the Government of Chine fully gets their hands off Bitcoin, that will be the end of Bitcoin and cryptocurrencies in general.
Think about it, this is not the first time China announced any of the other points you stated there except now they are pushing miners out of China which is a good thing because most of us have been concerned about the monopoly like situation for Bitcoin mining in China. Now we will hava a better decentralised Bitcoin mining ecosystem going forward and China won't have that much effect with whatever news or they won't even have a news that will affect Bitcoin negatively anymore.
All I see here is an opportunity to become Bitcoin millionaire with this current situation if you have the means to accumulate.

[NeuroticFish]

do you think this still considered FUD or reason for concern?

* If China bans mining, that's actually a good news for long term, since it helps on miners' decentralization.
* I've read somewhere a good point: if China has to tell loudly over and over about the bans, they are most probably not too much effective.
* China govt owns their media, hence whatever is said there has 50% chance to not be for real.

[bryant.coleman]

* If China bans mining, that's actually a good news for long term, since it helps on miners' decentralization.
* I've read somewhere a good point: if China has to tell loudly over and over about the bans, they are most probably not too much effective.
* China govt owns their media, hence whatever is said there has 50% chance to not be for real.

They are crashing the market on a regular basis with their FUD, and this makes me suspicious about the real intention. In the past 7-8 years, I might have heard about the so called "mining ban" at least two dozen times. And most of the time, there was a huge impact on the exchange rates and they went down by as much as 40% in some of the occasions. The big question is, who is gaining from these market corrections? With every phase of correction, the coins flow from individual investors to institutions and whales. So it is clear who is benefitting from these episodes.

[kojektea]

China is the most commonly troubled country about cryptocurrencies, it's already happened in 2018, in fact China has had a good exchange, but it makes its users lose assets, and their owners are arrested . Since then, China has often had problems with cryptocurrency regulation. until now.

[slaman29]

How about the decrease in hashrate? I find its effect on the transaction fees still burdensome until the next difficulty adjustment. We've been enjoying fast confirmation with 10 sats/vbyte or less the past weeks.

I still see tx fees quite low right now though to be honest, I think you can even do 9 sat/vbyte and still get confirmation soonish. And that's after the last big diff adjustment. I think I read another thread yesterday wondering why the mempool hasn't started filling up at all, so I think we're actually good cause of the market price.

[ipanks]

Let China do what they want to do, while I do not believe they shut down the company or personal mining. Even if bitcoin is ban in China, the other countries will still allow their people to use bitcoin, which will not stop the bitcoin popularity from reaching more people to join in the bitcoin world. Maybe that can impact the bitcoin price, but that will going like that forever.

I am not sure if China really does that, especially after they know the benefits of bitcoin to them and their people. But we do not have to think seriously about what they say because bitcoin will be back to the high price. So it is better to calm down and not panic if you read the other negative news because the negative news will always be behind on bitcoin.

[passwordnow]

AFAIK with #2. Aren't the biggest mining companies are found there and they're one of the biggest manufacturers and suppliers of mining equipment in the world?

If all three bans are enacted and enforced, do you think this still considered FUD or reason for concern?

They're likely being used for FUD for so long by the media.

I have seen worst news from China yet they still have one of the largest trading volume of bitcoin and other cryptocurrency. I dont know they keep publishing news for FUD for the past 5 years. They always want to mop the market in times like this when bottom is said to be found, maybe they want a dipper bottom. Most enthusiast dont have funds to buy from the dip again, except the institutions, retail investors and countries

They've been used to make FUD that makes the market convenient for them. It's very impossible that it's the whole China thing and the community is still scared of those news that keeps on being reported again and again. No matter what the news seem to have similarity in the past. Yet, there's still the negative impact that it brings to the market. It's all over these years and even bull or bear markets, there's always the negative news that's being hyped by the bias medias.

[xonar2]

As we already know, the success of Bitcoin in China has been extraordinary from an economic point of view, especially on the basis of digital money. then in the end China made a policy of banning bitcoin after all that bitcoin produced was deemed sufficient. then bitcoin is thrown away by them mercilessly. The impact is indeed very worrying, where prices are now dropping, not just FUD alone.

we must remember that in 1990 china has cheated the dollar to buy some of their economic expenses by making fake dollars circulating until now mainly in LA. even the FBI is overwhelmed and confused to distinguish between real dollars and fake dollars, because china has a printed copy of the dollar. crimes that China has been committing for decades. Finally the collapse of the dollar took place and China's only one goal, so that they could play with the world's economic rate system.

North Korea is speculated to be the manufacturing country of these 'superdollars' (dollars that are faked so well, they are probably made with a real stolen intaglio press and watermarks).
https://en.wikipedia.org/wiki/Superdollar

They can even fool cash dispensers, deposit machines and note authenticators.

Well, no such worry with bitcoin. Trying to create a counterfeit bitcoin is a bit of a fools errand.

[swogerino]

The market has already started the downtrend and Bitcoin is now less than 30.000 dollars for a Bitcoin.I don't know if this is related to China but mostly I think we are seeing this crash exactly like we saw in 2017,in August the price was 2000-3000 dollars and then escalated to that first all time high of 20.000 dollars for a Bitcoin.I think in the second half of 2021 we are going to witness a second 2017 and I can't wait for that day to come,I have enough of a lot of bad/threat actors(this is how we call them in IT where I work)like Elon Musk,China FUD,other pseudo crypto analysts and alike.These will all be history in the day that 1 Bitcoin will equal 100.000 dollars and I have very high hopes that this day will happen within 2021.

[ropyu1978]

everyone knows that China is a country that has a very strong economy, they have to do anything to get what they want, and throw away what they hate at will, after China collects a lot of bitcoins, and they think it's enough, then they do . any way to drop bitcoin, that's how they play..

[Yogee]

...
I still see tx fees quite low right now though to be honest, I think you can even do 9 sat/vbyte and still get confirmation soonish.

Low priority fees to 10+ sats/vB from the previous 1.
Medium priority fees to 20+ sats/vB from the previous 1 to 5
High priority fees to 40+ sats/vB from the preivous 10

The last four blocks median fee are ~15 sats, ~35, ~44, ~59 sats.

All data from mempool.space

You would find the above cheap if you were used to paying transaction fees in double or triple figures

[BrewMaster]

They are crashing the market on a regular basis with their FUD, and this makes me suspicious about the real intention.

"they" aren't doing it since the FUD we read is in English written by people who aren't even Chinese or care about what is really happening in China. for example when you go on reddit or twitter those people spreading the FUD on these platforms aren't from China. or if you look at Coinbase for example those manipulating the market and dumping aren't Chinese.
this is why even if China some day banned bitcoin for real nothing about manipulation is going to change since manipulators aren't from China. they've just created something big and scary and have been using it for years with surprising success.

[Kittygalore]

everyone knows that China is a country that has a very strong economy, they have to do anything to get what they want, and throw away what they hate at will, after China collects a lot of bitcoins, and they think it's enough, then they do . any way to drop bitcoin, that's how they play..

They have a strong economy because they are exclusionist economy plus they have a really big population that can make a company from other country a billion dollar industry overnight. Plus they are a nuclear power so they can basically do anything that they want to do and they have a debt money trap.

[ChrisPop]

It'a shame that the chinese government is taking such decisions, but they are going to lose the most in the end. The chinese politic system is characterized by conservatism. It is expected from them to not be open to revolutionary technology, but that is a burden on them. They will soon realise that you can't live in nutshell where the whole world is heading more and more towards globalization.

[Cling18]

China has a huge impact on the crypto world so any regulatory changes in their country will surely affect the market since they have a huge number of investors but I don't think it would make the market situation worse because despite losing investors, Bitcoin's foundation is strong enough to stand on its own. It wouldn't be shaken in this kind of situation.

[ivankoh]

China has a huge impact on the crypto world so any regulatory changes in their country will surely affect the market since they have a huge number of investors but I don't think it would make the market situation worse because despite losing investors, Bitcoin's foundation is strong enough to stand on its own. It wouldn't be shaken in this kind of situation.

Why? Cradle to produce the largest volume of bitcoins from extremely large bitcoin miners + the flow of money from Chinese banks has too much influence( or As the most populous country, what is their bitcoin participation rate?)
and interest in creating bullying - causing consequences to market. That cannot be the same reset as 2018.
Once and for all, the crypto market needs to get out of the shadow of China and that is the reason for bitcoin support movers at 28k - 29k.
Hold it all in diamond hands~
Damned!!!

[slaman29]

The market has already started the downtrend and Bitcoin is now less than 30.000 dollars for a Bitcoin.I don't know if this is related to China but mostly I think we are seeing this crash exactly like we saw in 2017,in August the price was 2000-3000 dollars and then escalated to that first all time high of 20.000 dollars for a Bitcoin.I think in the second half of 2021 we are going to witness a second 2017 and I can't wait for that day to come,I have enough of a lot of bad/threat actors(this is how we call them in IT where I work)like Elon Musk,China FUD,other pseudo crypto analysts and alike.These will all be history in the day that 1 Bitcoin will equal 100.000 dollars and I have very high hopes that this day will happen within 2021.

And a rebound happened so Bitcoin is back above the support line, and holding strong. In fact, I think the flash crash will cause a lot of sellers to lose steam now and I foresee the remaining week to Friday to have many more holders adding up to their stack, because there's very few opportunities left to get this kind of gains I think:)