So if China doesn't matter to BTC, what is causing the price to stay down?

[iluvpie60]

It is all in the title really.


Yeah, hacks, gox, sheep market place, china news, bad news here, bad news there, bad news bear. IDK.



I remember seeing that China accounted for the majority of BTC volume on any given day. In the U.S. and Europe we really don't need BTC because our governments aren't exactly confiscating our wealth on a massive scale, or really even almost any small scale(some peoples opinion might be that they are, but nice opinion bro).


So if everyone is always going around saying China doesn't matter, why do you keep having you repeat the mantra? It obviously has a pretty big effect, and if they actually ban it outright banana sandwich like no tomorrow then we will really see a big dip ay?



For those who say it isn't China, what is it then? 

[franky1]

It is all in the title really.

Yeah, hacks, gox, sheep market place, china news, bad news here, bad news there, bad news bear. IDK.

I remember seeing that China accounted for the majority of BTC volume on any given day. In the U.S. and Europe we really don't need BTC because our governments aren't exactly confiscating our wealth on a massive scale, or really even almost any small scale(some peoples opinion might be that they are, but nice opinion bro).


So if everyone is always going around saying China doesn't matter, why do you keep having you repeat the mantra? It obviously has a pretty big effect, and if they actually ban it outright banana sandwich like no tomorrow then we will really see a big dip ay?

For those who say it isn't China, what is it then?  

china does not count as the largest bitcoin volume.

if you add up all the bitcoin of all western world exchanges. western world wins. the issue is that with 20 western world exchanges and less then a dozen chinese, it only 'appears' that china has more bitcoin

[p2pbucks]

you can check the main exchanges volume portion distribution here : http://p2pbucks.com/altcoin/pie.php

But remember , the volume in Chinese exchanges is not true < i don't use the word  "fake" because there are many high frequency & leverage trading on OKCOIN & HUOBI >  

Along with the offline trading bursting the effect of China's center bank will gradually gone

[RockHound]

you can check the main exchanges volume portion distribution here : http://p2pbucks.com/altcoin/pie.php

But remember , the volume in Chinese exchanges is not true < i don't use the word  "fake" because there are many high frequency & leverage trading on OKCOIN & HUOBI >  

Along with the offline trading bursting the effect of China's center bank will gradually gone

Cheers for link - nice clean website - bookmarked 

[Beliathon]

Give it a few months.

[tins]

It is all in the title really.



For those who say it isn't China, what is it then? 

The price is 100% higher than where it was a year ago before China got involved in the first place.
I think a 100% gain in a year is pretty damn good.
$440/btc is strong.

[fryarminer]

Yeah, the price has been quite stable lately. It's kinda boring that it hasn't fluctuated more than a dollar or two when I check it multiple times each day, haha!
It was china's purchasing that drove it up pretty high last year, and Gox's fake inflation that did the rest of the trick. With both of them off the play field, I think we're back to the natural steady increase in value.

[snarlpill]

Simply put, there must be more people selling and cashing out of BTC then there are new people buying in, at this moment.

[glendall]

The price of bitcoin is like a market and stuff. It goes up and down, depending on demand.

[kadter]

People simply shift money to diff coins and diff places

[master-P]

China is still very much in the game. I'd imagine we'd see a devastating drop if most of the Chinese actually sold. The price is holding up pretty good right now, given that about 3600 new coins are mined every day.

[TrailingComet]

China does matter which is why price is where it is
Customer adoption has been lagging in absence of a killer app
Lots of talent working in btc  now, so patience is indicated

[appcom]

I think that if there is no China market, bitcoin prices will return to rational sleep, growth environment for the development of BTC is also very good, Chinese speculation too serious.

[best-miner.com]

    For the bitcoin volume in China, it is true not fake, but one thing you may not know is all chinese trading platform don't need trading fee, they are 0% and you can loan btc to trade even, that means you can sell and buy tens and huandreds one day, don't need to pay any fee. both these will increase the total volume.
    Chinese market is important to bitcoin of course, as at least 60% bitcoin miners are produced in China as i know(we are the one too), almost all my friend heard of bitcoin in the last 6 months(people can see bitcoin news everyday,mostly bad news in these months).
     At last, let me give you a number, bitcointalk.org regiester member is about 320,000 now and Chinese btc fans is more than this number for sure(due to some datas that i cant tell)
     It is no doubt that our goverment will ban it, but for now, here we are all prepare for it, i think finally the paltform will find a way to survive like trasfer to Hongkong, or ...
   

[volvopsych]

I think that if there is no China market, bitcoin prices will return to rational sleep, growth environment for the development of BTC is also very good, Chinese speculation too serious.

you are right, something has changed in china

[Nathonas]

When it was rising in last year, everyone wanted to get in onto the hype train, and it soared and soared. Then it fell down - a lot of these new buyers realized that Bitcoin is not just going to go up all the time and left. That semi-mainstream "to the moon" mentality evaporated, and then the bad news hit to make things worse. So people are now more realistic with Bitcoin's future price - there is less of a belief that it will go into the thousands, after we saw it crash from 1k to below 500. The 1k price point was all hype that a lot of profit-seekers caught onto, and then left as soon as it crashed. Without these people the price doesn't have the fuel to grow, especially as quickly as it did at the end of 2013.

[1018367]

Yeah, the price has been quite stable lately. It's kinda boring that it hasn't fluctuated more than a dollar or two when I check it multiple times each day, haha!
It was china's purchasing that drove it up pretty high last year, and Gox's fake inflation that did the rest of the trick. With both of them off the play field, I think we're back to the natural steady increase in value.

Yes, this is good for BTC developing. we need btc for use not for speculated.

[nuff]

weak hands is what causing the price to stay down, but it's a good thing for those waiting for price to go down to get in

[Haskel85]

BTC is one of the world's

[Ibistru]

Bitcoin price has reached its maximum. There is no way it can grow significantly in the next few years. Actually it could decrease if the speculative bubble deflates (i.e. if the "investors" that are holding bitcoins realize that the price is not going to grow and decide to sell).