Author [EN] [ZH] [ES] [PT] [IT] [DE] [FR] [NL] [TR] [SR] [AR] [RU] [EN] [ZH] [ES] [PT] [IT] [DE] [FR] [NL] [TR] [SR] [AR] [RU] [EN] [ZH] [ES] [PT] [IT] [DE] [FR] [NL] [TR] [SR] [AR] [RU] Topic: The bitcoin has moved into a era that called de-chinalised!  (Read 1008 times)

0 Members and 1 Guest are viewing this topic.

Offline adistman

  • Full Member
  • ***
  • Posts: 168
    • View Profile
The bitcoin has moved into a era that called de-chinalised!
« on: March 28, 2014, 01:49:50 AM »

The break news from china has hit bitcoin heavily today, The center bank of PRC has intend to cut the accounts of exchange in China. All chinese bank will provide none accounts for the exchanges in China. So it means that the goverment has made the final decision to close any non-cash transaction in the mainland. The bitcoin has moved into a era that called de-chinalised!
PTS:PgyN7fJ5d9bCkcQLUXxoaQ87KvT9ZQMqus
BTC:18CrpUSta2KpPhuP3XGbSSdEYgBzEoTaH7

Offline jae208

  • Hero Member
  • *****
  • Posts: 525
    • View Profile
Re: The bitcoin has moved into a era that called de-chinalised!
« Reply #1 on: March 28, 2014, 01:54:02 AM »
That shouldn't be too much of an issue as there are still 6 Billion other people that may have an interest in Bitcoin.
http://bitsharestutorials.com A work in progress
Subscribe to the Youtube Channel
https://www.youtube.com/user/BitsharesTutorials

Offline adistman

  • Full Member
  • ***
  • Posts: 168
    • View Profile
Re: The bitcoin has moved into a era that called de-chinalised!
« Reply #2 on: March 28, 2014, 01:59:34 AM »
That shouldn't be too much of an issue as there are still 6 Billion other people that may have an interest in Bitcoin.
I feel so depressed, that the revolution of blockchain in china was faded away before its time...
PTS:PgyN7fJ5d9bCkcQLUXxoaQ87KvT9ZQMqus
BTC:18CrpUSta2KpPhuP3XGbSSdEYgBzEoTaH7

Offline jae208

  • Hero Member
  • *****
  • Posts: 525
    • View Profile
Re: The bitcoin has moved into a era that called de-chinalised!
« Reply #3 on: March 28, 2014, 02:05:28 AM »
People will still trade in Bitcoin in China. You might not have the large exchanges but people will most likely still trade Bitcoin in person etc. Their central bank has taken these steps because they are very afraid.

First they ignore you, then they laugh at you, then they fight you, then you WIN.
I believe it was Ghandi that said this.
http://bitsharestutorials.com A work in progress
Subscribe to the Youtube Channel
https://www.youtube.com/user/BitsharesTutorials

Offline JoeyD

Re: The bitcoin has moved into a era that called de-chinalised!
« Reply #4 on: March 28, 2014, 07:56:50 AM »
I also wondered why so many people believe that the Chinese bitcoin market formed the majority. Latest numbers I've seen was 80% or more of all btc-exchanges were in USD and Yuan was around 10% or so.  Also the exchanges operating without fees and the suspected padding with zeros of numbers do not exactly prove a majority stake.

To me it looks like the entire Yuan-market is smaller than that of mtGox after it's decline. At least that gives us some reference of the effect on the market if a large stakeholder suddenly disappears.

Offline santaclause102

  • Hero Member
  • *****
  • Posts: 2487
    • View Profile
Re: The bitcoin has moved into a era that called de-chinalised!
« Reply #5 on: March 28, 2014, 10:14:52 AM »
As far as I know, that wan not confirmed yet. What do people form china here think, how likely it is that this is true?
It would effectively shut down all Fiat-Crypto exchanges on the mainland...  How would you in such a case convert crypto <-> fiat? Would a foreign exchange work?

Offline JoeyD

Re: The bitcoin has moved into a era that called de-chinalised!
« Reply #6 on: March 28, 2014, 11:05:34 AM »
It would be a sad thing if this would exclude or severely limit the majority of the Chinese from crypto-world. On the other hand, it would be nice if the constant uncertainty and speculation could finally be put to rest. Would be nice if we could get this over with and focus on other things.

Offline unimercio

  • Sr. Member
  • ****
  • Posts: 245
  • The opportunity of a lifetime comes by every 7 day
    • View Profile
    • Conscious Entrepreneurship Foundation (CEF)
  • BTS: unimercio
Re: The bitcoin has moved into a era that called de-chinalised!
« Reply #7 on: March 28, 2014, 01:31:08 PM »
If true, it will only be a bump in the road for crypto 1.0 and an eventual bonanza for 2.0 . Necessity is the mother of invention. This will pave the way for, "fiat free zones". Were merchants are crypto only and DACs make centralized fiat exchange mostly obsolete.

Either way we all win.
Conscious Entrepreneurship Foundation (CEF)

Offline biophil

  • Hero Member
  • *****
  • Posts: 814
  • Incentives run the world
    • View Profile
    • Sign up for a Bitshares account!
  • BTS: zebulon
Re: The bitcoin has moved into a era that called de-chinalised!
« Reply #8 on: March 28, 2014, 02:17:50 PM »
I also wondered why so many people believe that the Chinese bitcoin market formed the majority. Latest numbers I've seen was 80% or more of all btc-exchanges were in USD and Yuan was around 10% or so.  Also the exchanges operating without fees and the suspected padding with zeros of numbers do not exactly prove a majority stake.

To me it looks like the entire Yuan-market is smaller than that of mtGox after it's decline. At least that gives us some reference of the effect on the market if a large stakeholder suddenly disappears.

I'm not sure what numbers you see, but it's things like this that have led me to believe that China is the biggest player: http://coinmarketcap.com/volume.html#pts

Notice that over 98% of the total PTS traded in the past 24 hours was directly with CNY. That's a little higher than normal; I think normally it's more like 90%. But I've never seen CNY take less than 80% of the total PTS volume.

Offline JoeyD

Re: The bitcoin has moved into a era that called de-chinalised!
« Reply #9 on: March 28, 2014, 02:39:26 PM »
Clicking on the link at the top of the same site it shows USD having more than 80% global market share of BTC and CNY 10%.

That the numbers are the other way around for PTS, might tell us something about the cleverness of the average Chinese investor.
« Last Edit: March 28, 2014, 02:42:28 PM by JoeyD »

Offline jae208

  • Hero Member
  • *****
  • Posts: 525
    • View Profile
Re: The bitcoin has moved into a era that called de-chinalised!
« Reply #10 on: March 28, 2014, 03:23:45 PM »
It could also be that there a lot of Chinese trading in PTS because Invictus initially received funding from Bitfund which is Chinese.

With centralized exchanges shut down in China something like Bit shares should have explosive growth. I see this as good news for all of us  8)

The more that governments of the world and central banks fight us the more publicity and support we gain. In the end they won't stand a chance and we will win. Just like we have won when it came to p2p filesharing.
http://bitsharestutorials.com A work in progress
Subscribe to the Youtube Channel
https://www.youtube.com/user/BitsharesTutorials

Offline luckybit

Re: The bitcoin has moved into a era that called de-chinalised!
« Reply #11 on: March 28, 2014, 03:26:24 PM »
It could also be that there a lot of Chinese trading in PTS because Invictus initially received funding from Bitfund which is Chinese.

With centralized exchanges shut down in China something like Bit shares should have explosive growth. I see this as good news for all of us  8)

The more that governments of the world and central banks fight us the more publicity and support we gain. In the end they won't stand a chance and we will win. Just like we have won when it came to p2p filesharing.

Is it a proven fact that China is officially banning Bitcoin? I have only seen rumors.
https://metaexchange.info | Bitcoin<->Altcoin exchange | Instant | Safe | Low spreads

Offline jae208

  • Hero Member
  • *****
  • Posts: 525
    • View Profile
Re: The bitcoin has moved into a era that called de-chinalised!
« Reply #12 on: March 28, 2014, 03:32:22 PM »
I honestly don't know if its just rumors or fact. I'm sure that they probably do discuss and plan on how to take down or control cryptocurrency networks. There is just to much at stake for them to not want to control or shut it down. Either way it doesn't matter what the banks or governments want because these technologies benefit the 99.99% of people that don't have the privilege of printing money and reaping the benefits of it.
http://bitsharestutorials.com A work in progress
Subscribe to the Youtube Channel
https://www.youtube.com/user/BitsharesTutorials

Offline JoeyD

Re: The bitcoin has moved into a era that called de-chinalised!
« Reply #13 on: March 28, 2014, 03:59:51 PM »
If the Ghandi quote really does apply to these development and we've already arrived at the "fight" stage, then we'll be in for a rough ride.

A lot of people that I've heard repeating the quote don't seem to realize that the fight-stage might not be a walk in the park and success might not be an obstacle free straight stroll to the finish line.

Offline jae208

  • Hero Member
  • *****
  • Posts: 525
    • View Profile
Re: The bitcoin has moved into a era that called de-chinalised!
« Reply #14 on: March 28, 2014, 04:10:34 PM »
If the Ghandi quote really does apply to these development and we've already arrived at the "fight" stage, then we'll be in for a rough ride.

A lot of people that I've heard repeating the quote don't seem to realize that the fight-stage might not be a walk in the park and success might not be an obstacle free straight stroll to the finish line.

I agree that we are in or entering the 'fight' stage and that it won't be a walk in the park. Governments/central will probably kick and scream in horror as the monopoly they once enjoyed comes to an end. I would hope that they be smart enough to realize that the easier they make this transition for us the nicer we'll be to them after they have lost their monopoly.
http://bitsharestutorials.com A work in progress
Subscribe to the Youtube Channel
https://www.youtube.com/user/BitsharesTutorials

 

Google+