BitShares Forum
Main => General Discussion => Topic started by: adistman on March 28, 2014, 01:49:50 am
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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!
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That shouldn't be too much of an issue as there are still 6 Billion other people that may have an interest in Bitcoin.
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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...
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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.
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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.
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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?
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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.
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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.
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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.
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Clicking on the link at the top (https://bitcoinaverage.com/markets.htm#USD) 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.
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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.
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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.
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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.
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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.
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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.
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just watch the price, you will know that the marker in China is so important!!!
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Its only temporary it'll rebound and go through the roof. I'm actually happy that the price is going down 8)
This means I'm able to get cheap Bitcoin and in effect cheap Bitshares-PTS also. :)
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The sell off on Bter last 2 days, from the Chinesse, has moved bitshares-pts significantly... thoughts?
Invest now or wait a little more because the pressure will continue the next days?
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The sell off on Bter last 2 days, from the Chinesse, has moved bitshares-pts significantly... thoughts?
Invest now or wait a little more because the pressure will continue the next days?
You want to know a secret?
You will get the same results everyone else is getting if you do the same things everyone else is doing. Think about it this way. What percentage of people are considered "rich?" Its a small percentage of the general population and part of the reason the rich are rich is because they are doing and have done something you're not.
What I'm trying to say is that if everyone else is selling their Bitshares-PTS then you should be BUYING them up at such a bargain. Then when the price goes through the roof you should be selling. :)
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The only way that china can be remove from the equation is that other countries lift the restrictions on cryptocurrency trading.
China have become the largest market for cryptocurrency due to its lack of restrictions not because of the rich people (that's true,even now,cryptocurrency trading in china is still easier than USA、UK、even japan,just days before,china can even trade bitcoin with credit card.)
So,even if the world's interest in cryptocurrency grows,if their laws still so harsh on cryptocurrency , the lost of China will effect deeply.
Yes it will have a big effect, nobody will doubt that. Personally I was hoping the Chinese government would realize the potential of crypto-currencies and crypto-equities as one of the first. Now is the time to colonize this new world and now is the chance to redistribute the wealth and break the current status quo without having to fight any wars for it.
Any thoughts on the things Bobby Lee said during CoinSummit about Chinese exchanges faking numbers and deceiving people? (Adding extra zeros to volume, repeating past trades, selling to itself, showing non-existent orders that disappear with large market-orders causing flash crashes/spikes, plus zero-fee-trading as fuel on the fire). The most worrying statement I found was saying, in Chinese culture it's seen as OK if everyone does it.
Personally I don't completely blame China for the price tanking, my thoughts were more in line with this article (https://medium.com/p/ba5f3fcce103), albeit not as well worded. I thought of it as up till now Bitcoin had nowhere to go and there was this dam of future speculative-potential that caused the water(price)level to rise. Now the dam has burst and bitcoin is finally starting to flow and being used, so the waterlevel has to come down. That is a positive thing, because flowing is what it was meant to do and may finally offer the general public a reason to adopt it and value to increase. This might even help achieving a higher waterlevel(pricepoint) than before, but this time instead of being an unhealthy dead-puddle it will be a raging torrent with a lot more momentum behind it.
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Markets without proper regulations is bound to have scams.What do you think the reason the world's financial crisis happen in 2008?
These are the centralize problems,they can not be solved .
Sad but true.
As for the price,if you knew average Chinese can easily set up a credit card with 10000 USD or higher credit,and put it all into bitcoin without any regulation from
the bank and without thinking,you wouldn't doubt the number .Most american I know,they investment only hundreds of USD in bitcoin ,and went through a lot of trouble.As for the
Chinese,they don't have the same restrictions,and their more risk taker than other countries (because there is no proper investment for them anyway.) Further more ,they have little financial experiments on this subject,So,they buy bitcoins like crazy at high price,and sell it crazy when price drop just a little bit .This trading method leads to the high numbers that seems to be faked.
That being said,in my understanding,without China,there is no country provides the easiest way to trade bitcoin for a lot of people,let alone other coins.
And the sad part is ,PTS is majorly trade in China.That's not a good sign.Some chinese are doubting why PTS is not as popular in other countries as bitcoin.
Why is that not a good sign? The reason that PTS is not very popular in the English-speaking-market is mostly lack of marketing, hardly anyone has even heard of it. It might be that the Chinese are more alert or that the marketing has been better in China.
So,we will just have to wait for the United States to catch the ball (I doubt that,US is a harsh on financial systems since 911 ,plus the tax regulation ).
or,just jump to the decentralize process with 3I 's bitshares X. (sounds too good to be true,but...I'm a sucker for dreams...)
I suspect you're not the only dreamer here. I also share the frustration about the lack of enthusiasm from governments, academia and adminstrations in general. You'd expect them to come running when a solution to so many of their digital and administrative problems are handed to them on a silver platter. I find it (borderline) criminal that my government has not ordered development and cultivation of this new technology for itself, but have no qualms about throwing heaps of money at flawed design after flawed design for digital payment systems for transportation tickets, identification, etc.
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The only way that china can be remove from the equation is that other countries lift the restrictions on cryptocurrency trading.
China have become the largest market for cryptocurrency due to its lack of restrictions not because of the rich people (that's true,even now,cryptocurrency trading in china is still easier than USA、UK、even japan,just days before,china can even trade bitcoin with credit card.)
So,even if the world's interest in cryptocurrency grows,if their laws still so harsh on cryptocurrency , the lost of China will effect deeply.
I wasn't saying that China was the largest market for cryptocurrency because of rich people. I was just saying that if you want to be something that 99% of the population isn't then you have to do something different than what 99% of the population is doing. That's why I gave the example about the falling prices of say Bitcoin. If the price of Bitcoin is falling that is because people are selling their Bitcoin in such a hurry. It sounds counter intuitive but you are better off if you do the opposite of what the pack is doing.
I would argue that China became the largest market for concurrency simply because they have the largest population of any nation on Earth. They have like 1.3 billion people or so while the United States which is the third most populous country only has like 320 million people. I don't think it is necessarily because they had a more relaxed regulatory environment or the purchase of cryptocurrency was easier their its just a matter of population IMO.
What needs to happen is for a critical mass to accept cryptocurrency and then it won't matter what any government or nation says.
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It will be interesting to see how the landscape looks the morning of 16 April 2014. Then, we might know if the rumors are true.
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It will be interesting to see how the landscape looks the morning of 16 April 2014. Then, we might know if the rumors are true.
April 16th?
Sent from my iPhone using Tapatalk
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It will be interesting to see how the landscape looks the morning of 16 April 2014. Then, we might know if the rumors are true.
April 16th?
Sent from my iPhone using Tapatalk
"News that the Chinese government would penalize any bank transacting with bitcoin exchanges after 15th April"
http://www.coindesk.com/bitcoin-price-drops-new-chinese-bank-rumours/