Quote from: deisik on March 03, 2017, 03:54:16 PM

Quote from: hulla on March 03, 2017, 03:33:21 PM

Quote from: deisik on March 02, 2017, 07:10:03 PM

Quote from: MONKEYJUNK on March 02, 2017, 06:59:06 PM

China in my opinion can control bitcoin's price, since if all their miners sell at the same time, it would cause a very big dump on bitcoin's price. For now, I think those miners are independent and not controlled by the government. Hope that China won't plan to control bitcoin's price just yet. If they do, they will just need to order their miners and bitcoin users to sell all of their bitcoins at the same time or by banning bitcoin causing the miners to sell at the same time

Metaphorically speaking, we have already been there

The Chinese authorities have already effectively banned Bitcoin from trading in China. Now we see runaway prices going straight to the moon. Even if they make the Chinese miners sell all their stashed bitcoins somehow (provided there are any in the first place), that could only make the prices crash momentarily, and we will see buying wall rising to the sky covering the sun itself. Obviously, the Chinese government is not so much interested in controlling Bitcoin prices as driving Bitcoin out of the country altogether

Yes, you're correct because they are only interested in saving the Yuan not control the bitcoin price. Inaddition, as bitcoin price rises from December last year Yuan loose value and the Chinese government believe bitcoin had something to do with it and in other for them to achieve something they wanted, they almost crush the price of bitcoin early this year

I don't really think that they do actually believe in that

Bitcoin is too small yet to affect the value of yuan as such in any meaningful way. But the said doesn't of course mean that the situation couldn't potentially get out of control in the future. In most authoritarian countries (like China or Venezuela), the population doesn't believe their governments either, and further devaluation of the Chinese currency would drive even more people into value-preservation mode. And that's where Bitcoin could come in quite handy. So basically, the Chinese government delivered a preemptive attack against Bitcoin

You have to believe me mate because that's the scoop behind the new law implement by the Chinese government to all China bitcoin exchangers cause they believe people are using bitcoin to move there money (foreign currence) oversea which make Yuan loose value and that's the Chinese bitcoin exchangers ask for
further customer identification lately.

Quote from: Capradina on March 02, 2017, 02:15:57 PM

Quote from: mkc on May 09, 2016, 06:06:42 AM

Chinese miners are divided into 3 or 4 camps, they are not united, nothing to worry about.

It is indeed true, it could also give a bad impact for miners or the owner of the bitcoin another. Because there is nothing to know that secretly they work together and want to get a bigger profit from those outside of China. Although china is a great country, but sometimes there are some people who have the ambition to earn a bigger profit than those who have only little bitcoin. Just be patient and see the best results in the future, for now it's the price of the bitcoin has started a fun and profitable

I think Mkc was right because no tangible relationship between most of the Chinese miners. Meanwhile, some of the Chinese miners supported the act of only a larger mining transaction fee will maintain the
balance by increasing block size and transaction numbers and the fees will gradually replace the block
reward providing enough incentive for the miners to defend the bitcoin hashrate.