Quote from: 1Referee on March 07, 2017, 09:07:02 AM

Quote from: Pattart on March 07, 2017, 08:48:54 AM

bitcoin users are distributed throughout the world so bitcoin users not only in China alone. so I think bitcoin users of china will not really give a great effect on the price of bitcoin

Bitcoin users in China are of no added value to Bitcoin as they don't really contribute to anything. Such a massive country with more than 1.3 billion citizens, and the number of nodes there is just peanuts. Chinese are mostly only interested in Bitcoin as investment rather than actual usage of Bitcoin as tool. Also, now the PBOC has put serious regulations to work, it shows that the exchanges there are in fact not bigger than western exchanges. What does China at this point still have? Cheap electricity that attracts investors from all around the world to set up massive farms there. Take cheap electricity away, and bemmm, gone is China

Even now when the Chinese exchanges proved to be ultimately irrelevant, we still shouldn't fall into the other extremity and completely discard China and their influence in regard to Bitcoin. Assuming that we could take cheap electricity away from China is like assuming that we could send every Chinese to Mars. Besides, it is not only cheap electricity alone, they are also the producers of the mining equipment as such. That basically means that they have another overwhelming edge apart from just electricity, i.e. they get access to the top-notch and cutting-edge hardware and technology before anyone else in the world. Obviously, they exploit this advantage in full

And that cannot be written off either