Yesterday's and today's price jumping/flipping is a proof that we don't need to china as much as we did before. the price is coming back slowly but surly. i think personally we're heading into a new destination.
Today my Chinese friend from China called me and said that all exchanges in China announced that they will be closed by end of this month. Only 3 large exchanges still will be working in China.
However this news today did not dump prices , as he expected. Instead , today (16-sept) we saw good growth, comparing to what happened yesterday (15-sept-2017).
we never needed China. But China smartly inserted themselves into bitcoin, seeing the potential in something so groundbreaking as block chain technology.
it also didnt help that they are the manuafacturing hub of the world, and literally are the best placed globally to produce asics, the miners that house them, and the operation of said miners.
until China significantly reforms its trade practices (not saying they are bad, just saying they will need to be changed in order to garner my effect), they will remain a majority part of bitcoin, simply because they are the overwhelming source of our miners
we are only looking at this from a trade perspective. mining is the backbone of the network, and without a doubt, mining drives the whole of trade (you cant buy coins that havent been mined yet).China is the supply, until we change thatg. never forget that.