Chinese situation and its relation to cryptocurrency environment

[Linkkoin 116]

As you know, there is a panic regarding the coronavirus in China. We see some movements on world markets - including price of oil, gold, some say even cryptocurrencies.

 

But would it be really disastrous as speaking of the influence regarding cryptocurrency environment fueled by the different factors than panic?

 

The answer is not that simple.

On one hand please remember, that for many cryptos, a lot of mining power is located in China. Many of them are located in less inhabited regions of the country, where there is a surplus of electricity there. As well, we should all remember, that electricity with its infrastructure is of critical importance to operate properly for the state itself, so even in worst case scenarios the hashrate should not drop because of the power shortage, what could cause panic. In the worst case scenario, we could observe the drops of the price of most of the cryptos, because of much lower hashrate (less safety of the network, increased risk of 51% attack)

On the other hand, if the situation would turn bad, this could affect supply of mining equipment in mid term. How? If factories assembling rigs and producing their elements are temporarily shut down - then of course there will be no rigs available. As well, depending from decisions of authorities from other countries, there might be a temporary ban on importing all the types of goods from China. In this case the supply of new rigs will be limited, their price could skyrocket - just like in 2017, and hashrate would rise slowlier.

 

Any thoughts from your side?

[Migo 7946]

Cryptocurrencies are far from the current situation in China, this is my opinion about that, because I don't think that bitcoin will have any relationships with this virus, because this deseas will effect in the economic system, and bitcoin officially legal in china

[Yanadia 1517]

Coronavirus is big news right now, in my opinion there must be a slight influence, but if you look at the other side, Bitcoin is the best way out for the people of China, even though they can't get out of their country, they can still meet their needs and still get income.  This is the advantage of Bitcoin and I think trading traffic as well as investment from that country will be even higher now.

[Jeet Narayan 1940]

Actually in china corona virus make critical situation and this situation attract all Chinese peoples so from this reason little bit negative impact happen in bitcoin but I don't think so this Chinese situation really effect in Bitcoin.

[tienda 8776]

Chinese virus current situation there is not any relation with Bitcoin, so I dont or I dont understand why people take cryptocurrency and related it with the current situation in China. also about the economy all things will effect.

 

 

 

 

[gigabyteRTX 1583]

Well, I think there is a relation between the new deadly virus which js coronavirus and to cryptocurrency but I think it is not directly and not that big enough to be considered.

[Syedbesharat 5423]

On 1/29/2020 at 5:54 PM, Linkkoin said:

As you know, there is a panic regarding the coronavirus in China. We see some movements on world markets - including price of oil, gold, some say even cryptocurrencies.

 

But would it be really disastrous as speaking of the influence regarding cryptocurrency environment fueled by the different factors than panic?

 

The answer is not that simple.

On one hand please remember, that for many cryptos, a lot of mining power is located in China. Many of them are located in less inhabited regions of the country, where there is a surplus of electricity there. As well, we should all remember, that electricity with its infrastructure is of critical importance to operate properly for the state itself, so even in worst case scenarios the hashrate should not drop because of the power shortage, what could cause panic. In the worst case scenario, we could observe the drops of the price of most of the cryptos, because of much lower hashrate (less safety of the network, increased risk of 51% attack)

On the other hand, if the situation would turn bad, this could affect supply of mining equipment in mid term. How? If factories assembling rigs and producing their elements are temporarily shut down - then of course there will be no rigs available. As well, depending from decisions of authorities from other countries, there might be a temporary ban on importing all the types of goods from China. In this case the supply of new rigs will be limited, their price could skyrocket - just like in 2017, and hashrate would rise slowlier.

 

Any thoughts from your side?

This can be happened but their are many factor involves in crypto growth.Yeah it is a hard time for china but they are covering it better way.This is natural disaster for china.The import export is hugely effect in these days of china.So the mining can be effected by this virus.

[BTC Future 3946]

On 1/29/2020 at 2:54 PM, Linkkoin said:

Any thoughts from your side?

China is creating excess electricity and won't have a shortage problem. 

The corona-virus  makes safe haven assets become more valuable because the problem of shutting down cities is perhaps creating terms for slower growth in the Chinese economy. Still cryptocurrencies are not a safe haven and investors should be really careful if they treat them as such.

[bliznec 22268]

The Chinese situation, which today exists in the country itself, is not very favorable. Moreover, this virus, which depends on the population. 

[iloveyobit 6599]

I do not know exactly what the virus is related to cryptocurrencies. Perhaps the illness that occurs in the world will lead to either a frenzy purchase or a frenzy sale, but so far there are no strong effects.

[BTC Future 3946]

First of all I'm always hoping that this situation resolves soon and the spread of the virus contained with no more lives lost. 

I'm also hoping that the economic concerns comming from the China shut-down will be limited. 

Perhaps there will be a problem for Bitmain if they won't be able to ship all the new ASIC's the miners have ordered around the world. I wouldn't care much to be honest. I am in this market for longer than a few months where problems might occur. If anything worse happens there would be bigger concerns from Bitcoin's price.

[Fatihgani12 348]

Influential in the economic system, and official bitcoin in China is legal. I think China is the most influential country in Asia in cryptocurrency assets.

[Ahmeddominik 126]

13 hours ago, Basel098 said:

China has been affected by the Corona virus a lot at the economic level, and this will be reflected on the Chinese encrypted electronic currencies against other currencies in the currency market.

Thank you, my friend, for your participation. Corona’s disease will affect the whole world and will affect the economy

[Ms.o 3322]

I can't see any relation with the crypto and the coronavirus case.so i dont think it will affect,we all suffer from this situation but still we need to continue to make a living and crypto is one of that source so it has nothing to do with that or it cannot stop them dealing with crypto.

[Abiaan 1209]

at first i thought there is no relation between corona and virus but i think there is , most of the big mines are in china not only mines but the chinese market is biggest market in the world , because of that less bitcoins is being mined and also affecting the market of bitcoin

[bentayebsalah 2280]

Why anything that appears you are merging with Bitcoin and its relationship to it
Because I see corona's disease poses no threat or relationship to Bitcoin

[Cryptominded 704]

On 1/29/2020 at 3:14 PM, Diptto Deb said:

I don't think cryptocurrency has anything to do with China's situation because I can't think of anything going on there and doing psychic work in a different religious site that doesn't do the virus.

Cryptocurrency has everything to do with it because the virus is affecting humans and humans are the ones running cryptocurrency companies and we know there're many of them in China. With the restriction in movement, how would those workers be going to work? Let's hope and pray the situation is arrested in no time before the effects start to tell.

[Abanti Deb 39]

The situation in China has become very real now, China is currently very vulnerable to the grace virus, they are telling us about our actions on behalf of cryptocurrency, that China should end us very quickly, and Chinese residents should work cryptocurrency again.  Could

[Interface User 1070]

Because of the virus there's a chance that the users can affected because some places have exposed in the diseases especially in the crypto places. I hope this kind of diseases will lessen more.

[Hanan951 841]

On 1/29/2020 at 2:54 PM, Linkkoin said:

As you know, there is a panic regarding the coronavirus in China. We see some movements on world markets - including price of oil, gold, some say even cryptocurrencies.

 

But would it be really disastrous as speaking of the influence regarding cryptocurrency environment fueled by the different factors than panic?

 

The answer is not that simple.

On one hand please remember, that for many cryptos, a lot of mining power is located in China. Many of them are located in less inhabited regions of the country, where there is a surplus of electricity there. As well, we should all remember, that electricity with its infrastructure is of critical importance to operate properly for the state itself, so even in worst case scenarios the hashrate should not drop because of the power shortage, what could cause panic. In the worst case scenario, we could observe the drops of the price of most of the cryptos, because of much lower hashrate (less safety of the network, increased risk of 51% attack)

On the other hand, if the situation would turn bad, this could affect supply of mining equipment in mid term. How? If factories assembling rigs and producing their elements are temporarily shut down - then of course there will be no rigs available. As well, depending from decisions of authorities from other countries, there might be a temporary ban on importing all the types of goods from China. In this case the supply of new rigs will be limited, their price could skyrocket - just like in 2017, and hashrate would rise slowlier.

 

Any thoughts from your side?

They just want to get views from these issues around the world a lot of bad illness around the world more imprtant than the corona anyway and it just effect the old people more than young one...

[Intelcore20 48]

Well china is one of the big contributor in the crypto market it means that many citizen in china uses crypto currency services and doing crypto related investment and job.

[cryptousd20 141]

The Chinese situation and its relationship to the cryptocurrency environment is very positive, as the country of China is the largest country that supports cryptocurrencies around the world and allows all people in the country of China to use encryption freely.

[Benjamin 84]

Well, by having a corona virus to their place, it has a big impact for those people who are do mining because it can be stopped because they need to secure themselves to not being infected by this virus.

[Mirraine 12]

Well i an article here in forum about the effect of corona virus in china and yes the situation in china has an effect in crypto world as the china shutdown some exchange companies and of course it will affect the movement in the market but it is understandable because of their currency situation, i hope this will be resolve soon.

[Karani 99]

The virus has not only affected crypto prices but also stocks. This situation disproves the notion of Bitcoin being an investor’s safe haven. The general expectation is interest rates will rise when the Chinese economy stabilizes.