Chinese situation and its relation to cryptocurrency environment

[percare 3192]

There are concerns coming from China some times. They usually are some fud that create problems to the markets and even corona originated from China and cause markets to dump. Maybe with the new US presidency and co-operation like before things will be different.

[Rosarvx 965]

China is very advanced in terms of crypto use, this market is completely separate from human influences

[Sp19a1ma019 1076]

Now a days covid 19 disturb the world economy crashes many time most of people are unemployed and secuastion is so bad Chinese economy depends on exports that is why it's directly affected the blockchain system. 

[abohasnn9 2401]

My friend, my point of view, Corona virus is not everyone and it has a great impact on the global economy as a whole, but for the cryptocurrency market, it is an effect, but a positive one because the work in the cryptocurrency market inside the Internet works.  Its value was only 9 thousand dollars, while today 19 thousand dollars and fractions, so Corona has a positive impact on cryptocurrencies, thank you

[1qDan 478]

In fact you are right, the supply of both mining equipment and graphic hardware for ETH rigs has decreased drastically during a time when something like bitcoin and cryptocurrencies in general has rebounded strongly, I hope this improves I want to invest in this .

[Serbberq 724]

The situation of the pandemic virus actually affect the crypto economic system which the market suffers from a price down fall, and that affects some crypto projects that are not strong to fall totally and those with high price to dumps. 

[Fixfin 2569]

I can't completely exclude the idea that China could confiscate all the mining equipment and in a speedy resolution try to 51% attack the Bitcoin network, in fact it is something that probably they have planned already as China is famous for having everything organized to the latest bit, so I wouldn't exclude this from happening.

[setifien 1016]

On 11/14/2020 at 9:22 PM, Rosarvx said:

China is very advanced in terms of crypto use, this market is completely separate from human influences

I think China does not give accurate information about its use of cryptocurrencies to the world, there is a huge lack of transparency; but I think they have runned several cryptocurrencies and they take advantage of the decentralization of crypto.

[Aliraza2 318]

Yes it affect the cryptocurrency in the world but after that cryptocurrency recover and now stable because those person who are job less from the COVID 19 they become the part of it and invest in to earning money so now it creates record daily.

[alaarami 103]

Thank you, dear, for presenting this wonderful topic, of course, the Corona virus has greatly affected many areas, as it has increased the risks of attacking networks, where many hackers have carried out electronic attacks of theft and fraud

[Msh9 84]

China is one of the most famous countries for working with cryptocurrencies and it contributes a lot to developing this encryption so that it reaches all parts of the world so that everyone can work and benefit from it.

[Muhammad Mujtaba 229]

Bitcoin has no direct relationship with the virus. During the virus of the pandemic, the value of bitcoin is very large and those who had bitcoin have got a lot of profit, then year in the is trading and agent of too much bitcoin. And there is already bitcoin mining in China, keep it there, the electricity is also free, so what are the changes that are getting a lot of profit? 

[Amna Hareem 1213]

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?

Dear due to corona virus we have faced many problems ands this also effect crptocurrency and we faced very difficult time and China was the one who faced this big  difficulty because they have huge corona virus patient and this also create a impact on crptocurrency but now all things is OK and prices of crptocurrency is also good.

[Goyaa 2414]

I don't think that China affects the price of bitcoin, the situation has nothing to do with the price of bitcoin. The increase in bitcoin price was caused by half bitcoin, after the pandemic influenced people to work at home, thus prompting them to buy bitcoin as a trade. People were attracted to bitcoin and now the market is continuing to be bullish.

[teebasas 3018]

China produces so much electricity and will not face a shortage. Because of the problem of cities shutting down, the corona virus raises the value of safe haven properties, potentially implying slower growth in the Chinese economy. Still, cryptocurrencies are not a safe haven, and investors who regard them as such should exercise extreme caution.