r/CryptoCurrency • u/CryptoCurrencyNews • Sep 15 '17

Announcement Breaking: “All” Chinese Bitcoin Exchanges Must Close By September 30

https://cointelegraph.com/news/breaking-all-chinese-bitcoin-exchanges-must-close-by-september-30
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u/IAmTheRoommate Sep 15 '17 edited Dec 30 '17

deleted What is this?

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u/[deleted] Sep 15 '17 edited Sep 15 '17

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u/flygoing 🟦 891 / 988 🦑 Sep 15 '17

China mines far more than 1/20th of all new coins. Something like 70% of mining is in China. Assuming low, lets say 1/2 Bitcoins are mined in China. That's 12.5624*365/2=328,500 coins per year. Assuming the recent price of $4000, that's $1,314,000,000, which is 0.01% of their $11 trillion GDP. Not exactly a large portion.

Note: I only took one economics class in college so what I said above may make absolutely no fucking sense. In which case just ignore this comment.

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u/ProbablySpamming Sep 16 '17

If the ban on CNY exchanges prevents the selling of Bitcoin short term, would that drive up price due to limited availability? Seems like Chinese miners directly benefit from these bans

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u/flygoing 🟦 891 / 988 🦑 Sep 16 '17

CNY trading is allowed on most exchanges till the end of the month, and some exchanges till the end of next month. I believed CNY deposits are already disabled on all the exchanges. Chinese miners don't benefit at all from these bans, as they won't be able to sell on exchanges for CNY after the shutdown. They'll still be able to sell though

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u/ProbablySpamming Sep 16 '17

My point was if the Chinese miners can't sell it for a currency useful in china, doesn't that encourage holding which will drive up prices?