Topic: Bitcoin Is A Big Threat According To China - page 2. (Read 1242 times)
Bitcoin is a threat to making their bank account grow. xD
Is there not a brain among all of you? Seriously.
CAPITAL CONTROLS.
Chinese citizens can use BTC or other cryptos to move their money (in the billions of $) outside of the country. Anyone who has ever travelled understands the concept of a $10,000 limit to what one can carry on them when they go from country to country.
CRYPTOS CIRCUMVENT THIS $10,000 RULE!!! Yes, I am shouting since there is SOOOO much stupidity (I gave ignorance a chance) on this forum!!! WTF!!!!
China WILL ban cryptos as will EVERY OTHER NATION that is worried about capital controls. China has the "Great Firewall". They can drop it down whenever they feel like doing so.
Wake up. SERIOUSLY. BTC and any other crypto is only as strong as government CENSORSHIP allows it to be!!!!
Calm down, your opinion isn't the one and only. It's also not the smartest one out there. CAPITAL CONTROLS.
Chinese citizens can use BTC or other cryptos to move their money (in the billions of $) outside of the country. Anyone who has ever travelled understands the concept of a $10,000 limit to what one can carry on them when they go from country to country.
CRYPTOS CIRCUMVENT THIS $10,000 RULE!!! Yes, I am shouting since there is SOOOO much stupidity (I gave ignorance a chance) on this forum!!! WTF!!!!
China WILL ban cryptos as will EVERY OTHER NATION that is worried about capital controls. China has the "Great Firewall". They can drop it down whenever they feel like doing so.
Wake up. SERIOUSLY. BTC and any other crypto is only as strong as government CENSORSHIP allows it to be!!!!
Governments have always been trying to outlaw certain goods and services and it never stopped people from using them. Also, it's very rare for the world to agree on something. If something gets banned in one country its neighbors may see it as a way to make more money and allow foreigners to use and trade it on their soil.
In the case of China I'd like your explanation as to how I'm wrong considering that China can ban or censor something whenever they want. Couple that with the fact that wealthy Chinese are moving their money abroad in droves and China has openly stated that they plan to put a stop to it. Closing local exchanges was a warning shot to tell the locals to get out or lose their money since once the "Great Firewall" comes down they'll have no ability to trade or risk prison if they try to circumvent it. Losing 1/4 of the worlds population is a very big deal and your counter argument doesn't hold water, especially since all nations do not like money easily flowing out of their economies. Let's pretend that all of the nations friendly or indifferent to BTC see it as a way to "make money" that also surround China. Most are poor nations whose citizens have no ability to use let alone care about BTC to even close to the level at which China was doing it.
I'm not arguing with what you're saying as much as how you're saying it.
People are using bitcoin to move money out of their countries only if these countries are artificially trying to block them from doing so. In normal countries, the ones that aren't trying to hold their citizens in an iron grip you can freely move money around. If I wanted to I could take $10k, which is over 2BTC and send it to another country using my bank account, paypal, western union or my local post office, but I don't want to because they're charging too much. If China is fighting it, they are slowing down the inevitable. You can't stop people from using something that's allowed anywhere else in the world and countries like Japan or Korea know it.
Also, what poor neighbors are you talking about? Do you know that among them are India and Russia?
Bitcoin is meant to disrupt the many traditional institutions works as it can be carrying innovations leading to changes in the way we usually do things. This can be the big factor why central banks and many government authorities are all wary of how to treat Bitcoin. In the case of China, they the easiest way out which is the banning of Bitcoin exchanges and ICOs to curtail participation from their "protected" citizens. Soon they may come up with regulation making ownership of Bitcoin illegal...that is if they are not just buying time before allowing Bitcoin operation under a very strict atmosphere.
China's central bank admits Bitcoin and cryptocurrencies can be carrying threats to central banks and existing banking systems. And this is actually just stating the obvious as the Chinese government is afraid of anything they can not control. This is a society where controls in almost all facets of their lives remain to be strong...though we are hoping that next generation of Chinese leaders would be gradually changing this kind of situation.
Nevertheless, this may not be the right time for China to have a good love affair with Bitcoin but I know that sometime China will be back loving Bitcoin too.
I haven't read every word from that excerpt (since I know that their point is BITCOIN IS A FRAUD). But all I can say is that, bitcoin is not really a threat to people who use it. The reason why China hates bitcoin is that the bank and government doesn't really earn from it (no taxes).Now, they are saying that bitcoin is a fraud so that people will go back to the typical banking and with that, the banks and government will get their fair share from people. China's central bank admits Bitcoin and cryptocurrencies can be carrying threats to central banks and existing banking systems. And this is actually just stating the obvious as the Chinese government is afraid of anything they can not control. This is a society where controls in almost all facets of their lives remain to be strong...though we are hoping that next generation of Chinese leaders would be gradually changing this kind of situation.
Nevertheless, this may not be the right time for China to have a good love affair with Bitcoin but I know that sometime China will be back loving Bitcoin too.
Is there not a brain among all of you? Seriously.
CAPITAL CONTROLS.
Chinese citizens can use BTC or other cryptos to move their money (in the billions of $) outside of the country. Anyone who has ever travelled understands the concept of a $10,000 limit to what one can carry on them when they go from country to country.
CRYPTOS CIRCUMVENT THIS $10,000 RULE!!! Yes, I am shouting since there is SOOOO much stupidity (I gave ignorance a chance) on this forum!!! WTF!!!!
China WILL ban cryptos as will EVERY OTHER NATION that is worried about capital controls. China has the "Great Firewall". They can drop it down whenever they feel like doing so.
Wake up. SERIOUSLY. BTC and any other crypto is only as strong as government CENSORSHIP allows it to be!!!!
Calm down, your opinion isn't the one and only. It's also not the smartest one out there. CAPITAL CONTROLS.
Chinese citizens can use BTC or other cryptos to move their money (in the billions of $) outside of the country. Anyone who has ever travelled understands the concept of a $10,000 limit to what one can carry on them when they go from country to country.
CRYPTOS CIRCUMVENT THIS $10,000 RULE!!! Yes, I am shouting since there is SOOOO much stupidity (I gave ignorance a chance) on this forum!!! WTF!!!!
China WILL ban cryptos as will EVERY OTHER NATION that is worried about capital controls. China has the "Great Firewall". They can drop it down whenever they feel like doing so.
Wake up. SERIOUSLY. BTC and any other crypto is only as strong as government CENSORSHIP allows it to be!!!!
Governments have always been trying to outlaw certain goods and services and it never stopped people from using them. Also, it's very rare for the world to agree on something. If something gets banned in one country its neighbors may see it as a way to make more money and allow foreigners to use and trade it on their soil.
In the case of China I'd like your explanation as to how I'm wrong considering that China can ban or censor something whenever they want. Couple that with the fact that wealthy Chinese are moving their money abroad in droves and China has openly stated that they plan to put a stop to it. Closing local exchanges was a warning shot to tell the locals to get out or lose their money since once the "Great Firewall" comes down they'll have no ability to trade or risk prison if they try to circumvent it. Losing 1/4 of the worlds population is a very big deal and your counter argument doesn't hold water, especially since all nations do not like money easily flowing out of their economies. Let's pretend that all of the nations friendly or indifferent to BTC see it as a way to "make money" that also surround China. Most are poor nations whose citizens have no ability to use let alone care about BTC to even close to the level at which China was doing it.
Is there not a brain among all of you? Seriously.
CAPITAL CONTROLS.
Chinese citizens can use BTC or other cryptos to move their money (in the billions of $) outside of the country. Anyone who has ever travelled understands the concept of a $10,000 limit to what one can carry on them when they go from country to country.
CRYPTOS CIRCUMVENT THIS $10,000 RULE!!! Yes, I am shouting since there is SOOOO much stupidity (I gave ignorance a chance) on this forum!!! WTF!!!!
China WILL ban cryptos as will EVERY OTHER NATION that is worried about capital controls. China has the "Great Firewall". They can drop it down whenever they feel like doing so.
Wake up. SERIOUSLY. BTC and any other crypto is only as strong as government CENSORSHIP allows it to be!!!!
Calm down, your opinion isn't the one and only. It's also not the smartest one out there. CAPITAL CONTROLS.
Chinese citizens can use BTC or other cryptos to move their money (in the billions of $) outside of the country. Anyone who has ever travelled understands the concept of a $10,000 limit to what one can carry on them when they go from country to country.
CRYPTOS CIRCUMVENT THIS $10,000 RULE!!! Yes, I am shouting since there is SOOOO much stupidity (I gave ignorance a chance) on this forum!!! WTF!!!!
China WILL ban cryptos as will EVERY OTHER NATION that is worried about capital controls. China has the "Great Firewall". They can drop it down whenever they feel like doing so.
Wake up. SERIOUSLY. BTC and any other crypto is only as strong as government CENSORSHIP allows it to be!!!!
Governments have always been trying to outlaw certain goods and services and it never stopped people from using them. Also, it's very rare for the world to agree on something. If something gets banned in one country its neighbors may see it as a way to make more money and allow foreigners to use and trade it on their soil.
Is there not a brain among all of you? Seriously.
CAPITAL CONTROLS.
Chinese citizens can use BTC or other cryptos to move their money (in the billions of $) outside of the country. Anyone who has ever travelled understands the concept of a $10,000 limit to what one can carry on them when they go from country to country.
CRYPTOS CIRCUMVENT THIS $10,000 RULE!!! Yes, I am shouting since there is SOOOO much stupidity (I gave ignorance a chance) on this forum!!! WTF!!!!
China WILL ban cryptos as will EVERY OTHER NATION that is worried about capital controls. China has the "Great Firewall". They can drop it down whenever they feel like doing so.
Wake up. SERIOUSLY. BTC and any other crypto is only as strong as government CENSORSHIP allows it to be!!!!
CAPITAL CONTROLS.
Chinese citizens can use BTC or other cryptos to move their money (in the billions of $) outside of the country. Anyone who has ever travelled understands the concept of a $10,000 limit to what one can carry on them when they go from country to country.
CRYPTOS CIRCUMVENT THIS $10,000 RULE!!! Yes, I am shouting since there is SOOOO much stupidity (I gave ignorance a chance) on this forum!!! WTF!!!!
China WILL ban cryptos as will EVERY OTHER NATION that is worried about capital controls. China has the "Great Firewall". They can drop it down whenever they feel like doing so.
Wake up. SERIOUSLY. BTC and any other crypto is only as strong as government CENSORSHIP allows it to be!!!!
Bitcoin is meant to disrupt the many traditional institutions works as it can be carrying innovations leading to changes in the way we usually do things. This can be the big factor why central banks and many government authorities are all wary of how to treat Bitcoin. In the case of China, they the easiest way out which is the banning of Bitcoin exchanges and ICOs to curtail participation from their "protected" citizens. Soon they may come up with regulation making ownership of Bitcoin illegal...that is if they are not just buying time before allowing Bitcoin operation under a very strict atmosphere.
China's central bank admits Bitcoin and cryptocurrencies can be carrying threats to central banks and existing banking systems. And this is actually just stating the obvious as the Chinese government is afraid of anything they can not control. This is a society where controls in almost all facets of their lives remain to be strong...though we are hoping that next generation of Chinese leaders would be gradually changing this kind of situation.
Nevertheless, this may not be the right time for China to have a good love affair with Bitcoin but I know that sometime China will be back loving Bitcoin too.
Sounds more like China plans to launch their own digital cryptocurrency that they can control.China's central bank admits Bitcoin and cryptocurrencies can be carrying threats to central banks and existing banking systems. And this is actually just stating the obvious as the Chinese government is afraid of anything they can not control. This is a society where controls in almost all facets of their lives remain to be strong...though we are hoping that next generation of Chinese leaders would be gradually changing this kind of situation.
Nevertheless, this may not be the right time for China to have a good love affair with Bitcoin but I know that sometime China will be back loving Bitcoin too.
I don't see their government (or any really) loving Bitcoin whatsoever.
Not only government of China but also other countries which bitcoin is accepted. Bitcoin is a big threat to their banking systems. Citizens finds bitcoin as a good investment. That's why banks are trying to kill bitcoin because it will be a big threat to them in the future. Also people can evade their taxes since you can't be traced and monitor your transactions in bitcoin because of it's decentralized system. Even they implement KYC policy. I don't think it's enough to regulate it.
If translation is accurate, they're wrong, nobody's challenging the state's right to issue currency 
They can print all the paper they want... Then when they talk about digitalization of their own money... Really funny to see such double standards. With that sentence they're just supporting a currency that they said that was bad just two sentences earlier So just because it's a private blockchain of their, it means that now all is ok... Someone's got their priorities upside down.
They can print all the paper they want... Then when they talk about digitalization of their own money... Really funny to see such double standards. With that sentence they're just supporting a currency that they said that was bad just two sentences earlier So just because it's a private blockchain of their, it means that now all is ok... Someone's got their priorities upside down.The translation is probably accurate, but the way Chinese government consider the cryptocurreny is really wrong, I believe. As you said, bitcoin or others are not preventing Chinese government from issuing their national currency.
If translation is accurate, they're wrong, nobody's challenging the state's right to issue currency They can print all the paper they want... Then when they talk about digitalization of their own money... Really funny to see such double standards. With that sentence they're just supporting a currency that they said that was bad just two sentences earlier So just because it's a private blockchain of their, it means that now all is ok... Someone's got their priorities upside down.
They can print all the paper they want... Then when they talk about digitalization of their own money... Really funny to see such double standards. With that sentence they're just supporting a currency that they said that was bad just two sentences earlier So just because it's a private blockchain of their, it means that now all is ok... Someone's got their priorities upside down.
I believe bitcoin is not a threat to any government. It only address the flaw of financial institution. That is the reason why PBOC is pushing Chinese government to ban Bitcoin exchanges and control its transaction. It is not the government itself but rather the financial institution that feels the threat brought by bitcoin. And I agree with OP that Chinese government will give a strict regulation regarding Bitcoin and cryptocurrency but the time will come that it will embrace the change brought by Bitcoin in their financial system. It is inevitable, so they have to.
Not only for China Bitcoin is threat but also All Countries. No governments will like it cause it is decentralized.
It can be a threat to governments' ability to assert monetary control over their populace. However, there are other considerations. Currently, most of the world is at great economic disadvantage due to the dominance of the US dollar and related global trade/investment policies. If Bitcoin and other cryptocurrencies were to become accepted by the mainstream on a global level, that could significantly displace the US's control via monetary policy.
In this sense, I think that the Global South and the developing world have an interest in encouraging Bitcoin adoption. They are better off embracing a currency they cannot control than one that is rigged to lose by the US powers that be.
I think they will try to be full of various reasons. the essence of it all because obviously this is a bank problem. at least china fears once with bitcoin. bitcoin does not threaten the people involved with it.
If they would create their own cryptocurrency, the only thing what they will be doing is digitizing their national currency. It will probably be a last effort for them to keep control, but for how long?
Not only for China Bitcoin is threat but also All Countries. No governments will like it cause it is decentralized.
I think China wants to release their own Coin to market which will be centralized.
For sure they will do it, I have also heard that many other countries are also doing research on possibility of launching their own currency.I think China wants to release their own Coin to market which will be centralized.
China might allow trading of their so called crypto coin but they will not allow it to be transferred out of the country.
It will be fun to watch how normal citizen will react to all these changes in the financial system just because of bitcoin. People might adopt bitcoin rather than those shit tokens despite huge effort from governments.
Bitcoin is meant to disrupt the many traditional institutions works as it can be carrying innovations leading to changes in the way we usually do things. This can be the big factor why central banks and many government authorities are all wary of how to treat Bitcoin. In the case of China, they the easiest way out which is the banning of Bitcoin exchanges and ICOs to curtail participation from their "protected" citizens. Soon they may come up with regulation making ownership of Bitcoin illegal...that is if they are not just buying time before allowing Bitcoin operation under a very strict atmosphere.
China's central bank admits Bitcoin and cryptocurrencies can be carrying threats to central banks and existing banking systems. And this is actually just stating the obvious as the Chinese government is afraid of anything they can not control. This is a society where controls in almost all facets of their lives remain to be strong...though we are hoping that next generation of Chinese leaders would be gradually changing this kind of situation.
Nevertheless, this may not be the right time for China to have a good love affair with Bitcoin but I know that sometime China will be back loving Bitcoin too.
Sounds more like China plans to launch their own digital cryptocurrency that they can control.China's central bank admits Bitcoin and cryptocurrencies can be carrying threats to central banks and existing banking systems. And this is actually just stating the obvious as the Chinese government is afraid of anything they can not control. This is a society where controls in almost all facets of their lives remain to be strong...though we are hoping that next generation of Chinese leaders would be gradually changing this kind of situation.
Nevertheless, this may not be the right time for China to have a good love affair with Bitcoin but I know that sometime China will be back loving Bitcoin too.
I don't see their government (or any really) loving Bitcoin whatsoever.
If China creates a cryptocurrency which is controlled by them, that is not a cryptocuurency anymore. Cryptocurrencies should be decentralized, If this is not decentralized, better to use traditional money.
Not only for China Bitcoin is threat but also All Countries. No governments will like it cause it is decentralized.
I think China wants to release their own Coin to market which will be centralized.
For sure they will do it, I have also heard that many other countries are also doing research on possibility of launching their own currency.I think China wants to release their own Coin to market which will be centralized.
China might allow trading of their so called crypto coin but they will not allow it to be transferred out of the country.
It will be fun to watch how normal citizen will react to all these changes in the financial system just because of bitcoin. People might adopt bitcoin rather than those shit tokens despite huge effort from governments.
Not only for China Bitcoin is threat but also All Countries. No governments will like it cause it is decentralized.
I think China wants to release their own Coin to market which will be centralized.
I think China wants to release their own Coin to market which will be centralized.
Bitcoin is meant to disrupt the many traditional institutions works as it can be carrying innovations leading to changes in the way we usually do things. This can be the big factor why central banks and many government authorities are all wary of how to treat Bitcoin. In the case of China, they the easiest way out which is the banning of Bitcoin exchanges and ICOs to curtail participation from their "protected" citizens. Soon they may come up with regulation making ownership of Bitcoin illegal...that is if they are not just buying time before allowing Bitcoin operation under a very strict atmosphere.
China's central bank admits Bitcoin and cryptocurrencies can be carrying threats to central banks and existing banking systems. And this is actually just stating the obvious as the Chinese government is afraid of anything they can not control. This is a society where controls in almost all facets of their lives remain to be strong...though we are hoping that next generation of Chinese leaders would be gradually changing this kind of situation.
Nevertheless, this may not be the right time for China to have a good love affair with Bitcoin but I know that sometime China will be back loving Bitcoin too.
Sounds more like China plans to launch their own digital cryptocurrency that they can control.China's central bank admits Bitcoin and cryptocurrencies can be carrying threats to central banks and existing banking systems. And this is actually just stating the obvious as the Chinese government is afraid of anything they can not control. This is a society where controls in almost all facets of their lives remain to be strong...though we are hoping that next generation of Chinese leaders would be gradually changing this kind of situation.
Nevertheless, this may not be the right time for China to have a good love affair with Bitcoin but I know that sometime China will be back loving Bitcoin too.
I don't see their government (or any really) loving Bitcoin whatsoever.
But I see the launch of their own cryptocurrency to be beneficial for Chinese people in buying Bitcoin. They can easily buy government's cryptocurrency through fiat and then in turn can buy Bitcoin through it. There won't be any need of exchange. But with that government can keep a track of every transaction.
Being a communist country, China has always shown extremist approach towards adopting the new things from the rest of the world. Chinese government is strongly apposing the concept of cryptocurrency; as it is decentralized and government can not monitor the same. There will be more unaccounted money in the form of cryptos, which could not be traced and it may be the reason for Chinese govt's strict approach towards cryptos.
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