China banning bitcoin exchages, good or bad? - page 13.

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Quote from: figmentofmyass on September 28, 2017, 04:21:52 PM

Quote from: sp01_cardo on September 28, 2017, 03:34:48 PM

Yes, after banning the local bitcoin exchange in china bring a big effect in the bitcoin world. China is the largset users of bitcoin and most of the traders and investors are from china. Now that they are out on bitcoin it lessens the number of investors and traders.

that's not necessarily true. it creates more friction between CNY and cryptocurrency -- that i can agree with. and this could drive away mainstream investors. however, the flip side is that black market commodities tend to rise in value, not fall

That's what the Chinese government may be trying to prevent

Indeed, Bitcoin is too small so far to give any real pain in the ass for the Chinese monetary authorities (read the PBoC), but it is easier to prevent the disease than cure it, right? So they are trying to nip Bitcoin in the bud in China before it becomes a genuine competitor to the Chinese national currency, the Yuan, like it happened in Venezuela, where people right now massively abandon their local money, the Bolivar (which is spiraling down in ever faster circles) in favor of Bitcoin and other cryptocurrencies as well as the US dollar

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Quote from: YTBitcoin on September 19, 2017, 04:12:41 PM

Quote from: roll on on September 17, 2017, 10:45:07 AM

Quote from: lordquanta on September 11, 2017, 06:51:21 AM

Chinese govt has decided to ban the local bitcoin exchanges. [1] This is pretty big news considering one of large market and mining firms are located in China.
Do you think this would affect bitcoin world and bitcoin price in negative way or positive way? Some say china is doing so because people are bypassing the banking system and in turn the government regulation using bitcoin.

[1] http://www.marketwatch.com/story/bye-bitcoin-china-to-ban-trading-of-virtual-currencies-2017-09-11

That's right that China is one of the largest market holder and firm around the world and maybe it's a bad news because China is one of the location of the world's highest investors and investment being done.The banning of China on Bitcoin makes a negative impact especially in the Bitcoin community because we lose one of the highest investors.

Don’t we have rumors? I have studied here and listened in news that this was just false news and nothing had happened like this so far. This dip was the results of something other than this China turmoil. Still if it happened then surely we had bad impact.

Even in normal forex market, so many news can either cause an upsurge or bearish on any currency. It is a market and there is nothing we can do about that. The most important thing is to understand we cannot help stuffs like this and having everything smooth all the time should actually cause some worries, don't you think?

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Quote from: lordquanta on September 11, 2017, 06:51:21 AM

Chinese govt has decided to ban the local bitcoin exchanges. [1] This is pretty big news considering one of large market and mining firms are located in China.
Do you think this would affect bitcoin world and bitcoin price in negative way or positive way? Some say china is doing so because people are bypassing the banking system and in turn the government regulation using bitcoin.

[1] http://www.marketwatch.com/story/bye-bitcoin-china-to-ban-trading-of-virtual-currencies-2017-09-11

We have experience the negative effect of China ban on local bitcoin exchange and other crypto currency activities already. Though the ban has both positive and negative effect. The negative effect on bitcoin was its market value reduction while that of positive effect is that, China has lost control over bitcoin activities particularly, bitcoin value manipulation.

figmentofmyass

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Quote from: sp01_cardo on September 28, 2017, 03:34:48 PM

Yes, after banning the local bitcoin exchange in china bring a big effect in the bitcoin world. China is the largset users of bitcoin and most of the traders and investors are from china. Now that they are out on bitcoin it lessens the number of investors and traders.

that's not necessarily true. it creates more friction between CNY and cryptocurrency -- that i can agree with. and this could drive away mainstream investors. however, the flip side is that black market commodities tend to rise in value, not fall.

more importantly, many traders/investors/miners may just move their activities outside of china's jurisdiction. i'm sure that many chinese traders have already migrated from okcoin and huobi to japanese and korean exchanges, or international chinese platforms like okcoin.com.

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Yes, after banning the local bitcoin exchange in china bring a big effect in the bitcoin world. China is the largset users of bitcoin and most of the traders and investors are from china. Now that they are out on bitcoin it lessens the number of investors and traders.

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Banning of bitcoin exchanges by china is good for china if seen on a long term basis.It may affect the bitcoin price negatively for a short term.But,by this way,bitcoin will get out of the control of china.Already,manipulating price by chinese has got reduced.Now,only in mining sector,china dominates.Soon,new mining farms could be expected in other parts of the world which would bring once again decentralization in bitcoin mining.All these could happen when only china continues to take such actions against bitcoin.

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Quote from: Outlander on September 28, 2017, 01:33:09 AM

It wouldn't affect btc from the long time frame. The btc price is bouncing back. BTC adoption is increasing
as btc ecosystem matures and more user cases are coming out.

Yes the price will surely bounce back again as the price is starting to get up again the ban in China will be gone anytime soon. And everyone is taking the advantage to buy some more bitcoins when the price is lower so it's better for us to stay and just keep on holding our bitcoins. Don't panic as the panickers will lose a lot of profit in this type of situation.

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Quote from: MinMan on September 26, 2017, 02:36:55 AM

Quote from: FrueGreads on September 11, 2017, 07:41:19 AM

I don't think this is anything new. If I'm not mistaken China already did that in the past. I think it will of course affect the price of BTC, because of all those panic sellers, and all of those that just use BTC to trade. The thing is, that China, although having a lot of users with BTC, does not really control them, and are not even banning them. So BTC will continue to be a good way of holding value. So the price will go down a little, and them will just recover, because the guys that know the true value of BTC, will just hold them around the world.

Apparently, it seems that government of China has banned bitcoin in their country irrespective of the fact that their country have a huge number of bitcoin users. They can’t actually control people from using bitcoins because they bitcoins are the most secured and exponentially growing currency which is accessible to anyone from any corner of the world.

I am really astonished on the decisions of China government of banning bitcoins. Yes this definitely effect bitcoin repute and price rates as well.

It is right that by banning bitcoin in China, bitcoins will not die but bitcoins have been strongly effected by all this drama in recent weeks. China must rethink on what is has decided because in coming future there will be only regret for them.

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Quote from: endlasuresh on September 27, 2017, 03:15:55 AM

Quote from: henmark on September 27, 2017, 02:57:57 AM

Quote from: zurc on September 19, 2017, 10:12:14 AM

It is obviously bad for a mean time just like what happened these days, bitcoin price in the market has dropped because of the issue but immediately recovers for a few days.

Bitcoin price will fall down if users are not allowed to work on bitcoin in some part of world. Same happened in China and we have seen the immediate effect on market last week. Definitely bitcoin will rise again and things will be fine but for now it is really bad.

The price is too good at this stage 3900 mark, however banning will really effect also the chineese people loss so much amount in making money online.
These types of Govt exists in all countries even in my country and no one can control Govt decision. let see what will happen at the end of OCTOBER.

even before china says that they will close all exchanges in their country, bitcoin prices have already reached $ 4000, we recognize that regulation of ban from china for exchange in their country really makes bitcoin a bit shaky, you can see most users are also panicking so as to make bitcoin price down to $3600, yeah lets see the end of october hope there is no bad things happen in bitcoin

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Quote from: lordquanta on September 11, 2017, 06:51:21 AM

Chinese govt has decided to ban the local bitcoin exchanges. [1] This is pretty big news considering one of large market and mining firms are located in China.
Do you think this would affect bitcoin world and bitcoin price in negative way or positive way? Some say china is doing so because people are bypassing the banking system and in turn the government regulation using bitcoin.

[1] http://www.marketwatch.com/story/bye-bitcoin-china-to-ban-trading-of-virtual-currencies-2017-09-11

Maybe China does not believe in this virtual world. So show them the utility and stability of bitcoin. In Vietnam is not prohibited but bitcoin is not known much. Actually, in order to become a person who can own some BTC, you have to have the money to invest.

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Quote from: lordquanta on September 11, 2017, 06:51:21 AM

Chinese govt has decided to ban the local bitcoin exchanges. [1] This is pretty big news considering one of large market and mining firms are located in China.
Do you think this would affect bitcoin world and bitcoin price in negative way or positive way? Some say china is doing so because people are bypassing the banking system and in turn the government regulation using bitcoin.

[1] http://www.marketwatch.com/story/bye-bitcoin-china-to-ban-trading-of-virtual-currencies-2017-09-11

China is banning exchange for regulation purposes, for all I know. I also did hear that Chinese exchanges and icos will be coming back to China after some measures, I am not sure what is true and what is not.
If they are not bringing back, vpn won't work is what China had told on the other hand because they are gonna put a huge firewall in their networking systems, Chinese crypto users on the contrary are trying to trade using telegram, let's just wait and watch what really happens till the end of this year.

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Quote from: Outlander on September 28, 2017, 01:33:09 AM

It wouldn't affect btc from the long time frame. The btc price is bouncing back. BTC adoption is increasing
as btc ecosystem matures and more user cases are coming out.

This is more bad news from Bitcoin, whose price started to fall after China's regulators said they would ban all ICOs (initial coin offerings) in the country. Let us admit that the price of bitcoin has dropped since the announcement of China. As far as I know,around 3000 websites are blocked by Chinese authorities under the country's policy of Internet censorship.

I guess, the decision of chinese people was wrong. The chinese people need bitcoin and bitcoin will go on without china. So far, the price of bitcoin is rising again and I am happy with the result

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It wouldn't affect btc from the long time frame. The btc price is bouncing back. BTC adoption is increasing
as btc ecosystem matures and more user cases are coming out.

magneto

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Quote from: lordquanta on September 11, 2017, 06:51:21 AM

Chinese govt has decided to ban the local bitcoin exchanges. [1] This is pretty big news considering one of large market and mining firms are located in China.
Do you think this would affect bitcoin world and bitcoin price in negative way or positive way? Some say china is doing so because people are bypassing the banking system and in turn the government regulation using bitcoin.

[1] http://www.marketwatch.com/story/bye-bitcoin-china-to-ban-trading-of-virtual-currencies-2017-09-11

It's definitely not a good thing, as now people have less ways to trade bitcoins.

However if you think about it it doesn't really affect bitcoin itself much. All it is is a ban on bitcoin exchanges, which people do not use in china much anyways since AML laws are very very strict. People can still use localbitcoins or Bisq without trouble.

So the effects of the ban isn't as big as people think it to be.

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Quote from: Ngewex Yuk on September 27, 2017, 07:50:23 PM

I think this will not bring any impact, and this is proven because bitcoin users are so strong that the price is not on the floor. bitcoin users around the world including in china will keep bitcoin even though its government banned bitcoin.

Yes it seems so, china banned bitcoin does not bring any impact, maybe the panic had occurred in the beginning but now everything is back to normal, this further proves that the future of bitcoin will continue to improve.

Ngewex Yuk

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I think this will not bring any impact, and this is proven because bitcoin users are so strong that the price is not on the floor. bitcoin users around the world including in china will keep bitcoin even though its government banned bitcoin.

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Quote from: lordquanta on September 11, 2017, 06:51:21 AM

Chinese govt has decided to ban the local bitcoin exchanges. [1] This is pretty big news considering one of large market and mining firms are located in China.
Do you think this would affect bitcoin world and bitcoin price in negative way or positive way? Some say china is doing so because people are bypassing the banking system and in turn the government regulation using bitcoin.

[1] http://www.marketwatch.com/story/bye-bitcoin-china-to-ban-trading-of-virtual-currencies-2017-09-11

Definitely, China's banning of bitcoin exchange it their country do really play as a bad and negative effect on the bitcoin price rate since most of the big potential investors can be located and belongs to the vicinity of China in which the banning takes place and do really have a direct effect on the price rate of bitcoin. But we must still see this negative effect as a positive way to start buying bitcoin since the price drops, it literally imply that it will be a perfect time to buy bitcoins. Instead of thinking that bitcoin will die on the bad effect of China's banning of bitcoin, we must still see it as a great opportunity to maximize our capacity and capability of earning.

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Quote from: lordquanta on September 11, 2017, 06:51:21 AM

Chinese govt has decided to ban the local bitcoin exchanges. [1] This is pretty big news considering one of large market and mining firms are located in China.
Do you think this would affect bitcoin world and bitcoin price in negative way or positive way? Some say china is doing so because people are bypassing the banking system and in turn the government regulation using bitcoin.

[1] http://www.marketwatch.com/story/bye-bitcoin-china-to-ban-trading-of-virtual-currencies-2017-09-11

I just heard that there is another new version of China ban after this failed attempt but for me either bad or good it will be the Chinese lost because bitcoin people all over the world are already have a hard time experienced about this ban, even the panic people are learned their lesson as we can see the price is now at $4,000 again, any attempt to fall down the bitcoin will not going to success because people are already learned.

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Quote from: lordquanta on September 11, 2017, 06:51:21 AM

Chinese govt has decided to ban the local bitcoin exchanges. [1] This is pretty big news considering one of large market and mining firms are located in China.
Do you think this would affect bitcoin world and bitcoin price in negative way or positive way? Some say china is doing so because people are bypassing the banking system and in turn the government regulation using bitcoin.

[1] http://www.marketwatch.com/story/bye-bitcoin-china-to-ban-trading-of-virtual-currencies-2017-09-11

Probably, the action that have been done by China which was banning the bitcoin exchanges within their country was really a bad thing that happens since it has a big impact on the price rate of bitcoin which makes people seems to panic and do really make bitcoin's price down fall to be alarming. It do really affect the price of bitcoin negatively but as usual, we still must see it on the positive outlook that these downfall is another opportunity for us to buy our bitcoins so that when the price goes back to normal we can still have our income with us.

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Have they still any option for chaos? they have used all their options for dump bitcoin and i want to learn what will they do.

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