China banning bitcoin exchages, good or bad? - page 16.

terbetet

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Quote from: lordquanta on September 11, 2017, 05:51:21 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

The banning of bitcoin exchanges within the country of China has a big impact on the price rate of bitcoin which for most of the bitcoin users plays negatively since the price rate dumps into a great down fall that was really alarming because the bitcoin holdings lessen into quantities. Though it was alarming, I am still hoping that bitcoin will regain its big loss since China was just a part of the bitcoin's large community. Along with the banning of China, it also do have a good effect because the bitcoin hunters have the chance to buy their own bitcoins for great opportunity of gaining profit when the price pumps once again.

raven7886

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Quote from: zurc on September 19, 2017, 09:12:14 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.

Bad and not bad at the same time. To me, I feel it is a way for us to test the strength of bitcoin with or without a particular strong country trying to use FUD news to manipulate it. The thing is that this kind of decisions by countries and the FUDs caused by it are inevitable but the fact that the impact wasn't too much and it bounced back in no time is what will make most people believe more that the technology is here to stay.

Outlander

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It is not a big deal for the long term! I think it is a good measure to crack the scams OCO although there are some genuine ICO. As the adoption is increasing, many people realise the advantages of btc. It is hard to say what will happen with the policy.

Sithara007

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Quote from: coin_1122 on September 23, 2017, 07:23:32 AM

Quote from: cryptocortex on September 19, 2017, 04:46:25 PM

China banning Bitcoin is temporarily bad. But in general, after the market calms down, Bitcoin always comes back stronger than before.

The technology is here to stay. If you don't want to give them more power, don't panic, and hold your coins.

Yes, technology is going to stay so the value of Bitcoin will increase. Don't panic for this small dip everything will be corrected once everything settles.
Now many people are panic about the market with the China news but Bitcoin price will recover the only thing we can do is hold.

We don't need to worry as long as the number of users are increasing. My guess is that it is still increasing at a rate of around 10% per month, which is massive. No other fiat currency can boast of such numbers. This increase in the user base is going to have an impact on the exchange rates sooner or later.

coinplus

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Quote from: pshemek on September 23, 2017, 02:26:18 AM

it is bad that china is not going to accept bitcoin cause they are so many people over there. but i understand that it is because they will protect there own values and they cant control bitcoin.

Read the news properly. For now, China has not come out to say they are not accepting bitcoin and we are not even sure yet where they stand as most of the regulators are busy saying different things. One thing for sure is that china have always perceived bitcoin as a threat to their monetary policy, so they are banning domestic trading activities but they are not banning bitcoin as they are both totally 2 different things.

If you like, you can keep mining and take your bitcoin somewhere else to change cause you wont see any exchange to change it for you in china.

HatakeKakashi

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As of now the price of bitcoin decreased and thats i think the bad effect of ban bitcoin exchange in the country of china. I think why bitcoin decreased because many people they have doubt in their mind so they sell their bitcoin . For sure we experince again decrease price if china ban bitcoin officially in september 30 but we dont know what will exact happen in bitcoin if the prixe increase or decrease.

AnnaRasskazova

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China was banned from exchanging. But, I think it's not for long. Although very bad! (

deisik

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Quote from: haroldtee on September 23, 2017, 09:21:36 AM

Quote from: coin_1122 on September 23, 2017, 07:23:32 AM

Quote from: cryptocortex on September 19, 2017, 04:46:25 PM

China banning Bitcoin is temporarily bad. But in general, after the market calms down, Bitcoin always comes back stronger than before.

The technology is here to stay. If you don't want to give them more power, don't panic, and hold your coins.

Yes, technology is going to stay so the value of Bitcoin will increase. Don't panic for this small dip everything will be corrected once everything settles.
Now many people are panic about the market with the China news but Bitcoin price will recover the only thing we can do is hold.

The funniest thing is that stuffs like this have happened in the past with china banning this or banning that. A time will come when they will most definitely come around and understand that their ban cannot cause anything negative as we can do so good and perfect without them. They know that already obviously and whatever they want to achieve is no one's concern

I guess this time has already come

The Chinese authorities (the Chinese central bank, more specifically) have been bitching about Bitcoin since the beginning of the year, and right now the effect of their actions seems to quickly vanish even though with each iteration their actions and intents become more desperate and evil. Now they are going to create their own version of Bitcoin by making local miners support it. That's what Charlie Lee seems to refer to in one of his recent tweets saying that mining is not going to be prohibited in China. Yes, miners will be allowed to stay provided they agree to mine China-coin

haroldtee

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Quote from: coin_1122 on September 23, 2017, 07:23:32 AM

Quote from: cryptocortex on September 19, 2017, 04:46:25 PM

China banning Bitcoin is temporarily bad. But in general, after the market calms down, Bitcoin always comes back stronger than before.

The technology is here to stay. If you don't want to give them more power, don't panic, and hold your coins.

Yes, technology is going to stay so the value of Bitcoin will increase. Don't panic for this small dip everything will be corrected once everything settles.
Now many people are panic about the market with the China news but Bitcoin price will recover the only thing we can do is hold.

The funniest thing is that stuffs like this have happened in the past with china banning this or banning that. A time will come when they will most definitely come around and understand that their ban cannot cause anything negative as we can do so good and perfect without them. They know that already obviously and whatever they want to achieve is no one's concern.

coin_1122

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Quote from: cryptocortex on September 19, 2017, 04:46:25 PM

China banning Bitcoin is temporarily bad. But in general, after the market calms down, Bitcoin always comes back stronger than before.

The technology is here to stay. If you don't want to give them more power, don't panic, and hold your coins.

Yes, technology is going to stay so the value of Bitcoin will increase. Don't panic for this small dip everything will be corrected once everything settles.
Now many people are panic about the market with the China news but Bitcoin price will recover the only thing we can do is hold.

Ctn

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It feels like both good and bad. Firstly it feels good because pumper and market fluctuating community is not going to be involved in the bitcoin anymore. This will at least assure us with the security of our funds or investments. They use to be very vulnerable in the market and could have dumped it like crazy.

Now it's bad because the china banned the bitcoin at that specific period when the bitcoin was about to cross the 5K value and could hit the hall mark of 6k who knows!! Anyway what happened is what happen now it's time to move on.

katiecbell

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Quote from: Dart18 on September 12, 2017, 12:18:06 AM

Part good and part bad.
The bad part is it affected the bitcoin price and it fall down for a number of dollars and we don't know what else could happen after this.
The good part would be that they have taken care of the fake ICO's that are designated in their country and that could also have a good effect in the ICO world. Grin

Yes it is true. To some extent good and to some bad. The good thing is that in my opinion the no surety of security.

And no accessibility and no legal support from all over the world. and the bad thing is that bitcoin supposed to be the world only crypto digital currency in the near future, and all the world will deal only in bitcoin. Many countries are going to legalize bitcoin and China is going to ban it.

dark08

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Quote from: PhucS on September 23, 2017, 03:32:25 AM

This will inevitably affect Bitcoin, especially its value. I think this is not good news. Although Bitcoin does not depend on any financial institution or state, but we have to admit China is having a big impact on it because it is one of the countries with the highest popularity of Bitcoin, the number of transactions at this is a lot. In the past, every decision of China was related to Bitcoin, we see its value is affected. Bitcoin prices are currently falling, perhaps due in part to the impact of the decision

Yes Bitcoin have not yet depend on any financial institution but in this happening to china that banned the ico, bitcoin was strongly affect and this is not really good for all of us because the price are going down day by day. But I believe in bitcoin potential it can really recover and back to normal and pump again stay calm and trust bitcoin what ever happen this situation was only a proof that there's a lot of people in china are believing in bitcoin.

ocid

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Quote from: zurc on September 19, 2017, 09:12:14 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.

true, in such a short time as yesterday it is so bad that it affects the bitcoin market price caused by the Chinese government. but after 2-3 days passed everything can be resolved again.

PhucS

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This will inevitably affect Bitcoin, especially its value. I think this is not good news. Although Bitcoin does not depend on any financial institution or state, but we have to admit China is having a big impact on it because it is one of the countries with the highest popularity of Bitcoin, the number of transactions at this is a lot. In the past, every decision of China was related to Bitcoin, we see its value is affected. Bitcoin prices are currently falling, perhaps due in part to the impact of the decision

sampalokmix

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Quote from: BitPACK on September 11, 2017, 09:32:28 AM

those news are not new. bitcoin price already down 10% with this news. why still opening new thread with same news?

Maybe because they looking for some more opinions regarding this issue, but for me, it is not bad for the bitcoin that China banned exchanges or transactions cause I think bitcoin will still be functional without China, even though bitcoin decrease its price by 10% but still its existing.

pshemek

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it is bad that china is not going to accept bitcoin cause they are so many people over there. but i understand that it is because they will protect there own values and they cant control bitcoin.

tbterryboy

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Quote from: fanbeila on September 11, 2017, 11:31:57 PM

In a long term basis,it's good for bitcoin progress.Its because bitcoin has already suffered a lot due to price manipulation by chinese bitcoiners and dominance of bitcoin miners.We could not forget the hurdles created by chinese mining pools and miners in activating segwit.Earlier,bitcoin market was mostly dependent on china for every thing.This move by china could hurt bitcoin price temporarily,but in the long run,it would help mining pools spread in all parts of the world and by this way,the dragon era would finally come to an end soon.

I think it is a bad thing, because the world is progressing towards bitcoin and the most financially powerful country of the world is banning bitcoin exchanges. It means that they will never accept bitcoin as their legal and regular currency.

The reason may be the scams that the people do not believe in bitcoin, that’s why china banned bitcoin or is going t ban bitcoin in tneir country.

Polar91

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Quote from: lordquanta on September 11, 2017, 05:51:21 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's banning of bitcoin exchange really have a bad effect on the bitcoin community whether you admit or not. It is because China has been one of those countries who have been widely using bitcoin and where big potential investors and a large population of bitcoin users can be found. I think the bad effect will just be a temporary situation since there are still a lot of countries worldwide supporting bitcoin cryptocurrency.

cryptocortex

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China banning Bitcoin is temporarily bad. But in general, after the market calms down, Bitcoin always comes back stronger than before.

The technology is here to stay. If you don't want to give them more power, don't panic, and hold your coins.

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