Topic: China banning bitcoin exchages, good or bad? - page 19. (Read 8124 times)
As we can see from the value of bitcoin today, the situation with the exchangers in China has a uniquely very bad effect on Bitcoin. But Bitcoin's value is gradually recovering. And all will be OK. For Chinese people this situation is much worse.
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
Obviously, it affected Bitcoin especially at this moment, negatively. The market value of Bitcoin fell and now less than 3900$ from being 4500$ in just a short period of time. And the dumps is continuous at this moment. But we still need to compel holding into our Bitcoin. The only thing that we can do is to wait for its market value to increase again, patiently.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 does not want to close legitimate exchange but only those who does not comply with their standards. I read that these exchanges are closing because they do not have license to operate and does not comply with the requirement of the Chinese government. People mistakenly understood this and think that China is banning Bitcoin. I think they just wanted to clean their country of exchanges that does not follow their strict requirements and possibly prepare a cleaner services for Bitcoin. Probably this is better for the future of bitcoin.
Their main target is to make it difficult for the people to transfer the local fiat into crypto currencies and bring it abroad after that.That is something many chinese people and businesses do. Not only with cryptocurrencies.
All together the chinese economy has lost about 2 Trillion dollars during the last five years to people who bring their money out of the country.
I suppose that is why the exchanges will be allowed to make crypto to crypto transfers, but the Yuan to crypto transfers must close.
I think this is the biggest storm and test of bitcoin, I say this is bigger than the segwit issue, I'm afraid if this is true then all bitcoin owners in china will sell all the bitcoin they have so the price will drop.
If they'll ever close down exchanges there (which I think they wouldn't), then it is good for us and bad for them. Money Chinese citizens invested in bitcoin would evaporate into thin air. Those left in exchanges they might not be able to take back and if they did they'd be worthless. Same with those in their wallets. As for us, bitcoins would be cheaper for a time until some other country take the lead.
Now let's just hope they don't close them mines as well.
Now let's just hope they don't close them mines as well.
China closing down exchanges would be the dumbest thing they could possible do, and they are not that stupid. China are masters at manipulating currency. I think the recent dip and huge jump are caused mostly by them, actually.
Not sure if what was written in that news was a definitive that China is indeed banning bitcoin exchanges. As the article only stated that there are plans to do so. If, however, it does pushes through then it could post a potential problem for bitcoins indeed. The problem is that other countries might try and follow suit what China has done and ban bitcoin exchanges too.
In my point of view it is not a good decision to ban BTC as it is globally progressing so one should join the race of progress instead of banning it. Bitcoins have brought all the nations on one platform and is acting as a bond between all countries, so it would be stupidity to ban bitcoins. The chinese people are one of the largest players in the bitcoin market and crypto in general so i don't think they'll proceed in banning exchanges entirely as they have more to achieve from it than to lose.
Not sure if what was written in that news was a definitive that China is indeed banning bitcoin exchanges. As the article only stated that there are plans to do so. If, however, it does pushes through then it could post a potential problem for bitcoins indeed. The problem is that other countries might try and follow suit what China has done and ban bitcoin exchanges too.
In my point of view it is not a good decision to ban BTC as it is globally progressing so one should join the race of progress instead of banning it. Bitcoins have brought all the nations on one platform and is acting as a bond between all countries, so it would be stupidity to ban bitcoins. hero member
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i think its bad for china because they don't give a chance for their people to trying a new way to make money. beside that, i think they rejected a new good technology which could help their citizen to fix their economic from bitcoin because we know bitcoin is another source to make money. and if they really banning bitcoin then their citizen will find another way to keep using bitcoin and i am sure that they capable to do this.
In any case, China's ban on ICO and the trade in crypto currency on the exchange are bad news for the crypto currency and led to a sharp drop in the price. By the way, it will not be restored until the problems that have arisen in China are resolved.
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
Banning of Bitcoin exchanges with the premises of China is a bad scenario because as far as we all know, and we can observe, the current price rate of bitcoin is now experiencing a real hard scenario in which the price dumps real fast that is really alarming and has a bad effect to the bitcoin users earning that we take hold and save for a long period of time.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
From where I see it, its bad in its entirety. The Chinese government might see it as the best line of action but to the crypto world, its bad in the sense that, if they eventually decide to reverse the order it means that the exchange sites must have given in to some additional conditions which might not be unknown to the general populace.
If the order is push forward and all sites shut down, it then send a message to the rest of the world especially entrepreneurs, investors, and corporate bodies looking to set up and finance project in the crypto industry to think again and be sure that's the right route because after they must have spent a lot of money, government might come to shut it down.
In anyway to look at it, the costs of this decision, has outweigh the benefit.
If the order is push forward and all sites shut down, it then send a message to the rest of the world especially entrepreneurs, investors, and corporate bodies looking to set up and finance project in the crypto industry to think again and be sure that's the right route because after they must have spent a lot of money, government might come to shut it down.
In anyway to look at it, the costs of this decision, has outweigh the benefit.
Of course this is bad news even very bad, we all know that chinese is the biggest bitcoin user so when there is discourse of china banned bitcoin government then everything becomes chaotic.
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
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
Initially it will be considered as a bad news and a lot of Chinese people will be selling out their savings for cheap. So we have all seen a bad time already since last two days. However, I believe that it will be a good news for the majority of us because the Chinese government is a communist government and they just don't bear the well being of their citizens.
Chinese government just want to oppress their people of any luxury and they want their people to be dependent on their government. However, I am glad that rest of the world is with bitcoin and we just don't give a damn to China. We are good without them.
Not sure if what was written in that news was a definitive that China is indeed banning bitcoin exchanges. As the article only stated that there are plans to do so. If, however, it does pushes through then it could post a potential problem for bitcoins indeed. The problem is that other countries might try and follow suit what China has done and ban bitcoin exchanges too.
In my point of view it is not a good decision to ban BTC as it is globally progressing so one should join the race of progress instead of banning it. Bitcoins have brought all the nations on one platform and is acting as a bond between all countries, so it would be stupidity to ban bitcoins.
I really don't think China is going to actually "ban" anything. They're making a lot of noise right now, and they probably do want to regulate it -- maybe so they can tax it, but certainly so they can control the money flowing across their borders. That's going to have an impact but only time will tell how much of an impact it will have.
If they'll ever close down exchanges there (which I think they wouldn't), then it is good for us and bad for them. Money Chinese citizens invested in bitcoin would evaporate into thin air. Those left in exchanges they might not be able to take back and if they did they'd be worthless. Same with those in their wallets. As for us, bitcoins would be cheaper for a time until some other country take the lead.
Now let's just hope they don't close them mines as well.
Now let's just hope they don't close them mines as well.
China closing down exchanges would be the dumbest thing they could possible do, and they are not that stupid. China are masters at manipulating currency. I think the recent dip and huge jump are caused mostly by them, actually.
If they'll ever close down exchanges there (which I think they wouldn't), then it is good for us and bad for them. Money Chinese citizens invested in bitcoin would evaporate into thin air. Those left in exchanges they might not be able to take back and if they did they'd be worthless. Same with those in their wallets. As for us, bitcoins would be cheaper for a time until some other country take the lead.
Now let's just hope they don't close them mines as well.
Now let's just hope they don't close them mines as well.
China closing down exchanges would be the dumbest thing they could possible do, and they are not that stupid. China are masters at manipulating currency. I think the recent dip and huge jump are caused mostly by them, actually.
China does not want to close legitimate exchange but only those who does not comply with their standards. I read that these exchanges are closing because they do not have license to operate and does not comply with the requirement of the Chinese government. People mistakenly understood this and think that China is banning Bitcoin. I think they just wanted to clean their country of exchanges that does not follow their strict requirements and possibly prepare a cleaner services for Bitcoin. Probably this is better for the future of bitcoin.
If they'll ever close down exchanges there (which I think they wouldn't), then it is good for us and bad for them. Money Chinese citizens invested in bitcoin would evaporate into thin air. Those left in exchanges they might not be able to take back and if they did they'd be worthless. Same with those in their wallets. As for us, bitcoins would be cheaper for a time until some other country take the lead.
Now let's just hope they don't close them mines as well.
Now let's just hope they don't close them mines as well.
Not sure if what was written in that news was a definitive that China is indeed banning bitcoin exchanges. As the article only stated that there are plans to do so. If, however, it does pushes through then it could post a potential problem for bitcoins indeed. The problem is that other countries might try and follow suit what China has done and ban bitcoin exchanges too.
In my point of view it is not a good decision to ban BTC as it is globally progressing so one should join the race of progress instead of banning it. Bitcoins have brought all the nations on one platform and is acting as a bond between all countries, so it would be stupidity to ban bitcoins. Either way they will most likely keep on trading and everything will be back to normal.
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