China banning bitcoin exchages, good or bad? - page 22.

cellard

legendary

Activity: 1372

Merit: 1252

Quote from: boomboom on September 12, 2017, 01:13:38 AM

OTC trading will still be legal, if the exchange ban goes ahead it will accelerate move to genuine P2P trading,

Best example I know of for P2P trading is BarterDEX

Click image for demo of using BarterDEX

What's ironic of all of this is the fact that millionaires buy bitcoin over the counter only, which is why (if it's not more FUD-nonsense) China wants to ban exchanges, so once again, poor people get fucked by them while the rich are free to trade around with Bitcoin. It's obvious that they like Bitcoin for themselves, not for the people. They want to control them and Bitcoin gives access to a global market to everyone.

Hold and we will defeat them.

Dart18

sr. member

Activity: 1400

Merit: 259

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

boomboom

hero member

Activity: 1068

Merit: 523

OTC trading will still be legal, if the exchange ban goes ahead it will accelerate move to genuine P2P trading,

Best example I know of for P2P trading is BarterDEX

Click image for demo of using BarterDEX

shine1123

sr. member

Activity: 490

Merit: 250

🤖UBEX.COM 🤖

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'm still confused about that news, so China government only ban ICOs and local bitcoin exchanges right ? So chinese people still can use bitcoin and use outside exchanges like bittrex and some else ? Actually it's bad for chinese people who use bitcoin on their country but it's also give a bad affect into the bitcoin price nowdays.

fanbeila

hero member

Activity: 714

Merit: 500

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.

pinkflower

sr. member

Activity: 868

Merit: 259

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

Do you think this would affect bitcoin world and bitcoin price in negative way or positive way?

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

The ban on all Chinese exchanges, if true, would be very bad for the liquidity of BTC. The Chinese people accounts for a large percentage of volume, without them, BTC could become more volatile that it is today.

The market prices of every cryptocurrency would also go down because of negative and bearish sentiment.

Ctn

sr. member

Activity: 644

Merit: 259

This is very good news for us and bad news for the fellow Chinese. This is because china is anyway very bad at handling the worlds concern and they are more focused on how they could destroy the world economy. At least we can sense that from the many of the events that has occurred because of china.

Anyway, I would go straight on effects now. Considering china ban on exchanges this will reduce the investment from china side meaning the volume will decrease significantly for bitcoin and altcoin as well. But this effect won't last longer as more investors will be produced from the rest Asia Pacific region due to deceased price of bitcoin. So it looks like a good and bad in both ways and if you are very broad minded investors then you will find this as good news as it is creating new opportunities.

umbara ardian

sr. member

Activity: 1358

Merit: 259

PredX - AI-Powered Prediction Market

this news could affect the bitcoin price yesterday. since china prohibits ico bitcoin drastically down sharply. but there are some positive things behind this china instead of bitcoin banned. but china banned ico. the reason is because this is illegal by way of fundraising in outline here bitcoin harmed and affect the bitcoin price of course china do not want to take risks. so in fact this becomes positive for bitcoin in the future.

ammo121810

full member

Activity: 325

Merit: 136

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 think in some factors it would affect Bitcoin because lots of chinese investors engage in Bitcoin trading and as we all know Chinese are very good Investors. But I think that is just one factor because there are still a lot of countries investing in bitcoin and that wont stop because it is worldwide and China is only one country who bans it.

entrepmind23

sr. member

Activity: 644

Merit: 261

Quote from: xuan87 on September 11, 2017, 07:10:04 PM

It will be bad for Bitcoin, there will be a panic sale from the investors and that will caused the price will fall down, we will lost users, china's users is quite a lot consider that a lot of them were mining Bitcoin, I think the government is overreacted but since the decision has been made we will see how is the next progress

It would be bad because many are mining bitcoin in China and if they suddenly pull out their investment in crypto then bitcoin and other coins would take a hit but then bitcoin would still recover and would continue to rise. Bitcoin has taken some major hits before but look at it now, still soaring higher and because bitcoin is much popular now compared before then bitcoin would still recover. A simple rumor alone made a hit to bitcoin's price and the news followed but there are other countries who are actively promoting it along with other cryptocurrencies thus making it more stronger. There are others who are waiting for the price to fall down more so that they can buy it cheap.

For the new ones that just entered the crypto world, this is a test whether they can take the world of volatility of crypto and those who have strong risk appetite would remain and others that just can't take it would likely exit the scene selling at a loss. A lot is happening in crypto world and this would be something new for the people who traded stable securities before thus a huge change of price in just minutes is quite shocking.

layoutph

sr. member

Activity: 1372

Merit: 255

I believe even the Chinese government banned the local bitcoin exchange sites. Bitcoin will continue to soar. Many countries like Korea, Japan are adding Bitcoin as a mode of payment.

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

左

sr. member

Activity: 476

Merit: 250

Everybody is already discussing this like it's set in stone.
I'm in doubt it's even true.

tinyblue

newbie

Activity: 96

Merit: 0

Bad for the Crypto markets. If Chinese people can't trade as easily, less liquidity.

Sled

hero member

Activity: 1680

Merit: 535

Bitcoin- in bullish time

It is a bad idea for the China to ban bitcoin exchanges because it will become a huge effect in the market and a lot of people in china will not be able to trade or buy and sell bitcoin because they don't have an exchange to use but as of now, i can say that it is not happening because if China ban all the bitcoin exchanges then we can see at least $1,000 bitcoin right now.

Black Angel

sr. member

Activity: 574

Merit: 253

Of course bad, because china market is the biggest in the world and price influence from china exchanger is very big. I hope it does not happen and bitcoin can be freely traded in china and elsewhere.

xuan87

legendary

Activity: 1666

Merit: 1001

It will be bad for Bitcoin, there will be a panic sale from the investors and that will caused the price will fall down, we will lost users, china's users is quite a lot consider that a lot of them were mining Bitcoin, I think the government is overreacted but since the decision has been made we will see how is the next progress

laluna24

full member

Activity: 511

Merit: 100

Quote from: alrachid on September 11, 2017, 06:23:12 PM

I believe that its a fear hyped campaign to make a new entry point for rich people. I believe that if China bans the exchanges, the coins will have greater scarcity involving a large % of the trading population. There will be less coins floating around being traded, meaning harder to sell, harder to buy. I think the price will increase because the coins will be in fewer hands than previously, a consolidation if you will. I am not selling.

There are many news from the past that bitcoin got it's dumped little of the price. So I don't believe this will give a huge impact to bitcoin to over dump the price. Somehow, bitcoin will recover and will continue to increase. Others will buy back at a good price to earn a good profit.

alrachid

member

Activity: 101

Merit: 10

Just another man trying to find his way.

I believe that its a fear hyped campaign to make a new entry point for rich people. I believe that if China bans the exchanges, the coins will have greater scarcity involving a large % of the trading population. There will be less coins floating around being traded, meaning harder to sell, harder to buy. I think the price will increase because the coins will be in fewer hands than previously, a consolidation if you will. I am not selling.

Kemarit

legendary

Activity: 3080

Merit: 1353

Quote from: Hydrogen on September 11, 2017, 04:43:11 PM

China knows this news will push the price down. It is possible they released this news deliberately to lower the price and give themselves a good buy position before the next big pump. There's no guarantee the proposed ban on exchanges will be enforced. China has a "one child policy" which wealthier demographics are able to buy their way past. In china it may be much easier to avoid laws and regulations with bribes than it is in the united states or most western nations. This ban doesn't have to be a hard ban etched in stone. It could have no palpable effect over the long term.

When people discuss stock markets and topics like price manipulation come up. This type of news can fall under price manipulation. The information doesn't mean much within the grand scheme of things. But that doesn't matter if the end goal is to move the price in one direction or other, with the intent of profiteering.

Its either price manipulation of some insider information or some of the Chinese entities that really benefit from this such announcement coming from them. Imagine the timing of their news, we are just enjoying a massive bull run and then they derailed it, but already some of them have dump their coins already to take profit then buy back bitcoin in this dip. I can't really fathom why is there a u-turn, when in the beginning they are going crazy and putting a lot of mining farms in the last couple of years. For me, they are entities behind coming from them with the inside information ahead of the declaration dumping in already, and just like you say, with the intent of profiteering.

Papski

sr. member

Activity: 336

Merit: 250

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 would literally crash the market considering that as stated that most mining power is from China. most of them Chinese bitcoiners would sell their coins for their currency.

Topic: China banning bitcoin exchages, good or bad? - page 22. (Read 8124 times)