China banning bitcoin exchages, good or bad? - page 23.

pitiflin

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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

This is going to be terrible ,if China makes such a move it will affect a big amount of bitcoiners, trading will be traders for Chinese and non Chinese people. A large amount of bitcoiners belong to China and the price of bitcoin and other crypto currency might be affected. Individual miners and miner firms may also be affected by this. God knows what China is up to and what they might end up doing in the future.

Hydrogen

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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.

Gotottack

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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.

stars.exchange

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the exchanges in China doesn't like to believe the government is shutting down. to shut down all the exchange is equivalent to closing down major banks. which creates more social problems.

kidsuzudn

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If china ban bitcoin exchange , there will be 2 side good and bad happen:
- Good: china is known as some fucking mafia always try to pumd and dump the coinmarket to earn profit from it. So if they get banned there will be no more overrated price in the market anymore.
- Bad : china is known as the biggest crypto currency exchange in the world, so if they get banned the price of the crypto will all drop , bitcoin will get a big hit one cause many investor in china will exchange bitcoin back into their real currency , so i guess it will damage real bad at the crypto economics.
So finally i think the best way is china will not be banned from bitcoin exchange.

TheCoinGrabber

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There are no sources and the are no announcements from the government yet. If this happen to be true though, I don't expect the exchanges to announce it. They'd probably just try to find a way to escape with the money. With many Chinese getting livid and asking the government to do something. Which is why I think the government wouldn't do it. They already have the power to halt activities in the exchanges if they see fit, no need to just shut them all down.

severaldetails

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I am getting more and more the impression that China banning the exchages would not be such a bad thing after all.
Sure in a short term the price would fall.
But bitcoin is just at the beginning of its evolution. Bitcoin would recover, and I think it would recover faster than we all expect.

If not now, when would be a better time to handle the problem with the concentration of too many exchanges in one country?
Long term, bitcoin would benefit from having exchanges spread equally all over the globe.
FUD news could not have the effect anymore they have today.

cubevtc

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Ceck me in livestream twith

this new will bee bad maxim 2/3 days after that btc go up in they way

Rhosadah

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as it is rumored that China's decision is the best in the country because the ICO is vulnerable to money laundering risks and terrorist financing risks due to the anonymous nature of the transaction, and the ease of large amounts of money can be increased in a short time, "MAS, Singapore's central bank,

Koadharber

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Quote from: User365 on September 11, 2017, 10:16:42 AM

I think they are not really banning itbut press "pause" till they have regulations for the cryptomarkes.

Why do I think so ? They want to regulate ICO´s, what sense would it have if ICO´s are regulated but there are no Exchnages Wink

Which means its still useless.If they would regulate ICO then for sure investors either would be interested on it or not but i do believe interest would really decline on this matter. For now on the current news on Banning things it does really give impact on crypto world which we did see that prices do dips down but eventually prices would really recover soon.China news doesnt really bother me.

Chachacoin17

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Quote from: fishbonez11 on September 11, 2017, 10:41:15 AM

China banning bitcoin exchanges will surely affect bitcoin prices. People will surely urgently sell or trade their bitcoin for lower prices due to panic and fear. But prices will recover.

Yes, I agree to this. China is a big country. If China banned bitcoin exchange, many bitcoin holders will dump their bitcoins. We already had seen the effect of it. The price did go down. But of course it will bounce back. With people's trust in bitcoin, they will make this an opportunity to buy bitcoin because the value is low, so the more demand, the price will go high. And yes, it will recover soon.

BlackPanda

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this is very bad news. currently bitcoin prices have undergone many corrections.
so if there is bad condition again then bitcoin price will continue to fall. this will make many people lose.

iamTom123

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Quote from: SamReomo on September 11, 2017, 10:32:15 AM

Of course this will greatly affect the rates of the Bitcoin for short term, but it won't stop it from growing. Unlike other currencies, Bitcoin is not limited to a particular country or it banks. Even if China government tries to ban and stop the Bitcoin, that won't really have huge impact on the value of Bitcoin for long term. Although, it is a bad news but it is also an amazing new when you try to see positives in it. Such kind of actions by the Chinese government will give panic to the Chinese people who hold so many Bitcoins and thus because of grief of loosing their hard-earned money they'll sell their Bitcoins for cheap rates then the market. It is a great opportunity if you have enough money to purchase Bitcoins from those holder at this moment. You can easily resell them or hold them for more profits.

I read it somewhere that China might ban the operation of Bitcoin exchanges but will never declare or ban the OTC and peer-to-peer transactions of Bitcoin as illegal. Therefore, Bitcoin will still be around and people can still own them. However, as of now, some are speculating this news to be just a rumor as there is yet no official pronouncement from the authorities...so it can be a waiting game for this week. Some are also saying that if ever there will be a ban on exchanges, it can just be a temporary thing. But if there is one I love of all the comments on this topic it is the fact that we need to invest on what China banned...well the guy can be talking about big companies like Facebook, Twitter and Google which are doing fine even if they do not have a good presence in the market of China.

fishbonez11

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China banning bitcoin exchanges will surely affect bitcoin prices. People will surely urgently sell or trade their bitcoin for lower prices due to panic and fear. But prices will recover.

SamReomo

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Top Crypto Casino

Of course this will greatly affect the rates of the Bitcoin for short term, but it won't stop it from growing. Unlike other currencies, Bitcoin is not limited to a particular country or it banks. Even if China government tries to ban and stop the Bitcoin, that won't really have huge impact on the value of Bitcoin for long term. Although, it is a bad news but it is also an amazing new when you try to see positives in it. Such kind of actions by the Chinese government will give panic to the Chinese people who hold so many Bitcoins and thus because of grief of loosing their hard-earned money they'll sell their Bitcoins for cheap rates then the market. It is a great opportunity if you have enough money to purchase Bitcoins from those holder at this moment. You can easily resell them or hold them for more profits.

AtheistAKASaneBrain

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Quote from: User365 on September 11, 2017, 10:16:42 AM

I think they are not really banning itbut press "pause" till they have regulations for the cryptomarkes.

Why do I think so ? They want to regulate ICO´s, what sense would it have if ICO´s are regulated but there are no Exchnages Wink

There's a chinese guy here that said, china government tends to "temporarily ban" things, which is why he is not worried about it.

China will realize their mistake once they come into terms with the fact that bitcoin is not going away, ever, no matter how much they ban it, and that if they don't embrace it, they will be lagging behind against the rest of the world.

This is more insider trading by Chinese government, do not dump your coins, just buy the dip.

User365

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physics, mathematics and engineering

I think they are not really banning itbut press "pause" till they have regulations for the cryptomarkes.

Why do I think so ? They want to regulate ICO´s, what sense would it have if ICO´s are regulated but there are no Exchnages Wink

goldade

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The Standard Protocol - Solving Inflation

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

After reading the news, I realize that its not still different from every other news that have been circulated round the web to still create unnecessary panic and heat the polity. The fact still remains that, its still an intending action to be taken and until then, the discussion can now open as to whether its good for the market or it will make it worse.

Nascor

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anything that hinders the development of BTC hinders the develoment of cryptocurrencies in general, so it's definitely bad
from the other side, more regulation means that more mainstream investors might be attracted to BTC once it's regulated. It's a double-edged short

cellard

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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

Actually good. China has already the monopoly of mining, this is will annoy them and spread things out, you don't want China to have the monopoly on Bitcoin volume too.

It got demonstrated after the PBOC regulations that China isn't that important for the Bitcoin market anyway. Once they got rid of the fake volume, it got shown that the importance of China was overblown. So once again, only noobs will dump at the news, smart money will buy any further dips, but seems the price doesn't even react to it anymore.

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