China banning bitcoin exchages, good or bad? - page 3.

ucingucingan

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Activity: 322

Merit: 10

Quote from: ucingucingan on June 17, 2018, 11:23:51 AM

These are some of the reasons China forbids bitcoin
Virtual currencies are hard to control
Bitcoin exchange rate up and down purely following the market mechanism. The government can not control the exchange rate, unlike the yuan against the US dollar. The government does not like something that can not be arranged.

Easy to use for fraud
For some people who understand the movement of Bitcoin, it could be a profitable investment. But for those who do not understand can be bandwagon and entrust the money to buy Bitcoin through any place so that there can be fraud.

Destroying the investment world
Bitcoin is potentially bubble and breaks out after a lot of popularity and lots of people want to have. Evidenced by its value that skyrocketed from Rp 10 million to Rp 60 million in just 8 months. When the bubble bursts and the price falls, the investor will be harmed.

China is the center of virtual currency transactions
Two of the world's largest Bitcoin markets exist in China. Imagine how much damage China suffered when bubble and break.

China wants to make its own virtual money
It is not impossible that China wants to create its own cryptocurrency that can be government legality. During this time many things are banned in China, in the end they make their own.

Used illegal transactions
Bitcoin transactions are difficult to trace. It is used by irresponsible parties for money laundering, drug sales, smuggling, and other illegal activities

So I think the Chinese government wants to keep the economy in their country stable by banning bitcoin, but this is a bad thing for bitcoin traders because it will affect the price of bitcoin

ucingucingan

member

Activity: 322

Merit: 10

These are some of the reasons China forbids bitcoin
Virtual currencies are hard to control
Bitcoin exchange rate up and down purely following the market mechanism. The government can not control the exchange rate, unlike the yuan against the US dollar. The government does not like something that can not be arranged.

Easy to use for fraud
For some people who understand the movement of Bitcoin, it could be a profitable investment. But for those who do not understand can be bandwagon and entrust the money to buy Bitcoin through any place so that there can be fraud.

Destroying the investment world
Bitcoin is potentially bubble and breaks out after a lot of popularity and lots of people want to have. Evidenced by its value that skyrocketed from Rp 10 million to Rp 60 million in just 8 months. When the bubble bursts and the price falls, the investor will be harmed.

Cinemo

full member

Activity: 350

Merit: 100

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

For me it is bad for those chinese who depends on bitcoin and other cryptocurrency cause we all know that china has a biggest population in the world so they really need a work providing companies including bitcoin and other cryptocurrencies they are big help for they unemployed no.s of people.

xyzone

newbie

Activity: 140

Merit: 0

Many use bitcoin or crypto in china. if it happens it is a bad thing. crypto users will be reduced and prices will drop with the loss of investors from there.

gaxfrwpy

newbie

Activity: 164

Merit: 0

The Chinese government banned local bitcoin exchanges in September last year. But the latest data is that the number of Chinese users on the stock exchange is increasing. I think the prohibition decision is not very effective.

Bakemat

sr. member

Activity: 779

Merit: 250

Quote from: furkantugra on June 13, 2018, 09:53:50 AM

After a ban or regulation at that time, has triggered a massive panic sale in China, inevitably the value of bitcoin also experienced a very sharp decline. For us, this tragedy is a heartbreaking story that I may never forget forever.

China is banned icos last year and that is the reason why the market prices is down for a few months but still bitcoins managed to reach $19k dollar before the year ends, so we should hold our coins today since cryptocurrency is expected to grow just like what happened last year.

bitllionaire

legendary

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Merit: 1000

Quote from: Bitexpert2017 on June 16, 2018, 11:19:51 PM

I don't think that we need to be suprised cause they were doing that, they are and they will do and only thing that we could think about it is that that it haven't got special meaning if we talk about whole crypto market.

In very beginning it surprise us too much, because at that time Chines were the most contributer in bitcoin. Still i think that chines are contribution a lot, still i am hopeful that they will revise their decision and like japan they will also make bitcoin as legal currency, because bitcoin is the need of the modern time and in modern time its use will increase more and more.

Gheka

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Quote from: iMark on June 16, 2018, 08:16:55 PM

Quote from: furkantugra on June 13, 2018, 09:53:50 AM

After a ban or regulation at that time, has triggered a massive panic sale in China, inevitably the value of bitcoin also experienced a very sharp decline. For us, this tragedy is a heartbreaking story that I may never forget forever.

Yeah of course the bad influence that will result when the regulation and ban is applied to bitcoin, and the restrictions imposed by the Chinese government some time ago did make the crypto world chaotic, the price constantly going down, and there was a great panic selling, could it be part of the manipulation? I don't know but banning is bad effect

The bad effect is of course when this ban comes, activities in the bitcoin of so many people have been unable to perform, especially the miners, China owns a very large number of miners, if they only exploit but they are not allowed to trade, that would be a terrible thing. However, we should also look more deeply the problem, it also has good effects, which is that China will not be able to manipulate the market and make a big impact on the market, many people will be more comfortable in trading, and this news can also be considered advertising for bitcoin, helping to spread bitcoin

liuziwenfree

newbie

Activity: 21

Merit: 0

I think it is a bad thing. China has a large population and the Chinese people have money!
Adding them to the world of cryptocurrencies will make cryptocurrencies go up!
Their withdrawal will lead to the market's depression!

Sled

hero member

Activity: 1680

Merit: 535

Bitcoin- in bullish time

Quote from: blogardianz on June 16, 2018, 11:14:42 PM

I think the Chinese people will not be affected by the news.
I'm sure they will find ways to access or trade Cryptocurrency. Whatever the risk.

I agree to that because if some of the chinese people in China are really into cryptocurrency then they will move to another country which they can access bitcoin like in the singapore that they can move their and start their new life there and still access and have a connection to the cryptocurrency to continue their living.

gowobonyok

jr. member

Activity: 490

Merit: 2

actually I personally feel it is a bad thing because it can affect other countries about their views on bitcoin and crypto. but it only happens in China and they reasoned it was just setting the regulation about crypto.

Bitexpert2017

member

Activity: 224

Merit: 10

I don't think that we need to be suprised cause they were doing that, they are and they will do and only thing that we could think about it is that that it haven't got special meaning if we talk about whole crypto market.

blogardianz

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Activity: 213

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[ CINDX ] REFORM HOW SELL & BUY CRYPTO

I think the Chinese people will not be affected by the news.
I'm sure they will find ways to access or trade Cryptocurrency. Whatever the risk.

tuikindu

newbie

Activity: 238

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I think it was a very good thing that China banned bitcoin last year, otherwise the price of bitcoin would not have gone up to $20,000. So we don't see the bad side of anything.

iMark

sr. member

Activity: 1162

Merit: 251

Quote from: furkantugra on June 13, 2018, 09:53:50 AM

After a ban or regulation at that time, has triggered a massive panic sale in China, inevitably the value of bitcoin also experienced a very sharp decline. For us, this tragedy is a heartbreaking story that I may never forget forever.

Yeah of course the bad influence that will result when the regulation and ban is applied to bitcoin, and the restrictions imposed by the Chinese government some time ago did make the crypto world chaotic, the price constantly going down, and there was a great panic selling, could it be part of the manipulation? I don't know but banning is bad effect

weeklyeth

newbie

Activity: 168

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china banning bitcoin exchangers is definitely nt a good step they are loosing cryptocurrency profits in their economy and innovation of blockchain as well

turagsoy123456

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Activity: 280

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★Bitvest.io★ Play Plinko or Invest!

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 is doing bad thing in bitcoin since this is not the first time that china banned bitcoin in their country's. I think this is also the reason why bitcoin price in the market is very affected and suffering a bloodbath. because some of the investor's are getting race to be panic and sell their coins.

19Nov16

sr. member

Activity: 1722

Merit: 252

China is the world's largest crypto user, and if they banned crypto exchanges then this is bad news, and the possibility of bitcoin price drops is due to the issue, I hope this is just a momentary panic.

tikanurqaidah

full member

Activity: 322

Merit: 100

what the Chinese government is doing is actually an effort to get the data to create the regulatory framework of the virtual currency industry. Bitcoin trend can not be dammed and in the near future China will withdraw the rules of banning crypto currency trading

MakLampir

full member

Activity: 280

Merit: 100

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.

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