China banning bitcoin exchages, good or bad? - page 8.

alfs75

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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 in my own knowing thats only ICO in some foreign country is there target to not operate in there own homeland because they want to make there own coins in there country,thats why i didn't know that they also include to banned there own local exchange,and i thinks this happen now would affect bad this into there economic growth,because mostly chinese people are bitcoin miners,so how to change there cryptocurrency coins into fiat if they used it for there basic needs,because as of now there local exchanges is been affected of there government banned they implemented.

_noname_

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Truly, who is extremely fretted over China now at any rate? Whatever they anticipate doing with their life and their nation is extremely nobody's business and I am even certain the subjects know not to simply take in everything that the administrations toss at them as they are some truly shrewd individuals. This is a worldwide thing and bitcoin is continually going to continue doing great as it is doing now without China.

miltonpogi

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In my opinion I will say that this decision is good for China, because there are many strong banks in their country an if they let bitcoin to become legal in their side, most of their banks will weaken. It is bad for crypto world , because the demand of bitcoin will decrease and if this happen its value also will decrease too, but suddenly I think bitcoin will rise again due to its uprising popularity around the world.

hagiyatmaz

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governments do not want to see competing currencies. They threaten their monopoly to create money and control the financial system and the economy.Actually, the reason China is the first big government to take such action isn’t an accident. China more than any other country wants to have firm control of its banking system, and allocate credit according to a political agenda. This means that a competing currency like the Bitcoin would threaten its political system. Why not crush it sooner than later?

JPablo

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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

Honestly its bad when they got banned with bitcoin and especially to all chinese that interested to earn bitcoin.But its there choice and we can't blame them.The important now that many countries really interested for bitcoin,so no big deal if china banned btc.

beej

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News such as this is always a set back that will always deal a bad and negative impact
on the bitcoin community. The impact and magnitude on such a ban from a
country as big and influential as China would gravely affect bitcoin. China has numerous
big time investors in multiple industries that fuels markets worldwide. This will
result in another yet again unforgiving downfall in bitcoin and with other cryptocurrencies.
This will affect everyone who invested and continued to support bitcoins for a quite some time.
Hopefully China will learn to embrace and support cryptocurrency, since China is massively
well known to be a business nation.

jilin

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I think this is bad,Blockchain is very popular now, but the Chinese government still does not allow bitcoin transactions. The Governor of the Central Bank issued a speech on March 9 to prohibit investors from participating in Bitcoin. Since then, the okex, huobipro and binance platforms have all shut down Chinese users from visiting websites and must use vpn to conduct transactions.Many users stay away from Bitcoin.

Meaciema

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in any case, the prompt effect existing apart from everything else, making the bitcoin esteem drop drastically, that an awful news.
we simply ask, so there is an answer that advantages all gatherings, and make the bitcoin esteem keeps on rising.

josh07

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This is a bad news for trading users because china is one of the big trading sites around the world so for me it is bad news here because I know bitcoin will fall.

alfwat

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It has resulted in the downfall of the bitcoin market value but now it is recovering as the user has changed their exchanges to other foreign . I feel it as a loss only for that nation as they tried put an end for the thing which has given them lot of profits as we all know there are lot of miners from china who are active users of bitcoins as they used have the lowest electric charge.

TonyFat

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of course bad, fewer people and the price of crypto currency falls

Shamburis

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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

any countries can decide any kind what there government wants, and i don't even notice that even chinese government decided to ban bitcoin in there country then that was there decision so let us all respect if..

fuer44

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it is bad news, I am worried if some countries also do the same thing with china. but I've also read in an article, that the Chinese government does not really close bitcoin. they just want to do the regulation on bitcoin.

furry04

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Since the beggining of the journey of btc China has banned it several times and it still continues its journey and when it first was introduced an investor said "what bans China we should invest on it cuz it will be huge".

Sum24

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Quote from: Emem29 on December 15, 2017, 06:10:28 AM

Quote from: bobyhodob on September 11, 2017, 09:38:58 AM

China always has an effect, they are also one of the largest users of bitcoin, so if China banning bitcoin exchages this is bad. but I still believe bitcoin will at least strong enough with such issues and could quickly back to normal.

Its not good to ban ICO in china, becuase if ICO baned in china all altcoin will dump. Lately china will announce for banning ICO's. But now it is ok for china, we dont need to panic now, we all know now all altcoins is stable.

I think bitcoin don’t care about any ban because Indonesia also ban bitcoin and nothing happen to bitcoin because if these two countries ban bitcoin so some other rich countries have join bitcoin and they also make bitcoin legal as well so as a result bitcoin become more strong and powerful and now it’s one of the fast growing currency in market and also unstoppable so we don’t need to care about any ban about bitcoin.

kateryana81

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Quote from: henmark on December 15, 2017, 06:05:11 AM

Quote from: etherflyerofficial on November 03, 2017, 12:01:14 PM

Definetely it's bad! THe banning stops growing of the usuage of Bitcoin! It's gonna be a bid diadvantage to Bitcoin!

Bitcoin is worldwide used almost in all countries so I think its development can’t be stopped. I agree it development will be a bit affected if too many countries banned it but now bitcoin is a need of the world. The system of world can’t run properly without a digital currency because the online payments can’t be done with physical currency and I think in all digital currencies bitcoin is the best and the easiest to use.

Honestly, who is really bothered about China now anyway? Whatever they plan on doing with their life and their country is really no one's business and I am even sure the citizens know better than to just take in everything that the governments throw at them as they are some pretty smart people. This is a global thing and bitcoin is always going to keep doing well as it is doing now without China.

roxbit

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Quote from: wuvdoll on December 17, 2017, 12:27:26 PM

Quote from: zeze18 on December 15, 2017, 07:33:22 AM

yes,it is true if china brings a big effect if china prohibits Exchages Bitcoin and we know that China has the largest number of inhabitants in Asia as well as the largest user of Bitcoin.
I think if china does not prohibit Exchages maybe this will have a good effect for Bitcoin and if china prohibits Exchages maybe this will be a bit bad for Bitcoin.

Well, they did and the effect is not even something that we saw for long and bitcoin has done so well this year than every other year. We should stop focusing on China and focus more on bitcoin. No country can have a huge effect on bitcoin anymore and gone are those days of huge uncertainty when everyone can just drop any statement on the media and then everyone starts getting scared. Right now, the market has shown pretty well, that it is stronger than whatever comes from China or any other country and that is how it is going to keep being until we get fully established.

Well, we all know that chinese people are very active business personality. They travel around the world to trade and do business. With there decision of banning bitcoin it makes chaos but it doesn’t mean that the strong and keep going stronger bitcoin would be affected since many countries are embracing it. China is entitled to do what they think is best for them and we just have to deal with it and show them our respect.

wuvdoll

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Quote from: zeze18 on December 15, 2017, 07:33:22 AM

yes,it is true if china brings a big effect if china prohibits Exchages Bitcoin and we know that China has the largest number of inhabitants in Asia as well as the largest user of Bitcoin.
I think if china does not prohibit Exchages maybe this will have a good effect for Bitcoin and if china prohibits Exchages maybe this will be a bit bad for Bitcoin.

Well, they did and the effect is not even something that we saw for long and bitcoin has done so well this year than every other year. We should stop focusing on China and focus more on bitcoin. No country can have a huge effect on bitcoin anymore and gone are those days of huge uncertainty when everyone can just drop any statement on the media and then everyone starts getting scared. Right now, the market has shown pretty well, that it is stronger than whatever comes from China or any other country and that is how it is going to keep being until we get fully established.

el kaka22

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Quote from: taiwww on December 15, 2017, 06:41:52 AM

Ban on Bitcoin by China was a biggest shock to bitcoin community. Being a communist country China have supported bitcoin community from time to time. China was the biggest trader and bitcoin miner in the world. The revenue generated by chine`s miners were the highest one. Chine`s investors have setup biggest bitcoin mining farms due to cheap electricity & labour cost. This ban has resulted huge losses to these investors. Ban by China also benefited bitcoin a lot, the day this news came bitcoin prices fall sharply by 20%, but later they rolled back and now crossed $17500 mark. Even after this ban bitcoin investors all over the world has shown trust in bitcoin currency.

First off, China did not ban bitcoin and I really wonder where people are getting all these stuffs from. China shut down exchanges until they are regulated and banned ICOs, I repeat, ICOs. News is just all it takes to stay updated. The news that was used by whales only went viral for a while and affected the price a little, but I guess now is enough for everyone to realize that the ban did not really have that much effect after all.

Quote from: Emem29 on December 15, 2017, 06:10:28 AM

Its not good to ban ICO in china, becuase if ICO baned in china all altcoin will dump. Lately china will announce for banning ICO's. But now it is ok for china, we dont need to panic now, we all know now all altcoins is stable.

In case you missed the news, ICO was banned in China, so this is not a matter whether it is good or not and that has not affected any altcoin even from there right now. And in case you do not know what ICO is, it is called Initial Coin Offering, which is basically for new projects starting up. However, China is not the only place where ICOs are being done, so that should not even be a worry.

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Quote from: Rhosadah on September 11, 2017, 10:53:09 AM

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,

Maybe the government in China is just afraid that there will be war that will happen if terrorists will use it to attack the country. Yes it is also at risks if terrorists will use it as an opportunity to attack other countries. So Chinese government in that case is playing safe so they will not be put to danger situations.

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