Topic: CHINA Banning bitcoin: PBOC Says All Crypto-Related Transactions Are Illegal - page 3. (Read 831 times)

fillippone, it would be great to see licensed exchanges in China also follow suit for one reason and that is to still be able to operate their services and and get a license there. I don't know how many Chinese exchanges have been licensed so far, but I'm pretty sure other exchanges will comply with the law as well.

IMO, not many exchange are willing to relocate their services to another country that is more friendly to KYC or user regulations if at the same time they have enough active traders there that compliance with government rules will be considered. However, the communist nation has influenced many things on bitcoin from mining, trading issues to the latest regulations that trigger price movements. But I'm happy with the market reaction after that FUD disappeared within a few days.

They can't accept the users from USA, else they will end up with the same fate as BTC-e/Wex.nz. The US government prohibits exchanges with relaxed KYC requirements from dealing with American users. Now coming to China, they are going to ban Chinese users based on IP. Using a VPN is also not going to work, because nowadays the exchanges are having software to identify VPN usage. The only option for the users in China is to access exchanges through TOR browser. But I don't know how Houbi will work in TOR. Else, they can travel to Hong Kong and use an IP from that location.

It seems that a key point is misunderstood. The document says that the institutions providing services are illegal, but it does not say that personal transactions of cryptocurrency are illegal. It shows that bitcoin is no longer a legally protected asset.Bitcoin trading, as a commodity trading behavior on the Internet, ordinary people have the freedom to participate at their own risk.

Their current ban list is :


I've never seen a complete right-wing government that would not borrow even one tiny aspect of the leftist ideology, most of the governments that were labeled extreme right had more to do with socialism than with the right move as it is defined and many are called so by their opposition just to label them as nazi or fascist.

If we go and start counting them one by one you will see that the Chinese government would be far more right-wing than the democratic party, nationalists, populisim, commerce laws, religion if we compare those the CCP is right-wing and the US is the left.

I suppose so, centralized exchanges have to comply to government laws and regulations, so I expect more exchanges in China to follow this same part. A part of me believes this is exactly what the Chinese government wants, news (FUD) such as this that prolly looks bad for Bitcoin, at least for those who do not sufficiently understand the network or how it has bounced back from far worse in previous times. That said, since this exchange is extending shutting off Chinese users till end of the year, could it be them waiting to see how all this pans out, considering this isn't the first time China have done something similar.

Some actions start taking place:


https://twitter.com/wublockchain/status/1442033490384474115?s=21

Buoni just stopped accepting new China onshore users, and will close every Chinese account by EOY.

Will other Chinese exchange follow?

For months? Well then you are a very lucky man because you have not had to read such news for years like some other members of this forum. Just to show you an example from 2013 -> China bans banks from handling Bitcoin trade


Bitcoin has been banned in China for years, all that happens occasionally is just an additional tightening of pre-existing measures that are then used to create a FUD. This will not end as easily as we had hoped, and we will probably hear more bad news from China in the future - because for some reason the Chinese Communist Party has decided to take a slow approach and gradually introduce measures, which means they have become sloppy.

Congratulations on the completion of the de-Chineseization of Bitcoin. In the past few months, I have become tired of reading China’s news about Bitcoin. Whenever there is China in the title, I know that it will have a certain impact on the price of Bitcoin.

I especially hope that China will completely ban Bitcoin. As far as I know, China originally owned the vast majority of Bitcoin mining machines, which made me always worry about facing 51% attacks. However, China has now banned mining and various currency issuances, hoping to buy cheaper bitcoins from the Chinese.

Sure both you and I might be quibbling a wee bit too much in terms of proclaiming that we do not want to get too much into any kind of exact framework, but still end up kind of falling into one framework or another or prioritizing one framework over another.. and maybe that it is wee bit what I was hoping to avoid, even though I am likely NOT even innocent of it myself.

Another point that I was attempting to make revolves around some proclamations that even with bitcoin we are neither going to get rid of government completely nor be able to really proclaim in advance regarding various balances that might be struck in terms of bitcoin becoming more and more dominant in various locations.... so perhaps I am attempting to fight some of the libertarian sentiments that sometimes stream through some of the bitcoin threads that attempt to presume that we are just going to be able to get rid of government and then some of the public resources are just going to end up taking care of themselves, whether we are referring to various public resources like air, water and airwaves (radio waves) or we are having some concerns about public health and welfare - which some folks like to proclaim that there is little to no public interest in some of the public health and welfare matters, and I am not even going to disagree that some governments do seem to take things too far in terms of pushing some concerns that might not even end up being very helpful to have government interventions in certain kinds of ways... but some of the point, also, is that we might not even be able to agree anyhow, so it's not like anyone or any group can really impose their values and then to say that this is how we should do this, because sometimes some public interests are a matter of compromise in which everyone is not going to be happy even in terms of the conclusions about whether a public interest (or public good) was sufficiently at stake in order to justify an interventions.


I doubt that there is really very much different about politics these days beyond the mere dynamic of information being way easier to disseminate, so in those kinds of dynamics need to be dealt with... Politicians have always engage in a variety of games and gamesmanship and all kinds of weird things, but some of the various political ideas are being batted around more quickly, and whether the free-flow of information is distracting or not, sure it changes what is going on and what might be possible, but in the end, it seems like a BIG so what if we are devolving into attempting to prescribe rather than describing....


I suppose that we will see.  I don't give too many shits, beyond attempting to appreciate that politics are going to continue, and bitcoin will go on either way.. and sure some administrations may well be more hostile to it than others, and to the extent that any of us might be concerned about politics in one direction or another we are surely free to join in on those circles.. and people from all political stripes can take a bitcoin position, so to a large degree it seems irrelevant and distracting to get too tied up in those frame works, at least from my current generalized thinkings on the topic.


I just do not find price moves as playing out strangely as you have further attempted to describe. 

Of course, each of us is entitled to our own opinion regarding what we believe to be strange or not strange, and it just does not seem strange to me and largely I had already provided my reasons in my earlier post as to why I don't consider BTC's current price position/dynamic to be significantly strange.

The actions of the Chinese government will definitely affect the fluctuation of market prices. The number of users in China is really amazing. For example, OTC merchants must be moving bricks yesterday. Sometimes I wonder if they have used the panic news to buy low-cost chips, because I know that the Chinese government confiscated a large number of encrypted digital currencies last year, including all kinds of altcoins.

Myself too have similar opinion about China's plan of getting isolated from the world economy. Already there is big war going on between USA and China and now this is coming to the light through different forms of attack. In yesterday's UN committee meeting more warnings were made against China and Pakistan for supporting terrorism.

Whenever PBOC makes a decision against cryptocurrency usage, there is price pumping after some crash. Now once again PBOC have made some decisions. Hope to see a price pumping soon.

You're right, that's why china is a very big country because they have to make sure everything their people do has advantages to their country which is very nice for a country but it's very bad for the humanity freedom.
Although they could owning bitcoin without their government permission, but disallowance to crypto will bring bad impact to if all countries doing the same and make cryptocurrency will less valuable in the future.
Some people said it's just a FUD but as long we know, china has their own digital currency e-yuan and maybe they make sure their people are investing on thir own currency instead of cryptocurrency

In a centralized country like China, today's rich may become tomorrow's prisoners. There is no free country. Bitcoin will not have a good future.

If you understand how manipulated the Chinese economy is, you will easily find out the reasons for this fear from the Chinese regime. The Chinese economy is like an inflated bubble, which can burst even at the slightest trigger. Almost every sector is manipulated, including stock market and real estate. Ordinary citizens have no other choice, but to pump their savings in to these assets. They don't have any other alternative available. Cryptocurrency represents an "alternative" and that is why the regime is so hostile towards it.

China has recently begun to get carried away with excessive zeal by the state's interference in the issues of economic functioning, and the prohibitions about cryptocurrencies quite fit into this paradigm. It is quite strange to hear about a country with one billion with a third of the population and the second largest economy in the world, which is so much afraid of the destructive influence of cryptocurrencies that it practically excludes its part of the population from this process. I think that these measures, as well as restrictions on listing on foreign exchanges for its companies, indicate that China is trying to isolate its economy from the world economy a little, which in the future may be a big mistake, despite all the self-sufficiency of the Chinese economy.

China is just trying to make it as illegal as it gets for crypto users in their nation, but they do not realize that they are hurting themselves . I am very very glad that a huge dictatorship in the world is now losing a ton of money to other nations. People all around the world are making money hand over fist but at the end of the day Chinese people will not be that and since we know that Chinese people do not have anything proper and it is owned by the CCP then it means that we are doing fine for now with them not making any profit at all.

It is not something simple, it takes time but at the end of the day if we could just make them weaker and poor again, it would destroy the power CCP has.

Price volatility makes bitcoin healthy, the holders take profit and the people are waiting already to invest at low price. The recent price fall was not as a result of FUD but investors taking profit was more linked to it when bitcoin price plummeted from $52700, the recent FUD effect is not significant at all as this is even weekend.

All-time-high is certain.

When bitcoin increased to as much as $20000 in 2017, it later decreased to less than $10000 many times, but what is certain is that the price will certainly increase and reach all-time-high.

The $50000 you are commenting about today that bitcoin is struggling to reach will be a price bitcoin will never again fall or decreased to at a time in the future.

I am sure, you understand what I mean. What I am talking about is the situation that Bitcoin price hard to pass $50k lately. It has tried several times to maintain above $50k, but unfortunately always failed. One of the reasons is many FUDs spreading lately after we heard about China banned Bitcoin mining in the country. Then, we see the Bitcoin price move was mostly like dumped hardly in the last few weeks. It seems triggered by many FUDs spreading around us lately. However, it is only my personal view, sorry if it is not the same as you think, sir.

You have a kind of funny way, The Pharmacist, of frequently attempting to view the bearish side of any kind of news and then taking it to an extreme... same was true in the microstrategies thread in which you were ready, willing and able to point out negative aspects (or potential negative aspects) of what should have been positive news.

Sure, in the case of China bans bitcoin again, it is not exactly positive news, but it is way the hell less negative and dire as you are making it out to be.  In some sense, you seem to be underestimating some of the various challenges that bitcoin presents to various governments and status quo institutions that are trying to deal with this ever growing and pervasive phenomenon (and force for good a lot of us probitcoin folks - some call bitcoin maximalists -  would argue). 

Yes, let's see how effective China is going to be in this regard and let's see if they can follow through.. Let's also see if some countries will attempt to take similar stances and see how they do.  And, let's see if some countries take an opposite stance and how they fair. 

I think part of my point remains that the defeat of bitcoin is not as obvious as you seem to be making it out to be, and it really presents a kind of formidable challenge in which it is seeming more and more likely to prevail, even if some countries and status quo financial institutions go down some hardball aggressive battling tactics.. and probably some of those countries and financial institutions who are playing hardball against bitcoin, they are likely either going to have to lighten up or perhaps perish and become irrelevant.  Sure, you can spin the matter however you like including appropriating your investment  of time and money into bitcoin however you want including if you aggressively invest into bitcoin, passively invest or choose some practice to attempt to work against bitcoin (or perhaps act as if you are playing devil's advocate, which likely shows that you are failing/refusing to actually understand some aspect of the power of where bitcoin is already at - even if bitcoin is still likely going to continue to have some challenges along the way).

FUD issued by China, in the future it will not work anymore

China is by far the most "dislike" country with bitcoin. every year they issue a statement to destroy bitcoin, the biggest one is when they ban all mining activities in their country

let's keep calm and hold by ignoring all the FUD spread by China and even other big countries