Topic: China Banning BTC. Any thoughts for the soul especially the mind? - page 2. (Read 5692 times)

The problem with the Chinese just backing CNY with Gold is the fluctuation of Gold Prices and finite amount of Gold. The Chinese government has to oversea 1 BILLION people. If you peg your currency to Gold like we use to do. Your going to run into some problems of having enough money supply. I believe China is lacking innovation. No country can just become great in manufacturing and holding Gold. Its all about innovation and create new money. Besides China will lose a great deal from the US Dollar losing its World Currency Status. You tank the US economy. China will have nothing in terms of manufacturing. The Chinese are solely dependent on Americans buying and the West.

The chinese might have surplus but how long will that last? Innovation in manufacturing will eventually make people obsolete. When it will be easier and cheaper to hire robots to do work.  China needs to wake up and start developing innovation tech instead of relying on manufacturing. You can horde all resources you want. Although when the income that coming slows down and you don't have any new innovation that when your in trouble.

The Chinese already have polluted 92% of their lands. Importing food for 1 Billion people can get very expensive.

I think China is looking to make a gold backed yuan. This could also become the world's next global reserve currency, like the USD is now.
They got a bunch of gold over the past decade, that idea is plausible.
This can also be a reason for them to cut ways to get yuan exchanged for BTC.

http://www.zerohedge.com/contributed/2012-21-22/will-china-make-yuan-gold-backed-currency

they can't ban bitcoin, they can ban trading from their platforms


they were the reason for that

They will be back when bitcoin is at 1k$ again. 

I agree, I believe why they are so anti BTC is because deployment from West. China has one of most unfair trade practice. Chinese are basically scared the flow of capital will leave the country if they institute BTC. Although if China does not get on board. They will lag behind once again. Lets face it, its going to become more practical using BTC especially with the new wallet hardware wallets coming out. I don't like carrying fiat currency. Banks charging 45$ transfer fee on top of 2% conversion. Its freaken ridiculous. The banks can kiss my ass if it takes any work at all to initiate a bank transfer. On top of it. The government might freeze your money supposedly suspicion of terrorism which is retarded. The majority of the reason why governments freeze bank accounts is the tax $$$$$$$. The reason why terrorist are terrorist is that they cause terror not opening bank accounts.

China be like..."Oh snap, round eyes tryin' to neg on their debts"... BITCOIN BAN HAMMER!!!

Don't blame the Communists would want to ban it but in all honesty they can try, but will go no where. They can't put a cap on bitcoins, that's the beauty of the network.

Dude Its as close as you can get banning BTC when you decide not to let your citizens do any transactions associated with BTC with your local bank.

The Chinese will always lag behind if they decide to ban innovation like BTC. I believe the issue with China is the mindset and openness to new technology.

One good example is China has polluted most of its lands due to manufacturing. They sacrificed there food supply for manufacturing. They have not really instituted laws that will preserve the country instead destroying it from the bottom up or embrace cleaner manufacturing styles.

Everyone says China will be the next superpower. Although if you look at there pollution rates, population growth, laziness of the next generation, close minded to new technologies, and lets not forget rampant corruption. Its in big trouble.

If you guys ever go to China. A lot of the newly built buildings are only 50% occupied.

My hope for China is them changing there ways.

China didn't ban every kind of transactions reflated to bitcoin, so it didn't ban bitcoin. End of topic

So if china bans china commerical banking why not have another company outside of china handle a chinese exchange?

I agree we need someone to step in. Someone can fill shoes and make a bundle.

So the Yaun won't flow.... then isn't that essentially banning bitcoin investments in China.  Yes... it isn't illegal for people, just for the banks.  I guess the first person that can open a portal up in some other tax free unregulated country that accepts Yaun will make a fortune.  If..... that is the way it works. 

That is exactly why they did it.  

China (and Russia) has some of the tightest capital control laws in the world.  You can only export/import so much capital in or out.  They are 100% yaun protective/manipulating and knew they had 0 ability to control the flow out if they allowed it to continue.  Same thing happened in Russia a couple months ago.  

  The Central Bank is probably just trying to protect the Yuan from just that- flowing out of China at an uncontrolled pace.

But see, they didn't ban Bitcoin.  China has not banned or shut down a single exchange.  They have not outlawed businesses from taking bitcoin, or individuals from mining/trading for them.

They merely (as expected), cut off their financial institutions / payment processors from supplying the exchanges with yaun.

Chinese can still trade bitcoin.  Now it's just very, very hard to buy bitcoins or sell them into mainland yaun.

The real question is: how much of that mainland yaun is gonna get funneled offshore. ;-)

If China bans bitcoin, it will really hurt it in the short term, but in someways having a totalitarian government with banking troubles ban bitcoin, just legitimizes it in the long run. 

If China bans bitcoin, the real loser is Litecoin.  I think 90% of the volume for Litecoin is China. 

The US owns more than half of the bitcoin, then Europe, and then China.

China is irrelevant as a market for Bitcoin growth.  Same with Russia.  They are communist societies run by the .01%.  They are centralized to all hell and back.

The Chinese and Russian peoples need to grow up and figure out that their forms of government are economically invalid and institute free market reforms.

 Yes. There is a lot of upside to this- the downside is that it is (hopefully) the last nail in the coffin of the last rally. The upside is that we start building for the next rally now.

  -Good publicity- more people are hearing about it, and if China bans it a ot of people are going to want to know why. More people flooding into the ecosystem.

    Boost to innovation in the ecosystem- people will start engineering methods of getting around the controls, which will be funded by the Chinese black market and populations of Chinese living in other countries. These mechanisms will later be useful in circumventing future bans in the Middle East, Africa, and India. These countries on their own would take a really long time to figure out how to get around bans, but with the Chinese innovating in this field, their work ethic, love of money, and intelligence will advance the global indirect bitcoin mechanisms.

   As the financial crisis/bubble collapses/inevitable slowdown in China intensifies, so will discontent with the government. Bitcoin may be a new way for people to rise up against government corruption. Some people who were not interested in bitcoin but discontented with the government may become interested in bitcoin just because the central bank and government are threatened by it.

Awesome.

Bitcoin ATMs starts to appear all over the world, bigger and bigger merchants accept Bitcoin. At last Amazon or similar size company will join. China will not have any choice then. But maybe this is the plan, lower the price now to buy cheap and unban at the right moment