Topic: China Banning BTC. Any thoughts for the soul especially the mind? (Read 5732 times)

+1

Chinese can ban as much as they want. But Bitcoin is the future. The technology in which I can just bump a wallet against your wallet to transfer will be coming soon. Look at the trezor. Its a neat device.

They told the media to not comment on the Beijing summit. Haha - they didn't fool me! They have to try harder!

China banning BTC，we banning china

the Chinese gov is afraid of anything that they can't control.

Or you know they wanted to cut off the loopholes that were allowing people to act outside of the KYC laws that all money related institutions must comply with. They will be back with strict gates at the entrance and exit points but please sell your coins now if you don't think so.

Worldwide, Bitcoiners respond to this foreign financial 'news' by panic selling at low prices.
While in China, investors respond by buying lots of cheap BTC.
And so it goes, and so it goes.

No matter what the Chinese government does. They will not and CANNOT STOP THE POWER OF COIN. As long the West gives it value. They can resist as much as they want. But eventually fall victim to BTC. Chinese people love money lol.

This is what I think BTC China will do. They will rebrand themselves. Work with HK banks. Institute the voucher system. Then whoever want there funds would exchange the voucher out for funds by wire transfer. Hong Kong is whole different beast.

I always say if there is will there is way.

Chinese gov is scared with many new things,you can't imagine the Chinese ppl even can't visit facebook and youtube because they're out of the gov's control

Maybe is time for a change in China,a revolution!If you say that you don't trust your goverment why don't you do something about it?!

Have spent several years in China and this interpretation is accurate IMO.

The government swiftly stopped payment processors from dealing with BTCChina with no warning. This wasn't an accident, the sentiment is clear. I highly doubt BTCChina will even attempt to find a solution, instead they will adapt and most likely cease acting as an exchange.

China is pretending to ban bitcoin so they can collect them all on a discount then decide to make them legal again and enjoy the nice price appreciation on those coins 

China banned BTC so many times this year I don't even care any more.

Any way, entire volume of china will move abroad (in internet world it is nothing special, just different url address).

Situation is changing every day but from what I notice it is just same situation over and over again.

The Chinese might be wealthy now, but once they tap out of resources and eventually have to import everything you'll see the dynamic shifts change again.

Same goes with BTC. The Chinese are selling there equipment and everything, but once they tap out of resources and then what? The chips on mining hardware needs a special element to be made. It will cost them a lot more than before. The Chinese lack of care of their homeland shows that there will tough times ahead for them.

it was a no surprise for me ....

I believe the BTC market China is perfect time to capitalize. I am not sure if any of you are in Shanghai. I planning to go there and trade the surplus of BTC that they have and bring it back to US. The change will only happen with CCP realizes that they are missing out on something will actually help there economy. If more vendors in China take BTC. It will help the CCP to collect more CNY. Although until they realize that they are missing out something big. They will always be a step behind. Its really sad. The CCP could of changed the way they do business and much more efficient way. As I mention before, if you have billion citizens, they need jobs. By limiting BTC trade your only hurting your own economy. The smart thing for CCP to do is to tax instead of banning it from banking system.

There are always winners or losers. Although limiting opportunity is shame. I would exploit the China market and hoard as much of BTC there as you can. The price will jump again. The infrastructure is getting put in place. The system is flushing out the black market, conns, and hackers. The virus and bacteria of the system. Thank for VC for pumping in funds and creating secure exchanges. I believe faith is biggest thing in anything. The Chinese don't have the conviction and faith as we Americans and Europeans/Canadians. VC aren't dumb. They don't throw money if they are not going to make a profit.

The infrastructure in the North America and Europe will technologically more develop than Asia Pacific because the belief and conviction that will work. The Chinese will lag behind. It takes all time for businesses to accept, implement secure transactions, and create a system that efficient. When the CCP decide to ban it from there banks. They are taking one step backward. They will lag a generation. I would not be surprise. There will be a point where mining won't be profitable but conducting business transactions with the coin.

If any of you are in China. I would exploit the fear of the Chinese and obtain BTC at a good price. It nothing personal but business. The Chinese already kind of hurt BTC from the pump/dump thing that they have going.

For me its means opportunity for BTC pie for N.America and Europe. The more coins we can hold on to, the better. When the price does go da moon and 10k per coin. Because fiat currency is worthless. You'll definitely be enjoying that margarita on the beach with you hot girlfriend or wife. Because your the one that decide to hold onto the coins when they were at 400$.

Bitcoin is here to stay. I always remember that my professor mentioned. First movers into the market will always have advantage.

Buffet and economist who predicted the collapse of USA 2008 are generations back. They don't understand Bitcoin. The new "IN GOD WE TRUST" IS BITCOIN.

Every fiat currency in the world is based on trust. Trust is what make things work. The USD is backed by NOTHING BUT THE NAME OF THE WORLD CURRENCY.

So I would horde as much BTC that you can afford. Mine and be vigilant in telling everyone you know. The more publicity and more awareness will equal legitimatization. IF everyone in the BTC community sat down with 5 people a day and Debunking the fears of BTC. BTC will be going to the da moon.

Any thoughts for the soul especially the mind?
If you don't mind, please have fewer thoughts about China. 

Its a bit of conflicting message coming out of china.  I think the officials are getting afraid of BTC.

I am a Chinese, but I don't trust our government anymore. Just because they always cheat their people.They said People can be freely traded in the premise of risk,but they shutdown tomorrow.

The problem with scammers is that they will always be there. No matter what sector.

The United States has been world leader because? Why? Innovation. We use to do brain drain from other countries and offer better opportunities. Now United States teaches its citizens settle with a job. The problem is we need citizen to create not settle for jobs. Hence why Corporations are becoming to big to fail. Corps threaten state gov to Fed gov if incentives are not provide for the Corp. We going to move your jobs. Americans have become dependent on Jobs. We need innovation. We need Americans to go over seas and bring the money back home to the US. Create businesses aboard.

The reason why Warren Buffet is what he is today because there was opportunity back then. He is fortunate person. Although for him to bash BTC is sad. He lived in a time where the 1 percent did pay there fair share. Where multinationalism wasn't a thing yet. There was cooperation. Now we live in Machiavelli type of situation. Also the laws are a lot more complicated. You can't even do you own Tax return without an CPA to check it. God forbid an Audit.
Even the wages were above average. Has anyone read his bio on wikipedia. He was able to save because he had opportunity to make money in order save. You can't save if your unemployed.

I never understood why everyone believes China's CNY will become the worlds currency and super power of the world. It won't. The Chinese economy is ticking time bomb like USA. The government owns the companies so if they go under so does the government. The Chinese have been putting all its eggs in one basket by relying on exports. It takes one person to invent a new way of manufacturing that does not involve a single human being but handful of technicians. Then you'll see all the jobs disappear from China. Companies only care about the bottom line. The Chinese will be having a big aging population which means less productivity.

China has gotten ballsy since 2008 and the "Global Financial Meltdown" since they came in and bought up large chunks of debt but thing is like everyone else has pointed out, in a decentralized system of currency like BTC they have NO control and NO long lasting implications As more and more people get tired of all the shady shit big banks do and all the money the big bank execs steal they will eventually turn to alternatives such as bitcoin. Can China cause 18 different types of hell for BTC right now while it's still young? of course they can but so can literally anyone else that wants to, and just like Chinas "Great Firewall" has failed to control what portions of the internet their citizens can access their restrictions on BTC will ultimately be for naught. I for one am LONG on BTC as long as we the community can keep pushing the boundaries of bitcoin it is inevitable to succeed.

What we need to worry about the most is reigning in all these shit-for-brains scammers, I'm sure theres plenty of White-hats/Grey-hats that are reliable members of the BTC community how hard could it be to counter-hack a hacker or trace down a scammer I for one would donate time, money (Fiat and BTC) and my 6 years of Military training to pay these punks a little personal visit if somebody can come up with an address and proof they are one of the many scammers/hackers plaguing BTC but I digress. 

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

My thoughts,  if we can survive the Mt. Gox fiasco, we can survive this too!  VIVA BITCOIN!  

Chinese are smartass people they will think out how to omit restrictions :p

No Worries,Even Mainland China was banned, there will always be a place called Hongkong! via Shenzhen, there are always plent of channel to be built through Shenzhen and Hongkong for the chisese BTC community. yes, NO WORRIES!

That is very likely it is just the financial institutions who can't speculate on it that will not be allowed to

china can't be banned, china people are smart, even after ban they will still trade

Gox did more damage than the Chinese.
Everything will get better soon enough.

I am upset that the chinese have been ruining BTC and been doing a great job doing it. How is adoption going to happen if they keep dumping and pumping.

My thought is that our free market does not need communism to thrive.

China can slow down the growth rate of Bitcon. No doubt about that, but Bitcoin does not care about borders. With every financial crisis it will become stronger and stronger.

China's central bank sometimes enacts policies quietly to make it easier to change them later.

Such a cautious approach makes particular sense with Bitcoin regulations; virtually every government on the planet is struggling to figure out how they should deal with the digital currency.

Long term, however, China will find that it won't be so easy to shun Bitcoin; within the next few years, "the Internet of Money" will be much more integrated into the global economy.

And yeah its not getting banned in china:
http://www.businessweek.com/articles/2014-03-20/btc-chinas-bobby-lee-bitcoin-isnt-really-banned-in-china-and-its-quickly-gaining-ground

Any thoughts for the soul especially the mind?
Yes
Please have your soul tell your mind that China doesn't matter that much.
BTC will be fine with or without China.

dont care, bitcoin existed without china and will be here after china.... after USA ban even etc.

I agree in fact it may even get traded in Chinas second market until the point that it becomes to big for the Chinese government to ignore and either a crackdown ensues or they change the rules again.

Thanks asiabtc. With new Central Bank policy. How would you be able to exchange money to RMB? or would you have to do it in US dollars? If you don't me asking

Also on the note of potato. I totally agree. I love that story.

I believe China is using this policy as counteracting balance against the West. let face it, BTC is from the West. I believe the Chinese government wants to counteract its flow of fiat currency out of the country especially to places in the EU and USA plus Canada. My belief has always been that BTC was use to counteract the trade policy. I believe Satoshi is someone within the US government. If this was formed in the Asia Pacific. I believe that Big Banks and there lobbyist would of crushed the opposition by giving campaign contribution to congressman and senators. BTC would of been long gone.
The fact is the US dollar and Euro are still viewed as "preferred" currencies of the world. I am not saying RMB is not a wanted currency. A lot of people feel comfortable that there money is in USD or EURO. 

With China's one sided trade policies and pegging the RMB to USD. Hence its hard for us in the USA and EU to sell goods to China. Let not forget Canada too

China Central bank new policy. forbidden commercial bank open channel for market: BTCC, Huobi,okcoin ,etc. it means we cannot have market to buy and sell btc. only by personal .
the dead line is Apl 15.
be careful.

In ancient times, people's wealth consisted of their crops. Tyrants, warlords and other 'government' officials, as always, wanted control over people's wealth. When some people resisted these tyrants, the warlords rode in and burned the crops, thus keeping the people under submission. One day, some people discovered the potato. With fields full of potatoes, it didn't matter if the tyrants rode in and burned the crops. The real value of the potato lies underground. The only way the overlords could control the people's wealth was to dig up all the potatoes. That would require a lot of work, and one thing tyrants hate more than almost anything else is to have to work. Thus, although the tyrants could frequently create havoc and harass the people, they could no longer steal the people's wealth very easily. Could Bitcoin be the financial equivalent of the potato for the people?

china banning bitcoin will just slow adoption in china but it wont kill bitcoin

Any news is good news as far as I'm concerned.  The biggest hurdle facing Bitcoin right now is that the majority of the world has never heard of it.  The more press and articles that come out, the more people will hear about it.  From there it's the onus of the reader to do their due diligence on whether the tech is viable or not.  The only people in a panic right now are those who broke one of the cardinal rules of investing in any emerging investment, never investment more than you're able to lose. 

I agree. BTC IS A GIFT TO THE WORLD. The only reason top investors and bankers are against is the potential threat of social dynamic changes of value.

banning bitcoin will slow bitcoin adoption but wont kill it

the price doesn't mean anything..  it all boils down to the adoption of people accepting bitcoin in return for goods and services...    goods may be a big hurdle as you have to interact with the trade of physical objects but to get people to value their services and time in bitcoin would be the battle to support

check into local timebanks where they just trade timedollars between folks in exchange for services


so instead of timedollar sites, bitcoin supporters would be served well to create service exchange sites that list in bitcoins... or course the real reason timedollar sites work is that they are community based and they weed out and shun bad actors

bitcoin community is rancid with bad actors and sheep that bend over for them

Spot on, right here. My fear is Chinese politicians and policy makers taking any sort of action behind closed doors that ends up with them benefiting alone from bitcoin while the masses are told to 'disengage from such activities'. Of course, everything right now is pure speculation. Oddly enough, I'm getting more coins a day and as a result, higher potential profit than I have been in the past few weeks. That can be answered simply through difficulty readjustment. But better yet, why are so many people getting off board that would make that happen, and is it a good thing? My reaction is a blunt sharp "no".

Through my observation - and I make it clear that I have no peer reviewed evidence to back this up - China has been one of the keys in making Bitcoin what it is. We can't let the people who dedicated their time and effort to a cause we all share slip through their fingers due to the thoughts of the few. However, I think the best course of action is to keep our bearing, stay strong, and not allow Bitcoin to be phased by this. This set back is one that will ultimately benefit the need for crypto-currency. But if the Chinese are being coerced by their government for something that will ultimately ruin the progress of those who supported bitcoin to this point, it will be noticed. I wouldn't want it happening to me, that's for damn sure.

I have faith in BTC. It would be better for the rest of us if the chinese stop paying with the price of BTC out speculation. I have feeling someone in China is going to become really really really rich from speculation. It does not take much to get someone to write a fake rumor in exchange for incentives.

Don't believe the hype & have faith. We can ride this out.

Just want to get everyone input once again on the Chinese rumor fiasco of banning BTC. Let me know your thoughts. Thanks guys