China crackdown on BTC and will support its own cryptocurrency

palle11

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Quote from: taeewo on February 17, 2018, 01:11:45 AM

China always support what they and dont want external project overthrown in their country, thats their plan and am sure bitcoin's will still remain the master as pioneer..

This has always been what there plan is which is why they have come this far in developing there society. They believe in patronizing home made products and that is the reason you can't compete with them in business in there own country.

I have always known that there banning of icos is just not to allow foreign ico to have any space to grow.

EJHX

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China banned many Wechat groups. Regulation may be coming in the next few days. Something to watch out for

loraalbert

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Quote from: jbkg111816 on February 03, 2018, 07:52:16 AM

I have to agree with the other persons opinion most of the successful chinese businessman are residing in other country rather than their own and they are making a lot of income there becuase they see that other citizens have a potential and skills to help develop and improved their businesses.

Yes, China's main problem for a long time is domineering in trade and economy. There are reasons to take measures to reduce the impact and limit the bitcoin trading floors. They tie the population into the framework because they do not want their money to flow into the world. They want the money of the citizens they build and invest in their internal crypto generated. They complete it and do not have anything bright and nice for bitcoin and cyptocurrency.

Hellobx

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The Experience Layer of the Decentralized Internet

But there is no denying that many Chinese are still buying the Cryptocurrency.
Because even if the Chinese government bans exchanges, the Chinese can still use a VPN to buy tokens from overseas exchanges. Grin

Tambu

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The other thing why China crack-down BTC because it's it's paving the runway for their altcoins. Recently airdrops flooded with Chinese altcoins.
China marketing strategy is quantity makes a better profit than quality and it's really effective.

Nabilog

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In term of money China is good at it. China already creating lots of new coins/tokens because for them quantity always beats quality.

taeewo

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China always support what they and dont want external project overthrown in their country, thats their plan and am sure bitcoin's will still remain the master as pioneer..

Tambu

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Activity: 224

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Quote from: weeklyeth on February 14, 2018, 12:21:51 PM

China Own currency is still a suspense to every one but they are completely banning bitcoin and altcoins out of china

I doubt it that China will suspense their own coins. Recently TRON just integrated to Peiwo. In fact they are promoting their own coins.
For btc, China is rough on it but there are still lots of Chinese own a BTC.

weeklyeth

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China Own currency is still a suspense to every one but they are completely banning bitcoin and altcoins out of china

Tambu

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Quote from: Herbert2020 on February 07, 2018, 02:05:23 AM

1. it is a decentralized currency that nobody can control, censor, tax, restrict, ban,...

Price of BTC can be manipulated indirectly. Oligarch can still dictate the price. So still they can control the price.
Every country can tax a btc if they want to. They can do that in the payment. They can dictate the banks and other agency to tax the money from btc.
In restriction and ban it already happening in other country (like Bangladesh).

Bottom line BTC is no immune in manipulation. As long people in power wanted to, they can do whatever they want.

monkeydominicorobin

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✪ NEXCHANGE | BTC, LTC, ETH & DOGE ✪

Quote from: Tambu on February 03, 2018, 07:32:30 AM

https://www.forbes.com/sites/sarahsu/2017/10/19/will-china-host-the-worlds-biggest-state-backed-digital-currency/#380d56461231

Though the news was on October 2017 but still relevant and could be one of the contributor why there is huge dip of BTC's price recently.

Majority of Chinese patronize their own. We cannot deny the fact that there are large of Chinese population in the market of Cryptocurrency and their absence will be a huge blow to the price of BTC and other cryptocurrencies in generals.

Learning to use a cryptocurrency is different from loving a government sanctioned cryptocurrency. The learning curve will always be steep. Chinese are hard headed people. Adoption and education are two different animals. Their idea is a quicksand. Moronic.

Tambu

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Quote from: racistyui on February 08, 2018, 03:14:19 AM

Quote from: Tambu on February 03, 2018, 07:32:30 AM

https://www.forbes.com/sites/sarahsu/2017/10/19/will-china-host-the-worlds-biggest-state-backed-digital-currency/#380d56461231

Though the news was on October 2017 but still relevant and could be one of the contributor why there is huge dip of BTC's price recently.

Majority of Chinese patronize their own. We cannot deny the fact that there are large of Chinese population in the market of Cryptocurrency and their absence will be a huge blow to the price of BTC and other cryptocurrencies in generals.

China continues to implement bans on Bitcoin trading platforms instead of the ICO Ban as in August, China's work to promote China's dominance of the market.

Chinese regulators also target individuals and companies that provide clearing services, arrange and market. Small-scale (P2P) transactions are not affected.

Miners started moving to other countries, which was obvious because of the good workmanship and good law

China's government's digital money-cutting measures have had a huge impact on bitcoins and other co-substitutes over the past several months.

In line with China's ban on bitcoin, on price bubbles, Korea tightens bitcoin trading.
At the beginning of last year, China remained the strongest bitcoin trading market. It is also home to many of the world's largest bitcoin companies. Digital diggers have rushed into China because of low electricity prices, cheap labor and many supporting industries.

Many bitcoin companies like Bitman, BTC.Top and ViaBTC have fled China for easier-to-do markets like the United States, Canada and Singapore.

Ironically there are people belittling the contribution of China or Chinese in the market of Cryptocurrency. China is a marketplace that cannot be neglected. Their impact can be felt immediately.

racistyui

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Quote from: Tambu on February 03, 2018, 07:32:30 AM

https://www.forbes.com/sites/sarahsu/2017/10/19/will-china-host-the-worlds-biggest-state-backed-digital-currency/#380d56461231

Though the news was on October 2017 but still relevant and could be one of the contributor why there is huge dip of BTC's price recently.

Majority of Chinese patronize their own. We cannot deny the fact that there are large of Chinese population in the market of Cryptocurrency and their absence will be a huge blow to the price of BTC and other cryptocurrencies in generals.

China continues to implement bans on Bitcoin trading platforms instead of the ICO Ban as in August, China's work to promote China's dominance of the market.

Chinese regulators also target individuals and companies that provide clearing services, arrange and market. Small-scale (P2P) transactions are not affected.

Miners started moving to other countries, which was obvious because of the good workmanship and good law

China's government's digital money-cutting measures have had a huge impact on bitcoins and other co-substitutes over the past several months.

In line with China's ban on bitcoin, on price bubbles, Korea tightens bitcoin trading.
At the beginning of last year, China remained the strongest bitcoin trading market. It is also home to many of the world's largest bitcoin companies. Digital diggers have rushed into China because of low electricity prices, cheap labor and many supporting industries.

Many bitcoin companies like Bitman, BTC.Top and ViaBTC have fled China for easier-to-do markets like the United States, Canada and Singapore.

Tambu

jr. member

Activity: 224

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Quote from: yytcoin on February 07, 2018, 02:35:36 AM

I do not know why many people are attacking China. I seriously doubt this is a prejudice against China， it is undeniable that these measures of China's suppression of bitcoin are disappointing. However, we all just stand in their own interest and see problems， the Chinese government needs to look at the interests of the entire country. Now it is not only a matter of China, but also other countries are suppressing Bitcoin. I suspect that many governments are jointly suppressing Bitcoin.

Yes it could be that many countries will follow what China did. Supporting their own currency. Currently the TRON already tie up with Peiwo App which give an advantage on TRON. Peiwo Apps is the largest audio content in China which could influence a huge population to Chinese to invest on TRON.

yytcoin

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I do not know why many people are attacking China. I seriously doubt this is a prejudice against China， it is undeniable that these measures of China's suppression of bitcoin are disappointing. However, we all just stand in their own interest and see problems， the Chinese government needs to look at the interests of the entire country. Now it is not only a matter of China, but also other countries are suppressing Bitcoin. I suspect that many governments are jointly suppressing Bitcoin.

AmericanBit

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Activity: 630

Merit: 250

Quote from: Tambu on February 03, 2018, 07:32:30 AM

https://www.forbes.com/sites/sarahsu/2017/10/19/will-china-host-the-worlds-biggest-state-backed-digital-currency/#380d56461231

Though the news was on October 2017 but still relevant and could be one of the contributor why there is huge dip of BTC's price recently.

Majority of Chinese patronize their own. We cannot deny the fact that there are large of Chinese population in the market of Cryptocurrency and their absence will be a huge blow to the price of BTC and other cryptocurrencies in generals.

Yes of course China has great influence, and we already saw results. But I think soon some alternatives will emerge, which will replace China. I read in other topic that Russia making crypto legal, so it might be one of the alternatives.

Herbert2020

legendary

Activity: 1946

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at the end of the day people are buying bitcoin for two main reasons:
1. it is a decentralized currency that nobody can control, censor, tax, restrict, ban,...
2. it is a good investment that appreciates more and more every day.

when a country releases their own coin it will lack both of these aspects. it will be centralized which means a lot of people won't even get near it because it means even more surveillance on what they do compared to when they are using usual fiat methods. and they will keep the price stable which means it can not be an investment either!

Tambu

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Merit: 3

Quote from: trickyriky on February 04, 2018, 12:38:54 PM

Quote from: cryptohunter on February 03, 2018, 07:59:57 AM

Nobody cares about china now. They are out, the stability that will afford us is worth more than their constant annoying fud.

They will be the main losers here because most other wealthy nations are going to regulate and get their cut of the crypto pie.

" when the winds of change come - some build walls and others build windmills"

ironically that is a chinese proverb

You are wrong. china is a great country, and people there are very intelligent and sly. If they chose this strategy, then it means soon they will win with it.

All country is unique and have their own cultures that they can proud of. China has a lot of it. China made a lot of invention that change the world. One of China's remarkable invention is the gun powder until now still very useful.

trickyriky

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Quote from: cryptohunter on February 03, 2018, 07:59:57 AM

Nobody cares about china now. They are out, the stability that will afford us is worth more than their constant annoying fud.

They will be the main losers here because most other wealthy nations are going to regulate and get their cut of the crypto pie.

" when the winds of change come - some build walls and others build windmills"

ironically that is a chinese proverb

You are wrong. china is a great country, and people there are very intelligent and sly. If they chose this strategy, then it means soon they will win with it.

sean.maley

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Quote from: reflector on February 03, 2018, 07:55:41 AM

Quote from: Tambu on February 03, 2018, 07:32:30 AM

https://www.forbes.com/sites/sarahsu/2017/10/19/will-china-host-the-worlds-biggest-state-backed-digital-currency/#380d56461231

Though the news was on October 2017 but still relevant and could be one of the contributor why there is huge dip of BTC's price recently.

Majority of Chinese patronize their own. We cannot deny the fact that there are large of Chinese population in the market of Cryptocurrency and their absence will be a huge blow to the price of BTC and other cryptocurrencies in generals.

Most of the projects, trading sites, mining platforms are belongs to China only. Their support is must see the bitcoin and other cryptos in the high price. Atleast companies should migrate to other countries where bitcoin is legal to use.
Other countries still really looking to adapt the bitcoins but some illegal source are spread negative information about the bitcoin. So they all are fear to invest on the bitcoin.

Agreed. They are the one dominating both investing and mining part. After all these years they think that they finally got the chance to beat usd, not with their own currency but crypto currencies.

Topic: China crackdown on BTC and will support its own cryptocurrency (Read 210 times)