China’s Crypto Ban Surprisingly Effective - page 2.

jseverson

hero member

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Of course they're effective. I always see people say that governments can't touch Bitcoin, and while that's essentially true, they can still severely affect user base. Take note that China hasn't even enforced a complete ban and it's been enough to decimate their market. It's hard to imagine that things could get worse, but a complete ban could certainly make that happen.

I'd also like to note that such tactics are only effective while Bitcoin is being used solely as an investment asset. People won't care if they can't convert to fiat if everyone else already accepts Bitcoin anyway. It all boils down to people actually using Bitcoin for its utility.

Quote from: FXTradingPro on July 12, 2018, 01:17:37 PM

Can China remain competitive in the crypto world while it is so isolated?

No, but it's pretty clear that China isn't too concerned about the subject. They're still evidently very competitive when it comes to mining though, which isn't at all surprising because it brings money in.

audaciousbeing

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Quote from: FXTradingPro on July 12, 2018, 01:17:37 PM

China has seen a great deal of success when it comes to its crypto ban. It has blocked access of exchanges to its citizens and removed all of the Chinese exchanges. It has also access to ICOs. Can China remain competitive in the crypto world while it is so isolated?

https://forexmarketslive.com/chinas-crypto-ban-surprisingly-effective/

I really don't expect anything less than effectiveness in the ban from a country like China. In some organisations, their internet facilities have been banned from visiting certain websites and no matter how you do it for an average user of the internet, there is no way you are getting through that is on a mild level though and its effective. But for a country like China with their technological advancement and they know the extent at which their computer hackers and gurus can go, it needs to be a massive firewall.

However, there is still some consolation there because they still allow mining activities and at the same time never stand against blockchain technology as a project of the future and committed to developing it. This shows that for every investment they made regarding that, they are indirectly supporting bitcoin in the process.

ruthbabe

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Quote from: FXTradingPro on July 12, 2018, 01:17:37 PM

China has seen a great deal of success when it comes to its crypto ban. It has blocked access of exchanges to its citizens and removed all of the Chinese exchanges. It has also access to ICOs. Can China remain competitive in the crypto world while it is so isolated?

https://forexmarketslive.com/chinas-crypto-ban-surprisingly-effective/

I think that's fake news. Bitcoin and cryptos usage in China was never banned, what China banned are ICOs and shutting down of all exchanges. Cryptocurrency mining is still ongoing in China, and they're the number one seller of ASIC hardware worldwide.

magneto

hero member

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Firstly, China did not ban bitcoin or crypto. It's still completely legal for people to hold bitcoin and crypto, and trade it P2P. It's not like all of a sudden access to bitcoin is blocked. The Chinese government has simply disallowed exchanges and ICOs to exist within their economic boundaries.

There is a clear distinction between a bitcoin ban, and a bitcoin exchange and ICO ban.

Is it effective at discouraging people from using exchanges to buy bitcoin and invest in ICOs? Probably. But alternatives are popping up such as Localbitcoins that people are using, and no doubt, savvy investors will continue to invest in ICOs anyways.

Quote

Can China remain competitive in the crypto world while it is so isolated?

It can. we don't know if the Chinese government is going to protect its local crypto projects in the future, but if it does, they will remain competitive.

darkangel11

legendary

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Don't let others control your BTC -> self custody

The reason why it was so successful is one: it's very easy to trade abroad. If China had closed its borders prior to the ban and was not close to huge Bitcoin economies like Japan and South korea, not to mention Hong Kong, which is right within its borders. If one bank told you that you're not welcome, but there were a number of others just a few clicks away, would you try to fight your way into the bank that denied you its services, sue it, or simply move to a more friendly one?

FXTradingPro

newbie

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China has seen a great deal of success when it comes to its crypto ban. It has blocked access of exchanges to its citizens and removed all of the Chinese exchanges. It has also access to ICOs. Can China remain competitive in the crypto world while it is so isolated?

https://forexmarketslive.com/chinas-crypto-ban-surprisingly-effective/

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