It depends on how you would look at it, if you want to protect your country against the people who can easily scam, you would do so, we all know that chinese are also technologically advanced and they can easily fake ICOs and exchange sites, however, if you look at it in from a bitcoiner's point of view, you'll say that china had gone mad and didn't look forward into the future, for me, whatever china does is ok, since we can clewrly see, with or without china, bitcoin will still go up.
They never made the wrong decision, what they did was right. They have a huge market and I believe they did this to control their market which seems to be uncontrollable. By the way, if they didn’t do this, most of us would have still be believing that without China bitcoin won’t hold any longer. 
Topic: DO you think china was right to shut down Bitcoin exchanges and ICO? - page 2. (Read 839 times)
December 07, 2017, 03:10:21 AM
December 06, 2017, 07:50:41 PM
It was probably a calculated move by the Chinese authorities. They will allow exchanges back online once they figure out how to structure taxation - I guarantee you that.
If that thing happen to china, most probably their people will strongly disagree with their bad intensions towards crypto. We China is one of the powerful countries around the world, and their plan doesn't give a huge contribution to promote and spread the goodness of bitcoin. In fact it only destroy the consistency of growing life of cryptocurrency especially bitcoin. Maybe China authorities will give freedom and let their people embraced this new technology rather than of dectating them of what the government wanted to happen. 
December 06, 2017, 07:34:24 PM
China shutting down exchanges is not without historical precedent.
I can't remember exactly what the scenario was, but there was a historical case where investors pulled money out of asian nations in past eras with disastrous consequences. It makes sense for china to keep funding inside its borders where its needed to fuel their economic rise. Capital being leaked outside china's borders is not unlike a balloon with a small hole, which deflates.
All in all, shutting down exchanges is a form of damage control. Preventive measures tend to be superior to reactionary ones. Its much easier said than done to prevent the circumstances which lead to people pulling billions out of a nation's economy, but perhaps still a goal worthy of pursuing. It might be said that many of these heavy handed policies are preventable.
I can't remember exactly what the scenario was, but there was a historical case where investors pulled money out of asian nations in past eras with disastrous consequences. It makes sense for china to keep funding inside its borders where its needed to fuel their economic rise. Capital being leaked outside china's borders is not unlike a balloon with a small hole, which deflates.
All in all, shutting down exchanges is a form of damage control. Preventive measures tend to be superior to reactionary ones. Its much easier said than done to prevent the circumstances which lead to people pulling billions out of a nation's economy, but perhaps still a goal worthy of pursuing. It might be said that many of these heavy handed policies are preventable.
December 06, 2017, 02:07:24 PM
On both I would say they are wrong because despite all the antics that they showed, bitcoin still came out stronger which makes all their effort to be a wasted one. Bitcoin exchange sites still coming out while the existing ones have not stopped doing business. ICOs are still launching with several countries ready to accept them with regulations. What I see the Chinese doing is just ensuring that they remove themselves from the currency of the future.
December 06, 2017, 12:59:36 PM
It was probably a calculated move by the Chinese authorities. They will allow exchanges back online once they figure out how to structure taxation - I guarantee you that.
December 06, 2017, 12:54:32 PM
I think china is the main power of bitcoin. They also having the right and decision either bitcoin will shutdown or goes on.
December 06, 2017, 12:41:49 PM
ICO is banned to protect their citizens, that's what they claimed to be and I think they have every right to do so. But banning them for the reason that it disrupts their economic order, hmm.. sounds absurd to me. But it is what it is. Government feel threaten, the best solution is to banned them. That's how authoritative one party they are.
However, I'm opposed the closing of their domestic exchanges. At least they should have regulated it or just put a tighter directive so that they have control on them. Remember around March they have suspended them already but allow to operate once more with strict regulations. I guess the nature of bitcoin being de-centralized with no central authority and they are afraid of manipulation that can put a noticeable effect on their economy.
However, I'm opposed the closing of their domestic exchanges. At least they should have regulated it or just put a tighter directive so that they have control on them. Remember around March they have suspended them already but allow to operate once more with strict regulations. I guess the nature of bitcoin being de-centralized with no central authority and they are afraid of manipulation that can put a noticeable effect on their economy.
December 06, 2017, 12:32:31 PM
shutting down ICOs was a good thing, some other countries did the same thing by banning all forms of ICO, and this type of Initial Offering (IPO) is not legal in many places!
but shutting down bitcoin exchanges may not have been the most "right" thing to do. although the Chinese exchanges were pretty shady and illegal.
as for your speculation here, i have to say i am not surprised by the BCH performance at all. it was almost expected to be like this. a big pump at first then a slow downward spiral. that is the main characteristic of all the pump and dumps.
but shutting down bitcoin exchanges may not have been the most "right" thing to do. although the Chinese exchanges were pretty shady and illegal.
as for your speculation here, i have to say i am not surprised by the BCH performance at all. it was almost expected to be like this. a big pump at first then a slow downward spiral. that is the main characteristic of all the pump and dumps.
Some ico was really acting like scammers. This is somehow a good thing to take them under regulations. But for their bitcoin decission, this was totally a wrong decission, they can't ban bitcoin permanently.
December 06, 2017, 12:30:57 PM
I don't think Chinese government and regulatory authority take the right decision by banned crypto currencies activities and they citizens and traders that sold their coins out of that decision are regretting and getting frustrated because of this action. I think in future when bitcoin become the number one world currency! The government of Chinese will loose ground as the crypto currencies related country.
December 06, 2017, 12:25:39 PM
We have to understand what the objectives of the Chinese government were. They wanted to prevent Chinese people from losing money in scam ICOs. They want to prevent people from using crypto to by pass capital controls. So from the government's point of view, it was the right decision.
Absolutely right, the Chinese government was trying to save their people from being robbed in the ICO's as well as at the same time they locked and tightened any black money to be injected in the Chinese economy. The objective of China government to keep all the economical activities in a centralized manner. I guess China has the idea of bitcoin price increase to this insane level so, they banned it. China is nowadays only interested in the accumulation of US Dollars from around the world, the rising trend of cryptocurrency was a threat to China's mission.
December 06, 2017, 12:25:16 PM
No. The right thing is regulating ICOs and exchange to prevent scam and easy loose of money.
For many that is still the belief that that was the intention and in time they will re-open the ICO market in China but with far better regulation in order to profit themselves and also better protect investors.
December 06, 2017, 12:05:02 PM
No. The right thing is regulating ICOs and exchange to prevent scam and easy loose of money.
December 06, 2017, 12:03:04 PM
No it is not the right thing, China strongly opposing all forms of crypto related transactions so they banned but still China is in the top of bitcoin transactions as per some reserach they have the most of the miners which is considered as the backbone of bitcoins.Maybe chinese ministry scared of the bitcoin price growth they think that price of bitcoin will replace their local currency.But still people from China can use bitcoins but cannot convert into chinese fiat currency.But due to China's action many country may follow them by banning bitcoins in their country also.
December 06, 2017, 11:54:41 AM
shutting down ICOs was a good thing, some other countries did the same thing by banning all forms of ICO, and this type of Initial Offering (IPO) is not legal in many places!
but shutting down bitcoin exchanges may not have been the most "right" thing to do. although the Chinese exchanges were pretty shady and illegal.
as for your speculation here, i have to say i am not surprised by the BCH performance at all. it was almost expected to be like this. a big pump at first then a slow downward spiral. that is the main characteristic of all the pump and dumps.
but shutting down bitcoin exchanges may not have been the most "right" thing to do. although the Chinese exchanges were pretty shady and illegal.
as for your speculation here, i have to say i am not surprised by the BCH performance at all. it was almost expected to be like this. a big pump at first then a slow downward spiral. that is the main characteristic of all the pump and dumps.
I agree ICO banning is good, but closing down the operation of their exchanges? I don't think so. Although those shady exchanges has try to cooperate with the government and don't practice the fake volumes, it doesn't make sense to close them at all. And for me the real victims here are not the market, but those Chinese who have love bitcoin and look at it as their main source of income. Its the sad part for the Chinese bitcoin community, but I'm sure they will try to find a way to continue and go on with bitcoin and crypto's.
December 06, 2017, 11:37:18 AM
Certainly agree with most of the replies here. There were too many people being scammed in China, hence one of the reasons to control and shut down exchanges. It was done just before the national congress to proof a point as well.
December 06, 2017, 11:35:46 AM
shutting down ICOs was a good thing, some other countries did the same thing by banning all forms of ICO, and this type of Initial Offering (IPO) is not legal in many places!
but shutting down bitcoin exchanges may not have been the most "right" thing to do. although the Chinese exchanges were pretty shady and illegal.
as for your speculation here, i have to say i am not surprised by the BCH performance at all. it was almost expected to be like this. a big pump at first then a slow downward spiral. that is the main characteristic of all the pump and dumps.
but shutting down bitcoin exchanges may not have been the most "right" thing to do. although the Chinese exchanges were pretty shady and illegal.
as for your speculation here, i have to say i am not surprised by the BCH performance at all. it was almost expected to be like this. a big pump at first then a slow downward spiral. that is the main characteristic of all the pump and dumps.
December 06, 2017, 11:12:22 AM
China had a reason why they shut down exchanges and banned ICOs. I cannot say if there was a hidden agenda, but according to them, what is being done before the whole decision was made was totally against their monetary policies.
Certainly, we can agree that China is quite a controlling nature, but that is their own way of trying to make sure that things do not go wrong in the long run. It was stated clearly that any exchange that wants to operate must have a regulatory license and banning of ICOs, is something we already saw coming anyway with the number of scams going on in the ICO world.
Certainly, we can agree that China is quite a controlling nature, but that is their own way of trying to make sure that things do not go wrong in the long run. It was stated clearly that any exchange that wants to operate must have a regulatory license and banning of ICOs, is something we already saw coming anyway with the number of scams going on in the ICO world.
December 05, 2017, 10:14:44 AM
No, China failed. Why do they think it is thrie business to decide if such investitions are ok for me or not. They said that they are protecting people against ICO scam and so on. People are clever enought to decide themselves.
December 05, 2017, 09:59:23 AM
China banned ICOs because many ICOs that emerged in the crypto market started to scam their investors and stole their money from them.
This was the main reason behind all the banning of ICOs in China. They shutdown Bitcoin exchanges because of security reasons as many investors lost their money China didn't wanted others to lose their money and shutdown the exchanges so that people don't buy BTC and encourage investing in ICOs. Apart from that they considered Bitcoin as not safe for payments and transactions and hence shut down the exchanges. They have started regulating them now. Bitcoin will start crashing when no more people buy it. This will take an eternity as there billions of people in the world and very few people know about Bitcoin yet. They will buy it when they know about it. May be people will forget about Bitcoin and know more about it as Satoshis since it will be so costly to afford a Bitcoin.
This was the main reason behind all the banning of ICOs in China. They shutdown Bitcoin exchanges because of security reasons as many investors lost their money China didn't wanted others to lose their money and shutdown the exchanges so that people don't buy BTC and encourage investing in ICOs. Apart from that they considered Bitcoin as not safe for payments and transactions and hence shut down the exchanges. They have started regulating them now. Bitcoin will start crashing when no more people buy it. This will take an eternity as there billions of people in the world and very few people know about Bitcoin yet. They will buy it when they know about it. May be people will forget about Bitcoin and know more about it as Satoshis since it will be so costly to afford a Bitcoin.
December 05, 2017, 08:57:39 AM
As cryptocurrency starts to rise up, doubts are in. I believe that they will not shutdown the cryptocurrency to their country, the reason is they are planning to create a new coin exclusive for China and its people. The Chinese government are protecting the people from scams and trying to do their own economic balance and free from international charges.
China does not have any reason to shut down cryptocurrency and the government stated it that they cannot stop bitcoin. Nevertheless, we have to understand that Chinese government has always been double-minded with cryptocurrency and their policies when it comes to the finance sector have always been hard.They really do have a cogent reason just like you said, if we really take a look at the way things have been done and seeing that most of these scams were also emanating from this region.
So, banning ICOs probably until further notice seems reasonable. Shutting down exchanges too until they get a license, does not seem bad to me, it is their call and their country and they know what is right for their citizens.
Jump to: