Topic: DO you think china was right to shut down Bitcoin exchanges and ICO? - page 3. (Read 864 times)

I think it just hoax. China is one of biggest state that support bitcoin. China always give many support for bitcoin development 

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.

The country has every right in doing that, many of these ICOs are raised and we really don't know what they eventually use the money for, many use ICOs as a means of laundering money and everything goes through the exchanges. It's better to regulate it rather than banks it completely.

ICOs yeah I think they were right to shut those down because the quality of those in the past few months has been awful which means a lot of investors would get heavily burned. However the Bitcoin Exchanges I don't agree with that and I don't understand why they did this. If the coins are on an exchange why can't they be traded in China it is like any other type of market or exchange only more risk. I don't understand the logic because one to me is scummy and scammy while the other is open and regulated. Maybe they want to run a more heavily regulated Chinese exchange by the government so they can take more for taxes? That is the only real thing I can think of in this spot, hard pressed to find another reason here.

They are doing what they think it is best for them and not their citizens, they want to control their population, so anything that gives them freedom is something the Chinese doesn't want, it is odd but once again history is repeating itself, china was a very closed country for a lot of time and that lead to its failure and it seems that even if their form of government is different they are going to make the same mistake again.

Probably their government believes that citizens should collect game consoles for 5 cents an hour, and not earn on cryptocurrency ...)

The official statement was to prevent the citizenry from getting fleeced by scam ICOs. They may or may not allow ICOs back but if they do, then there'll be a lot of regulations

As for rights, it's not like the Chinese government can't do anything it wants. There's no opposition or checks and balances on what the government can do. If Xi just wake up one morning and say "Hey, how about we ban bitcoins?" he can totally do that.


Well, we can look at it that way, that's the declared motive after all. There were rumors that they are basically inside trading though, with people that have connections to the government finding out when certain statements would be released and dump accordingly.

I agree with what they did with ICOs but not really bitcoin/cryptocurrency exchanges. Since I think ICOs are really getting out of hand and the governments need to control the proliferation of these ICOs that just turns scam or no real effort was really given by the devs to develop the project. A lot of ICOs had just took the money and over state the expenditures they had to excuse themselves from developing the project.

I don't think its in my own opinion to decide whether its right or wrong because they didn't ask for our opinion before taking that course of action neither is it going to change the current situation of things as to why they ban ICOs and exchange. What I know is that, they have lost out in the scheme of things that happen in the digital currency environment but not totally because China still controls a large portion of mining activities in the world and that still puts them in a position of strength.

Hidden agenda or not, they will surely bring back the ICO's or exchanges, lift the ban but with tight regulations and laws that will impose to those who will attempt to scam any people who invested on any coin or ICO's, admit it or not, some of the cryptocurrencies are just scams,
based on some people, they are trying to control the monopoly of bitcoin, price, mining power etc. we can't say that this is facts but we are basing this statements on their acts and decisions, well I heard last time that they will ban the mining, good luck with them, bitcoins don't need them anyway.

Well, that may be one of their reasons, but that is more of a speculation than a reality. China may have had a hidden agenda since their actions in the past has been known to affect or find a way to manipulate bitcoin, so nothing can be ruled out. Also, whales used it as an avenue to create panic, so I may not just blame China for everything.
However, they had a genuine reason which was the fact that everything going on was totally against their policies and any exchange that wants to operate should be ready to abide with such policies. That may just be one of their controlling natures, but that is their cup of tea, none of my business since I am not a Chinese and obviously, their decisions did not really affect bitcoin that much after all.
On the other hand, the ICO issue was becoming disturbing, and the funniest thing is that, being an unregulated environment, anyone can just do anything and go away with it, which is why the scam was too much and some investors are just too lazy to do research on their own. So, I would not blame them for banning ICOs. If investors cannot certify an ICO to be a quality one by themselves, that seemed to be their best option until they find a solution, if they really want to.

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.

I believed China shutdown their Exchanges and ICO or lets say ban the bitcoin because China believed that they have the power to manipulate the price of bitcoin because of their greater numbers in bitcoin communities especially Mining but they failed instead the result becomes opposite in which it becomes the opportunity to buy bitcoin at lowest price by some bitcoin enthusiast who are just waiting for bitcoin to become cheaper resulting to boosting the price in triple by this year.

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.

They are totally wrong
Why should they do that

https://www.aicoin.net.cn/chart/4D023D6C

BTC:
BTC has experienced several rounds of slumps in price with increasing volumes from high levels since November 30. However, every time price falls, it will be pushed up by those investors rushing into the market. Also, BTC price seems to be stuck in a loop, which means those selling their BTCs before may find it very difficult to buy in later. The fact that miners and exchanges hold their BTCs, and a certain number of BTCs gets lost forever results in a decreasing number of BTCs circulating on the market. Therefore, each time price dips, more investors will emerge and digest the BTCs released from panic investors and BTC holders.

Where is the temporary high point of BTC price? I think it will emerge when the number of investors rushing into the market starts to fall, since the total amount of funds is limited, when price surges to ￥70,000/BTC，it will take up a huge part of investors’ money. Once investors find it hard to keep up with the price and buy in, BTC price will fall. However, bearish policies can’t be excluded and may break out at any time, which will also trigger a panic sellout by BTC holders.

The key for our operation is 5-Day MA strategy, as long as price remains above 5-Day MA, we can wait and hold on to our positions whatever it happens in the market.

LTC:
The gains in LTC price are not enough since LTC still ranks second among major coins in terms of market capitalization, though only LTC sets a new all-time high in this wave of rally. Nevertheless, LTC seems relatively strong in the short term and further operations can be referred to our 5-Day MA strategy.

ETH & ETC:
ETH failed to set a new record during the rally and the overall strength seemed weak. However, price is very likely to move upward when judging from the overall trend, as ETH breaks and remains effectively above the support level at $450.

ETC is expected to continue its choppy pattern.

BCH:
BCH is still under a good control of main funds who are good at consuming our patience and making us upset in a short term, after all,
:
so many of us are locked up at high levels and main funds have no responsibility to set us free. Floating chips need to be whipsawed before pushing price up, which takes time to be done.
 
Original by Kuang Ren, translated and posted by AICoin Jami.