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

I think Governments are very serious on studying the blockchain but it will take more years to absorb blockchain and it's not that easy because in China they value their Philopsopy. but fore sure some of their citizens are into cryptos. The world is changing and blockchain is very fast, The modern world is transforming into a technology information. We should have patience this time around.

If the Chinese government really prohibits this ico will have an impact on bitcoin, because the biggest investor is from china country and they will no longer invest in bitcoin. Hopefully no more countries will follow china.

Governments seems to lack any kind of common sense, they think that just because they say something is forbidden people are just going to listen, Chinese traders were making a fortune with icos and they are not going to stop earning millions of dollars just because they cannot invest in icos anymore from their countries, they are going to find other ways to do it, they are going to move their operations to other countries and if those other countries ban icos as well then they will keep moving until a country accepts them, it is that simple.

Nope. China was wrong. Now those Chinese guys, who used to deal with Bitcoins and ICOs relocated their business to Hong Kong. There they are free to deal with all crypto and create their own projects. By the way, BTC price at Hong Kong exchanges is very high.

They never cared about protecting their citizens, the Chinese government is a dictatorial communist regime so they want to have full control of their population, and exchanges was a way for people to get their money out of the country without any regulation, from their point of view they are doing what it is best for them but as they stop to adopt this new technology their country will lose relevance in the world as it has happened several times in the past.

The Chinese government don't want to leave its people freely to use cryptocurrencies uncontrolled and that's why, they have started to take such steps at last .China's ban on bitcoin exchanges have done a great favor to bitcoin by making chinese gamblers totally out of the game.Earlier they manipulated bitcoin price as they wished by creating fake trade volumes which had a huge impact on bitcoin price all over the world and now the bitcoin world is totally free from such domination.

That is more like it. One of the important obligation of the government to her people is to protect them against external forces or mission which fraudulent ico companies would have achieved if not curtailed and really, we still have fraudulent coins, pumping and dumping. This is too bad  

China is a strange mix of freedom and dictatorship, a mix of communism and capitalism, and is a perfect example of centralized power, with strict control of population. So, I can understand that the simple idea of "decentralization" can disturb the government.
Btw, I don't think this can affect the global market, that btw is still very small. We'll see.

China thought it could gain an upper hand on Bitcoin and digital currencies by banning out exchanges and ICOs with the impression that other countries will follow in their path and therefore establishing control indirectly. This ploy got completely foiled after a few months when Bitcoin, altcoins and ICOs were back to normal functioning with prices rising to newer heights. I'm sure China will think twice before doing something like this in the future which caused a huge setback for themselves.

I’d rather see China regulating bitcoin exchange and some scammy ICO than totally banning both, it is somewhat a bad decision that affect not the cryptocurrency itself but the same people who they serving, the Chinese’s citizen who invested and trust bitcoin. They might have reason to make such move but it won’t deny the fact that the benefits of having crypto is much higher.

No way. there are wrong. Shut downing Bitcoin exchanges and ICO makes me sad if that will really happens. Because Bitcoin exchanges and ICO is one of the biggest contributor of my coins, without this I will not have the chance to earn more crypto currencies.

I have a really strong feeling that China did a very wrong move when they shutdown btc exchanges and ICO. They have to admit that both also helped their economy somehow. Still, they do not value what bitcoin has done in their country that is why I really feel that it was a wrong move for them. Then again, this is just my point of view.

I think it was right of them to do so, as to introduce some sort of regulation to protect investors from scams. However, China likely did it to keep control over the situation, as it likes to keep a tight grip over everything in the country.

Yes you're statement above are true, mostly ICO's project are scam they have fake everything even they have a whitepaper but they did not follow it, just to sale their token and after all they are gone like bubble. We can't blame Chinese government banned ICO's project on their place to prevent their people lost their money because of these thing and some reason is to avoid bypass their money through bitcoin and use for illegal activities.

Probably the best thing that has ever happened to Bitcoin.

ICOs where all scams, let's be honest there is not a single ICO that is really doing what the whitepaper says.
All those tokens are used just for speculations.

But the exchnges where even worse.
Fake numbers, fake volume, fake everything.
I'm so glad we got rig of them (although I'll be happier with bithumb shutting down also), we got rid of the never ending story of China banning bitcoin, we can finally relax.

And with this, another myth was busted.
The so called usage in China. which proved to be.....ZERO!!!!


Hahahha,
Shut down bitcoin?
In your broken English dreams maybe.

Its good for them they are just being cautious to whats the potential threat to them just for them though. Theyre just thinking just for themselves. Their investors might change their technics or strategy and choose Crypto world for investing. They might just being careful it might affect their economic status.

Maybe yes for the self interest of the government because I don't believe that it is what the community there want. China government is always after for what they can gain, greedy that even the place which they did not own take it by force. So I think they have the plan to make their own bitcoin.

It was the right decision for them but not for their citizens they did not took this decision in order to protect their citizens, their citizens were fine even if they lost money to scam icos from time to time, they did this because people were able to avoid their policies regarding capital controls, so at the end they did just to make sure their control over their citizens was still very strong.

Based on my opinion, I would say its a good thing although it seems the effect is not felt because of the amount of ICOs that comes out on a daily basis but truth be said its has reduced to a large extent. I wonder how much ICOs we have to deal with if the Chinese government have not taken that step. I am sure we would have seen someone whose idea is distribute food within his locality coming to raise fund in the global market then paint it and make it in such a way that one would think he wants to deliver to the the entire world.

I dont have any issue against ICOs, but it should not be about the free money that could be raised from that source rather it should be about project that seeks to liberate the world and whose people in the fiat world wont want to venture into because it threaten their own fundamental existence. Maybe someday we will get to that point.

I know China has been a nation that really had a huge corruption issue in the past and it really took some hard decisions and some crazy jungle justice to be able to tackle it. Like you said, they have objective and they were bent on trying to make sure that even if they cannot stop bitcoin, they can at least control any activity around it, most especially since it has to do with money. Probably they felt if exchanges are not controlled, citizens may start using it to siphon funds into their wallets.

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.

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.

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.

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.

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.

I think china is the main power of bitcoin. They also having the right and decision either bitcoin will shutdown or goes on.

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.

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.

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.

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.

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.

No. The right thing is regulating ICOs and exchange to prevent scam and easy loose of money.

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.

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.

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.

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.

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.

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.

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.

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.

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.