Do you think China will completely BAN bitcoin?

Harley997

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Quote from: AceWallen on June 09, 2014, 12:15:24 AM

if they banned it, driving the bitcoin economy in China underground and the exchanges offshore, it seems like it would hamper Chinese demand. and there are a lot of Chinese mining farms to think about as well. i think they must be sitting on a lot of coins.

They have not quite banned bitcoin. They are probably one or two steps from a "ban"

okthen

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Quote from: AceWallen on June 09, 2014, 12:15:24 AM

if they banned it, driving the bitcoin economy in China underground and the exchanges offshore, it seems like it would hamper Chinese demand. and there are a lot of Chinese mining farms to think about as well. i think they must be sitting on a lot of coins.

Maybe it would be better if it all moved out.
(Assuming that they move their coins offshore and not freak out and be scared about it)

ajareselde

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Satoshi is rolling in his grave. #bitcoin

noone, including china can ever truly ban bitcoin.
they can, on the other hand, make it alot harder to invest into bitcoin to china-ppl, but where there is a will there is allways a way.
also, by restricting them from buying localy, chinese just seek offshore exchanges, and due to that (fewer exchanges), price becomes much more volatile.

AceWallen

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if they banned it, driving the bitcoin economy in China underground and the exchanges offshore, it seems like it would hamper Chinese demand. and there are a lot of Chinese mining farms to think about as well. i think they must be sitting on a lot of coins.

Harley997

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Quote from: luckybitcoin777 on May 17, 2014, 12:12:09 PM

Do you think China will completely BAN bitcoin? Huh

If yes, when ?
No, Why?

This would realistically not be possible.

China is currently attempting to censor the internet with horrible success.

If China were to "ban" Bitcoin then all a person in China would need to do is use tor to access their wallet service.

The currency controls have distorted the price of bitcoin in China verses the price of bitcoin in the rest of the world in the past.

Gimmelfarb

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Quote from: eatingtic on June 08, 2014, 07:41:04 PM

No because they are heavily invested in the US dollar, and how would they off set their countrys debt?

offset their country's debt? with bitcoin? i don't think bitcoin in any way, shape or form is part of the Chinese government's economic/financial strategy. bitcoin market cap is small potatoes.

jeffersonairplane

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www.bitkong.com

Quote from: luckybitcoin777 on May 17, 2014, 12:12:09 PM

Do you think China will completely BAN bitcoin? Huh

If yes, when ?
No, Why?

Yes, in a communist country, Bitcoin is extremely bad for their political ideas. Considering they want to control everything, BTC is bad.

eatingtic

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No because they are heavily invested in the US dollar, and how would they off set their countrys debt?

Gimmelfarb

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i said in the run-up in late 2013, that China was a total wild card. i think the same is still true now. no one has any idea what they will do -- and they could drop the hammer and cause some serious panic for the BTC price.

CEG5952

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Buy and sell bitcoins,

Quote from: DolanDuck on June 08, 2014, 04:01:25 PM

Quote from: Bharat on June 04, 2014, 01:55:41 AM

yes china will ban bitcoin completely soon

How can you say that, any secrets we don't know?

I can understand the mentality. We have seen months and months of bad news from the PBOC, and what they will do next is very unclear. But nothing is set in stone.

DolanDuck

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Quote from: Bharat on June 04, 2014, 01:55:41 AM

yes china will ban bitcoin completely soon

How can you say that, any secrets we don't know?

okthen

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Quote from: happyflylong on June 08, 2014, 08:47:44 AM

Quote from: giantdragon on May 19, 2014, 10:25:13 PM

Banning Bitcoin is impossible, even for China!

It is really truth(I come from China)!
There are so many currency issued in China(RMB CNY)! Most Chinese people can not find a way to protect their money. They can only sadly find that their saved money can buy less commodity day after day.

But there are still many people(small part of huge population) who have good education(some come back from west), they would like to use bitcoin to protect their "FORTUNE".

Isn't there a protective side of this "rich" people who feel obligated to spread education and freedom to the masses? Or at least middle class?
I speak out of total ignorance, of course, I'm just trying to understand what the mentality is.

CEG5952

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Buy and sell bitcoins,

It's certainly possible, given the RMB's precarious situation and the PBOC's previous positions, and history in general. Can they stop their citizens from using it? Of course not.

happyflylong

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Quote from: giantdragon on May 19, 2014, 10:25:13 PM

Banning Bitcoin is impossible, even for China!

It is really truth(I come from China)!
There are so many currency issued in China(RMB CNY)! Most Chinese people can not find a way to protect their money. They can only sadly find that their saved money can buy less commodity day after day.

But there are still many people(small part of huge population) who have good education(some come back from west), they would like to use bitcoin to protect their "FORTUNE".

nickenburg

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I dont think they can ban totally ban bitcoin at all.
Its still a coin from the people, and they will always find ways of using it.
However if they would ban it I think the goverment would be strict about it.
Maybe trhowing people that use bitcoin in jail that would be a bad thing.

STT

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They also are subject to the peoples will still. They'll ban btc if they think nobody really objects, or on the other side if BTC is a major problem for them they would press ahead with a ban anyway.

I dont think they'll ban this year just because I dont think btc is a big enough problem. Chinese people are not strictly slaves despite our perceptions, they can even leave the country and buy dollars manually I guess. The gov just doesnt want business routinely able to export or bypass the Yuan restrictions

spazzdla

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China runs over their own people with tanks when they ask questions.. WHAT THE F do you think?

Este Nuno

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amarha

Quote from: Ron~Popeil on June 03, 2014, 11:30:20 PM

Quote from: Trading on June 03, 2014, 10:58:46 AM

Bitcoin is p2p, but everyone knows that a ban in a few important countries, with their exchanges being closed, would be a major step back for bitcoin.

That would spook major investors. The price of bitcoin would drop like a stone. Perhaps, that wouldn't kill it, but it would take years to recover.

Luckily most countries have a political system that would prohibit an outright ban. In the US for example the courts would likely overturn any such attempt on constitutional grounds.

How do you figure it's unconstitutional?

Bharat

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yes china will ban bitcoin completely soon

Trading

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Nothing like healthy scepticism and hard evidence

A ban in China and Russia would be enough to really smash bitcoin.

China is by very far the biggest market: http://www.bitcoinity.org/markets/list?currency=ALL&span=24h

Ron~Popeil

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Quote from: Trading on June 03, 2014, 10:58:46 AM

Bitcoin is p2p, but everyone knows that a ban in a few important countries, with their exchanges being closed, would be a major step back for bitcoin.

That would spook major investors. The price of bitcoin would drop like a stone. Perhaps, that wouldn't kill it, but it would take years to recover.

Luckily most countries have a political system that would prohibit an outright ban. In the US for example the courts would likely overturn any such attempt on constitutional grounds.

okthen

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I don't think they will.
If the rest of the world gets on board, it will just drive businesses away to ban it. Don't think they are that stupid.
Now, for sure they'll try to control it somehow...

Trading

legendary

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Nothing like healthy scepticism and hard evidence

Bitcoin is p2p, but everyone knows that a ban in a few important countries, with their exchanges being closed, would be a major step back for bitcoin.

That would spook major investors. The price of bitcoin would drop like a stone. Perhaps, that wouldn't kill it, but it would take years to recover.

DolanDuck

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The will ban completely bitcoins in few months maybe, but after some years they will change their mind and apologies for that.

jeffstern

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"An invasion of armies can be resisted, but not an idea whose time has come." Victor Hugo.

The Chinese might have a big hammer, but what if the problem isn't a nail?

hodap

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They already stop bank deposit.

Pretty much same as banning.

Honeypot

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If they wanted to - they can try to choke it hard enough it would lose its appeal, regardless of the technologies involved.

No one may control the btc technology, but they sure as hell can control those using btc.

Weak link is all they need - and crypto ties to fiat is one of them.

Slingshot

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It doesn't matter if China, Russia, Europe and the USA all attempt to ban Bitcoin. They will fail.
============================================================

And after all, capital flight alone is going to push many wealthy hands in China, Russia, Europe and the USA straight into Bitcoin.

Then toss in that Bitcoin is the strongest store of value ever created...(see below).

Math+Science wins every single time.

repeated for dummies & dense brains:
Math+Science wins every single time.

repeated 1 last time for Bitcoin BEARS:
Math+Science wins every single time.

usd
https://bitcoinwisdom.com/markets/bitstamp/btcusd

cny
https://bitcoinwisdom.com/markets/huobi/btccny

Bitcoin is the Strongest Store of Value ever created. That much is extremely self evident.

But I don't care to explain it any further. Either one is bright enough to figure it out, or not.
And beating on dead horses or trying to convince anyone is an exercise in futility.
If their not dumb money they will figure out why I state what I did.

KIRAZ

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They have already tried and failed, what else can they do now.

chanz

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There's no way to completely ban bitcoin, even if they find one i mean come on we are talking about chinese people in here.

bitcon

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i thought they already did like 5 times

Ron~Popeil

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Quote from: Denise520 on June 03, 2014, 02:19:23 AM

No. Because Bitcoin uses peer-to-peer technology to operate with no central authority or banks; managing transactions and the issuing of bitcoins is carried out collectively by the network.

They could officially ban it but enforcement would be a lost cause.

Denise520

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No. Because Bitcoin uses peer-to-peer technology to operate with no central authority or banks; managing transactions and the issuing of bitcoins is carried out collectively by the network.

knightcoin

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Stand on the shoulders of giants

every time I see posts about China ban ... I think to my self that bears are running out of ideas ...

Trading

legendary

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Nothing like healthy scepticism and hard evidence

Price increases make bitcoin even more popular, so if the price keeps going up, that can trigger a reaction from the Chinese Government.

I doubt they would ban bitcoin, that could be a fiasco and they would end bad in the picture. But they might decide to ban the chinese exchanges.

Ron~Popeil

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I don't think they have the balls to try it. Open defiance by holders might inspire too many people.

Slingshot

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Re: Do you think China will completely BAN bitcoin?

I hope so.

Ending communism is most vital and extremely important.

Doing business with communists is immoral.

The people of China have finally had a taste of freedom.

Now it's up to them to demand no more dictatorship termed communism, but in essence is merely state-fascism.
If they ban Bitcoin then the people of China are one more step closer to freedom, but in a round about way.
In other words you figure it out...

China's ruling party is just like The FED (The Federal Reserve System Inc.).
Both are dictators and rule through the use of tyranny, oppression, and exploitation, among other things.

End The FED.
End Communism.

Only then do we have a new game. Otherwise, nothing really changes for anyone. They will even decide who we vote for.
They will try to make us all believe we have a choice. How quaint.

NOT.

Tear down the walls of Communism.

Tear down The FED.

ganabb

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Yes, they can. Only financial institutions are barred from offering financial services related to bitcoin - like insurance or mortgages for now.

redwhitenblue

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No. They do not have the ability to ban bitcoin.

They have attempted to censor the media and the internet however have not been successful.

It would be much more difficult to censor a particular payment method.

They may attempt to regulate it further.

hulk

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Quote from: luckybitcoin777 on May 17, 2014, 12:12:09 PM

Do you think China will completely BAN bitcoin? Huh

If yes, when ?
No, Why?

Yes, cause china government likes to control people, money, economy and everything else..

arbitrage001

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The temporary ban with the deposit with exchange is to stop people from by passing the RMB control to move money out of country.

As soon as RMB is no longer a blocked currency. I do not think the Chinese government will care what currency/instrument/cryptocoin people use to settle trade.

GaryL

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No, the government admitted that it is a commodity, only

giantdragon

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Banning Bitcoin is impossible, even for China!

Ron~Popeil

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If people want it they will find a way to get it. I am glad it looks like they are out of the game for while. No more chinese bubbles to burst.

Brandon61

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There will always be a way to trade BTC in china, Atleast that's my opinion

lnternet

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I believe their PR handling can't really be understood from our perspective.

They would never officially announce a ban on something, it's just not how they do things.

sana8410

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Quote from: Predatorian on May 19, 2014, 09:47:44 AM

Quote from: happyflylong on May 17, 2014, 06:18:04 PM

In fact, China (Govermont) is trying to BAN bitcoin.
There are so many bad messages about bitcoin in China. For example, in news paper, web site, TV , .....
bitcoin is described relating these words: illegal, cheating, Ponzi.

Banks in China would not support service of Bitcoin.

But for these people who believe in Bitcoin, all these are bullshit. They will try to find ways of using Bitcoin.

This, totaly agree with u, govermont ''thinking'' it's a bad option for ppl and trying to ban btc.

The Communist Government try it best to stop Chinese people get into bitcoin,but no matter how hard they try they can't stop it,is the new wave.

Predatorian

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Quote from: happyflylong on May 17, 2014, 06:18:04 PM

In fact, China (Govermont) is trying to BAN bitcoin.
There are so many bad messages about bitcoin in China. For example, in news paper, web site, TV , .....
bitcoin is described relating these words: illegal, cheating, Ponzi.

Banks in China would not support service of Bitcoin.

But for these people who believe in Bitcoin, all these are bullshit. They will try to find ways of using Bitcoin.

This, totaly agree with u, govermont ''thinking'' it's a bad option for ppl and trying to ban btc.

hensi

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TheSlimShady

China can shut down exchanges but it cannot ban a crypto currency, people will always find a way out to get to the bitcoin.

Este Nuno

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amarha

We'll see if they'll continue with soft measures or actually try a full on hard ban in plain language. Not sure what they'll do but they'll never kill off btc use in China 100%.

TrailingComet

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They may not go out with an official ban
But the noose is certainly tightening

Malin Keshar

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no. They will make btc less and less atractive and harder to obtain, so people won't be interested in bitcoin and make use and possession of cryptos a crime(only way I can think a complete ban could be).

Plus we never know where these technologies will go, if they ban they might get technologically defased, so its better always leave room to a retreat that does not looks like they changed their mind by external pressure. This is why the double game of saying that they support cryptos, and at same time fight the exchanges.

devphp

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They would have banned it by now if they could. But they can't. I mean, what would they do, throw people in prison for using bitcoin? Even there this would be ridiculous and raise a lot of questions, and actually would popularize bitcoin. Anything less than that is not enough to stop people using it. And even that sort of countermeasure wouldn't cut it in the long run.

TaunSew

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Quote from: bassguitarman on May 18, 2014, 12:54:10 AM

I think there are two possibilities to the china situation:

1) The chinese government owns a large amount of bitcoin and is pump/dumping them, in order to make money. If this is the case, china will not ban bitcoin completely, because it hurts the value of their asset.

2) They actually want to ban it. They can try, but bitcoin is made to get around government, so resisting bitcoin is futile

TL;DR, good luck china

I somehow doubt the government itself holds coins. A government isn't a collective hive mind - it's technically a group of individuals acting in (chaotic) cohesion. It's probable that high ranking members in the Chinese government are leveraging their position to do insider trading in Bitcoin.

It's easy. If China said: "Bitcoin is 110% legal now", Bitcoin would skyrocket up to $1500 within a month - that's a 3x return if you're a Chinese millionaire government official.

bassguitarman

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I think there are two possibilities to the china situation:

1) The chinese government owns a large amount of bitcoin and is pump/dumping them, in order to make money. If this is the case, china will not ban bitcoin completely, because it hurts the value of their asset.

2) They actually want to ban it. They can try, but bitcoin is made to get around government, so resisting bitcoin is futile

TL;DR, good luck china

TaunSew

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If you look at Chinese history - their governments have been anti-technology through the ages and it takes them awhile to accept new ideas.

The question is can China really afford to miss out on crypto currencies? What if the new financial order in this world is later based on Bitcoin or some current alternate coin? World capital would reset and gravitate back to the west, much like it did during the Victorian ages, and the Chinese would be the clear losers in that regard.

gentlemand

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Welt Am Draht

It's much better PR just to make it extremely hard to obtain and utilise.

Unluckyduck

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China will not officially ban bitcoin because it's market cap is insignificant in the grand scheme of things and besides if people really want to use something they will.

happyflylong

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In fact, China (Govermont) is trying to BAN bitcoin.
There are so many bad messages about bitcoin in China. For example, in news paper, web site, TV , .....
bitcoin is described relating these words: illegal, cheating, Ponzi.

Banks in China would not support service of Bitcoin.

But for these people who believe in Bitcoin, all these are bullshit. They will try to find ways of using Bitcoin.

RCHumphrey

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How could a country completely ban Bitcoin?

Shutting exchanges has already happened but people will always find ways around these things..

luckybitcoin777

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Do you think China will completely BAN bitcoin? Huh

If yes, when ?
No, Why?

Topic: Do you think China will completely BAN bitcoin? (Read 3600 times)