Even the great Firewall cant stop Bitcoin trading in china

q835197677

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Quote from: joshy23 on March 12, 2017, 04:36:28 AM

Quote from: Pursuer on March 12, 2017, 03:00:12 AM

I don't really understand what the "great firewall of China" has anything to do with what is happening in China regarding bitcoin!

the Public Bank of China is trying to put an stop to not regulated bitcoin exchanges that have been reporting that they are handling billions of dollar every day and that is a big red flag for any government regarding money laundering and other criminal activities and it has to stop.

and in the end these exchanges will come back and continue but this time they will cut any money laundering and any other concerns about legality their government had.

Maybe he is just trying to used Analogy here. Great Wall of China=Great Firewall of China. I don't think that PBOC can stopped the Chinese or any nationality to do trading and investment with other cyptocurrency or localcoins as the OP says. They will always find a way outside of the censorship to earn or profit because people need money to lived. So it doesn't mean that since PBOC has regulated or suspended the exchanges now, you will cease your trading as well, no, just find a way outside of it and continue to profit everyday.

The strength of the GFW is very limited, and we can use the technology to browse twitter, Google, facebook, etc. Bitcoin, too, won't stop our love of bitcoin forever.

dasholator

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Quote from: mindrust on March 12, 2017, 02:28:49 PM

Quote from: Mometaskers on March 12, 2017, 12:55:56 PM

The exchanges would open up again anyway, though this time with more regulation to avoid money laundering. Coz, which country would want capital flight? This would not stop people from using their Bitcoins though. Provided they've got some saved that were not frozen, they'd still be able to use it normally. And even if the government do enforce stricter regulations, I doubt that would stop people using bitcoins and cryptocurrencies in general. Like one local bank in my country's slogan say (also ran by a Chinese immigrant BTW) -"We'll find ways". Grin

Exchanges may stay locked forever. We are talking about China here. Not the best country known for their property rights. There was a reason bitcoin became very popular in China, because it make it possible for people to leave that shit hole Grin

Big Companies like Apple, Microsoft or any other capitalistic vampires won't allow their cheap workers to runaway and spread into rest of the world. Grin

Imagine a 500Million Chinese refugee group in Europe... Wouldn't it be a mess? Grin

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ZB is successfully launched today, November 1st, 2017

Qtum/BTC is the only currency pair open for trading as of writing, however.

Mbokani

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Quote from: niisarearning on June 07, 2017, 07:04:57 AM

what you mean by great firewall even lots of social networks not accessible in china even people accessing through VPN .and also there is lots of technique to access internet .

People could access sites which are blocked through their firewall and yes there are many techniques to access the internet but most of the time the people does not have a clue about how to bypass these restrictions as most of them are not technical enough or aware of the fact that these things are easy to bypass.

fabrizeo

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Quote from: Kakmakr on June 07, 2017, 06:35:03 AM

Quote from: fabrizeo on June 07, 2017, 05:20:36 AM

Dont you think that the Chinese Firewall with DPI could just detect and block all bitcoin confirmation ? Seems they can do it pretty well : https://anonymster.com/great-firewall-china-bypass/

Why would they want to do that? A huge amount of capital are entering China from miners selling bitcoins. Some of the biggest mining pools and mining farms are situated in China. People are buying those coins and selling them beyond the Chinese borders.

They are converting cheap electricity into money to strengthen their economy. ^hmmmmm^

China has a huge issue with currency evasion... could be a good reason ?

hello_good_sir

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Quote from: Dimelord on March 12, 2017, 03:13:11 AM

Since PBOC gave some guidelines, the chinese exchanges have suspended the withdrawal of bitcoins, it seems people have shifted to localbitcoins.Even the great firewall cant stop the digital gold trading in china.

Can I ask you why do you think that Great Firewall made by China can stop chinese population from using bitcoin?
Obviously, there is only one real bitcoin, bitcoin core. If the China authorities would decide to ban bitcoin, or just block all the websites related to it, then im sure they would have some cryptocurrency in there, but just made by their nation.

Im sure that china goverment is very smart, because such a big and well-developed country (after all, it is one of the most powerful countries) needs good leaders.
They have to know that blocking bitcoin and cryptocurrencies overall is stupid, because they can be very useful for society plus even for goverment, if people will pay taxes as they should!

Im sure that we should not be worried about bitcoin situation in China, at least that is my opinion.

niisarearning

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what you mean by great firewall even lots of social networks not accessible in china even people accessing through VPN .and also there is lots of technique to access internet .

Kakmakr

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Quote from: fabrizeo on June 07, 2017, 05:20:36 AM

Dont you think that the Chinese Firewall with DPI could just detect and block all bitcoin confirmation ? Seems they can do it pretty well : https://anonymster.com/great-firewall-china-bypass/

Why would they want to do that? A huge amount of capital are entering China from miners selling bitcoins. Some of the biggest mining pools and mining farms are situated in China. People are buying those coins and selling them beyond the Chinese borders.

They are converting cheap electricity into money to strengthen their economy. ^hmmmmm^

fabrizeo

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Dont you think that the Chinese Firewall with DPI could just detect and block all bitcoin confirmation ? Seems they can do it pretty well : https://anonymster.com/great-firewall-china-bypass/

Mometaskers

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Quote from: mindrust on March 14, 2017, 03:41:37 PM

Quote from: Mometaskers on March 13, 2017, 08:18:31 PM

Quote from: mindrust on March 12, 2017, 02:28:49 PM

Quote from: Mometaskers on March 12, 2017, 12:55:56 PM

The exchanges would open up again anyway, though this time with more regulation to avoid money laundering. Coz, which country would want capital flight? This would not stop people from using their Bitcoins though. Provided they've got some saved that were not frozen, they'd still be able to use it normally. And even if the government do enforce stricter regulations, I doubt that would stop people using bitcoins and cryptocurrencies in general. Like one local bank in my country's slogan say (also ran by a Chinese immigrant BTW) -"We'll find ways". Grin

Exchanges may stay locked forever. We are talking about China here. Not the best country known for their property rights. There was a reason bitcoin became very popular in China, because it make it possible for people to leave that shit hole Grin

Big Companies like Apple, Microsoft or any other capitalistic vampires won't allow their cheap workers to runaway and spread into rest of the world. Grin

Imagine a 500Million Chinese refugee group in Europe... Wouldn't it be a mess? Grin

LOL, lucky for those then that have already moved out. Chinese government would eventually be in big trouble if they remain repressive. It's already transitioning into a consumer economy, the sweatshops would be moving out eventually. I remember the time when my Happy Meal have toys made in Taiwan or South Korea (yes I'm that old), then it became Made in China, it's not by a long stretch that it'd soon be other country. Would China gracefully exit the cheap factory phase like Taiwan and South Korea did?

As for the Chinese refugees, no please just no. Have you seen what their tourists have done inside the Sphinx? Those are people that actually have money to spend travelling... just imagine the refugees.

They can exit that phase if a cheaper option comes up but i don't think there will be anything like that cheaper than China. China has everything necessary to be the cheap workers' country.

Communism? yes.
Overpopulation? yes.
Shitty rulers? yay.
Submissive people? hell yeah.

You can't have em all in somewhere else.

Only robots are cheaper than Chinese workers atm.

Bangladesh could become a replacement though they probably don't have the infrastructure to take the world factory burden from China.

mindrust

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Quote from: Mometaskers on March 13, 2017, 08:18:31 PM

Quote from: mindrust on March 12, 2017, 02:28:49 PM

Quote from: Mometaskers on March 12, 2017, 12:55:56 PM

The exchanges would open up again anyway, though this time with more regulation to avoid money laundering. Coz, which country would want capital flight? This would not stop people from using their Bitcoins though. Provided they've got some saved that were not frozen, they'd still be able to use it normally. And even if the government do enforce stricter regulations, I doubt that would stop people using bitcoins and cryptocurrencies in general. Like one local bank in my country's slogan say (also ran by a Chinese immigrant BTW) -"We'll find ways". Grin

Exchanges may stay locked forever. We are talking about China here. Not the best country known for their property rights. There was a reason bitcoin became very popular in China, because it make it possible for people to leave that shit hole Grin

Big Companies like Apple, Microsoft or any other capitalistic vampires won't allow their cheap workers to runaway and spread into rest of the world. Grin

Imagine a 500Million Chinese refugee group in Europe... Wouldn't it be a mess? Grin

LOL, lucky for those then that have already moved out. Chinese government would eventually be in big trouble if they remain repressive. It's already transitioning into a consumer economy, the sweatshops would be moving out eventually. I remember the time when my Happy Meal have toys made in Taiwan or South Korea (yes I'm that old), then it became Made in China, it's not by a long stretch that it'd soon be other country. Would China gracefully exit the cheap factory phase like Taiwan and South Korea did?

As for the Chinese refugees, no please just no. Have you seen what their tourists have done inside the Sphinx? Those are people that actually have money to spend travelling... just imagine the refugees.

They can exit that phase if a cheaper option comes up but i don't think there will be anything like that cheaper than China. China has everything necessary to be the cheap workers' country.

Communism? yes.
Overpopulation? yes.
Shitty rulers? yay.
Submissive people? hell yeah.

You can't have em all in somewhere else.

Only robots are cheaper than Chinese workers atm.

Mometaskers

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Quote from: mindrust on March 12, 2017, 02:28:49 PM

Quote from: Mometaskers on March 12, 2017, 12:55:56 PM

The exchanges would open up again anyway, though this time with more regulation to avoid money laundering. Coz, which country would want capital flight? This would not stop people from using their Bitcoins though. Provided they've got some saved that were not frozen, they'd still be able to use it normally. And even if the government do enforce stricter regulations, I doubt that would stop people using bitcoins and cryptocurrencies in general. Like one local bank in my country's slogan say (also ran by a Chinese immigrant BTW) -"We'll find ways". Grin

Exchanges may stay locked forever. We are talking about China here. Not the best country known for their property rights. There was a reason bitcoin became very popular in China, because it make it possible for people to leave that shit hole Grin

Big Companies like Apple, Microsoft or any other capitalistic vampires won't allow their cheap workers to runaway and spread into rest of the world. Grin

Imagine a 500Million Chinese refugee group in Europe... Wouldn't it be a mess? Grin

LOL, lucky for those then that have already moved out. Chinese government would eventually be in big trouble if they remain repressive. It's already transitioning into a consumer economy, the sweatshops would be moving out eventually. I remember the time when my Happy Meal have toys made in Taiwan or South Korea (yes I'm that old), then it became Made in China, it's not by a long stretch that it'd soon be other country. Would China gracefully exit the cheap factory phase like Taiwan and South Korea did?

As for the Chinese refugees, no please just no. Have you seen what their tourists have done inside the Sphinx? Those are people that actually have money to spend travelling... just imagine the refugees.

mindrust

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Quote from: Mometaskers on March 12, 2017, 12:55:56 PM

The exchanges would open up again anyway, though this time with more regulation to avoid money laundering. Coz, which country would want capital flight? This would not stop people from using their Bitcoins though. Provided they've got some saved that were not frozen, they'd still be able to use it normally. And even if the government do enforce stricter regulations, I doubt that would stop people using bitcoins and cryptocurrencies in general. Like one local bank in my country's slogan say (also ran by a Chinese immigrant BTW) -"We'll find ways". Grin

Exchanges may stay locked forever. We are talking about China here. Not the best country known for their property rights. There was a reason bitcoin became very popular in China, because it make it possible for people to leave that shit hole Grin

Big Companies like Apple, Microsoft or any other capitalistic vampires won't allow their cheap workers to runaway and spread into rest of the world. Grin

Imagine a 500Million Chinese refugee group in Europe... Wouldn't it be a mess? Grin

Mometaskers

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The exchanges would open up again anyway, though this time with more regulation to avoid money laundering. Coz, which country would want capital flight? This would not stop people from using their Bitcoins though. Provided they've got some saved that were not frozen, they'd still be able to use it normally. And even if the government do enforce stricter regulations, I doubt that would stop people using bitcoins and cryptocurrencies in general. Like one local bank in my country's slogan say (also ran by a Chinese immigrant BTW) -"We'll find ways". Grin

dumpida

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Quote from: Pursuer on March 12, 2017, 03:00:12 AM

I don't really understand what the "great firewall of China" has anything to do with what is happening in China regarding bitcoin!

the Public Bank of China is trying to put an stop to not regulated bitcoin exchanges that have been reporting that they are handling billions of dollar every day and that is a big red flag for any government regarding money laundering and other criminal activities and it has to stop.

and in the end these exchanges will come back and continue but this time they will cut any money laundering and any other concerns about legality their government had.

The trading volume in China is about 6000 bitcoins a day. That is about $7 million. That is not of big concern.

BitcoinHodler

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this is one of the many benefits of a decentralized system like bitcoin. when we say decentralized it doesn't only mean there is no bank but also it is the fact that nobody can tell you how to use it.

although China has never said anything about wanting to ban bitcoin though. so saying the firewall of China couldn't do it is not really relevant here.

AjithBtc

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Everything is insecure. Probably bitcoin trading needs more security features, but these days due to the regulations by PBOC the trading volume of bitcoin within the country has decreased much. These day localbitcoins and other trading company have gained more user base.

dothebeats

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Even though the governments are trying to limit or restrict us from using disruptive tech, still it is quite of relieving that people are still finding ways to continue moving forward. China is not banning bitcoin completely, however they are, as much as possible, restricting trades so as to avoid money laundering and such but LBC is available anyhow. Good for Chinese all in all! Cheesy

xuan87

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Bitcoin is the decentralised and freedom currency, it is not that easy to banned bitcoin, no matter how the government try to bring down bitcoin, the user always had a way to use bitcoin, the only way to bring down bitcoin is to cut off internet connection completely

Kprawn

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Quote from: Dimelord on March 12, 2017, 03:13:11 AM

Since PBOC gave some guidelines, the chinese exchanges have suspended the withdrawal of bitcoins, it seems people have shifted to localbitcoins.Even the great firewall cant stop the digital gold trading in china.

You are not going to stop Bitcoin by blocking the "services" on the internet.... too many people already know about Bitcoin and they already own

bitcoins. These people will transfer / buy / sell bitcoins amongst them for years to come. These piss poor attempts to stop people from using this

technology will push this whole movement underground... and give other countries the competitive edge. Wink

talkbitcoin

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All I know is that I know nothing.

nobody can ever block bitcoin usage. they can restrict it and push people away but nobody in the whole world can prevent us from continuing to use bitcoin you just need pen and paper at the very least to make a private key for yourself with something like a dice and then convert it to a public key and give it to others to pay you or transfer bitcoin p2p.
and even for broadcasting trasnactions you can use any type of online website to do it easily.

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