Even the great Firewall cant stop Bitcoin trading in china - page 2.

mindrust

legendary

Activity: 3276

Merit: 2442

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.

Dude what does it has to do with this. They can't withdraw their coins in the first place so they won't be able to use localbitcoins... And that firewall thing is probably hacked to death by the Chinese hackers till now anyway.

Roboabhishek

hero member

Activity: 882

Merit: 528

It's literally impossible to stop people from buying or selling bitcoins even if such websites like coinbase ask for ID verification then localbitcoins is best for you if you don't wish to reveal your id

7788bitcoin

legendary

Activity: 2282

Merit: 1023

I think they know that bitcoin trading in China can not be stopped, but with the recent guidelines, they can slow down the trading significantly. To me, they are just buying more time to understand and decide the next move...

Xester

hero member

Activity: 994

Merit: 544

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.

Yes it is true that the Republic of China cannot stop bitcoin trading in their country. Though they have control over the Chinese exchanges but they do not have control over the bitcoin holders since they cannot identify them. It is normal for traders or bitcoin holders to make use of their bitcoin and so they shift to localbitcoin.com since they find it hard to trade on Chinese exchanges anymore due to PBOC regulations.

Juggy777

hero member

Activity: 2646

Merit: 686

I think the Op is trying to draw a conclusion that even. After the government all mighty power, they have failed to stop their citizens from using Bitcoins. I would have been really surprised to see if they suddenly had stopped using Bitcoins. Chinese citizens have invested huge amounts in Bitcoins already and so I don't see any need for them to stop using the Bitcoins, they were bound to find a way to go around the government and they have successfully done so. Now it will interesting to see how the government reacts to this, and what next step it takes.

davis196

hero member

Activity: 3150

Merit: 937

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.

They have shifted to LBC?Now the PBOC and the Chinese government will try to stop them from using localbitcoins.Maybe the Chinese internet providers will block the access to localbitcoins.com.
Perhaps at some point, the PBOC and the government will realise that those efforts are pointless and they will most likely ban bitcoin,because they are communists.A communist would ban everything he can`t control. Grin

HaXX0R1337

sr. member

Activity: 574

Merit: 252

Quote from: CoinBreader on March 12, 2017, 04:36:22 AM

Chinese Government blocks access to a large number of international resources such as Google, Youtube, Facebook, Twitter, Flickr etc. Even though some VPN providers are quite successful at breaking through this Wall, the Chinese government is advancing so the providers must stay tuned and constantly adjust their VPN setup to ensure free internet access in that region. It is simple as that... to bypass the ultimate wallie Grin

From what i understand there is no restriction for bitcoin or bitcoin exchanges in China.The only thing they are trying to implement is to avoid money laundering and so is the reason they are implementing strict monitoring to avoid those and if the government wanted to ban the bitcoin exchanges they could very well do that and then they are not legally possible to run an exchange and so every user has to use other exchanges and it will be really difficult for the people to get the money back in fiat.

joshy23

sr. member

Activity: 1078

Merit: 256

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.

CoinBreader

hero member

Activity: 672

Merit: 500

Chinese Government blocks access to a large number of international resources such as Google, Youtube, Facebook, Twitter, Flickr etc. Even though some VPN providers are quite successful at breaking through this Wall, the Chinese government is advancing so the providers must stay tuned and constantly adjust their VPN setup to ensure free internet access in that region. It is simple as that... to bypass the ultimate wallie Grin

Pursuer

legendary

Activity: 1638

Merit: 1163

Where is my ring of blades...

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.

Dimelord

hero member

Activity: 490

Merit: 500

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.

Topic: Even the great Firewall cant stop Bitcoin trading in china - page 2. (Read 1615 times)