I did not expect the Chinese government to promote the rise of decentralization

michellee

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Quote from: yazher on September 27, 2021, 10:00:54 PM

Quote from: Wendy Simth on September 26, 2021, 11:49:42 PM

The Chinese government's policy is indeed an unexpected advertisement for decentralized exchanges. But I have a puzzle: how to exchange Fiat into cryptocurrency? The important role of centralized exchanges at present is to undertake the exchange of fiat and cryptocurrency.

They just wanted to confuse those who speculate that they cannot do this kind of thing because everyone is talking about if they cannot control the flow of the crypto market in their country, they just automatically banned everything about cryptocurrency. Right now if they tell you about their promotion about the decentralization of exchanges in their country, you need to be aware of their deception where they can change the tide at any moment.

They can confuse people with all of their statements and that is no surprise at all. People will have to find a way to exchange fiat into crypto and vise versa and I am sure people will get that as long as their government still allows internet connection in their country. You should not surprise by what they will do later because they can do whatever they want and that can impact crypto as long as we do not panic reading their news and still calm down, nothing to worry about them.

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Quote from: Wendy Simth on September 26, 2021, 11:49:42 PM

The Chinese government's policy is indeed an unexpected advertisement for decentralized exchanges. But I have a puzzle: how to exchange Fiat into cryptocurrency? The important role of centralized exchanges at present is to undertake the exchange of fiat and cryptocurrency.

They just wanted to confuse those who speculate that they cannot do this kind of thing because everyone is talking about if they cannot control the flow of the crypto market in their country, they just automatically banned everything about cryptocurrency. Right now if they tell you about their promotion about the decentralization of exchanges in their country, you need to be aware of their deception where they can change the tide at any moment.

lovemycar

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Quote from: avikz on September 27, 2021, 07:07:03 AM

I quite like the way op has highlighted the need to decentralized exchanges over the centralized ones. The recent incidents in China shows the necessity of having decentralized businesses around crypto ecosystem. China was always against the use of virtual currencies and they were the first country to ban ICOs. So the market shouldn't have receive this massive shock we have experienced last week. But it's good that the market is now back on track and growth at a good pace. This incident will definitely push the decentralization to the next level and people have started realizing its need.

Because from the beginning, I felt that centralized exchanges would definitely be replaced by decentralized exchanges. This is a trend. Centralized exchanges will definitely be regulated by the government. This is not in line with the central idea of blockchain and Bitcoin.

avikz

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I quite like the way op has highlighted the need to decentralized exchanges over the centralized ones. The recent incidents in China shows the necessity of having decentralized businesses around crypto ecosystem. China was always against the use of virtual currencies and they were the first country to ban ICOs. So the market shouldn't have receive this massive shock we have experienced last week. But it's good that the market is now back on track and growth at a good pace. This incident will definitely push the decentralization to the next level and people have started realizing its need.

20kevin20

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I could probably say the same: I did not expect our governments to make me realize how important privacy is due to the surveillance they implemented. It's a bad thing though, if you look closer at it. You can use DEXs maybe, but you'd be doing something illegal and not many know how to use DEXs or a PC at all without exposing their history and having the government take a look at it. What happens now is, some people will avoid crypto at all, some people will use DEXs successfully and some others will unfortunately make mistakes and be caught.

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Quote from: pooya87 on September 26, 2021, 11:37:16 PM

I wish that were as true as you say it is. The fact is that this recent announcement by their banks only affected traders not bitcoin users. The thing about exchanges is also proving that the only effect this had was on those who were day trading bitcoin. DEX is also for traders not bitcoin users.
Otherwise people can continue accepting bitcoin as payment and paying with it at the same time, just like before since bitcoin was always decentralized and is not affected by what some banksters say.

Correct,,, which means most of the people affected will not be those on this forum (as much as I actually do not think there are many users here who are from China).

But I would say judging from people online, including Chinese users, no one has been complaining or worried mainly because they are simply users or part time traders, not heavy duty speculators.

Amor.

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Are you serious this time? It has been said for several years that Chinese users still haven't withdrawn from the market. For countries with strict regulation, decentralized exchanges may not be able to save them.

crwth

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Those decisions will lead to more use of DEX, which is not bad for cryptocurrency in general because whether or not someone would be trading, they could easily trade just by connecting their wallet. What I'm worried about is that a lot of people, who are not tech-savvy, would have a hard time trying out those kinds of exchanges because it's not that friendly.

I don't get how you can say that their government is promoting it. All they did was ban it, right?

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Quote from: Kaylana on September 27, 2021, 01:36:42 AM

This is only a small ripple. Bad news from China can no longer generate waves. This is a good sign. No one can stop the trend of decentralized exchanges.

it's still can but very minimum unlike when it first started announcing bans but people got use to it anymore.

its possible, many users will prefer to use dex this time. i can see the dydx exchange reached up to 5B of trading volume in 24hours that's a lot compare to the previous years.
the orderbook type of decentralized exchanges has cheaper fees than the swapping exchanges and dydx is just one of them.

Kaylana

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This is only a small ripple. Bad news from China can no longer generate waves. This is a good sign. No one can stop the trend of decentralized exchanges.

kanayaTabitha

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Quote from: Tashana on September 27, 2021, 12:54:13 AM

Now these Chinese traders can only go overseas to open accounts or directly immigrate overseas, or directly withdraw from the crypto market.
I don't think they will withdraw from the crypto market. They will find ways to continue trading. They will start to learn to use decentralized transactions, but now decentralization cannot solve the problem of fiat currency deposits and withdrawals.

I think people from there still have the way to trade cryptocurrency by using VPN to access exchanges but it's hard if the exchange force us to do KYC if we want to break the transaction or trading limit and withdrawal.
They still could withdraw their profits to paypal USD and withdraw USD to their national currency.
But many people still said the ban is temporary because they want to see the bottom price of crypto and started to reload for big wave profits.

Maeve@

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China always hopes to introduce policies to suppress cryptocurrency. I have become accustomed to this kind of life. I think that when China introduces suppression policies, it is a very good opportunity to buy Bitcoin, because you can buy very cheap currencies!

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Quote from: lovemycar on September 26, 2021, 10:48:34 PM

The Chinese government has accelerated the process of decentralized exchanges, forcing many people to practice the spirit of decentralization. Let us cheer for decentralization.

Is that so? Im afraid that they will not called it decentralized, obviously they are building something more on centralized one that they can monitor the transactions. Ive think there is too much overwhelm about their own plan, but I am supporting their removal from the cryptocurrency industry, cause they only cause fud. Yes they are rich, but soemthing so pessimistic wouldnt help in growing community of cryptocurrency.

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Quote from: Wendy Simth on September 26, 2021, 11:49:42 PM

The Chinese government's policy is indeed an unexpected advertisement for decentralized exchanges. But I have a puzzle: how to exchange Fiat into cryptocurrency? The important role of centralized exchanges at present is to undertake the exchange of fiat and cryptocurrency.

It's cool when you view it this way while they indicated that all cryptocurrency transaction is illegal. China is communist country which far more different on other country regarding implementing the law. Sure this is the best way to view when you are outside China but if you are a resident there. You will obviously fear about doing activity against the law because you will surely busted the way how they monitor all there citizen.

Let's just remove China out of the crypto picture and move on. Besides we are still moving forward know the fact that they imposed this kind of law few years ago tho.

Tashana

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Now these Chinese traders can only go overseas to open accounts or directly immigrate overseas, or directly withdraw from the crypto market.
I don't think they will withdraw from the crypto market. They will find ways to continue trading. They will start to learn to use decentralized transactions, but now decentralization cannot solve the problem of fiat currency deposits and withdrawals.

patientforzhou

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I am tired of seeing FUD news in China. I would like to suggest that the forum set up a discussion area called China FUD for everyone to discuss, instead of seeing the same thing happen in the Bitcoin discussion section. Personally, if China completely bans Bitcoin, I will cheer, not only because I can buy cryptocurrencies at lower prices, but also because I am happy to see an important step towards Bitcoin's decentralization.

Kittygalore

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Don't expect then, to be honest the only one that benefits here the most is the Chinese government, they have their own crypto portfolio and they know that they can manipulate the market so they try this stupid antics to move the market in their favor.

Wendy Simth

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The Chinese government's policy is indeed an unexpected advertisement for decentralized exchanges. But I have a puzzle: how to exchange Fiat into cryptocurrency? The important role of centralized exchanges at present is to undertake the exchange of fiat and cryptocurrency.

pooya87

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I wish that were as true as you say it is. The fact is that this recent announcement by their banks only affected traders not bitcoin users. The thing about exchanges is also proving that the only effect this had was on those who were day trading bitcoin. DEX is also for traders not bitcoin users.
Otherwise people can continue accepting bitcoin as payment and paying with it at the same time, just like before since bitcoin was always decentralized and is not affected by what some banksters say.

lovemycar

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1.

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The Central Bank of China stated that all cryptocurrency-related transactions are illegal financial activities. This statement reinforces the Chinese government's strong stance against digital currencies issued by non-monetary authorities.

2.

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Huobi Global will cancel users in mainland China, Binance will stop the registration of users in mainland China.

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Binance, the world's largest cryptocurrency exchange, was revealed to have suspended registration in mainland China.

In fact, some people have proposed the coin withdrawal movement early on, advocating the use of decentralized exchanges, but there are not too many responders. The advantages and disadvantages of centralized and decentralized exchanges are obvious, so I won't say more. The Chinese government has accelerated the process of decentralized exchanges, forcing many people to practice the spirit of decentralization. Let us cheer for decentralization.

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