Let me tell why Chinese gov bans all BTC exchages is a great gift to the world

lentzaj

sr. member

Activity: 474

Merit: 501

We must see the problem in two parts :

the resiliency of the BTC network -> no problem. They can ban exchanges but BTC will survive worldwide
the BTC/FIAT exchange value -> this banning could have a potential tremendous down effect as it will break the trust in BTC. So for all the people who have significant amounts of BTC investments this will be a bad news

So ban = great gift to the world depends of the point of view

jekjekman

sr. member

Activity: 378

Merit: 250

Quote from: visionfar on September 12, 2017, 11:00:40 AM

I am a chinese, and I am a BTC holder.
This time maybe China's gov will ban all exchangers in the China. Every one are suffering.
But I will say, this is a great gift China's gov offer to the world.

Because the more terrible thing is Chinese gov bans the internet from the world at any time, if this happend before they close all the BTC exchanges in the China, the BTC will heavly split.
And then there will be two BTC network: The world's BTC and the Chinese local-network BTC.

When this happend, If anyone still exchange BTCs in China, The book records will heavly corrupt between China and The World.
many address balance will corrupt, and we can't say who is the Authentic.

Even the satellite tech is one-way download, it is helpless to this disaster.

So if they close every Chinese BTC exchagers in the first, and then they close the internet on the second step,

The BTC world wide network will remain safe and sound.

In what way will bitcoin will be split to a Bitcoin itself and a ChineseBTC, I think the bitcoin developers will never do that even if your government will truly ban cryptocurrencies and the internet, I think that will not happen as bitcoin is a world wide currency and cannot be focus only on a single country, but let's wait then.

If what you have will eventually happen I think most of the bitcoin holders in your country will find a way to use an internet and especially their bitcoin holdings or some of them will go abroad just to use their bitcoin, I just can't think of what will happen to those Chinese miners that already invested and they are almost half of the total miners in the world I guess.

hatshepsut93

legendary

Activity: 3038

Merit: 2162

First, China is rumored to ban exchanges, not Bitcoin itself. From technical point of view, this would have zero direct effect on the network.
If China banned Bitcoin and enforced it via their ISP's, then all nodes from China would stop to operate and the Bitcoin network would be only accessible via TOR and VPN. This mean there would be no forking and no "Chinese only" Bitcoin. Such fork might be theoretically possible if all Chinese nodes were cutoff from the rest of the network by The Great Chinese Firewall, but even if one node communicated with the main network, the whole "Chinese only" Bitcoin would reorg, because main net chain will be longer.

rosygreat

newbie

Activity: 42

Merit: 0

No government can stop bitcoin.

mangodream

hero member

Activity: 672

Merit: 501

"If China does shut down the exchanges, it could be a severe blow to bitcoin at large, and would certainly cause anxiety for people holding other formats like Ethereum. As The Verge explains, three Chinese exchanges represented 45 percent of bitcoin's market share in the past month. It wouldn't be the end of bitcoin trading, even in China (informal trades can still take place), but it would cause chaos at time when confidence in the technology is otherwise at an all-time high."

azaid18

full member

Activity: 266

Merit: 105

Quote from: visionfar on September 12, 2017, 11:00:40 AM

I am a chinese, and I am a BTC holder.
This time maybe China's gov will ban all exchangers in the China. Every one are suffering.
But I will say, this is a great gift China's gov offer to the world.

Because the more terrible thing is Chinese gov bans the internet from the world at any time, if this happend before they close all the BTC exchanges in the China, the BTC will heavly split.
And then there will be two BTC network: The world's BTC and the Chinese local-network BTC.

When this happend, If anyone still exchange BTCs in China, The book records will heavly corrupt between China and The World.
many address balance will corrupt, and we can't say who is the Authentic.

Even the satellite tech is one-way download, it is helpless to this disaster.

So if they close every Chinese BTC exchagers in the first, and then they close the internet on the second step,

The BTC world wide network will remain safe and sound.

No one can break bitcoin even the Chinese gov. Bitcoin is a network . Maybe they can manipulate the price of the bitcoins but they cant stop it.

marky89

hero member

Activity: 756

Merit: 502

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Quote from: visionfar on September 12, 2017, 11:00:40 AM

I am a chinese, and I am a BTC holder.
This time maybe China's gov will ban all exchangers in the China. Every one are suffering.
But I will say, this is a great gift China's gov offer to the world.

I was pretty confident that the rumors weren't true at first, but it seems I may have been wrong. Still no confirmation, but people who are connected seem to be suggesting now that the exchanges will indeed be shut down (at least temporarily).

Charlie Lee deleted the original tweet (not sure why), but he said that he received information from a source he trusts confirming the rumors about the exchange ban. He did leave this up: https://twitter.com/SatoshiLite/status/907671151005933569

Jihan Wu said today:

Quote

Bitcoin is not banned in China, but only Bitcoin exchange business is about to be banned(according to rumor).

https://twitter.com/JihanWu/status/907661338570137600

Sadsong

full member

Activity: 178

Merit: 100

Kind of getting tired of all the China hype everytime bitcoin makes a huge gain. Comes across as super helpful for people wanting a drop in price to buy up more. The OP seems to be coming from a aspect that China is the world therefore it dictates the future, just not going to happen that way.

Kprawn

legendary

Activity: 1904

Merit: 1074

Your government cannot stop Bitcoin. They might stop merchants from accepting it and make it a criminal offense to accept

it, but people always find ways to bypass these laws. If I was a Chinese citizen, I would just continue as normal. The big

exchanges are still operating and nothing has changed. A bunch of scumbags are spreading rumours and people are falling

into this panic trap. Just make sure you are the only person with access to the private keys to your coins... then you will be

fine. Wink

visionfar

jr. member

Activity: 41

Merit: 1

I am a chinese, and I am a BTC holder.
This time maybe China's gov will ban all exchangers in the China. Every one are suffering.
But I will say, this is a great gift China's gov offer to the world.

Because the more terrible thing is Chinese gov bans the internet from the world at any time, if this happend before they close all the BTC exchanges in the China, the BTC will heavly split.
And then there will be two BTC network: The world's BTC and the Chinese local-network BTC.

When this happend, If anyone still exchange BTCs in China, The book records will heavly corrupt between China and The World.
many address balance will corrupt, and we can't say who is the Authentic.

Even the satellite tech is one-way download, it is helpless to this disaster.

So if they close every Chinese BTC exchagers in the first, and then they close the internet on the second step,

The BTC world wide network will remain safe and sound.

Topic: Let me tell why Chinese gov bans all BTC exchages is a great gift to the world (Read 473 times)