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Topic: What if bitcoin is regulated in China? (Read 5528 times)

member
Activity: 67
Merit: 10
January 01, 2016, 03:00:03 AM
#64
To be honest, I don't think Satoshi actually celebrates his birthday. He probably just celebrates every time Bitcoin goes up.
legendary
Activity: 2674
Merit: 1048
December 19, 2015, 01:56:18 AM
#63
i'm not sure what the effect of bitcoin regulation in china,and until now i'm also dont know,is bitcoin has been regulated in china? if it was done,i think chine succesfull to make bitcoin price raise up,since this thread posted,bitcoin price have been raise so well.
newbie
Activity: 53
Merit: 0
December 18, 2015, 03:03:40 PM
#62
the blockchain was implemented as a way to publicly verify who spent what, and when. And to go a little further than this, there are dozens of people that are working on ways to prevent this tracking of transactions which, in the future, will also make it impossible to tax people based on their bitcoin holdings.
legendary
Activity: 3542
Merit: 1352
Cashback 15%
October 21, 2015, 03:00:01 PM
#61
-snip-
In short, regulation will not effect bitcoin... not even in the slightest.
 -snip-

It does. In acquiring bitcoins through exchanges under a jurisdiction where bitcoin is regulated, users are affected the most (and of course, it hurts bitcoin too). It forces them to give out their credentials for tracking and taxation by the government. In a mildly-regulated scenario, it may be good, but in places such as NY? It isn't, and it affects bitcoin and its users there.
legendary
Activity: 2912
Merit: 1852
October 21, 2015, 02:54:06 PM
#60
It's near impossible to impose regulations on ethereal, virtual commodities that are transmitted via a peer to peer protocol... (See the music industry VS illegal file sharing)

Most people require fiat interaction somewhere along the way and that's where they can stick all the regulation they like in. If fiat gateways were strangled it could still continue but would lose a humongous amount of utility. Not many folks are all crypto.


^^^ This.

If regulators were to shut off the fiat gateways (converting BTC to/from cash), that would hit Bitcoin very hard.  At least in the BTC markets for real (physical) goods.  OK, for music files, etc., BTC would appear to work fine.

Even the gold dealers who take BTC as payment convert their crypto to cash.  Would these dealers sell gold for BTC without the easy option to turn it into cash? 

Not likely.
legendary
Activity: 2842
Merit: 1130
Leading Crypto Sports Betting & Casino Platform
October 21, 2015, 12:40:38 PM
#59
Bitcoin exchangers are already banned in China and the banks are not allowed to accept firms that are related with Bitcoin.
Banks were barred from dealing with Bitcoin transactions, BTCChina still operates as they have realised that they are still able to trade but banks were not allowed to be or setup a Bitcoin business[1].

[1] http://www.coindesk.com/btc-china-accepting-bank-deposits/

I do not understand how it's possible to continue their operations for BTCChina without the help of bank accounts to handle fiat against the bitcoins.
China has more hash power as per mining percentage data. It will make china to posses more bitcoins. So, if bitcoin get regulated in china, that would boost to value appreciation over all.
legendary
Activity: 2954
Merit: 4158
October 21, 2015, 10:29:55 AM
#58
Bitcoin exchangers are already banned in China and the banks are not allowed to accept firms that are related with Bitcoin.
Banks were barred from dealing with Bitcoin transactions, BTCChina still operates as they have realised that they are still able to trade but banks were not allowed to be or setup a Bitcoin business[1].

[1] http://www.coindesk.com/btc-china-accepting-bank-deposits/
legendary
Activity: 2590
Merit: 3014
Welt Am Draht
October 21, 2015, 09:46:27 AM
#57
It's near impossible to impose regulations on ethereal, virtual commodities that are transmitted via a peer to peer protocol... (See the music industry VS illegal file sharing)

Most people require fiat interaction somewhere along the way and that's where they can stick all the regulation they like in. If fiat gateways were strangled it could still continue but would lose a humongous amount of utility. Not many folks are all crypto.
legendary
Activity: 1610
Merit: 1183
October 21, 2015, 09:43:21 AM
#56
Whichever governments want to extract the greatest percent of GDP growth (collect the most tax dollars) for their country from this new technological revolution will be the first ones who give regulatory clarification and those with the least legal regulations will get an additional GDP boost.

Just like how the countries that industrialized first had a GDP growth advantage over those who industrialized last. The early adopters get the most benefit.  Just as the early bitcoin adopters did better than the rest of us late to the party Rip Van Winkles, the early Countries who adopt crypto will get much more benefit than those who are late to the party.  

The early bird gets the worm, and it looks like China is hungry.  The sun rises in the east after all it seems.

They will first need to find a way to enforce the taxes.. It will be very difficult in the early days to keep track of bitcoin and wether taxes are being paid.

I don't see the early countries benefitting more in this way. It will probably be those sitting on the sidelines, first creating a method to extract taxes, that will profit.

I still fail to see how you "regulate Bitcoin" so to speak. How in hell will you keep track of all of it? And i don't see how it would be less difficult after the early days. The more people using it, the more of a nightmare it will be, but the main thing is anonymity being increased overtime as the software gets better.
full member
Activity: 182
Merit: 100
Love me love my Bitcoin.
October 21, 2015, 09:06:09 AM
#55
Isn't it already regulated?  Roll Eyes  They block many bitcoin related websites.

They block google, youtube, facebook, twitter and so many ...
legendary
Activity: 1456
Merit: 1004
October 21, 2015, 08:53:29 AM
#54
Bitcoin exchangers are already banned in China and the banks are not allowed to accept firms that are related with Bitcoin.

So how do the exchanges work in China. There are still trading there.

because what he have said, it's not true, there were some heavy restriction in the past, because the government was thinking that there were a possibili for the cny to suffer a devaluation

but then it was permitted, because presumably, they could earn profit from those eexchange

Please show me the official links where it's saying that the Chinesse banks and exchangers can deal with Bitcoin.

Banking institutions and employees are banned from engaging in bitcoin business through banking, as well as servicing or doing business with the bitcoin industry

So, individuals can trade bitcoin but not the companies.

Yes, there illegal tradings. What's so hard to understand that most of the Chinese exchangers are doing illegal exchanges Smiley
legendary
Activity: 3206
Merit: 1069
October 21, 2015, 03:51:57 AM
#53
Bitcoin exchangers are already banned in China and the banks are not allowed to accept firms that are related with Bitcoin.

So how do the exchanges work in China. There are still trading there.

because what he have said, it's not true, there were some heavy restriction in the past, because the government was thinking that there were a possibili for the cny to suffer a devaluation

but then it was permitted, because presumably, they could earn profit from those eexchange
newbie
Activity: 56
Merit: 0
October 21, 2015, 01:51:47 AM
#52
Bitcoin exchangers are already banned in China and the banks are not allowed to accept firms that are related with Bitcoin.

So how do the exchanges work in China. There are still many trading there. The volume is quite large. More than 50% of world's total volume.
legendary
Activity: 1456
Merit: 1004
October 20, 2015, 02:11:37 PM
#51
Bitcoin exchangers are already banned in China and the banks are not allowed to accept firms that are related with Bitcoin.
legendary
Activity: 1904
Merit: 1073
October 20, 2015, 01:16:02 PM
#50
Worst case scenario... They can re-define it as a commodity and ban it from being used as a currency. We have been seeing this in other countries too and it's not good. The

regulation will only happen if it is used to bypass laws or to avoid taxes. The governments wants a piece of the action {taxes} and they want to be in control. If you threaten that,

you will see lots of regulation. Bitcoin by nature have opportunities for people to do both... Let's just hope the advantages outweigh the disadvantages for them.  Roll Eyes
full member
Activity: 210
Merit: 100
October 20, 2015, 10:47:58 AM
#49
i just worry about that regulation will follow by other country,and make some problem about legalizm.
legendary
Activity: 1456
Merit: 1001
October 20, 2015, 10:46:31 AM
#48
Any Bitcoin regulation in China will afect Bitcoin. There are a lot of people in china, if govern permits and regulates uses of Bitcoin a lot of people will know about bitcoin and price could increse. In the other hand, if china government regulates against bitcoin, it could make that chinese bitcoin users sell it and prices could decrease.
full member
Activity: 126
Merit: 100
October 20, 2015, 10:22:48 AM
#47
It will be a good news.
We all know that China is a big country.
Most chinese people will understand what bitcoin is.
legendary
Activity: 2954
Merit: 4158
October 20, 2015, 09:12:36 AM
#46
...

With China controlling over 50% of current hashing power, I wonder if there are LARGE Bitcoin holders there.

The uber-rich of China could buy up a lot of Chinese-mined BTC and fairly soon could have a lot of easy to transfer funds (to buy real assets in the West for example).

Anybody know of there are heavy hitters among BTC owners who are Chinese?
I haven't heard of any Chinese that controls a huge amount of BTC.

Your theory could make sense in a way. Miners in China would be quite money minded and sell their BTC immediately after mining. However, the costs of banking fees could be too high and they would find someone willing to buy it at a good rate and they don't have to worry about the fees. Some miners would be keeping a portion of BTC after factoring the labor costs and electrical costs though.
sr. member
Activity: 490
Merit: 250
October 20, 2015, 08:36:44 AM
#45
I think that bitcoin regulation in china would be a good step into bitcoin adoption in china. With a safe regulation people will take bitcoin more serious.
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