What will happen to Bitcoin if China shuts all physical Internet cables. - page 2.

Juggy777

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Quote from: erict on September 30, 2017, 11:40:23 PM

Then there will be a big LAN in Asia without physical connections to the outside Internet, Resulting in another small Internet emerging.
And we know there are large harshpowers in China.

Then what will happen to Bitcoin?
Will there be two Bitcoin systems co-existing?

Seems like you just had a bad dream, and you're being paranoid about China, first of all China just can't close its Internet cables, how will they do hacking, and cyber attacks, in the age of digitalization no country can afford to be without net cables and if it's any news to you, there is just a fresh update coming that China is planning to regularise Bitcoins. So no banning on the net.

HasHe

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China has good experience in censoring google,facebook,etc.So,instead of cutting off all internet cables to stop bitcoin being used,china will just censor crypto related websites.If china stops bitcoin usage in their country by any way,then chinese bitcoin holders would be the ultimate losers.

On the other hand,bitcoin community would be free from unloyal chinese bitcoiners and also from FUD.This would result in a steady progress in bitcoin and people from all over the world would get more confidence over bitcoin and would invest in it.

BITDV

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2 pieces of Bitcoin with different systems? do you mean fork? if true then it is not something to worry about because there are already some fork on bitcoin. but if you mean chinese will be issuing Crypto itself then maybe it could happen.

EddyGameta

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Quote from: jorneyflair on October 01, 2017, 01:46:39 AM

Quote from: erict on September 30, 2017, 11:40:23 PM

Then there will be a big LAN in Asia without physical connections to the outside Internet, Resulting in another small Internet emerging.
And we know there are large harshpowers in China.

Then what will happen to Bitcoin?
Will there be two Bitcoin systems co-existing?

I'm sure that there will be plenty of ways to get around this. It would be pretty easy for people to still operate a bitcoin wallet with SMS commands still, even if all else fails. This is proven to work even in remote areas. Bitcoin is extremely versatile.

Why would the government even do this, just to ban bitcoin?

It is completely unfeasible for them, and it'll probably spark public outrage.

If they want taxes they should be able to regulate those matters. So they just want a transparency of transaction, or maybe also want to dominate the local market.

Michael_Token

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It will not happen.

Because the economy of China is dependent from the global internet network.

Supply chain are global, and need the information carried by the internet.

magneto

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Quote from: Realist247 on October 01, 2017, 02:43:09 AM

Quote from: crismass1225 on October 01, 2017, 02:24:36 AM

First it will not Happen, Keep in mind that china is a big country and one innovating class country, what do you think happen in their economic status if they shut down there connection to the other world, what will happen to their country after that. They will lose their path/way to improve and develop more. When it regard to Bitcoin i believe they can easily erase it to many people even using their so called censorship works. Many of them know the potential of bitcoin in their country and to their improvement shutting it down totally can lead them to lost.

Read what I said above what you posted. You are one of those I obviously was speaking to directly when I said that people like you have no idea how easy China can censor any/all info on any topic they choose without affecting any other businesses. They do it already. They ban Google. They ban Facebook. The only people that know that these sites exist are those that have left the country or know someone who has done so.

You people think China stands to lose by banning BTC. WRONG. They stand to gain billions in capital that is otherwise going abroad as I type this. DAILY.

Banning bitcoin would definitely mean for the Chinese government a good thing. However, if doing so requires shutting down all internet connection essentially for every single citizen, then the whole thing is unfeasible.

Plus, banning google's servers using the great firewall is way easier than banning an entire distributed network with thousands of nodes operating worldwide. How that is even possible, i don't know. They could officially state that bitcoin ownership and use is outlawed, but that wouldn't be enforceable.

BY_ATOM

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I think particularly terrible, nothing will happen. Yes there will be depreciation, but over time, the course again will return its position.

willmunte

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I can not imagine the horror of it if it comes true Sad

The crypto market will become disoriented for a long time and have to go back step by step back to its original place.

ProGamerJojo

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There would be two different Bitcoin environments. It'd be fucking bad since there would be different transactions but on the "same" block. It's okay like that when it's closed off, but if they were to reconnect it'd be terrible. Lips sealed

Realist247

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Quote from: crismass1225 on October 01, 2017, 02:24:36 AM

First it will not Happen, Keep in mind that china is a big country and one innovating class country, what do you think happen in their economic status if they shut down there connection to the other world, what will happen to their country after that. They will lose their path/way to improve and develop more. When it regard to Bitcoin i believe they can easily erase it to many people even using their so called censorship works. Many of them know the potential of bitcoin in their country and to their improvement shutting it down totally can lead them to lost.

Read what I said above what you posted. You are one of those I obviously was speaking to directly when I said that people like you have no idea how easy China can censor any/all info on any topic they choose without affecting any other businesses. They do it already. They ban Google. They ban Facebook. The only people that know that these sites exist are those that have left the country or know someone who has done so.

You people think China stands to lose by banning BTC. WRONG. They stand to gain billions in capital that is otherwise going abroad as I type this. DAILY.

xuan87

legendary

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Then the country can't access to Bitcoin and for sure they will create their own coin and Bitcoin will be erased from the exchanger, Bitcoin need internet to be able to work
But it won't happened, now all of the world really need internet, if the china shut down the internet then the country will become solitaire and it will affected their economic
For us the Bitcoin users,the price will drop and gradually will recover, so the effect is going to be short term

crismass1225

member

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First it will not Happen, Keep in mind that china is a big country and one innovating class country, what do you think happen in their economic status if they shut down there connection to the other world, what will happen to their country after that. They will lose their path/way to improve and develop more. When it regard to Bitcoin i believe they can easily erase it to many people even using their so called censorship works. Many of them know the potential of bitcoin in their country and to their improvement shutting it down totally can lead them to lost.

Realist247

full member

Activity: 154

Merit: 105

You people are lost. You don't know how internet censorship works.

China can block any and all information in regards to cryptos and especially BTC without affecting any other business.

Yes, it's that simple and they CAN do it. China has been doing this kind of censorship for at least 20 years now.

If you think they can't erase BTC from the public memory, you are the ones that don't understand how easily it is to control and end BTC.

kevoh

full member

Activity: 448

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Well, it has not happened and I don't see this happening either. Let us leave bitcoin aside for a moment, shutting down all physical Internet cables is tantamount to reverting to stone age. Bitcoin is not the only that is going to be affected, major businesses that rely only on the internet becomes adversely affected too. As for the other side of the world not in stone age, we will absorb the shock and get through it. Bitcoin might lose a large chunk but the market will get used to it.

jorneyflair

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Quote from: erict on September 30, 2017, 11:40:23 PM

Then there will be a big LAN in Asia without physical connections to the outside Internet, Resulting in another small Internet emerging.
And we know there are large harshpowers in China.

Then what will happen to Bitcoin?
Will there be two Bitcoin systems co-existing?

I'm sure that there will be plenty of ways to get around this. It would be pretty easy for people to still operate a bitcoin wallet with SMS commands still, even if all else fails. This is proven to work even in remote areas. Bitcoin is extremely versatile.

Why would the government even do this, just to ban bitcoin?

It is completely unfeasible for them, and it'll probably spark public outrage.

prettyij

newbie

Activity: 28

Merit: 0

Bitcoin will be dead and otherwise unusable to anyone within Chinese territory. China is very skilled at censorship. The only way to sell your coins would be to physically leave China if there was to be a complete firewall ban.But the chinese government doesn't care if their citizen are selling coin or not!! Cool

Karpeles

legendary

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This is quite unrealistic, unless in a 3rd world war scenario.

Cut themselves off internet would make stuff like banks and GPS's not work too.

Would be suicide, unless they are on the brink of the death anyway

n0ne

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Such a situation never prevails, because at present without internet connectivity the entire system of the country won't function in a perfect manner. Everything goes before generations to the stone age, even if everything gets cut automatically the rest of the coins in circulation will make its usage.

smartbitcoininvestor

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Nothing would technically "happen" to Bitcoin. it would still exist and people across Earth could still make transactions on the blockchain.

There would, however, be an effect on mining and subsequently mining block reward sizes and the overall viability of mining Bitcoins here in the United States. So this kind of news could have a large impact with those who are thinking about mining Bitcoin, especially since the upcoming Bitcoin Gold fork is centered around GPU mining.

13abyknight

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The possibility of this happening is almost nil because if China pushes this kind of a move, it would be nothing less than another North Korea to other countries. Their relations with Russia and USA become questionable.
As far as Bitcoin is concerned, there would definitely be another fork with a big Chinese group being the major players or China could themselves begin a new coin backed by the communist government just like Japan's J-coin idea.

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