Topic: Where can the money go after China banbed its Bitcoin exchanges? - page 2. (Read 740 times)
September 21, 2017, 08:33:56 AM
The ban will not be forever. I think the main reasons for the ban are to protect Chinese investors losing money on potential bad quality ICOs and to control the money from going out of China without the "proper" channels that the government allows (mainly for taxation control). The government thinks that the ban is a quick fix before they can come up with appropriate regulation.
September 15, 2017, 01:01:24 PM
I heard rumors of some online news. china is preparing and only freeze for a while. so i guess this is chinese scenario. and will re-engage in bitcoin.
September 15, 2017, 12:43:24 PM
It should be noted that it is the exchanges that will be banned by China to operate and not Bitcoin itself. Meaning to say that they can still own any amount of Bitcoin they wish to have but they can not anymore those exchanges for any transactions. Peer-to-peer transactions are still permitted. I am predicting though that there can be reversal of this decision at the proper time and they would be implementing very strict rules on ICOs and exchanges.
They should still hold on to the bitcoins that they have, if they do ban exchanges they are not banning bitcoins in particular and according to news they are not going to be banning any exchanges, they are just going to regulate the way things since they don't have the authority to operate. September 15, 2017, 12:26:48 PM
Yes. After they investigated the ICOs situation, they will probably revert it.
I am wondering if the online wallets are available regardless of which country one is in.
I am wondering if the online wallets are available regardless of which country one is in.
September 15, 2017, 09:32:48 AM
It should be noted that it is the exchanges that will be banned by China to operate and not Bitcoin itself. Meaning to say that they can still own any amount of Bitcoin they wish to have but they can not anymore those exchanges for any transactions. Peer-to-peer transactions are still permitted. I am predicting though that there can be reversal of this decision at the proper time and they would be implementing very strict rules on ICOs and exchanges.
September 15, 2017, 09:32:13 AM
The best option for the Chinese is to dump 100% of their blockchain assets into the hands of us westerners at these depresssed prices. This will help the facilitation of global wealth from east to west where it belongs.
LOL. That would definitely reduce the price volatility. However, I was addressing to what Chinese investors could do to maintain their crytpos investment.
September 15, 2017, 09:24:10 AM
I am wondering what type of options do the Chinese bitcoins holders have from the ban?
Most people would just sell their bitcoins before the exchanges closed and cause the price to drop, however, if they can move their coins to a wallet, then it would be a different story.
I know people can move their coins to their own wallets, but that is if the exchanges can provide them with the private keys and if they are proficient enough to manage their own wallets.
Another option which I can think of is to move their coins to an online wallet service such as Exodus or Xapo. This is probably the easiest option. Does anyone know if these wallets are restricted by countries? Would Chinese bitcoins holders be able to move their coins to these wallets?
Most people would just sell their bitcoins before the exchanges closed and cause the price to drop, however, if they can move their coins to a wallet, then it would be a different story.
I know people can move their coins to their own wallets, but that is if the exchanges can provide them with the private keys and if they are proficient enough to manage their own wallets.
Another option which I can think of is to move their coins to an online wallet service such as Exodus or Xapo. This is probably the easiest option. Does anyone know if these wallets are restricted by countries? Would Chinese bitcoins holders be able to move their coins to these wallets?
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