Why does China hate Bitcoin? - page 13.

Kotone

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Quote from: RawDog on September 21, 2017, 03:47:08 AM

This is pretty much the whole story right here...

Quote

" NIFA official Li Lihui told a technology conference in Shanghai on Friday that a goal of China’s monetary regulation is to ensure that “the source and destination of every piece of money can be tracked.” "

Bitcoin is the mortal enemy of 'tracking'. Therefore China is going to continue to assault Bitcoin from every angle. You can be sure of that.

China does not hold bitcoin or any other cryptocurrency in contempt. I think that they are just getting wary of the influx of this and they want first to full research and check on the regulations and of course the implications this moght bring to their economy.

bribed

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Isnt China the country with where 90%+ of Bitcoin miners are sitting at? Correct me please if this number isnt accurate, but if it is, why is that? And isnt it a big thread to Bitcoin as a whole, if china decides to shut down Bitcoin for good for some reason?

Blackwalker

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I do not know about it but i think because it is not created in china that is why china hates it also china is trying to create something like it they have made a lot of altcoins but all are big failures for me.

chichigirl

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HELENA

Quote from: NightWatchHKG on November 23, 2017, 02:48:09 AM

China doesn't hate Bitcoin.... they love control. There are many that are profiting from it in China and the central government will allow that to continue, as long as they can control it ( and or profit from it themselves)

I think china doesn't hate bitcoin too. In fact they love to get some profit and they also want to control the market in order for them to get a higher profit or benefits.

NightWatchHKG

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China doesn't hate Bitcoin.... they love control. There are many that are profiting from it in China and the central government will allow that to continue, as long as they can control it ( and or profit from it themselves)

bustomi

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Quote from: PHI1618 on September 21, 2017, 07:29:38 AM

I do not think China hates it. I think China has much larger plans for the future. We are talking about China. They aren't idiot...

Yup, every country have their own regulations, so maybe Bitcoin for china just make their currency breakdown because a lot of china people's do investment with bitcoin. But we don't know for sure, or just like you said China have their own plan for the future Huh

Yarsk

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China point of view and intention is clearly understood the Chinese government stated that the source of money and it destinations most be noticeable and trackable, inline with they monetary policy, any country that care about the control of inflation in his economy will do same and at the same time to prevent money laundering and the possible lost of money by the citizens due to the problems ICOs may encounter.
So since bitcoin and other cryptocurrency are decentralized in natour it made it impossible for the government to trace it source and destination and by that cryoto become enemy of Chinese government policy.

adzino

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www.Crypto.Games: Multiple coins, multiple games

China loves to take control over everything they see. Now bitcoin is something that has become extremely hard for them to control or regulate. Thus they hate bitcoin and is trying to create and impose as much policies possible to take control over it, at least on China.

LRPchange

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If they cant come up with a way to control/ minitor. They would try to ban it as their 1st initiation. Happens not only with blockchain in general or crypto in particular.

James Messy

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Quote from: joseafonso123az on September 21, 2017, 04:05:23 AM

I believe China doesn't hate bitcoin. China might hate the fact that it's untraceable, and with the problems that rised with the ICO's where many investors were scammed, and lost money, they couldn't do anything to retrieve that. It's a risky market, some will opt out of it, some will just act that they will opt out, and others will continue following bitcoin!

I totally agree with you... But the appropriate measure has to be taken by considering all drawbacks.

Quinni

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The reason is simple, because the Chinese government thinks bitcoin is a liar project, bitcoin has no value in their eyesight, the price is getting higher and higher, causing more people to buy. The country's funds flow to other countries, so I chose to combat bitcoin.

cheesyspoils

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Bitcoin is the mortal enemy of 'tracking'. Therefore China is going to continue to assault Bitcoin from every angle

jijikill

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I don't think any government will actually like bitcoin especially first world country like the US , Japan is an exception , the goal of bitcoin is to have a currency that's unable to be control by a parties and it's meant to unbank the bank . Any government would want to make everything under their control , any risky factor is not what they would like to see , especially such important thing like currency

ronics

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If what I know about politics China hates bitcoin ,of course Chinese strategic investment in the 21st century map and I believe china doesn't hate bitcoin in fact that its untraceable .China our government that says bitcoin is not a currency .China cannot to continue to assault bitcoin it is the central bank if China has directed ...

hiVe

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https://www.soar.earth/

China does not hate Bitcoin. They are trying to find a good way to control Bitcoin and ICO. Maybe, they will release a their own coin.

TheGodFather

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Quote from: RawDog on September 21, 2017, 03:47:08 AM

This is pretty much the whole story right here...

Quote

" NIFA official Li Lihui told a technology conference in Shanghai on Friday that a goal of China’s monetary regulation is to ensure that “the source and destination of every piece of money can be tracked.” "

Bitcoin is the mortal enemy of 'tracking'. Therefore China is going to continue to assault Bitcoin from every angle. You can be sure of that.

I think China is afraid of bitcoin because it has so many secrets that it must show first before going ahead with this. It is also well known that cryptocurrencies are something that is new and a lot of research must be done and china might be scared of an unknown quantity

Chairul Muttaqin

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Quote from: Nasty23 on November 13, 2017, 03:39:58 AM

Quote from: zhuangxingyue1 on November 13, 2017, 03:27:46 AM

I believe China definitely does not hate bitcoin. Instead, with the wave of bitcoin in China, a wave of ico emerged and pocketed many people's money. Therefore, the government found it dangerous and banned ico. Cry

Yes I agree to you that China didn't hate bitcoin because there are many investors of bitcoin came from China but because of some reason that bitcoin can be used for illegal activities they decided to regulated it in order to protect the people.

you must separate both China (government) and Chineses, i think your point is messed up about both of them.
The only one side that against bitcoin, it is China (government), they against bitcoin with a "reason" to protect their citizens from fraud or scam on both bitcoin activities and ICO activities.

Nasty23

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★Bitvest.io★ Play Plinko or Invest!

Quote from: zhuangxingyue1 on November 13, 2017, 03:27:46 AM

I believe China definitely does not hate bitcoin. Instead, with the wave of bitcoin in China, a wave of ico emerged and pocketed many people's money. Therefore, the government found it dangerous and banned ico. Cry

Yes I agree to you that China didn't hate bitcoin because there are many investors of bitcoin came from China but because of some reason that bitcoin can be used for illegal activities they decided to regulated it in order to protect the people.

PMmesexycoins

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Stake's discord https://discord.gg/cZhK9vp

There's many Chinese investments in the sector, but as a nation it might not be in their best interests.

Quote from: weishao on November 13, 2017, 03:07:20 AM

Because the Chinese government believes that bitcoin can not be controlled, it will undermine the Chinese market economy and think bitcoin is dangerous. Bitcoin is anonymous, bitcoin can be exploited by criminals and criminals, and the government can not trace criminal minutes. So the Chinese government does not like bitcoin. Sad

Sensible reply, are you from the region?

zhuangxingyue1

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I believe China definitely does not hate bitcoin. Instead, with the wave of bitcoin in China, a wave of ico emerged and pocketed many people's money. Therefore, the government found it dangerous and banned ico. Cry

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