Why does China hate Bitcoin? - page 16.

BitcoinCommodor

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Quote from: felicita on October 30, 2017, 10:09:14 AM

i think they just hate bitcoin becourse they cant control it !
also they have there own local china coins witch on they wanna promote.
its easyer to promot a altcoin when bitcoin is blocked Cheesy

Most probably they are afraid of the matter that with crypto their currency may come down . Or they may be scared of the fact that bitcoin will swipe their currency in the international market .This may also can be a reason that due to its highly confidentiality issue they are horrified of the fact that the people will get involve in wrong matters but it depends on the mentality of the user to either use it positively or negatively , so bitcoin should not be blamed for it.

taiwww

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Ban on bitcoine trade and transactions by China is not at all a surprise, it was expected.
China is a purely communist country. Where everything is owned and controlled by government.
Government prepare and even bends economic policies for their benefits.
All the decisions are taken by central authority only.
In such country permission to bitcoin was a big surprise. Bitcoin is a decentralised, autonomous functioning currency.
Bitcoin and other decentralised cryptocurrencies , allow people to trade directly with each other, cutting out the need for a middleman which, in traditional commerce, is a bank. This hit chines banks badly.
Chines government may have thought that due to anonymous nature of Bitcoin ,it can also be used for illegal purchases such as buying and selling drugs or weaponry.
It's also frequently requested for ransom payments by hackers who takeover computer systems.
This is what happened to the NHS earlier this year.
These are the additional reasons for ban of bitcoins in countries like china and Russia.

Bastime

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I think China hates Bitcoin because Chinese will become investors and they supposedly avoid tax evasions because in Bitcoin it's very hard to figure out how much the tax in every transaction. Well, those are my speculative view of China into Bitcoin.
Now Chinese investors are seeking licenses and permits to operate in other countries like Hong Kong and Japan.
And it makes China to realize that their country must adapt Bitcoin trading to compete economic stability globally.

cheesyspoils

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Because China officially announced that it does not recognize Bitcoin as a currency, but holds it solely for a kind of commodity-type virtual goods.

MMysterious

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Bear season or just the beginning

Quote from: Soranith on October 30, 2017, 11:17:50 PM

China doesn't hate bitcoin in fact there are plenty of Chinese who are involve in bitcoin mining and most of the investors of crypto are Chinese. Their government just want to regulate bitcoin specially ICO's so that they can protect their people's money.

I agree with this. I am just doubtful because crypto is decentralized. Perhaps traceable cryptos like bitcoin and most others are okay but about Monero and other anonymous coins maybe they will restrict.

Soranith

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China doesn't hate bitcoin in fact there are plenty of Chinese who are involve in bitcoin mining and most of the investors of crypto are Chinese. Their government just want to regulate bitcoin specially ICO's so that they can protect their people's money.

dzkazmi

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I think China was the only country who were going to control world's economy. Slowly and slowly they were spreading the control over the world. Even united states are way behind them. So they might took bitcoin as thr rivals. and started banning it. But I am sure bitcoin wont need China.

stz6400

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im tnhinkig China does not hate Bitcoin China miners love bitcoib.

Cutekittens21

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China hates bitcoin because they don't want their people to be free.
The Chinese government tends to control everything for the country while bitcoin is uncontrollable. So, how do you expect the survival of bitcoin in China? I knew this was going to happened.

GoodLuck2

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Quote from: rindo on October 30, 2017, 09:48:51 AM

So much market exchanges and wallets providers of digital coins in China, don't have any desire of close there operations, therefore they are looking outside china, in other Asian countries where laws are more friendly than in China. The blockchain startups are looking for transferring there operations and applying for new licenses on Japan, Hong Kong, Singapore or South Korea.
Forced to exit there own territory, the Chinese Blockchain companies, that in time had the highest volume in the world, will fight to to go further with there business model.

The main reason for china hate is that they think that all their citizens will start using this coin and no one will use their national currency because bitcoin is so impressive and people’s lives are changing just because of bitcoin and another reason is that Chinese government think that if this will be used so freely then money launderers and corrupt people will use this coin to change their black money into white.

AIRDROPSQUAD

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PLAYHALL - SKILL GAMING PLATFORM

As far as i know, China didn't hate bitcoin. They only late to buy bitcoin at low price. So, they are making FUD, which result in bitcoin price decreasing.

valentin68

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What is bad in what they say about that "every piece of money can be tracked"? The bitcoin was made exactly for this, for that "every piece of money to be tracked". All other money, can not be traced (or tracked), but all cryptocurrency (with the exception of Zcash) can be traced. Thus the statemet of China is in the bitcoin favour, this is my opinion.

Bitcoincole

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Quote from: Slipknot79 on October 30, 2017, 10:24:21 AM

China does not hate Bitcoin! The Chinese people love it!

Its the Chinese government that hates it as it threatens them to loose control over the population.

There are several chinesse investors are satisfying the performance of bitcoin in there country before they declares a total banned. And we all know Chinesse goverment is very strict with regards to their taxation policy. So they found out that bitcoin can not give a benefits to their economy thats why they really hate bitcoin.

Slipknot79

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Blockchain Just Entered The Real World

China does not hate Bitcoin! The Chinese people love it!

Its the Chinese government that hates it as it threatens them to loose control over the population.

felicita

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i think they just hate bitcoin becourse they cant control it !
also they have there own local china coins witch on they wanna promote.
its easyer to promot a altcoin when bitcoin is blocked Cheesy

kind regards

Mehdi.Habib

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Chinese people are not hating Bitcoin. But the government of China hates Bitcoin because Bitcoin give access to transaction and store money. The Chinese government governments do not want to see competing currencies. But the Chinese government wants to control their financial system and their economies.

Raven91

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Because of the tax, bitcoin has low tax and sometimes in other countries it has no tax, thats why the government wanted to eliminate and remove the cryptocurrecy in their countries, but bitcoin is very efficient and useful, the only reason why it is happening because the government is not earning.

Omang7778

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Chines don't hate bitcoin, once they were in one of the countries with maximum number of bitcoin users. China government are afraid of the illegal use of bitcoin as like other governments, there fight is with criminal mind people who are using bitcoin for money laundering and all other illegal activities. Hope so they will find a better way to restrict these criminals instead of banning cryptocurrencies.

gokudera

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Quote from: RawDog on September 21, 2017, 04:47:08 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 Government of China hate the bitcoin because Bitcoin is Online and does not have a taxes so that people and the citizen of China will choose investing and transact to Bitcoin rather than to their government.

rindo

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So much market exchanges and wallets providers of digital coins in China, don't have any desire of close there operations, therefore they are looking outside china, in other Asian countries where laws are more friendly than in China. The blockchain startups are looking for transferring there operations and applying for new licenses on Japan, Hong Kong, Singapore or South Korea.
Forced to exit there own territory, the Chinese Blockchain companies, that in time had the highest volume in the world, will fight to to go further with there business model.

Topic: Why does China hate Bitcoin? - page 16. (Read 8833 times)