Why does China hate Bitcoin? - page 17.

xvids

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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.

Well I think that China hates something that are not theirs, especially when it competes to their economic growth and income. In other words, they see bitcoin as a threat. This is just a waste of time to care about what China thinks.

gilangIDR

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They dislike bitcoin in some time. I am convinced that they have a specific purpose in managing bitcoins. Now we can see that bitcoin prices are rising and if it is calculated then whoever buys bitcoin in a cheap price when china does a temporary ban then they will benefit. I strongly believe that the Chinese state has a certain purpose to be able to master most of the outstanding bitcoin.

BaraxLo

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Quote from: ekoice on October 29, 2017, 12:50:19 AM

We all know that china is a communist country having lots of regulations and restrictions.it always wants to keep its people under its strict control.Bitcoin is a currency which has been created to give financial freedom to people.Just we could understand that both are contrast.China does not want to loose its control over its people,either due to bitcoin or other.It does not want its country's wealth to be transacted via bitcoin outside its boundary and get invested in other countries.Also,it does not want its own currency yuan losing its value due to bitcoin.So,it has started to take severe actions against bitcoin.

May be China has some reservations about bitcoin rather they do not hate bitcoin and the proof is that there are lots of miners in china producing bitcoin in a very large number. If the miners in china stop mining then the availability will be much affected, because the demand for bitcoin in increasing day by day and we need more and more miners to produce bitcoins.

NeoTech42

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China is usually a very conservative country which controls every aspects of economy. They want to avoid people to be scammed by scammers and want to control the capital inside China.

SaShiRaJaVu

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Quote from: tundexijim on October 29, 2017, 04:15:39 PM

I dont think China outrightly hate bitcoin. We all know governments everywhere love to be in charge of everything. So govt of China sees bitcoin as a commodity they might not be able to regulate hence their attitude towards it. I think they will surely have a rethink and see reasons why their citizens need bitcoin.

The main reason for those ban is those simply to stop the money laundering that is being done on a large scale inside China and there are many scams going on in the name of bitcoin and for that to end they have to act and with the population they have ,just imagine the scale of money a fraud could accumulate from that nation alone,i do not think it is the case of hate against crypto currency.

megynacuna

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Quote from: bitcoinmaniac52 on October 29, 2017, 04:22:50 PM

China does not hate Bitcoin. Wherever you heard this is wrong. They are regulating ICOs, which are a whole different enchilada. I think governments all over the world, and not only China are going to get involved in the next wave.

Exactly, they need to regularize their economy and so will make laws against whatever tries to preven that. These ICO's and exchanges tend to either bring in more or take out more of the chinese Yuan and it's part of the reason why their government wants to instill sanijty into their economy.

bitcoinmaniac52

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China does not hate Bitcoin. Wherever you heard this is wrong. They are regulating ICOs, which are a whole different enchilada. I think governments all over the world, and not only China are going to get involved in the next wave.

anitaraymonds

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China has been operating on controlling all her citizens, business and all aspect of economy even the number of children a couple can have, You can see why it is not palatable for China to work with a decentralized entity like Bitcoin. China means control and control is their second nature.

tundexijim

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I dont think China outrightly hate bitcoin. We all know governments everywhere love to be in charge of everything. So govt of China sees bitcoin as a commodity they might not be able to regulate hence their attitude towards it. I think they will surely have a rethink and see reasons why their citizens need bitcoin.

Shinza

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I think China does not hate btc. The btc banned the btc because btc market management is too complicated to manage, btc does not bring much benefit to the government. And China's perception that btc is involved in money laundering is just an outside reason to legalize the ban.

AmeSakibimasu

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Actually China does'nt really hate. It was just a way to have a profit potential because most of population in china are using bitcoin they felt afraid of what
might happen to their country they just did it for the sake of their country.

Rishabh riyz

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China does not hate BTC ,it is just that they want to control it .
China hasn't put any ban on using btc ,the ban is just for converting BTC into their native currency Renminbi/yuan by depositing them into banks .
Miners are free to mine and people accepting them aren't restricted to do so.
According to a site known as business insider :-
"China has an abundance of cheap energy and hardware, which facilitates crypto mining (the process through which new blocks in the blockchainare created and transactions are verified). Chinese exchanges run mining "pools" to generate these blocks, and these efforts constitute 60 percent of Bitcoin's total hashrate (the speed at which Bitcoin operations are completed)."

By looking this it doesn't seems like china hates bitcoins .

AjithBtc

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Nothing seems to be a ban or something. It's all about the trust. From the recent issue it's clear that China doesn't have any plans of hating or completely stepping out of the currency. The government has started plans, and now in search of the usage in every sector.

ace9989

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I think China doesn't really hate bitcoin I think they just have to have law that will govern the bitcoin issues on their country. And I think China's central bank is threathened by the bitcoin industry that's why they hate bitcoin.

wolfracer

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The regulations and totalitarian control are the basis and main characteristic of the communist governments to sustain their political ideology. I'm not surprised that China wants to apply this also to bitcoin, on the contrary it was something that seen coming, if it does not benefit the members of the government, then, why they have it ?!

dg2010

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China has ban ICO and transaction Bitcoin. I think they are trying to set the law to control Bitcoin. They don't hate Bitcoin because they know the Bitcoin value. They just ban until set the law to tax Bitcoin.

Notcalculator

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China doesn't hate "bitcoin" itself. It's just that, it cant regulate it as well as it can regulate the Chinese Yuan. Being a Communist state, China tends to control everything. That's why most western companies like Google, facebook and twitter arent welcome in China.

Bluestreet

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Well it is not the Chinese who hate bitcoins, it is Chinese government that hate bitcoins, the basic facts that made them to hate bitcoins is like the examples set by ICO, where many investors loose there money, and had to face huge downfall. They might be feared that same will happen to bitcoins. And other reason may be that many economic class people or citizens of China are investing in bitcoins that will lead to low income of banks and no control on taxes and returns they imposed on transactions. As bitcoins allow their users transaction free from fees. This leading to low contribution of bank to country's economy.

gyu22

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On Oct. 28 ZB.com, which is a new cryptocurrency trading platform, announced that all trading functionality will be available from Nov. 1. Users can sign up for accounts and deposit now.
The platform claims that people all over the world, including those in mainland China, can exchange and trade on the platform. The languages of the website are Chinese and English. However, it’s too soon to state that the regulation toward Bitcoin and other cryptocurrencies is invalid. Maybe the platform will be closed by the government soon. Nevertheless, there are also people saying that the Chinese government is behind the platform.

more: https://cointelegraph.com/news/chinese-might-be-able-to-trade-bitcoin-again-soon

Berk

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China is known for being a little sketchy in the economics department and this isn't any different. They know they can't control or regulate Bitcoin and they have an history of controlling their citizens.

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