Why does China hate Bitcoin? - page 22.

Ekanenf

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Quote from: Sskapollo7 on October 08, 2017, 03:29:40 PM

Maybe China doesn't hate Bitcoin, but as we all read above, that they all think that BTC is traceable
So I think this is the main cause for hating it or not allowing in china Huh

Bitcoin is traceable because we have this transaction history, including where we send the money and so on, but the thing here we don't know who is the owner of a certain bitcoin address, that is why bitcoin is anonymous. Any cryptocurrency is traceable in the blockchain, so I don't know why this Chinese Government banned the ICO's or crowdfunding, we don't know that is their real reason behind this issue, but what is important is bitcoin is still living and it is continuing to rise above the ground.

suvo05

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Quote from: davis196 on September 21, 2017, 07:34:09 AM

The chinese government or central bank is not CHINA.The people of China love bitcoin and cryptocurrencies.
Why it`s so important for the authorities in China to track all transactions?Taxation,money laundering or something else?Total control over the financial system is almost impossible.

They not only want to take control over financial system , they want to take control over everything. This is why they already banned whatsapp,facebook, twitter, gmail,youtube, pinterest , pornhub and so on. (there is less space to complete the list). So bitcoin is no surprise at all.
1. https://en.wikipedia.org/wiki/Censorship_in_China
2. https://en.wikipedia.org/wiki/Websites_blocked_in_mainland_China

yohananaomi

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Quote from: WaterPower on October 11, 2017, 04:04:32 AM

They don't hate it is just they don't want people to use bitcoin and RMB price will go down.

I also estimate such a thing, because bitcoin in their country is progressing very rapidly and its transactions may be deemed to disrupt payments with their legitimate money.
but the truth is I do not know.

duyduc256

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I think China does not hate Bitcoin and they have contributed a lot to the market, without China it will be very difficult to succeed and will not have high prices at this time. For me if Bitcoin is applied in China it would be great

WaterPower

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They don't hate it is just they don't want people to use bitcoin and RMB price will go down.

Darker45

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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.

What do you mean? Each and every transaction of bitcoin can be tracked. This is one feature of bitcoin that made it to the top. Transparency is there, transactions are in full view of anyone who wishes to check. The blockchain will always present us where the money goes and where it comes from. It's just that there is also anonymity, meaning to say what you can see are wallet addresses and not names of people.

Scorpion

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It's not that they hate it but they see it as a threat of their people using it and not paying taxes, China absolutely wants their cut if money is coming and go from anywhere.

greatestwhitetwinpack

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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.

for me base on my research about why china does hate bitcoin because It has launched its own digital currency research institute with a director who openly talks about its design possibilities with publications such as CoinDesk.

Konthol Ngaceng

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Because China is very worried the role of the state economy replaced cryptocurrency especially bitcoin, we all know that the excess bitcoin is decentralized so the price can not be controlled.

bitgolden

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Quote from: lalabotax on September 25, 2017, 02:36:28 PM

china does not hate bitcoin. but bitcoin has become a threat to the country of china. yes that's the case, china is the biggest producer in asia about pirated goods. duplicate brands. and china wants to make its own crypto. that's what I think.

It is right that china wants its currency the most dominant nationally as well as globally. No doubt that china is new emerging country of the world to compete other countries to become super power of the world and for this purpose financial control over the world is extremely necessary and bitcoin can create hurdles for china in becoming upper power of the world because bitcoin is decentralized/not controllable and mostly Chinese have invested in bitcoin. That’s why China feels fear from bitcoin and hate bitcoin very much.

kangjiasg

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They should be trying to find the best way & method they can find to solve the issue. It's not that they hate hitcoin i think, but they are trying to see what they can do to make the most out of it for their own country. The govt definitely dislike their money from flowing out of their own country. Give it some time, lets hope everything goes well and benefit us all traders

farhaan

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China does not like most of its people investing in bitcoin as a result of which its national currency losing its value.Further,it does not want its wealth being transferred to outer nations via bitcoins.It feels that even though it regulates bitcoin exchanges to strictly follow KYC,still it would be impossible to trace all the transactions.It also does not want to lose tax revenues by allowing bitcoin.So,it just decided to take very severe measures against bitcoin and related platforms.But,i personally feel that they could have followed the model of japan regarding regulation of bitcoin.

Delisaara

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actually chinese people do not hate bitcoin,it's just that the government can not control it,it's what makes chinese why prohibit bitcoin.
the exchange of money there is so great that the government is afraid of it happening.

quyethuynh

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The Chinese government does not hate Bitcoin but they want more Bitcoin - because Bitcoin is the future of the world. Cheesy

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Unstable cryptocurrency markets are from China.

carlo.p

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i think they dont have hate with bitcoin, but they are greedy for everything, they want everything to be theirs so as for bitcoin spreading fud will make btc dips, and then they will accumulate bitcoin cheaper in short they are just manipulating the market

qwertyup23

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Quote from: bitofc on October 10, 2017, 08:34:50 PM

China government certainly does not hate bitcoin.
But a lot are using "bitcoin" to run scam, and also using ICO to raise money without any real intention of building something.
so the government need to make an effort to protect their innocent citizens from getting scam (regulation!).

Also they are afraid of people using cryptocurrency as a tool, to "wash" their money and etc.

They don't hate blockchain/cryptocurrency as a technology.

Definitely right. China certainly does not hate bitcoin, in fact it helps their economy being liquid and running through the several transactions and money it circulates. The reason on why they prohibit their ICOs is because many individuals are using it as an avenue for abusing payments, which results to several investors doubting. The tentative solution that they did was to ban their ICOs in their country which can prohibit and lessen the continuous influx of scammers. Lastly, their prohibition also affected bitcoin transactions under the dark web in their country affecting drug trades and paraphernalia.

bitofc

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China government certainly does not hate bitcoin.
But a lot are using "bitcoin" to run scam, and also using ICO to raise money without any real intention of building something.
so the government need to make an effort to protect their innocent citizens from getting scam (regulation!).

Also they are afraid of people using cryptocurrency as a tool, to "wash" their money and etc.

They don't hate blockchain/cryptocurrency as a technology.

prehisto

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Thats an overstatement that they hate btc.
Interestingly enough noone here has mentioned that China bans BTC and other cryptocurrencies because of one simple reason - they care about their economy!

How does this correlate? By buying crypto currencies they stop their citizens of selling their own currency which obviously is bad for their economy!
On other hand I think that they are smart enough to realise that they cant stop innovation and internet and will try to regulate and tax the btc and others.

Gameroid

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Quote from: helars2008 on October 10, 2017, 06:25:40 PM

Based on the quote that you have given idont think that it implies that China hates bitcoin orcryptocurremcy as a whole. For me what their government is against with is the fact that some of the coins created were absolutely untraceable. And i think it is only fitting for them to issue laws against this since it could be disadvantageous to any government. One of the reason is that they cannot take any taxes from transaction happening through blockchain. In short for me China is just protecting the governmennt's interest rather that literally hating bitcoin.

I myself think that Chima may not hate bitcoin, but i think that they may doing some of their measurement, just like in 2013 when they bane bitcoin, but after 4 months they again allow their people to invest money in bitcoin. so we can expect that very soon they will again turn bitcoin as legal currency.

helars2008

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Based on the quote that you have given idont think that it implies that China hates bitcoin orcryptocurremcy as a whole. For me what their government is against with is the fact that some of the coins created were absolutely untraceable. And i think it is only fitting for them to issue laws against this since it could be disadvantageous to any government. One of the reason is that they cannot take any taxes from transaction happening through blockchain. In short for me China is just protecting the governmennt's interest rather that literally hating bitcoin.

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