Why does China hate Bitcoin? - page 25.

BurhanPSG

full member

Activity: 322

Merit: 100

Quote from: OracionSeis on September 24, 2017, 12:01:35 AM

Quote from: Sahabat_ on September 23, 2017, 09:51:56 PM

Quote from: Sweetbtc on September 23, 2017, 03:18:29 AM

I think china believe that bitcoins are use for money laundering. So to protect the dignity they ban bitcoins. There should be an other reason for banned.i think they want to stop local exchanges. It was a big business in china and i wonder why they are taking such steps. Huh

China may have reasons that other nations should not know for a reason.
and now we can only accept that China forbids the existence of Bitcoin, but I am still optimistic that bitcoin will continue to grow even if China forbids it

Nope, China does not ban Bitcoin, this country only banned the ICO market and some cryptocurrency exchanges (almost are small exchange or exchange has small volume). China not stupid when they ignore a huge profit from Bitcoin.

meaning they are only banning digital-based currency exchange such as bitcoin in their local exchanges.
as you say, it seems that china does not want to loss because the benefits of the bitcoin can be very large, of course this is a separate consideration.

kerjakuat

full member

Activity: 346

Merit: 100

To be easy understand why china ban icos is easy. That because they cannot get tax.. That why they dont likes it. The government cannot make a shit from any ICOs so why they want to let their peoples to join ICOs.

the rise

sr. member

Activity: 2338

Merit: 273

DGbet.fun - Crypto Sportsbook

Quote from: dasdo on September 29, 2017, 03:13:05 AM

You do not correctly interpret this article. This is the market and what people write and say on television is not true and true. China, like other countries, fights for primacy and applies all possible methods. Soon you will see how all the prohibitions of China will be abolished. The reason for the prohibitions was in another. In that that someone from large investors has bought more cheaply, or in creation by China of the new кpиптoaлюты, analogue Usdt.

A lot of news is deviant in the media, but the banning ico issue is a fact because China is concerned about the potential inflation rate of bitcoin against Cny. We need a credible medium that says that China is still trying to regulate the correct and strong rules for crypto currency, but they may not reject 100% bitcoin, they just want to secure the cny and are unrivaled by anyone because it is the country's identity intact.

sheamus10

full member

Activity: 560

Merit: 100

Quote from: Sahabat_ on September 25, 2017, 08:41:20 PM

Quote from: hajimasan on September 25, 2017, 07:45:22 PM

Quote from: Sahabat_ on September 25, 2017, 07:33:25 PM

Quote from: lalabotax on September 25, 2017, 01:36:28 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.

but not everything about China is true, we need to be more familiar with what China really wants,
whether about shifting their currency or they want to make their own currency cryptocurrency or the other

Here i am not agree fully with you but still at some extent you are right .
All the products that produces in China which are not perfect are only prepare by the people who have not job but have compulsation of having any type of job to make daily earnings .
Here the condition is also same , due to big population in china , people moving toward the cryptocurrency and thats why the big part ot cryptocurrency depends upon the china , but here government is going to take some action which is not in favour of the bitcoiners of china as well for us also because of the the down in the market of bitcoin .

it is true that Chinese bitcoiners users have a big impact on bitcoin transactions in the world
but what power is now the biggest transaction transactions have switched to another country and maybe Japan will replace it

Japan is indeed one of the countries that will likely later replace the country with the largest global market of China.
but do not forget, now there are european countries that have started to learn and develop bitcoin that is russia.

dasdo

full member

Activity: 216

Merit: 100

You do not correctly interpret this article. This is the market and what people write and say on television is not true and true. China, like other countries, fights for primacy and applies all possible methods. Soon you will see how all the prohibitions of China will be abolished. The reason for the prohibitions was in another. In that that someone from large investors has bought more cheaply, or in creation by China of the new кpиптoaлюты, analogue Usdt.

Pursuer

legendary

Activity: 1638

Merit: 1163

Where is my ring of blades...

Quote from: Ewinsane on September 29, 2017, 03:05:08 AM

Quote from: lighpulsar07 on September 25, 2017, 09:27:36 AM

I personally don't think that china hates or bans bitcoin because if they going to ban bitcoin as a whole, they already ban the bitcoin many years ago and i think that banning bitcoin exchanges and ICOs is for their citizen safety why? Because too many scam ICOs and it is hard to tell which is the legit or not.

The main reason behind their decision is they don’t want to see their people progressing and independent of their national currency and they want to control their people under them and don’t want to see them making money in any other currency, and Chinese economy is at threat as more people in china start using bitcoin. This is an ill decision.

you are drawing a conclusion based on what you have read in FUD. so your conclusion is wrong.

the Chinese government may very well have this exact motive but what we know and what the reality of what we see is that they are banning ICOs which everyone knows are illegal in many different countries. even in US things like ICO are what SEC warns about and even considers illegal.
the other thing about exchanges is that they do not have license so they are being closed.

so far I do not see any "ill decision" in any of these.

Ewinsane

hero member

Activity: 980

Merit: 523

Quote from: lighpulsar07 on September 25, 2017, 09:27:36 AM

I personally don't think that china hates or bans bitcoin because if they going to ban bitcoin as a whole, they already ban the bitcoin many years ago and i think that banning bitcoin exchanges and ICOs is for their citizen safety why? Because too many scam ICOs and it is hard to tell which is the legit or not.

The main reason behind their decision is they don’t want to see their people progressing and independent of their national currency and they want to control their people under them and don’t want to see them making money in any other currency, and Chinese economy is at threat as more people in china start using bitcoin. This is an ill decision.

stompix

legendary

Activity: 2912

Merit: 6403

Blackjack.fun

Quote from: djsugar on September 25, 2017, 12:55:19 PM

First of all China isn't banning Bitcoin but shutting down the exchanges. The sole purpose of shutting down the exchanges is to offer only one medium for buying cryptocurrencies that would be the cryptocurrency that government wil be launching. Then Chinese trader need to convert fiat first in government backed cryptocurrency and then use that to buy other cryptocurrencies. So that government can keep a check on money supply.

This makes no sense.
Even now if somebody would go to a Chinese exchange they would have to deposit money via a traceable payment gateway.
Be it a bank transfer or whatever they use there.

Just inserting another step like a government controlled crypto won't make things easier.
Once the guy gets his funds into an exchange and convert them to bitcoins the government loses it's track.
How do you proceed after this? You know one person has bought 10 btc but he can clam he has lost them, he has been hacked he can go and file a complain at the police, good luck proving he still owns those coins.

BlockHazard

newbie

Activity: 49

Merit: 0

China does not actually hate bitcoin. they only make regulations that will protect investors from fraud/scam. Do you know that the fraud case in China regarding bitcoin and cryptocurrency yesterday ate many victims? Here Bitcoin is a scapegoat. Bitcoin is innocent, the guilty are the perpetrators of scam.

Hazir

legendary

Activity: 1596

Merit: 1005

★Nitrogensports.eu★

Quote from: MisterKT on September 28, 2017, 03:19:25 PM

A lot of Chinese people are speculating on the stocks and used the cryptocurrencies to laundry money. So that's a good reason to stop Bitcoin in China.

So let's ban everything because some people will find a way to abuse it? That is not the way. You can't fix the problem by banning everything.
The root of the problem is stock speculation then impose harder regulation of this system. Take care of the root of the problem...
But China is like, nooo - path of least resistance always best, right?

freedomsr40

sr. member

Activity: 471

Merit: 500

China is country which believes in strong forex control, since years. And BTC exchange is just a hold in the regulation system, I will not be surprised they want to forbid it. Plus there will be an important meeting there in October, this period is very sensitive.

MisterKT

newbie

Activity: 56

Merit: 0

A lot of Chinese people are speculating on the stocks and used the cryptocurrencies to laundry money. So that's a good reason to stop Bitcoin in China.

Gracechen17

full member

Activity: 367

Merit: 102

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.

Their government does not benefit from it that's why. No tax benefit, cannot put their hands into corruption (if ever they do). So they won't allow their citizens to benefit from it either.

BitFinnese

copper member

Activity: 1050

Merit: 500

I think China does not hate Bitcoin. As a matter of fact i guess they like that blockchain technology. They are just protecting their citizen and wants a cleaner environment for exchanges. They are shutting down not properly licensed exchanges and not the legit one. This mean they are serious about Bitcoin and they wanted to deal with it in a legal way. This only prove that Bitcoin is legal in China and legal entity needs legal exchanges to operate.

House_stark

newbie

Activity: 19

Merit: 0

In November, the Chinese authorities officially prohibited any in-country transactions involving Bitcoin crypto currency. In addition, in December, China officially announced that it does not recognize Bitcoin as a currency, but holds it solely for a kind of commodity-type virtual goods. It was on this negative that the virtual currency sharply sagged on international toga to $ 600 against $ 1200, after which it was able to stabilize to $ 800 - according to AForex materials and yeah it’s a bit long story.

pureclckr

full member

Activity: 243

Merit: 101

Quote from: lkjhg on September 21, 2017, 09:05:06 AM

all can not be separated due to dissatisfaction of the state of China in developing its business, there is a hindrance to the business competition of china country, maybe china start thinking how can rival the popularity of bitcoin.

Bitcoin maybe a threat to Chinese internal currency that why there are hating such a blessing they think that their people will start using it and then there will be no internal business and everyone will use the bitcoin the economy will collapse, which is totally rubbish.

jumpflip27

member

Activity: 63

Merit: 10

China government doesn't hate cryptocurrencies, they to want stop speculations and manipulations with black money.

Mr. Legendaris

sr. member

Activity: 468

Merit: 250

I think the bitcoin hate is a Chinese government, most chinese like bitcoin so china becomes the biggest bitcoin user, the Chinese government is worried about the use of bitcoin that is getting massive will make its citizens leave Yuan.

bololord

full member

Activity: 420

Merit: 101

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.

For my opinion only i think goverment of china hate bitcoin becuase the goverment didnt control the bitcoin and bitcoin dont have any taxes , so thats why goverment hate bitcoin they want to control the bitcoin but its hard so thats why lttle by lttle the bitcoin became banned in china.

Sahabat_

full member

Activity: 322

Merit: 100

First 100% Liquid Stablecoin Backed by Gold

Quote from: hajimasan on September 25, 2017, 07:45:22 PM

Quote from: Sahabat_ on September 25, 2017, 07:33:25 PM

Quote from: lalabotax on September 25, 2017, 01:36:28 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.

but not everything about China is true, we need to be more familiar with what China really wants,
whether about shifting their currency or they want to make their own currency cryptocurrency or the other

Here i am not agree fully with you but still at some extent you are right .
All the products that produces in China which are not perfect are only prepare by the people who have not job but have compulsation of having any type of job to make daily earnings .
Here the condition is also same , due to big population in china , people moving toward the cryptocurrency and thats why the big part ot cryptocurrency depends upon the china , but here government is going to take some action which is not in favour of the bitcoiners of china as well for us also because of the the down in the market of bitcoin .

it is true that Chinese bitcoiners users have a big impact on bitcoin transactions in the world
but what power is now the biggest transaction transactions have switched to another country and maybe Japan will replace it

Topic: Why does China hate Bitcoin? - page 25. (Read 8874 times)