Why does China hate Bitcoin? - page 30.

Sahabat_

full member

Activity: 322

Merit: 100

First 100% Liquid Stablecoin Backed by Gold

Quote from: Cherylstar86 on September 22, 2017, 07:44:16 PM

Quote from: Sahabat_ on September 22, 2017, 07:32:00 PM

Quote from: whoisyourking on September 22, 2017, 07:15:11 PM

The rumors said china hates bitcoin.. i think china is into monitoring their money or profit accurately like in their transaction they dont want their money to convert in other currency.. so thats why they dont want bitcoin, all transaction in bit coin is so easy and untraceable you can use bitcoin anonymously..

now the Chinese state began to close the virtual currency exchange places bitcoin there.
I do not know how the reaction of his society might be very interesting to wait for how the future again.

Those china people doesn't really hated bitcoin and for my observations here I believed that those people were just using bitcoin to grow their money as well. By the time their bitcoin grows it's amount bigger they immediately dumped their assets, along with the timing which there's also speculations that bitcoin was banned. Actually it's not the scenario, but those biggest china investors really did that because they wanted the btc price to lower down due to it's expensive price, so they had the chances now to invest for another holdings.

maybe that's what they want because the Chinese people can play bitcoin prices.
before the biggest daily transactions are always held by China so with that they can lower the price of bitcoin.
and after going down they buy bitcoin, with a ban already made how they can still do activities about bitcoin.

Cherylstar86

sr. member

Activity: 1484

Merit: 253

Quote from: Sahabat_ on September 22, 2017, 07:32:00 PM

Quote from: whoisyourking on September 22, 2017, 07:15:11 PM

The rumors said china hates bitcoin.. i think china is into monitoring their money or profit accurately like in their transaction they dont want their money to convert in other currency.. so thats why they dont want bitcoin, all transaction in bit coin is so easy and untraceable you can use bitcoin anonymously..

now the Chinese state began to close the virtual currency exchange places bitcoin there.
I do not know how the reaction of his society might be very interesting to wait for how the future again.

Those china people doesn't really hated bitcoin and for my observations here I believed that those people were just using bitcoin to grow their money as well. By the time their bitcoin grows it's amount bigger they immediately dumped their assets, along with the timing which there's also speculations that bitcoin was banned. Actually it's not the scenario, but those biggest china investors really did that because they wanted the btc price to lower down due to it's expensive price, so they had the chances now to invest for another holdings.

Bhbtc

newbie

Activity: 1

Merit: 0

China just hates buying in high.

bitcoinvestor

hero member

Activity: 812

Merit: 501

Quote from: sonawer on September 21, 2017, 04:28:21 AM

it seems to me that this question rests on the ubiquitous control of its citizens. do not forget that the usual Internet for citizens, is protected by the "wall"

Bitoin will be threat to China Govt. When people become rich , they will be more educated, when they educated, the comunist party will loose the followers, more educated people tend to have open and liberal minded than communists. That's why CHina doesn't like ICOs and bitcoin.

nevergone

full member

Activity: 192

Merit: 100

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 can hardly agree with you, although China ban ico and all exchange, it doesn't mean China take a negative attitude towards bitcoin, in fact, China pays high attention to the blockchain techonology, bitcoin is the representive of blockchain and China never show the willing to ban btc

Sahabat_

full member

Activity: 322

Merit: 100

First 100% Liquid Stablecoin Backed by Gold

Quote from: whoisyourking on September 22, 2017, 07:15:11 PM

The rumors said china hates bitcoin.. i think china is into monitoring their money or profit accurately like in their transaction they dont want their money to convert in other currency.. so thats why they dont want bitcoin, all transaction in bit coin is so easy and untraceable you can use bitcoin anonymously..

now the Chinese state began to close the virtual currency exchange places bitcoin there.
I do not know how the reaction of his society might be very interesting to wait for how the future again.

whoisyourking

full member

Activity: 420

Merit: 106

The rumors said china hates bitcoin.. i think china is into monitoring their money or profit accurately like in their transaction they dont want their money to convert in other currency.. so thats why they dont want bitcoin, all transaction in bit coin is so easy and untraceable you can use bitcoin anonymously..

JTASSOCIATES

full member

Activity: 182

Merit: 100

Why does China hate Bitcoin because China is not befitted by Bitcoin they wont allow anything which they don't benefitted also they afraid of tax loosing if Bitcoin usage used by all traders.

Tukang Becak

hero member

Activity: 896

Merit: 500

I think because China is worried about using bitcoin to shift real money, as we know that china is the biggest bitcoin user and the Chinese government should prevent the use of more massive bitcoins.

pyedpyper

full member

Activity: 172

Merit: 100

Maybe because they are want to create their own crypto

vasrasus

hero member

Activity: 946

Merit: 500

Bcnex - The Ultimate Blockchain Trading Platform

Quote from: MyIdeas on September 22, 2017, 04:56:13 PM

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 was thinking of that too china doesn’t hate bitcoins actually, they imposed a ban on their market just to try to control its increasing price but couldn’t succeed much in doing so. Another reason for not hating bitcoin is that most of the government officials also have invested a lot of money in bitcoins.

They love it that it's freaking them out that instead the money of their people will go in their economy ,it will goes in crypto that they don't control. All that they are wanting is to have some ownership in things that are too good like btc.

MyIdeas

sr. member

Activity: 734

Merit: 250

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 was thinking of that too china doesn’t hate bitcoins actually, they imposed a ban on their market just to try to control its increasing price but couldn’t succeed much in doing so. Another reason for not hating bitcoin is that most of the government officials also have invested a lot of money in bitcoins.

ymirymir

full member

Activity: 462

Merit: 100

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.

It's just because bitcoin is decentralized and as you know Chinese wants to have control over the market which they can't do because of decentralization. I pity them for banning ICO in their country. They're missing the whole point.

exstasie

legendary

Activity: 1806

Merit: 1521

Quote from: Mr. Legendaris on September 22, 2017, 12:58:58 PM

Quote from: Irdina on September 22, 2017, 12:24:30 PM

China does not hate bitcoin,Maybe china forbids ico because there is illegal money and ico are at high risk,
Prone to scam, and china can't track bitcoin,That's why China makes new rules,

Yes it seems so, with so much ICO it makes china think that this is money laundering crime. we all know that cryptocurrency can be a project to hide money, including from corruption.

Did anyone hear the news that Okcoin/Huobi were investing idle customer deposits to the tune of $150 million? The story broke last month. This leads me to believe that the major issue with Bitcoin exchanges is not capital flight via BTC/crypto. It's that client deposits were being used to finance shadow banking enterprises. It's a lot easier to move billions of CNY through the banking system with debt instruments than it is to do so with BTC. Anyway, I see bad things coming for Okcoin/Huobi executives:

Quote

Our sources say we’ll see extreme punishment for some crypto execs that invested client funds without their consent

https://twitter.com/bitcom21/status/910579598588391424

Best Dreams

full member

Activity: 1008

Merit: 101

Quote from: ekoice on September 21, 2017, 07:34:36 AM

China fears that most of money laundering is done using bitcoins.It feels that it would be difficult to trace bitcoin transactions.It is much concerned about the issue that most of its citizens invest in bitcoins and it does not want its resources to be sent outside the country using bitcoins.Its also worried that if this situation continues,then its currency Yuan would lose more of its value.That's why it has started strict actions against ICOs,then bitcoin exchanges and might take actions against even bitcoin mining.

My opinion is different little but I think china has a strong hold on market of the world as compare to other countries, I mean chain is fast growing economy and same bitcoin is also going strong with high price so china don’t want to lose his customers and don’t want their defeat on trade.

Tyrantt

hero member

Activity: 1022

Merit: 564

Need some spare btc for a new PC

average chinese people, no, either they don't care or like it since they're prob using it so that leaves the banks and government that represent people and we know that China was always about controlling citizens , so it's not that surprising at all. Also, they could make some profit aswell, like to open a government exchange office for crypto.

noictib

hero member

Activity: 966

Merit: 515

One of the world's leading Bitcoin-powered casinos

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 don't think that china hates bitcoin because bitcoin and other cryptocurrency are helping the people of the china to make earnings easily with the practical life competition in offline market .
Here my personal opinion is saying that , the government of china is not going to ban bitcoin but want to make some new rules so that the people of china can use bitcoin but with some restrictions .
Here i already seen in the history that few countries offically banned the bitcoin directly but here the condition is different because the government of china putted the decision on pending , that is the signal for the people in the country that they want to legalize and regualtion of the bitcoin to use .

revo1044

sr. member

Activity: 305

Merit: 250

no china do not hate bitcoin or any other altcoin china hate the ico because There is a lot of illegal things in ico .

AngelSky

hero member

Activity: 1008

Merit: 537

Quote from: EUROPEANTURK on September 22, 2017, 08:22:22 AM

I dont think China hate bitcoin just they afraid bitcoin will getting weak their local money ,because chinese people want invest to bitcoin more than yuan.

Yes.only the Chinese government had fear of bitcoin that bitcoin will replace their Currency .if so their Economy will be badly Affect and bitcoin will replace their own currency.Due to this fear China Government had planned with longer view to eliminate the Bitcoin from their country.

finthebar

full member

Activity: 210

Merit: 100

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.

While there are many different views, the more popular themes come back to control. The Chinese government have a history of wanting to control things for a variety of reasons, including "civil order". It is possible that some of the people were being whipped into a frenzy with ICO's and while some were valid, others were nothing short of scams. This on its own could be reason enough for China to crack down, simply because they might not be able to do it in a targeted way its possible that a blanket ban is the "holding plan" until there is a better option.

Also, bear in mind that the who's who of power brokers in China gather every 5 years - it just so happens that the next one is on next month, https://en.wikipedia.org/wiki/19th_National_Congress_of_the_Communist_Party_of_China This strikes me as a pretty conservative group of people that might not be enthused by headlines of the wild ride of Cryptocurrencies and ICO's. So things might settle down once this is over.

I don't think China actually hates Bitcoin...

Topic: Why does China hate Bitcoin? - page 30. (Read 8874 times)