Why does China hate Bitcoin? - page 31.

Mr. Legendaris

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Quote from: Irdina on September 22, 2017, 01:24:30 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.

MOTHIT

member

Activity: 98

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first reason is may expected of illegal money laundering to be stopped.

silly but expect that May be China is looking for the premeasure of crises which took place in 2008 they expect more then this in 2018 that's the reason the are looking to hold their country money single penny even to be controlled by them. It is just a prediction only. Please don't mistake me.

Irdina

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TheFutbolCoin

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,

Bittoshi

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Activity: 280

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China wants to completely control every monetary transaction and therefore sees Bitcoins and all other cryptocurrencies as an enemy and declares it illegal money. But China alone is not the whole world and other countries like South Korea, Australia or Japan are eagerly willing to take a piece of China's Coins. And we should use the opportunity to buy more Bitcoins as long as they are cheap.

lfc_san

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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 china does'nt hate bitcoin. It does mean china not focus for bitcoin. China focus for their project. Their project does'nt give profit for country.

sukamasoto

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Black Panther

If bitcoin being control, it will break decentralized paradigm !
In other side bitcoin being created to be act as alternate currency and alternate investment that ever exist on digital era.

Quote from: farhansadik on September 22, 2017, 12:35:07 PM

The main reason Bitcoin is decentralized . No centralized government bank can tolerate a decentralized exchange.
May be China wants to open a centralized crypto currency which is fully controlled by china bank Or Govt.

Ariess

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I think so. about china. china always wants to be a monopoly trade for asia region. yes china always boycotted the famous brand, with their license. but often far from good quality. that's china.
and I think they want to monopolize the bitcoin.

farhansadik

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The main reason Bitcoin is decentralized . No centralized government bank can tolerate a decentralized exchange.
May be China wants to open a centralized crypto currency which is fully controlled by china bank Or Govt.

Catmony

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Quote from: balakang00 on September 22, 2017, 12:26:41 PM

I think the issue here is that bitcoin is untraceable. The China government cannot control the flow of money in bitcoin nor they dont't know where the money came from. And that's why china hates bitcoin.

This is issue for each and every country, bitcoin is a threat for all of those countries who have high inflation rate and strong control over cross border fiat transfer.

With bitcoin people can save themselves from very high inflation rate of their local fiat and they can send their earning out of the country for almost free. This will affect what government can collect in taxes, that's why every government and bankers are against bitcoin.

balakang00

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Platform for Investing in Cryptocurrency and ICOs

I think the issue here is that bitcoin is untraceable. The China government cannot control the flow of money in bitcoin nor they dont't know where the money came from. And that's why china hates bitcoin.

gyu22

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Everything that can be out of the control of an authoritarian goverment is a thread. They ban because the can. But Bitcoin will continue elsewhere. Actually, since China gov. announce exchange will close by the end of september, traders have moved to Japan, where regulations and policies are more clear an efficient. According to various trusted Bitcoin market data providers such as CryptoCompare, China only accounts for 6.4 percent of global Bitcoin trades at the time of reporting.

https://cointelegraph.com/news/japan-becomes-largest-bitcoin-market-as-traders-leave-china

techindo

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because the Chinese government does not like something that can not be control.
the Chinese government also wants to protect its people from the threat of ico scam.
the government will someday make regulation about cryptocurrency.

EUROPEANTURK

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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.

mobnepal

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We may soon see another altcoin emerging from china and will be known as chinese bitcoin, all of its transaction can be tracked and government can easily reverse transactions or froze accounts whenever they want.

China might be preparing for launch of their own state owned version of bitcoin. Grin

moamin77

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JACS.tech

I believe it is not only China.....All similar governments don't want their folks' money to slip away from their control

zekeshawn

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I think China doesn't hate bitcoin they just want to protect their people from scam ICO's or maybe they want to trick bitcoiners so that they can buy more bitcoin when people start dumping. The news could be a strategy to accumulate more bitcoin.

alfs75

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platform for everyday business

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.

Im thinking why should china hate bitcoin?in my own opinion china hate bitcoin because mostly chinese people are patriotic in their own currency and they didnt want foreign countries to rule there economy.china also didn't much understand bitcoin maybe there not open minded and there knowledge of bitcoin is limited that why they did nit accept this kind of currency .

litec0ins

newbie

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They don't hate btc. They just love their own yuan a little more.. Tongue

They will go to any lengths to protect it.

Clark05

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I think why china ban bitcoin because of power people and thats not all. For sure many of chinese people love bitcoin they want to continue in bitcoin but in their country bitcoin will be officially ban in september . But we dont know if its true or not. I hope china will continue again to accept bitcoin so bitcoin world become happy brcause we our complete. But it depends to them.

shintosai

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Quote from: pushups44 on September 22, 2017, 08:44:14 AM

I think the elites of China are confused about bitcoin and don't know how to deal with it. They are used to centralized control, whereas bitcoin is about stateless decentralization. However, taking an anti-bitcoin stance can potentially damage the ecobnomy in the long run, as blockchain technology becomes more essential. I think slowly the Chinese government will warm up to bitcoin and other cryptocurrencies.

Well that's right many people from China doesn't understand how crypto works and that's why they wanted to make a clear understanding first, afterwards when they seen potentials they will re assess and for sure they will continue supporting if they feel that they will earn from this system.

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