Why does China hate Bitcoin? - page 34.

Drnice

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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.

Now I really get the reason why China is having issues with bitcoin. But I want to know,if China is having such issues, what about countries that has accepted bitcoin into their marketing system?

kpcian

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its simple that China fears Bitcoin due to the collapse of local investment. if all the people will continue to invest in this platform then the local sector will face a huge challenge in terms of Investment so that China government always wants to regulate properly. I think this is the point regarding this issue, nothing else.

allthingsluxury

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The chinese government is actively cracking down on anything, that will allow its wealthy citizens to get wealth out of the country. Bitcoin, is obviously a great tool for this, and is therefore an enemy of the communist party.

coinstalker23

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China doesnt hate bitcoin they just stopped some of their local exchanges for some reasons. Maybe they are trying to make some policy to govern the circulation of bitcoin in their country. We all know how chinese people love money and how they manage to earn and get a huge profits. I think they are just planning strategically how to introduce bitcoin in their people and how to control the circulation into their local industry.

iqlimasyadiqa

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china does not hate bitcoin. china just wants to regulate and also make rules about the circulation of bitcoin in his country. it took them a few weeks to figure out how to make the bitcoin manageable in the country. so we all now even know that one of China's decisions is to control bitcoin, it is possible to avoid crime that could happen through transactions with bitcoin.

ekoice

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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.

investerS

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Money making legitimately

China doesnt hate bitcoin, i believe they are benefitting from it.

YuginKadoya

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Quote from: Pixmartz on September 21, 2017, 08:06:31 AM

I think they do not hate bitcoin, but due to the nature of the secret transactions make the Chinese government anticipate by blocking it. because bitcoin can be a place to launder money. And banks and chinese goverment do not benefit from bitcoin.

Yup! I myself don't believe it either, or OP's statement or tittle of his thread doesn't fit, I think his gonna get other conclusion in his statement, many Chinese really love bitcoin there we can see the big amount of miners that are backing bitcoin and I didn't think they surely block bitcoin from them, I think they only wants to control bitcoin just like other government want to do, I think it is for the safety issues.

PHI1618

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I do not think China hates it. I think China has much larger plans for the future. We are talking about China. They aren't idiot...

panju1

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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.

Let us see whether they are successful in 5heir assets. They may be able to slowdown Bitcoin, but they can't stopstop it. The Chinese have resorted to multiple innovative ways to avoid capital controls. Bitcoin provides them with a straight forward, simple way.

Palmerson

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Live cams shows pimped with cryptocurrency

Quote from: Barcode_ on September 21, 2017, 07:39:56 AM

I believe the Chinese government is trying to find a way to stop their citizens on money laundering from trading of bitcoins, I believe there might be a small group of wealthy Chinese citizens who are trying to evade paying taxes to the Chinese government and they are using bitcoins to send money overseas, that is one of the main reason for China to enforce tighter laws and regulations on bitcoin.

Why do you think that the Chinese are using bitcoin withdrawal of capital from the country? With the same success they can bring money into the country. I think the Chinese started another game. In this case, they are not interested in taxes.

yishak

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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.

Yeah you are right one reason they are "assaulting" bitcoins is because of the fact that it untraceable. Another reason is because bitcoin is draining the country's economy not by much but they have realised that if they continue to allow it it will become a great threat for their economy in the future, hence the "assaulting"

Hexah

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I don't think they hate bitcoin, they just issuing the ban of illegal ICO's that might be the one may cause of the downfall of bitcoin. It's just a misinterpretation that because of banning the different illegal ICO's that booming in the world of cryptocurrency right now and the decline of bitcoin this couple of days maybe other might say China hate bitcoin bbut I don't think it composed of only few of them.

Pixmartz

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I think they do not hate bitcoin, but due to the nature of the secret transactions make the Chinese government anticipate by blocking it. because bitcoin can be a place to launder money. And banks and chinese goverment do not benefit from bitcoin.

Shinza

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It can be said that the Chinese government is a government that has a negative outlook on btc. They account for 23 per cent of the world's btc digging systems but they suspect btc is involved in illegal activities such as drug trafficking, money laundering, etc., but that's just an unofficial source. Is there any confirmed information on this? No one is asserting btc is relevant or not, but now there are many countries that accept btc as a new currency.

wilhb81

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Any store can buy, sell, and accept Crypto

Chinese are crazy in love with Bitcoins - that's why they're the biggest BTC farms in the world. However, their government hates those untraceable and decentralized features of Bitcoins.

That's the reason, those famous Bitcoin exchanges are forcing to close immediately by China's government... Sad

12retepnat34

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I think not all Chinese people hate bitcoin! there are only some especially there government but that is not hate! I think they just made rules and regulations on ICOs for there people.

Maveth13

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China doesn't necessarily hate bitcoin. It only makes sense that a government doesn't want a form of currency to circulate their country that they can't control and trace. Getting rid of greed as the reason, I think their just making it safe considering that there are a lot of investors that are being scammed in ICOs that they can't do anything about.

KesoNie

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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.

because the governments of china do not want to see competing currencies they are threaten their monopoly to create money and to control the financial system and the economy we know that the china is more on banking system so i think its the one of the reason why they hate or why they banned the bitcoin .because we know bitcoin might be make banks disappear

ramsdaj28

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اللعنة

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 don't think that China hates bitcoin. They are just destroying the reputation of bitcoin because they might be planning to create a cryptocurrency and aims it to become popular. China is always known for its innovations, and I know that they can copy the structure of bitcoin and create a new cryptocurrency. They might also want it to become as valuable (or more) as bitcoin, thus, conditioning the minds of people over their point of view on bitcoin.

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