Why does China hate Bitcoin? - page 5.

SantoshSoma

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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 dont think so china hates Bitcoin ,chinese government want to control the money laundering in their country and they want to control the their financial system

waskaplung

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Quote from: sonawer on September 21, 2017, 05:28:21 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"

China clamps down on Bitcoin miners, issues emergency notice to ban the ... out it's because someone is mining Bitcoin, they will limit electricity supply to some users ...

shuvo999

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Quote from: Bittrac67all on February 26, 2018, 08:25:04 AM

Totalitarian Government doesn't like new things that can't be easily controlled. BitCoin was designed to be a new form of currency that is outside of government control... CCP's natural instinct is not to like it..... This kind of government needs time to observe BitCoin's pro/cons.

It is not just about China rather all types of governments are afraid of bitcoin because of its decentralized nature and their incapability of controlling bitcoin. Most of them are working for the methods of regulating bitcoin and putting taxes on it.

Boys27

full member

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The Exchange for EOS Community

my opinion china does not hate bitcoin, chinese maybe just looking for the weakness of bitcoin, or china want to make coin that can defeat bitcoin, but in my opinion bitcoin without china will be fine and still will grow and become very valuable in the future

Bittrac67all

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Totalitarian Government doesn't like new things that can't be easily controlled. BitCoin was designed to be a new form of currency that is outside of government control... CCP's natural instinct is not to like it..... This kind of government needs time to observe BitCoin's pro/cons.

BTC-Market

member

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China can’t really control BTC via their financial agencies, though they used to have 75% of mining hash rate in the world. That would give Beijing some measure of influence. CCP was also concerned with the money outflow from China that used to reach $1 trillion a year in the bad year.
So, no control and outflow. Besides, top guns there can’t accept the idea of decentralized non-government currency.

RawDog

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Quote from: LikaCat on February 21, 2018, 04:31:33 PM

China is a communist country. bitcoin is freedom. Freedom and communism are antonyms

China needs to step up their game. Hating on Bitcoin is dumb. Even Russia is starting to understand. Putin loves Bitcoin.

LikaCat

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China is a communist country. bitcoin is freedom. Freedom and communism are antonyms

A L I E N

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I think that hostile attitude toward Bitcoin may be explained by appearance some cryptocurrencies which has clear Chinese origins. One of the brightest examples is NEO. Bitcoin in such circumstances is like a competitor.

Mumei19

newbie

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do not tell jokes. China is the most coveted bitcoin, not hate 🙂

Crash21

newbie

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China don't hate bitcoin and as far as i know it was the biggest hashing power there. Their government just doing something that we can't understand to bitcoin.

Tuyul Gupies

full member

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maybe a currency exchange that makes rich bitcoin users suddenly or money laundering from bitcoin trade, I think sure there might be a small group of rich chinese who try to avoid the taxes paid to the Chinese government. because it avoids paying taxes by its citizens, the Chinese government hates bitcoin because bitcoin mutes the state of China from tax payments.

Sandijoee

member

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I do not know if china hates bitcoin, If that's the case maybe it's the factor of the person and the person is from china so from the factor of the people become the country affected.

Vin183~

newbie

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Bcos china has coin which is made by them so they.don't like.bitcoin

Newer

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The reason China hates bitcoin, because bitcoin has a bad impact on the country's economy so China hates bitcoin, and China wants to make its own coins.

dyewic

full member

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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.

I strongly agree on your opinion that, the chinese government or central bank is not china and the people of China love bitcoin and cryptocurrencies. And adding also my opinion that, I believe that the Chinese government is trying to find a way to stop their citizens on money laundering from trading of bitcoins, and I also believe there might be a small group of wealthy Chinese citizens who are trying to evade paying taxes to the Chinese government. In addition, I think they do not hate bitcoin, but due to the nature of the secret transactions make the Chinese government anticipate by blocking it. On the other hand, they just issuing the ban of illegal ICO's that might be the one may cause of the downfall of bitcoin and China fears that most of money laundering is done using bitcoins.

snazir

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I think Bitcoin is the reason for hate China they want to destroy their reputation. They want to make BTC similar. They are strong and familiar to the world. But China thinks using all the money laundering bitcoin It's not easy to find out, So they want to have full control. Because of which China condemned Bitcoin to make it illegal. And for such selfish reasons, China forbids bitcoin and all exchanges.

ciciteng

jr. member

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I think China *not* really hating Bitcoin. The fact that they have their economic driven significantly by this recent BTC rise, they will shot their feet if they just stop and killing it.
Think how many mining farm that they had, ASIC based miner industry, and exchanges. They can be considered as one of bigger player in this BTC industry.
Another facts is, they even have capabilities to 'play' the market by short of pumping and dumping, just see couple of trend in their exchange. Sometime is just really obvious that they play the market.

Atect90

newbie

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Quote from: Pansamantala on February 03, 2018, 07:45:49 AM

The government of China condones the use of bitcoin I think is because of this reason. They think that the use itself will not benefit their economy's growth and that they think that the growing population of chinese people that are investing in bitcoin might someday make their own national currency obsolete.

Well it is right but the most important thing I would like to share is China is not banning bitcoin completely or they don’t dislike bitcoin at all but they shut down the exchanges for some time. May be there is some positive reason behind shutting down the exchanges to give chance price get down so more people will be able to buy bitcoin and invest but one thing I am sure about it that china does not hate bitcoin at all.

russella31

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I don't think Chinese hate bitcoin, it's their governement. I believe most people there like bitcoin but since people are controlled by the government then they don't have a choice. Their actions are always controlled by the Chinese government. One good example is their government banned the use of Facebook and Youtube. With regards to bitcoin, it involves money and they cannot trace the transactions that's why they ban it in China.

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