Why does China hate Bitcoin? - page 9.

Fappanu

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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.

Because they believe that BTC won't help them in any aspect of their economy. We all know how well China manage their people and their country. Plus, I've heard that they are in favor of ETH than BTC. BTC is indeed valuable but is unstable. Maybe China is just playing safe and does not want to be involved in such things. Anyhow, other BTC investors from China will always find a way to get through with it.

stephylarde

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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!

Because if China cannot control something, it bans it. Of course, one doesn't have to be a communist country to take that tack. Many other countries see Bitcoin, and other cryptocurrencies as a direct threat to their financial dominance of the markets.

Suffoc8

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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.

Bitcoin has a good impact to people and community yet there are some bad effects to it. So I think they are not hating it but rather they are just regulating the bitcoin in their country which if it abuse it can cause a harm to people.

Dapper

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The Chinese will still find away to get involved and continue their already huge participation in the crypto market. They always find a way. I have been on a few safari trips in Kenya and it always intrigued me that in some of the darkest deepest out of the way towns, you would always find a Chinese person or family running the local wholesale business of food/groceries, hardware, clothing, etc., fluent in the local language, English, and of course Mandarin (and in cases where they didn't speak Mandarin, the beauty of the Chinese language is that they can communicate with any Chinese dialect through writing.... since even when the pronunciation is completely different, the writing is mostly universal).

hoabien780

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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 think Bitcoin payments are not accepted by government in China also as many other asian countries, because bitcoin has not shown its true value. The bitcoin value is based on the number of users. Its value is not stable, can be increased or drop down rapidly. Moreover, besides Bitcoin, there are many other coins in the world's crypto currency, which makes bitcoin lose its value when currency market is fluctuated..
Laws in Asian countries is not complete as developed countries. Their technology and laws are not enough to manage virtual currency transactions. There is a risk of money laundering or delinquent transactions

i think they ban it to buy some time to figure out how to tax it. This would be my interpretation and hope. Grin

Opekin

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Quote from: Pansamantala on February 03, 2018, 06:45:49 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.

I don't think the word "hate" is not the right term to use for what China feels about bitcoin. Maybe they are just threatened on what bitcoin might bring to the economy. We all know that China is very competitive in terms of economic activities.
Another reason is that,as one of the biggest economy in Asia, they are making some research on creating another cryptocurrency system so bitcoin won't threat them . they don't want to be overpowered.

Pansamantala

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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.

Chaser35

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I think the bitch does not hate the bitcoin den, because he's trying to make NEO coin like Bitcoin.

Harri Wolter

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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.

It took CCP more than 40 years to accept the concept of the Stock Market.... (and it is IRONIC that once the Chinese accepted the Stock Market.. they LOVED it like they never disliked it...... interesting political culture that the Chinese have.....)

Julian Page

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They don't dislike bitcoin. In that the Chinese government is far more open and supportive of bitcoin than the US government.

It's not a matter of disliking bitcoin. It's more of a matter of regulating it to prevent something bad from happening.

maryhansenn

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They hate bitcoin because the government can not track it...so they can not control it. Sooner or later they will be forced to accept it

damrianto

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this information is not necessarily true. China is one of the most densely populated countries with an icon for bitcoin because it is in this country that includes the most investment holders. but if the problem of this hatred is a matter of currency with chinese because chinese are afraid of more developing bitcoin currency in this country

RawDog

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Quote from: bukikbarisan on February 01, 2018, 08:04:35 AM

The Chinese government is trying to find a way to stop its citizens

Chinese hate everything that makes America great again.

bukikbarisan

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The Chinese government is trying to find a way to stop its citizens from laundering money from bitcoin trade, I believe, wealthy Chinese who are trying to avoid paying taxes to the Chinese government and they use bitcoins to send money abroad, which is why China implements laws and regulations which is more stringent about bitcoin.

daniweb

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It's political reasons. They can not control bitcoin because it is untraceable so the government hates it. It's their loss

Sexie

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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 agree with that. That is why China hates bitcoin because once the people of China will all be knowledgeable with it , the government will get lower income from its people. Businessman may hide their money through bitcoin, and their government can not easily track for it. Unless people of China will declare all their income or profits or their digital assets and investment to their government. They need tracking for every cents to get one part of ones income through paying taxes.

Easy_Guide

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I believe it temporary sitoation

nicko122

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The Chinese government likes to control everything, but it does not work with bitcoin, so they ban it.

braZZers123

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Well, firstly, the policy of China is very closed, and there is no exact information why they did it. But they are very close to creating their own crypto currency, also in China, the technology of blockchain is very actively used.

jameskarl

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Chinese are really business minded people. Cryptocurrencies bypasses tax in products which means lesser profit for them. Another thing is that online stores are ran by different foreign group; if their citizen choose to buy online than in their local stores, that means more money will be going out than coming in to their country

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