It seems to me that China did not intend to declare war on the Crypto-currency. Although the government of China last September pointed out that the crypto currency is a threat to the country's economy due to the fact that it allows uncontrolled movement of significant funds in bitcoins and other crypto currency outside the country, but they are looking for their own way of solving this issue.
I do not see effective solutions in this direction. But cryptocurrencies are a secondary goal. The main goal for the Chinese government is ICO. They don't want the outflow of investment. I think that they will create an internal ICO. Foreigners can buy Chinese ICO but Chinese will not be allowed to participate in ICO abroad. It has a meaning.
Topic: Why has China declared war on bitcoin and digital currencies? - page 4. (Read 633 times)
It seems to me that China did not intend to declare war on the Crypto-currency. Although the government of China last September pointed out that the crypto currency is a threat to the country's economy due to the fact that it allows uncontrolled movement of significant funds in bitcoins and other crypto currency outside the country, but they are looking for their own way of solving this issue.
I do not see effective solutions in this direction. But cryptocurrencies are a secondary goal. The main goal for the Chinese government is ICO. They don't want the outflow of investment. I think that they will create an internal ICO. Foreigners can buy Chinese ICO but Chinese will not be allowed to participate in ICO abroad. It has a meaning.
It seems to me that China did not intend to declare war on the Crypto-currency. Although the government of China last September pointed out that the crypto currency is a threat to the country's economy due to the fact that it allows uncontrolled movement of significant funds in bitcoins and other crypto currency outside the country, but they are looking for their own way of solving this issue.
It is obvious that the government considers it to be a threat. They prefer to have almost full control in its own hands.
It's all about politics and power. Knowing China who wants always to manipulate everything, wants to control the world and people, no wonder they are so much against crypto curriencies. They are against crypto currencies firstly maybe because they cannot control it, cannot taxed it so the government have no benefits on it and so they banned it in their country. The all-out-war against bitcoin and other digital currencies in their country is one way of telling their people that they wants control over everything, their lives and their financial freedom and eventually they wants control all over the world. I myself don't want it to happenned, communism style of government, no freedom at all, is not a life worth living for.
China did not declare war on bitcoin and other digital crypto-currencies. In this country they are looking for their own way of introducing the crypto currency, including the question of the optimal ratio of decentralization and centralization in the crypto currency. I think that for a crypto currency such an experience can even be useful. If China does not find its own solution to the problem, then, most likely, it will join the rest of the crypto-currency community.
It is hardly possible to regard the measures taken by the Chinese government to regulate crypto currency as a war against it. Back in September last year, they said that they consider the crypto currency to be a threat to their economy, because it allows uncontrolled withdrawal of large sums of money from anywhere in the world. Also, the Chinese government was concerned about the massive cases of fraud among ICO campaigns and stated that this process is subject to regulation. They are still solving these problems. This is their right, because it is the internal affairs of this state. It remains to be hoped that China will find its way to ensure that the crypto currency is recognized as a legal tender in the territory of this country.
China is over-populated, thus many people are using bitcoin which it has become a real threat to the bank systems. So, China had to declare a war. That is why bitcoin has fallen sharply last year. Moreover, I do not believe they will continue with their scheme because they are going to regulate it so they can have a percentage. There are many unemployed people in China including poverty and famine. And the government's best choice was to ban bitcoin. Unbelievable.
As we know, rising and falling of exchange rates Bitcoin and other cryptocurrencies are pure followed the market mechanism. so the Chinese government can not control the exchange rate, unlike the yuan against the US dollar. The government always dislikes something that can not be regulated. maybe that's why the Chinese government forbids ICO and cryptocurrency exchange.
February 28, 2018, 09:44:57 AM
The main targeted crypto related activity as far as i know are those ICOs and domestic exchanges as well as foreign exchanges due to the financial risk though i don't know what kind of risk they were talking about, i believe if chinese government ends up banning possession and trading of bitcoin is not the end game of cryptocurrency, there is a wider market out there than a single country like china.
You are right, they want their countrymen to promote and to support their own coins, they don't give freedom to their people to choose what they want, and besides that they want to imposed tax in their domestic coins which they are having a hard time imposing it in bitcoin. 
February 28, 2018, 08:48:30 AM
China’s government is starting an all-out war against bitcoin and other digital currencies by banning fundraising through initial coin offerings and shutting down all mainland digital currency exchanges?
short and simple:
chinas central bankers will take the role of protecting the supply of motivated and rewarded labor for the countries economic structures, to ensure social order and peace
that is why they have to be in a conflict with cryptoeconomics,
Additionally chinas current corporate elite, will push them towards that direction, for personal and altruistic reasons
now give me your merits
regards
Scorpio
February 28, 2018, 08:38:15 AM
The main targeted crypto related activity as far as i know are those ICOs and domestic exchanges as well as foreign exchanges due to the financial risk though i don't know what kind of risk they were talking about, i believe if chinese government ends up banning possession and trading of bitcoin is not the end game of cryptocurrency, there is a wider market out there than a single country like china.
February 28, 2018, 07:09:45 AM
China’s government is starting an all-out war against bitcoin and other digital currencies by banning fundraising through initial coin offerings and shutting down all mainland digital currency exchanges?
They have closed down the exchanges some time ago, but it's not set in stone. What I mean by that is, there's a reason for the ban and it's not "the good of the people" or a similar slogan. They are doing it to make all crypto businesses file for a government issued license and that will require them to pay a certain fee. The license will also make sure only certain people are allowed to run an exchange and this will of course be members of the ruling party or their family members.
IMO by this time next year they will announce the plan to tax and regulate exchanges.
It makes sense. Full control and corruption at its best.
China is harsh with everything else too not just with Bitcoin.
February 27, 2018, 12:35:17 PM
They have declared because they wanted to make their own coin to be known and supported by Chinese rather that bitcoin, they have seen the potential it brought to each individual and they don't want that they cannot control it so they made their own not to compete with bitcoin but to control their people and can collect tax on them.
February 27, 2018, 06:04:41 AM
But China is not anymore the superpower of crypto market. If China ban all crypto related activities outright, the market will react for a short span. But I don't think any big impact will be seen for China's exit.
China's importance has been greatly exaggerated by the market for a very long time. It's safe to say that after the PBOC stepped in, the Chinese market showed its real nature, which is a very unmotivated market.If you look at the ratio of China's massive size in comparison to other countries, and put it against the volumes they generated on a daily basis, they are a non important market overall.
The only reason that market boomed in the first place, was because of high frequency traders taking advantage of the zero fee structure the exchanges were using to massively inflate their volumes.
It shouldn't come as a surprise that after the exchanges there were forced to shut down, the general Bitcoin and crypto market did better than ever before. It's a clear sign that China's importance was only a thing in people's minds.
February 27, 2018, 04:13:01 AM
The Chinese government does not want the Chinese people to be rich.then who will work cheap?..
February 26, 2018, 10:46:10 PM
1. Bitcoin pricing does not have clear rules. So the price can change change every time. "For the determination of the price of this product is not based on a clear underline transaction (guarantee), so the possibility of speculating the price rise and fall is very high
2.Bitcoin also does not have adequate consumer protection rules. Therefore, in the event of a loss, the user can not file a claim
essentially can only harm the user
2.Bitcoin also does not have adequate consumer protection rules. Therefore, in the event of a loss, the user can not file a claim
essentially can only harm the user
February 26, 2018, 05:27:23 AM
They have already "banned" bitcoin like 10 times past 4 years without success. This is nothing new, they ban everything that is great about the internet.
They have never banned Bitcoin outright. This seems to be a common misconception. They have banned ICOs, exchanges, P2P exchanges (that served as a loophole for the initial ban), and they're currently sitting the fence on mining. Holding and trading are still fair game, but who knows how long that will last.
Either way, China is no longer the giant it once was in trading volume, and the remaining traders have already learned how to sidestep regulations. An outright ban at this point shouldn't be too crippling in the short term, FUD aside.
Right you are! China has never banned bitcoin outright. Because that can't be possible for them. So they have taken a phased approach. First they banned ICOs because that was a channel of dirty money flowing in to their economy. I have seen a lot of Chinese scammers active in the ICO market prior to China ban so it was a good news for the entire crypto community.
Now China is trying to ban the mining operations because a communist country doesn't believe in people empowerment by sidetracking them. They follow heavily centralized policies. Crypto is one way that can't be properly tracked and taxed because of its pseudo anonymous nature. So the Chinese government are not getting the proper revenue from these crypto related market. So they are trying to curb it down.
But China is not anymore the superpower of crypto market. If China ban all crypto related activities outright, the market will react for a short span. But I don't think any big impact will be seen for China's exit. Also the Chinese government knows that it is impossible to control the entire crypto market in China. So those who want to use it, they will continue using it. Absolute ban can't be achieved practically.
February 26, 2018, 03:16:11 AM
They have already "banned" bitcoin like 10 times past 4 years without success. This is nothing new, they ban everything that is great about the internet.
They have never banned Bitcoin outright. This seems to be a common misconception. They have banned ICOs, exchanges, P2P exchanges (that served as a loophole for the initial ban), and they're currently sitting the fence on mining. Holding and trading are still fair game, but who knows how long that will last.
Either way, China is no longer the giant it once was in trading volume, and the remaining traders have already learned how to sidestep regulations. An outright ban at this point shouldn't be too crippling in the short term, FUD aside.
February 26, 2018, 02:43:18 AM
They have already "banned" bitcoin like 10 times past 4 years without success. This is nothing new, they ban everything that is great about the internet.
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