Bitcoin Forum

Since PBOC gave some guidelines, the chinese exchanges have suspended the withdrawal of bitcoins, it seems people have shifted to localbitcoins.Even the great firewall cant stop the digital gold trading in china.

I don't really understand what the "great firewall of China" has anything to do with what is happening in China regarding bitcoin!

the Public Bank of China is trying to put an stop to not regulated bitcoin exchanges that have been reporting that they are handling billions of dollar every day and that is a big red flag for any government regarding money laundering and other criminal activities and it has to stop.

and in the end these exchanges will come back and continue but this time they will cut any money laundering and any other concerns about legality their government had.

Chinese Government blocks access to a large number of international resources such as Google, Youtube, Facebook, Twitter, Flickr etc. Even though some VPN providers are quite successful at breaking through this Wall, the Chinese government is advancing so the providers must stay tuned and constantly adjust their VPN setup to ensure free internet access in that region. It is simple as that... to bypass the ultimate wallie  ;D

Maybe he is just trying to used Analogy here. Great Wall of China=Great Firewall of China. I don't think that PBOC can stopped the Chinese or any nationality to do trading and investment with other cyptocurrency or localcoins as the OP says. They will always find a way outside of the censorship to earn or profit because people need money to lived. So it doesn't mean that since PBOC has regulated or suspended the exchanges now, you will cease your trading as well, no, just find a way outside of it and continue to profit everyday.

From what i understand there is no restriction for bitcoin or bitcoin exchanges in China.The only thing they are trying to implement is to avoid money laundering and so is the reason they are implementing strict monitoring to avoid those and if the government wanted to ban the bitcoin exchanges they could very well do that and then they are not legally possible to run an exchange and so every user has to use other exchanges and it will be really difficult for the people to get the money back in fiat.

They have shifted to LBC?Now the PBOC and the Chinese government will try to stop them from using localbitcoins.Maybe the Chinese internet providers will block the access to localbitcoins.com.
Perhaps at some point, the PBOC and the government will realise that those efforts are pointless and they will most likely ban bitcoin,because they are communists.A communist would ban everything he can`t control. ;D

I think the Op is trying to draw a conclusion that even. After the government all mighty power, they have failed to stop their citizens from using Bitcoins. I would have been really surprised to see if they suddenly had stopped using Bitcoins. Chinese citizens have invested huge amounts in Bitcoins already and so I don't see any need for them to stop using the Bitcoins, they were bound to find a way to go around the government and they have successfully done so. Now it will interesting to see how the government reacts to this, and what next step it takes.

Yes it is true that the Republic of China cannot stop bitcoin trading in their country. Though they have control over the Chinese exchanges but they do not have control over the bitcoin holders since they cannot identify them. It is normal for traders or bitcoin holders to make use of their bitcoin and so they shift to localbitcoin.com since they find it hard to trade on Chinese exchanges anymore due to PBOC regulations.

I think they know that bitcoin trading in China can not be stopped, but with the recent guidelines, they can slow down the trading significantly. To me, they are just buying more time to understand and decide the next move...

It's literally impossible to stop people from buying or selling bitcoins even if such websites like coinbase  ask for ID verification then localbitcoins is best for you if you don't wish to reveal your id

Dude what does it has to do with this. They can't withdraw their coins in the first place so they won't be able to use localbitcoins... And that firewall thing is probably hacked to death by the Chinese hackers till now anyway.

nobody can ever block bitcoin usage. they can restrict it and push people away but nobody in the whole world can prevent us from continuing to use bitcoin you just need pen and paper at the very least to make a private key for yourself with something like a dice and then convert it to a public key and give it to others to pay you or transfer bitcoin p2p.
and even for broadcasting trasnactions you can use any type of online website to do it easily.

You are not going to stop Bitcoin by blocking the "services" on the internet.... too many people already know about Bitcoin and they already own

bitcoins. These people will transfer / buy / sell bitcoins amongst them for years to come. These piss poor attempts to stop people from using this

technology will push this whole movement underground... and give other countries the competitive edge.  ;)

Bitcoin is the decentralised and freedom currency, it is not that easy to banned bitcoin, no matter how the government try to bring down bitcoin, the user always had a way to use bitcoin, the only way to bring down bitcoin is to cut off internet connection completely

Even though the governments are trying to limit or restrict us from using disruptive tech, still it is quite of relieving that people are still finding ways to continue moving forward. China is not banning bitcoin completely, however they are, as much as possible, restricting trades so as to avoid money laundering and such but LBC is available anyhow. Good for Chinese all in all! :D

Everything is insecure. Probably bitcoin trading needs more security features, but these days due to the regulations by PBOC the trading volume of bitcoin within the country has decreased much. These day localbitcoins and other trading company have gained more user base.

this is one of the many benefits of a decentralized system like bitcoin. when we say decentralized it doesn't only mean there is no bank but also it is the fact that nobody can tell you how to use it.

although China has never said anything about wanting to ban bitcoin though. so saying the firewall of China couldn't do it is not really relevant here.

The trading volume in China is about 6000 bitcoins a day. That is about $7 million. That is not of big concern.

The exchanges would open up again anyway, though this time with more regulation to avoid money laundering. Coz, which country would want capital flight? This would not stop people from using their Bitcoins though. Provided they've got some saved that were not frozen, they'd still be able to use it normally. And even if the government do enforce stricter regulations, I doubt that would stop people using bitcoins and cryptocurrencies in general. Like one local bank in my country's slogan say (also ran by a Chinese immigrant BTW) -"We'll find ways".   ;D

Exchanges may stay locked forever. We are talking about China here. Not the best country known for their property rights. There was a reason bitcoin became very popular in China, because it make it possible for people to leave that shit hole  ;D Big Companies like Apple, Microsoft or any other capitalistic vampires won't allow their cheap workers to runaway and spread into rest of the world.  ;D Imagine a 500Million Chinese refugee group in Europe... Wouldn't it be a mess?  ;D

LOL, lucky for those then that have already moved out. Chinese government would eventually be in big trouble if they remain repressive. It's already transitioning into a consumer economy, the sweatshops would be moving out eventually. I remember the time when my Happy Meal have toys made in Taiwan or South Korea (yes I'm that old), then it became Made in China, it's not by a long stretch that it'd soon be other country. Would China gracefully exit the cheap factory phase like Taiwan and South Korea did?

As for the Chinese refugees, no please just no. Have you seen what their tourists have done inside the Sphinx? Those are people that actually have money to spend travelling... just imagine the refugees.

They can exit that phase if a cheaper option comes up but i don't think there will be anything like that cheaper than China. China has everything necessary to be the cheap workers' country.

Communism? yes.
Overpopulation? yes.
Shitty rulers? yay.
Submissive people? hell yeah.

You can't have em all in somewhere else.

Only robots are cheaper than Chinese workers atm.

Bangladesh could become a replacement though they probably don't have the infrastructure to take the world factory burden from China.

Dont you think that the Chinese Firewall with DPI could just detect and block all bitcoin confirmation ? Seems they can do it pretty well : https://anonymster.com/great-firewall-china-bypass/

Why would they want to do that? A huge amount of capital are entering China from miners selling bitcoins. Some of the biggest mining pools and mining farms are situated in China. People are buying those coins and selling them beyond the Chinese borders.

They are converting cheap electricity into money to strengthen their economy. ^hmmmmm^

what you mean by great firewall even lots of social networks not accessible in china even people accessing through VPN .and also there is lots of technique to access internet .

Can I ask you why do you think that Great Firewall made by China can stop chinese population from using bitcoin?
Obviously, there is only one real bitcoin, bitcoin core. If the China authorities would decide to ban bitcoin, or just block all the websites related to it, then im sure they would have some cryptocurrency in there, but just made by their nation.

Im sure that china goverment is very smart, because such a big and well-developed country (after all, it is one of the most powerful countries) needs good leaders.
They have to know that blocking bitcoin and cryptocurrencies overall is stupid, because they can be very useful for society plus even for goverment, if people will pay taxes as they should!

Im sure that we should not be worried about bitcoin situation in China, at least that is my opinion.

China has a huge issue with currency evasion... could be a good reason ?

People could access sites which are blocked through their firewall and yes there are many techniques to access the internet but most of the time the people does not have a clue about how to bypass these restrictions as most of them are not technical enough or aware of the fact that these things are easy to bypass.

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The strength of the GFW is very limited, and we can use the technology to browse twitter, Google, facebook, etc. Bitcoin, too, won't stop our love of bitcoin forever.