Bitcoin Forum

Imagine that after ppl have burnt their fingers using toasters the state decides to ban toasters. A week later online shops have to stop business within 2 weeks. Some online shops may stay in business for an additional month because they've never sold toasters....

Luckily there's Bisq..

Lucky me for living in Switzerland.

I bet in the long run Chinese government will cut their own flesh, IF they really keep up the ban. Ppl WILL find a way around. No government can design the future. Imo cryptos will be the future of payment.

Don't buy into the FUD man. China isn't going to ban Bitcoin or cryptocurrency anytime soon. That you can put your money on. They are not stupid!

I think the chance is very more likely that this ban is a fraud, China in it's obsession to become economically more powerfull knows very well the power behind the movement that is cryptocurrency and most likely is looking at how this can play a role in the very much anticipated shift that will happen anytime in our lifetimes.

I personally think that any government that stimulates cryptocurrency is going to benefit themselves and country immense by participating, though I'm not sure if they realize that yet themselves. But time is surely ticking, the adoption of new tech goes at an increasingly faster pace.

Also crypto whether succes or failure in solving the issue, seems from an ideological point of view to satisfy a huge and growing dissatisfaction surrounding central banks.
People are more than glad to take away their power any means necessary but for a long time people have been stuck playing their game with no escape card. It seems that that card has finally entered the deck and it's been shuffled and dealt only waiting to be played out.

Interesting times it are, everything goes faster than ever before.

Good analogy brother. Luckily for you, you're  living in one of the most Cryptocurrency friendly country. Hope most countries become as free as your country one day.

your analogy is wrong.

people never burnt their fingers with toasters. instead it was shops selling toasters illegally without license to sell toasters! so the government came to them and said "who let you sell toasters, we are closing you down". and people continued using toasters and buying toasters from those shops that had the license.

I really agree with the content of this thread, some people do not like china because of this.
However it is their right, but I am glad to see them banning cryptocurrency, hopefully they have actually sold all their coins. And God will bless us all

I do agree but the viewpoint of the Chinese communist government is different. THe Chinese government is a communist government. A true communist is a friend of poor and needy people. But Chinese government is mainly Maoists. They believe in power and not in the rights of the people. So when they saw that people have got their own way of earning, they tried to intervene. Because earning money is similar to earning power.

Chinese government just can't bear that fact that a lot of people is trying to earn a decent living through bitcoin. They are just power greedy animal and trying to stop the bitcoin because they want their people to be dependent on government only. However, bitcoin is not alone dependent on bitcoin because  a huge public support backs them up.

some other toasters seller (exchanger) are have no licenses so they just got banned on their country. so the continuation of this toaster seller to be a legal seller on their country is just to have a licenses to work again in a legal way. and yes government have no right to handle your own future if you choose to have/work in bitcoin mostly alt-coins so you/people always find a way around to keep on what they want to do on their life just be in an legal way.

nope they will not do that living in different country is yess a big advantage
especially when you are mining and the bill is not that big

I think BTC will not baned in china because some of the well known ICO lives there

beter luck to those have buy btc now because of drop rate

Yes I think so too. China saw the opportunity in bitcoin and is maximizing a way to earn from it. They strategically create news that manipulates the value. Well guess what, it didn't. They have just manipulated the nervous small holder but not us. They did not close the exchange exactly they are just uspending it for having no license. But it will be soon resolve.
Job well done to china bitcoin decrease really deep.

Agree with the posters here that we should not be sucked into the FUD that is going on regarding China.

Nobody knows the eventual plan and outcome. But taking China's track record, it will definitely not give up something in can make money out of. The state just needs control, and control us what it will get from regulation.

This to me does not spell the end of btc. But rather a pause for the regulators to take stock before continuing in this blockchain journey. And perhaps for their own insiders to get a good low entry point as well.

Your the luckiest person OP even my country also regulating bitcoin am also in fear that the same thing happened in china will also follow by my country .Still in the hope for good.

The idea of license exchanges in China ;D, USA has already done it when they forced exchanges to be licensed, pay an extra money.
There are a lot of speculation about China government and it's become a bigger issue since the biggest mining pools are located in there. That's why we need other countries which there are bitcoiners (not always the govs) to create another big mining pools such as Russia and Japan who created 7nm ASICs for a better mining activity, hopefully they could surpass mining pools in China.
[1] http://kryptomoney.com/russia-set-challenge-china-bitcoin-mining-sector/
[2] https://news.bitcoin.com/7nm-asics-will-bring-bitcoin-mining-to-a-whole-new-level/

Your analogy is right, but I don't think Chinese government are that kind of naive not thinking about the future. They always want to be ahead with other countries especially US they are competitor . I think they will no do something stupid that will actually ban or remove bitcoin, they know that bitcoin will be the future and I do think that they doing something inside their government so that they can manage it more properly and they can benefit from it 100%. They always think about what are pros and cons and we really don't know what's on their minds.

Yes mate, you are right. So sad for these Chinese people. But even if they ban bitcoin in china, I am sure that Chinese people will find a way to trade their bitcoins. Hey guys, just think, Japan is their neighbor where bitcoin is legal . Now these Chinese people will use Japanese exchanges to convert their bitcoins to fiat currencies.

that is what happens in my country and other countries! China was an exception to the rule and they just caught up to the rest of the world in regulating an online business to force them to get a license and then most probably force them to pay taxes. that is not really out of ordinary, and that is why I have been surprised for the big dip because of this non-news!

everything else in the world is heavily regulated and mostly licensed. there is no reason why a bitcoin exchange should be any different than the rest of them. and that is one of the main reasons Chinese closed these exchanges. and of course there is the issue of scam ICOs and some other money laundering concerns with them.

Why should government ban toasters if people already burned their fingerprints? But your analogy is mostly right and clear.