Bitcoin Forum

Actually the way china has been acting for these past months has been annoying, they have been interfering with the affairs of the market and causing lot of issues for everyone. I need to know why they are acting like this

They don`t know what to do with all this crypto. Maybe they are trying to start regulating this sphere. It`s an inevitable process.

A centralized country cannot tolerate a decentralized thing, that's it ;)

I guess their move are just dictated by the possibility to speculate in the future. In the past chinese exchanges experienced this issue, but in the end all went fine.
Just wait, chinese are the best btc user/miners they will be for a long time.

because they are manuplating with government hand. they are doing this everyyear and this is last one. they won't make this speculation anymore.

Still blockchain and bitcoin is a threat to banking system a specialy in China and who wants to lose their money? That is the first reason and second can be just some speculations and nothing more.

They have to improve their monetary policy. 75% of their wealth left the country in only a few years. To that effect, China implemented strict capital controls. A lot of rich Chinese are buying real estate in North America. With their government's tight currency control policy, they are not able to move enough money abroad to purchase those real estate. Bitcoin exchanges made it possible for them. It made those currency control policy useless. China doesn't dislike bitcoin, it's because this was one easy way for people to get money out of their country and into a mansion in Usa, Canada, Australia etc.

They got tiny dicks, so they have to compensate in such dickish manner.

Many Chinese here in Cyprus getting Cyprus Citizenship and buying houses to become EU citizens. There are millions of rich Chinese who want to have more ways to spend their money and want to live outside of China. They are trying to stop the flow of capital going outside China. As long as Chinese arr mining bitcoin and dumping on the rest of the world they do not mind that but if Chinese are spending money in foreign ICOS they do not like that. Also within China many scams are coming so they have to stop that. I think once the PBOC can regulate Cryptos then we may see the exchanges come back.

The main reason is that Bitcoin is decentralized.
There is a lot of investment from their country but the government does not get any tax.

With a large portion of their investors throwing money at bitcoin, they have to divert the money into some of their own ventures. Rich businessmen find bitcoin as one sort of escape also to their strict capital controls PLUS making profit in doing so, hence China chasing out these exchanges to ensure that the money will only circulate around China and nowhere else.

It's kind of ironic to think that the US is indebted to China with trillions of dollars yet China itself can't stabilize its own monetary problems.

1 word
communists
why are we doing business with them is the real question.

Slave labor, why else.

The current Chinese president is very authoritarian (more so than the last president). He's been cracking down on corruption, though strangely it seems to affect mainly his opponents, and I think a bunch of rich Chinese are just trying to get out. The Chinese govt is responding by trying to close off all their avenues.

Yes cheap labor why else.

Hope bitcoin won't fall victim to the regulations.

That's very gentleman of you to make that comment!

I think that is just the market price of the Chinese financiers
They rely on news, media to sell off, push prices down
When the market is chaotic
They will buy more bargain,
And pump them

To purchase as much state controlled Bitcoin as possible. They'll be set when the American dollar crashes.

I guess we all dont know for sure about the China ban. but china says on the news online. that many ico are involved in the crime of fraud. that's one of china forbidding ico and bitcoin. and we do not know what next china plan.

China wants a chunk of the pie too. Crypto essentially allowed companies to bypass so many regulations and the government got nothing in return. All of this is to be expected and I'm sure more nations will introduce regulations on crypto in the years to follow. With China, I think they will likely restore the crypto market once they figure out how to do so profitably.

They need to stop their people from moving wealth out of the Yuan, mostly so they can continue to control their population and make sure that their manufacturing scheme won't go awry from money moving out of the country. If they can't maintain a steady devaluation of the Yuan, they can very quickly end up being uncompetitive, or their people will have a desire for more, beyond what they have access to already. Keeping a lot of their people relatively poor, working, and limiting the middle class (or allowing for it to expand as a poorer counterpart to the rest of the world) is in their best interest for their export economy.

I think when bitcoin getting bigger, government realize that they shall regulate bitcoin as soon as possible but Chinese miner is far more advance than government thought so they act in order to make situation in their control. I'm sure Chinese exchanger will operate once again after they "talk" with their government

Why do you need to know that?

Regardless, Bitcoin, as well as other cryptocurrencies, is certainly getting in the way of fiat money. If you think that banning cryptocurrencies is something new, then you are pretty much wrong. Even foreign currencies are sometimes get banned in developing countries (the US dollar is one conspicuous example of just that), but cryptocurrencies are even more "evil" in this regard since they come coupled with a payment system of their own which in no way depends on banks and governments. That's what frightens governments and authorities most

I think there is something big that is being planned by chinese government, hopefully only my estimation ..

+1. this was a while back, but they went after all digital scrips, the most notable being Liberty Reserve. E gold died a quick death pretty much the same way (they started getting investigated for money laundering, everyone got arrested, the platform dissolved, and more regulations filled the void). Interestingly, both of these had there heydays/fizzled out around 2006.

govs will go after any threat to fiat, a govs fiat is its proverbial lifeline.  the avenues of capital flight that cryptos/alternative currencies present is real, and a danger, but they should go about regulation with an even and light hand, as to not disrupt markets that have been in place for years. they would bail out banks, but not protect citizen value with cautious guidance?

It is just simple if you just think it logically, because a large portion of miners in the world are from China and with this a lot of their citizens is involved in cryptocurrencies besides Bitcoin, so if that is the case the government really want to regulate this to get some taxes because they know that a lot of money is revolving in their Country that has no tax because of this Bitcoin thing. The price will get down but it will be up soon as these issue will be done. Goodluck to their government in trying hard to implement a regulations in cryptocurrencies.

From what i understand the government is trying to clean things up and make things more transparent and forcing exchanges to become a licensed business which is a good thing in the future for all the traders as they will be liable for your investments stored in their exchanges.