Bitcoin Forum

So yesteday I was watching htis video: https://www.youtube.com/watch?v=Euf36Ueio20 (it's german so you won't understand much if you can't speak german)

Dr. Julian Hosp is a german crypto entheusiast and basicly he is telling his opinion regarding the latest China FUD. He says that in his opinion since the blockchain tech can decentralize everything (currency, identity, ...) gouvernments like China fear that they will be less and less needed in the future. For that reason they try to stop the decentralization in a early stage to maintain their power and existance.

So what do you think about that statement?

Nice opinion but i think china is the largest bitcoin miners country but they cant stop its price going to the moon or getting dump because it depends on supply and demands and mostly the world is moving on digital world like crypto currency so it will be more valuable currency in future.

Uhh, what?

In what way would a government be destabilized by bitcoin? I can see bitcoin existing in a sovereign side by side with its national currency, but to topple off the government and be useless, it needs more than a decentralized asset to do that. Most of us here know that China banning bitcoin exchanges and mining is just FUD spread up by Chinese traders to short the hell out of the volatile price. If he really is a crypto enthusiast, he should also know the functions of a government first before giving comments as to why would the government be useless simply because bitcoin is used by the people.

Sounds like a classic libertarian spiel about counter-economics. I really don't see how the proliferation of cryptocurrency results in the phasing out of governments. The mere fact that decentralized money exists is not a replacement for governments. Gold has been used for centuries as decentralized money... did it phase out governments? Of course not; governments just started stockpiling gold. That's probably what they'll do with Bitcoin in time, too.

I'm sick with everyday's china fud. Please someone tell the china's prime minister to stop bothering his people to drop their cryptos and icos. Let them choose what currency they want to buy.

The opinion of julian hosp regarding an official order issued by china governmemt is absolutely right.
If you consider,you would find that ICO enthusiasm has gotten out of their control, and ico insanity makes people throw money for opportunity to get their money doubled.
This overactivity of people with icos insinuates a danger to china government and they remain complelled baning icos.

I think the Chinese government should be able to synergize with what is explained by Dr. Julian Hosp. certainly with the points of mutual benefit, If it is done, the government in any country will not arise suspicion about blockchain technology.

I think I will agree with Dr julian hosp and bitcoin cannot be stop. People will always find a way to use bicoin. Even if China banned exchanges of cryptocurrency. I believed chinese people will still find a way to invest or have bitcoin.  :)

In order not to arise suspicion, should every country can reset directly about blockchain technology maturely. So the risk can be overcome, if mutually beneficial. I think the issue or gossip about these negative things will not affect the blockchain technology.

I agree with your post China is great in controlling everything that's include their so called China sea but I believe they cannot control it as the blockchain technology is moving forward this is the future of technology.

He may have a point. We all know that the China is communist. And as a communist, they want to control everything including its people, so how can they control crypto like bitcoin which is decentralized. Maybe a few years back it wasn't on their radar but this year alone, bitcoin rose to a astonishing %300 and they need to do something and can't sit back specially when it rose to $5000. So they quickly stomped it right away swiftly and everyone was caught by surprise. But we need to forget all about China and just move on our lives without them.

Perhaps it is as you say. But I think this time China was wrong. They can't control bitcoin. Its prohibitions, they can fall out of the cage and losing the lead in the production of minerals. I like it. Decentralization cannot deal with monopolization, and it jeopardizes the cryptocurrency. If we're lucky China itself would go the distance. I do not mind paying a temporary fall in the price of bitcoin.

I think that is the normal reaction for a Communist state as losing control in how people transact their money with no tax from it and any other kind of identities that is happening inside that transactions will be a future threat to them. So instead of giving their citizens who is using cryptocurremcies an unregulated exchanges they make a move now before anything will get worst.

Bitcoin is still decentralize and that will never change it is just that their exchanges of cryptocurrencies was changed. Are you ever think why is it that the mining industry of cryptocurrencies in their country is not yet regulated, I think that there is a man or group of whale miners behind this that resulted of banning ICO's and exchanges.

Chinese miners are moving its operation to Hong Kong.

There are still no vivid examples of the use of crypto currency in a particular country. I would like to see whether, for example, China will be able to keep the Crypto currency only in its own country and not allow the cash flows to go through the use of the crypto currency in other countries. The notion that a crypto currency can decentralize by its nature any coin created as a centralized coin for a particular state deserves attention. We do not yet have enough experience in this matter, but soon we will have to find out.

it is still early but not that early to be considered early stages to stop decentralized bitcoin. of course they may try but in my opinion it is way too late to do any harm to bitcoin. if it were 2008-2010 then it could have been possible to stop bitcoin in its real "early stages" but now that it has grown this big:

- countries have adopted it and made it a legit currency.
- millions of people invested in it
- hundreds of thousands of merchants are accepting it including huge companies like Microsoft, Dell, Valve.
- there are 200K transactions daily with $600-$700 million worth
- there are lots of businesses dedicated to bitcoin, from miners to wallets such as coinbase and exchanges and small gambling sites.

it is impossible to stop it.

I agree , china is indeed one of the top countries that uses bitcoin and yet there the one whom considered that bitcoin is decentralizing and lowering its value. They are not the ones who control the value of bitcoin and other coins that is part of the bitcoin industry.

I barely doubt that china is thinking anything like that. I don't understand why they would stop it if it's becoming popular to use the bitcoin. The use of such asset and having adopted it in the country is actually the positive approach in developing the finance in the form of bitcoin.



If the above statement is really what they think then believe me china would be the first country to implant big projects and that too government taking part in it. They have already made big infrastructure related to information tech and digital world surrounds and resides in the china. I don't agree on that they are feared of decentralised power.

It's just that they are taking extra precaution while trading the national currency into virtual assets and don't want there people get scammed much.

i agree with you mate nothing can stop bitcoin in crypto world the explaination ragarding the bitcoin power as decentralized are correct because china can't go down the bitcoin into the soil, the reason is not only the china government can stop bitcoin because bitcoin are many supported of the nation around the world in the small investor like a miner is helping to create new coins for the demands of the crypto community.

I definitely agree with him. I mean, the Chinese government is known for trying to maintain power over its citizens and it really comes as no surprise that they are trying to ban bitcoin exchanges. And it's not just the Chinese government, it's governments all over the world, even the US government.

Bitcoin could potentially be a threat to not only the fiat currency the government are issuing themselves but commercial banking systems that has close links to the government.

My guess is that they want to prevent bitcoin becoming mainstream at all, but even if they ban bitcoin exchanges bitcoin will only keep growing.

Why they are afraid to be less needed in the future? We are using dollar not yuan as the standard currency in the whole world. I believed the reason of Chinas misbeheaving is because they want to manipulate the bitcoin for their economy benefits but they failed. We dont need China but China needs bitcoin in reality.

this sounds about right. I cannot see how a crypto can decentralize a government, governments are there to make laws and to oversee the running of the country and to make policy to enhance the performance of a country through trade and internal performances

It's reasonable since their government want to protect their civilian from criminal activity or other bad things ! Yes, bitcoin able to bring negative impact for world's transaction but in other side, bitcoin become alternate transaction that provide more faster and cheaper fee , those are the most people wanted, IMO

As far as I know, China still acknowledge new found opportunities that Bitcoin had offered but regarding other cryptos would have a greater threat than what opportunity they can gave unlike Bitcoin which they recognize that the things it offers is much greater than wanting them to be in control or somehwat centralize it.

Amyway, China and other governments would not want to lose jurisdiction over these matters which is actually not since they can always implement strict KYC to the exchangers like ours and construct a department to specialize in any concerns regarding cryptoworld and chase those who are involve in money laundering since they can't truly escape the clutches of justice. Hence, I don't believe that a government (in general) would not lose its duty mandated by their constitution or what they are sworn to do.

It might be tricky embracing change but as we know that change is the constant thing here on Earth so all we have to do is face it and learn to adapt from it.

It is likely that after the 19th Party Conference of China, which will be held on October 18, the changed party leadership will change the approach to the crackpit and it will again be allowed in this country. There is also information that the Chinese government simply can not really prohibit the circulation of the crypto currency, because it is not in a position to control it.

I think china is the largest bitcoin miners country but bitcoin is digital currency. the men we need use bitcoin. so i think one time come to bitcoin good time.

It is not forbidden exactly in China. Only the exchanges will require more regulations, but still more than 1 month until they have to close if they don't meet the new requirements.

But I think they could control Bitcoin if they want because they already control internet and are a lightweight version of North Korea, but they would have to stop the production of ASICs miners and maybe hurt their economy in the future, so I doubt they would.

Yes,china is afraid of bitcoin's huge progress.They know very well that they could not ban bitcoin completely.But they want to try their best to minimize the use of bitcoin in china.That's why,they are taking these actions step by step.Few months before,PBOC regulated chinese exchanges and as a result,those exchanges suspended the withdrawal of bitcoins for a month.And now,complete ban on ICOs and ban on bitcoin exchanges.Even if they issue license to exchanges in future,rules and regulations would be very strict.And one more thing is remaining to be implemented,the ban on bitcoin mining.Don't know when it would come in to efffect.These aactio ns would definitely reduce the usage of bitcoins in china to atleast half of its volume now.

In my opinion, yes, he is absolutely right.

Blockchain technology in the future is going to probably take over the control that the government has, and spread it evenly between its users(since it is decentralized, and governents are centralized). Something like bitcoin has the potential to replace fiat currency completely.

This is why governments are so scared bitcoin's going to grow. And it's the main reason why they're trying to stop bitcoin businesses from existing as well.

How so? Governments can mandate that debt and taxes be paid in national currency. That's essentially what fiat means. Even if cryptocurrency is increasingly used in society, what makes you think it could replace fiat currency?

It's not like governments will stop issuing national currencies, and it's impossible to say if/when volatility could permanently stabilize to the point that people could rely on crypto for day-to-day expenses. Part of the attraction of fiat currency is the stability that can be provided (at least on the mid-term time frame) by a government's mandate.

I think one time come to bit[Suspicious link removed]d time. :)

I think the blockchain tech will keep growing, no government can stop it.  Although the Chinese government want to ban the bitcoin, it can be go to a high price with time pass by.  :o it is revolutionary after the internet tech.

It seems less and less likely everyday that they are going to ban it. One official suggested that even ICOs will be permitted and regulated. Charlie Lee says that his trusted source in China says that the network/mining ban talk is just FUD that manipulators are using to push the market down. If you think about the capital inflows that Bitmain is bringing into the country, and how much more it could potentially bring? It makes no sense to discourage mining. And they can't simultaneously encourage or subsidize mining and prohibit the network.

What they might do is prohibit CNY purchases of mining hardware. If Bitmain is tightly regulated and only accepts payment in USD and cryptocurrency, then that's all capital inflow.

All of these China new eventually starting to be really annoying. I personally don't think that China would try to kill crypto currencies as this is under their domination majorly.

Seems like battle for their own survival (never about citizens or countries).
Countries that are currently resisting the very transparent Cryptocurrency/Blockchain have Cult like leadership and will continue to anything possible to hold on to powers and keep their activities secret.

I fully agree with you. Maybe it is just a little bit of drama to buy the Chinese government more time to figure out how they should start regulating ICOs. One things for sure, they are a "lightweight north korea" at the present time.

I believe people read too much into these things recently.
I am not actually denying the fact that government and specially the banks are not worried about bitcoin, in fact they are. but things that are being done are rarely to "kill bitcoin". the primary reason has never been that. it is always done to fight some illegal activity. like eliminating the new way of scamming people through ICOs and taking their money without really producing anything. if you want to see Ponzi scheme then look at some of these ICOs. you think the government should let this continue!

China is concerned only with the economy, blockchain technology is really needed from now and in the future.
But they china do not care about things like that, they only care about money, money and money

If Chinese government objective of banning bitcoin activities in its country is to put a stop of blockchain's decentralized system so they can remain relevant then I think they are on along things. Chinese trader volume of bitcoin has reduced from around 90% to around 6% and the bitcoin price has not fell significantly. The beauty of this system is that it is decentralized and no matter what happens people will still be using bitcoin as money. I will advise them to regulate the use of bitcoin around China and set up laws that ithey citizens can obey but stop bitcoin is not possible.

it could be that the reason that happened, but there could be other reasons why, why china banned ICO, for now we only can just guess ..

ICO ban before any actual legal rulings for such things are made kinda makes sense, though. I think that a blanket ban is a bit overkill, but it makes sense to regulate crypto investments like that anyways, because it's obvious that the crypto users themselves cannot do this.

It is really good if they are doing so! Today it is very important o have bitcoin it was ban in china and the people who were holding bitcoin were very worried because the price of the bitcoin is getting low over there. The access of the bitcoin is difficult now because it is now not available to transact it but…,. The beauty of the bitcoin is that it is easy to move from one place to the other so it is good to take all you’re saving to the Hong Kong and avoid the loss.

I think they wanted to calm the market down while they figure out how to regulate them. The speed at which the ICO bubble was inflating (therefore the speed at which Chinese investor money was evaporating into offshore, unregulated securities markets) was alarming.

There has been talk from Chinese officials that suggests that this is all temporary. China expects to be a global financial hub; it seems very unlikely that they would institute a blanket ban permanently.

Well its a good opportunity in Hong Kong. We cannot ignore  China since a bulk of bitcoin transaction is from them also.This negative news about banning ICO's are affecting the bitcoin prices but now the market slowly recovers.Bitcoin is above $4000 again this morning.

Last time I saw something about China was that cool advertise from Bitman

From Sand to Bitcoin
https://www.youtube.com/watch?v=YMjjtu74gcQ

it reminds me an old advertise

GLOBALFOUNDRIES Sand to Silicon
https://www.youtube.com/watch?v=UvluuAIiA50


ps-> I do believe that bitcoin second layer (segwit) is the correct way to scale while keep layer 1 secure still critical