Bitcoin Forum

Then there will be a big LAN in Asia without physical connections to the outside Internet, Resulting in another small Internet emerging.
And we know there are large harshpowers in China.

Then what will happen to Bitcoin?
Will there be two Bitcoin systems co-existing?

China government's ban on cryptocurrency exchanges is representing a plain threat to bitcoin.
Since a large amount of hash power provided by miners arrives from china and such regulation would reduce hash power.
What will happen to bitcoin if china shuts all sources of cryptocurrencies, we see people fall under pressure and start selling bitcoins but this act can't kill bitcoin anyways.

bitcoin will have a much more smooth rise and a bigger one with no more big drops.

because if your unlikely scenario happens, we will get rid of the biggest source of FUD which has always created a lot of chaos in the market. and on top of that people will finally realize that bitcoin is a decentralized currency and it won't matter when some government does weird stuff.

Bitcoin will be dead and otherwise unusable to anyone within Chinese territory.  China is very skilled at censorship.  The only way to sell your coins would be to physically leave China if there was to be a complete firewall ban.

You don't understand anything about China and their ability to censor do you?  Furthermore to eliminate 1.4 billion people from the crypto equation is not something that you or anyone else heavily invested would want.  I GUARANTEE THAT.

What if it came true and BTC really died if that came, but everything is unpredictable in the future and it will never become an outcast.

China is Seller country  they want to sell anythings so that they will never  ban bitcoin but if you ask for just knowledge not for real  bitcoin will loss more than 2000$

The Chinese government doesn't care if their citizens are selling coins or not.  Bitcoin is considered shameful to their central control and goals for capital controls.  They intend to put a stop to it and Bitcoin will be one of the first capital vehicles to go once the crackdown begins.  Stop fooling yourself with this silly "they want money" concept.  It's a stupid lie perpetuated by the stupid or liars on this forum.

First of all this will never happen. What will happen to transnational corporations if they can't even establish connections to the outside world? It wouldn't make sense, otherwise the entire Chinese economy will shut down as corporations either shut down or relocate overseas.

Even if it happens, worst case scenario we lose all hashpower from China, which is actually a good thing. It keeps the network decentralized. I'm sure even if it does happen, there will be ways around it to use bitcoin.

There would be two different Bitcoin environments. It'd be fucking bad since there would be different transactions but on the "same" block. It's okay like that when it's closed off, but if they were to reconnect it'd be terrible.

The possibility of this happening is almost nil because if China pushes this kind of a move, it would be nothing less than another North Korea to other countries. Their relations with Russia and USA become questionable.
As far as Bitcoin is concerned, there would definitely be another fork with a big Chinese group being the major players or China could themselves begin a new coin backed by the communist government just like Japan's J-coin idea.

Nothing would technically "happen" to Bitcoin. it would still exist and people across Earth could still make transactions on the blockchain.

There would, however, be an effect on mining and subsequently mining block reward sizes and the overall viability of mining Bitcoins here in the United States. So this kind of news could have a large impact with those who are thinking about mining Bitcoin, especially since the upcoming Bitcoin Gold fork is centered around GPU mining.

Such a situation never prevails, because at present without internet connectivity the entire system of the country won't function in a perfect manner. Everything goes before generations to the stone age, even if everything gets cut automatically the rest of the coins in circulation will make its usage.

This is quite unrealistic, unless in a 3rd world war scenario.

Cut themselves off internet would make stuff like banks and GPS's not work too.

Would be suicide, unless they are on the brink of the death anyway

Bitcoin will be dead and otherwise unusable to anyone within Chinese territory.  China is very skilled at censorship.  The only way to sell your coins would be to physically leave China if there was to be a complete firewall ban.But the chinese government doesn't care if their citizen are selling coin or not!! 8) 8)

I'm sure that there will be plenty of ways to get around this. It would be pretty easy for people to still operate a bitcoin wallet with SMS commands still, even if all else fails. This is proven to work even in remote areas. Bitcoin is extremely versatile.

Why would the government even do this, just to ban bitcoin?

It is completely unfeasible for them, and it'll probably spark public outrage.

Well, it has not happened and I don't see this happening either. Let us leave bitcoin aside for a moment, shutting down all physical Internet cables is tantamount to reverting to stone age. Bitcoin is not the only that is going to be affected, major businesses that rely only on the internet becomes adversely affected too. As for the other side of the world not in stone age, we will absorb the shock and get through it. Bitcoin might lose a large chunk but the market will get used to it.

You people are lost.  You don't know how internet censorship works.

China can block any and all information in regards to cryptos and especially BTC without affecting any other business.

Yes, it's that simple and they CAN do it.  China has been doing this kind of censorship for at least 20 years now.

If you think they can't erase BTC from the public memory, you are the ones that don't understand how easily it is to control and end BTC.

First it will not Happen, Keep in mind that china is a big country and one innovating class country, what do you think happen in their economic status if they shut down there connection to the other world, what will happen to their country after that. They will lose their path/way to improve and develop more. When it regard to Bitcoin i believe they can easily erase it to many people even using their so called censorship works. Many of them know the potential of bitcoin in their country and to their improvement shutting it down totally can lead them to lost.

Then the country can't access to Bitcoin and for sure they will create their own coin and Bitcoin will be erased from the exchanger, Bitcoin need internet to be able to work
But it won't happened, now all of the world really need internet, if the china shut down the internet then the country will become solitaire and it will affected their economic
For us the Bitcoin users,the price will drop and gradually will recover, so the effect is going to be short term

Read what I said above what you posted.  You are one of those I obviously was speaking to directly when I said that people like you have no idea how easy China can censor any/all info on any topic they choose without affecting any other businesses.  They do it already.  They ban Google.  They ban Facebook.  The only people that know that these sites exist are those that have left the country or know someone who has done so.

You people think China stands to lose by banning BTC.  WRONG.  They stand to gain billions in capital that is otherwise going abroad as I type this.  DAILY.

There would be two different Bitcoin environments. It'd be fucking bad since there would be different transactions but on the "same" block. It's okay like that when it's closed off, but if they were to reconnect it'd be terrible. :-X

I can not imagine the horror of it if it comes true :( The crypto market will become disoriented for a long time and have to go back step by step back to its original place.

I think particularly terrible, nothing will happen. Yes there will be depreciation, but over time, the course again will return its position.

Banning bitcoin would definitely mean for the Chinese government a good thing. However, if doing so requires shutting down all internet connection essentially for every single citizen, then the whole thing is unfeasible.

Plus, banning google's servers using the great firewall is way easier than banning an entire distributed network with thousands of nodes operating worldwide. How that is even possible, i don't know. They could officially state that bitcoin ownership and use is outlawed, but that wouldn't be enforceable.

It will not happen.

Because the economy of China is dependent from the global internet network.

Supply chain are global, and need the information carried by the internet.

If they want taxes they should be able to regulate those matters. So they just want a transparency of transaction, or maybe also want to dominate the local market.
 

2 pieces of Bitcoin with different systems? do you mean fork? if true then it is not something to worry about because there are already some fork on bitcoin. but if you mean chinese will be issuing Crypto itself then maybe it could happen.

China has good experience in censoring google,facebook,etc.So,instead of cutting off all internet cables to stop bitcoin being used,china will just censor crypto related websites.If china stops bitcoin usage in their country by any way,then chinese bitcoin holders would be the ultimate losers.

On the other hand,bitcoin community would be free from unloyal chinese bitcoiners and also from FUD.This would result in a steady progress in bitcoin and people from all over the world would get more confidence over bitcoin and would invest in it.

Seems like you just had a bad dream, and you're being paranoid about China, first of all China just can't close its Internet cables, how will they do hacking, and cyber attacks, in the age of digitalization no country can afford to be without net cables and if it's any news to you, there is just a fresh update coming that China is planning to regularise Bitcoins. So no banning on the net.

The people will suffer, that's the best answer. People need information and blocking it, like North Korea does is not the answer.
What will they do if people start buying out sat connections just to be able to communicate with the world and have access to unbiased news? Shoot them? North Korea would because they don't care about any human rights, but China shouldn't go that far. They had some dark moments in history when Mao ruled the country and they don't want to repeat them.

That would be some form of dictartorship where in North korea they ban the usage of internet from the people and only the high ranking officials can use it. Even though they've manage to ban bitcoin or the use of crypto currency through internet that would also affect their fiat currency cause there are many business man who operates their business online that would be a loss huge of their income so shutting down is risky and would be a loss for them to. In short its very risky.

If their primary motive is to shutdown bitcoin completely off of their shores then I tell you it isn't worth it on their part. Imagine losing hundreds of billions of dollars because you disconnected yourself to the world, just because you deem bitcoin as a threat, it isn't totally worth it on their part. They can ban trades just like what they did recently, but going to the extent of cutting international internet cables would be ridiculous since you'd also sacrifice your primary connection to the world.

I think China can't disconnect themselves to the outer world, and can't surely disconnect to the internet. In terms of hashpower, I think that BTC is greater than China! Even though there are many miners in China, and if they suddenly stop doing it, well, new miners can come up, BTC can gt in more demand, and if the transaction fees don't suffer with China being out of the game, well then we will see that BTC is more than a country!

And why will they do that? trust me but China wont have have as much control as they have now over their citizens in the near future as they do now. The status quo is bound to change, and is changing, albeit very slowly.

Now it is impossible without the Internet. If the Chinese government shut off Internet access then China's economy will stop. In our time without the Internet is impossible. In addition to Internet access do not have to physically connect to the cables. Enough to have a satellite dish. I think the Chinese government will try to get the most from cryptocurrencies. It does not need to ban them.

To the original question. It's already been proven that Bitcoin can go on fine without China. But I think they may want to get involved rather than be excluded. We may find out before the end of the year.

China's need for the internet is much broader than just finding ways to halt Bitcoin use. Their whole financial economy work

via the internet, because their markets are linked to other markets in other countries. They also have trade agreements with

other governments and also daily commerce with financial institutions outside of China. It will destroy their economy if they

close down the internet.  ;)

I think it would ultimately be a good thing for Bitcoin so it can grow with out the constant Chinese drama manipulating price every other day. Also I think it would be great if they shutdown those big Chinese mining farms and give everyone else in the world a better shot at mining. I am sure that situation would' last too long though, as while maybe a pain and expensive, the equipment could be relocated to a nearby mining friendly country, maybe South Korea or something.

I agree with you.
but there is always a way though the authority of China has blocked the internet network. depending on one's technique. I think they will take steps to always open access

Given the facts that you stated, it is certainly a major threat to the price of bitcoins and should that happen, expect prices to decrease on a dramatic scale depending on the damage. Despite China being one of the major influencers of bitcoin due to the sheer volume of miners, one country alone cannot erase bitcoin's existence because there are a lot of countries who continuously support its utilization and maximization. Lastly, should China shut their all physical connections to the world, then bitcoin would be the least that I would think of due to the country being the top exporters of products around the world. This would lead to chaos in the market and as well as to the economy.

If China just decided to close down all outside access to the internet by severing the connection through the cables (somehow), there are going to be a lot bigger issues for the people of China (essentially everyone from the dude who uses a PC once a year, or month, whatever, to the highest echelons of Chinese society. There would likely not be any sort of secondary blockchain involved because there would be too many issues within the borders of China, they would at best start a blockchain after a long period of stability post-cut. People would be more worried about actually feeding themselves.

This is the most realistic. Fortunately, china is getting smaller in Bitco.
It may feel but not hard. Is there anyone here living in China? He should speak.

That's why it will never happen. Nowadays many deals are being struck in the Internet. People are applying for jobs, dating, working from home when they're feeling bad. That's just the tip of the iceberg. Stock exchange uses the internet, military personnel uses it. If they cut all the lines people would become confused, some of them unable to perform their daily tasks. This would end up with the country becoming paralyzed and companies losing billions.

Bitcoin wouldn't die, it isn't entirely dependent on a single country to begin with. Although we can't deny that the support of china is needed for the growth of bitcoin as there are many miners and investors there.

i do not think that it can be possible, because in present time i think that Chine is not depending on internet only for bitcoin but most of the institution are depending on internet, therefor some time i do not understand and thinking about that how will China bane bitcoin, as they do not have any control over bitcoin and more thank 50% Chines will still continue using bitcoin.

'harshpowers' I lol'ed with this one.

It is only a conspiracy but everything is possible though. If China will ever do that kind of thing to its citizens then they are also like killing them, China already profiting big time in mining so why in the world would they do that. It is just a pure FUD for me that people really bite in. If China will do the two Bitcoin systems that can't transact to each other then what is the point of that, it seems that they are making their own kind of national Bitcoin money if they really do it.

Doing such things will give them huge loss and all the business who are running in china that will automatically shut down and china will come to zero in no moment and they will not this because they take seriously to the technology and doing this will make them a retard and loss to their economy will not be negotiable as they are also suffering from the bitcoin loss.

Bitcoin would not be an opportunity for you to create massive wealth. As long as the blockchain technology has no fatal flaws then it is a good possibility that the blockchain concept will be used for digital monetary transactions now and in the future.There is only one Bitcoin. So if you consider being born 100 years ago or 100 years from now I am sure that 100 years from now we will have more advanced types of cryptocurrencies.

Then there will be a big LAN in Asia without physical connections to the outside Internet, Resulting in another small Internet emerging.
And we know there are large harshpowers in China.

Then what will happen to Bitcoin?
Will there be two Bitcoin systems co-existing?

First of all this will never happen. What will happen to transnational corporations if they can't even establish connections to the outside world? It wouldn't make sense, otherwise the entire Chinese economy will shut down as corporations either shut down or relocate overseas.

Even if it happens, worst case scenario we lose all hashpower from China, which is actually a good thing. It keeps the network decentralized. I'm sure even if it does happen, there will be ways around it to use bitcoin.