China Cryptocurrency Ban Escalates

[Phlaser]

China blocks 124 offshore exchanges
- China will shortly block access to over one hundred international cryptocurrency exchanges and other platforms as the government’s crackdown escalates.

https://bitcoinist.com/china-escalates-cryptocurrency-ban-will-block-124-offshore-exchanges/

[Fred3030]

China again! Well one thing is certain, cryptocurrency has come to stay, remember last year after same china's ban on cryptocurrency bitcoin reached an all time high, same thing is happening again this year, i can boldly say we are in for another all time high. No one not even any country can kill cryprocurrency.

[avikz]

Being a hardcore communist country, China simply doesn't want their citizens to have access to anything that can't be controlled by the government. The strict centralization of power still exists in China, big time!

However, after the initial ban on ICO and cryptos few years back, China has gone down to 40th level in the list of crypto rich countries. While before the initial ban, China was on the 2nd position. So it is unlikely to see a major impact on the market but yes, we will see a little impact for few days because a lot of Chinese people will try to sell off their holdings. But I don't see any major reason to worry!

[bill gator]

They are most likely concerned that Cryptocurrency will suck too much of the economy into a domain that is outside their control. If I were a betting man, I'd guess that they're going to create a sufficient stranglehold on the cryptocurrency market within their country and then begin to regulate it with absurd fees and laws. They will attempt to use it to drive their own economy, or they will legislate against it; most likely they will do both. Once they've done this they will use the sheer strength of their influence to pop the prices around at their leisure due to holding the keys to the "floodgates", so to speak. I'm just theory-crafting, but one would assume this is an attempt to bring a certain amount of attention to the issue as a part of a greater plan.

[Docnaster]

It really doesn't matter what a communist country does. Everybody knows that China has an extremely restrictive government. The bans in China were more to protect their control over their population, rather than actual concerns about energy or price manipulation. I doubt many more countries will follow suit, and certainly none of the G20 countries will as they tend to value freedom of choice, regardless of the cost.

[2fresh]

It really doesn't matter what a communist country does. Everybody knows that China has an extremely restrictive government. The bans in China were more to protect their control over their population, rather than actual concerns about energy or price manipulation. I doubt many more countries will follow suit, and certainly none of the G20 countries will as they tend to value freedom of choice, regardless of the cost.

Agreed but in terms of trading volume this kind of news is always a shame (if it's true that is).

[abbywem]

Yawn.  How many times can they ban Bitcoin.  What's this the 57th time?  Guess what China.  We don't care.  Chinese people are you getting sick of this shit yet?  Can't wait till people stand up and realize the BS we are living under. 

[Yaunfitda]

And it really boils down to control. They are really suppressive and just imagine if crypto took off in their country. That's why I'm not surprised by this news and it seems they are really irrelevant haven't they? Although Bitmain still has the monopoly but sooner or later their government will take care of it as well. They really wanted to eradicate everything that's relates to crypto so its logical that Bitmain will be the next target and the puzzle will now be complete.

[bloodyvio]

it's looks like they dont want people having financial freedom

[lolkick]

VPN to help them

[bartolo]

What does the Chinese government hope to achieve with this measure? New exchanges are constantly being opened, will they be constantly monitoring all new exchanges and blocking them? What will they do when the atomic swaps are widely used? Block all the internet?