China’s Crypto Crackdown Shows Governments Are The Enemy Of Bitcoin

[Woodie]

China is proving that government actions anywhere have the power to destroy cryptocurrencies. It adds to a series of black eyes for Bitcoin and other cryptocurrencies.

On Wednesday the government of the second largest economy banned financial institutions from offering cryptocurrency transactions. The result was that the value of cryptos dropped like a stone.

That day Bitcoin prices dove to a low around $32,000 from over $45,000 on Tuesday, according to data from Yahoo.


Read more https://www.forbes.com/sites/simonconstable/2021/05/21/chinas-crypto-crackdown-shows-governments-are-the-enemy-of-bitcoin

What's really Chinas   stance on cryptocurrencies because we have always heard about this old news for over 5 years now!!

[bitmover]

China is proving that government actions anywhere have the power to destroy cryptocurrencies. It adds to a series of black eyes for Bitcoin and other cryptocurrencies.

They do not. Crashing the price doesn't affect the network.

A few people losing money because price dropped means nothing to Bitcoin, specially in the long term.

China may ban bitcoin. So what? People will keep making p2p transactions if they want. No government can shut down bitcoin network, neither stop people from using bitcoin.

[jesselui]

In the crash period, bad news comes one after the other. I think these news will continue to come. America's tax news is also very sad. Hope we can see the green days again.

[Tytanowy Janusz]

Oh shit ... here we go again... Which time China banned crypto? 5th? 10th?

Same news from 2018
https://www.businessinsider.com/china-eliminates-all-cryptocurrency-trading-2018-2?IR=T
"China is moving to eliminate all cryptocurrency trading with a ban on foreign exchanges"

2017
"Bitcoin drops $500 after more reports China will ban cryptocurrency exchanges"
https://www.businessinsider.com/china-ban-bitcoin-exchanges-2017-9?IR=T

Fun fact. A month ago China was calling bitcoin "China now calls it an ‘investment alternative’" - https://www.cnbc.com/2021/04/19/china-calls-bitcoin-an-investment-alternative-marking-shift-in-tone.html
Now they ban it ...

So China gouvermant is having a lot of fun last few years. Will we live long enought to see the times when no one will give a f*ck about china news about bitcoin.

[20kevin20]

What if this was a plot against USA's Musk? China definitely wants to become the world power, and billionaires investing in BTC is a great moment to take a simple action (banning BTC) in order to pull back part of USA's wealth. It's a quite weird of a timing, to be honest.

[Tytanowy Janusz]

What if this was a plot against USA's Musk? China definitely wants to become the world power, and billionaires investing in BTC is a great moment to take a simple action (banning BTC) in order to pull back part of USA's wealth. It's a quite weird of a timing, to be honest.

It was perfect timing if your goal was to stop price from bouncing and make it stay at this low (compared to month ago) prices for few more days, maybe to block BTC from closing weekly candle above 200AM to have extra supply during bloody monday? BTC was hitting in 42k resistance 4th time. It could break it going back to 45-48k right when news hit market.

And I doubt that China wants to hit in USA by banning crypto mining

[Antraz]

I know it might be extreme thinking but what if all governments ban btc mining. Can they that? specially now that we are seeing they move towards cbdc. Wouldnt a global btc mining ban be very bad to all of us?

[ReiMomo]

~snip~
What's really Chinas   stance on cryptocurrencies because we have always heard about this old news for over 5 years now!!

Playing games or they are really serious about it, we don't know.

Let’s say the news about China banning cryptocurrency affected the price of bitcoin today. But honestly, it was just the news and the reactions of the bitcoin owners that affected the value, and not the bitcoin itself.

What I mean is, bitcoin will still soon go up and this won’t be affected by China’s No to bitcoin movement. We all know that China already banned Cryptocurrency 5 years ago but what happened? bitcoin is still there and pumped.

They are against bitcoin as it conflicts with their national interest. They will soon publish digital yuans, so you name it.

[Woodie]

What if this was a plot against USA's Musk? China definitely wants to become the world power, and billionaires investing in BTC is a great moment to take a simple action (banning BTC) in order to pull back part of USA's wealth. It's a quite weird of a timing, to be honest.

That's one conspiracy theory, but isn't Musk who triggered all these events

I know it might be extreme thinking but what if all governments ban btc mining. Can they that? specially now that we are seeing they move towards cbdc. Wouldnt a global btc mining ban be very bad to all of us?

Banning is easy but enforcing these bans can be a mammoth task as they would have to coordinate with other governments around the world.

Honestly this is a difficult undertaking because miners are dispersed all around the world, but targeting the highest concentration of miners could negatively affect bitcoin and maybe cause a clog of transactions.

[passwordnow]

China is proving that government actions anywhere have the power to destroy cryptocurrencies.

They have the power to send the prices low but they can't destroy cryptocurrencies utterly.

What's really Chinas   stance on cryptocurrencies because we have always heard about this old news for over 5 years now!!

Just another fud to manipulate the market again. Aren't we guys used to this typical news that we've been hearing for so many times? the market has to correct on their eyes so that they can buy those bitcoins that has been sold by panic sellers.

I know it might be extreme thinking but what if all governments ban btc mining. Can they that? specially now that we are seeing they move towards cbdc. Wouldnt a global btc mining ban be very bad to all of us?

They can ban mining but are they going to wholly stopped those miners? no. They'll do everything to continue what they've started even if it means to mine cryptocurrencies in a dungeon.

[stomachgrowls]

What's really Chinas   stance on cryptocurrencies because we have always heard about this old news for over 5 years now!!

We know that they can really changed up their stance from time to time depending on the things or motives that they do have in mind which is something not new and we should really prepare on the probabilities that one day these brains would just totally be opposing while earlier they are still bullish and suddenly becomes on the negative side.

This is a casual behavior of government and it isnt really that just right that we should trust them on the first place.They might accept it now and then ban it on tomorrow but the question is,
do we really rely into this one and believe that crypto market does depend with these sentiments?

Yes, it can make effect but doesnt mean that overall we are just circling around and does depend into their decisions.They can stir up the market but doesnt mean that
they do have the full control.Its inevitable that recovery would surely happen in next days or weeks to come on where these rumors and news do pass away.

[Coyster]

What's really Chinas   stance on cryptocurrencies because we have always heard about this old news for over 5 years now!!

The thing is, I think China's CBDC has a lot to play in some of their decisions regarding cryptocurrency, the Chinese government I think only wants a community of digital Yuan users, and no other crypto community in China, the digital Yuan of course will be controlled and manipulated by the Chinese government, but they do not have such privilege with other dex cryptocurrency, that's the more reason why Bitcoin users should not fret about any news China publishes about Bitcoin or crypto.

China is proving that government actions anywhere have the power to destroy cryptocurrencies.

No government anywhere in the world has such powers to destroy Bitcoin, they could print their Fiat currencies that'll cause inflation and a fall in its value, that is cause they have control. But there is no way government can 'destroy' crypto, one can only destroy what they control.

[20kevin20]

That's one conspiracy theory, but isn't Musk who triggered all these events

It is, but by triggering these events didn't he just accumulate even more wealth? It's the easiest way China can move so that they can take advantage of the markets themselves rather than letting Musk do his tricks

[MusaMohamed]

Please share to me that has China ever accepted Bitcoin?

Never so ban or not ban, the news is not new. Do you remember the Xi-pump in 2019? After many years with FUD about China ban, Xi-pump did not change anything with the legal adoption for Bitcoin and crypto in China.

Now the news come back, China bans it again. Again, really.

[btc_angela]

Just another fud news from China, what do you expect? they really hated bitcoin since 2017. And somewhere along the line, China become irrelevant to us although some negative news are popping from time to time but we totally ignore them.

So I don't know why all of the sudden, the crypto markets getting affected by any news coming from the China government. I would say ignore it, we can go on normally without getting overblown again.