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Author Topic: China did not ban Bitcoin, and the fork will not be a huge problem!  (Read 583 times)
Bit_Happy
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June 01, 2015, 03:04:07 AM
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Almost 1.5 years ago, this forum was buzzing with dozens (perhaps hundreds) of threads, and many thousands of posts, warning about "OMG, CHINA IS BANNING BITCOIN!!!"
What happened?
No China ban, and some of the largest BTC mining farms on Earth are now based in China.

Now, we have dozens (perhaps hundreds) of threads, and many thousands of posts, screaming that "OMG, The FORK and 'GAVINCOIN' Will KILL BITCOIN!!!"
Does anyone think that a solution will be agreed upon and Bitcoin will thrive?



Edit:
Adding this from post #8

FYI: Here is an example of a hard-fork with a successful ending:
Now that it's over: The blockchain FORK explained for regular users.
http://www.reddit.com/r/Bitcoin/comments/1a51xx/now_that_its_over_the_blockchain_fork_explained/

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June 01, 2015, 03:36:04 AM
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Does anyone think that a solution will be agreed upon and Bitcoin will thrive?
I do. It doesn't matter what Gavin does, since his only method of forking without fucking everything up involves getting consensus through first the majority then the super-majority. Either the network disagrees with him and his fork does not get consensus and the fork fails, or the network agrees and there is consensus to fork. Either way, the Bitcoin community will decide together whether to fork or not and Bitcoin will still thrive.

I also recommend reading this thread: https://bitcointalk.org/index.php?topic=1076501.0

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June 01, 2015, 01:14:46 PM
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Bitcoin will thrive, one way or another, as a currency, as there are simply too many people with too many coins involved, and nobody wants to risk it.

As for the rest, the forking "issue" will eventually sort itself: we as miners, merchants, users just have to vote.
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June 01, 2015, 01:20:13 PM
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Don't forget where we are, people here like to turn a small issue into a huge problem. If they properly read everything intead of the title only, they would known that by now.

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June 01, 2015, 03:29:03 PM
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Don't forget where we are, people here like to turn a small issue into a huge problem. If they properly read everything intead of the title only, they would known that by now.

Actually, that is what I thought before looking deeper.
There are serious issues with getting a solid consensus, so the drama and fighting could drag on for a lot longer.


Does anyone think that a solution will be agreed upon and Bitcoin will thrive?
I do. It doesn't matter what Gavin does, since his only method of forking without fucking everything up involves getting consensus through first the majority then the super-majority. Either the network disagrees with him and his fork does not get consensus and the fork fails, or the network agrees and there is consensus to fork. Either way, the Bitcoin community will decide together whether to fork or not and Bitcoin will still thrive.

I also recommend reading this thread: https://bitcointalk.org/index.php?topic=1076501.0

Bitcoin will thrive, one way or another, as a currency, as there are simply too many people with too many coins involved, and nobody wants to risk it.

As for the rest, the forking "issue" will eventually sort itself: we as miners, merchants, users just have to vote.

I agree that there will eventually be a positive outcome.   Smiley

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June 01, 2015, 03:39:24 PM
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I wrote about the truth of China bans btc, but now i hardly find my posts about my views because i couldn't find that thread. So i have to write it again.

About china ban, it is real, but the gornvenment bans btc as a fiat or payment ways, Chinese central bank announced that btc is not fiat money, it is a virtual money like game coins, or virtual goods.

They ban the deposit to Chinese exchanges' COMPANY BANK ACCOUNTS, but the bosses of exchanges are not stupid, they use personal accounts to handle deposits and withdrawals, the other way is that they have many agents to handle customers' deposit, customers deposit money to the agents, and agents transfer the money to exchanges accounts, so it is legal.

But last year deposit banning really hurt btc price, it went down from 600 to 200 usd, everyone was panic because deposit ways are more strict, and now they get less deposits before banning.
a fool and his money ...
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June 01, 2015, 03:44:34 PM
 #7

Almost 1.5 years ago, this forum was buzzing with dozens (perhaps hundreds) of threads, and many thousands of posts, warning about "OMG, CHINA IS BANNING BITCOIN!!!"
What happened?
No China ban, and some of the largest BTC mining farms on Earth are now based in China.

Now, we have dozens (perhaps hundreds) of threads, and many thousands of posts, screaming that "OMG, The FORK and 'GAVINCOIN' Will KILL BITCOIN!!!"
Does anyone think that a solution will be agreed upon and Bitcoin will thrive?

No, there will be only one solution: two chains

Because Gavin behaves like a baby and all his fanboys are from the US government.
Most people will use not-Gavin-Coin

Everyone is currently preparing for the two chain solution.
Bitcoin is going to sell off now very far and pretty much lost all chances of coming back big again because people will not invest in it again after this. It's over. Say "goodby" to your money and "thank you" to Gavin.

Bit_Happy
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June 01, 2015, 03:56:56 PM
 #8

Almost 1.5 years ago, this forum was buzzing with dozens (perhaps hundreds) of threads, and many thousands of posts, warning about "OMG, CHINA IS BANNING BITCOIN!!!"
What happened?
No China ban, and some of the largest BTC mining farms on Earth are now based in China.

Now, we have dozens (perhaps hundreds) of threads, and many thousands of posts, screaming that "OMG, The FORK and 'GAVINCOIN' Will KILL BITCOIN!!!"
Does anyone think that a solution will be agreed upon and Bitcoin will thrive?

No, there will be only one solution: two chains

Because Gavin behaves like a baby and all his fanboys are from the US government.
Most people will use not-Gavin-Coin

Everyone is currently preparing for the two chain solution.
Bitcoin is going to sell off now very far and pretty much lost all chances of coming back big again because people will not invest in it again after this. It's over. Say "goodby" to your money and "thank you" to Gavin.

The "one true solution" leaves a completely abandoned old fork and one new chain which is the real Bitcoin. To get there, all the major players need to agree in advance, which is the heart of the current problem.

FYI: Here is an example of a hard-fork with a successful ending:
Now that it's over: The blockchain FORK explained for regular users.
http://www.reddit.com/r/Bitcoin/comments/1a51xx/now_that_its_over_the_blockchain_fork_explained/

Bit_Happy
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June 01, 2015, 04:07:33 PM
 #9

I wrote about the truth of China bans btc, but now i hardly find my posts about my views because i couldn't find that thread. So i have to write it again.

About china ban, it is real, but the gornvenment bans btc as a fiat or payment ways, Chinese central bank announced that btc is not fiat money, it is a virtual money like game coins, or virtual goods.

They ban the deposit to Chinese exchanges' COMPANY BANK ACCOUNTS, but the bosses of exchanges are not stupid, they use personal accounts to handle deposits and withdrawals, the other way is that they have many agents to handle customers' deposit, customers deposit money to the agents, and agents transfer the money to exchanges accounts, so it is legal.

But last year deposit banning really hurt btc price, it went down from 600 to 200 usd, everyone was panic because deposit ways are more strict, and now they get less deposits before banning.

Chinese exchanges are thriving, if the reported numbers are reasonably correct.
CNY currently has a 'stunning' 2/3 of the volume and the two largest exchanges:
http://bitcoincharts.com/charts/volumepie/

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