Even the great Firewall cant stop Bitcoin trading in china

[Dimelord]

Since PBOC gave some guidelines, the chinese exchanges have suspended the withdrawal of bitcoins, it seems people have shifted to localbitcoins.Even the great firewall cant stop the digital gold trading in china.

[Pursuer]

I don't really understand what the "great firewall of China" has anything to do with what is happening in China regarding bitcoin!

the Public Bank of China is trying to put an stop to not regulated bitcoin exchanges that have been reporting that they are handling billions of dollar every day and that is a big red flag for any government regarding money laundering and other criminal activities and it has to stop.

and in the end these exchanges will come back and continue but this time they will cut any money laundering and any other concerns about legality their government had.

[CoinBreader]

Chinese Government blocks access to a large number of international resources such as Google, Youtube, Facebook, Twitter, Flickr etc. Even though some VPN providers are quite successful at breaking through this Wall, the Chinese government is advancing so the providers must stay tuned and constantly adjust their VPN setup to ensure free internet access in that region. It is simple as that... to bypass the ultimate wallie 

[joshy23]

I don't really understand what the "great firewall of China" has anything to do with what is happening in China regarding bitcoin!

the Public Bank of China is trying to put an stop to not regulated bitcoin exchanges that have been reporting that they are handling billions of dollar every day and that is a big red flag for any government regarding money laundering and other criminal activities and it has to stop.

and in the end these exchanges will come back and continue but this time they will cut any money laundering and any other concerns about legality their government had.

Maybe he is just trying to used Analogy here. Great Wall of China=Great Firewall of China. I don't think that PBOC can stopped the Chinese or any nationality to do trading and investment with other cyptocurrency or localcoins as the OP says. They will always find a way outside of the censorship to earn or profit because people need money to lived. So it doesn't mean that since PBOC has regulated or suspended the exchanges now, you will cease your trading as well, no, just find a way outside of it and continue to profit everyday.

[HaXX0R1337]

Chinese Government blocks access to a large number of international resources such as Google, Youtube, Facebook, Twitter, Flickr etc. Even though some VPN providers are quite successful at breaking through this Wall, the Chinese government is advancing so the providers must stay tuned and constantly adjust their VPN setup to ensure free internet access in that region. It is simple as that... to bypass the ultimate wallie 

From what i understand there is no restriction for bitcoin or bitcoin exchanges in China.The only thing they are trying to implement is to avoid money laundering and so is the reason they are implementing strict monitoring to avoid those and if the government wanted to ban the bitcoin exchanges they could very well do that and then they are not legally possible to run an exchange and so every user has to use other exchanges and it will be really difficult for the people to get the money back in fiat.

[davis196]

Since PBOC gave some guidelines, the chinese exchanges have suspended the withdrawal of bitcoins, it seems people have shifted to localbitcoins.Even the great firewall cant stop the digital gold trading in china.

They have shifted to LBC?Now the PBOC and the Chinese government will try to stop them from using localbitcoins.Maybe the Chinese internet providers will block the access to localbitcoins.com.
Perhaps at some point, the PBOC and the government will realise that those efforts are pointless and they will most likely ban bitcoin,because they are communists.A communist would ban everything he can`t control.

[Juggy777]

I think the Op is trying to draw a conclusion that even. After the government all mighty power, they have failed to stop their citizens from using Bitcoins. I would have been really surprised to see if they suddenly had stopped using Bitcoins. Chinese citizens have invested huge amounts in Bitcoins already and so I don't see any need for them to stop using the Bitcoins, they were bound to find a way to go around the government and they have successfully done so. Now it will interesting to see how the government reacts to this, and what next step it takes.

[Xester]

Since PBOC gave some guidelines, the chinese exchanges have suspended the withdrawal of bitcoins, it seems people have shifted to localbitcoins.Even the great firewall cant stop the digital gold trading in china.

Yes it is true that the Republic of China cannot stop bitcoin trading in their country. Though they have control over the Chinese exchanges but they do not have control over the bitcoin holders since they cannot identify them. It is normal for traders or bitcoin holders to make use of their bitcoin and so they shift to localbitcoin.com since they find it hard to trade on Chinese exchanges anymore due to PBOC regulations.

[7788bitcoin]

I think they know that bitcoin trading in China can not be stopped, but with the recent guidelines, they can slow down the trading significantly. To me, they are just buying more time to understand and decide the next move...

[Roboabhishek]

It's literally impossible to stop people from buying or selling bitcoins even if such websites like coinbase  ask for ID verification then localbitcoins is best for you if you don't wish to reveal your id

[mindrust]

Since PBOC gave some guidelines, the chinese exchanges have suspended the withdrawal of bitcoins, it seems people have shifted to localbitcoins.Even the great firewall cant stop the digital gold trading in china.

Dude what does it has to do with this. They can't withdraw their coins in the first place so they won't be able to use localbitcoins... And that firewall thing is probably hacked to death by the Chinese hackers till now anyway.

[talkbitcoin]

nobody can ever block bitcoin usage. they can restrict it and push people away but nobody in the whole world can prevent us from continuing to use bitcoin you just need pen and paper at the very least to make a private key for yourself with something like a dice and then convert it to a public key and give it to others to pay you or transfer bitcoin p2p.
and even for broadcasting trasnactions you can use any type of online website to do it easily.

[Kprawn]

Since PBOC gave some guidelines, the chinese exchanges have suspended the withdrawal of bitcoins, it seems people have shifted to localbitcoins.Even the great firewall cant stop the digital gold trading in china.

You are not going to stop Bitcoin by blocking the "services" on the internet.... too many people already know about Bitcoin and they already own

bitcoins. These people will transfer / buy / sell bitcoins amongst them for years to come. These piss poor attempts to stop people from using this

technology will push this whole movement underground... and give other countries the competitive edge. 

[xuan87]

Bitcoin is the decentralised and freedom currency, it is not that easy to banned bitcoin, no matter how the government try to bring down bitcoin, the user always had a way to use bitcoin, the only way to bring down bitcoin is to cut off internet connection completely

[dothebeats]

Even though the governments are trying to limit or restrict us from using disruptive tech, still it is quite of relieving that people are still finding ways to continue moving forward. China is not banning bitcoin completely, however they are, as much as possible, restricting trades so as to avoid money laundering and such but LBC is available anyhow. Good for Chinese all in all!

[AjithBtc]

Everything is insecure. Probably bitcoin trading needs more security features, but these days due to the regulations by PBOC the trading volume of bitcoin within the country has decreased much. These day localbitcoins and other trading company have gained more user base.

[BitcoinHodler]

this is one of the many benefits of a decentralized system like bitcoin. when we say decentralized it doesn't only mean there is no bank but also it is the fact that nobody can tell you how to use it.

although China has never said anything about wanting to ban bitcoin though. so saying the firewall of China couldn't do it is not really relevant here.

[dumpida]

I don't really understand what the "great firewall of China" has anything to do with what is happening in China regarding bitcoin!

the Public Bank of China is trying to put an stop to not regulated bitcoin exchanges that have been reporting that they are handling billions of dollar every day and that is a big red flag for any government regarding money laundering and other criminal activities and it has to stop.

and in the end these exchanges will come back and continue but this time they will cut any money laundering and any other concerns about legality their government had.

The trading volume in China is about 6000 bitcoins a day. That is about $7 million. That is not of big concern.

[Mometaskers]

The exchanges would open up again anyway, though this time with more regulation to avoid money laundering. Coz, which country would want capital flight? This would not stop people from using their Bitcoins though. Provided they've got some saved that were not frozen, they'd still be able to use it normally. And even if the government do enforce stricter regulations, I doubt that would stop people using bitcoins and cryptocurrencies in general. Like one local bank in my country's slogan say (also ran by a Chinese immigrant BTW) -"We'll find ways".   

[mindrust]

The exchanges would open up again anyway, though this time with more regulation to avoid money laundering. Coz, which country would want capital flight? This would not stop people from using their Bitcoins though. Provided they've got some saved that were not frozen, they'd still be able to use it normally. And even if the government do enforce stricter regulations, I doubt that would stop people using bitcoins and cryptocurrencies in general. Like one local bank in my country's slogan say (also ran by a Chinese immigrant BTW) -"We'll find ways".  

Exchanges may stay locked forever. We are talking about China here. Not the best country known for their property rights. There was a reason bitcoin became very popular in China, because it make it possible for people to leave that shit hole   Big Companies like Apple, Microsoft or any other capitalistic vampires won't allow their cheap workers to runaway and spread into rest of the world.   Imagine a 500Million Chinese refugee group in Europe... Wouldn't it be a mess?