China banning bitcoin exchages, good or bad?

[lordquanta]

Chinese govt has decided to ban the local bitcoin exchanges. [1] This is pretty big news considering one of large market and mining firms are located in China.
Do you think this would affect  bitcoin world and bitcoin price in negative way or positive way?  Some say china is doing so because people are bypassing the banking system and in turn the government regulation using bitcoin.


[1] http://www.marketwatch.com/story/bye-bitcoin-china-to-ban-trading-of-virtual-currencies-2017-09-11

[FrueGreads]

I don't think this is anything new. If I'm not mistaken China already did that in the past. I think it will of course affect the price of BTC, because of all those panic sellers, and all of those that just use BTC to trade. The thing is, that China, although having a lot of users with BTC, does not really control them, and are not even banning them. So BTC will continue to be a good way of holding value. So the price will go down a little, and them will just recover, because the guys that know the true value of BTC, will just hold them around the world.

[merchantofzeny]

One last news so they can force weak hands to dump and then buy bitcoins on the cheap. That is, if they don't further try to ruin it. They've already banned ICOs and are now planning to shut down exchanges, where do you think the miners will be able to cash out their earned bitcoins? Oh.... what if there'll be no mines after this?

I don't think this is anything new. If I'm not mistaken China already did that in the past. I think it will of course affect the price of BTC, because of all those panic sellers, and all of those that just use BTC to trade. The thing is, that China, although having a lot of users with BTC, does not really control them, and are not even banning them. So BTC will continue to be a good way of holding value. So the price will go down a little, and them will just recover, because the guys that know the true value of BTC, will just hold them around the world.

They can go apeshit further and close mines. They don't need to ban bitcoins to deal it a heavy blow. I wonder if the large mines close, if it'll become profitable to mine at home again.

[BitPACK]

those news are not new. bitcoin price already down 10% with this news. why still opening new thread with same news?

[bobyhodob]

China always has an effect, they are also one of the largest users of bitcoin, so if China banning bitcoin exchages this is bad. but I still believe bitcoin will at least strong enough with such issues and could quickly back to normal.
 

[cellard]

Chinese govt has decided to ban the local bitcoin exchanges. [1] This is pretty big news considering one of large market and mining firms are located in China.
Do you think this would affect  bitcoin world and bitcoin price in negative way or positive way?  Some say china is doing so because people are bypassing the banking system and in turn the government regulation using bitcoin.


[1] http://www.marketwatch.com/story/bye-bitcoin-china-to-ban-trading-of-virtual-currencies-2017-09-11

Actually good. China has already the monopoly of mining, this is will annoy them and spread things out, you don't want China to have the monopoly on Bitcoin volume too.

It got demonstrated after the PBOC regulations that China isn't that important for the Bitcoin market anyway. Once they got rid of the fake volume, it got shown that the importance of China was overblown. So once again, only noobs will dump at the news, smart money will buy any further dips, but seems the price doesn't even react to it anymore.

[Nascor]

anything that hinders the development of BTC hinders the develoment of cryptocurrencies in general, so it's definitely bad
from the other side, more regulation means that more mainstream investors might be attracted to BTC once it's regulated. It's a double-edged short

[goldade]

Chinese govt has decided to ban the local bitcoin exchanges. [1] This is pretty big news considering one of large market and mining firms are located in China.
Do you think this would affect  bitcoin world and bitcoin price in negative way or positive way?  Some say china is doing so because people are bypassing the banking system and in turn the government regulation using bitcoin.


[1] http://www.marketwatch.com/story/bye-bitcoin-china-to-ban-trading-of-virtual-currencies-2017-09-11

After reading the news, I realize that its not still different from every other news that have been circulated round the web to still create unnecessary panic and heat the polity. The fact still remains that, its still an intending action to be taken and until then, the discussion can now open as to whether its good for the market or it will make it worse.

[User365]

I think they are not really banning itbut press "pause" till they have regulations for the cryptomarkes.

Why do I think so ? They want to regulate ICO´s, what sense would it have if ICO´s are regulated but there are no Exchnages 

[AtheistAKASaneBrain]

I think they are not really banning itbut press "pause" till they have regulations for the cryptomarkes.

Why do I think so ? They want to regulate ICO´s, what sense would it have if ICO´s are regulated but there are no Exchnages 

There's a chinese guy here that said, china government tends to "temporarily ban" things, which is why he is not worried about it.

China will realize their mistake once they come into terms with the fact that bitcoin is not going away, ever, no matter how much they ban it, and that if they don't embrace it, they will be lagging behind against the rest of the world.

This is more insider trading by Chinese government, do not dump your coins, just buy the dip.

[SamReomo]

Of course this will greatly affect the rates of the Bitcoin for short term, but it won't stop it from growing. Unlike other currencies, Bitcoin is not limited to a particular country or it banks. Even if China government tries to ban and stop the Bitcoin, that won't really have huge impact on the value of Bitcoin for long term. Although, it is a bad news but it is also an amazing new when you try to see positives in it. Such kind of actions by the Chinese government will give panic to the Chinese people who hold so many Bitcoins and thus because of grief of loosing their hard-earned money they'll sell their Bitcoins for cheap rates then the market. It is a great opportunity if you have enough money to purchase Bitcoins from those holder at this moment. You can easily resell them or hold them for more profits.

[fishbonez11]

China banning bitcoin exchanges will surely affect bitcoin prices. People will surely urgently sell or trade their bitcoin for lower prices due to panic and fear. But prices will recover.

[iamTom123]

Of course this will greatly affect the rates of the Bitcoin for short term, but it won't stop it from growing. Unlike other currencies, Bitcoin is not limited to a particular country or it banks. Even if China government tries to ban and stop the Bitcoin, that won't really have huge impact on the value of Bitcoin for long term. Although, it is a bad news but it is also an amazing new when you try to see positives in it. Such kind of actions by the Chinese government will give panic to the Chinese people who hold so many Bitcoins and thus because of grief of loosing their hard-earned money they'll sell their Bitcoins for cheap rates then the market. It is a great opportunity if you have enough money to purchase Bitcoins from those holder at this moment. You can easily resell them or hold them for more profits.

I read it somewhere that China might ban the operation of Bitcoin exchanges but will never declare or ban the OTC and peer-to-peer transactions of Bitcoin as illegal. Therefore, Bitcoin will still be around and people can still own them. However, as of now, some are speculating this news to be just a rumor as there is yet no official pronouncement from the authorities...so it can be a waiting game for this week. Some are also saying that if ever there will be a ban on exchanges, it can just be a temporary thing. But if there is one I love of all the comments on this topic it is the fact that we need to invest on what China banned...well the guy can be talking about big companies like Facebook, Twitter and Google which are doing fine even if they do not have a good presence in the market of China.

[BlackPanda]

this is very bad news. currently bitcoin prices have undergone many corrections.
so if there is bad condition again then bitcoin price will continue to fall. this will make many people lose.

[Chachacoin17]

China banning bitcoin exchanges will surely affect bitcoin prices. People will surely urgently sell or trade their bitcoin for lower prices due to panic and fear. But prices will recover.

Yes, I agree to this. China is a big country. If China banned bitcoin exchange, many bitcoin holders will dump their bitcoins. We already had seen the effect of it. The price did go down. But of course it will bounce back. With people's trust in bitcoin, they will make this an opportunity to buy bitcoin because the value is low, so the more demand, the price will go high. And yes, it will recover soon.

[Koadharber]

I think they are not really banning itbut press "pause" till they have regulations for the cryptomarkes.

Why do I think so ? They want to regulate ICO´s, what sense would it have if ICO´s are regulated but there are no Exchnages 

Which means its still useless.If they would regulate ICO then for sure investors either would be interested on it or not but i do believe interest would really decline on this matter. For now on the current news on Banning things it does really give impact on crypto world which we did see that prices do dips down but eventually prices would really recover soon.China news doesnt really bother me.

[Rhosadah]

as it is rumored that China's decision is the best in the country because the ICO is vulnerable to money laundering risks and terrorist financing risks due to the anonymous nature of the transaction, and the ease of large amounts of money can be increased in a short time, "MAS, Singapore's central bank,

[cubevtc]

this new will bee bad maxim 2/3 days after that btc go up in they way

[severaldetails]

I am getting more and more the impression that China banning the exchages would not be such a bad thing after all.
Sure in a short term the price would fall.
But bitcoin is just at the beginning of its evolution. Bitcoin would recover, and I think it would recover faster than we all expect.

If not now, when would be a better time to handle the problem with the concentration of too many exchanges in one country?
Long term, bitcoin would benefit from having exchanges spread equally all over the globe.
FUD news could not have the effect anymore they have today.

[TheCoinGrabber]

There are no sources and the are no announcements from the government yet. If this happen to be true though, I don't expect the exchanges to announce it. They'd probably just try to find a way to escape with the money. With many Chinese getting livid and asking the government to do something. Which is why I think the government wouldn't do it. They already have the power to halt activities in the exchanges if they see fit, no need to just shut them all down.