China banning bitcoin exchages, good or bad?

[shine1123]

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

I'm still confused about that news, so China government only ban ICOs and local bitcoin exchanges right ? So chinese people still can use bitcoin and use outside exchanges like bittrex and some else ? Actually it's bad for chinese people who use bitcoin on their country but it's also give a bad affect into the bitcoin price nowdays.

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[boomboom]

OTC trading will still be legal, if the exchange ban goes ahead it will accelerate move to genuine P2P trading,

Best example I know of for P2P trading is BarterDEX

Click image for demo of using BarterDEX

[Dart18]

Part good and part bad.
The bad part is it affected the bitcoin price and it fall down for a number of dollars and we don't know what else could happen after this.
The good part would be that they have taken care of the fake ICO's that are designated in their country and that could also have a good effect in the ICO world. 

[cellard]

OTC trading will still be legal, if the exchange ban goes ahead it will accelerate move to genuine P2P trading,

Best example I know of for P2P trading is BarterDEX

Click image for demo of using BarterDEX

What's ironic of all of this is the fact that millionaires buy bitcoin over the counter only, which is why (if it's not more FUD-nonsense) China wants to ban exchanges, so once again, poor people get fucked by them while the rich are free to trade around with Bitcoin. It's obvious that they like Bitcoin for themselves, not for the people. They want to control them and Bitcoin gives access to a global market to everyone.

Hold and we will defeat them.

[barhavsky]

I think it's bad news because a lot of people from China are investing in huge amounts. with the ban may be the amount of investment will decrease.

[Dontme]

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

If that so, that government of china ban the local bitcoin exchanges their is possibilities that bitcoin gets a bad impact too because that was one of the foundation of bitcoin but I do believe that bitcoin eill conquer those because of some foundations left in its side. It is not only local exchanges of china but their are more connections. Bitcoin can stand because of it's great foundation that bitcoin build since it was started. Their is a good impact too because "if door close there will be more doors to open". There will be a new great foundation to be there to function again.

[Sang Prabu]

Of course bad because china is the world's largest bitcoin user so when they are banned of course will have a very big impact for bitcoin prices.

[killerfrost]

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

I think China's ban on using BitCometin locally will undoubtedly affect Bitcoin prices. However, Bitcoin is distributed around the world via the underground system, hiding account holder information, so there are still people using Bitcoin in China that will happen. Because they recognize the potential and development of Bitcoin

[kamikadze69]

of course it will cause a bad thing, because china is very strong in the field of mining, so when they issued the regulation semcam it, certainly will cause an extraordinary effect for the world of crypto

[djsugar]

 China is a huge market of cryptocurrencies. Their banning of Bitcoin exchanges will definitely have a negative impact on the market. Market might experience a relatively large dump. But market as always will ultimately recover and will come back on track.

[左]

Looking at the price movement now, obviously bad for btc.

[janeparamas]

China is a huge market of cryptocurrencies. Their banning of Bitcoin exchanges will definitely have a negative impact on the market. Market might experience a relatively large dump. But market as always will ultimately recover and will come back on track.

Of course china is a big market for cryptocurrencies and by banning exchanges its really give a huge affect into cryptocurreny world. Look at the price of bitcoin right now, the price is falling so hard. Its around $4,030, i'm afraid it will continue fall more deeper than before.

[pinkflower]

In a long term basis,it's good for bitcoin progress.Its because bitcoin has already suffered a lot due to price manipulation by chinese bitcoiners and dominance of bitcoin miners.We could not forget the hurdles created by chinese mining pools and miners in activating segwit.Earlier,bitcoin market was mostly dependent on china for every thing.This move by china could hurt bitcoin price temporarily,but in the long run,it would help mining pools spread in all parts of the world and by this way,the dragon era would finally come to an end soon.

Do you think its only the Chinese who try to manipulate BTC's price? That would be naive of anyone if they think thats true. Market manipulation happens everywhere and can be done by the select players from different counties. By taking China out of BTC trading, it would make it a lot easier to manipulate by the players left because of the reduced liquidity and volume.

[batang_bitcoin]

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

I have two points on this and it's positive and negative.
1. The whole bitcoin world is affected and every time we are seeing a negative news in China, the price of bitcoin get's down.
2. And for those bitcoin miners in China they can possibly shift into some other alt coins and leave bitcoin and this is positive to their other miners around the world because the competition will reduce it's difficulty.

[Nicol3]

With this current decision from China I think it's both good and bad. Good because if it does happen, chances are the coins will drop down its price giving chances to the investors and people as well to buy bitcoin at a cheaper price; bad because it won't look good if it happens. What about those people who are trading and lives in China, they won't be able to make a transaction because the government issued a ban of all local exchanges.

[RodneyKings]

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.

I agree. These issues regarding bitcoin will surely pass in time and I am sure  the crypto market will just recover after that. I'm excited to see bitcoin in the $5K mark.

[nikkibinsi]

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

[Lumada]

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

I'm still confused about that news, so China government only ban ICOs and local bitcoin exchanges right ? So chinese people still can use bitcoin and use outside exchanges like bittrex and some else ? Actually it's bad for chinese people who use bitcoin on their country but it's also give a bad affect into the bitcoin price nowdays.

Definitely,see btc value now it lowers to $4000 , China been affecting its value this past week and does really make big commotion onthe btc world. Hope it can fixed their issues on it.

[kkofor]

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

I'm still confused about that news, so China government only ban ICOs and local bitcoin exchanges right ? So chinese people still can use bitcoin and use outside exchanges like bittrex and some else ? Actually it's bad for chinese people who use bitcoin on their country but it's also give a bad affect into the bitcoin price nowdays.

Definitely,see btc value now it lowers to $4000 , China been affecting its value this past week and does really make big commotion onthe btc world. Hope it can fixed their issues on it.

that is just some news from China. I believe China will not ban any exchange. They always say that but never really do

[Blue2012]

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

I'm still confused about that news, so China government only ban ICOs and local bitcoin exchanges right ? So chinese people still can use bitcoin and use outside exchanges like bittrex and some else ? Actually it's bad for chinese people who use bitcoin on their country but it's also give a bad affect into the bitcoin price nowdays.

Definitely,see btc value now it lowers to $4000 , China been affecting its value this past week and does really make big commotion onthe btc world. Hope it can fixed their issues on it.

that is just some news from China. I believe China will not ban any exchange. They always say that but never really do

It has a big bad impact on the bitcoin value, because bitcoin investor will decreases if that happen, more people in china stop to used bitcoin if all exchange was getting banned.