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Author Topic: China banning bitcoin exchages, good or bad?  (Read 2485 times)
emezh10
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September 13, 2017, 02:32:08 PM
 #81

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
Banning of Bitcoin exchanges with the premises of China is a bad scenario because as far as we all know, and we can observe, the current price rate of bitcoin is now experiencing a real hard scenario in which the price dumps real fast that is really alarming and has a bad effect to the bitcoin users earning that we take hold and save for a long period of time.

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September 14, 2017, 03:07:39 AM
 #82

China has only to lose if they ban Bitcoin exchanges. It's a business with great potential, and I think this will only grow in the future.

I'm also surprised that they don't realize that they can't stop technology. This will only cause the emergence of decentralized exchanges, anonymous exchanges and p2p trading.
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September 15, 2017, 06:48:34 PM
 #83

Not sure if what was written in that news was a definitive that China is indeed banning bitcoin exchanges. As the article only stated that there are plans to do so. If, however, it does pushes through then it could post a potential problem for bitcoins indeed. The problem is that other countries might try and follow suit what China has done and ban bitcoin exchanges too.
In my point of view it is not a good decision to ban BTC as it is globally progressing so one should join the race of progress instead of banning it. Bitcoins have brought all the nations on one platform and is acting as a bond between all countries, so it would be stupidity to ban bitcoins.
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September 15, 2017, 09:12:40 PM
 #84

Not sure if what was written in that news was a definitive that China is indeed banning bitcoin exchanges. As the article only stated that there are plans to do so. If, however, it does pushes through then it could post a potential problem for bitcoins indeed. The problem is that other countries might try and follow suit what China has done and ban bitcoin exchanges too.
In my point of view it is not a good decision to ban BTC as it is globally progressing so one should join the race of progress instead of banning it. Bitcoins have brought all the nations on one platform and is acting as a bond between all countries, so it would be stupidity to ban bitcoins.

They didn't ban bitcoin directly, they banned ICO's and shutting down on the Chinese local exchanges. In the global perspective, its really not good to put the hammer ban specially on exchanges. However, we should remember that they are a communist nation, and as one, they want to control everything.

But the good news is that they are not closing local trading platform but might introduce new laws and regulations so that they can continue to operate in which the exchanges cannot manipulate the price. And China is not bitcoin. Bitcoin is global and there are still a lot of bitcoin friendly nation such as Japan and South Korea.

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September 15, 2017, 09:25:40 PM
 #85

It will have short term effects like what we're experiencing right now but it isn't bad. We would benefit from china banning exchanges so that the coins maybe distributed evenly on the market. Besides, china has been causing a lot of FUDs this days so getting them out of the ecosystem is really benefit for us other users.

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September 15, 2017, 09:28:07 PM
 #86

Not sure if what was written in that news was a definitive that China is indeed banning bitcoin exchanges. As the article only stated that there are plans to do so. If, however, it does pushes through then it could post a potential problem for bitcoins indeed. The problem is that other countries might try and follow suit what China has done and ban bitcoin exchanges too.
In my point of view it is not a good decision to ban BTC as it is globally progressing so one should join the race of progress instead of banning it. Bitcoins have brought all the nations on one platform and is acting as a bond between all countries, so it would be stupidity to ban bitcoins.
Stop spreading FUD people, BTC hasn't been banned! Bitcoin exchanges are still operating and most of them will continue to trade for the next 2 months. The government will then decide if it wants to shot them down completely or make them accept a new set of rules or apply for a licence.
Either way they will most likely keep on trading and everything will be back to normal.

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September 15, 2017, 09:35:46 PM
 #87

If they'll ever close down exchanges there (which I think they wouldn't), then it is good for us and bad for them. Money Chinese citizens invested in bitcoin would evaporate into thin air. Those left in exchanges they might not be able to take back and if they did they'd be worthless. Same with those in their wallets. As for us, bitcoins would be cheaper for a time until some other country take the lead.

Now let's just hope they don't close them mines as well.

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September 15, 2017, 10:37:04 PM
 #88

China does not want to close legitimate exchange but only those who does not comply with their standards.  I read that these exchanges are closing because they do not have license to operate and does not comply with the requirement of the Chinese government.  People mistakenly understood this and think that China is banning Bitcoin.  I think they just wanted to clean their country of  exchanges that does not follow their strict requirements and possibly prepare a cleaner services for Bitcoin.  Probably this is better for the future of bitcoin.

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September 15, 2017, 11:44:48 PM
 #89

If they'll ever close down exchanges there (which I think they wouldn't), then it is good for us and bad for them. Money Chinese citizens invested in bitcoin would evaporate into thin air. Those left in exchanges they might not be able to take back and if they did they'd be worthless. Same with those in their wallets. As for us, bitcoins would be cheaper for a time until some other country take the lead.

Now let's just hope they don't close them mines as well.

China closing down exchanges would be the dumbest thing they could possible do, and they are not that stupid. China are masters at manipulating currency. I think the recent dip and huge jump are caused mostly by them, actually.

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September 16, 2017, 12:20:56 AM
 #90

If they'll ever close down exchanges there (which I think they wouldn't), then it is good for us and bad for them. Money Chinese citizens invested in bitcoin would evaporate into thin air. Those left in exchanges they might not be able to take back and if they did they'd be worthless. Same with those in their wallets. As for us, bitcoins would be cheaper for a time until some other country take the lead.

Now let's just hope they don't close them mines as well.

China closing down exchanges would be the dumbest thing they could possible do, and they are not that stupid. China are masters at manipulating currency. I think the recent dip and huge jump are caused mostly by them, actually.
That's why there's news though not very reliable that they are doing so to regulate exchanges. During all this time when the prices crashed Chinese must have bought a lot of bitcoins I guess so it's no wonder that Chinese did it all to manipulate the market in an attempt to accumulate more.

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September 16, 2017, 12:25:16 AM
 #91

I really don't think China is going to actually "ban" anything.  They're making a lot of noise right now, and they probably do want to regulate it -- maybe so they can tax it, but certainly so they can control the money flowing across their borders.  That's going to have an impact but only time will tell how much of an impact it will have.
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September 16, 2017, 12:33:23 AM
 #92

Not sure if what was written in that news was a definitive that China is indeed banning bitcoin exchanges. As the article only stated that there are plans to do so. If, however, it does pushes through then it could post a potential problem for bitcoins indeed. The problem is that other countries might try and follow suit what China has done and ban bitcoin exchanges too.
In my point of view it is not a good decision to ban BTC as it is globally progressing so one should join the race of progress instead of banning it. Bitcoins have brought all the nations on one platform and is acting as a bond between all countries, so it would be stupidity to ban bitcoins.
I just found out the price dropped yesterday. because many users panicked because China wants to banning all bitcoin markets in their country? I think even though banning happens you can still use it because they can only access restrictions on exchange only. not directly on bitcoin so you can use bitcoin freely

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September 16, 2017, 12:46:42 AM
 #93

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

Initially it will be considered as a bad news and a lot of Chinese people will be selling out their savings for cheap. So we have all seen a bad time already since last two days. However, I believe that it will be a good news for the majority of us because the Chinese government is a communist government and they just don't bear the well being of their citizens.

Chinese government just want to oppress their people of any luxury and they want their people to be dependent on their government. However, I am glad that rest of the world is with bitcoin and we just don't give a damn to China. We are good without them.
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September 16, 2017, 03:02:29 AM
 #94

Of course this is bad news even very bad, we all know that chinese is the biggest bitcoin user so when there is discourse of china banned bitcoin government then everything becomes chaotic.

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September 16, 2017, 03:13:59 AM
 #95

From where I see it, its bad in its entirety. The Chinese government might see it as the best line of action but to the crypto world, its bad in the sense that, if they eventually decide to reverse the order it means that the exchange sites must have given in to some additional conditions which might not be unknown to the general populace.

If the order is push forward and all sites shut down, it then send a message to the rest of the world especially entrepreneurs, investors, and corporate bodies looking to set up and finance project in the crypto industry to think again and be sure that's the right route because after they must have spent a lot of money, government might come to shut it down.

In anyway to look at it, the costs of this decision, has outweigh the benefit.

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September 16, 2017, 04:24:17 AM
 #96

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
Banning of Bitcoin exchanges with the premises of China is a bad scenario because as far as we all know, and we can observe, the current price rate of bitcoin is now experiencing a real hard scenario in which the price dumps real fast that is really alarming and has a bad effect to the bitcoin users earning that we take hold and save for a long period of time.
China makes the biggest portion of the crypto market and hence their action of banning bitcoins and exchanges. We are to stay strong even when the prices are going down. Hard times are the part of successful life. There are maximum chances of bitcoins to be the upcoming international currency.

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September 16, 2017, 04:29:31 AM
 #97

In any case, China's ban on ICO and the trade in crypto currency on the exchange are bad news for the crypto currency and led to a sharp drop in the price. By the way, it will not be restored until the problems that have arisen in China are resolved.

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September 16, 2017, 05:09:32 AM
 #98

i think its bad for china because they don't give a chance for their people to trying a new way to make money. beside that, i think they rejected a new good technology which could help their citizen to fix their economic from bitcoin because we know bitcoin is another source to make money. and if they really banning bitcoin then their citizen will find another way to keep using bitcoin and i am sure that they capable to do this.

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September 16, 2017, 05:53:25 AM
 #99

Not sure if what was written in that news was a definitive that China is indeed banning bitcoin exchanges. As the article only stated that there are plans to do so. If, however, it does pushes through then it could post a potential problem for bitcoins indeed. The problem is that other countries might try and follow suit what China has done and ban bitcoin exchanges too.
In my point of view it is not a good decision to ban BTC as it is globally progressing so one should join the race of progress instead of banning it. Bitcoins have brought all the nations on one platform and is acting as a bond between all countries, so it would be stupidity to ban bitcoins.
yeah I think banning bitcoin is really bad news for bitcoin users that's why many users panic and sell their bitcoin lately, Chinese authorities think that bitcoin is harmful to their economies, when it makes, the economy in their society becomes better, the government only looks at one side only, that is losses earned by the government itself without seeing the profits that can be by their community

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gabmen
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September 16, 2017, 06:05:12 AM
 #100

Not sure if what was written in that news was a definitive that China is indeed banning bitcoin exchanges. As the article only stated that there are plans to do so. If, however, it does pushes through then it could post a potential problem for bitcoins indeed. The problem is that other countries might try and follow suit what China has done and ban bitcoin exchanges too.
In my point of view it is not a good decision to ban BTC as it is globally progressing so one should join the race of progress instead of banning it. Bitcoins have brought all the nations on one platform and is acting as a bond between all countries, so it would be stupidity to ban bitcoins.
yeah I think banning bitcoin is really bad news for bitcoin users that's why many users panic and sell their bitcoin lately, Chinese authorities think that bitcoin is harmful to their economies, when it makes, the economy in their society becomes better, the government only looks at one side only, that is losses earned by the government itself without seeing the profits that can be by their community


The chinese people are one of the largest players in the bitcoin market and crypto in general so i don't think they'll proceed in banning exchanges entirely as they have more to achieve from it than to lose.

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