China banning bitcoin exchages, good or bad?

[Jose Mourinho]

I think this is the biggest storm and test of bitcoin, I say this is bigger than the segwit issue, I'm afraid if this is true then all bitcoin owners in china will sell all the bitcoin they have so the price will drop.

[Carlsen]

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.

Their main target is to make it difficult for the people to transfer the local fiat into crypto currencies and bring it abroad after that.
That is something many chinese people and businesses do. Not only with cryptocurrencies.
All together the chinese economy has lost about 2 Trillion dollars during the last five years to people who bring their money out of the country.
I suppose that is why the exchanges will be allowed to make crypto to crypto transfers, but the Yuan to crypto transfers must close.

[Webetcoins]

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

Obviously, it affected Bitcoin especially at this moment, negatively. The market value of Bitcoin fell and now less than 3900$ from being 4500$ in just a short period of time. And the dumps is continuous at this moment. But we still need to compel holding into our Bitcoin. The only thing that we can do is to wait for its market value to increase again, patiently.

No doubt! it will be bad for the bitcoin because there will be a huge sell by the investors and it will make the price of the bitcoin fell down, we will miss the strength of the users the china investors are quitting bitcoin many of them were mining bitcoin. I think it is the fault of the bitcoin system however! Let it be and just hope for the best in coming days now.

[sheldonnnn]

As we can see from  the value of bitcoin today, the situation with the exchangers in China has a uniquely very bad effect on Bitcoin. But Bitcoin's value  is gradually recovering. And all will be OK. For Chinese people this situation is much worse.

[CyberKuro]

Bad for bitcoiners in China as they can trade cryptocurrencies but the effect for global exchanges has passed.
Bitcoin will always recover with or without China exchanges as proven before when PBOC halt exchanges in February.
But, we may have to wait a little longer until bitcoin price could reach over $5000 again, depends on the next big development from other countries which support bitcoin.

[Question123]

Because china ban exchanges of bitcoin the price of bitcoin decrease because many people sell their bitcoin or panic selling . But as of now the pric3 is 3700 dollars and for sure it will increase again and maybe we the price of 5000 dollars even china ban bitcoin. Because if many people see the price decrease they have many people also buy bitcoin . Lets show to china even without their help we can reach antyhing that We want price.

[Altero]

I think this is the biggest storm and test of bitcoin, I say this is bigger than the segwit issue, I'm afraid if this is true then all bitcoin owners in china will sell all the bitcoin they have so the price will drop.

Maybe we can consider it a test in crypto world how strong they are in the market. China issues about bitcoin could affect the crypto world and bring them into a sudden drop. But as we observe now, bitcoin begin to recover from its loss. Even though bitcoin isn't reach the peak price but it is proven that bitcoin is strong enough for that certain scenario.

[android17]

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 bitcoin in china has a great impact to us. We can observe that several days before from now, Bitcoin price decreases. This is because there are many investor from China. It is a great loss for us the users and the whole Bitcoin community.

[Valzzz005]

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 bitcoin in china only leads from bitcoins to drops. Looked what happen to the value of bitcoins today, that is because of that incident. It is going to be hard for the other investors just like us who are holding our bitcoins for a while. And it will take a while before it will rise up again because china is a big place where there are a lot of bitcoin enthusiasts. And losing them is just lossing clients in this business.

[SushiMonster]

China seems so threatened by bitcoin - bitcoin is fast and growing and a lot of people are knowing it, a lot of people are investing money on bitcoins and the government cannot control it. China seems afraid with the potential of bitcoin in a country's economy.

[intrader]

china had said will ban btc since 2014 dont care about china,japan and other advanced countries that legalized btc is more important

[roll on]

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

That's right that China is one of the largest market holder and firm around the world and maybe it's a bad news because China is one of the location of the world's highest investors and investment being done.The banning of China on Bitcoin makes a negative impact especially in the Bitcoin community because we lose one of the highest investors.

[Fatunad]

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

That's right that China is one of the largest market holder and firm around the world and maybe it's a bad news because China is one of the location of the world's highest investors and investment being done.The banning of China on Bitcoin makes a negative impact especially in the Bitcoin community because we lose one of the highest investors.

If you do actually read up the links/news regarding on this thing China didnt actually trying to ban bitcoin but they are Banning ICO and Closing exchanges  which it did really give serious effects on bitcoins price which it dips down again came from 4k price range and now we are playing on sub 3k price which means they do really have the influence on cryptoworld but still we can hold on this thing without them.

[olubams]

Currently, we all might be looking at the effect of the ban and the news surrounding such as something that is bad but looking at the big picture, I would say its all good because one sure thing is that bitcoin is coming back  stronger. It then means that bitcoin is now immune to one more big thing and if this does not happen to test how strong bitcoin could recover, then there is no way it can stand what is to come in the future.

[Potato Chips]

i'd say bitcoin is a sensitive thing and that anything can and might influence it either small or big so this matter will certainly have a significant effect because China plays a big

role in this industry. and to answer the question no matter how you look at it, its a negative thing thats why its sane to think that it will also produce negative effects which is

literally what happening on the past few days and now as you can see on the charts. I'm already used with these things so i know will i do and its nothing to worry about

[tittensor]

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

Obviously, it affected Bitcoin especially at this moment, negatively. The market value of Bitcoin fell and now less than 3900$ from being 4500$ in just a short period of time. And the dumps is continuous at this moment. But we still need to compel holding into our Bitcoin. The only thing that we can do is to wait for its market value to increase again, patiently.

No doubt! it will be bad for the bitcoin because there will be a huge sell by the investors and it will make the price of the bitcoin fell down, we will miss the strength of the users the china investors are quitting bitcoin many of them were mining bitcoin. I think it is the fault of the bitcoin system however! Let it be and just hope for the best in coming days now.

When the market doubt by the FUD of whales, that is the time for whales go to buy Bitcoin and enjoy their profit while loser are feeling sadly after take loss. Of course, we can not replace this rules, trading is a game and it needs have winner and loser.

[CODE200]

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.
 

It is true. It doesn't matter how big or small the changes to bitcoin because if it would happened on a big country like China it could be a factor of a big difference in terms of transactions. So for me it is always a bad thing for Bitcoin, we all know that Bitcoins development rely on the support of people and if price would stop supporting bitcoin in terms of transaction.

[shield132]

As it seems china plays biggest role in bitcoin price, their one word changed price a lot in 2 day as we see. It's now growing a little but don't have hope it will continue in near future. If china's this move will affect bitcoin again so much, it won't be safe to my mind. Many bad and big guy in economic industry will move bitcoin as they want, it will become absolutely random profit source for big players. It's my mind.. On another hand a little fall will be good to buy bitcoin and hold for long term profit.
We mustn't let them to affect bitcoin's price like toy.

[Dr.Osh]

I do not know whether it's good or not, it depends on how you look at the current bitcoin price. well, for the person who invested the money in bitcoin, when the price is still above $ 4000, I think this is bad enough. but, if it waits in a short time, maybe the bitcoin price will return to the price of $ 4000. and this is also an opportunity to buy bitcoin.

[pixie85]

As we can see from  the value of bitcoin today, the situation with the exchangers in China has a uniquely very bad effect on Bitcoin. But Bitcoin's value  is gradually recovering. And all will be OK. For Chinese people this situation is much worse.

I don't think we're looking at the same charts. The price is up by $4000 this year. It wend town by less than half of what it was up this year after the news from China and it's recovered some of it in just a few days. A downtrend that lasts for a few days is not a downtrend. It's a spike, a sudden panic that passes. China had much less impact than it should have which means people don't care if they close down the exchanges or not.