China banning bitcoin exchages, good or bad?

[BUK2016]

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

We have withness the negative effect of the China action on bitcoin and crypto currency in general. Although, the market value of bitcoin and other altcoin are gradually picking up.

[§]

Obviously it loses value with a smaller community.

[malikusama]

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

China has one of the biggest bitcoin users community and this news haven't shocked bitcoin community because this is what we were expecting that government and banks will outburst their anger towards bitcoin. But the truth is this banning will not going to work and in the end they will have to find a different way out instead of banning the exchanges. May be in near future they would try to introduce their own cryptocurrency which can be control by themselves.

[UsernameBitcoin]

China banning Bitcoin exchanges is bad, but I don't think this is a permanent thing only temporary.

[Hydrogen]

China has gone so far as to build entire fake cities in an effort to artificially boost its GDP. Banning bitcoin exchanges will likely result in a hit to china's overall GDP as closing exchanges could have a negative effect on china's job market and investment sector.

Over the long term, china unnecessarily restricting the innovation and progress which crypto represents is only likely to weaken their economy over the long term, while other nations like japan, australia and russia are in a better position to benefit from crypto's growth.

[mharz]

China banning Bitcoin exchanges is bad, but I don't think this is a permanent thing only temporary.

As per observation banning ICO's of China it was result of falling down of bitcoin. More user's in the whole world would be affected because of this. However, I think it was not permanently because some community of china was largely damage because of banning ICO's. I was hoping together with the other users to unbanned the ICO's of China.

[ecnalubma]

First in the beginning its bad for the market since so many sell-offs however it has open good opportunities for investors. Markets downfall is expected but the longterm benefits awaits, lets remember that Chinese exchanges  holds big volume of cryptos and speculations claim that they control market prices. In conclusion closing their exchanges is benefit to many.

[evilgreed]

First in the beginning its bad for the market since so many sell-offs however it has open good opportunities for investors. Markets downfall is expected but the longterm benefits awaits, lets remember that Chinese exchanges  holds big volume of cryptos and speculations claim that they control market prices. In conclusion closing their exchanges is benefit to many.

          I think so too, although there are so many speculations that the most traders came from the chinese country or should we say they are mostly traders, i think because of its closure some of the traders are happy because of it, but still sad to say that are fellow chinese mens are prohibited to do this things.

[Aismabbs]

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

For me it is bad, why? Simply because bitcoins value drops because of that incident. Banning all the cryptos in china is a big mistake. A lot of investors including us, loss a lot of money because of that. China is a big country with a lot of bitcoin users and enthusiasts. With them being unable to use bitcoins the popularion of bitcoins will reduce and so does the value of it. That is whybthe value of bitcoins today are getting low and those who holds their bitcoins are going crazy, they are panic selling it.

[DrGuns4Hands]

bitcoin recently decreasy its price as in big dump for past few days after china declared that they're going to stop exchanges of bitcoin on september 30 so people who owns bitcoin do panic selling that's why bitcoin dump under $3000 but after it dump really low price many people bought bitcoin because they know that bitcoin could increase again so looks what happen bitcoin over $3500 again.

[Yarsk]

Well China as a country has the right to ban the activities involving bitcoin in China but can't ban bitcoin totally cause why bitcoin is a decentralized currency wise is not subject to any central bank of any country.
In fact this is not the first time China will place a ban on bitcoin, and the ban can only affect bitcoin price for some time because why it will cause panic and people will rush to sell the bitcoin but it will pick up again very soon.

[olushakes]

Whether good or bad, oklyntime will tell but one thing I know is that with all this episode, a lot of people will lament on how they have losrbsome money why some other people will see this as an opportunity to even make massive return within a short period of time. In essesnxe, its bad for the losers while its the best for those who will seize the chance to make a fortune out of it.

[rikybrosh]

The layman see the ico ban in china is a negative thing. That news is a universal negative sentiment in the krypto world. Expert said that this is not long term problem. Essentially the ico ban does not directly affect bitcoin. But the news creates a negative market sentiment on the price of some altcoin.

[Sled]

The layman see the ico ban in china is a negative thing. That news is a universal negative sentiment in the krypto world. Expert said that this is not long term problem. Essentially the ico ban does not directly affect bitcoin. But the news creates a negative market sentiment on the price of some altcoin.

It affects the bitcoin too because if chinese government banned the ico then there will be no ico investors in that country and the demand of bitcoin came from the ico investors also because they want to invest so they need to buy some bitcoin and if the countries that is one of the biggest contributor ban ico then it is a bad news for all the cryptocurrencies but like you said, it is not for long term and everything will be fine in the future.

[Lieldoryn]

The layman see the ico ban in china is a negative thing. That news is a universal negative sentiment in the krypto world. Expert said that this is not long term problem. Essentially the ico ban does not directly affect bitcoin. But the news creates a negative market sentiment on the price of some altcoin.

It seems to me that you exaggerate the importance of the prohibition of IKO by the Chinese. I don't see anything wrong with that. Yes, the price of all crypto currencies, but this is a game of whales. If you keep calm then you will not lose anything. I'm sure that the loss of the China monopoly in the market of crypto will only benefit.

[merchantofzeny]

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.

Sorry for the late reply, had a fun weekend. Yes, I think that would really be a dumb move, to just indiscriminately close down exchanges. Which is why I think they released this rumor several weeks ago to scare weak hands into selling. 2 exchanges have already announced closure though (not sure if they already closed) and some have already met with regulators and might announce soon.

Would that mean there will no longer be more exchanges? I don't think so. Some would definitely open to take the place of these. Wouldn't be surprised if those are with insider tips and bought the bitcoins that were dropped.

[ihsanskanzaone]

I think good because bitcoin is not a currency but digital goods useful as a means of
barter or investment that promise ban on bitcoin in China will not have a big effect on
 the exchange rate of bitcoin instead predicted will continue to grow because the
enthusiasts betkion a lot and began to spread to various worlds . bitkoin also has many
benefits in cross-country transactions so that it will remain useful and remain in interest
by the commodities bitcoin

[bit1]

bitcoin recently decreasy its price as in big dump for past few days after china declared that they're going to stop exchanges of bitcoin on september 30 so people who owns bitcoin do panic selling that's why bitcoin dump under $3000 but after it dump really low price many people bought bitcoin because they know that bitcoin could increase again so looks what happen bitcoin over $3500 again.

Price is recovering fast, But we must remember that it wasn´t only the news that came from China those that recently affected the market but also statements  by CEO from a well-known firm which caused the double panic in some peoples and further impacted the market, On the other hand, The measures taken by China is an event to reflect on and although I do not know if those will be effective yet, Perhaps the most worrying for most peoples is to identify where sources come from and whether they are reliable or not, And  the purpose of these.

[_Dawid_]

Im not sure, because I have only read it somewhere... But I have found few informations and facts that China doesn't ban exchanges(China bans ICOs*) for exchanges China only makes or creates new restrictions, principles etc. toward decrease fraud and money laundering. So China implements very important features for me which should bring only benefits in future. So don't be afraid.

[seraph_the_wise]

In the short term, obviously bad for the price of BTC, with a lot of ppl liquidating their holdings.
However, after the initial shock I think this can actually be good, as exchanges with more robust regulatory compliance prop in China. Yes, I believe it would be impossible to ban cryptocurrency trading in china, and a long-term ban will only push business more underground and out of governmental control (and taxation  ). And they know that too. They cannot afford to stay closed from the world on this one, and on the long term this will further inflate the price of btc
On the positive side and on the short term, I think a lot of smart chinese crypto-investors will invest in foreign ICOs and cash out abroad in another currency.