China banning bitcoin exchages, good or bad?

[figmentofmyass]

Yes, after banning the local bitcoin exchange in china bring a big effect in the bitcoin world. China is the largset users of bitcoin and most of the traders and investors are from china. Now that they are out on bitcoin it lessens the number of investors and traders.

that's not necessarily true. it creates more friction between CNY and cryptocurrency -- that i can agree with. and this could drive away mainstream investors. however, the flip side is that black market commodities tend to rise in value, not fall.

more importantly, many traders/investors/miners may just move their activities outside of china's jurisdiction. i'm sure that many chinese traders have already migrated from okcoin and huobi to japanese and korean exchanges, or international chinese platforms like okcoin.com.

[Bagaji]

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 experience the negative effect of China ban on local bitcoin exchange and other crypto currency activities already. Though the ban has both positive and negative effect. The negative effect on bitcoin was its market value reduction while that of positive effect is that, China has lost control over bitcoin activities particularly, bitcoin value manipulation.

[ricardobs]

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.

Don’t we have rumors? I have studied here and listened in news that this was just false news and nothing had happened like this so far. This dip was the results of something other than this China turmoil. Still if it happened then surely we had bad impact.

Even in normal forex market, so many news can either cause an upsurge or bearish on any currency. It is a market and there is nothing we can do about that. The most important thing is to understand we cannot help stuffs like this and having everything smooth all the time should actually cause some worries, don't you think?

[deisik]

Yes, after banning the local bitcoin exchange in china bring a big effect in the bitcoin world. China is the largset users of bitcoin and most of the traders and investors are from china. Now that they are out on bitcoin it lessens the number of investors and traders.

that's not necessarily true. it creates more friction between CNY and cryptocurrency -- that i can agree with. and this could drive away mainstream investors. however, the flip side is that black market commodities tend to rise in value, not fall

That's what the Chinese government may be trying to prevent

Indeed, Bitcoin is too small so far to give any real pain in the ass for the Chinese monetary authorities (read the PBoC), but it is easier to prevent the disease than cure it, right? So they are trying to nip Bitcoin in the bud in China before it becomes a genuine competitor to the Chinese national currency, the Yuan, like it happened in Venezuela, where people right now massively abandon their local money, the Bolivar (which is spiraling down in ever faster circles) in favor of Bitcoin and other cryptocurrencies as well as the US dollar

[nightways]

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.

It their own decision to staying away from such a profitable thing that is giving profit on daily basis that will only effect the Chinese people who have interest in bitcoin, they will suffer the decision that their government had made so the people of chine should put pressure on their government to uphold this ban so that they can also enjoy the profit as the rest of world is.

[mudasarali43]

China banning bitcoin exchanges, not all exchanges China banning only those exchanges which are working illegally and use bitcoin for illegal transaction So china banned these exchanges, not to all exchanges.

[LuffyD.Monkey]

Let's see whether they make an exciting comeback with new regulations before deciding they're forever closed, but overall it's fairly neutral.

It's not good that a huge population is being cut out of the market. The years of endless fuckery caused by China have not been good either.

China's irrelevance at the start of the year coincided with the huge rise. This says that they're not leaders and were probably suppressing the price.

If China never comes back then the market will be smoother and quieter. I for one will not miss them desperately.

They will ask back to join again and this ban is temporary because they think money launderers can use it that’s why they are banning it and when their issue will be resolved they will make come back there are huge no of investors in china and they are now in panic situation and when they will join again market will rise again.

[Ocalebeth]

It will have here and now impacts like what we're encountering at the present time yet it isn't terrible. We would profit by china restricting trades with the goal that the coins possibly circulated equally available. Also, china has been causing a great deal of FUDs this days so getting them out of the biological community is truly advantage for us different clients.

[Golftech]

I read that China unban everything 10 october. Many people wait for nice money float to the markets. For us it is really good.

do you have any reference about this matter mate? because if that's for real for sure things will bring the hype again with this ongoing rise up
bitcoin and other crypto will bounce and make another huge pumped very possible to see 5k before the hard fork just an honest opinion though.

[kateryana81]

I think this will not bring any impact, and this is proven because bitcoin users are so strong that the price is not on the floor. bitcoin users around the world including in china will keep bitcoin even though its government banned bitcoin.

Yes it seems so, china banned bitcoin does not bring any impact, maybe the panic had occurred in the beginning but now everything is back to normal, this further proves that the future of bitcoin will continue to improve.

China’s plan to ban this Bitcoin has flopped in a very bad way. Things happened exactly opposite instead of happening in the way China was thinking. People are happily investing in Bitcoin as much as they can and the number of investors investing in Bitcoin is increasing significantly. China cannot take control over Bitcoin.

[deisik]

I think this will not bring any impact, and this is proven because bitcoin users are so strong that the price is not on the floor. bitcoin users around the world including in china will keep bitcoin even though its government banned bitcoin.

Yes it seems so, china banned bitcoin does not bring any impact, maybe the panic had occurred in the beginning but now everything is back to normal, this further proves that the future of bitcoin will continue to improve.

China’s plan to ban this Bitcoin has flopped in a very bad way. Things happened exactly opposite instead of happening in the way China was thinking. People are happily investing in Bitcoin as much as they can and the number of investors investing in Bitcoin is increasing significantly. China cannot take control over Bitcoin

Strictly speaking, we don't know for certain what China is really up to

What we think as the opposite of what they have been thinking may have nothing to do with what they are really thinking. It looks like they are not so much into banning Bitcoin per se as just trying to make their own currency, the Yuan, more attractive using the technology that Bitcoin happens to use. And since all the infrastructure is already there (I refer to miners and their huge mining farms), they just make use of it without actually going for or aiming at hurting Bitcoin specifically. In other words, possible Bitcoin downfall is just a side effect, a collateral damage of sorts

[clrpod]

Banning bitcoin exchanges in any country would obviously be bad because it limits the demand for bitcoin and that would mean that the price would go down, unless of course you shorted bitcoin in which case, kudos to you.

[astrid.uchiha24]

it is good in a sense that now we can prove that bitcoin is not just them, they are just portion of the bigger market around the world on the other hand it had some bad effect because of recent prices of bitcoin going down but now its getting pump. Maybe the ban on exchanges in china is their primary motive in order for bitcoin to move forward and create a distraction to to investors so that the bitcoin will go up and up.

[mkhadazz]

China forbids bitcoin with political motivation. They see bitcoin users in their country will have an adverse impact on economy of country, so banning is done. However, China will not affect value of bitcoin due to the fact bitcoin is more expensive.

[doothewop]

China had until now gained a majority share of control of Bitcoin. They're
still mining, with discounts from their government, so this might just
be a way for the Chinese government to grab a percentage before it
gets sold off and sent out of the country.

We'll see if it's a net gain for the currency. Any moves that help
decentralization I'm all for.

[djablom]

When they first banned bitcoin exchanges the price of bitcoin went from $5000 to almost $3000 so i think that is very bad yes but now bitcoin is going up again and i think that there will be a big update and bitcoin will get another big boost.

[BitcoinMarshal]

When they first banned bitcoin exchanges the price of bitcoin went from $5000 to almost $3000 so i think that is very bad yes but now bitcoin is going up again and i think that there will be a big update and bitcoin will get another big boost.

Now its already spreading very quickly just because of this demand is rising and its effecting market too much even China ban give some shock but most of peoples believe its temporary because its going to end after Congress meeting which is going to held but still if they are not going to lift ban its not effecting too much in near future as many countries giving soft term policies

[jamids]

As what we witnessed, it has affected bitcoin price in the short term because it did go down drastically because of its announcement not only the banning of local exchanges but from the moment there is a rumor about China banning the ICOs. Bitcoin then continue to go down because there are other people who  ride the tide and said things that would make the people feel the fear, uncertainty and doubt to make bitcoin more cheaper and they succeeded. After what happened, bitcoin then go back up because many people believe that its value is more than it is now. The banning of exchanges may be good in the long run so that China cannot messed up with bitcoin again the future.

[777Bitcoin]

I would not judge on the basis of what happened last week or the 2800$ dip in market price. Because I can’t point it alone to that issue, it is accumulative problem from Jaime Dimon, FUD and rumors about China.

I will stillgive them some time to prove to us that what they done or what they’ve planned is for the sake of bitcoin users and bitcoin as a whole.

I would be kind enough to observe and give feedback at the end of this year if the banning of ICO and closing exchanges by China has a good effect or a simple failure for them.

[Qunenin]

Yes, after banning the local bitcoin exchange in china bring a big effect in the bitcoin world. China is the largset users of bitcoin and most of the traders and investors are from china. Now that they are out on bitcoin it lessens the number of investors and traders.

For me its a bad news. Since the Chines use crypto more than other and the number of bitcoin users in china is higher than other countries . But its not gonna effect on bitcoin neither its value in long term .The price of bitcoins were decreased a bit because of this news  but its covered now.
The moral of the story is Not to panic on such news and trends and keep holding on, till the price recovers.