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Author Topic: What happens to BTC if all countries shut down exchange trading like China?  (Read 767 times)
cptdome1 (OP)
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September 14, 2017, 01:22:43 PM
 #1

Maybe to zero?
AGD
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September 14, 2017, 02:45:22 PM
 #2

https://bisq.network/

Bitcoin is not a bubble, it's the pin!
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emuLOAD
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September 14, 2017, 02:47:05 PM
 #3

Predicting the future is impossible.

In reality, though, in all likelihood even an unlikely worldwide blanket ban on exchangers and trading platforms would merely cause a huge drop in anticipation of the closure (i.e. what's happening now with china, people getting out of the uncertain future, cashing out), then the "economy" would work around the problem and rebuild. There would be new ways to exchange bitcoin to real world value, and the price would eventually rise again.

Either that, or bitcoin fails completely, but that's both unlikely and unrelated to a ban of exchangers.
agustina2
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September 14, 2017, 02:54:51 PM
 #4

Maybe to zero?

Really you don't have some insights about what will be the value?

How come we can do trades, buy, sell etc. if there is no exchanges? Person to Person? lol.
AGD
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September 14, 2017, 02:55:51 PM
 #5

Maybe to zero?

Really you don't have some insights about what will be the value?

How come we can do trades, buy, sell etc. if there is no exchanges? Person to Person? lol.

https://bisq.network/

Bitcoin is not a bubble, it's the pin!
+++ GPG Public key FFBD756C24B54962E6A772EA1C680D74DB714D40 +++ http://pgp.mit.edu/pks/lookup?op=get&search=0x1C680D74DB714D40
stompix
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September 14, 2017, 03:02:51 PM
 #6

Maybe to zero?

Really you don't have some insights about what will be the value?

How come we can do trades, buy, sell etc. if there is no exchanges? Person to Person? lol.

https://bisq.network/

Hmmm, let me quote something from their own FAQ:

Quote
Will my bank know I’m buying bitcoins?

There have been reports that some banks have closed client accounts when they see that there is Bitcoin activity involved.

The reference text of the bank transfer used to trade with Bisq will include only the Bisq trade ID (which is a random sequence of characters, like many other purchase IDs). Any trader that is not using the exact ID number as reference text of a bank transfer is considered in breach of contract, which will result in dispute resolution.

To avoid problems we recommend setting up a dedicated bank account for buying and selling bitcoins. If the bank were to block this account, it would cause fewer problems for you than if the bank were to block your primary account.

Never mention anything else than the trade reference in the subject field.

So, basically this so called "decentralized' app runs on bank transfers.
What is easier for banks than blocking those accounts ?
Manipulating forex rate is complicating compared to this.

You're far safer using local bitcoins than this .. hell..i'm going to say it... piece of crap

And checking their ways of getting fiat for your coins.
All, all of them can instantly ban you and have your account frozen.

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AGD
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September 14, 2017, 03:05:42 PM
 #7

Maybe to zero?

Really you don't have some insights about what will be the value?

How come we can do trades, buy, sell etc. if there is no exchanges? Person to Person? lol.

https://bisq.network/

Hmmm, let me quote something from their own FAQ:

Quote
Will my bank know I’m buying bitcoins?

There have been reports that some banks have closed client accounts when they see that there is Bitcoin activity involved.

The reference text of the bank transfer used to trade with Bisq will include only the Bisq trade ID (which is a random sequence of characters, like many other purchase IDs). Any trader that is not using the exact ID number as reference text of a bank transfer is considered in breach of contract, which will result in dispute resolution.

To avoid problems we recommend setting up a dedicated bank account for buying and selling bitcoins. If the bank were to block this account, it would cause fewer problems for you than if the bank were to block your primary account.

Never mention anything else than the trade reference in the subject field.

So, basically this so called "decentralized' app runs on bank transfers.
What is easier for banks than blocking those accounts ?
Manipulating forex rate is complicating compared to this.

You're far safer using local bitcoins than this .. hell..i'm going to say it... piece of crap..

You might need more info to understand the concept before you call it bad. You sound like Jamie Dillon.

Bitcoin is not a bubble, it's the pin!
+++ GPG Public key FFBD756C24B54962E6A772EA1C680D74DB714D40 +++ http://pgp.mit.edu/pks/lookup?op=get&search=0x1C680D74DB714D40
mobnepal
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September 14, 2017, 03:07:53 PM
 #8

Even when all of the countries will shut down local trading platform, bitcoin will still be trad-able through p2p marketplace and social groups. Nobody can stop bitcoin trading and when it will be hard for people to buy bitcoin legally than price can easily shoot up because of low supply and high demand. People love things that have very low supply and hard to get.
Variogam
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September 14, 2017, 03:24:32 PM
 #9

I guess no more speculative investment digital gold narrative then. Bitcoin would still be usefull in P2P transfers though - and no, you dont need to know Bitcoin dollar value from exchanges, for example with first ever trade of 10 000 Bitcoins for pizza, no Bitcoin dollar value from exchanges was ever known.
emuLOAD
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September 14, 2017, 03:59:18 PM
 #10

speculative investment does not need an exchange in order to happen. And this is one of the primary reasons why exchanges will not be banned.
Exchanges are the primary foothold for governments and LEAs into the world of bitcoin. They break down even the feeble anonymity Bitcoin provides in terms of customer identification.

But even without exchanges, speculative investment would continue to take place. Not to mention the presence and arrival of decentralized exchanges (Think Exscudo)
piloder
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September 14, 2017, 04:42:08 PM
 #11

Does china have officially announced this? I don't think there is any official statement regarding shutdown of local trading platform, it might not be feasible and realistic decision. They might come up with tight rules and regulation for bitcoin trading platform but shutting down whole platform doesn't make any sense.

No I don't think any other government will follow this trend and I am still expecting this news to be just some fake rumor.
Brokerstar
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September 14, 2017, 04:45:55 PM
 #12

Maybe I'm wrong about this, as I'm hearing (well reading) different things all over the place, but it's not a blanket ban, is it? And as far as the exchanges go, isn't it just a case of the exchanges having to make sure they comply with government regulations?

Feel free to point my in the right direction if I'm horribly off base here, there just seems like there's such a mix of information about at the moment.

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craZyLovE0916
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September 16, 2017, 06:15:36 PM
 #13

If all countries shut down exchange trading like China, I am sorry to say not only BTC, but the whole crypto industry would be most likely wiped out.
GreenBits
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September 16, 2017, 06:23:35 PM
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If all countries shut down exchange trading like China, I am sorry to say not only BTC, but the whole crypto industry would be most likely wiped out.

i agree, but we can both agree it would be damned near impossible for something like this to actually happen. some govs would be incentivized to allow it, if just to soak up a huge financial market that the others are ignoring. but from a financial theory standpoint, liquidity would completely dry up, at least as we know it. a few things would happen, practically;

price would drop, but then rise as people that actually conduct business in btc remain

peer to peer exchange would become the norm, but there would still be dexs that folks would use, as well as "black market" exchanges.

people would actually spend bitcoin on goods and services, and not just purchase it to speculate. price would stabilize, and the volatility would go away after the initial shitshow, and

people would stop mining immediately; the network difficulty would plummet, and it would be profitable for a time for the little guy to mine (the big guys wouldnt stop mining unless the price becomes unfathomably low). this would cycle, like it always does, before we found the new 'level'.
offlinedragon
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September 26, 2017, 09:46:49 AM
 #15

I guess no more speculative investment digital gold narrative then. Bitcoin would still be usefull in P2P transfers though - and no, you dont need to know Bitcoin dollar value from exchanges, for example with first ever trade of 10 000 Bitcoins for pizza, no Bitcoin dollar value from exchanges was ever known.
You have rightly said. I think first of all, this is more than impossible sort of thing and I don’t think so that it will even happen. In case if it happens, even then I must say that it will not affect that much on the market price and trade of Bitcoin. There will be still many of us who will be investing in Bitcoins at that time.
Falgorn
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September 27, 2017, 04:35:07 AM
 #16

If all countries terminate the work of trade exchanges, as in China, which in fact can not happen, that is, there are other ways to exchange and trade in crypto currency. These are peer-to-peer exchange sites, and over-the-counter trading platforms and more. Now, additional technologies are also being created that allow you to trade directly, without different funds and platforms. So there are many options and in time they will only increase.
crptotrader007
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September 27, 2017, 04:40:31 AM
 #17

I don't think all the countries would shutdown bitcoin exchanges at a time like this where bitcoin is getting recognized more and more. Even IF the countries shutdown all the exchanges we would still be able to send and receive coins and hence the transactions will keep on going and something would come up to rescue the bitcoin boat.
lynn0729
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September 27, 2017, 04:46:26 AM
 #18

I think the price will drop quickly just like what happened in China. I am wondering  If the government address the bitcoin is illegal. Will the bitcoin return to zero
BurstIncomeAsset
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September 27, 2017, 04:51:29 AM
 #19

The protocol would work as usual.

P2p transactions would be impossible to be stopped.

And the black market would still be open.

They can't stop the crime, how could they stop Bitcoin?
Yuuto
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September 27, 2017, 05:21:27 AM
 #20

Maybe to zero?

This is very unlikely in any circumstances.

When the Chinese government bans exchanges, or even every single country in the world bans exchanges (which is not going to happen), then people are simply going to trade with other people without an exchange as a broker.

Or, they could use p2p sites such as localbitcoins, or even bisq. It will not affect how bitcoin is operated. It might have a negative influence on price, but that would be all.
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