China will completely ban bitcoin

[luo demin]

this is crazy...i believe china is doing all this becouse they want to introduce their own government coin.

Probably not but they do want to control currency flow out of the country. They have very tight restrictions on taking money out of the country and the amounts you can exchange.

[gabmen]

They probably can do it but i think the people's demand for it would have something to say for itself. The chinese market has probably one of the largest btc markets and it's going to be wasteful for both china and its crypto users to have it banned completely

[CrownPolly]

They probably can do it but i think the people's demand for it would have something to say for itself. The chinese market has probably one of the largest btc markets and it's going to be wasteful for both china and its crypto users to have it banned completely

I am sure that there will not be a complete ban. The government will not be able to prohibit the use of crypto-currency in private. Just close the stock exchanges and forbid taking bitcoin to big businessmen

[leirou]

This news as what we know is not completely found truth yet but there might be chance. Anyway we have many countries using bitcoin already and China might be one of the biggest holders but its not as same as the past years. Bitcoin is more divided than it was before. There is also a news that chinese people are having the on the counter transaction as exchanger closes. Also the broker things. Referred to unsure news though same as news about china banning bitcoin.

[Cr7go4]

China cannot ban bitcoin because bitcoin is decentralized which is not able to ban in somewhere.

[Chyton]

First of all this is still unconfirmed, this may be an attempt to drive the price lower so that some whales can get some cheap bitcoins at discounted price.
I'm pretty sure China won't completely ban Bitcoin but will instead heavily regulate it. China is ain't dumb country, I'm sure that they know that blockchain technology is a promising future technology.

[ahtremblay]

Bill Gate had said no one can stop bitcoin. Even bitcoin become illegal in China so what they can do now? Can they stop people trade drug?

[migolmigol]

Well I think this will affect the Bitcoin supply and price badly. Basically because a lot of Chinese investors are into Bitcoin investment.

[illyiller]

China cannot ban bitcoin because bitcoin is decentralized which is not able to ban in somewhere.

Of course they can't ban Bitcoin. But they can make it difficult to access and use for the majority of people living in their country, just like they do with Google and Facebook. According to the leaked report, they want to bring the Great Firewall to BTC and other cryptocurrencies. That is, they want to block access to the blockchain from within China.

Is it possible? No, because it only takes one bridge through the GFW for all Chinese Bitcoin users to stay current with the network. But they can make it very difficult for Bitcoin users. Apparently, they are also attempting to root out VPN providers, making it increasingly harder for average Chinese residents to circumvent government bans.

[MSZCoin]

If they want this
Bitmain needs to be closed first.
And this means Ethereum gonna skyrocket

[smartbitcoininvestor]

It would be unwise for China to ban Bitcoin completely especially considering their economic position and ties to large mining networks. More realistically they are probably restructuring and categorizing the cryptocurrencies so they can regulate it. Why else would they be closing down exchanges? It's not because they are evil and want to lose advantages...it's about control.  I doubt Bitcoin  would get banned completely as that would be a very costly ban for the economic prosperity of a country.

[nkarm1]

Even though this is not completely confirmed simple news or gossip like this can partly hinder the price of bitcoin to surpass $5k, this Ber months would be really critical for us. If they'd completely banned it, okay so let us just accept it and let this FUD country move out. On that scenario, I'm sure bitcoin price will sink to bottom but it will recover for some time. This country holds a big companies related to bitcoin, so banning bitcoin would hurt us. Bit I think It's really the time to release the controller's of this market out and let the micro earners to take dividends. I'm really tired of news about this country, so as some of you.

[Tszunami98]

I guess we will have to deal without the massive ammounts of chinese farms for bitcoin. Too bad for those who invested money to make all those rigs and my heart goes to youngsters who made a small living out of this. Greed has destroyed btc in China...i hope we will learn something from this.

[leonair]

They cannot ban Bitcoin itself though but they can ban it in their IP's region, I think if they really want it to be fully ban in their country its citizens will still do a way to access it no matter what because it is money and people finds a way in able to earn it. It is funny that their government wants to ban it but didn't say a word in banning the mining industry from there, it seems that this is all about political and someone really wants to earn a tax from it.

[nkarm1]

If they want this
Bitmain needs to be closed first.
And this means Ethereum gonna skyrocket

If they banned bitcoin, means they will ban all cryptocurrencies. What is the sense of banning bitcoin if they didn't ban all these alts. So meaning, etherium will not "skyrocket" and it will go with the flow of bitcoin just like what we have seen last days. As bitcoin goes below $3k, etherium goes lower too.

[zarados]

Don't you all think that china has the power to manipulate the bitcoin price?. After their goverments anounce to ban ico and stop the exchange activities, the price are dump from $5k to $3k. This are te prove that china has the big power on bitcoin. I dont think they will forbid bitcoin trading activity forever. the bitcoin shareholders would not just sit around to watch this happen. They should fix the problem , why the goverments forbit it, lack of licensing, money laundering problem, sercurity concerns and other issue.

[romani245]

They cannot ban Bitcoin itself though but they can ban it in their IP's region, I think if they really want it to be fully ban in their country its citizens will still do a way to access it no matter what because it is money and people finds a way in able to earn it. It is funny that their government wants to ban it but didn't say a word in banning the mining industry from there, it seems that this is all about political and someone really wants to earn a tax from it.

It seems like they legitimately think that they can drive a good chunk of their population away from Bitcoin and towards their own central-bank issued blockchain currency. See here: https://twitter.com/cnLedger/status/907095022385823744

The Bank of China has released a blockchain wallet app. No support for cryptocurrencies and can be linked to Bank of China debit cards. So they obviously realize that blockchain technology is the future. Perhaps they really think they can suppress the use of BTC within China, at least to the extent that Google and other services like that are suppressed. There are rumors floating around that they will use the GFW to suppress the usage of Bitcoin and other cryptocurrencies. I hope they aren't true, but it seems possible given all of this.

[sukoyomi]

we'll see until the 30th of september, if china will succeed with the plan, if it succeeds then bitcoin will surely collapse, but I doubt it all, because bitcoin users not just china only.

[Yakamoto]

this is crazy...i believe china is doing all this becouse they want to introduce their own government coin.

Probably not but they do want to control currency flow out of the country. They have very tight restrictions on taking money out of the country and the amounts you can exchange.

That's what China has to do to maintain their current internal scheme so they can continue to have their country operate as it has been, and maintain an export economy. If a ton of money was leaving the country there would be (potentially) a larger demand for the Yuan, or it would decrease the value at a pace that would spur the average Chinese individual into seeking to safeguard their wealth. That would be a really bad scenario for China, especially since they can maintain a large export economy due to cheap labor and interior costs.

[Konthol Ngaceng]

I think with / without china, bitcoin will be like this, no price ever can stop, the proof is now the price is back to normal and I'm sure the end of this month the price will reach $ 5000.