China will completely ban bitcoin

[Kaller]

China will not ban Bitcoin, they are the last country that would do this. They are playing games with us and manipulating their currency to profit off our stupidity, and sad to say we fall for it every single time.

[DoublerHunter]

China is not the only country that is a huge contributor of volume and also things on bitcoin because we got Japan which makes bitcoin as a legal currency in the past months and that means that they are taking bitcoin seriously and we might see a great future of bitcoin with Japan because it is one of the wealthiest country in Asia.

[aeternus]

For the readers out there, this is still UNCONFIRMED. Though I personally think this is really really possible.

I understand that China can easily ban bitcoin exchanges from their firewall, but I don't know how they're gonna totally block p2p network from their "great" firewall.

About the Chinese miners though, I'm pretty sure they're gonna need to spend a good amount of money to oppose the Chinese government in court. Jihan's probably gonna need to move to another country LUL.

Correct, it is unconfirmed but I think it is completely possible that something like that happens, China is not about free enterprise, they want to control every aspect of the life of their citizens and bitcoin allows them to circumvent China restrictions, so to me it is just a matter of time before that happens.

[Pablo778]

For the readers out there, this is still UNCONFIRMED. Though I personally think this is really really possible.

I understand that China can easily ban bitcoin exchanges from their firewall, but I don't know how they're gonna totally block p2p network from their "great" firewall.

About the Chinese miners though, I'm pretty sure they're gonna need to spend a good amount of money to oppose the Chinese government in court. Jihan's probably gonna need to move to another country LUL.

Correct, it is unconfirmed but I think it is completely possible that something like that happens, China is not about free enterprise, they want to control every aspect of the life of their citizens and bitcoin allows them to circumvent China restrictions, so to me it is just a matter of time before that happens.

No one can actually ban Bitcoin. They're banning transfers between fiat and Bitcoin for their citizens. And i think that is almost impossible to enforce.

[lqkfamily]

Without the influence of China, it is better off for bitcoin to grow. 

[savioroshan]

Oh, if that's the case then we may see a drop in bitcoin price in the coming days. Many variety of news about bitcoins are coming from  medias and sites. Let's wait and watch what Chinese government is actually going to do. I am sure Chinese people will find some other way to exchange their coins. And I don't think, it will affect big miners because they will definitely relocate their mining farms to some other part of the world and they can do that very easily because they have got money in their pockets.

[bigboi.chabba]

China want to block bitcoin because they are not getting from it.
Based on the news, bitcoin price dropped around 500 USD after China released a statement on planning to completely ban bitcoin exchanges.
But I think they will not banning it. Rather, they are just saying it to get something from it and manipulate the bitcoin exchange because they want to get a return with this thing.

[erick94]

although it was a decision from the Chinese government and certainly made the price of coins very drastically lowered the price of bitcoin but we still have to appreciate every decision of the Chinese government. because whatever it has included the best decision of the Chinese government itself. hopefully there will be decisions and policies favorable to China related to the ban on bitcoin transactions.

[NiftyX]

Wasn't there some talk about trying to get a satellite up and running that would run transactions, thereby bypassing the need for hard networks (like China) that can be regulated?  I know the costs of something like that are high, but so are some peoples investment in Bitcoin and blockchain technology.  I think the demand is there, just getting the means to do it.

Hah, people ask "where is the future?"  Pirate satellite networks 

[jtipt]

if it is true,bitcoin will die soon

Just because China is against bitcoin doesn't mean it will die. It will surely be a setback for bitcoin as a lot of miners were Chinese. And honestly I don't think China will even succeed in baning BTC, a firewall!? Can just a firewall stop BTC? I don't think it can.

[cpfreeplz]

...

Anyone who thought China would be a friend to Bitcoin was delusional.

This was always anticipated.
This is the beginning of birth pains.
This is when the actual experiment begins.

I like to see what will be the future of mining in the country if this happen and especially how this chinses mining cartel will survive. Is surprise that Jihan and Bitmain spent a huge stake of money to fight over silly things like Block size, blockstream evil etc and has not predict that something like that wil be possible to happen.
I will laugh for months if Jihan ask the help of blocstream to keep operating in china

Chinese Miners will just switch to a government approved coin if restricted
by the Great Firewall. It is more probable that Jihan and others knew this
would occur all along, and kept it hidden from their customers and the world,
and thus why they created Bitcoin Cash. In China, nothing is coincidence.

Yes! This had to be known by them and there had to be a motive for creating BCH. There's no way they screwed up this badly. As for the government coin, I doubt that would help their citizens at all (obviously). At that point they might as well just use fiat.

[pinkflower]

All BTC exchanges outside of China should start stemming off from the prices of BTC in the Chinese exchanges. Everyone already knows that they are the only part of the BTC world in crisis. All the rest are just ok and its business as usual.

Bitcoin doesnt need China but the Chinese people will need BTC.

[Sithara007]

China will not ban Bitcoin, they are the last country that would do this. They are playing games with us and manipulating their currency to profit off our stupidity, and sad to say we fall for it every single time.

They are unlikely to ban Bitcoin, but you can expect very tough regulations to appear soon. Because as you said, the Chinese are masters in currency manipulation and they don't like any currency which they can't manipulate easily. Even earlier they have attempted to manipulate the Bitcoin prices, by artificially inflating the transaction fee.

[Sanchoni25]

China is not the only country that is a huge contributor of volume and also things on bitcoin because we got Japan which makes bitcoin as a legal currency in the past months and that means that they are taking bitcoin seriously and we might see a great future of bitcoin with Japan because it is one of the wealthiest country in Asia.

Funny thing is Japan has the second highest national debt in the world with ~ 10 trillion $ and it's the only country in the world where it's debts are more than twice the size of the GDP. It's just another huge bubble waiting to pop.

Nobody can stop Bitcoin (except a worldwide EMP - so yeah good luck with that) and if China really bans it this will just increase it's value even more in the long run because humans actually tend to want most what they are not allowed to have.

The corrupt banks and their fraud banking system have to die and unless that happens we can never have world peace.

[krishnapramod]

Anyone who thought China would be a friend to Bitcoin was delusional.
This was always anticipated.
This is the beginning of birth pains.
This is when the actual experiment begins.

Agreed, China has crazy monetary policies, and they do NOT want their citizens taking money out of the country. This was inevitable. That being said, this won't stop the Chinese from using Bitcoin for that purpose, it will just go underground.

I agree, it will go underground and that is where the real tests and
creativity will be. Even if their government is able to monitor and control
internet traffic for the purpose of restricting Bitcoin transmission or
whatever, they will not be able to stop loaded OpenDime devices
and other such things.

When this occurs, we may all hear and read about Chinese citizens
returning from abroad with dozens of loaded OneDimes up their anuses.
Then, they will not only smuggle drugs in for entertainment, but bitcoins
for freedom from oppression. The question then becomes, which will
receive the more severe punishment? Drugs or Freedom?

People may not wish to die for drugs, but some shall for Freedom.

That is quite a revolutionary perspective, ideology. If China completely bans Bitcoin then that definitely would be a heavy blow to Bitcoin. So far Bitcoin has survived quite a lot of obstacles, be it internal politics or attacks by prominent individuals/institutions, but Bitcoins antifragility would be put to real test when a country like China which accounts for around 20-30% of trade volume and more than 50% of mining decides to ban/block Bitcoin through GFW.

As Bitcoin gains popularity, it's decentralization would be intact, but governments would start imposing heavy regulations on it or a few governments would decide to ban it, either way Bitcoin would survive. The latter would slow down Bitcoin adoption.

So far there hasn't been any official announcement from the Chinese government. We don't know is it going to be a ban or the exchanges would resume their services after obtaining licences. Too much news is being circulated to differentiate between what is real and what is fake.

[noictib]

According to this paper china will try to block bitcoin exchanges and p2p network from the great firewall.

https://twitter.com/btcdrak/status/908998917995552776

and the translation in english here

https://pastebin.com/6vKp6rh6

I like to see what will be the future of mining in the country if this happen and especially how this chinses mining cartel will survive. Is surprise that Jihan and Bitmain spent a huge stake of money to fight over silly things like Block size, blockstream evil etc and has not predict that something like that wil be possible to happen.
I will laugh for months if Jihan ask the help of blocstream to keep operating in china

Here i don't think that the government of the China will ban the bitcoin exchange because they take tine for one month , here you can understand well that why they put the descion on pending for one month .
Ofcourse they want to put the bitcoin exchange and another Cryptocurrency exchange in the regualed ways .
And also here a big factor is that why they will not ban , as the population of the china is big , so to get job for them will not be easy task and that will be result into down of the economical growth of the country .
So here possibilities are only to regulate strictly , so that no one can use it for scam and people can invest in controlled amount .
So here we should leave all types of rumros about the ban of the  bitcoin exchange like system and ban of btc .
And work perfectly in the bitcoin and other cryptocurrency .

[rjbtc2017]

According to this paper china will try to block bitcoin exchanges and p2p network from the great firewall.

https://twitter.com/btcdrak/status/908998917995552776

and the translation in english here

https://pastebin.com/6vKp6rh6

I like to see what will be the future of mining in the country if this happen and especially how this chinses mining cartel will survive. Is surprise that Jihan and Bitmain spent a huge stake of money to fight over silly things like Block size, blockstream evil etc and has not predict that something like that wil be possible to happen.
I will laugh for months if Jihan ask the help of blocstream to keep operating in china

Is this confirmed? Then this would be a great lost to the miners on china.  Chinese Government really want to control their country with full control.  Bitcoin could be really a great threat to them, by this (if it is confirmed) we may see another fall on price but will take over again. Even if china ban bitcoin it will not affect bitcoin permenantly since we have a large support groups and communities who supports bitcoin's blockchain.

[ViceOfBTC21]

According to this paper china will try to block bitcoin exchanges and p2p network from the great firewall.

https://twitter.com/btcdrak/status/908998917995552776

and the translation in english here

https://pastebin.com/6vKp6rh6

I like to see what will be the future of mining in the country if this happen and especially how this chinses mining cartel will survive. Is surprise that Jihan and Bitmain spent a huge stake of money to fight over silly things like Block size, blockstream evil etc and has not predict that something like that wil be possible to happen.
I will laugh for months if Jihan ask the help of blocstream to keep operating in china

Is this confirmed? Then this would be a great lost to the miners on china.  Chinese Government really want to control their country with full control.  Bitcoin could be really a great threat to them, by this (if it is confirmed) we may see another fall on price but will take over again. Even if china ban bitcoin it will not affect bitcoin permenantly since we have a large support groups and communities who supports bitcoin's blockchain.

But remember that you will wait long time until blocktimes get normal (10 minutes). This is why they must block EXACTLY when there are few blocks left. Otherwise it will kill bitcoin.

[hua_hui]

It is not the first time that china is trying to do this. It has been tried before years ago and bitcoin bounce back hard. The government already has knew about this and they knew that bitcoin can be stopped completely. So they instead target at exchanges and ico. This wont totally stop people but at least it makes it difficult for the people to buy and sell bitcoin. However, there is also possible that china crypto currencies can work together with china so they can be self sufficient.

[TrueAnon]

China won't ban bitcoin. They put a temporary ban on ICO's until they are regulated. Don't believe any unverified stuff until it's been verified