China will completely ban bitcoin

[kpcian]

No, it will not happen in the future. though Bitcoin is being accepted in some developed countries so that China has taken it seriously in terms of regulating. when they have an intention to regulate so that they will allow Bitcoin as a legal currency. The Chinese government is surely known that a lot of Chinese people is involved in this platform. so they should not ban this platform.

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[jubalix]

when has decreasing supply (banning something) ever driven price down?

Chinese can get thier money out. They will find way to by BTC through other countries

[MSZCoin]

China gonna divide into North China

[aplistir]

I don't know how successful they would be in banning mining with the great firewall.

In my opinion, miners could continue searching for the next block (mining) even without internet connection...

They only need to get the info of what they are seeking, and then transmitting the result to the other side of the firewall once they do find the next block. This could be done with email, or even by phone.

Would make things a little more complicated, but not impossible IMO

[megynacuna]

when has decreasing supply (banning something) ever driven price down?

Chinese can get thier money out. They will find way to by BTC through other countries

Exactly, it's going to be the Chinese government's own loss if they effect a ban on the exchanges and since the internet is readily available worldwide there will be ways around buying bitcoins from other foreign exchanges without depending on the local Chinese exchanges.

[Juggy777]

Let them do it, in the past China was rulling the market, but recently it's share is just 10% approx, and even if it's goes these traders can trade and mine from Hong Kong, Japan. China is jealous of Bitcoins, they have tried their best but looks like Bitcoin is dumping them and moving on for good. This was always to be, and I am glad they can't influence it anymore. The only thing is people always believed China to be corner stone for Bitcoins, but now people realized that's it's no longer the main focal point. Our glory days are coming, hold on to your coins we shall make merry in this period.

[Jully Bells]

On the 9th of September a mainstream financial news report from Caixin announced that the top three Bitcoin exchanges in China would be closed down, in an article titled “The end of the virtual currency exchange era.” On Friday, the two largest Chinese cryptocurrency exchanges, OKCoin and Huobi, each made announcements, at roughly the same time. In similarly-worded statements. Both companies posted announcements on their respective sites, clarifying that they would each close the yuan trading part of their business as of October 30, and encouraged all customers to withdraw their fiat currencies as soon as possible.

[hardycoorps]

bitcoin algorithm is very difficult to trace because it is anonymous, so do not be afraid it will happen in china

[Dafar]

They will regulate bitcoin market (with the exchangers)

[Manchesterbiru]

since China already has the technology to block certain sites effectively filtering Internet traffic. This would lead to a harder price drop, as it's much harsher than banning exchanges themselves, but Bitcoin was designed to operate in very hard conditions, including nation-wide bans

[alyssa85]

if it is true,bitcoin will die soon

Not really - there are miners outside of China you know, and the difficulty will drop if the Chinese miners bow out.

Japan's GMO internet group has already said it wants to do mining:

https://www.bitsonline.com/japan-gmo-bitcoin-mining/

Japan’s GMO Internet Group is going into Bitcoin mining, starting 2018. The online services conglomerate announced today it would look to develop and produce 7nm chip technology, and set up a “next generation mining center” in northern Europe.

GMO believes Bitcoin can usher in a “new borderless economic zone”, by sending value anywhere instantly and reducing remittance costs. To enable Bitcoin to develop and spread, the company would contribute by mining to help secure a reliable network.

The firm also said it would launch a cloud mining business, sell theGMO internet Japan hardware it develops, and supply bitcoins to its digital currency subsidiary GMO Coin Co., Ltd. However it hasn’t yet decided when these commercial operations would start.

It revealed the approximate design concept for the mining operation is a 10 TH/s chip consuming 500W or less. The aim is to produce 50,000 chips for a total hashing power of 500 PH/s.

The northern European facility would run on renewable geothermal and hydroelectric energy. Although GMO didn’t specify which country would host the equipment, places like Sweden and Iceland have been popular bitcoin mining locations in the past. This is due mainly to naturally cold temperatures above the Arctic Circle, and ready availability of the power sources GMO described.

[Przemax]

It is known that China have huge trade contracts with the JP morgan on gold, gold futures and such.

In the current world the difference between the corporation and the government is thin. It is sometimes hard to distinguish a government from corporation. China is just one big corporation in my opinion. And there was some deal between the China incorporated and JPM incorporated to make fud.

China had the both ways - first they pumped the price of this hen making a golden eggs. When the hen ceased to make the gold eggs they are planning to make a stew out of the hen. Is that smart thing to do? Depends on the bribe that China incorporated took.

[bitcoinvestor]

if it is true,bitcoin will die soon

Bitcoin isn't chinese you know, do you see the case between BCC VS BTC. All media blow up bitcoin will hardfork and crash, in fact, BCC only earn few percents votes. The majority votes for Bitcoin segwit. It means CHinese is not a good friend to bitcoin. Bitcoin isn't Chinese, BCC is chinese. BCC can't compete bitcoin and fail to destroy bitcoin. After that there is a new scenario to ban ICOs , shut down exchangers and what else. Bitcoin can't be controlled by anyone, It is the best immutable system that many bankers, dictators afraid of the growing number of BTC holders.

[GRR]

Yes, yes. Please get it over with and sell it all.

[DayXDT]

damn, i'm so scared here. really confused what happen next if china really2 ban bitcoin.

[prstp]

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

Whatever China bans, I want to invest in. Facebook, Youtube, Bitcoin..

[malibukoman]

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

[szpalata]

since China already has the technology to block certain sites effectively filtering Internet traffic. This would lead to a harder price drop, as it's much harsher than banning exchanges themselves, but Bitcoin was designed to operate in very hard conditions, including nation-wide bans

I don't think a successful ban of Bitcoin by china will even be able to stop Bitcoin. They can employ all sorts of firewall technologies but it will still not wash because the Chinese people will find alternatives of using Bitcoin offshore. So long as the Internet will be working there's nothing the Chinese government can do to completely ban Bitcoin usage.

[Prodigan786]

China may ban or close bitcoin exchanges using their firewall but how they will block or ban blockchain technology which is using peer to peer networks and also what's the need of banning most transparent decentralised db.

[Lionel]

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

Wasn't everything supposed to be decentralized and not attackable by a simple stupid IP ban like this??

Now we will have the proof it is actually centralized.
If a simple IP ban defeats the entire network, ... i've no words left to say