China will completely ban bitcoin

[Granxis]

I do not think this ban will last for a long time, because they will see that the front of the illegal people has opened, and if they are going to ban again, Japan is moving on this very much.

[Reid]

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.

Whoa! Someone found a good answer here.
It may be this reason that is why they are spreading news like this. Whales looking for ways to buy back after they sold their coins. Since the news was spread there have been a lot of loss dollar in the bitcoin price? How can we explain that? Only a large amount of coins can make that big impact and that could be whales selling their coins because they know the fake news was already spread. Nice tactic.

[jerowacik]

I do not think this ban will last for a long time, because they will see that the front of the illegal people has opened, and if they are going to ban again, Japan is moving on this very much.

may be re-adopted by china a few months ahead. they just want to reconstruct the circulation of bitocin. thus rebuilding bitcoin from scratch is one way they do. it's going to be painful in the beginning, but I think we'll get an incredible increase in bitcoin development in the future.

[Darker45]

This is temporary. I am certain about it. Unless they are really into something that is both selfish and greedy to my mind. I think this country is trying to create a version of bitcoin that is made in china. That would be laughable. For sure, the quality will be in question. 

[Granxis]

I do not think this ban will last for a long time, because they will see that the front of the illegal people has opened, and if they are going to ban again, Japan is moving on this very much.

may be re-adopted by china a few months ahead. they just want to reconstruct the circulation of bitocin. thus rebuilding bitcoin from scratch is one way they do. it's going to be painful in the beginning, but I think we'll get an incredible increase in bitcoin development in the future.

I think what you say is absolutely right also China technically can not ban the Bitcoin network, it is technically not possible, but they can ban mining, this ban is not very important.

[chichigirl]

If this things will happen, it will not affect that much with bitcoin. There are some countries that will continue to support and believe in bitcoin.

[lli183]

I am working for a public chain based company in China. From what I know and observed these day since the initial ban of ICO, gov. more like to have a control over the market instead of a free run "Bitcoin" network. I wouldn't say it is a complete ban on cryptocurrencies but a period kick out private companies like us.  Goverment organizations or gov. based companies start to involve in this market. As an expected result, one primary currency will be listed under Chinese goverment control and rest of altcoins will be listed follow securities law.

[Sir Paijoe]

this is the worst news about bitcoin history, when many countries banned bitcoin certainly does not feel the impact but when china is banned bitcoin of course the impact is very large because china is the world's largest bitcoin users.

[tulio]

Let's see if the ban will last long... I do believe they are just trying to reduce money going out of China and will work for a regulation that would destimulate such conduct.

[JohnBitCo]

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

Are you sure its confirmed ? I've heard they ban ICO only but not sure about bitcoins. Anyways we should look for the future of bitcoins instead looking back, China banned ICO, JP Morgan.  But Bitcoin, It will go up for sure . We are again now touching 4000$, which only means that one country ban ICO or bitcoin can have no effect on bitcoin.

[Lionel]

I do not think this ban will last for a long time, because they will see that the front of the illegal people has opened, and if they are going to ban again, Japan is moving on this very much.

may be re-adopted by china a few months ahead. they just want to reconstruct the circulation of bitocin. thus rebuilding bitcoin from scratch is one way they do. it's going to be painful in the beginning, but I think we'll get an incredible increase in bitcoin development in the future.

I think what you say is absolutely right also China technically can not ban the Bitcoin network, it is technically not possible, but they can ban mining, this ban is not very important.

They can ban BTC and it's technically easy.
BTC clients connect to the P2P network in a centralized way ( just bootstrapping from a known list of IPs, which they used to download from a known IRC channel ).

It's a single point of failure and China has the resources to block it.

I am very disappointed about cryptos being so easily attackable. They have been advertised as decentralised but they aren't, if a governement can block them with a stupid IP ban.
This IMHO

[gabmen]

It can hardly be done but i think china won't really ban something they can reap fruits from. Even now they're trying to find a way to regulate btc which means they're not really keen on banning it

[Aufar]

Although China is banned it will not affect other countries because bitcoin is widespread and occurs in almost all countries so in my opinion it will not be a problem, and crypto world will grow faster.

[pisston]

Although China is banned it will not affect other countries because bitcoin is widespread and occurs in almost all countries so in my opinion it will not be a problem, and crypto world will grow faster.

China has not banned the crypto currency. This information is incorrectly presented. In China, there are some points in the initial birth of Bitcoin. Although this greatly influenced pricing of the crypto currency.

[PokerFace3]

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

Yes this also be the reason that the low price of bitcoin made them to take the step of banning of bitcoin in China. But I think that this action will for a short time and soon they will allow bitcoin in China. Because many Chinese have invested and are trading in bitcoin. Bitcoin can pay a vital role in the economy of china as they are the leading suppliers of good around the world. They can make their receipts easy in bitcoins.

[Emworks]

Whether this speculation are true, i hope its not, it only show that china is still not yet satisfied on the result after the action they make last time.
if this will happen it might shake the price a litte bit but it  doesnt mean it will totally disable bitcoin in large scale.this will be just temporary and soon it will back to norm.
About bitmain.Serious money is at stake i think Bitmain will not surely leave without a fight.

[Jembut Ireng]

This is the biggest storm and disaster we experience, hopefully china members transfer their bitcoin assets to other countries and continue to work for bitcoin. we all know that china is the biggest bitcoin user and will have a big impact on bitcoin.

[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.

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.

It does not matter if it is not enforceable, it is impossible to enforce a ban on drugs and yet governments spend trillions every year trying to do so, besides such a ban will create barriers to entry that only those that know how to get around the ban will have bitcoin and at least that will decrease the amount of bitcoin users.

[crossabdd]

i think chinese not completely banned bitcoin, chinese just want to build his own blockchain then they can lead blockchain technology in the world
 
This Chinese Company Is Trying To Build The World's Leading Blockchain Platform
https://www.forbes.com/sites/sarahsu/2017/07/25/this-chinese-company-is-trying-to-build-the-worlds-leading-blockchain-platform/#5bda63947735

[Kyraishi]

As the article says, this is unverified.

Anyone could have printed off that piece of paper and put it up on twitter in order to create some commotion and a panic sell so that their short positions can make a profit for whoever is behind this. I'm not saying that in this case, this is true, but it's a real possibilty here.

Even if it is true, people will find loopholes around it. There is no perfect way to block the bitcoin network. Even if China does somehow completely ban bitcoin which is very unlikely, then bitcoin companies and major bitcoiners will just move to another country and go on as usual.