Oh Shit! - China bans Bitcoin yet again. This time for real.

[Casabrandy]

Oh bad news let alone this, well this really will make panicked many peoples to immediately decide selling bitcoin, no wonder the bitcoin prices look declining at this time. In my opinion.. it should us find out first more details about this news, bringing together information from various sources of information. Don't be too panicky about this, it could be just mere a issue.. we better still think calmly and don't hastily take action to sell it, who knows this is beginning of rising prices bicoin for the next.

I think the FuD and panicked were recovered already from this week, i think it will be fine for now that btc recovers from it in just a short period of time knowing how influential China is, meaning btc alone can really stand still even without China.

[raymart0720]

if china do that bitcoin will continue to work

it will have an effect about the behavior of coins but it will recover again many of countries still can use BTC in payments like what we are now

and because china is most influencer in terms of techs and stuffs like that

hopefully the rumors is not real that china tries to imitate what BTC have done

[voztata]

really ? you think how many times china banned bitcoin in the past ? why people keep fall with same trap 

just let them to what they fear of
they dont know the history, they dont take a time to read what happens before in bitcoin. that is why they are all scared about the price fall of bitcoin.

I don’t even know why anyone should be worried about China banning bitcoin. It’s just a one country out of many, so we can still achieve a lot without them. I don’t need to say it twice, cause you’re already seeing the return of the bitcoin price to a high value.

[DoublerHunter]

really ? you think how many times china banned bitcoin in the past ? why people keep fall with same trap 

just let them to what they fear of
they dont know the history, they dont take a time to read what happens before in bitcoin. that is why they are all scared about the price fall of bitcoin.

I don’t even know why anyone should be worried about China banning bitcoin. It’s just a one country out of many, so we can still achieve a lot without them. I don’t need to say it twice, cause you’re already seeing the return of the bitcoin price to a high value.

That is right, there are still a lot of countries that could help bitcoin to become more successful in the future and china can change their decision anytime because if they will see bitcoin getting more mainstream and if they will realize that the countries that accepted bitcoin is also gaining good profits then they will change their position from against into supportive to bitcoin again and the price in that time will go up dramatically.

[JamesBolivar]

really ? you think how many times china banned bitcoin in the past ? why people keep fall with same trap  

just let them to what they fear of
they dont know the history, they dont take a time to read what happens before in bitcoin. that is why they are all scared about the price fall of bitcoin.

I don’t even know why anyone should be worried about China banning bitcoin. It’s just a one country out of many, so we can still achieve a lot without them. I don’t need to say it twice, cause you’re already seeing the return of the bitcoin price to a high value.

That is right, there are still a lot of countries that could help bitcoin to become more successful in the future and china can change their decision anytime because if they will see bitcoin getting more mainstream and if they will realize that the countries that accepted bitcoin is also gaining good profits then they will change their position from against into supportive to bitcoin again and the price in that time will go up dramatically.

I doubt they will care too much about how Bitcoin is perceived in the rest of the world. The Chinese government only cares about control and power, not about its citizens. Just look at their internet censorship, which is completely insane.

[futile-resistance]

This comes to mind now:

Nassim Taleb: "For bitcoin to make it, it needs to be banned by a few governments and critiqued by policy makers. Otherwise it will fade."

Literally exactly this is happening

I really don’t know what they are doing actually. China have to take some sensible actions that may lead to their success but whatsoever they are behaving, it will cost them. Reason is the future is about bitcoins everywhere and then China will have nothing other than “Crying over spilt milt”.

[squatter]

This comes to mind now:

Nassim Taleb: "For bitcoin to make it, it needs to be banned by a few governments and critiqued by policy makers. Otherwise it will fade."

Literally exactly this is happening

I really don’t know what they are doing actually. China have to take some sensible actions that may lead to their success but whatsoever they are behaving, it will cost them. Reason is the future is about bitcoins everywhere and then China will have nothing other than “Crying over spilt milt”.

What they are doing is totally reasonable. The exchanges were operating as shadow banks... the biggest ones (Huobi and Okcoin) supposedly invested ~ a billion CNY worth of customer deposits, probably in debt instruments to facilitate capital flight: https://twitter.com/tuurdemeester/status/900027535450353664

So, I suspect that this was a "two birds, one stone" move. They want to bring exchanges under tight regulation (or perhaps even see them administered by the state). The issue is indeed capital flight, but not for the reasons that most bitcoiners think.

[pikebu]

Well, let China ban everything 100 times, but they will continue using bitcoin by some other means. Meanwhile Japan is now overtaking and getting into this market fast, so who cares about what China bans and don't ban. Bitcoin is more than a country. They might have a huge contribution to this market, but if they go, there will be other markets ready to make use of bitcoin

Yes, still there are other countries that support, friendly with bitcoin. Bitcoin can not be banned by the country as long the internet connection is still there, maybe Chinese government just take the benefit of the rumors be made by them selves to get cheap bitcoin due to many people are panic selling with cheap price and they have bought them.

[RamBahadur.Gurung]

I don’t even know why anyone should be worried about China banning bitcoin. It’s just a one country out of many, so we can still achieve a lot without them. I don’t need to say it twice, cause you’re already seeing the return of the bitcoin price to a high value.

It may be one country out of many, but it is a very important country. As per the market stats, China accounts for almost one-sixth of the Bitcoin exchange volumes. And do you think that the ban will remain limited to China? What if the other nations take note of it and ban BTC within their borders as well?

[SonOfNorth]

I don’t even know why anyone should be worried about China banning bitcoin. It’s just a one country out of many, so we can still achieve a lot without them. I don’t need to say it twice, cause you’re already seeing the return of the bitcoin price to a high value.

It may be one country out of many, but it is a very important country. As per the market stats, China accounts for almost one-sixth of the Bitcoin exchange volumes. And do you think that the ban will remain limited to China? What if the other nations take note of it and ban BTC within their borders as well?

China is just overreacting before they come up with a way to regulate cryptocurrencies, this ban won't last. I bet my balls that they higher-up's in e.g., PBOC have notable BTC/crypto investments themselves, because they knew they could buy low after starting all the FUD. Don't be as deluded as to think that they'd be against getting richer than they already are, especially if it's basically risk-free and requires absolutely no personal effort.

[MiF]

Yep, that is right - China does it yet again.  Bitcoin is now banned AGAIN!!!  Quick sell your Bitcoin!!!
https://cointelegraph.com/news/china-will-heavily-crack-down-on-all-bitcoin-trades

How many times is China going try this same trick?  How many times are stupid people going to care and fall for the same story?  

I though China learned the lesson that they cant stop bitcoin and nobody can. After the series of attempts including JP Morgan i will think this another ban will not affect the bitcoin anymore because most of the panic people before are already learned from the past attempts. The most affected of this ban will be the Chinese people who will be forced to reject bitcoin once again because of their government law in which they are oblige to follow.

[talkbitcoin]

I though China learned the lesson that they cant stop bitcoin and nobody can.

China and others never had any delusion of being able to "stop bitcoin" ever. they have always known this. and whatever they did so far could only delay the inevitable and keep the growth smaller but the growth is happening and adoption is increasing.
i just hope people started to see this too.

[marky89]

I don’t even know why anyone should be worried about China banning bitcoin. It’s just a one country out of many, so we can still achieve a lot without them. I don’t need to say it twice, cause you’re already seeing the return of the bitcoin price to a high value.

It may be one country out of many, but it is a very important country. As per the market stats, China accounts for almost one-sixth of the Bitcoin exchange volumes. And do you think that the ban will remain limited to China? What if the other nations take note of it and ban BTC within their borders as well?

Japan is regulating Bitcoin and the business sector is pouring money in, and the US is about to have fully-regulated futures markets on LedgerX next month, so I doubt it.

And global trading volumes are rapidly changing. A year ago, Japan wasn't even on the radar. Now they have the biggest volume in the world (albeit, some exchanges with zero fees, so there is likely additional churn). South Korea, too, is now becoming one of the top countries for trading volume, seemingly out of nowhere.

So even if the Chinese government is putting the brakes on exchange trading, it seems like those volumes are being replaced elsewhere. I'll bet some Chinese traders have already moved to Japanese and Korean exchanges.

[MiBambino]

I don’t even know why anyone should be worried about China banning bitcoin. It’s just a one country out of many, so we can still achieve a lot without them. I don’t need to say it twice, cause you’re already seeing the return of the bitcoin price to a high value.

It may be one country out of many, but it is a very important country. As per the market stats, China accounts for almost one-sixth of the Bitcoin exchange volumes. And do you think that the ban will remain limited to China? What if the other nations take note of it and ban BTC within their borders as well?

Japan is regulating Bitcoin and the business sector is pouring money in, and the US is about to have fully-regulated futures markets on LedgerX next month, so I doubt it.

And global trading volumes are rapidly changing. A year ago, Japan wasn't even on the radar. Now they have the biggest volume in the world (albeit, some exchanges with zero fees, so there is likely additional churn). South Korea, too, is now becoming one of the top countries for trading volume, seemingly out of nowhere.

So even if the Chinese government is putting the brakes on exchange trading, it seems like those volumes are being replaced elsewhere. I'll bet some Chinese traders have already moved to Japanese and Korean exchanges.

couldn't have said it better!

[kpcian]

Is it true again?
I don't think that China has declared Bitcoin for illegal currency, I believe that China government is trying to reallocate all of the capital of Bitcoin which captured by the Chinese people. so it takes a long time to be legal in this country. but, it is absolutely sure that China will give the green signal regarding allowing legal currency.

[yourialfa]

What is the matter if china banned bitcoin? I don't see any bad thing about it because that is normal for bitcoin to get rejected or ordered as a banned currency in a country and we still have a lot of countries for the market and a lot of people are still using bitcoin and still buying and it is not always only in china.

I agree with you. there are still many countries that use bitcoin. if china prohibits it it will not have any effect or anything bad happen.

[RawDog]

Is it true again?
I don't think that China has declared Bitcoin for illegal currency

China has declared it illegal for everything.  China hates Bitcoin.  It means they can't continue to fuck their citizens out of the money they earn.  Check 'currency devaluation' on Google. 

[BrewMaster]

Is it true again?
I don't think that China has declared Bitcoin for illegal currency

China has declared it illegal for everything. 

stop spreading lies. nothing remotely like that has happened so far.

what they did was 2 things:
- ban ICOs which are already either illegal or frowned upon in other countries
- close exchanges which have been working illegally.

[Nissan-GTR]

Sorry, you should not "burn" people to sell their bitcoin just because the news ; China banned bitcoin for real. I don't think it will give us a good effect, because without china bitcoin still run. CMIIW.

Yes it is , but well China is the most influencial contributor of the worldwide economy, given that fact yes they have a huge contribution in bitcoins proce but even though they already ban bitcoin in their country, as well as the transactions and exchanges happening there were all gone still bitcoin is slowly recovering from it depreciation in 10% imagine that, China has a huge investments in bitcoin, with or without them we can continue thats for sure.

[Balayashi]

Well, the true is that bitcoin hold it and it's going up again, and even with all those announcements, the so called china's ethereum hold it good 2 and growing.
I think that we can look at this as a indicator that you just need to move the action to a country that accepts it (japan in this case and singapura for what i've saw is gaining terrain also) and everything will be fine.
It's that panic sell off that makes everything goes wrong.

And again...it's China, they do this with everything, and probably in a few weeks they will announce that they accept it again in they're conditions, exchange house under gov rules etc...one thing they love it to shake economies.