Chinese attempt to block all bitcoin transactions

[keefryan]

https://news.bitcoin.com/china-block-all-bitcoin-transactions/

[anon4250158]

Let's not all freak out just yet.  People will find ways around this, including the VPNs and TOR.  If those are blocked, I'm sure a lot of bitcoin users will simply move if they have to and still value bitcoin.  I'm not entirely sure why China is cracking down on bitcoin so hard- anyone?

[Kprawn]

Let's not all freak out just yet.  People will find ways around this, including the VPNs and TOR.  If those are blocked, I'm sure a lot of bitcoin users will simply move if they have to and still value bitcoin.  I'm not entirely sure why China is cracking down on bitcoin so hard- anyone?

They want to protect their own local currency {Renminbi/yuan} and stop capital flight. The Chinese government has shown

that it wants 100% control over their citizens and Bitcoin gives citizens hope. {freedom} They will never allow any technology

that would give people some degree of freedom. They have also done the same with other digital tokens in the past, but they

are struggling to do this with Bitcoin, because it is a decentralized technology. 

[jseverson]

Let's not all freak out just yet.  People will find ways around this, including the VPNs and TOR.  If those are blocked, I'm sure a lot of bitcoin users will simply move if they have to and still value bitcoin.  I'm not entirely sure why China is cracking down on bitcoin so hard- anyone?

As far as I know, China is trying to control its capital outflows. Around 10% of Bitcoin trading happens in China, so I can imagine it being one of the larger factors for outflows. They've also been working hard to curb money laundering, which can apparently also be done with Bitcoins, so that doesn't help. That's as far as my knowledge of the topic goes, though.

If China is able to block all bitcoin transactions, I don't think workarounds would matter. We're going to be in for another ride.

[emuLOAD]

I doubt a single country, no matter how big, will cause major waves. It might actually open up some interesting opportunities if miners don't manage to move their operations overseas.

[dunfida]

Let's not all freak out just yet.  People will find ways around this, including the VPNs and TOR.  If those are blocked, I'm sure a lot of bitcoin users will simply move if they have to and still value bitcoin.  I'm not entirely sure why China is cracking down on bitcoin so hard- anyone?

They want to protect their own local currency {Renminbi/yuan} and stop capital flight. The Chinese government has shown

that it wants 100% control over their citizens and Bitcoin gives citizens hope. {freedom} They will never allow any technology

that would give people some degree of freedom. They have also done the same with other digital tokens in the past, but they

are struggling to do this with Bitcoin, because it is a decentralized technology. 

Agreed on what you have said here on which China do really strives to have full control of their currency this is why they do really things on which bitcoins can be banned or totally shut down but they know that we know that they cant able to do such thing this is why they are now making some steps that would somehow mess up bitcoins price but wont totally be shut down as long theres a strong support from community.

[Carlsen]

Let's not all freak out just yet.  People will find ways around this, including the VPNs and TOR.  If those are blocked, I'm sure a lot of bitcoin users will simply move if they have to and still value bitcoin.  I'm not entirely sure why China is cracking down on bitcoin so hard- anyone?

When I think about it, I am not so sure if it would be so easy for the people to move.
China wants to keep the money in China. I doupt they will let their citizens leave on a larger scale and let them take their money/bitcoins with them.
The government  there has blocked the transactions between the lokal currency and the crypto currencies. In case the people would want to leave, I think they woud get blocked as well.
Regarding the VPNs: China will ban them in 2018. I have already read articles about that.

[Zionatin]

Lol hahahhahahaa my sides hurt omg ROFL. China..... Hahahaha they like the Hitler of the cryptocurrency world. How they get uptight. Unless this article is all bs. I find it hard to believe anyone would think you can do this. Only communists would believe such nonesense. Seriously that is like rolling a huge round Rock with greese on your hands up hill with your legs chained together and tiny rocks thrown at you. China is like yes we can do that !! Rally the troops let's go. It's like the pipe Piper leading the rats into the water and they blindly follow one another and drown. Lol I'm not even mad. I use to be but now I find it pretty funny. What's not funny is these are the same fools that contribute so much to global warming.

[Marry Finch]

From China, there is indeed information that they are trying to impose a ban on any transactions with crypto currency. At the same time, the Chinese government is in no hurry to impose bans, thus allowing its citizens to dump the crypto currency or look for options to circumvent this ban. In addition, in its five-year development plan, China has planned the introduction of crypto currency into its economy and therefore such actions are contradictory and illogical.

[Zionatin]

Let's not all freak out just yet.  People will find ways around this, including the VPNs and TOR.  If those are blocked, I'm sure a lot of bitcoin users will simply move if they have to and still value bitcoin.  I'm not entirely sure why China is cracking down on bitcoin so hard- anyone?

When I think about it, I am not so sure if it would be so easy for the people to move.
China wants to keep the money in China. I doupt they will let their citizens leave on a larger scale and let them take their money/bitcoins with them.
The government  there has blocked the transactions between the lokal currency and the crypto currencies. In case the people would want to leave, I think they woud get blocked as well.
Regarding the VPNs: China will ban them in 2018. I have already read articles about that.

You very naive hey. You should know better you have been here long enough. Dude lol how can you block a vpn ? Please explain how you going to ban a vpn ? They will simply spoof their location so it looks like they still on China but they not. People are clever dude. The more you push people the more they want to succeed. You read articles ? So what ? Anyone can write an article. Big deal.

Then you claim you cannot exchange to fiat or leave the country ? Really ? Lol ok dude. So you can't pay someone from another country to fetch you ? They will cash the btc out in their country. The power of Decentralization. If he mist he can even send the private key to a trusted outside source. Or simply exchange for cash in hand. People get drugs and even larger illigal things in and out of china all the time do you really think fwtronf bitcoin out is a problem ? You can have your wallet on your phone and go on "holiday* and never return.

[Whiplash Wally]

It's political posturing. After the "election" next month it will all blow over.

[stompix]

It's political posturing. After the "election" next month it will all blow over.

Again you and your "election". Do you have a clue what you are allowed to vote in China?

Using the Great Firewall to block IP addresses, access to foreign bitcoin exchanges could be blocked and the Bitcoin transaction network could be disrupted within the country. Bitcoin miners are also worried that their operations could be restricted.

They will just try to block exchanges, even  that spelled with a "could".
And I doubt you will use a foreign exchange to get fiat out of China and not use a damn VPN.

But again, love the list:
http://cj.sina.com.cn/article/detail/2637129912/405597

It's like you block pornhub and you get rid of porn.
Take a look at this, idiots:
https://coinmarketcap.com/currencies/bitcoin/#markets

According to the above document, all DNS and IP addresses of websites, apps, and APIs from foreign bitcoin exchanges will be analyzed, and access to each will then be blocked by the Great Firewall before September 30.
he government will monitor the network communication between domestic nodes and pools to prevent domestic nodes from syncing with nodes abroad. In addition, Bitcoin network communication bridges will be monitored including Tor and Virtual Private Networks (VPNs).

Again , good luck with this.
This is not how bitcoin works you idiots.

[shintosai]

another news that will make freak distracted again, we cant avoid that because china wants to have more control over there people and crypto currency
is threatening their power, if this could happen it doesn't mean that it will pull this currency down right away but it will be an open opportunity for those
countries which starting to develop their own version of crypto currency as many people will find ways to continue the tradings.

[jsscswan]

Currently China is worried if the bitcoin circulating in the country can be used as a tool to escape money, hide corruption and China wants to control the economy in full without bitcoin.

[istake]

Great and btc price did not move. Thats a statement of confidence from the btc community

[amacar2]

Great and btc price did not move. Thats a statement of confidence from the btc community

This is not an official announcement and if this will surface as official announcement we might get another wave of dump/correction but after that we will be back to over $5k in no time. When all chinese will sell their bitcoin before sep 30 if this is true, than price can easily go below $3k.

According to the above document, all DNS and IP addresses of websites, apps, and APIs from foreign bitcoin exchanges will be analyzed, and access to each will then be blocked by the Great Firewall before September 30.

They are already doing this to many social media sites but I really doubt that they can block access to all bitcoin related sites like this. 

[Marry Finch]

The Chinese government should understand that if you legislatively prohibit citizens from having a crypto currency and make any financial transactions with it, then they will circumvent this prohibition in various ways. Therefore, it will not achieve anything by prohibitions. By such measures it will drive only the financial activity into the shadow and will lose significant influence in its economy. Already, holders of cryptovates are moving such activities abroad - Hong Kong, South Korea, Japan. The number of transactions on the crypto-exchange exchanges of these countries has recently increased significantly. Maybe this led to the fact that China is not in a hurry to introduce its promised bans, although it has an opportunity.

[aardvark15]

Let's not all freak out just yet.  People will find ways around this, including the VPNs and TOR.  If those are blocked, I'm sure a lot of bitcoin users will simply move if they have to and still value bitcoin.  I'm not entirely sure why China is cracking down on bitcoin so hard- anyone?

Fortunately the price of Bitcoin hasn't taken a huge hit yet. Any negative news is bad and even though it's just one country, it is a large country.

I'm hoping that other countries don't try to do what China is doing. I don't really think they can be successful because Bitcoin is psedo-anonymous. There will still be people in China that will hold Bitcoins because they have value. China will probably reverse course after they realize that they can't really control Bitcoin.

[Mometaskers]

The Chinese government are underestimating their citizens. There's a reason the Chinese are known (and sometimes, treated) as the Jews of Asia - you can't mess with them when it comes to money. These people will surely find a way to keep using their bitcoins (or send it abroad, if that's their thing).

If it happens that bitcoin is completely banned (no more exchanges, close mines), it's easy to see that production would move elsewhere. The main advantage of China is cheap electricity and parts. There are other countries that generate cheap electricity, those in the Middle East using their oil, Norway with geothermal, etc. The parts can just be imported, of course unless China also ban the manufacturing of those, which would definitely piss off people.

[mx667]

Let's not all freak out just yet.  People will find ways around this, including the VPNs and TOR.  If those are blocked, I'm sure a lot of bitcoin users will simply move if they have to and still value bitcoin.  I'm not entirely sure why China is cracking down on bitcoin so hard- anyone?

Damn that is so cruel. But what you say it's true, we should not panic and keep calm down. We are not quite sure about anything yet, and we are sure that China is not the only powerful country in the world. There are a lot of country that working on BTC, so we should not worry to much. But if this news is true, then how can they block all the BTC transactions ? Are they block the sites or what ? If they block they sites, then people in China can still use VPN or proxy right ? Or something else to unblock the sites.