Chinese attempt to block all bitcoin transactions

[valentin68]

I cannot tell you how happy I am with this news. I can't wait for the price of GHs at hasnest to do down to 5 cents/Ghs. I'll be there to buy, I promise. China people are the most wise in the world, they will not cut their profits by banning bitcoin.

This is what has done JP Morgan some days ago when they bought bitcoin for a price of under 3000, and made 500k in one day, but 10 times bigger.  As I told you, these Chinese people are amazing, the most hard working in the world.  

[BitFinnese]

I think they will try in vain.  Chinese government can never control the internet especially the internet access.  They may probably make people who are not literate with vpns and proxies to believe that they can stop them but those who are knowledgeable can simply bypass their IP limitations. Tto make sure they will implement this block, they should deny their citizen of internet access, that is the only way to block them from transacting in Bitcoin.

[gentlemand]

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

It's this - https://en.wikipedia.org/wiki/National_Congress_of_the_Communist_Party_of_China

And it's just about the biggest deal in Chinese politics, though of course it's not an election.

There's been a lot of theorising about this coinciding with all of these shenanigans. I think it's looked on as a time to take stock and come out with some clean slates.

Some people reckon that once it's out the way they may come  back with some clarifications and refinements such as the mooted CNY Tether.

https://cointelegraph.com/news/What-are-the-Causes-of-ICO-Ban-in-China-and-What-Happens-Next

[cryptocortex]

So it's the same bullshit again? Or do you think the uptrend will continue?

[stompix]

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

It's this - https://en.wikipedia.org/wiki/National_Congress_of_the_Communist_Party_of_China

And it's just about the biggest deal in Chinese politics, though of course it's not an election.

There's been a lot of theorising about this coinciding with all of these shenanigans. I think it's looked on as a time to take stock and come out with some clean slates.

Some people reckon that once it's out the way they may come  back with some clarifications and refinements such as the mooted CNY Tether.

https://cointelegraph.com/news/What-are-the-Causes-of-ICO-Ban-in-China-and-What-Happens-Next

First, you said it yourself, it's not an election.
Secondary the results are known according to sources for even one year before the actual "vote".
That's why transition if you can call it that way is so smooth.

The last major ban happened after the elections, remember the congress was in 2012, before SR and Cyprus.

No, I don't think is something that has to do with a program.
It's just coincidence in dates.

[mayax]

The chinese miners will be banned too.

[grapevin]

i can see china doing this. they have a firewall for just this kind of thing.
i hope they do it and get out of the game for a while.
prices will come down but they will not kill btc.
i will be waiting to buy their coins.
if we ever get down to 1200usd i am all in but i doubt i'll be that lucky.
i also bet this will be short term, they will want back in one day (the people anyway).

[Walked_by]

It is rly bad for Chinese miners

[gentlemand]

Well, John McAfee reckons it's not happening but he is out of his giant mind these days.

https://twitter.com/officialmcafee/status/910252562124648448

He will obviously be far better placed to have an opinion on this than us deadbeats in this thread.

[countryfree]

Well, we've been saying for years that no government can stop BTC, this might be the real test.
I'm confident BTC will survive, and that some smart users will keep on going as usual, but government can hurt. No doubt about that. I often talk about BTC with friends or people I meet at bars or places, this would become risky if BTC suddenly becomes illegal. It would like saying you're a robber. Plenty of average people would get scared and just leave. I mean I know how to use a VPN, how to use TOR and encrypt my emails, but plenty of folks don't.

We'll see how things turn out, if this is real, and how it will be enforced.

[exstasie]

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.

China is absolutely trying to control its capital outflows. But BTC is a tiny needle in the haystack of shadow banking. Just look at the market cap vs. Chinese foreign real estate investment. It's not even on the radar. The best way to move CNY out of the country is for Western banks in China/Hong Kong to claim massive assets and incomes, which are used to obtain loans in the West to buy real estate.

BTC isn't even well-suited to capital flight, currently. It's too hard to deal with Western legacy banks, who will quickly shut your accounts down for dealing in volume with cryptocurrency exchanges. The OTC market is not nearly liquid enough to serve the needs of Chinese foreign investment.

[illyiller]

Well, John McAfee reckons it's not happening but he is out of his giant mind these days.

https://twitter.com/officialmcafee/status/910252562124648448

He will obviously be far better placed to have an opinion on this than us deadbeats in this thread.

He seems to be somewhat in Jihan Wu's inner circle. Jihan Wu has seemed pretty rational and unworried throughout this debacle, suggesting (before the exchange ban) that the current exchanges would be shut down and reopened with proper licensing. He's definitely a nut, but I agree, he's likely to have much better information than us. We're all just grasping at straws, hoping for a nugget of info before the hammer drops and the market drops $500 in a day on some news like "China bans mining."

In the long run, China banning mining would be great for mining decentralization. But the massive drop in hash rate could be alarming.

[soham]

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

It is still referred as they "may" try to block all the bitcoin transaction. They haven't started it yet so I see no reason to worry as of now. Also the way Chinese government is trying to crack down the exchanges and fundraising activities, I believe most of the Chinese bitcoin users have moved to VPN and TOR services. So it will be a little difficult for the government to block the transactions.

Also Chinese government can't shut the blockchain to be accessed from another countries. So I see a very little possibility of this news turning into reality. Just don't panic and refrain from sharing such possible future events which may make some people worried about bitcoin. Look at the sunny side, Japan has already given out license to CoinChek exchange.

[illinest]

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

It is still referred as they "may" try to block all the bitcoin transaction. They haven't started it yet so I see no reason to worry as of now. Also the way Chinese government is trying to crack down the exchanges and fundraising activities, I believe most of the Chinese bitcoin users have moved to VPN and TOR services. So it will be a little difficult for the government to block the transactions.

To be fair, the government is working tirelessly to crack down on VPN services. They got Apple to remove all VPN apps from the app store. I recall hearing that they expected to eliminate VPN services from China by next year sometime. That, of course, is impossible -- new VPNs can always spring up -- but if it's a game of cat-and-mouse, then it could make things very difficult for users and drive people away from investing. There is also the question of latency for miners...

[Gontxi]

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

yes china seems to take seriously with the ban on crypto. this will be more interesting, I just bias monitor it and see what will happen. I will not assume for now. still too early.

[finthebar]

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

It's this - https://en.wikipedia.org/wiki/National_Congress_of_the_Communist_Party_of_China

And it's just about the biggest deal in Chinese politics, though of course it's not an election.

There's been a lot of theorising about this coinciding with all of these shenanigans. I think it's looked on as a time to take stock and come out with some clean slates.

Some people reckon that once it's out the way they may come  back with some clarifications and refinements such as the mooted CNY Tether.

https://cointelegraph.com/news/What-are-the-Causes-of-ICO-Ban-in-China-and-What-Happens-Next

I think @gentlemand may be on the money once this is over https://en.wikipedia.org/wiki/19th_National_Congress_of_the_Communist_Party_of_China things will get more reasonable again, not immediately and maybe not business as usual - but maybe in a more "controlled" fashion.

[manchester93]

I think @gentlemand may be on the money once this is over https://en.wikipedia.org/wiki/19th_National_Congress_of_the_Communist_Party_of_China things will get more reasonable again, not immediately and maybe not business as usual - but maybe in a more "controlled" fashion.

There's no question in my mind that these events all have to do with the CCP congress. It makes me wish that the crypto bubble could have waited until after it was done. If only Vinny Lingham could have prevented the bubble!

Bear with me while I fit my tin foil hat on. I've always wondered if the Chinese government was backing Bitmain. The recent prohibitions/shutdowns made me question that. But now I'm wondering: is the Chinese government clearing out the market for Bitmain's domination? This wouldn't be surprising given how things work in China. What used to be nationalization is now corporate partnership.

[edynolan]

it's just a common sense for them to keep bitcoin prices down and they buy and then reopen bitcoin in their country, just a political tactic where average people prefer to invest in bitcoin rather than in the bank.

[teejayrichard2]

This is serious. Well am not surprised, government always want to control everything happening in the country. Bitcoins gives people freedom, complete freedom to being able to do all forms transactions at their comfort and this is something government doesn't want. Anyway I hope China has a rethink about blocking bitcoin transaction because this will definitely affect bitcoin