Bitcoin Is A Big Threat According To China

[darkangel11]

Is there not a brain among all of you?  Seriously.


CAPITAL CONTROLS.

Chinese citizens can use BTC or other cryptos to move their money (in the billions of $) outside of the country.  Anyone who has ever travelled understands the concept of a $10,000 limit to what one can carry on them when they go from country to country.

CRYPTOS CIRCUMVENT THIS $10,000 RULE!!!  Yes, I am shouting since there is SOOOO much stupidity (I gave ignorance a chance) on this forum!!! WTF!!!!

China WILL ban cryptos as will EVERY OTHER NATION that is worried about capital controls.  China has the "Great Firewall".  They can drop it down whenever they feel like doing so.

Wake up.  SERIOUSLY.  BTC and any other crypto is only as strong as government CENSORSHIP allows it to be!!!!

Calm down, your opinion isn't the one and only. It's also not the smartest one out there.
Governments have always been trying to outlaw certain goods and services and it never stopped people from using them. Also, it's very rare for the world to agree on something. If something gets banned in one country its neighbors may see it as a way to make more money and allow foreigners to use and trade it on their soil.

[Realist247]

Is there not a brain among all of you?  Seriously.


CAPITAL CONTROLS.

Chinese citizens can use BTC or other cryptos to move their money (in the billions of $) outside of the country.  Anyone who has ever travelled understands the concept of a $10,000 limit to what one can carry on them when they go from country to country.

CRYPTOS CIRCUMVENT THIS $10,000 RULE!!!  Yes, I am shouting since there is SOOOO much stupidity (I gave ignorance a chance) on this forum!!! WTF!!!!

China WILL ban cryptos as will EVERY OTHER NATION that is worried about capital controls.  China has the "Great Firewall".  They can drop it down whenever they feel like doing so.

Wake up.  SERIOUSLY.  BTC and any other crypto is only as strong as government CENSORSHIP allows it to be!!!!

Calm down, your opinion isn't the one and only. It's also not the smartest one out there.
Governments have always been trying to outlaw certain goods and services and it never stopped people from using them. Also, it's very rare for the world to agree on something. If something gets banned in one country its neighbors may see it as a way to make more money and allow foreigners to use and trade it on their soil.

In the case of China I'd like your explanation as to how I'm wrong considering that China can ban or censor something whenever they want.  Couple that with the fact that wealthy Chinese are moving their money abroad in droves and China has openly stated that they plan to put a stop to it.  Closing local exchanges was a warning shot to tell the locals to get out or lose their money since once the "Great Firewall" comes down they'll have no ability to trade or risk prison if they try to circumvent it.  Losing 1/4 of the worlds population is a very big deal and your counter argument doesn't hold water, especially since all nations do not like money easily flowing out of their economies.  Let's pretend that all of the nations friendly or indifferent to BTC see it as a way to "make money" that also surround China.  Most are poor nations whose citizens have no ability to use let alone care about BTC to even close to the level at which China was doing it.

[ramsdaj28]

Bitcoin is meant to disrupt the many traditional institutions works as it can be carrying innovations leading to changes in the way we usually do things. This can be the big factor why central banks and many government authorities are all wary of how to treat Bitcoin. In the case of China, they the easiest way out which is the banning of Bitcoin exchanges and ICOs to curtail participation from their "protected" citizens. Soon they may come up with regulation making ownership of Bitcoin illegal...that is if they are not just buying time before allowing Bitcoin operation under a very strict atmosphere.

China's central bank admits Bitcoin and cryptocurrencies can be carrying threats to central banks and existing banking systems. And this is actually just stating the obvious as the Chinese government is afraid of anything they can not control. This is a society where controls in almost all facets of their lives remain to be strong...though we are hoping that next generation of Chinese leaders would be gradually changing this kind of situation.

Nevertheless, this may not be the right time for China to have a good love affair with Bitcoin but I know that sometime China will be back loving Bitcoin too.

I haven't read every word from that excerpt (since I know that their point is BITCOIN IS A FRAUD). But all I can say is that, bitcoin is not really a threat to people who use it. The reason why China hates bitcoin is that the bank and government doesn't really earn from it (no taxes).Now, they are saying that bitcoin is a fraud so that people will go back to the typical banking and with that, the banks and government will get their fair share from people.

[darkangel11]

Is there not a brain among all of you?  Seriously.


CAPITAL CONTROLS.

Chinese citizens can use BTC or other cryptos to move their money (in the billions of $) outside of the country.  Anyone who has ever travelled understands the concept of a $10,000 limit to what one can carry on them when they go from country to country.

CRYPTOS CIRCUMVENT THIS $10,000 RULE!!!  Yes, I am shouting since there is SOOOO much stupidity (I gave ignorance a chance) on this forum!!! WTF!!!!

China WILL ban cryptos as will EVERY OTHER NATION that is worried about capital controls.  China has the "Great Firewall".  They can drop it down whenever they feel like doing so.

Wake up.  SERIOUSLY.  BTC and any other crypto is only as strong as government CENSORSHIP allows it to be!!!!

Calm down, your opinion isn't the one and only. It's also not the smartest one out there.
Governments have always been trying to outlaw certain goods and services and it never stopped people from using them. Also, it's very rare for the world to agree on something. If something gets banned in one country its neighbors may see it as a way to make more money and allow foreigners to use and trade it on their soil.

In the case of China I'd like your explanation as to how I'm wrong considering that China can ban or censor something whenever they want.  Couple that with the fact that wealthy Chinese are moving their money abroad in droves and China has openly stated that they plan to put a stop to it.  Closing local exchanges was a warning shot to tell the locals to get out or lose their money since once the "Great Firewall" comes down they'll have no ability to trade or risk prison if they try to circumvent it.  Losing 1/4 of the worlds population is a very big deal and your counter argument doesn't hold water, especially since all nations do not like money easily flowing out of their economies.  Let's pretend that all of the nations friendly or indifferent to BTC see it as a way to "make money" that also surround China.  Most are poor nations whose citizens have no ability to use let alone care about BTC to even close to the level at which China was doing it.

I'm not arguing with what you're saying as much as how you're saying it.
People are using bitcoin to move money out of their countries only if these countries are artificially trying to block them from doing so. In normal countries, the ones that aren't trying to hold their citizens in an iron grip you can freely move money around. If I wanted to I could take $10k, which is over 2BTC and send it to another country using my bank account, paypal, western union or my local post office, but I don't want to because they're charging too much. If China is fighting it, they are slowing down the inevitable. You can't stop people from using something that's allowed anywhere else in the world and countries like Japan or Korea know it.
Also, what poor neighbors are you talking about? Do you know that among them are India and Russia?

[BitcoinBalance]

Bitcoin is a threat to making their bank account grow. xD

[pucunghul]

china much to provoke about bitcoin. about the Chinese ban and about everything that concerns bitcoin, I think china is just playing. we'll see what will china do next

[bitcoinvestor]

China will kill all the growing potential of economy because the communist govt won't to have rich citizen. They want to control all people wealth and properties while with bitcoin the wealth of the citizen unseen. This is a real threat to the dictator govt.

[drm]

I think they ban bitcoin and then they will create another coin for China region, after the price going big, goverment will play they role. They will release their new coin to world and earn big profit with easier way

They have their own coin already, it's called the Yuan.
They aren't worrying about profit, they are just worrying about not being able to regulate people.

[DoublerHunter]

Of course, bitcoin is a real threat for the countries who have big banks and centralized system because bitcoin will give the citizens of their country decentralization or freedom towards their money and that is how they are going to get killed by bitcoin and that is why they are banning bitcoin and getting rid of it to their country.

[Voice-Of-Reason]

so they want a crypto tailored so they can keep doing what they do with fiat... sounds like china yeah

[cydrix]

Because China’s withdrawal from Bitcoin trading will have a negative impact on the cryptocurrency, since 10% of Bitcoin trading activity happens in China. Some experts believe that Bitcoin exchanges will re-open once additional regulations are in place, although at this point there is a great deal of uncertainty.

China’s crackdown on Bitcoin trading has also revealed divisions in beliefs surrounding the cryptocurrency. Some believe Bitcoin is truly a legitimate currency, although others assume it is a “fraud”

[cybersofts]

For China, everything that they  really don't understand or invented by themselves is a threat.
Inventions like Google, Facebook, YouTube, Twitter, Snapchat and Instagram were all threat to them.
So never mind when they said bitcoin is a threat at all! Very soon they will say internet itself is a threat to them!

[Heni23]

why the Chinese government think so while the bitcoin is a virtual currency that can facilitate transactions anywhere ,,,

[Aba]

They are not ready with the development of bitcoin technology that has been in great demand by many people, bitcoin can indeed be a serious threat to the conventional bank system which many of its customers will switch to bitcoin in transactions.

[ajqjjj]

For China, everything that they  really don't understand or invented by themselves is a threat.
Inventions like Google, Facebook, YouTube, Twitter, Snapchat and Instagram were all threat to them.
So never mind when they said bitcoin is a threat at all! Very soon they will say internet itself is a threat to them!

I think china is not dependent on any other social activities. They don't believe how bitcoin value more than 5500 us dollar. China has different set of knowledge, So this like a one kind of threat and it will not possible to use for our country. In future China also understand the bitcoin creation. Lot changes are happened in after 10 years. Slowly growing in China, but laterally they accept Bitcoin.

[Coldsnap4457]

The world market has completely shrugged off China.

Korea and Japan were enough to be keep propelling Bitcoin.

[Lipe490]

Bitcoin is a threat to every government and Central Banks who rules the fiat money and financial market world. Bitcoin isnt in their hands so while they keep trying put bitcoin down we are seeing Bitcoin being worth 100B, more than lots of Technology Enterprises and Petroil Companies, so it scaries the shit out of them. One day Bitcoin will be worth more than Apple's Market Valor and we are not far from there.

[paloloy]

I think they have a point because Bitcoin came out from nowhere and now they're residing in Bitcoin's core nodes around the world.
Imagine China will invest crypto currency like Bitcoin then suddenly Bitcoin collapse and lost its value, investor would probably hurt and affected and will change economic stability.

[Mehdi.Habib]

Bitcoin can be a threat to China. Bitcoin is a Decentralized digital currency. Bitcoin have some positive side (no transaction fees, no middle man, faster operation, secured, less risk of inflation, no risk of duplication) that will attract people to use Bitcoin. But the Chinese government wants to control the financial system and the economy. If Bitcoin get popular among Chinese people, it's getting hard to control the whole financial transaction by the Chinese government.

[argiyan.tri]

They are too pessimistic, do not think about the fate of the people who work in bitcoin world, so they prohibit the use of bitcoin.