Why does China hate Bitcoin?

[sukamasoto]

If bitcoin being control, it will break decentralized paradigm !
In other side bitcoin being created to be act as alternate currency and alternate investment that ever exist on digital era.

The main reason Bitcoin is decentralized . No centralized government bank can tolerate a decentralized exchange.
May be China wants to open a centralized crypto currency which is fully controlled by china bank Or Govt.

[lfc_san]

This is pretty much the whole story right here...

" NIFA official Li Lihui told a technology conference in Shanghai on Friday that a goal of China’s monetary regulation is to ensure that “the source and destination of every piece of money can be tracked.” "

Bitcoin is the mortal enemy of 'tracking'.  Therefore China is going to continue to assault Bitcoin from every angle.  You can be sure of that.

I think china does'nt hate bitcoin. It does mean china not  focus for bitcoin. China focus for their project. Their project does'nt give profit for country.

[Bittoshi]

China wants to completely control every monetary transaction and therefore sees Bitcoins and all other cryptocurrencies as an enemy and declares it illegal money. But China alone is not the whole world and other countries like South Korea, Australia or Japan are eagerly willing to take a piece of China's Coins. And we should use the opportunity to buy more Bitcoins as long as they are cheap.

[Irdina]

China does not hate bitcoin,Maybe china forbids ico because there is illegal money and ico are at high risk,
Prone to scam, and china can't track bitcoin,That's why China makes new rules,

[MOTHIT]

first reason is may expected of illegal money laundering to be stopped.   

silly but expect that May be China is looking for the premeasure of crises which took place in 2008 they expect more then this in 2018 that's the reason the are looking to hold their country money single penny even to be controlled by them. It is just a prediction only. Please don't mistake me.

[Mr. Legendaris]

China does not hate bitcoin,Maybe china forbids ico because there is illegal money and ico are at high risk,
Prone to scam, and china can't track bitcoin,That's why China makes new rules,

Yes it seems so, with so much ICO it makes china think that this is money laundering crime. we all know that cryptocurrency can be a project to hide money, including from corruption.

[finthebar]

This is pretty much the whole story right here...

" NIFA official Li Lihui told a technology conference in Shanghai on Friday that a goal of China’s monetary regulation is to ensure that “the source and destination of every piece of money can be tracked.” "

Bitcoin is the mortal enemy of 'tracking'.  Therefore China is going to continue to assault Bitcoin from every angle.  You can be sure of that.

While there are many different views, the more popular themes come back to control. The Chinese government have a history of wanting to control things for a variety of reasons, including "civil order". It is possible that some of the people were being whipped into a frenzy with ICO's and while some were valid, others were nothing short of scams. This on its own could be reason enough for China to crack down, simply because they might not be able to do it in a targeted way its possible that a blanket ban is the "holding plan" until there is a better option.

Also, bear in mind that the who's who of power brokers in China gather every 5 years - it just so happens that the next one is on next month, https://en.wikipedia.org/wiki/19th_National_Congress_of_the_Communist_Party_of_China This strikes me as a pretty conservative group of people that might not be enthused by headlines of the wild ride of Cryptocurrencies and ICO's. So things might settle down once this is over.

I don't think China actually hates Bitcoin...

[AngelSky]

I dont think China hate bitcoin just they afraid bitcoin will getting weak their local money ,because chinese people want invest to bitcoin more than yuan.

Yes.only the Chinese government had fear of bitcoin that bitcoin will replace their Currency .if so their Economy will be badly Affect and bitcoin will replace their own currency.Due to this fear China Government had planned with longer view to eliminate the Bitcoin from their country.

[revo1044]

no china do not hate bitcoin or any other altcoin china hate the ico because There is a lot of illegal things in ico .
 

[noictib]

This is pretty much the whole story right here...

" NIFA official Li Lihui told a technology conference in Shanghai on Friday that a goal of China’s monetary regulation is to ensure that “the source and destination of every piece of money can be tracked.” "

Bitcoin is the mortal enemy of 'tracking'.  Therefore China is going to continue to assault Bitcoin from every angle.  You can be sure of that.

I don't think that china hates bitcoin because bitcoin and other cryptocurrency are helping the people of the china to make earnings easily with the practical life competition in offline market .
Here my personal opinion is saying that , the government of china is not going to ban bitcoin but want to make some new rules so that the people of china can use bitcoin but with some restrictions .
Here i already seen in the history that few countries offically banned the bitcoin directly but here the condition is different because the government of china  putted the decision on pending  , that is the signal for the people in the country that they want to legalize and regualtion of the bitcoin to use .

[Tyrantt]

average chinese people, no, either they don't care or like it since they're prob using it so that leaves the banks and government that represent people and we know that China was always about controlling citizens , so it's not that surprising at all. Also, they could make some profit aswell, like to open a government exchange office for crypto.

[Best Dreams]

China fears that most of money laundering is done using bitcoins.It feels that it would be difficult to trace bitcoin transactions.It is much concerned about the issue that most of its citizens invest in bitcoins and it does not want its resources to be sent outside the country using bitcoins.Its also worried that if this situation continues,then its currency Yuan would lose more of its value.That's why it has started strict actions against ICOs,then bitcoin exchanges and might take actions against even bitcoin mining.

My opinion is different little but I think china has a strong hold on market of the world as compare to other countries, I mean chain is fast growing economy  and same bitcoin is also going strong with high price so china don’t want to lose his customers and don’t want their defeat on trade.

[exstasie]

China does not hate bitcoin,Maybe china forbids ico because there is illegal money and ico are at high risk,
Prone to scam, and china can't track bitcoin,That's why China makes new rules,

Yes it seems so, with so much ICO it makes china think that this is money laundering crime. we all know that cryptocurrency can be a project to hide money, including from corruption.

Did anyone hear the news that Okcoin/Huobi were investing idle customer deposits to the tune of $150 million? The story broke last month. This leads me to believe that the major issue with Bitcoin exchanges is not capital flight via BTC/crypto. It's that client deposits were being used to finance shadow banking enterprises. It's a lot easier to move billions of CNY through the banking system with debt instruments than it is to do so with BTC. Anyway, I see bad things coming for Okcoin/Huobi executives:

Our sources say we’ll see extreme punishment for some crypto execs that invested client funds without their consent

https://twitter.com/bitcom21/status/910579598588391424

[ymirymir]

This is pretty much the whole story right here...

" NIFA official Li Lihui told a technology conference in Shanghai on Friday that a goal of China’s monetary regulation is to ensure that “the source and destination of every piece of money can be tracked.” "

Bitcoin is the mortal enemy of 'tracking'.  Therefore China is going to continue to assault Bitcoin from every angle.  You can be sure of that.

It's just because bitcoin is decentralized and as you know Chinese wants to have control over the market which they can't do because of decentralization. I pity them for banning ICO in their country. They're missing the whole point.

[MyIdeas]

I believe China doesn't hate bitcoin. China might hate the fact that it's untraceable, and with the problems that rised with the ICO's where many investors were scammed, and lost money, they couldn't do anything to retrieve that. It's a risky market, some will opt out of it, some will just act that they will opt out, and others will continue following bitcoin!

I was thinking of that too china doesn’t hate bitcoins actually, they imposed a ban on their market just to try to control its increasing price but couldn’t succeed much in doing so. Another reason for not hating bitcoin is that most of the government officials also have invested a lot of money in bitcoins.

[vasrasus]

I believe China doesn't hate bitcoin. China might hate the fact that it's untraceable, and with the problems that rised with the ICO's where many investors were scammed, and lost money, they couldn't do anything to retrieve that. It's a risky market, some will opt out of it, some will just act that they will opt out, and others will continue following bitcoin!

I was thinking of that too china doesn’t hate bitcoins actually, they imposed a ban on their market just to try to control its increasing price but couldn’t succeed much in doing so. Another reason for not hating bitcoin is that most of the government officials also have invested a lot of money in bitcoins.

They love it that it's freaking them out that instead the money of their people will go in their economy ,it will goes in crypto that they don't control. All that they are wanting is to have some ownership in things that are too good like btc.

[pyedpyper]

Maybe because they are want to create their own crypto

[Tukang Becak]

I think because China is worried about using bitcoin to shift real money, as we know that china is the biggest bitcoin user and the Chinese government should prevent the use of more massive bitcoins.

[JTASSOCIATES]

Why does China hate Bitcoin because China is not befitted by Bitcoin they wont allow anything which they don't benefitted also they afraid of tax loosing if Bitcoin usage used by all traders.

[whoisyourking]

The rumors said china hates bitcoin.. i think china is into monitoring their money or profit accurately like in their transaction they dont want their money to convert in other currency.. so thats why they dont want bitcoin, all transaction in bit coin is so easy and untraceable you can use bitcoin anonymously..