Regarding China

[Flor1982]

So yesteday I was watching htis video: https://www.youtube.com/watch?v=Euf36Ueio20 (it's german so you won't understand much if you can't speak german)

Dr. Julian Hosp is a german crypto entheusiast and basicly he is telling his opinion regarding the latest China FUD. He says that in his opinion since the blockchain tech can decentralize everything (currency, identity, ...) gouvernments like China fear that they will be less and less needed in the future. For that reason they try to stop the decentralization in a early stage to maintain their power and existance.

So what do you think about that statement?

Why they are afraid to be less needed in the future? We are using dollar not yuan as the standard currency in the whole world. I believed the reason of Chinas misbeheaving is because they want to manipulate the bitcoin for their economy benefits but they failed. We dont need China but China needs bitcoin in reality.

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[cynical]

Uhh, what?

In what way would a government be destabilized by bitcoin? I can see bitcoin existing in a sovereign side by side with its national currency, but to topple off the government and be useless, it needs more than a decentralized asset to do that. Most of us here know that China banning bitcoin exchanges and mining is just FUD spread up by Chinese traders to short the hell out of the volatile price. If he really is a crypto enthusiast, he should also know the functions of a government first before giving comments as to why would the government be useless simply because bitcoin is used by the people.

this sounds about right. I cannot see how a crypto can decentralize a government, governments are there to make laws and to oversee the running of the country and to make policy to enhance the performance of a country through trade and internal performances

[btc-facebook]

So yesteday I was watching htis video: https://www.youtube.com/watch?v=Euf36Ueio20 (it's german so you won't understand much if you can't speak german)

Dr. Julian Hosp is a german crypto entheusiast and basicly he is telling his opinion regarding the latest China FUD. He says that in his opinion since the blockchain tech can decentralize everything (currency, identity, ...) gouvernments like China fear that they will be less and less needed in the future. For that reason they try to stop the decentralization in a early stage to maintain their power and existance.

So what do you think about that statement?

It's reasonable since their government want to protect their civilian from criminal activity or other bad things ! Yes, bitcoin able to bring negative impact for world's transaction but in other side, bitcoin become alternate transaction that provide more faster and cheaper fee , those are the most people wanted, IMO

[GideonGono]

As far as I know, China still acknowledge new found opportunities that Bitcoin had offered but regarding other cryptos would have a greater threat than what opportunity they can gave unlike Bitcoin which they recognize that the things it offers is much greater than wanting them to be in control or somehwat centralize it.

Amyway, China and other governments would not want to lose jurisdiction over these matters which is actually not since they can always implement strict KYC to the exchangers like ours and construct a department to specialize in any concerns regarding cryptoworld and chase those who are involve in money laundering since they can't truly escape the clutches of justice. Hence, I don't believe that a government (in general) would not lose its duty mandated by their constitution or what they are sworn to do.

It might be tricky embracing change but as we know that change is the constant thing here on Earth so all we have to do is face it and learn to adapt from it.

[Falgorn]

It is likely that after the 19th Party Conference of China, which will be held on October 18, the changed party leadership will change the approach to the crackpit and it will again be allowed in this country. There is also information that the Chinese government simply can not really prohibit the circulation of the crypto currency, because it is not in a position to control it.

[mdripon]

So yesteday I was watching htis video: https://www.youtube.com/watch?v=Euf36Ueio20 (it's german so you won't understand much if you can't speak german)

Dr. Julian Hosp is a german crypto entheusiast and basicly he is telling his opinion regarding the latest China FUD. He says that in his opinion since the blockchain tech can decentralize everything (currency, identity, ...) gouvernments like China fear that they will be less and less needed in the future. For that reason they try to stop the decentralization in a early stage to maintain their power and existance.

So what do you think about that statement?

I think china is the largest bitcoin miners country but bitcoin is digital currency. the men we need use bitcoin. so i think one time come to bitcoin good time.

[BurstIncomeAsset]

It is likely that after the 19th Party Conference of China, which will be held on October 18, the changed party leadership will change the approach to the crackpit and it will again be allowed in this country. There is also information that the Chinese government simply can not really prohibit the circulation of the crypto currency, because it is not in a position to control it.

It is not forbidden exactly in China. Only the exchanges will require more regulations, but still more than 1 month until they have to close if they don't meet the new requirements.

But I think they could control Bitcoin if they want because they already control internet and are a lightweight version of North Korea, but they would have to stop the production of ASICs miners and maybe hurt their economy in the future, so I doubt they would.

[farhaan]

Yes,china is afraid of bitcoin's huge progress.They know very well that they could not ban bitcoin completely.But they want to try their best to minimize the use of bitcoin in china.That's why,they are taking these actions step by step.Few months before,PBOC regulated chinese exchanges and as a result,those exchanges suspended the withdrawal of bitcoins for a month.And now,complete ban on ICOs and ban on bitcoin exchanges.Even if they issue license to exchanges in future,rules and regulations would be very strict.And one more thing is remaining to be implemented,the ban on bitcoin mining.Don't know when it would come in to efffect.These aactio ns would definitely reduce the usage of bitcoins in china to atleast half of its volume now.

[jorneyflair]

So yesteday I was watching htis video: https://www.youtube.com/watch?v=Euf36Ueio20 (it's german so you won't understand much if you can't speak german)

Dr. Julian Hosp is a german crypto entheusiast and basicly he is telling his opinion regarding the latest China FUD. He says that in his opinion since the blockchain tech can decentralize everything (currency, identity, ...) gouvernments like China fear that they will be less and less needed in the future. For that reason they try to stop the decentralization in a early stage to maintain their power and existance.

So what do you think about that statement?

In my opinion, yes, he is absolutely right.

Blockchain technology in the future is going to probably take over the control that the government has, and spread it evenly between its users(since it is decentralized, and governents are centralized). Something like bitcoin has the potential to replace fiat currency completely.

This is why governments are so scared bitcoin's going to grow. And it's the main reason why they're trying to stop bitcoin businesses from existing as well.

[squatter]

Blockchain technology in the future is going to probably take over the control that the government has, and spread it evenly between its users(since it is decentralized, and governents are centralized). Something like bitcoin has the potential to replace fiat currency completely.

How so? Governments can mandate that debt and taxes be paid in national currency. That's essentially what fiat means. Even if cryptocurrency is increasingly used in society, what makes you think it could replace fiat currency?

It's not like governments will stop issuing national currencies, and it's impossible to say if/when volatility could permanently stabilize to the point that people could rely on crypto for day-to-day expenses. Part of the attraction of fiat currency is the stability that can be provided (at least on the mid-term time frame) by a government's mandate.

[lxtzzpy]

I think one time come to bit[Suspicious link removed]d time.

[MattHoo]

I think the blockchain tech will keep growing, no government can stop it.  Although the Chinese government want to ban the bitcoin, it can be go to a high price with time pass by.   it is revolutionary after the internet tech.

[MAbtc]

I think the blockchain tech will keep growing, no government can stop it.  Although the Chinese government want to ban the bitcoin, it can be go to a high price with time pass by.   it is revolutionary after the internet tech.

It seems less and less likely everyday that they are going to ban it. One official suggested that even ICOs will be permitted and regulated. Charlie Lee says that his trusted source in China says that the network/mining ban talk is just FUD that manipulators are using to push the market down. If you think about the capital inflows that Bitmain is bringing into the country, and how much more it could potentially bring? It makes no sense to discourage mining. And they can't simultaneously encourage or subsidize mining and prohibit the network.

What they might do is prohibit CNY purchases of mining hardware. If Bitmain is tightly regulated and only accepts payment in USD and cryptocurrency, then that's all capital inflow.

[cryptomato]

All of these China new eventually starting to be really annoying. I personally don't think that China would try to kill crypto currencies as this is under their domination majorly.

[Ucy]

Seems like battle for their own survival (never about citizens or countries).
Countries that are currently resisting the very transparent Cryptocurrency/Blockchain have Cult like leadership and will continue to anything possible to hold on to powers and keep their activities secret.

[BonfireBob]

I think the blockchain tech will keep growing, no government can stop it.  Although the Chinese government want to ban the bitcoin, it can be go to a high price with time pass by.   it is revolutionary after the internet tech.

It seems less and less likely everyday that they are going to ban it. One official suggested that even ICOs will be permitted and regulated. Charlie Lee says that his trusted source in China says that the network/mining ban talk is just FUD that manipulators are using to push the market down. If you think about the capital inflows that Bitmain is bringing into the country, and how much more it could potentially bring? It makes no sense to discourage mining. And they can't simultaneously encourage or subsidize mining and prohibit the network.

What they might do is prohibit CNY purchases of mining hardware. If Bitmain is tightly regulated and only accepts payment in USD and cryptocurrency, then that's all capital inflow.

I fully agree with you. Maybe it is just a little bit of drama to buy the Chinese government more time to figure out how they should start regulating ICOs. One things for sure, they are a "lightweight north korea" at the present time.

[Pursuer]

I believe people read too much into these things recently.
I am not actually denying the fact that government and specially the banks are not worried about bitcoin, in fact they are. but things that are being done are rarely to "kill bitcoin". the primary reason has never been that. it is always done to fight some illegal activity. like eliminating the new way of scamming people through ICOs and taking their money without really producing anything. if you want to see Ponzi scheme then look at some of these ICOs. you think the government should let this continue!

[Adykingcity]

So yesteday I was watching htis video: https://www.youtube.com/watch?v=Euf36Ueio20 (it's german so you won't understand much if you can't speak german)

Dr. Julian Hosp is a german crypto entheusiast and basicly he is telling his opinion regarding the latest China FUD. He says that in his opinion since the blockchain tech can decentralize everything (currency, identity, ...) gouvernments like China fear that they will be less and less needed in the future. For that reason they try to stop the decentralization in a early stage to maintain their power and existance.

So what do you think about that statement?

China is concerned only with the economy, blockchain technology is really needed from now and in the future.
But they china do not care about things like that, they only care about money, money and money

[Idrisu]

If Chinese government objective of banning bitcoin activities in its country is to put a stop of blockchain's decentralized system so they can remain relevant then I think they are on along things. Chinese trader volume of bitcoin has reduced from around 90% to around 6% and the bitcoin price has not fell significantly. The beauty of this system is that it is decentralized and no matter what happens people will still be using bitcoin as money. I will advise them to regulate the use of bitcoin around China and set up laws that ithey citizens can obey but stop bitcoin is not possible.

[Renampun]

it could be that the reason that happened, but there could be other reasons why, why china banned ICO, for now we only can just guess ..