If Bitcoin goes past $5000, what will the Chinese government do?

[btbrae]

1) Double down and ban anybody talking about Bitcoin, Litecoin in public areas. Offer rewards to anybody who reports a person talking about crypto in private discussion.

2) Organize a small collective of dodgy individuals to release a competing Bitcoin clone, and call it something like Bitcoin Credits, and attempt to take control of Bitcoin via the back door...

3) Throw everybody who visits coinmarketcap.com in jail.

5) Meet with world leaders to discuss this new form of financial terrorism and instigate a coordinated and sophisticated global response.

6) Get home at night and login to LocalBitcoins.com to buy Bitcoin...

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[Ayush rana]

china is good in copying others idea, so the best they can do is that they introduce their own virtual currency into market and then make other currencies illegal.

[BitcoinHodler]

none of the above because China doesn't care about bitcoin as much as the media has been showing it to be like in the past month. and i assure you that soon enough things will go back to normal and everyone will forget about China until another price correction is needed then FUD machines start up again.

your picture captions should be this:
the cute train: whales who bought bitcoin from weak hands
the angry red train: newbies who had weak hands and sold their coins cheap just because of some random FUD.

[Nibeloss]

I think that China will take bitcoin after a while, but it will not necessarily happen when reaching the mark of 5000 dollars. It takes time for more countries to accept bitcoin and allow the population to earn money.

[Ucy]

You seem to suggest that the government is taking a sadistic  approach towards Cryptocurrency matter. I suspected as much.
However people need to understand that Chinese government isn't a tyrannical one. The government is likely more democratic than Russian government. Its Citizens wish aren't violated that much.. the government just block what it deems unlawful,  if you successfully access it, the govt might know but ignore you and patch things up quickly..the government wouldn't just hunt you  down as outsiders may think.

[WildJippy]

China will come back when they're ready, just like they did with Huawei and Alibaba. Think they'll take their time tho.

[ChainSmoker]

You give us wrong options.China government is troll.They won't do shit when bitcoin is above 5000$(which it will be soon after October 1st).Chinese people on the other hand will choose the 6th option and buy bitcoins on localbitcoins That is the only option that will be left for them once the china exchanges are gone for good.

[Red-Apple]

the same thing they did when bitcoin price went to $10, or $1000 or $3000 or $4970. they will not the same things, regulating exchanges, banning altcoin ICOs that are way of scamming people and generally regulating cryptocurrencies.

all the while they will be laughing at us for talking about them nonstop instead of buying bitcoin like they have been doing.

[TheQuin]

They really don't care if the price goes over $5000 or not. That will not change anything for them, they want control and will continue to try and exert that whatever the price is. In the end, it doesn't change anything, the Chinese people will still use Bitcoin whatever measure their government tries to prevent it.

[djsugar]

First of all China didn't ban Bitcoin, they are only planning to shut Bitcoin exchanges. You might not be able to buy and sell your Bitcoin through fiat. But online, there is no restriction. Soon they'll be launching their own cryptocurrency that can be easily converted to fiat. Thus. what all Chinese people need to do is to buy Government's cryptocurrency through fiat and then trade it for Bitcoin. This way government can easily keep a watch on the money flow. I think this is all what they want. They aren't going to take any extreme step against Bitcoin as mentioned in OP. They have much more important things to look into.

[subSTRATA]

china is good in copying others idea, so the best they can do is that they introduce their own virtual currency into market and then make other currencies illegal.

it sounds almost like a trope at this point, but i could actually see that happening. theres actually no downsides (for the chinese government) to china creating and mandating the use of their cryptocurrency in the future. they can create it however they want that would give them unlimited access to the finances of their citizens, track everyone's daily dealings, and most importantly, maintain control over their currency. in a digital world, this is actually their ideal solution. the only problem is international trade when other countries decide they dont want to accept china coin or whatever in their trade deals.

none of the above because China doesn't care about bitcoin as much as the media has been showing it to be like in the past month. and i assure you that soon enough things will go back to normal and everyone will forget about China until another price correction is needed then FUD machines start up again.

your picture captions should be this:
the cute train: whales who bought bitcoin from weak hands
the angry red train: newbies who had weak hands and sold their coins cheap just because of some random FUD.

it's a never ending cycle here, the fudsters are managing to keep this china thing alive for quite a while this time around though. unfortunately.

They really don't care if the price goes over $5000 or not. That will not change anything for them, they want control and will continue to try and exert that whatever the price is. In the end, it doesn't change anything, the Chinese people will still use Bitcoin whatever measure their government tries to prevent it.

this exactly. 5000 usd isnt some magical point or something, its probably that nothing will happen. in any case, we did either break or come very close to 5000 a few weeks ago, i wasn't really keeping track.

[audaciousbeing]

1) Double down and ban anybody talking about Bitcoin, Litecoin in public areas. Offer rewards to anybody who reports a person talking about crypto in private discussion.

2) Organize a small collective of dodgy individuals to release a competing Bitcoin clone, and call it something like Bitcoin Credits, and attempt to take control of Bitcoin via the back door...

3) Throw everybody who visits coinmarketcap.com in jail.

5) Meet with world leaders to discuss this new form of financial terrorism and instigate a coordinated and sophisticated global response.

6) Get home at night and login to LocalBitcoins.com to buy Bitcoin...

If that should happen, in which is not far from happening because looking at how bright the price had shown and the tenacity it has shown I am sure it will get there. What the Chinese will do, they surely have a lot of weapons in their arsenal to unleash on bitcoin and the crypto industry but I dont see them fighting back immediately rather wait till when the whole industry will be settled to come in. I see them attacking using the any options such as

1. Going after mining farms with the thinking that they make bitcoin available either to sell or to ensure transaction are confirmed or not.

2. A massive crackdown on individuals still finding their way to use bitcoin and also might come out to say emphatically they are stopping bitcoin and every thing we have been hearing and acting upon, are merely rumors.

[alyssa85]

I was just surprised how we reacted to the whole China closing exchanges news.

They are just one country and like other say, they will be forgotten soon enough.

The momentum that Bitcoin will unleash soon enough will indeed make this moment insignificant.

China has do what it wants, the whole world can see that Bitcoin is needed and will adopt.

It's because investors had this narrative of "1 billion people adopting bitcoin", and were ignoring that China had banned merchants from accepting bitcoin as far back as 2014, so adoption was never going to happen there. Once the price rose and people started using it for capital flight, they were bound to crack down on the exchanges too.

[theunbeatable]

none of the above because China doesn't care about bitcoin as much as the media has been showing it to be like in the past month. and i assure you that soon enough things will go back to normal and everyone will forget about China until another price correction is needed then FUD machines start up again.

your picture captions should be this:
the cute train: whales who bought bitcoin from weak hands
the angry red train: newbies who had weak hands and sold their coins cheap just because of some random FUD.

And this price corrections, new implementations, new rules and the upcoming bancassurance of china will benefit us as a whole. If we are thinking it in a way how other ICO run the money without the things that they have promised to do then it's better to so price corrections. BTC holds so much power that this power can be used by others to scam people and I think (it's a mixed emotion of China for like envy in cryptocurrencies and their care on the people who got scammed by ICO). They have take advantage on the disadvantage and they've made it personal.


We got a long way ahead and no matter what they will throw (to BTC and some alts ) as long as the technology aint broken no one can stop this ride.

[ivrynx]

If bitcoin passed the 5000 usd mark, i think china might still continue with their ban, depending in ts upcoming elections, but it they had lift their ban, for sure bitcoin will rise futther in value. I think it will really not bother china at all, if we look back, china did have a lot of miners, i think their government alrrady had enough bitcoin for themselves, and will probably still hodl them if it breaks 5000 usd, still it will be win-win situation for them, since what we arr hearing and reading, is that the chinese only banned and not dumped bitcoins, in turn they mght be the country that hodled a large amount of bitcoin. Let's just hope that the chinese will soon lift their ban, since it will not only benefit the bitcoin community but theur country as well.

[dfox101]

China will be out of the bitcoin business. The government's short-sighted decision will make them regret big time later.

[Suqreme]

They still might keep the ban but who knows. China is unpredictable.

[Wind_FURY]

OP, nothing will change. China's attempts to ban it is to show their people that they are still in control of the financial system. Bitcoin is something more than a cryptocurrency. What it represents is freedom and the people's emancipation from the traditional banking system.

I truly believe that the Chinese government sees Bitcoin as something like a national threat so they cannot allow it to gain traction.

[BitcoinsGreat]

1) Double down and ban anybody talking about Bitcoin, Litecoin in public areas. Offer rewards to anybody who reports a person talking about crypto in private discussion.

2) Organize a small collective of dodgy individuals to release a competing Bitcoin clone, and call it something like Bitcoin Credits, and attempt to take control of Bitcoin via the back door...

3) Throw everybody who visits coinmarketcap.com in jail.

5) Meet with world leaders to discuss this new form of financial terrorism and instigate a coordinated and sophisticated global response.

6) Get home at night and login to LocalBitcoins.com to buy Bitcoin...

I am not totally agree with your points. I don't think china care about crypt currencies like bitcoins. Maybe they don't take any action because its already banned in china. I think china needs to rethink on their decisions and should take steps to rather promote bitcoins in a positive way.

[dragonusa9]

i dont think that china goverment would lift up the ban on bitcoin, its a proper announcement that bitcoin will be banned on china.
even price drop or rise into $5000, nothing gonna happen except china ban the bitcoin.