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Author Topic: DO you think china was right to shut down Bitcoin exchanges and ICO?  (Read 557 times)
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December 06, 2017, 03:35:46 PM
 #21

shutting down ICOs was a good thing, some other countries did the same thing by banning all forms of ICO, and this type of Initial Offering (IPO) is not legal in many places!

but shutting down bitcoin exchanges may not have been the most "right" thing to do. although the Chinese exchanges were pretty shady and illegal.

as for your speculation here, i have to say i am not surprised by the BCH performance at all. it was almost expected to be like this. a big pump at first then a slow downward spiral. that is the main characteristic of all the pump and dumps.

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December 06, 2017, 03:37:18 PM
 #22

Certainly agree with most of the replies here. There were too many people being scammed in China, hence one of the reasons to control and shut down exchanges. It was done just before the national congress to proof a point as well.

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December 06, 2017, 03:54:41 PM
 #23

shutting down ICOs was a good thing, some other countries did the same thing by banning all forms of ICO, and this type of Initial Offering (IPO) is not legal in many places!

but shutting down bitcoin exchanges may not have been the most "right" thing to do. although the Chinese exchanges were pretty shady and illegal.

as for your speculation here, i have to say i am not surprised by the BCH performance at all. it was almost expected to be like this. a big pump at first then a slow downward spiral. that is the main characteristic of all the pump and dumps.

I agree ICO banning is good, but closing down the operation of their exchanges? I don't think so. Although those shady exchanges has try to cooperate with the government and don't practice the fake volumes, it doesn't make sense to close them at all. And for me the real victims here are not the market, but those Chinese who have love bitcoin and look at it as their main source of income. Its the sad part for the Chinese bitcoin community, but I'm sure they will try to find a way to continue and go on with bitcoin and crypto's.

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December 06, 2017, 04:03:04 PM
 #24

No it is not the right thing, China strongly opposing all forms of crypto related transactions so they banned but still China is in the top of bitcoin transactions as per some reserach they have the most of the miners which is considered as the backbone of bitcoins.Maybe chinese ministry scared of the bitcoin price growth they think that price of bitcoin will replace their local currency.But still people from China can use bitcoins but cannot convert into chinese fiat currency.But due to China's action many country may follow them by banning bitcoins in their country also.



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December 06, 2017, 04:05:02 PM
 #25

No. The right thing is regulating ICOs and exchange to prevent scam and easy loose of money.
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December 06, 2017, 04:25:16 PM
 #26

No. The right thing is regulating ICOs and exchange to prevent scam and easy loose of money.

For many that is still the belief that that was the intention and in time they will re-open the ICO market in China but with far better regulation in order to profit themselves and also better protect investors.

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December 06, 2017, 04:25:39 PM
 #27

We have to understand what the objectives of the Chinese government were. They wanted to prevent Chinese people from losing money in scam ICOs. They want to prevent people from using crypto to by pass capital controls. So from the government's point of view, it was the right decision.
Absolutely right, the Chinese government was trying to save their people from being robbed in the ICO's as well as at the same time they locked and tightened any black money to be injected in the Chinese economy.
The objective of China government to keep all the economical activities in a centralized manner. I guess China has the idea of bitcoin price increase to this insane level so, they banned it. China is nowadays only interested in the accumulation of US Dollars from around the world, the rising trend of cryptocurrency was a threat to China's mission.
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December 06, 2017, 04:30:57 PM
 #28

I don't think Chinese government and regulatory authority take the right decision by banned crypto currencies activities and they citizens and traders that sold their coins out of that decision are regretting and getting frustrated because of this action. I think in future when bitcoin become the number one world currency! The government of Chinese will loose ground as the crypto currencies related country.
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December 06, 2017, 04:32:31 PM
 #29

shutting down ICOs was a good thing, some other countries did the same thing by banning all forms of ICO, and this type of Initial Offering (IPO) is not legal in many places!

but shutting down bitcoin exchanges may not have been the most "right" thing to do. although the Chinese exchanges were pretty shady and illegal.

as for your speculation here, i have to say i am not surprised by the BCH performance at all. it was almost expected to be like this. a big pump at first then a slow downward spiral. that is the main characteristic of all the pump and dumps.

Some ico was really acting like scammers. This is somehow a good thing to take them under regulations. But for their bitcoin decission, this was totally a wrong decission, they can't ban bitcoin permanently.
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December 06, 2017, 04:41:49 PM
 #30

ICO is banned to protect their citizens, that's what they claimed to be and I think they have every right to do so. But banning them for the reason that it disrupts their economic order, hmm.. sounds absurd to me. But it is what it is. Government feel threaten, the best solution is to banned them. That's how authoritative one party they are.

However, I'm opposed the closing of their domestic exchanges. At least they should have regulated it or just put a tighter directive so that they have control on them. Remember around March they have suspended them already but allow to operate once more with strict regulations. I guess the nature of bitcoin being de-centralized with no central authority and they are afraid of manipulation that can put a noticeable effect on their economy.

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December 06, 2017, 04:54:32 PM
 #31

I think china is the main power of bitcoin. They also having the right and decision either bitcoin will shutdown or goes on.

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December 06, 2017, 04:59:36 PM
 #32

It was probably a calculated move by the Chinese authorities. They will allow exchanges back online once they figure out how to structure taxation - I guarantee you that.

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December 06, 2017, 06:07:24 PM
 #33

On both I would say they are wrong because despite all the antics that they showed, bitcoin still came out stronger which makes all their effort to be a wasted one. Bitcoin exchange sites still coming out while the existing ones have not stopped doing business. ICOs are still launching with several countries ready to accept them with regulations. What I see the Chinese doing is just ensuring that they remove themselves from the currency of the future.
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December 06, 2017, 11:34:24 PM
 #34

China shutting down exchanges is not without historical precedent.

I can't remember exactly what the scenario was, but there was a historical case where investors pulled money out of asian nations in past eras with disastrous consequences. It makes sense for china to keep funding inside its borders where its needed to fuel their economic rise. Capital being leaked outside china's borders is not unlike a balloon with a small hole, which deflates.

All in all, shutting down exchanges is a form of damage control. Preventive measures tend to be superior to reactionary ones. Its much easier said than done to prevent the circumstances which lead to people pulling billions out of a nation's economy, but perhaps still a goal worthy of pursuing. It might be said that many of these heavy handed policies are preventable.

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December 06, 2017, 11:50:41 PM
 #35

It was probably a calculated move by the Chinese authorities. They will allow exchanges back online once they figure out how to structure taxation - I guarantee you that.


If that thing happen to china, most probably their people will strongly disagree with their bad intensions towards crypto. We China is one of the powerful countries around the world, and their plan doesn't give a huge contribution to promote and spread the goodness of bitcoin. In fact it only destroy the consistency of growing life of cryptocurrency especially bitcoin. Maybe China authorities will give freedom and let their people embraced this new technology rather than of dectating them of what the government wanted to happen.



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Rainbot
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December 07, 2017, 07:10:21 AM
 #36

It depends on how you would look at it, if you want to protect your country against the people who can easily scam, you would do so, we all know that chinese are also technologically advanced and they can easily fake ICOs and exchange sites, however, if you look at it in from a bitcoiner's point of view, you'll say that china had gone mad and didn't look forward into the future, for me, whatever china does is ok, since we can clewrly see, with or without china, bitcoin will still go up.
They never made the wrong decision, what they did was right. They have a huge market and I believe they did this to control their market which seems to be uncontrollable. By the way, if they didn’t do this, most of us would have still be believing that without China bitcoin won’t hold any longer.

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December 12, 2017, 02:53:22 PM
 #37

We have to understand what the objectives of the Chinese government were. They wanted to prevent Chinese people from losing money in scam ICOs. They want to prevent people from using crypto to by pass capital controls. So from the government's point of view, it was the right decision.
I know China has been a nation that really had a huge corruption issue in the past and it really took some hard decisions and some crazy jungle justice to be able to tackle it. Like you said, they have objective and they were bent on trying to make sure that even if they cannot stop bitcoin, they can at least control any activity around it, most especially since it has to do with money. Probably they felt if exchanges are not controlled, citizens may start using it to siphon funds into their wallets.

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December 12, 2017, 02:59:30 PM
 #38

Based on my opinion, I would say its a good thing although it seems the effect is not felt because of the amount of ICOs that comes out on a daily basis but truth be said its has reduced to a large extent. I wonder how much ICOs we have to deal with if the Chinese government have not taken that step. I am sure we would have seen someone whose idea is distribute food within his locality coming to raise fund in the global market then paint it and make it in such a way that one would think he wants to deliver to the the entire world.

I dont have any issue against ICOs, but it should not be about the free money that could be raised from that source rather it should be about project that seeks to liberate the world and whose people in the fiat world wont want to venture into because it threaten their own fundamental existence. Maybe someday we will get to that point.

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December 22, 2017, 02:40:37 AM
 #39

We have to understand what the objectives of the Chinese government were. They wanted to prevent Chinese people from losing money in scam ICOs. They want to prevent people from using crypto to by pass capital controls. So from the government's point of view, it was the right decision.
It was the right decision for them but not for their citizens they did not took this decision in order to protect their citizens, their citizens were fine even if they lost money to scam icos from time to time, they did this because people were able to avoid their policies regarding capital controls, so at the end they did just to make sure their control over their citizens was still very strong.
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January 04, 2018, 07:22:39 AM
 #40

Maybe yes for the self interest of the government because I don't believe that it is what the community there want. China government is always after for what they can gain, greedy that even the place which they did not own take it by force. So I think they have the plan to make their own bitcoin.

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