China will ban BTC exhangers for good

[Gabb]

Well, I think this type of news has become so frequent, that sooner or later the bitcoin and the market in general will tend to develop an important resilience to this kind of threats, because although it is true that China is an important player in the the cryptocurrency issue, the market tends to grow so much globally that this type of news will increasingly tend to be more easily absorbed by a market increasingly eager to invest in cryptocurrencies.

[alyssa85]

Now all we need is the end of Chinese mining and the most toxic player in Bitcoin history will be gone forever. I will dance on its poorly constructed grave. China has been nothing  but a cancer on every aspect since minute one. I hope it never comes back in any capacity whatsoever.

You might get your wish! See

https://www.forbes.com/sites/sarahsu/2018/01/15/chinas-shutdown-of-bitcoin-miners-isnt-just-about-electricity/#216bb457369b

China’s government is planning to shut down Bitcoin miners in its latest crackdown on the cryptocurrency. The Leading Group of Internet Financial Risks Remediation has requested that local governments make an “orderly exit” from the industry. China produces the most Bitcoin in the world using Bitcoin mining , which involves an energy-intensive process of solving complex math problems to add transactions to the Blockchain, a public ledger. But the crackdown is about more than the high levels of energy required to mine Bitcoin.

China is planning to limit electricity to Bitcoin miners, and government bodies have expressed concern about energy usage. Bitcoin mining is estimated to use up to 4 gigawatts of electricity, equivalent to three nuclear reactors' production levels.

However, this move isn’t just about the electricity. In fact, it is telling that it was China's central bank that met on the issue of Bitcoin mining, underscoring the fact that the issue is not only, or even primarily, an energy issue. It’s about clamping down on perceived risks of the cryptocurrency, which regulators have associated with malicious acts like fraud and money laundering. Authorities have already cracked down on thousands of criminal cases associated with alternative cryptocurrencies, including Onecoin and Ticcoin. These cryptocurrencies were viewed as Ponzi schemes used to raise illicit funds. Later, officials shut down cryptocurrency exchanges and banned fundraising through initial coin offerings (ICOs). On Monday, it was reported that Chinese authorities would block cryptocurrency platforms that permit centralized trading.

[gentlemand]

You might get your wish! See

Well, as stated elsewhere it looks like the same suspects are taking their machines to other countries so we may well not be rid of the same characters. They still own all that mining grunt.

Whether they'll get any power deals that remotely compare to anything China could offer is another matter.

[Tenderino]

It looks like the Chinese government want that people use bitcoin as money transfer like it was the original idea of it and does not enforce trading. But I have no idea how they will block foreign domains? I can reach almost every gambling website when using a VPN.

[LuckyBtc]

Is it a good thing? Banning centralized exchange. Decentralized exchange development and use will fasten up. We also got some decentralized VPN projects coming up.

[Rath_]

I wouldn't be surprised if China was doing all this mess again in order to make people sell their BTC for a lower price. It would allow China to buy BTC really cheap and then they could announce that they are not going to forbid exchanging and using Bitcoin which would probably affect the price in the positive way. Why are you falling for it once again? Don't you think that most of the governments around the world started to take Bitcoin seriously as a potential threat?

[letscoin]

Bitcoin wont go anywhere.
And also the forbidden apple is the most delicious.

In china there is google and facebook also forbidden.
And in singapore there is chewing gum forbidden.

Is the western countries same stupid? I don't think so.

If some country else bans BTC it'll be some dictated or communist goverment.
 

[Washball]

China and Korea might ban or regulate crypto exchanges, but they should take a look at Japan. In Japan bitcoin is accepted by numerous companies. But also in the western world there are countries that want to regulate cryptocurrency. In Europe countries like France and Germany plan to have regulations regarding cryptocurrencies. So, decentralized currencies still have a long way to go.

[Hedda Gabler]

In china there is google and facebook also forbidden.
And in singapore there is chewing gum forbidden.

This is what happens when fascist governments take over a country.

[gabmen]

China and Korea might ban or regulate crypto exchanges, but they should take a look at Japan. In Japan bitcoin is accepted by numerous companies. But also in the western world there are countries that want to regulate cryptocurrency. In Europe countries like France and Germany plan to have regulations regarding cryptocurrencies. So, decentralized currencies still have a long way to go.

Right. Bitcoin isn't just about china. And i doubt that other countries will have an effect on china's decision concerning cryptos. The chinese government think too highly of themselves to do this. Korea may be swayed but we've proven it already in the past that crypto and bitcoin doesn't need china

[blinchain]

This is not possible. China will only promulgate regulations to target bitcoin, but it is impossible to prohibit bitcoin. This is a different concept.
Bitcoin needs regulation, which is the consensus of all countries in the world. However, because of the poor regulation of the regulation, it was not announced.
Bitcoin has become an economic system in the world and can not be banned if the government wants to make money from it.

[Advicerabi]

This bad news has already caused price bitcoin's getting low and other cryptocurrency, but although china ban bitcoin in their country this is can not make bitcoin die. Now as the holder bitcoin and other cryptocurrency that we can do is wait and try not to panic.

[boyeut]

I think it is because they noticed that the value of bitcoin is getting higher than their paper money.

[mayax]

I think it is because they noticed that the value of bitcoin is getting higher than their paper money.

i think they noticed that it's used for frauds, fake volumes to deceives clients, scams, ICOs(HYIPs) and many other shits.

[Scorpion]

There's too much money to be made and technology innovations to take advantage of to just abandon it all. I think China just want to make sure everything is done by the book and they get their tax. They're not going to let cryptocurrency completely take over without getting their cut.

[tal golan]

A senior Chinese central banker says authorities will ban centralized trading of virtual currencies as well as individuals and businesses that provide related services.

Authorities will also block domestic and foreign websites and close mobile apps that provide centralized virtual currency trading services to Chinese users, and sanction platforms that provide virtual currency payment services.

So, bye-bye BTC in China.  

https://www.ccn.com/china-looks-ban-centralized-cryptocurrency-trading-reports/

https://www.bloomberg.com/news/articles/2018-01-15/china-is-said-to-escalate-crackdown-on-cryptocurrency-trading

https://www.reuters.com/article/us-china-bitcoin/pboc-official-says-chinas-centralized-virtual-currency-trade-needs-to-end-source-idUSKBN1F50FZ

Yes, these is bad.
This is why all the prices off the crypto world are going down.

[mOgliE]

Indeed, there are trying to block btc..

Still, I highly doubt this can be enough. There are always other ways, other solutions... So maybe, it will slow down the number of exchanges but I don't think it will put an end to it.

And I guess that these are only "projects". So it should be voted before being implemented and again, I would say it is not that simple.

However, I must say that the mere fact that the Chinese government is dealing so adamantly with bitcoin must be taken seriously, as a warning sign.

[mayax]

https://www.ccn.com/china-ban-block-cryptocurrency-trading-icos-abroad-report/   


Per the statement, authorities are moving to "ban all crypto-related commercial business including banning and blocking both domestic and offshore cryptocurrency trading platform websites."

"Once found, will be immediately shut down. The future depends on its development and does not rule out the possibility of unveiling further regulatory measures," the report further adds.

The BTC will sink. It should be a normal move. China was a HUGE market.

[mayax]

To the Mooonnnn   

[richardsNY]

The BTC will sink. It should be a normal move. China was a HUGE market.

Will it sink as hard as your overall credibility on this forum has sunk throughout the last year? China's actions won't at all prevent people from buying and selling Bitcoin through alternative ways. It's not for nothing that after the PBOC sanctions, and especially the shutdown of exchanges there the local trading market has literally exploded in volume/usage. China can prevent people from accessing whatever exchange or service through the internet, but they can't do anything of significance against the peer to peer market, and that's something you seem to ignore, because you (as always) try to force through your own selfish troll and fud agenda, but people more and more know what you're up to.