Why China is always bad news for bitcoin?

[talkbitcoin]

This may sound funny but that is the reality. why?
Though the title says it all, you know China was the once the safe haven for bitcoin and bitcoiners.
Then, China started doing something to hurt the bitcoin and cryptocurrency in-general from banning ICOs to cryptocurrency exchanges and now they are after bitcoin miners, again... What is your thought on this matter? Share with us. thanks

Agree with you. For the matter-of-fact most governments ignored crypto till the time they realised it has become unstoppable now. Imagine a wild creature, the more you try to tame it hits back stronger. We all have to closely watch the developments.

bad example.
instead imagine cell phone, laptop, computer, ... any new technology and imagine if your government wants to ban them after they came out and there were some demand for it.

meanwhile the rest of the world are enjoying all these technologies, adopted them and have been working with them improving their country and now they are light years ahead of the country that banned cell phones, computers and internet....

[shkrz]

Problem is not a China, but such dependence of one country.

[nirmalaayi]

In my opinion, bitcoin in the china was treated the currency that's why china getting tight to whoever use, trade, sell/buy, or mining it.

[BitChief]

In my opinion, bitcoin in the china was treated the currency that's why china getting tight to whoever use, trade, sell/buy, or mining it.

Because in the past China was such a large portion of the volume of bitcoin. Also because in many ways bitcoins goals go against the goals of the Chinese government

[Taki]

This is a stupid country.
Is mainly the corruption in this country is quite serious, so the BTC and encryption currency is the way of the transfer of natural assets, it will make most of the assets transferred to foreign countries, China's so countries need to control the problem of foreign exchange, this is the fundamental.

Looks like you do not know a thing about China. Try to look at Wikipedia at first, before to make such conclusions. The level of corruption is very low there, mostly because such cases punished by death there.
I think Chineese government just trying to protect their citizens from possible loose from crypto currencies investments. I think they really care about their citizens, cause of if bitcoin will fall where all this people will go to complain? Nowhere.

[cipher-x_09]

As a bitcoiners and an investor in bitcoin, nothing is worse than the feeling that bitcoin is ban in your country and cannot be cashed out in your country because that would be a nightmare it's like having something which cannot be used and not functioning and would be useless for the owner to keep it.

[Klestar]

Yes, i agree to it that china has seen it coming in negative way of dealing in their country, thats why they banned bitcoin on their country and the other cryptocurrency. China banned the Initial Coins Offerings and the Bitcoin tradings due to high percentage of using cryptocurrency which is higher than using China's settled fiat for exchanges. Government wants to control their assets inside their country not to be controlled by a decentralized system.

[armansolis593]

This may sound funny but that is the reality. why?

Its because a lot of chinese has been getting a lot of money via bitcoin and becoming millionaires, and these millionaires doesnt pay taxes through their government. Thats why if you dont pay taxes its better to shutdown all the mines and exchanges. The decision of Chinese government maybe harsh but i think its for the betterment of their economy.

China started doing something to hurt the bitcoin and cryptocurrency in-general from banning ICOs to cryptocurrency exchanges and now they are after bitcoin miners.

There are still a lot of neighboring countries in Asia that doesnt ban bitcoin maybe these miner and exchanges can find a place there to set their businesses. As for the ICO, some ICO are scam its better in my opinion to ban them and not let a single money of the investor be put to waste.

[vintages]

China? Been a safe haven for bitcoiners before? Huh..I don't think so. Or maybe there is something I might be missing. Since I began my journey with bitcoin and through my researches, China has not Been so. It hurts me also why this restrictions where be placed by their government on their interested citizens. But the truth still remains that, in as much as the government keeps trying so hard, bitcoiners in that state will still go on with either investing or trading one way or the another. This is the 21st century.

[makulo123]

China is scared for their fiat CNY to not be thrown into waste, as it would be considering the economy of China. It was one of the first countries embracing Bitcoin, mining almost 70% of all BTCs, considering the electricity there is cheap. Their official reason is the "electricity, environmental issues and tax" but I think we all can see much beyond that.

[Akash1243]

When was China ever a safe heaven for bitcoins?I don't remember it at all.China had the most number of miners mainly because of cheap electricity and they had made lots of money with bitcoins without paying taxes so government started attacking all exchanges and as most number of miners were from China ,it affected bitcoins prices.And China has been trying to ban bitcoins for a long time, every year there was some news related to China banning bitcoins and it has also banned ICOs.

[Junglee]

It is not forbidden for China to want to control the rapid development of the ICO and its variations. China is where many technologies are growing fast with the bad, the fraud.

Apart from China, many other countries also have negative information. However, China is a big market of bitcoin and bad news is launched periodically for the purpose of establishing prices on the trading market.

[3gon]

This may sound funny but that is the reality. why?
Though the title says it all, you know China was the once the safe haven for bitcoin and bitcoiners.
Then, China started doing something to hurt the bitcoin and cryptocurrency in-general from banning ICOs to cryptocurrency exchanges and now they are after bitcoin miners, again... What is your thought on this matter? Share with us. thanks

It is because China is too populated and the effect of that massive users or miners can greatly affect the cryptocurrency market.

[Notcalculator]

Call it bias or not, it is a fact that China is a communist country. Their government want to control everything, facebook and google is not even allowed in that country, and now bitcoin and other cryptocurrencies as well. They only want things that came from them, and things they can control. They want things that will give them benefit. Bitcoin, miners and crypto industry is a threat to them. Let us hope for our brothers there to remain safe and anonymous while engaging in trading and mining.

This is true. China is a place of surveillance so it doesnt make sense to them to allow something that would help their citizens become anonymous. It's also possible that they're trying to kill it completely. That's why they've been banning it and unbanning it. They're trying to crash the market by causing the investors to panic sell.

It's also note worthy that there's been a change of power in china in 2012. Ever since, there's been a power struggle between the former and current incumbent general secreatary. The first ban happened on 2013. Perhaps the ban is a result of an internal power struggle to purge the former ruling parties.

[Sunforceman]

This may sound funny but that is the reality. why?
Though the title says it all, you know China was the once the safe haven for bitcoin and bitcoiners.
Then, China started doing something to hurt the bitcoin and cryptocurrency in-general from banning ICOs to cryptocurrency exchanges and now they are after bitcoin miners, again... What is your thought on this matter? Share with us. thanks

China does not harm bitcoin, the whole point is that a very large number of bitcoins are concentrated in China, and the state of bitcoin is very much dependent on the policy of China.

[HERMESH KAUR]

Still they have not yet banned bitcoin or crypto currency usage. They just banned ICOs and all trading exchanges.  All the developments have to be monitored carefully.

[coinsons]

becose they want to buy cheap our coins
thats why they acting like that !

[eaLiTy]

Though the title says it all, you know China was the once the safe haven for bitcoin and bitcoiners.
Then, China started doing something to hurt the bitcoin and cryptocurrency in-general from banning ICOs to cryptocurrency exchanges and now they are after bitcoin miners, again... What is your thought on this matter?

There is nothing wrong in banning of ICO's and i hope the rest of the countries will be doing the same and expect these kind of bans this year too from other countries,the reason is simple,these projects are collecting millions of dollars with no restrictions and there are many scams and we need to change that as some disappeared with millions of dollars without any reciprocation.

[D D zee]

cause China likes messin with everything as long as it earns them money. they ain't care about civil rights or anything, they also arrest lots of rich people who are not close enough to the plate...

[saycryptohello]

I think they are engaged in a manipulation of the market, it was especially interesting to hear loud statements during the period when in China the New Year holidays and as a rule, nothing happens at this time.