Why China is always bad news for bitcoin?

[levvv]

I think the government of china doesnt want their peoples get more weatlh from bitcoin.
Not only from bitcoin, also from other altcoins too.
The cryptocurrency can bring profit and wealth for us.

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[matthewogus01]

Governments do not want to see competing currencies. They threaten their monopoly to create money and control the financial system and the economy. Actually, the reason China is the first big government to take such action isn’t an accident. China more than any other country wants to have firm control of its banking system, and allocate credit according to a political agenda. This means that a competing currency like the Bitcoin would threaten its political system. The People’s Bank of China halted operations for digital currency trading platforms over concerns that the unregulated markets could pose major financial risks. Without the backing of a central bank asset and institutional support, it is not clear how a private digital currency at the centre of a large-scale payment system would behave, or whether the payment system would be able to function.

[Abigale123]

Because the government can not control BTC, so of course can not accept him, so there will be no good news

[Ikay]

They want to control the bitcoin by their self and have the taxes all of the exchange site in there country and obviosly they cant do it easily so the thing they do is to banned it and manipulate the bitcoin to their country thats why they banned it because to the thing they want but they cannot get it.

[gabbie2010]

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

Yes China has a very large population and are major investors I.e  holders  in cryptocurrencies whatever action taken by their government will have a drastic impact on the price of Cryptos recall when Chinese government started clamping down exchanges in the middle of 2017 the price of bitcoin dropped thereafter recovered,  as it is now China government going after miners will compound scaling issues of bitcoin invariably more problems ahead.

[zolfa]

I think china is in a state of no principle, but certainly china wants to create a new sensation in the world of critics, they want to master and create crypto. so with greed, they are ambitious to mine crypto until they dominate it.

[wolf one]

I think the government of china doesnt want their peoples get more weatlh from bitcoin.
Not only from bitcoin, also from other altcoins too.
The cryptocurrency can bring profit and wealth for us.

What you are saying is that on the one hand, there is bitcoin that threatens the renminbi status and hinders the Chinese government from restricting the development of bitcoin because it is not good for the Chinese government to master the national economy.

[gentlemand]

The Chinese leadership's number one aim has always been to preserve their leadership. Nothing else matters. Something like an unfettered Bitcoin is very certainly not going to help their grip on the country. I'm surprised it took them so long to stop the party.

Nothing good has come out of China for BTC. Their zero fee exchanges had an absolute stranglehold over the price. They would squash every rally from the West and then start over again. The rise above $1000 again only started when they were shut down.

Chinese mining has been a complete cancer on Bitcoin. China has never contributed anything significant to Bitcoin's development. All China has done is take and take and take.

I'd love it if their miners were removed for good, but they're just migrating abroad instead.

[dg2010]

China is a country where the Goverment wanna control everything. After a long time can't find the way to control Bitcoin, they ban it. Easy to understand.

[hghcoin]

I think china is in a state of no principle, but certainly china wants to create a new sensation in the world of critics, they want to master and create crypto. so with greed, they are ambitious to mine crypto until they dominate it.

I do not think China is ambitious. China is more worried about it. Fearing that there are still too many people in the Chinese economy to become followers, this is a very serious issue. After the rise and fall of the Internet bubble around 2000, I am also beginning to worry that more people will commit suicide. Therefore, the Chinese government should draw on the experience of the internet bubble and become more rational.

[IRISlingk]

There are many reasons, of course, but in my mind, it is very likely that they are sending some negative news about bitcoin, causing some Chinese holders to sell bitcoin, the price drops, and the government itself takes the opportunity to buy it. This is my idea because they said it has been a long time since Bitcoin was banned, but until now I have learned that many Chinese are still working on bitcoin.

[sotoshihero]

Because the government can not control BTC, so of course can not accept him, so there will be no good news

This is the most direct to the point answer whom I agree with. China can not control the bitcoin nor their government can not benefit from it. For them, its better to create a same cryptocurrency or a copy cat that is based on their country besides they have many people or population to used it too which is an advantage to them.

[zeingrind777]

I think the Chinese government gives a bad image of bitcoin because miners do not pay state taxes so their government is trying to ban its circulation

[paparexon0414]

We should not blame CHINA for it. I am not a native of this country but i think they are just doing their own business. China is a big country and the people of this country is a big help into the biycoin world. This is the possibilty why somehow bitcoin decrease its value due to massive selling of bitcoin holders from China. Buy what a i read in the website, China wants to create their own token that people from their country should support. Also, they are also preventing any scam from other ICO's (not all, we must say there are some).

[findgreenland]

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.

china is not a open country for fiat currency. While Bit or other altcoins have break such tradition.
Lots of money have exchange abroad by altcoins or bit secreatly without government monitor.
Well, as the feature of bit or altcoins, it is for sure that we still can do something about encryption currency though china has denied it.

[Chrystora123]

I appreciate what the Chinese government is doing to protect their citizens,
so far we know China is a country with a high degree of fraud,
from which it may be the Chinese government considers Bitcoin one of these forms of fraud.

[maimainguyen05]

Don't worry about it ) They are the biggest country for now and of course they also has their own cryptocurrency so they're trying to make investors in their country only focus on China cryptocurrency so they often release news has bad effect for Bitcoin ). But it'll not last too long cause Bitcoin is not their own cryptocurrency so they only can affect to Bitcoin price just a little bit )

[Tony Long]

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.

I think every coin has two sides. Don't you know  a man of great wisdom appears slow-witted. This is the strategy. Maybe in the future, China has an integrated regulation. They will open it!
As a participator and entrepreneurs in China, a big country needs to face many risks. Cryptocurrency is one of risks, Chinese like to think twice, then take action. And make a good prepare to take actions.

[Tony Long]

Don't worry about it ) They are the biggest country for now and of course they also has their own cryptocurrency so they're trying to make investors in their country only focus on China cryptocurrency so they often release news has bad effect for Bitcoin ). But it'll not last too long cause Bitcoin is not their own cryptocurrency so they only can affect to Bitcoin price just a little bit )

You are wrong, they don't have own cryptocurrency.

[coynedterm]

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

I think it is a type of competition system , like we can see in another field where any type of the rumours they spread to amke Thier own profit and also any type of stupid thing they can , similarly here the same thing happening in the cryptocurrency. As most of the miners as well as most of the bitcoiners crowd is from the China , so here we can expect that there bitcoiners trying to bring new new negative things to make the bitcoin and another altcoins to get dump and after that make buy and make profit with small up , well here we should not se towards the negative news because negative news coming and going are now a usual thing for the bitcoin , so don't care much about them .