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Question: Why has China declared war on bitcoin and digital currencies?
Legal - 7 (87.5%)
Bitcoin discussion - 1 (12.5%)
Total Voters: 8

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Author Topic: Why has China declared war on bitcoin and digital currencies?  (Read 361 times)
BitHodler
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February 27, 2018, 11:04:41 AM
 #21

But China is not anymore the superpower of crypto market. If China ban all crypto related activities outright, the market will react for a short span. But I don't think any big impact will be seen for China's exit.
China's importance has been greatly exaggerated by the market for a very long time. It's safe to say that after the PBOC stepped in, the Chinese market showed its real nature, which is a very unmotivated market.

If you look at the ratio of China's massive size in comparison to other countries, and put it against the volumes they generated on a daily basis, they are a non important market overall.

The only reason that market boomed in the first place, was because of high frequency traders taking advantage of the zero fee structure the exchanges were using to massively inflate their volumes.

It shouldn't come as a surprise that after the exchanges there were forced to shut down, the general Bitcoin and crypto market did better than ever before. It's a clear sign that China's importance was only a thing in people's minds.

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February 27, 2018, 05:35:17 PM
 #22

They have declared because they wanted to make their own coin to be known and supported by Chinese rather that bitcoin, they have seen the potential it brought to each individual and they don't want that they cannot control it so they made their own not to compete with bitcoin but to control their people and can collect tax on them.

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February 28, 2018, 12:09:45 PM
 #23

China’s government is starting an all-out war against bitcoin and other digital currencies by banning fundraising through initial coin offerings and shutting down all mainland digital currency exchanges?

They have closed down the exchanges some time ago, but it's not set in stone. What I mean by that is, there's a reason for the ban and it's not "the good of the people" or a similar slogan. They are doing it to make all crypto businesses file for a government issued license and that will require them to pay a certain fee. The license will also make sure only certain people are allowed to run an exchange and this will of course be members of the ruling party or their family members.
IMO by this time next year they will announce the plan to tax and regulate exchanges.

It makes sense. Full control  and corruption at its best.
China is harsh with everything else too not just with Bitcoin.
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February 28, 2018, 01:38:15 PM
 #24

The main targeted crypto related activity as far as i know are those ICOs and domestic exchanges as well as foreign exchanges due to the financial risk though i don't know what kind of risk they were talking about, i believe if chinese government ends up banning possession and trading of bitcoin is not the end game of cryptocurrency, there is a wider market out there than a single country like china.

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February 28, 2018, 01:48:30 PM
 #25

China’s government is starting an all-out war against bitcoin and other digital currencies by banning fundraising through initial coin offerings and shutting down all mainland digital currency exchanges?

short and simple:

chinas central bankers will take the role of protecting the supply of motivated and rewarded labor for the countries economic structures, to ensure social order and peace

that is why they have to be in a conflict with cryptoeconomics,

Additionally chinas current corporate elite, will push them towards that direction, for personal and altruistic reasons

now give me your merits

regards

Scorpio

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February 28, 2018, 02:44:57 PM
 #26

The main targeted crypto related activity as far as i know are those ICOs and domestic exchanges as well as foreign exchanges due to the financial risk though i don't know what kind of risk they were talking about, i believe if chinese government ends up banning possession and trading of bitcoin is not the end game of cryptocurrency, there is a wider market out there than a single country like china.
You are right, they want their countrymen to promote and to support their own coins, they don't give freedom to their people to choose what they want, and besides that they want to imposed tax in their domestic coins which they are having a hard time imposing it in bitcoin.

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March 05, 2018, 08:23:51 PM
 #27

As we know, rising and falling of exchange rates Bitcoin and other cryptocurrencies are pure followed the market mechanism. so the Chinese government can not control the exchange rate, unlike the yuan against the US dollar. The government always dislikes something that can not be regulated. maybe that's why the Chinese government forbids ICO and cryptocurrency exchange.

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March 05, 2018, 10:49:22 PM
 #28

China is over-populated, thus many people are using bitcoin which it has become a real threat to the bank systems. So, China had to declare a war. That is why bitcoin has fallen sharply last year. Moreover, I do not believe they will continue with their scheme because they are going to regulate it so they can have a percentage. There are many unemployed people in China including poverty and famine. And the government's best choice was to ban bitcoin. Unbelievable.

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March 06, 2018, 02:56:47 AM
 #29

It is hardly possible to regard the measures taken by the Chinese government to regulate crypto currency as a war against it. Back in September last year, they said that they consider the crypto currency to be a threat to their economy, because it allows uncontrolled withdrawal of large sums of money from anywhere in the world. Also, the Chinese government was concerned about the massive cases of fraud among ICO campaigns and stated that this process is subject to regulation. They are still solving these problems. This is their right, because it is the internal affairs of this state. It remains to be hoped that China will find its way to ensure that the crypto currency is recognized as a legal tender in the territory of this country.

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March 07, 2018, 05:15:48 AM
 #30

China did not declare war on bitcoin and other digital crypto-currencies. In this country they are looking for their own way of introducing the crypto currency, including the question of the optimal ratio of decentralization and centralization in the crypto currency. I think that for a crypto currency such an experience can even be useful. If China does not find its own solution to the problem, then, most likely, it will join the rest of the crypto-currency community.

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March 07, 2018, 07:08:40 AM
 #31

It's all about politics and power. Knowing China who wants always to manipulate everything, wants to control the world and people, no wonder they are so much against crypto curriencies. They are against crypto currencies  firstly maybe because they cannot control it, cannot taxed it so the government  have no benefits on it and so they  banned it in their country.  The all-out-war against bitcoin and other digital currencies in their country is one way of telling their people that they wants control over everything, their lives and their financial freedom and eventually they wants control all over the world. I myself don't want it to happenned, communism style of government, no freedom at all, is not a life worth living for. 

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March 08, 2018, 08:48:42 PM
 #32

It is obvious that the government considers it to be a threat. They prefer to have almost full control in its own hands.

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March 09, 2018, 07:57:59 AM
 #33

It seems to me that China did not intend to declare war on the Crypto-currency. Although the government of China last September pointed out that the crypto currency is a threat to the country's economy due to the fact that it allows uncontrolled movement of significant funds in bitcoins and other crypto currency outside the country, but they are looking for their own way of solving this issue.

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March 09, 2018, 03:44:07 PM
 #34

It seems to me that China did not intend to declare war on the Crypto-currency. Although the government of China last September pointed out that the crypto currency is a threat to the country's economy due to the fact that it allows uncontrolled movement of significant funds in bitcoins and other crypto currency outside the country, but they are looking for their own way of solving this issue.
I do not see effective solutions in this direction. But cryptocurrencies are a secondary goal. The main goal for the Chinese government is ICO. They don't want the outflow of investment. I think that they will create an internal ICO. Foreigners can buy Chinese ICO but Chinese will not be allowed to participate in ICO abroad. It has a meaning.

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Edraket31
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March 09, 2018, 05:19:35 PM
 #35

It seems to me that China did not intend to declare war on the Crypto-currency. Although the government of China last September pointed out that the crypto currency is a threat to the country's economy due to the fact that it allows uncontrolled movement of significant funds in bitcoins and other crypto currency outside the country, but they are looking for their own way of solving this issue.
I do not see effective solutions in this direction. But cryptocurrencies are a secondary goal. The main goal for the Chinese government is ICO. They don't want the outflow of investment. I think that they will create an internal ICO. Foreigners can buy Chinese ICO but Chinese will not be allowed to participate in ICO abroad. It has a meaning.
Maybe they have said that because they want NEO to be one of the top cryptocurrency or will fight against Eth and Btc to take over their place as the top cryptocurrency of all time, let us see what will happen if they can make those things war possible with their very own coins.

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March 09, 2018, 07:16:23 PM
 #36

The all-out-war against bitcoin and other digital currencies in their country is one way of telling their people that they wants control over everything, their lives and their financial freedom and eventually they wants control all over the world. I myself don't want it to happenned, communism style of government, no freedom at all, is not a life worth living for.  

It's not an all out war against Bitcoin, or at least, that's not what I believe it is. Currently, China has seen and experienced how crypto in its entirety has been growing and gaining ground in basically every economy. It might have been the case that they in the very beginning thought Bitcoin was something they could easily deal with, but now realize it's impossible. If we take all that into consideration, they could right now choose to legally prohibit every form of crypto usage, and that on all levels, but it's not happening. I am quite certain that they realized that even for them, it's impossible to ban something that can't be banned at all. China will eventually come back, but with clear regulations and rules that are more in the government's advantage. It's either banning crypto and lose control, or regulate the market and maintain control....

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March 09, 2018, 09:12:17 PM
 #37

They have already "banned" bitcoin like 10 times past 4 years without success. This is nothing new, they ban everything that is great about the internet.

They have never banned Bitcoin outright. This seems to be a common misconception. They have banned ICOs, exchanges, P2P exchanges (that served as a loophole for the initial ban), and they're currently sitting the fence on mining. Holding and trading are still fair game, but who knows how long that will last.

Either way, China is no longer the giant it once was in trading volume, and the remaining traders have already learned how to sidestep regulations. An outright ban at this point shouldn't be too crippling in the short term, FUD aside.

Right you are! China has never banned bitcoin outright. Because that can't be possible for them. So they have taken a phased approach. First they banned ICOs because that was a channel of dirty money flowing in to their economy. I have seen a lot of Chinese scammers active in the ICO market prior to China ban so it was a good news for the entire crypto community.

Now China is trying to ban the mining operations because a communist country doesn't believe in people empowerment by sidetracking them. They follow heavily centralized policies. Crypto is one way that can't be properly tracked and taxed because of its pseudo anonymous nature. So the Chinese government are not getting the proper revenue from these crypto related market. So they are trying to curb it down.

But China is not anymore the superpower of crypto market. If China ban all crypto related activities outright, the market will react for a short span. But I don't think any big impact will be seen for China's exit. Also the Chinese government knows that it is impossible to control the entire crypto market in China. So those who want to use it, they will continue using it. Absolute ban can't be achieved practically.

Complete ban on crypto may not possible but in that scenario only tech freaks or Big traders can surpass the regulation and trade crypto currency without getting into the eyes of govt. the percentage of such people who can endure such risk are very less in no. BAN from a very strong economic country like china will definitely create a environment of panic in whole crypto market.

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chris2btc
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March 10, 2018, 03:28:11 AM
 #38

Answer is quite simple. Steadiness.

Both economy and politics.

People in China always follow the crowd. When there's a asset being hot and highly profitale (or even looks look profitable), crowds with unthoughtful people will come, and pump the price extreamly higher. Imagine 1.4 billion people invest bitcoin or shitcoins, and imagine the 50% dumping in Jan, how many people will jump from the top floor? And simply some steadiness about finance linquidity, foreign exchane loss, wow^^

Those will finally come to the steadiness of politics. For a despotism, what they need is steadiness, people working hard for the living, no troubles, no arguement, no unsatisfactory.

That's all.

No matter how hard would it be.
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March 10, 2018, 11:55:03 AM
 #39

Answer is quite simple. Steadiness.

Both economy and politics.

People in China always follow the crowd. When there's a asset being hot and highly profitale (or even looks look profitable), crowds with unthoughtful people will come, and pump the price extreamly higher. Imagine 1.4 billion people invest bitcoin or shitcoins, and imagine the 50% dumping in Jan, how many people will jump from the top floor? And simply some steadiness about finance linquidity, foreign exchane loss, wow^^

Those will finally come to the steadiness of politics. For a despotism, what they need is steadiness, people working hard for the living, no troubles, no arguement, no unsatisfactory.

That's all.
It seems to me that the cause of the other. I do not believe that the Chinese government cares about is to protect its citizens. In many villages of China now there is no elementary medical service. There is no reason that the use of cryptocurrencies makes people independent of the monetary policy of the state. They are free in their actions. These people are hard to manage.

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March 15, 2018, 07:06:25 PM
 #40

It is said, the Chinese government considers the crypto spread in China is considered to affect retail investors, and has caused a considerable price volatility. In addition, there was a fraudulent incident reported to the Chinese government. That led to the Chinese policy holders taking immediate action to prevent the riots by prohibiting fund raising through initial coin offerings and turning off all cryptocurrencies exchange.

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