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BigTeeths
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May 13, 2018, 08:58:11 AM |
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What is happening to China is basically the opposite. I've watched a video on youtube where stores that sells mining rigs there are very common. Mining is still ongoing there.
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Unlike traditional banking where clients have only a few account numbers, with Bitcoin people can create an unlimited number of accounts (addresses). This can be used to easily track payments, and it improves anonymity.
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jpespa
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May 13, 2018, 09:13:21 AM |
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Fake news? I don't think China will ban bitcoin when it is greatly profitable for them. If there are any reasons though if they will ban it is probably because of energy consumption. When you are mining bitcoin the energy consumption is great since you will always leave the miners open and if they continue using it unless they have renewable source of energy, energy shortage could happen to their country and it is not really good to happen since China is very large and has large community.
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Magic Sarap
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May 13, 2018, 09:20:55 AM |
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China's three major virtual currencies trading platform Bitcoin China, Coin Network, OKCoin currency have announced that they will cease trading business, the Chinese regulatory authorities so resolute and beyond imagination. I would like to know why China prohibits bitcoin. What is the reason, who can tell me? This is the news link I saw before： http://www.myzaker.com/article/59bf055a9490cb703500002b/From what i've known, china still mining. Maybe the issue is a hoax because china still using cryptos. Try to determine the real and hoax. Apparently, china is the most profitable by using this bitcoin. |
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boyjack
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May 13, 2018, 09:54:40 AM |
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it is fake news, china not banned bitcoin. and many crypto currency exchange are trading in china. may they will regulate trading cryptro currencies, thats not only bitcoin all other coins will be affect it.
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jerix
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May 13, 2018, 10:02:58 AM |
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China's three major virtual currencies trading platform Bitcoin China, Coin Network, OKCoin currency have announced that they will cease trading business, the Chinese regulatory authorities so resolute and beyond imagination. I would like to know why China prohibits bitcoin. What is the reason, who can tell me? This is the news link I saw before： http://www.myzaker.com/article/59bf055a9490cb703500002b/China forbids Bitcoin because Bitcoin is easy to use for fraud, illegal transactions are used, and China wants to make its own virtual money. This is the reason I know so much. So it is only natural that China forbids Bitcoin completely. Yet if I think is very unfortunate because for me Bitcoin is a very profitable and promising digital currency for the future. |
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Lizzardis
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May 13, 2018, 10:40:03 AM |
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First of all it's not banned and soon cryptos will be regulated at governmental level.
Anyway, it's just like internet - you can't really ban it in such a huge and populated country as China. I read an article about lots of enterprises/factories/markets using cryptos in their system unofficially to avoid taxes and hide profits right now. So, I think number of users there is huge, not talking about their investors
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Dudeperfect
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May 13, 2018, 10:55:47 AM |
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It's not just the China but governments across the world are not happy to see people are taking the control of their wealth and hence they will try in every way to distract us from using something which is beyond their control. They will use banks, media and their power to restrict the growth of decentralized payment systems. However, things have grown so big that government cannot directly destroy the network and the only way to eliminate the usage of cryptocurrencies is through pressurizing users on multiple fronts. I don't think that it will affect the Crypto industry on the larger time scale because the mass maturity has increased over last few years.
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Virtual miner
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May 13, 2018, 02:24:26 PM |
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The obvious reason for this reason is that allowing the use of Bitcoin goes against its communist ideas. Not to forget that China has banned Google, Yahoo, Facebook, etc. basically China does not want to transfer the power to the people. And Bitcoin, being a decentralized technology was banned there because it can give financial power from government to general public. We have just received some rumors that China is deciding to come up with its very own version of bitcoin means its own crypto controlled by the government just like they have their own versions of Youtube and all.
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LKing
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May 13, 2018, 02:25:13 PM |
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Ignoring the fact that no-one really knows what China did or did not ban as very few people in the West speak China and, anyhow, the Chinese authorities are renowned for their opacity, authoritarian governments do not like their citizens having an opportunity to transact outside the established channels.
Middle class and wealthy Chinese are desperate to leave due to the lack of a rule of law. Hence, they use whatever means necessary to send funds outside the jurisdiction of their PRC overlords. Some even buy four letter domain names which they know they can sell once they get to the West. Bitcoin is yet another way to store funds which can be safely accessed if they manage to emigrate.
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Amelial
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May 13, 2018, 02:27:19 PM |
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Bcos china issue their coin so they no need bitcoin
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Lucas Kronenberg
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May 13, 2018, 02:38:26 PM |
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China is a socialist country in which all financial flows are controlled. As bitcoin is preaching the opposite of financial philosophy. Against the background of these contradictions, China may or to control or to prohibit the transaction of bitcoin. Well, since China is not yet able to achieve control, it is blocking.
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Saiful Islam777
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May 13, 2018, 03:13:37 PM |
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China can not go outside the money exchange policy as a foreign exchange country. Bitcoin is the online technology and it is not central to any bank, and because it is not coordinated by any government, China has announced Bitcoin closure in their country.
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n0ne
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May 13, 2018, 03:17:48 PM |
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China haven't made any ban upon bitcoin usage, it made hard regulations upon bitcoin as well other cryptocurrency usage. This got initiated when there were fake trading volumes from the exchanges functioning in the country. Later when the inspection upon exchanges were made by PBOC, it lead to hard regulations and not a ban.
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Happydd
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May 13, 2018, 03:25:02 PM |
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China bans bitcoin as it affects economic development. The Chinese government wants to develop their national currency. Bitcoins can influence the monetary policy of the country so they banned bitcoins.
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pantheraio
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May 13, 2018, 06:24:33 PM |
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Probably because china does not want any currency that they can not control and in the end they banned bitcoin because we know that bitcoin can not be controlled by anyone, nor government from all countries in this world. China just wants to have things they can control or hold so that no future chaos will happen in their future.
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yoseph
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May 13, 2018, 06:59:19 PM |
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Probably because china does not want any currency that they can not control and in the end they banned bitcoin because we know that bitcoin can not be controlled by anyone, nor government from all countries in this world. China just wants to have things they can control or hold so that no future chaos will happen in their future.
In a country where the leaders seem to be in total control of almost everything, its not surprising that they would want to ban something that they have no control and that it Bitcoins and other cryptos that are decentralized. |
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Oto3
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May 13, 2018, 07:05:03 PM |
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At present, China's domestic currency transaction network lacks legal recognition clause, which means that these currencies are free to operate without any agency. any management. This is a tremendous business risk.
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kipo
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May 13, 2018, 07:26:19 PM |
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Maybe I have missed something but I haven't heard about the ban of Bitcoin by China. I don't think that it is truth because according to the news I have heard they have stricter regulations but not the complete ban
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johnstampa
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May 13, 2018, 08:40:46 PM |
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Earlier this month, the People's Bank of China (PBOC) which is the central regulatory authority that regulates financial institutions and drafts the monetary policy of the country, issued a statement that “it would block access to all domestic and foreign cryptocurrency exchanges and ICO websites.”
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YED
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May 13, 2018, 09:32:39 PM |
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To clarify some issues, what China did is to ban banks to deal with bitcoin and/or other cryptocurrencies; they also have some limitations when they want to pull out some money (USD 10,000).
FYI, the chinese have most of the mining market because of the advantages the country offer to the people, for example free electricity; A big cost in mining services is electricity and with that you cover your cost.
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