China crackdown on BTC and will support its own cryptocurrency

[monkeydominicorobin]

https://www.forbes.com/sites/sarahsu/2017/10/19/will-china-host-the-worlds-biggest-state-backed-digital-currency/#380d56461231

Though the news was on October 2017 but still relevant and could be one of the contributor why there is huge dip of BTC's price recently.
 
Majority of Chinese patronize their own. We cannot deny the fact that there are large of Chinese population in  the market of Cryptocurrency and their absence will be a huge blow to the price of BTC and other cryptocurrencies in generals.

Learning to use a cryptocurrency is different from loving a government sanctioned cryptocurrency. The learning curve will always be steep. Chinese are hard headed people. Adoption and education are two different animals. Their idea is a quicksand. Moronic.

[Tambu]

1. it is a decentralized currency that nobody can control, censor, tax, restrict, ban,...

Price of BTC can be manipulated indirectly. Oligarch can still dictate the price. So still they can control the price.
Every country can tax a btc if they want to. They can do that in the payment. They can dictate the banks and other agency to tax the money from btc.
In restriction and ban it already happening in other country (like Bangladesh).

Bottom line BTC is no  immune in manipulation. As long people in power wanted to, they can do whatever they want.
 

[weeklyeth]

China Own currency is still a suspense to every one but they are completely banning bitcoin and altcoins out of china

[Tambu]

China Own currency is still a suspense to every one but they are completely banning bitcoin and altcoins out of china

I doubt it that China will suspense their own coins. Recently TRON just integrated to Peiwo. In fact they are promoting their own coins.
For btc, China is rough on it but there are still lots of Chinese own a BTC. 

[taeewo]

China always support what they and dont want external project overthrown in their country, thats their plan and am sure bitcoin's will still remain the master as pioneer..

[Nabilog]

In term of money China is good at it. China already creating lots of new coins/tokens because for them quantity always beats quality.

[Tambu]

The other thing why China crack-down BTC because it's it's paving the runway for their altcoins. Recently airdrops flooded with Chinese altcoins. 
China marketing strategy is quantity makes a better profit than quality and it's really effective. 

[Hellobx]

But there is no denying that many Chinese are still buying the Cryptocurrency.
Because even if the Chinese government bans exchanges, the Chinese can still use a VPN to buy tokens from overseas exchanges.

[loraalbert]

I have to agree with the other persons opinion most of the successful chinese businessman are residing in other country rather than their own and they are making a lot of income there becuase they see that other citizens have a potential and skills to help develop and improved their businesses.

Yes, China's main problem for a long time is domineering in trade and economy. There are reasons to take measures to reduce the impact and limit the bitcoin trading floors. They tie the population into the framework because they do not want their money to flow into the world. They want the money of the citizens they build and invest in their internal crypto generated. They complete it and do not have anything bright and nice for bitcoin and cyptocurrency.

[EJHX]

China banned many Wechat groups. Regulation may be coming in the next few days. Something to watch out for

[palle11]

China always support what they and dont want external project overthrown in their country, thats their plan and am sure bitcoin's will still remain the master as pioneer..

This has always been what there plan is which is why they have come this far in developing there society. They believe in patronizing home made products and that is the reason you can't compete with them in business in there own country.

I have always known that there banning of icos is just not to allow foreign ico to have any space to grow.