China continues to build a firewall to combat cryptocurrency

[hoabien780]

China continues to build a firewall to combat cryptocurrency
On February 5, 2018, China's central bank took another step toward building a firewall to prevent domestic traders and investors from accessing international cryptocurrency trading sites.

[nhieutam2008]

China continues to build a firewall to combat cryptocurrency
On February 5, 2018, China's central bank took another step toward building a firewall to prevent domestic traders and investors from accessing international cryptocurrency trading sites.

In my opinion this Chinese decision is not worrying.
The cryptocurrency traders have moved from Beijing to Tokyo trading floor at the end of last year. Many people in China can use the service  "byPass a firewall" (VPN) to cryptocurrency transactions.The reason is that the trading floor in China has moved to Japan, Hong Kong, Singapore, …

[bitcoindian]

chine firewall is for newbie who cant trade cyrpto currencies but nt for experts they can use VPN

[alyssa85]

We know from the events of early 2017 that most of the Chinese trading volume was fake. In fact once that was clear, the markets took off as focus shifted to demand in the rest of the world.

Obviously the Chinese are terrified of cryptocurrency as it is something they can't control and aides capital flight. But they are making a mistake, they're cutting themselves off from a key tech development. It's the equivalent of banning the internet in 1995.

[jtipt]

China continues to build a firewall to combat cryptocurrency
On February 5, 2018, China's central bank took another step toward building a firewall to prevent domestic traders and investors from accessing international cryptocurrency trading sites.

Let China do its thing, I think bitcoin has matured enough to not get tanked because of this. And anyways they already have a huge firewall which restricts a lot of internet usage but people bypass it easily though VPN, no is going to stop them doing the same in case of this firewall.

[CryptoJoshua]

More experienced traders will be able to get around this issue. Perhaps the newbies in this field will have some troubles but this doesn't matter since the experienced traders most likely hold a larger sum of all their cryptocurrency trading.

[squatz1]

Where's the source on this? Cause I can't seem to find this online anywhere. Can't be quick to trust anyone on anything on this day and age, though it is already known that China (a communist state) isn't too keen on losing any powerto thing like their currency to something which is decentralized -- bitcoin and other cryptos -- so I  wouldn't be surprised if this news is actually true.

I'll be waiting on a source.

[xdrpx]

In the short term the Chinese firewall "The Great Firewall of China" will barely, just barely, reduce the volume of transactions as people will as mentioned by many users in this post, attempt to make use of VPN's, but yes China has systems in place to even block most publicly known VPN's. During the blockade people will tend to use OTC (Over the counter) exchanges, arrange personal face-to-face exchanges. I don't think the Chinese Government is really doing much by imposing blocks on International exchanges, the ICO blocks I understand there's a risk of scams and lots of on-going ICO's tend to fail in the short run.

Also, most of the exchanges that were previously setup within China have moved to parts of Hong Kong in an attempt to get away from several Business restrictions and account freezes. The situation looks grave, but I'm guessing that OTC exchanges of cryptocurrencies will continue to happen, and now will happen at a rampant pace.

Another important thing to notice, this is only an international exchange blockage and an ICO blockage. People in China may still continue to buy and sell cryptocurrencies with exchanges already setup there.

[Juggy777]

China continues to build a firewall to combat cryptocurrency
On February 5, 2018, China's central bank took another step toward building a firewall to prevent domestic traders and investors from accessing international cryptocurrency trading sites.

Yawn! China sneezed and bitcoins took a hit, nope. Look if you're yet to realise it China had already done such stuff long back, did people stop investing in China NO. Were people baffled how to do NO. If you're not a Chinese stop bothering about it, they'll figure a way out. Ps VPN, friends and local bitcoins exist. So stop worrying about China and don't bring this not helpful topic.

[AlexW333]

We ll see many such news in 2018

USA, China, Russia etc

[gentlemand]

chine firewall is for newbie who cant trade cyrpto currencies but nt for experts they can use VPN

Then they'll go after VPN providers. They're probably not very hard to find and will likely be registered businesses. I'm surprised any are available. A government going to all that effort with their great firewall is not going to leave a gaping hole like readily available VPNs. They'll do it at ISP level if they can't pin down the individuals running them.

[budi691]

China is strange, they should be part of Cryptocurrency. and do not think to drop it. What exists today is the development of the era that can not be in dams, Bitcoin with Blockchain is a breakthrough new knowledge in the field of world economy that utilizes the greatness of internet technology.

[joebrook]

China continues to build a firewall to combat cryptocurrency
On February 5, 2018, China's central bank took another step toward building a firewall to prevent domestic traders and investors from accessing international cryptocurrency trading sites.

This is just a waste of time and resources, The Chinese government have placed restrictions on what the Chinese people were able to access online but that hasn't really stopped them and this can't stop them am sure even now they are trading in cryptocurrency but the issue is cashing out into FIAT.

[bilal_jan321]

China continues to build a firewall to combat cryptocurrency
On February 5, 2018, China's central bank took another step toward building a firewall to prevent domestic traders and investors from accessing international cryptocurrency trading sites.

It will open more space for JAPAN to be a CC leader. As china and south korea banning ICO's, Japan is accepting CC with open arms.

[JimXcrab]

after all im not surpriced about china, they are making some moves for the future, anyway they cant stop experts in crytocurrency. they still can use VPN to bypass and access to crypto. 

[fast2fix]

chine firewall is for newbie who cant trade cyrpto currencies but nt for experts they can use VPN

Then they'll go after VPN providers. They're probably not very hard to find and will likely be registered businesses. I'm surprised any are available. A government going to all that effort with their great firewall is not going to leave a gaping hole like readily available VPNs. They'll do it at ISP level if they can't pin down the individuals running them.

that's why we need a decentralized vpn, there are already some project or ico working on creating one. i really hope to see just one them release fully working vpn this year.

[J Gambler]

China continues to build a firewall to combat cryptocurrency
On February 5, 2018, China's central bank took another step toward building a firewall to prevent domestic traders and investors from accessing international cryptocurrency trading sites.

We should not be diving our heads into a tailspin kust because that we already know that china has really been decisive on its efforts to stop the spread of cryptocurrency on its borders. However, we should instead focus on making this news that we are receiving about China as a positive into which we can use the media coverage to correct their understanding of bitcoin

[Roman Coinson]

If you don't firewall in China works a lot of years) Google, Facebook, Twitter and etc are blocked there) But it doesn't work)Everybody who wanna use it, can switch in the VPN service and enjoy)) So, i don't see any problems for traders)

[boltz]

The new china wall it seems. I don't get it why chinese gov its so afraid of cryptos. I know that they are buying cryptos too but to eliminate the chance for the chinese people to actually use cryptos it seems a very bad ideea.

[alyssa85]

We ll see many such news in 2018

USA, China, Russia etc

The Americans seem to be very enthusiastic about bitcoin - see the recent US Senate hearings.

I think we'll see a divide - the free countries will see value in cryptocurrency and allow it, because they think it has the potential to be transformational. The authoritarian countries see bitcoin as a threat because it is something they can't control.