[2018-08-27] The Chinese crypto community doesn't seem to be bothered by the ban

[bbc.reporter]

This is what I have told everyone. The Chinese government can ban bitcoin and all other cryptocoins but real enforcement will be the problem. No government can stop the people from using a decentralized infrastructure for money.

Also, enforcing a cryptocoin ban on centralized systems like Alipay and Wechat will not stop the cryptospace.



China is continuing to enforce its ban on cryptocurrency inside its borders, and some companies appear to be responding in kind, with reports coming out that Alipay and WeChat have suspended trading on their platforms. On the other hand, crypto developers in the nation are all but thumbing their nose to the increased regulatory pressure, with Eric Meltzer, a partner at China’s largest blockchain fund InBlockchain, describing it as a ‘nothingburger.’

Meltzer went on to note that the Chinese ban on exchanges is a year old, and despite this the Chinese exchange scene is doing quite well.

Similarly, Chinese crypto developer Bobby Lee is not at all worried about the health of the crypto market, taking to Twitter to predict that bitcoin will trade at $60,000 with a circulation of $1 Trillion in the next few years.

Read in full https://www.chepicap.com/en/news/3218/the-chinese-crypto-community-doesn-t-seem-to-be-bothered-by-the-ban.html

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[Kakmakr]

They only banned Crypto currency ICOs in my opinion, so I do not know why this is news worthy. In most instances it is business as usual and the miners are still mining and the people are still trading. I know some of the miners moved their operations to other countries, when the ICO ban started. 

In the end it comes down to politics and the Chinese governments obsession to control all aspects of their citizens lives. Bitcoin is a threat, because it can be used for capital flight and it gives Chinese citizens financial freedom and their government hate that. 

[Betwrong]

I really like the prediction made by Bobby Lee and I think he's not far from the truth. Regarding the so-called ban, it looks like they have little to no power for enforcing it. China is a big country with many regions living their life regardless of what state officials are saying in Beijing, and the Chinese ban on exchanges a year ago with its poor implementation only confirms that. I think the Chinese government knows full well that by strict measures they can incite a revolution and that's why they are not enforcing the rules strictly.

[bbc.reporter]

They only banned Crypto currency ICOs in my opinion, so I do not know why this is news worthy. In most instances it is business as usual and the miners are still mining and the people are still trading. I know some of the miners moved their operations to other countries, when the ICO ban started. 

In the end it comes down to politics and the Chinese governments obsession to control all aspects of their citizens lives. Bitcoin is a threat, because it can be used for capital flight and it gives Chinese citizens financial freedom and their government hate that. 

Maybe you have not heard, but there was a news of a ban in Beijing that will not allow all types of cryptocoin conferences in the city including bitcoin conferences.

Also, the news might not be newsworthy for you, but it is significant in the idea that enforcing financial regulations on the cryptospace would be very hard.

[Coin-1]

Similarly, Chinese crypto developer Bobby Lee is not at all worried about the health of the crypto market, taking to Twitter to predict that bitcoin will trade at $60,000 with a circulation of $1 Trillion in the next few years.

It would be nice. This developer is very optimistic. I guess that many chinese investors hold a big amount of Bitcoin.

In the end it comes down to politics and the Chinese governments obsession to control all aspects of their citizens lives. Bitcoin is a threat, because it can be used for capital flight and it gives Chinese citizens financial freedom and their government hate that.  

Maybe you have not heard, but there was a news of a ban in Beijing that will not allow all types of cryptocoin conferences in the city including bitcoin conferences.

In 2017 I heard of their intending to ban an ASIC mining pools of Bitcoin, but this government decided not to block the internet connections due to some reasons. As far as I know, even a VPN tunnels doesn't work through their "great" firewall.

[royalfestus]

I never knew the ban was getting this stiff. Even in countries with stiffer measures there is no ban against conferences on bitcoin. The ban has a remarkable influence on bitcoin in the country, a country that has a large some of fund in bitcoin with high volume trade exchanges; Huobi and Okcoin. there is still a motive by government not stopping the visits of the sites.

[vit05]

It is curious how difficult it is to have complete information on the Chinese legislation regarding Bitcoin. No one ever has a definitive answer. Supposedly all trade related to cryptocurrency would be banned. Then it was just ICO but p2p would still be worth it. Then rumors began about the banishment of the mining farm.

I believe that mining farms find difficulty where energy is not so plentiful. But most still do not encounter major problems or resistance.

As for the exchanges, they all changed their address.Most to HK.

Headquartered in Hong Kong, BTCC
https://www.btcc.com/guide/aboutus

[gentlemand]

Maybe you have not heard, but there was a news of a ban in Beijing that will not allow all types of cryptocoin conferences in the city including bitcoin conferences.

Also, the news might not be newsworthy for you, but it is significant in the idea that enforcing financial regulations on the cryptospace would be very hard.

One district of Beijing, the most symbolic one of their power as far as I can tell.

I've given up on getting any facts out of China. The place is a black hole of lies, spin and outright bollocks.

The less China the better as far as I'm concerned. Nothing good has come of their involvement.

[carlfebz2]

Maybe you have not heard, but there was a news of a ban in Beijing that will not allow all types of cryptocoin conferences in the city including bitcoin conferences.

Also, the news might not be newsworthy for you, but it is significant in the idea that enforcing financial regulations on the cryptospace would be very hard.

One district of Beijing, the most symbolic one of their power as far as I can tell.

I've given up on getting any facts out of China. The place is a black hole of lies, spin and outright bollocks.

The less China the better as far as I'm concerned. Nothing good has come of their involvement.

I'm not already interested as well because if I do read up something about them or any news then most likely this is already being ignored.I don't care if they would banned crypto forever but the fact would still be the same.It might being restricted but killing it 100% wont really be possible.Inspite of the ban crpytospace is still holding on and this do only proves out that we can stand without minding China's involvement.

[darkangel11]

The Chinese don't seem to care about additional bans because everything related to crypto was already banned. First they banned exchanges from trading in local fiat, then they banned the exchange process as a whole, then mining... Probably every crypto enthusiast is already in Hong Kong. IMO Chinese Government is cancer, but what would you expect from a country that censors the Internet and promotes violence in the form of public executions.

The less China the better as far as I'm concerned. Nothing good has come of their involvement.

Exactly.

[bbc.reporter]

Maybe you have not heard, but there was a news of a ban in Beijing that will not allow all types of cryptocoin conferences in the city including bitcoin conferences.

Also, the news might not be newsworthy for you, but it is significant in the idea that enforcing financial regulations on the cryptospace would be very hard.

One district of Beijing, the most symbolic one of their power as far as I can tell.

I've given up on getting any facts out of China. The place is a black hole of lies, spin and outright bollocks.

The less China the better as far as I'm concerned. Nothing good has come of their involvement.

Agreed. I also found out that it was only a district in Beijing hehehe. The news media is making it appear bigger than what the FUD is but it is just another nothing burger.

But I reckon China's bitcoin involvement is not all bad and it can also help the cryptospace's economic development if they were not so afraid.

[dreamhouse]

China always have both side. They ban cryptocurrency for most their plain people but allow their rich people to play them in Hong Kong. So if you are rich in China, you do whatever you want...

[magneto]

This is what I have told everyone. The Chinese government can ban bitcoin and all other cryptocoins but real enforcement will be the problem. No government can stop the people from using a decentralized infrastructure for money.

Also, enforcing a cryptocoin ban on centralized systems like Alipay and Wechat will not stop the cryptospace.

Exactly. This is exactly what bitcoin was designed against, to prevent governments from ever being able to fully banning the use of it as it is decentralised.

While third party payment processors can co-operate with the government to make the process of buying and selling bitcoin increasingly difficult, there will always be new ways around it as the bitcoin network itself will continue to be uncensored and decentralised.

All that the Wechat and Alipay ban is are words. Practical enforcement and weeding out all the crypto related accounts will be difficult, next to impossible. Same applies to all other governments currently banning bitcoin, most users aren't bothered by it at all.