China FUD

[Kelvinid]

It'a shame that the chinese government is taking such decisions, but they are going to lose the most in the end. The chinese politic system is characterized by conservatism. It is expected from them to not be open to revolutionary technology, but that is a burden on them. They will soon realise that you can't live in nutshell where the whole world is heading more and more towards globalization.

They are always making a FUD no matter what people say to them. Their participation in crypto is less likely possible as they are stricter than before. Thus, it was very unfortunate that the majority of the mining machines are coming from there and the biggest crypto mining industry are placed there. That makes a reason why they have a huge impact in the crypto market when they ban cryptocurrencies.

[wahyu wida]

It'a shame that the chinese government is taking such decisions, but they are going to lose the most in the end. The chinese politic system is characterized by conservatism. It is expected from them to not be open to revolutionary technology, but that is a burden on them. They will soon realise that you can't live in nutshell where the whole world is heading more and more towards globalization.

They are always making a FUD no matter what people say to them. Their participation in crypto is less likely possible as they are stricter than before. Thus, it was very unfortunate that the majority of the mining machines are coming from there and the biggest crypto mining industry are placed there. That makes a reason why they have a huge impact in the crypto market when they ban cryptocurrencies.

China is a smart country. we remember in 2017 where at that time China reacted when prices were at their peak, and finally a dump occurred, it looks like the incident is similar to this time. Of course they will seek personal gain from all that, let alone the launch of the digital yuan

[maisao1991]

Many of the world's leading exchanges are from China and with a daily trading volume of billions of dollars, China's total ban on bitcoin will probably have very bad effects on the market in the near future. When the CEOs of the world's leading electronic exchanges are arrested or detained, how will the market fluctuate?

[NotFuzzyWarm]

Many of the world's leading exchanges are from China and with a daily trading volume of billions of dollars, China's total ban on bitcoin will probably have very bad effects on the market in the near future. When the CEOs of the world's leading electronic exchanges are arrested or detained, how will the market fluctuate?

Why would the owners be arrested or detained?
Nothing anywhere has been said regarding that and there is no legal basis for such speculation. As long as they follow the new law(s), shut down and/or move operations out of the country they will be fine.

Yes they will have to deal with setting up accounts with foreign exchanges and banks to receive their mining earnings through and then sent/receive Yuan to their Chinese accounts. That is not only fully legal but also a very common practice in international banking. Again, as long as business owners follow the rules -- no problem.

[uneng]

China seems to be close to the full suite of Bitcoin restrictions:
1) No crypto exchanges allowed in China, restricting fiat to crypto flows
2) No mining companies allowed in China
3) No Bitcoin related spending allowed using bank accounts in China

If all three bans are enacted and enforced, do you think this still considered FUD or reason for concern?

I believe FUD is always a reason for concern. It means fear, uncertainty and doubt and it's a card used to destabilize something. In this case it was the strategy used by China to destabilize bitcoin. China created the FUD to spread fear, uncertainty and doubt among investors and this fact is easily noticed on reality as we can see many people are showing such symptoms right now.
China is provoking a readaptation in bitcoin businesses' allocations, what may have a very negative impact over btc on short run, but I think we should always think further, because once this readaptation is completed, bitcoin will be doing well again.

[pawanjain]

China seems to be close to the full suite of Bitcoin restrictions:
1) No crypto exchanges allowed in China, restricting fiat to crypto flows
2) No mining companies allowed in China
3) No Bitcoin related spending allowed using bank accounts in China

If all three bans are enacted and enforced, do you think this still considered FUD or reason for concern?

China has done this in the past and they have repeated it now. The China ban previously dumped bitcoin a lot but then at last bitcoin was able to recover from the dump and gain to ATH this year but then again China repeated the past but this time bitcoin seems to recover quite quickly.
We can see how bitcoin bounced back from $28k to $34k today. May be bitcoin keeps up the pace then we might recover quite quickly.
This year is surely one hell of a ride for bitcoin.

[Luzin]

May be bitcoin keeps up the pace then we might recover quite quickly.
This year is surely one hell of a ride for bitcoin.

Yes I hope so. Same strategy in the past few years and this I experienced it. It's like there used to be McCafee and now Elon. There used to be bad news and then good news. Today, of course, after FUD there is good news. This happened, planned and definitely this was done to enrich and increase the number of their assets. I truly believe blockchain technology will develop rapidly with its new generation. So don't worry it's a process.

[AakZaki]

~snip~
 This restriction from China is not permanent so I believe that bitcoin's restriction will be removed in China someday. Still without China bitcoin can recover because of so many people believing in it.

This has happened so many times, it seems the situation is always repeated and the same. I've been through this a few times so I hope it's just a cycle that keeps repeating itself.

It's true what you say it will come back sooner or later. I believe it. In the end we have to be good at taking advantage of the moment to gain.

[Dread Pirate Roberts]

China seems to be close to the full suite of Bitcoin restrictions:
1) No crypto exchanges allowed in China, restricting fiat to crypto flows
2) No mining companies allowed in China
3) No Bitcoin related spending allowed using bank accounts in China

Just because the source power issue from mining abuse and now they prohibit the exchange and ownership? I don't really follow this but if it's true I think the decision is unfair, they should just ban massive mining not restrict exchange.

[CryptoYar]

It's not a problem for me, China does the same thing in every bull run with the same story

Let's see their previous bans.

2013: China has banned its banks from handling transactions involving the Bitcoin virtual currency.

2017: Crack down against local exchanges.

2019: ban on btc mining

China always ban & unban bitcoin-related activities, so do not pay attention to it, soon all these restrictions will be removed

[verita1]

I agree with this opinion because despite the fact that China is crackdown on bitcoin mining it is positive because mining companies will have the advantage of operating with better conditions taking into account what interests us in that the extraction is friendly to the ecosystem and there are no irregularities. I would love for bitcoin mining companies to move to the United States.

“I think it's actually fantastic news for the Bitcoin ecosystem,” Peter Smith, Blockchain.com co-founder and CEO, told Yahoo Finance Live. “You're going to see a diversification of mining operations around the world. We've been seeing that trend over the last two years, as large mines are built in Europe, the U.S., and a variety of other geographic locations — but that trend is going to accelerate hard now. ”

https://finance.yahoo.com/news/china-bitcoin-crackdown-fantastic-news-for-bitcoin-blockchaincom-ceo-171135200.html

[Russlenat]

It's not a problem for me, China does the same thing in every bull run with the same story

Let's see their previous bans.

2013: China has banned its banks from handling transactions involving the Bitcoin virtual currency.

2017: Crack down against local exchanges.

2019: ban on btc mining

China always ban & unban bitcoin-related activities, so do not pay attention to it, soon all these restrictions will be removed

As a crypto investor, the best thing to do now is just to forget about China so it will not affect our decision-making. They claim to have the biggest miners in the world, that's why they can easily manipulate everything using their power on regulation, but if miners will move to other countries, I think China news would not be significant anymore unless they'll announce that they will regulate crypto and allow anything related to it.

[CryptocurencyKing]

Do people still take China seriously on these regular or should I say phenomenal crypto related activity bans? Becuase, I see no reason why crypto investors should. It just doesn't add up to me. For the past few years, China and other governments of the world has targeted different aspects of the crypto space and yet have made zero significant damage to the crypto ecology. With the series of tries from China alone, I think  a normal crypto investor should know better than to take the China FUD for making any market decision.
We ought to know that we are the market and our individual decisions matters. Having the feeling that other investors would go with the regular sentiment associated with this news is way too traditional to stick with. We've got to evolve better.

[wxa7115]

They are crashing the market on a regular basis with their FUD, and this makes me suspicious about the real intention.

"they" aren't doing it since the FUD we read is in English written by people who aren't even Chinese or care about what is really happening in China. for example when you go on reddit or twitter those people spreading the FUD on these platforms aren't from China. or if you look at Coinbase for example those manipulating the market and dumping aren't Chinese.
this is why even if China some day banned bitcoin for real nothing about manipulation is going to change since manipulators aren't from China. they've just created something big and scary and have been using it for years with surprising success.

It is the same old story, it would be interesting to see how many times China has ‘banned’ bitcoin and while impossible to know it seems despite being an old trick it is still very effective as people get scared and sell their coins all the time when this FUD is used.

But anyway there is not much to do, as long as people keep using social media to find out what is happening in the market and believe everything they read then this FUD is going to keep its effectiveness.