China Bitcoin Ban false alarm

[karur]

China's Huobi Exchange has already made the worst announcement, clearing all users in China, will it usher in the most terrifying decline next?

[buwaytress]

They're only all talk for now and hopefully they don't walk those talks because a ban on the apps and websites that we use to do trading is going to spell doom especially for those in countries that have a really strict countries and invasive towards the privacy of their people. We just hope that this cycle of FUD stays the same because a change for the worse isn't any fun for everyone except those that will benefit from what's to come next.

But as I was just saying, people have been getting their Bitcoin hits using direct p2p trading, at least according to the few individuals I know, and this going on for years. It's believable too as I've been doing P2P in my native country (where there's just one reputable exchange that no one likes). And this is even outside an app or platform, using YM, Wechat, Whatsapp, forums, you name it -- there're people there vouching for each other and taking their Bitcoin trades direct.

Every time a government does this, people learn to go underground and learn to deal P2P. Indirectly, it leads to better rates and more education, and more direct onchain activity (as opposed to selling/buying offchain on another platform/app).

I'd say it's an unintended win for Bitcoin, with some initial inconvenience.

[pinggoki]

The news will still have effects (probably) because we have to admit, China has a standing in the economic sector compared to other countries. But it wouldn't be that impacting as people are starting to get weary of the shenanigans China has been committing against cryptocurrency ever since 2018 came. There will come a time when people will just shrug news coming from China knowing that there's nothing good that's gonna come out of their country.

https://www.reuters.com/world/china/china-central-bank-vows-crackdown-cryptocurrency-trading-2021-09-24/

According to Reuters, this time is not a false alarm as it seems. China really has banned cryptocurrencies completely. There have been so many claims that they did this before so far but they all turned out to be wrong. But now, we see that it has really happened. But this should not be very surprising for investors because they should already be aware of China's being completely against this market.

Exactly, just like how the story of the boy who cried wolf went, people will start to get used to this negative news coming from China, if they haven't got used to it already. Most investors that have been in the cryptocurrency scene ever since 2018 have already known about this and had diverted their energy to something that will help the cryptocurrency community instead of focusing on the negative that is the Chinese Government.

[Wildwest]

We hope that the news spread at this time is just an engineering designed to drop the price of bitcoin, as you said in the previous year the same thing has happened and now the price of bitcoin drops dramatically but can eventually increase again when many crypto users know the news is just a way to drop the value of bitcoin, Therefore we should not be easily influenced by the news spread because they must have a certain purpose to make negative news.

[EdenHazard]

https://www.reuters.com/world/china/china-central-bank-vows-crackdown-cryptocurrency-trading-2021-09-24/

According to Reuters, this time is not a false alarm as it seems. China really has banned cryptocurrencies completely. There have been so many claims that they did this before so far but they all turned out to be wrong. But now, we see that it has really happened. But this should not be very surprising for investors because they should already be aware of China's being completely against this market.

according to this in 2013

https://www.bbc.com/news/technology-25233224

this in 2017

https://www.bloomberg.com/news/articles/2017-09-15/china-is-said-to-call-for-bitcoin-exchange-halt-by-month-end-j7lblmdg

and this in 2019

https://www.cnbc.com/2019/11/25/bitcoin-sinks-to-a-6-month-low-as-china-accelerates-crackdown.html

they were banning bitcoin multiple times and its like it  was yearly routine for them at the end of each year.

sure this time they are very very serious.

[RiskySanchez]

This is the reason why china has a significant effect on the state of the market every 4 years it will repeat itself with china news and this is what makes the emotions of traders and investors affected. So far I think this is just a correction of the price of bitcoin because they deliberately dump bitcoin for the benefit of companies from China. Who knows

[oktana]

It's not a false alarm, they have been banning crypto since 2013, LOL.

So why are investors still affected by this news? <snip>

This puzzled me! I know that there was a ban but what is the essence of putting up the news again? Could this be intentional to cause a dump? Because I do not see the necessity to bring it back up and create FUD that has obviously impacted the price. Worst of all is that there was a dip before this, and the news only took us deeper.

[masterrex]

I'm sick and tired of this old news, it was just recycled information but I believe it was intentionally published for a purpose to wreak havoc into the crypto market, and it was effective since the Bitcoin and other cryptocurrency prices temporarily declined and it was caused by that recycled information. I hope that China banned drama will end soon so that the market will normalize again.

[kryptqnick]

Look at the FUD. Do you believe it is real?

China will lose a huge income from tax if they ban crypto transactions and crypto exchanges in their mainland. With the greed they have, do you think they will self eliminate opportunity to earn income for their country and their regime?

Many exchanges try to move their main offices out of China main land years ago and they will continue this trend. Only if China want to reject such income, other nations have no issue with China ban as well as cryptocurrency investors or traders.

Crypto has recovered from China's FUD over a dozen times in the last 12 years

I don't know how real the current situation is, but I don't think it's completely a false alarm. I agree that cryptos recovered from similar news many times, and there's no way this will crush Bitcoin or cause significant long-term impact on its price, even, but I think that short-term impact over the next few months. Or maybe this event and the fact that Twitter now allows tips in Bitcoin will sort of cancel each other out, as seems to be the case right now. In any case, I'm sure Bitcoin will be alright in the long run, and given that it's indeed not the first 'ban' of cryptos in China, I don't think it's the end for cryptos there either.

[velosepur]

Same news again, not so big impact. Market recovering. This is not the first time China has declared a crackdown on cryptocurrency-related activities, but until now so many government agencies had not collaborated on such efforts.

[glendall]

I'm sure everyone already knows this news and is sick of the news about the ban on bitcoin from China, sometimes I think China is deliberately making this news so they can buy bitcoin at a cheap price, and resell it by making things better than the news they make also

[Leviathan.007]

As the OP already said that here on the topic, China banning bitcoin is not something new for people who already know bitcoin and China. History tells us everything we should know and China is trying to ban bitcoin since 2017 in the beginning they could make some effects on the market but right now, everyone should know how they act. Since China wants to get the economic control everywhere and bitcoin nature is against it, they try to ban it or spread fake news against it.

[pergola]

This year's bans in May and September look strong. They want Bitcoin and crypto to be disabled in China. People cannot mine, trade on exchanges, P2P trading is prohibited, and even the Chinese cannot talk about cryptocurrencies on the country's social networking sites.
This is considered the absolute suppression of cryptocurrencies in the country with the largest population in the world.

[jostorres]

History has always repeated itself in Bitcoin on the 24th of September 2017 when the china central bank ban Bitcoin/cryptocurrency, a move that sees the price of Bitcoin crashing deep before it recovered after 3 months of struggle to hold its resistance. On the 24th of September 2021 news still, fly around about china banning crypto, which turned out to be rumors and false development that see the Bitcoin price dropping to $40,675 before it gradually rises back to 41k.

The price has already gotten up to $44,000 after the news was made. I also suspected it to be a rumor because I know that it has been long that they talked about Bitcoin being banned in China, so I wondering if they were banning it twice or what? I just didn’t get it. So, I knew there was something about the news, and it all doesn’t make any sense at all.

Even if they should it ban, it’s not going to make Bitcoin to stop, it might just have a slight decrease and still get back again and continue. And that doesn’t stop people from using bitcoin, we have seen how people quickly switch to making use of P2P exchanges in places where Bitcoin was banned. So, that’s the same thing Chinese people will do when centralized exchanges are no longer functioning for them.

[gabbie2010]

It will ban again and again and again. But who cares? That shows how much china scares to the crypto field. That will increase the adoption of the Europe and American investors to the market.

Since I started using cryptocurrencies there are so many bans, clampdown on Bitcoin exchanges mostly from China the bottom line is that Bitcoin still survive and thrives,  consequences of such fundamentals often result to a price drop or dump, however the aftermath of such announcement is that price recovery is very sure though it might take some time, the Europeans and American had already embraced and had been adopting cryptocurrencies thus it has come to stay no ban will have any impact on it again.

[Fortify]

History has always repeated itself in Bitcoin on the 24th of September 2017 when the china central bank ban Bitcoin/cryptocurrency, a move that sees the price of Bitcoin crashing deep before it recovered after 3 months of struggle to hold its resistance. On the 24th of September 2021 news still, fly around about china banning crypto, which turned out to be rumors and false development that see the Bitcoin price dropping to $40,675 before it gradually rises back to 41k.

There is nothing false about the fact that China has banned cryptocurrency, it is widely reported by major news organizations who confirm with the Chinese government themselves. They are trying to stop people using Bitcoin as a method for officials and wealthy citizens to abandon China - either because they see the house of cards starting to collapse or they fear repression by higher-ups. When things start to go wrong in this country, sh#t flows down hill and anyone who is unable to escape might be scapegoated. You have seemingly skipped over the fact that Bitcoin dropped about 10% before recovering 1%, that hardly seems like a big win in my book.

[XCANA]

There might have been rulings, statements, or other official decisions against crypto in China, but I don't think there was ever a time when an ordinary Chinese citizen is really prohibited or deprived of any access to crypto. So whether or not these were not false alarms or mere FUDs doesn't matter that much at all, because, if my memory serves me right, there was somebody who was in China at the time of the 2017 crypto crackdown and he/she posted here that they could still pretty much buy and sell crypto.

I agree with that Bitcoin has really gain ground and most ban news around no longer has much effect on it market price in recent time. Can you please provide any link of where someone make a post here that he or she can still buy and sell Bitcoin in China freely after the government ban.

[Dhaniii]

China's expansion will not stop just by banning crypto, but they will do other things to conquer all countries.
China doesn't like crypto and they want to bring down the market in their own way. the presence of bitcoin can destroy the market competition they have been running for so long. we know that bitcoin is not going to stop because of the news and we will soon see bitcoin rise.

[KingsDen]

If this news was false or not, what every newbie should know is that china always plays with the market when they want to get in. The banning has always been a constant occurrence and this drives than the market but it always bounce back higher and this time would not be any different. Keep buying instead of selling.

I thought I was the only one that thought about this. The Chinese people are good at economics, I believe they are using their economical and numerical power to manipulate the market. No matter how any country bans Bitcoin and cryptocurrencies, they are still connected to the blockchain and trying to develop their own national e-currency.
No matter the present predicament of Bitcoin, it can become the chief corner stone in the future, and the government knows about this.

[Ekyfitri]

China's expansion will not stop just by banning crypto, but they will do other things to conquer all countries.
China doesn't like crypto and they want to bring down the market in their own way. the presence of bitcoin can destroy the market competition they have been running for so long. we know that bitcoin is not going to stop because of the news and we will soon see bitcoin rise.

they have also banned CMC, COINGECKO, and others. China is serious about this ban. and they do not create a gap for their citizens to play a role in the crypto industry.