【I am in China】About China 2021/09/24 FUD

[bk201-xyz]

2017 Year,
China banned fiat currency trading virtual currency，
BTC ->CNY and CNY -> BTC, Illegal trading on the exchange.
However, user A and user B can seek guarantee from the exchange, and user A transfers money to user B.

CNY(UserA) -> USDT(UserB)，USDT(UserA) Exchange Buy BTC, ETH,....,  OK
BTC(UserA) Exchange Buy USDT,  USDT(UserA) -> CNY(UserB)   OK


2021 Year,
It is illegal for the exchange to provide services to the Chinese！
There is a high probability that there is no way to bypass

--------------------------

Translated by google, I don’t know if I can express it clearly

[NotATether]

2021 Year,
It is illegal for the exchange to provide services to the Chinese！
There is a high probability that there is no way to bypass

I guess using VPNs to access the exchanges isn't going to help you guys, is it? 

[stompix]

- title describes the situation as "FUD"
- content says everything has become illegal

Contradiction much?
I don't understand this addiction to call everything FUD.

No, it's a damn FACT! It's as real as it can get, the PBOC has issued this notice which as fucked as it might be in China has the same power as the real law issued by the parliament in other states, and unless anything changes yes, cryptocurrency have become nearly illegal, the only thing not punishable is possession.

But!
Nobody cares about it anymore, I've been saying for years that after the fake volume exchanges have fled the country with their bogus numbers, China accounted only for mining and mining gear manufacturing (although the chips are made in Taiwan), nothing else.

So, no, it's not FUD, it's pretty real but nobody should give a damn about it, and the markets say the same thing!

[Jawhead999]

DEX is the way for those countries banning Bitcoin, take a look of Bisq and hodlhodl. Have you completed KYC on centralized exchange you using it before? you need to use Bitcoin mixer to hide your tainted coins, so you couldn't get traced.

I guess using VPNs to access the exchanges isn't going to help you guys, is it?  

There's a problem if the exchanges ask KYC, he will know OP come from China.

[LFC_Bitcoin]

Nothing a foreign bank account, a VPN & an account on a European exchange can’t solve in all honesty.

[dansus021]

to be honest china always make fud when bitcoin reach new ATH, i think there is website that record all the fud. i dont know why. maybe china fud so whale can buy in the dip or something else

for me itself i am already tired with this 

it will be great if they are really banned but after that market going to normal rather than Up -> Fud -> Down

[Beparanf]

- title describes the situation as "FUD"
- content says everything has become illegal

Contradiction much?
I don't understand this addiction to call everything FUD.

No, it's a damn FACT! It's as real as it can get, the PBOC has issued this notice which as fucked as it might be in China has the same power as the real law issued by the parliament in other states, and unless anything changes yes, cryptocurrency have become nearly illegal, the only thing not punishable is possession.

But!
Nobody cares about it anymore, I've been saying for years that after the fake volume exchanges have fled the country with their bogus numbers, China accounted only for mining and mining gear manufacturing (although the chips are made in Taiwan), nothing else.

So, no, it's not FUD, it's pretty real but nobody should give a damn about it, and the markets say the same thing!

Finally. Yes this is damn fact but many crypto influencer keeps denying it and posting that it was just FUD to hype there followers to don't panic and keep buying instead of educating what's true and explain as you said above so that people will not panic. These shitty crypto influencer make things worst instead of helping the community in an organic way. The result was more FUD if people discover that news is indeed true that China is tightening there campaign against crypto.

[bk201-xyz]

VPN does not help, because providing transaction services may go to jail
Once the exchange of CNY and USDT becomes difficult, most Chinese people will be excluded
The cause of the current panic is the exchange problem between CNY and USDT

[bk201-xyz]

Huobi exchange clears all Chinese users
https://www.huobi.com/support/zh-cn/detail/54886961978434

[Apocollapse]

VPN does not help, because providing transaction services may go to jail
Once the exchange of CNY and USDT becomes difficult, most Chinese people will be excluded
The cause of the current panic is the exchange problem between CNY and USDT

Panic? No one's panic except weak hands.
+1.8% in 24 hours, -9.28% in 7 days it's really normal volatility in Bitcoin.
Look Bitcoin chart in 2018 that's a real panic.

[mk4]

DEX is the way for those countries banning Bitcoin, take a look of Bisq and hodlhodl. Have you completed KYC on centralized exchange you using it before? you need to use Bitcoin mixer to hide your tainted coins, so you couldn't get traced.

Seems to be a solution; but honestly if I was in China, I probably wouldn't risk it. If the usage of non-custodial platforms gets enough publicity, I wouldn't be surprised if the Chinese government would commit entrapment by pretending to be a bitcoin seller or something.

[bk201-xyz]

DEX is the way for those countries banning Bitcoin, take a look of Bisq and hodlhodl. Have you completed KYC on centralized exchange you using it before? you need to use Bitcoin mixer to hide your tainted coins, so you couldn't get traced.

Seems to be a solution; but honestly if I was in China, I probably wouldn't risk it. If the usage of non-custodial platforms gets enough publicity, I wouldn't be surprised if the Chinese government would commit entrapment by pretending to be a bitcoin seller or something.

Yes, all Chinese exchanges are KYC
Illegal trading of virtual currency may freeze bank cards

[bittraffic]

- title describes the situation as "FUD"
- content says everything has become illegal

Contradiction much?
I don't understand this addiction to call everything FUD.

No, it's a damn FACT! It's as real as it can get, the PBOC has issued this notice which as fucked as it might be in China has the same power as the real law issued by the parliament in other states, and unless anything changes yes, cryptocurrency have become nearly illegal, the only thing not punishable is possession.

But!
Nobody cares about it anymore, I've been saying for years that after the fake volume exchanges have fled the country with their bogus numbers, China accounted only for mining and mining gear manufacturing (although the chips are made in Taiwan), nothing else.

So, no, it's not FUD, it's pretty real but nobody should give a damn about it, and the markets say the same thing!

Finally. Yes this is damn fact but many crypto influencer keeps denying it and posting that it was just FUD to hype there followers to don't panic and keep buying instead of educating what's true and explain as you said above so that people will not panic. These shitty crypto influencer make things worst instead of helping the community in an organic way. The result was more FUD if people discover that news is indeed true that China is tightening there campaign against crypto.

It's because China had been reviving news every time since 2017 about this Crypto ban and because it's making investors panic that price is also sending it down. The Chinese people seem to be laughing at the result. This could be a joke to them actually, the same joke as the shirt printing company in China where the employees in the company are packing newly printed shirts saying "Boycott China".

If this isn't a FUD, then it's true. But I wouldn't be surprised by another crypto news that will still affect investors, especially because China has Chinese exchanges still running, and there are big altcoins companies like NEO, VECHAIN, and even Polygon.

[calchuchesta]

I remember the PBOC FUD from back in the day. While these were non-events other than short temp crashes, this one has a bigger impact since it smokes the entire Chinese trading scene, unless you want to risk getting the chinese KGB knocking on your door trying to circumvent it. So im assuming anyone with enough resouces is going to flee borders into somewhere where they are free to trade. Otherwise forget about it. This may be what makes the price crash below the 200MA and you have to add in the Evergrande clusterfuck which will have global contagion. A good time to buy a massive dip at any rate.

[pergola]

VPN does not help, because providing transaction services may go to jail
Once the exchange of CNY and USDT becomes difficult, most Chinese people will be excluded
The cause of the current panic is the exchange problem between CNY and USDT

Too bad, if you guys use DEX is it legal in China?
I noticed Huobi has made an official announcement about removing all users from China. The value of HT and Bitcoin has decreased, DEFI tokens have increased in value.
If the Chinese government is really tough on bans, how will they penalize crypto traders?

[stompix]

Nothing a foreign bank account, a VPN & an account on a European exchange can’t solve in all honesty.

If the exchange in question bans Chinese users I would advise against it.
There are a lot of things that can go wrong and nowadays a lot of them are simply preying on suspicious users, one failure of the kill switch in your IP, one bug in your VPN that gives a different country IP, and good luck with the support team and getting you funds back.
I've seen tons of such stories later both here and on Reddit, for exchanges this is a perfect source of income, not even 0.01% will be able to go and file a police complaint against or sue them and they know it.

If it's just a simple exchange between fiat<>btc, better ask a friend or a relative outside the mainland to do it for you, if it's day trading, find a platform that doesn't care about the rules and says that upfront.

I wouldn't be surprised if the Chinese government would commit entrapment by pretending to be a bitcoin seller or something.

I would be surprised if a lot of countries are not already present on all platforms with accounts and doing trades, probably some have managed to get mediator status.Localbitcoins, 2014. I doubt that they haven't infiltrated all p2p exchanges in 7 years.

[Leviathan.007]

Just as a suggestion why you don't create a group of trusted people with your friends who own bitcoin and interested in trading cryptocurrencies so you won't be tracked and the government won't understand anything. You just need to transfer bitcoins to your friends and they will give you some money in cash or using back transactions. In this p2p method you won't even pay any exchange fee.

[aoluain]

Yea this is pretty real, China is closing the door and thats great. As soon as the fudsters
run out of fuel on this the better. And while its a pity for the citizens of China its good
to have closure on this, there wont be the constant speculation of "will they ban crypto?"

Again its a pity for the citizens in general in China there surely will be work arounds or
cheats for some im sure but they will be a minority.

[hatshepsut93]

Nothing a foreign bank account, a VPN & an account on a European exchange can’t solve in all honesty.

Can Chinese people easily open foreign bank accounts? I thought China is really hard on controlling the flow of capital to prevent it fleeing from their country. Chances are, Chinese citizens will be getting caught while sending or receiving funds from foreign exchanges/bank accounts if their regulators have enough control, which I assume they do, knowing how totalitarian China is.

- title describes the situation as "FUD"
- content says everything has become illegal

Contradiction much?
I don't understand this addiction to call everything FUD.

No, it's a damn FACT! It's as real as it can get, the PBOC has issued this notice which as fucked as it might be in China has the same power as the real law issued by the parliament in other states, and unless anything changes yes, cryptocurrency have become nearly illegal, the only thing not punishable is possession.

Bitcoin community has a huge persecution complex and this idea that the major powers of this world, like banks and governments, are always plotting against Bitcoin. But if any of that was true, those powers would have simply banned all white market uses of Bitcoin.

[franky1]

a nations law cannot regulate/license its use legally until they first ban it and make it illegal

EG if alcohol prohibition did not happen to ban alcohol government could not then make alcohol licences to allow certain businesses to then operate as all businesses would still operate for free.

in short give it some time and china will start allowing licences