Chinese are turning towards other means of trading

[ConnerDalfino]

A recent article reported that China's outlawing of crypto transactions backfires: more Chinese are turning to underground projects and decentralized exchanges without the CCP's control. Do you see global implications for the crypto market?

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[Kong Hey Pakboy]

These underground market so it's going to be a really different one though, I feel like it's not really something that we should worry about, plus they might make it an isolated kind of market that only Mainland China people will be able to use it.

[DeathAngel]

A recent article reported that China's outlawing of crypto transactions backfires: more Chinese are turning to underground projects and decentralized exchanges without the CCP's control. Do you see global implications for the crypto market?

No, to be honest there’s nothing they can do unless they want to go kicking doors down to check on people. People in China have been using VPN’s & Tor to circumvent their communist ways for many years.

[yazher]

A recent article reported that China's outlawing of crypto transactions backfires: more Chinese are turning to underground projects and decentralized exchanges without the CCP's control. Do you see global implications for the crypto market?

It's not that easy to hide from the Chinese government unless you are skillful to hide your activities from the government agents. I think it will not be profitable because the general masses won't take such risks just for investing in bitcoins. They might face some big trouble if they get caught. If they will just let them trade with decentralized exchanges without any problem, then it would be good for them but if they need to hide just to trade, then that would be a high risk to take.

[Poker Player]

The only implications I see is that in the short term, when the news comes out that China bans Bitcoin for the umpteenth time, the price goes down due to FUD, something that some whales take advantage of to fleece small fish.

What Chinese citizens are doing is normal and I don't think it will affect much in the short term, it just helps the long term uptrend in Bitcoin.

[kryptqnick]

A recent article reported that China's outlawing of crypto transactions backfires: more Chinese are turning to underground projects and decentralized exchanges without the CCP's control. Do you see global implications for the crypto market?

I think we're past global implications at this point, especially any long-term impact that would last for more than a month or two. However, it's sad that China chose this stance, as many people live there and cryptos are not unpopular there either. I feel sorry for people who reside in such a tough authoritarian country that, on top of everything, is fighting against the crypto industry. I hope there's enough opposition and little persecution of crypto users there, so people will continue finding their way to use cryptos as they see fit. If they're indeed turning to decentralized exchanges, it means that centralized control like the one China wishes to impose is not effective against Bitcoin and that people care enough about it there to look for other ways to use it instead of abandoning it.

[electronicash]

the crypto traders in the country expects these to happen probably a long time ago. i would also hide away from the governments survellances because of their stance to crypto if i were them.

using tor or vpn is an option but which exchange are they trading? the only dex today that suddenly make a good comeback is the dydx. are they the cause for its climb among the dex rank?

[Fundamentals Of]

That is expected. The Chinese know better than just blindly comply to whatever their state dictates on them. That is also the pattern. If you look at Nigeria for example, the number of P2P transactions exponentially rose after the country made Bitcoin illegal. This is also what's going to happen, or perhaps what's currently happening, in China.

The implication of this is that with Bitcoin, people from all over the world are given financial freedom. They are now on their own, truly independent from the control of the government. Governments should now be aware that they are facing something they cannot truly ban. As to the crypto market, this means it is ban-proof. This means a ban from a country even as big as China may not necessarily bring the prices down.

[avikz]

A recent article reported that China's outlawing of crypto transactions backfires: more Chinese are turning to underground projects and decentralized exchanges without the CCP's control. Do you see global implications for the crypto market?

Chinese people have always been active in the underground activities. Even though their government always tries their best to keep them at bay and pull out the unethical tasks by themselves (lots of example). Lol!! But seriously any kind of unethical online activities- you will find Chinese involvement in most of the times! So with the current Chinese ban on cryptos, I don't see a lot of impact. I would rather say that it is good for the matket if Chinese people completely move out from the crypto market. Whatever the impact we are seeing, is temporary and we must not worry at all!

[rhomelmabini]

Somehow it's their playground and it looks like this time crypto is the one banning China/Chinese people considering how huge exchanges are suspending the trading activity on them. I think it will see an impact but I think not for long, the people seems are used to this.

[stompix]

So nobody actually bothered asking for a source, an anonymous account on the net saying stuff is enough?

A recent article reported

Link to the article!
Let me do this for you, as it's from  Reddit post But what's in the title and what's in the article are two completely different things.
https://decrypt.co/82243/china-bans-bitcoin-again-bullish-for-defi

DeFi projects: Loopring, a zk-rollup protocol, and Debank, a DeFi wallet, have stopped Chinese IP addresses from accessing them.
“We are gradually shutting down Chinese business, which is honestly fine," one DeFi founder told me, asking to remain anonymous. "Most of our users are international anyways."

The Chinese crypto community, including DeFi protocols, is taking a "better safe than sorry" approach by blocking Chinese users. The risk of being investigated is just too high, both in terms of physical and business safety.

So it's not like people are turning to anything, more like everyone is turning the power off.

Even completely decentralized systems link to centralized ones, your whole life in China is dependent on centralized services that the government has full control over them, and these people know it, and that's why they are not taking risks because the risk might not be just a fine.

Poeple need to understand that dex is not a way of completely hiding your information, you need to give your details, you need a bank account, another type of payment, you need a place where the fiat will come in, and that you can't hide.
Just because you get 100k yuans from a stranger and not from an exchange in your bank account doesn't make you invisible.

Plus, this is not Europe or South America, this is China, where the authorities control everything, it's the country that has a social credit score in the making and that would track all your life from how many times you have been in traffic accidents to how many times you have been fined by the police for listening to loud music, that plans on rating you on everything, even on the amount of recycling you do and you think you can hide your bank transactions and the purchases you make?

[Yaunfitda]

A recent article reported that China's outlawing of crypto transactions backfires: more Chinese are turning to underground projects and decentralized exchanges without the CCP's control. Do you see global implications for the crypto market?

This has been the case in 2017 if I'm not mistaken after a trading plan. And it's obvious that the Chinese will continue to trade underground as they try to fight out the government's total ban.

However, I'm not seeing implications for the crypto market, it will continue to thrive with or without the Chinese ban. Bitcoin is too big to fall right now, on the contrary we might see crypto booming in the next five years. Let the Chinese do what they think is good for them, bitcoin will survived and won't be affected in the long term.

[boyptc]

That's what they have to do if there's a strict protocol from the Chinese government. Well then, this is already known by its regulators and the government's implementing agency.

Maybe next time, we'll get to see the positive news lifting the ban.

[TheGreatPython]

A recent article reported that China's outlawing of crypto transactions backfires: more Chinese are turning to underground projects and decentralized exchanges without the CCP's control. Do you see global implications for the crypto market?

You don’t expect the people to give up on the assets they own easily like that. They are going to do everything possible for them to continue with their trading business. This has always been the reaction of people whenever government decides to ban cryptocurrency in their country.

Decentralized exchanges such as paxful.com reported seeing an increase in the number of users coming from countries where Bitcoin and other cryptocurrencies were banned.Some of the countries that have turned to making use of decentralized exchanges include Nigeria, and I think India is also on the list. And the more this continues, the more a lot of people will continue to move to the centralized exchanges.

[GubiMixa1292]

It is a pity that China has taken this stance, as many people live there and cryptocurrencies are not uncommon there. I feel sorry for the people who live in such a difficult authoritarian country that is, above all, fighting against the crypto industry. I don't like China because they are a very authoritarian country they just want to expand their country for their own interests without thinking about the consequences of their actions, So with China's current ban In terms of cryptocurrencies, I don't see much of an impact. I would rather say that it will be good for this market if the Chinese completely withdraw from the crypto market. This is a very good thing so that we are no longer manipulated by big whales like China in the crypto market.

[oktana]

The truth is that irrespective of any Ban, the Chinese will always find their different ways to get back to crypto. Unless the citizens of that country are not smart enough, but China has tech gurus and that simply resolves the ban. Though I do not support such actions as the government has warned and will likely punish anyone who is found guilty.

[iTradeChips]

It is quite obvious that for the many years the Chinese tried to make way for the bans and the other things their government tried to do to prevent them from doing cryptocurrency. I mean if some things made illegal and that illegal is completely legit and allowed everywhere else, plus you are earning money out of it, then of course, you are going to do all that you can to prevent your earnings to be affected by whatever your government is doing.

[sovie]

A recent article reported that China's outlawing of crypto transactions backfires: more Chinese are turning to underground projects and decentralized exchanges without the CCP's control. Do you see global implications for the crypto market?

Can you share that report? In my view its useless to discuss something that is not written on any reliable source.

It's not that easy to hide from the Chinese government unless you are skillful to hide your activities from the government agents. I think it will not be profitable because the general masses won't take such risks just for investing in bitcoins. They might face some big trouble if they get caught. If they will just let them trade with decentralized exchanges without any problem, then it would be good for them but if they need to hide just to trade, then that would be a high risk to take.

Chinese people have great regard and respect for there government (please do not believe blindly what western media says about Chinese government). In my opinion, following the law of government is obligation of every citizen to avoid bad situations.
As far as policies are concerned, I guess most of big powers have same policies for crypto.

[Woodie]

A recent article reported that China's outlawing of crypto transactions backfires: more Chinese are turning to underground projects and decentralized exchanges without the CCP's control. Do you see global implications for the crypto market?

Trying to send its citizens back to the stone age era was never the answer for this. Crypto is here to stay and am sure the government ( CCP) were very much aware that there was a possibility of this going underground should they use their authoritarian style. For all I see is a missed opportunity to leverage the technology in their favor or perhaps find ways to tax and grow its revenue streams.

[Assface16678]

Expected because you can't suddenly get out of this specially if you hold a big amount of money to it and if you are eager to continue what you started you will eventually do underground techniques. I also think that they will launch their own crypto for the citizen to use.