China banking crisis pointer to Bitcoin credibility

[Ojima-ojo]

In recent days a lot of bad news have been coming in from China's central bank, how the right of the citizens have been trampled upon by the China Central Bank and government.
If you will recall china has been at the center of anti-Bitcoin policy and is that is the reason why most Bitcoin mining and other Bitcoin activities are banned in China, even though china used to be the highest country to house Bitcoin mining the Bitcoin harsh rate dropped significantly due to the ban.
Now the citizens are deprived access to they savings in the bank in China and the only reason given is that their savings have been turned into investments and can't be withdrawn without the consent of the citizens
This can't happen with Bitcoin if your savings are in Bitcoin and in your private wallets, one will have access to it at whatever time or place. This is why China government do not want freedom that  Bitcoin offers due to Bitcoin decentralized nature.

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[jackg]

Now the citizens are deprived access to they savings in the bank in China and the only reason given is that their savings have been turned into investments and can't be withdrawn without the consent of the citizens

Did you mean "consent of the citizens here? What does that mean?

This can't happen with Bitcoin if your savings are in Bitcoin and in your private wallets, one will have access to it at whatever time or place. This is why China government do not want freedom that  Bitcoin offers due to Bitcoin decentralized nature.[/b]

I think China's initial ban seemed more of a way to get people to invest locally (especially when the economy started to drop/plateau).

But yes bitcoin savings stored with your own private keys are very immutable and as safe as your key and only your key.

[franky1]

Now the citizens are deprived access to they savings in the bank in China and the only reason given is that their savings have been turned into investments and can't be withdrawn without the consent of the citizens

Did you mean "consent of the citizens here? What does that mean?

the actual events were 'supposedly'

that not the central bank. but 4 branches in a certain region were being ran by a criminal gang that took over or bribed the local branch managers. where by over years they infiltrated those bank branches.
recently this year. things got noticed. people started to do a 'bank run' on those bank branches and those bank branches then put a stop to all withdrawals and the central bank said they would insure peoples value and that their funds were safe and wait it out so they can reimburse people.

people then protested that they wanted and needed their money now, not on central banks insurance schedule.

the 'consent of the citizens' is probably bad translation of 'consent of the people' i.e the peoples bank of china i.e the central bank.

that said.
yes having btc via a private key the owner has(not custodian service) does protect people from these custodian stuff.. because the blockchain allows people to hold their own value.. however so does fiat.. yep thats right even in china peopel can own paper fiat without a custodian.. (though you will never hear fox news mention this)
but...
.. bitcoin as a community/industry/system does not stop custodian services from offering custodian services and there are like 60-80mill+ accounts in just coinbase alone that show that alot of people are handing btc to custodians where custodians have and do freeze accounts and stop people from accessing their btc.

[Luzin]

I don't really understand what the penalty is for violating the ban on the transportation of everything related to bitcoin. But if you're there and stick with bitcoin are you not worried about your situation? The government's ban is reasonable, they don't want to be replaced by crypto that they can't control. Since the chinese system of government adheres to communist rule of course it can undermine that system.  Actually china as a big country and started to compete with the united states. But we know America alone is having Macro difficulties as well as China I think the same.
If the chinese government owns BTC will it change the situation? i think not. Because the price of BTC is also in a down and it is bad for the financial state of a country. So I think all the countries of the world are in a period of recovery and have almost the same economic problems.

[franky1]

I don't really understand what the penalty is for violating the ban on the transportation of everything related to bitcoin. But if you're there and stick with bitcoin are you not worried about your situation? The government's ban is reasonable, they don't want to be replaced by crypto that they can't control.

they dont fear bitcoin replacing their fiat, or 'taking over'.. no government does
they have laws and stuff to keep fiat in circulation, like minimum wage, tax, retail market rates, forex, pension insurance, employee contributions, court fine (you know legal tender laws) lots of little things all merge together to keep fiat circulating

their fear is the criminal enterprise doing scams, ransom ware, stealing electric which went rampent over there. so much so it was hard to police it. funding of terrorism, arson, murder, antigov protests etc etc

but they cant exactly just go straight to a regulatory policy with permits and licences where there are penalties for illicit use, because at the earlier point there were no laws against it.
part of the staging of all licenses and policing and permitting of stuff that come with penalties first requires banning it and then spending a few years developing policies and frameworks to then allow permits and licences and have police/authorities with tools and methods to then police and penalise the illicit use

[Piesel]

Try to cover more facts and at that go the extra mile to make everything clear to readers, just as one member already stated the situation is not with the central bank of China but just a region, and even from what I saw on credit, the videos does not contain details such as viewed boards with bank name on it. So we should keep looking at things to see how the situation unfolds in China.

[franky1]

Try to cover more facts and at that go the extra mile to make everything clear to readers,

yep alot of western media falsely portray china as a country where no one can access their money and those that can have every bit of money watched and controlled where they all have to use a certain app where their whole life history and medical records and daily lives are all watched. .. thats all BULLCRAP

you can go to any travel agent anywhere and ask for chinese currency and not get interrogated. yep china's money is not all digital locked to an app. nor requires KYC for every small amount.

its much the same system as america. should people ever get out of their basements and bother travelling

[Apocollapse]

This kind thread has been discussed so many times and I don't know why it should be repeated? Everyone already know Bitcoin is decentralized and can't be frozen if you hold your coins on non custodial wallet. You can also maximize your privacy by using Bitcoin mixer and decentralized exchanges to not link your coins to any centralized party that will harm your privacy.

Is there anyone who doesn't know China want to control everything and strict about their dictatorship, also with Bitcoin as decentralized currency?

[naira]

It should have been realized from the start, because the adherents of the communist system will not allow the flow of financial funds to flow in one shelter. It must be shared equally and must be shared by all parties. What belongs to you means belongs to the state. Likewise in the finances generated from Bitcoin there.

Talking about Chinese banks means that access is really organized and fully controlled, every citizen has no right to freedom unless he signs it all with the rights of the state.

[RILWAN]

The central banks have been on trial of Bitcoin simply because Bitcoin undo the slavery system of banking institutions, and china government was too hard on Bitcoin and other cryptocurrencies. How can a bank auto invest people funds without they consent.

[franky1]

Is there anyone who doesn't know China want to control everything and strict about their dictatorship,

you do realise that in america.. there are more people in prison than in china.. and yea china have 4x more citizens but less prisoners.

do you know that london has more CCTV cameras than the main cities of china..

you do know that china dont force people to use a single app right.

im not chinese. im british and im white... . but im not a fox news fanboy that believes whatever media try to tell me. i actualy get on a plane and visit countries.

and no people are not brutalised for forgetting to bow at the picture of the chinese president. meaning no they are not forced to do that too.

wake up.
america is not "great" their GDP is filled with debt(QE) so is britain.
china has more population and more spending value per person than america and britain.
but america dont want you to know about that.

point is
dont go full racist when trying to make bitcoin look good. bitcoin doesnt need racism or mis information or exaggeration to look good. bitcoin does its job. i have my coins on legacy addresses and they do fine all by themselves with no interferance. thats all that matters

if you want a real demonstration
take satoshis coins from 2009. like the coin reward of block 9 where he spent funds to hal and had some left over coins which to this day no one has been able to hack or find the identity of the bitcoin inventor. that in-itself shows bitcoins utility
https://www.blockchain.com/btc/address/12cbQLTFMXRnSzktFkuoG3eHoMeFtpTu3S?page=11

[BCwinning]

The central banks have been on trial of Bitcoin simply because Bitcoin undo the slavery system of banking institutions, and china government was too hard on Bitcoin and other cryptocurrencies. How can a bank auto invest people funds without they consent.

you may want to study up on how banks work.

[Kakmakr]

China wants to control every aspect of their citizens life... and their finances are just one of those things that will be targeted. The thing is.... as long as the citizens are fine with it, nothing will change. The Chinese government banned Bitcoin mining and nobody said anything.... they simply packed up their operations and relocated to other countries. 

The "West" will never truly understand the culture and discipline of the Chinese people, so they will criticize a move like this, but for the Chinese citizens... this is just another sacrifice that they must make. 

[harapan]

How much more do they need to stress it? Not your keys, not your coins. One your funds are in the bank and controlled by the government then you have nothing to control. This will continue even in another country. We have seen the case of the truckers in Canada now China currently after banning anything related to Bitcoin.
The information bis for those that have their possession, hundred percent of their possession in the bank. It's better you split it and place them in your Bitcoin Wallet.

[hatshepsut93]

This can't happen with Bitcoin if your savings are in Bitcoin and in your private wallets, one will have access to it at whatever time or place. This is why China government do not want freedom that  Bitcoin offers due to Bitcoin decentralized nature.[/b]

But you know what can happen with Bitcoin? Your savings can go down by 50-80% down for no reason. Bitcoin's value is based on pure speculation, and no one has any good idea whether it will go to $1,000,000 or $1,000. Bitcoin can't be a backbone of financial system, not until it is used by half of people in the world, and not just a few dozens of millions of people.

[franky1]

This can't happen with Bitcoin if your savings are in Bitcoin and in your private wallets, one will have access to it at whatever time or place. This is why China government do not want freedom that  Bitcoin offers due to Bitcoin decentralized nature.[/b]

But you know what can happen with Bitcoin? Your savings can go down by 50-80% down for no reason.

you got things the wrong way round

bitcoins 'value' is not found at the top.. an ATH is not the stable point where bitcoin suppose to live.
the ATH is the temporary speculative event of hyper bubble speculation.. its the HIGH that has no explanation..
returning to a low is the correction.

[Welsh]

Even if the headline isn't exactly accurate, I'm hoping this, and the events in Russia/Ukraine sort of wake people up to why they can't rely on banks. There's several weak points, where they'll just stop trading or outright reject your right to withdraw your money.

We saw it in Russia when the war started, with people struggling to take their money out, and we're seeing it with this, despite this being a rather small scale event in comparison, it's still a worthy reason to start considering Bitcoin as an alternative. This could be a blessing in disguise. Obviously, I do feel for those having difficulties at the moment.

[franky1]

and in bitcoin you cant rely on custodial services, and at the moment none of the sidechains,altnets, subnets (some call layers) as although bitcoins locks secure. what happens on other networks for how they handle the pegs are not strong

[tbct_mt2]

Now the citizens are deprived access to they savings in the bank in China and the only reason given is that their savings have been turned into investments and can't be withdrawn without the consent of the citizens

Governments are not trusted. Central banks are not trusted. They don't protect your money after you deposit it to banks. KYC is required when you use banks but is it matter if it can not help you to actually own your money?

Recent events should make you withdraw all your coins to your own wallet: Part 2
Why KYC is extremely dangerous – and useless

This can't happen with Bitcoin if your savings are in Bitcoin and in your private wallets, one will have access to it at whatever time or place. This is why China government do not want freedom that  Bitcoin offers due to Bitcoin decentralized nature.

With Bitcoin, if you own a key, you own your coin actually. Governments, banks can not get your coins if they don't have your keys one way or another.

[Nicholas Schaefer]

This might be one of the reasons. I also read that China has banned cryptos to curtail financial crimes and avoid economic stability.