What do you think China will lose by banning Bitcoin?

[pooya87]

Your CP congress that was held a few days ago is more than a good example that your nation has the characteristics of a BORG (if you know what I'm talking about), because out of thousands of representatives, no one dared to have a different opinion. This is how communism works, I know because I felt the peace and stability of the same system that left behind thousands of political prisoners and hundreds of mass graves of those who were not lucky enough to escape the wrath of the great leader.

You just described every existing political system. Only their methods are different. In democracy they simply brainwash you to have the same opinion as them. So in a way democracy is the modern dictatorship.

You think the "center of democracy" (ie US) is any different? This week ABC News reporter James Meek vanished when they raided his home after he made some comments about Ukrainian civil war being an "American experiment". The full story is not yet clear but how many other whistle-blowers and oppositions the "democracy" has eliminated over the years?
This is how democracy works, you either get on with the brainwashing and repeat what they want you to or you will disappear democratically

[Falconer]

What do you think countries have to lose by making this choice?

In general there may not be, that's why they totally banned cryptocurrencies in my opinion. But only they know.
I know the crypto industry can make a country benefit from a number of things, taxes maybe one of them. In addition, crypto can also improve the community's economy, especially users where their success in making profits on trade and investment has made them independent of their main income in the real world.

China doesn't like anything they can't control, that includes bitcoin. So it is safe for us to assume that they have nothing to lose as long as they have full control over their own country even if they don't give their citizens the freedom to own bitcoin, trade them or mine them.

[ethereumhunter]

I am bullish on the future of Bitcoin as a technology.

We all know that China has a total ban on cryptocurrencies, including but not limited to no mining, no circulation, no trading, no banking services, no listing on exchanges.

What do you think countries have to lose by making this choice?

I don't know what the Chinese state will lose if they decide to get out of bitcoin but I don't think they have anything to lose because they must have had a lot of bitcoins stored in one place. And maybe the total ban is only temporary and to give negative news to the world so that it can hit the bitcoin price and they can take advantage of it.

Meanwhile, we don't even know what China's strategy is in this regard so we all think there is a loss to China. And their leader must have thought it through well so it could continue as usual.

[lhrbeijing]

I learned a little about CBDC and e-CNY, and I do feel that our government has deep strategic considerations.
I heard that e-CNY is very advanced in the world, and there is not much experience to refer to. So many innovations have been made.

You might argue that the funds are fully traceable.
Yes, there are two giants in the payment industry in China, one is Alipay and the other is WeChat Pay. They are all already widely used in China.
In this sense, tech giants have taken control of private electronic payments. It's like Google penetrated American society.

So China's transition from third-party electronic payments to Central Bank Digital Currency is natural, not from paper money.
But I heard that people in many other countries find it unacceptable, I don't know what will happen in ten years.

It is clear that the Chinese government has chosen to develop e-CNY. So we may not be left behind.
I sincerely hope that Bitcoin will develop better.

[EarnOnVictor]

Bitcoin has the benefits that make it alive today, but just because it's useful to us doesn't mean it will be useful to the Chinese government.

You are getting this wrong, don't say Bitcoin is not useful to the Chinese government, what is good for citizens should also be good for a sane government, but they force restrictions on the citizen. If the Chinese government could lift the ban on crypto today, I can assure you that over 35% of their citizens would adopt it within a year. This is deprivation, and it is making them lose the benefits associated with crypto.

Mind you, because the Chinese government doesn't allow it does not exonerate them from not losing, the losses might be little to them, yet they miss that additional income and benefits which they are only overlooking. Let them continue in their folly, who cares! BTC will survive without them.

[pooya87]

I heard that e-CNY is very advanced in the world, and there is not much experience to refer to.

What do you mean by "advanced"?
Technologically speaking I haven't seen any technical details of it for anyone to give opinion on its advanced-ness.
However, adoption wise it seems to be doing fine. They claim to have surpassed 100 billion yuan last month. So there should be a lot of experience there to refer to.

I sincerely hope that Bitcoin will develop better.

Bitcoin is already better by being decentralized and censorship resistant.

[bitzizzix]

The beauty of cryptocurrencies is that they are decentralized, meaning that no single authority can control or shut them down. And as long as people continue to use them, they will exist in some form or another.
banning cryptocurrencies would be like trying to ban the internet, it can't be done and no one knows for sure the Chinese don't use it and China just has rules that make it difficult for those who use it.
and perhaps another reason, the Chinese government will soon issue digital yuan they can control, and want to get rid of cryptocurrencies they have no control over.

[tiCeR]

I am bullish on the future of Bitcoin as a technology.

We all know that China has a total ban on cryptocurrencies, including but not limited to no mining, no circulation, no trading, no banking services, no listing on exchanges.

What do you think countries have to lose by making this choice?

I would say that some differentiation might be required here when you talk about the country. In democracies such a differentiation doesn't make as much sense, but as has been mentioned before here, for the Chinese government it is all about control and a freely circulating, unstoppable currency is certainly not what the government would like to be coping with. The Chinese citizens on the other hand might lose to innovative financial systems and markets and in how far that might mean a setback to them remains to be seen.

I still don't believe that the Chinese government isn't bunkering any Bitcoin. I don't believe it. I am quite convinced that they might already be sitting on a significant amount (which didn't cost them a fortune perhaps) and they just don't want that technology to be accessible for their people, but in case it goes above and beyond the moon, they are still participating in any financial benefits deriving from Bitcoin being globally accepted.

[freedomgo]

I am bullish on the future of Bitcoin as a technology.

We all know that China has a total ban on cryptocurrencies, including but not limited to no mining, no circulation, no trading, no banking services, no listing on exchanges.

What do you think countries have to lose by making this choice?

China had ban cryptos. The main reason for the ban is the decentralised nature of the coin for which they aren’t able to impose tax on the coins. So they literally banned it. But guess what people are still using and holding cryptos. The country’s aren’t losing anything if we see thoroughly. It’s the people are suffering as they are missing complete independence on their own money. Nevertheless let’s see how much far this will be stretched.

In short, China banned crypto and anything related to it because it is something they can't control, getting some tax out of it is the least of their problems. This country doesn't surprise me already because they are also like North Korea, but the difference is the citizens of China have a little freedom and choices compared to NK. Can't blame that some Chinese citizens chose to migrate towards Hong Kong, Macau and to different country just to get away from CCP's cruelty.

[CryptoYar]

The Chinese government has not lost anything, if they had the possibility of losing something, they would not have banned it.

Rather, I would say that the Chinese government has done this for their benefit (to keep its people under their control) As we know China is a dictatorship country and they don't want its people to get financial freedom that's why they have banned bitcoin.

[Twentyonepaylots]

I am bullish on the future of Bitcoin as a technology.

We all know that China has a total ban on cryptocurrencies, including but not limited to no mining, no circulation, no trading, no banking services, no listing on exchanges.

What do you think countries have to lose by making this choice?

I think there is nothing to lose on China in banning bitcoin on their country, the thing is bitcoin is a threat to government of China. China wants to control, bitcoin is uncontrollable. The ban on cryptocurrencies is to curtail financial crime and prevent economic instability argues by the People's Bank of China and cryptocurrencies were facilitating capital flight from its markets, bypassing conventional restrictions.

[Woodie]

China has seen the success of bitcoin of which it can try to replicate this success by using it's technology to introduce a centralized cryptocurrency by taking the first step of banning BTC. And knowing China's desire to become the #1 super power in the world, entering the digital currency industry is one way of being #1. So China's move to ban btc is nothing less than depriving its people the financial freedom and also protecting its revenue collection avenues.

[Cookdata]

I am bullish on the future of Bitcoin as a technology.

We all know that China has a total ban on cryptocurrencies, including but not limited to no mining, no circulation, no trading, no banking services, no listing on exchanges.

What do you think countries have to lose by making this choice?

The Chinese government have nothing to lose neither do bitcoin but the people of course especially does who are pro-bitcoin and enthusiasts and including those who have ventured heavily into bitcoin mining, the investors who have held since they one and those who operate as exchange locally as a merchant and globally. However, they can still move out to countries that welcome bitcoin and its investors.
If one day bitcoin gets accepted y half of the world, China is just like the US that is opportunist, they will want to have their hands in bitcoin heavily to control and know what is happening in the decentralized ecosystem and it might be too late by that time. Any country that bans bitcoin will just do fine aside from their people that may be affected by not been able to have one.

[lhrbeijing]

Some scholars have offered some insights into private cryptocurrencies and central bank digital currencies.
We do not mention CBDC, nor China. But they questioned whether bitcoin could be widely used around the world.

First, we are in the era of sovereign countries. Currency is a symbol of sovereignty. Monetary policy needs to regulate the economy, while private cryptocurrencies are decentralized and decentralized, and the government does not have the right to issue and control the currency. It is very difficult for a country to give up such a sovereignty.

Second, the conservation of the total amount of Bitcoin makes it face a dilemma. The development of the global economy and the development of trade requires more liquidity, and Bitcoin has a constant supply. If we give up constant supply and grow at a fixed growth rate, it does not meet the requirements of macroeconomic stability for currency.

Third, the marginal cost of mining Bitcoin is increasing. Because the number is constant, the beliefs of inefficiency, environmental protection, and decentralization also have a dilemma. Many studies have shown that Bitcoin is now concentrated in the hands of a few people, which is also the inevitable result of the final competition in a so-called decentralized market environment. At this time, it is said that it will be decentralized, and finally it will be concentrated in the hands of a few people, and the belief will collapse again. Prices are too volatile for money to perform its basic functions.

Therefore, it is difficult for private cryptocurrencies to become the legal tender of most countries, let alone international currencies.
In fact, Bitcoin is more suitable for anarchy.

[RealMalatesta]

I am bullish on the future of Bitcoin as a technology.

We all know that China has a total ban on cryptocurrencies, including but not limited to no mining, no circulation, no trading, no banking services, no listing on exchanges.

What do you think countries have to lose by making this choice?

I don't know what the Chinese state will lose if they decide to get out of bitcoin but I don't think they have anything to lose because they must have had a lot of bitcoins stored in one place. And maybe the total ban is only temporary and to give negative news to the world so that it can hit the bitcoin price and they can take advantage of it.

Meanwhile, we don't even know what China's strategy is in this regard so we all think there is a loss to China. And their leader must have thought it through well so it could continue as usual.

They just told the world they have 1 trillion dollar deficit, that’s literally 1 trillion dollars. If they get out of bitcoin world as well, that’s just going to be even worse and worse. If they allowed their people to be in crypto fully, like not just allow it, but support it then things would change.

Online world is billions of dollars worth of world, look at alibaba and tiktok which are online companies that grew out of China, they need more stuff like that and they will be able to fix that deficit. You may think it won't, but 10 companies that size would actually cover a good chunk of it. Bitcoin is part of the online world, they can't just lock it down.

[pooya87]

First, we are in the era of sovereign countries. Currency is a symbol of sovereignty. Monetary policy needs to regulate the economy, while private cryptocurrencies are decentralized and decentralized, and the government does not have the right to issue and control the currency. It is very difficult for a country to give up such a sovereignty.

This is not a valid argument because bitcoin is not designed to replace fiat currencies but instead it is designed to offer an alternative option that could be used alongside the centralized fiat currencies that each country has for its own. As a borderless censorship resistant payment system.

Second, the conservation of the total amount of Bitcoin makes it face a dilemma.

It is not a dilemma, it is an advantage compared to the inflationary fiat currencies that keep being printed to solve the economic issues governments face at the cost of regular people.

Many studies have shown that Bitcoin is now concentrated in the hands of a few people,

You mean various FUDs have said as much otherwise there is no truth to that. In fact as time passes, bitcoin becomes more decentralized. It was even proven recently that the biggest and longest existing FUD was a clear lie. The FUD telling people that "China controls bitcoin by having 90% of the hashrate". The moment China banned mining, the hashrate change was negligible!

Therefore, it is difficult for private cryptocurrencies to become the legal tender of most countries, let alone international currencies.

Bitcoin is not supposed to be come legal tender of any country, but it is and will always be an international currency.

[serjent05]

What do you think countries have to lose by making this choice?

The only thing that I think China will lose is the opportunity opened by these cryptocurrencies.  Like if they totally ban Bitcoin, both trading and mining included, they will only miss the opportunity the Bitcoin market brings, so far I do not think that banning cryptocurrency will affect their economy at all.  They had been thriving without cryptocurrency so they do not lose much if they totally banned it.  I know that China is keen on implementing its own cryptocurrency thus, they are not missing out on the technology of Blockchain which is the most important factor in cryptocurrency.

China is not against blockchain technology but the cryptocurrency that they don't have any control over.

China has seen the success of bitcoin of which it can try to replicate this success by using it's technology to introduce a centralized cryptocurrency by taking the first step of banning BTC. And knowing China's desire to become the #1 super power in the world, entering the digital currency industry is one way of being #1. So China's move to ban btc is nothing less than depriving its people the financial freedom and also protecting its revenue collection avenues.

I also think the same.  I think China believes that they don't lose anything if they ban cryptocurrency while on the other hand if they allow cryptocurrency to flourish in their country, the government will lose control over its citizens' finances. 

[jrrsparkles]

I am bullish on the future of Bitcoin as a technology.

We all know that China has a total ban on cryptocurrencies, including but not limited to no mining, no circulation, no trading, no banking services, no listing on exchanges.

What do you think countries have to lose by making this choice?

China as a government will not lose anything especially their monetary control will be in their hands and country like China never want to lose that so only loss can be felt if many other government adopts the bitcoin system and china will face difficulties in the international trades but here we are too far from reaching that status.

For people its a loss from investment perspective as well as the dependency of bank for all their payments and we know China is pushing their CBDC as an alternative with that there is no change at all just only the technology switch not the real benefits of blockchain and p2p.

[eddie.gouws]

I am bullish on the future of Bitcoin as a technology.

We all know that China has a total ban on cryptocurrencies, including but not limited to no mining, no circulation, no trading, no banking services, no listing on exchanges.

What do you think countries have to lose by making this choice?

China is in a difficult position with Bitcoin. While the country has been attempting to regulate the digital currency, it has also been trying to promote its own alternative, called "national virtual currency."

Banning Bitcoin could have several negative effects for China. For one, it could stifle innovation and growth in the technology sector, as well as deprive the country of potential tax revenue. Additionally, it could drive cryptocurrency traders and investors elsewhere, potentially hurting China's economy. Finally, it could make the country more susceptible to cyberattacks, as Bitcoin is often used to finance such attacks.

[8rch7]

China has seen the success of bitcoin of which it can try to replicate this success by using it's technology to introduce a centralized cryptocurrency by taking the first step of banning BTC. And knowing China's desire to become the #1 super power in the world, entering the digital currency industry is one way of being #1. So China's move to ban btc is nothing less than depriving its people the financial freedom and also protecting its revenue collection avenues.

It's absolutely true as you said, the Chinese government has robbed its people of financial freedom, China's goal is to ban bitcoin because they can't control digital currency, because the system implemented by the Chinese government is that they want to control everything, they want to be seen as a country that has everything in its place. other countries, actually they know crypto currency can make the economy of the people better, but they don't want to accept crypto currency operating in their country because the government can't control crypto currency.