What do you think China will lose by banning Bitcoin?

[EarnOnVictor]

They lose nothing. Its their prerogative to initiate use of crypto but since they do not want to associate their people with it means they are not interested.

I don't expect anyone could reply in this manner or are you saying Bitcoin does not have any benefits? If it does, then both the government and their citizens have a thing or more to lose. What drives the agenda of some of them for banning Bitcoin is the decentralization of the coin, they want to overshadow every transaction thereby depriving everyone of their privacies. I will be opening a thread on this subject, this will help further in broadcasting what both parties would lose to more audience.

[Nrcewker]

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.

[Oasisman]

They lose nothing. Its their prerogative to initiate use of crypto but since they do not want to associate their people with it means they are not interested.

I don't expect anyone could reply in this manner or are you saying Bitcoin does not have any benefits? If it does, then both the government and their citizens have a thing or more to lose. What drives the agenda of some of them for banning Bitcoin is the decentralization of the coin, they want to overshadow every transaction thereby depriving everyone of their privacies. I will be opening a thread on this subject, this will help further in broadcasting what both parties would lose to more audience.

Of course Bitcoin has it's benefits, but it benefits more for the people than the government and that's what Chinese government are getting rid of.
I can't agree more that the decentralisation of Bitcoin plays a huge role on why they put a total ban in crypto. However, China might not even after Bitcoin's benefit for now since they are very keen financially. They always find a way how to manipulate their people and even other nations financially.

[8rch7]

for now they have not experienced or know the losses they will miss , but china is very critical of bitcoin so whatever happens to bitcoin they are not affected they just believe in their currency and their country 's ability to build their country . and they believe that without bitcoin the country and its people will prosper (just my thoughts)

The bitcoin exchange rate rises and falls purely following the market mechanism, the government has absolutely no control over the exchange rate, unlike the Yuan against the US dollar, the point is the government doesn't like something that the government can't regulate, that's why the Chinese government banned bitcoin in their country, the government China actually does not suffer any loss by banning bitcoin because for now their country is a country that has the strongest economy in the world, there are very many companies and large assets in their country, even their products are very famous and in interest by other countries.

[blue_hurricanger]

China wants to ban anything that remotely threatens its centralized authority. It's not really a surprise to see where and why they do all the above you said. They would lose nothing as the benefits of total authority government style stood higher than anything else. if more people knew that, they might start come to the acceptance point and not give a shit about China. All for the better, less time to waste on things has no end, I would say.

[cryptoaddictchie]

I don't expect anyone could reply in this manner or are you saying Bitcoin does not have any benefits?

Im saying China doesnt have interest on crypto. I didnt say bitcoin dont have any benefits. If they wanted to be out of crypto then can we do something about it? Im not sure if its right to let them agree on what the general wants. Its their right as well if they dont want it. But if you disagree then you are not respecting the term decentralized over their decision.

[lhrbeijing]

Objectively speaking, China is not banning blockchain technology. I am a graduate student in China, and the direction I chose is blockchain. We have a lot of mentors here who are mentoring blockchain.

But China bans ICOs, which the government believes could carry significant financial risks, such as suspected illegal fundraising.

As a student at a Chinese university, I do not comment on the Chinese government's choice. Perhaps you can understand that if 1.4 billion people have to express their views on cryptocurrencies, it will be more chaotic than the Middle East. In a sense, that's impractical.

But we can really study the technology of Bitcoin and its cryptocurrencies. Note that it is not that Chinese people do not pay attention to cryptocurrency technology.

Sometimes we feel like we can't find more blockchain jobs. But if the blockchain can bypass the ICO and just record the information of certain industries faithfully, I believe the Chinese government will not refuse.

[tjtonmoy]

I have seen many things related to adaptation to new technology. In every case, who were late had suffered a great loss. And also it took them a lot of time to recover and come to the recent development.

China is a big country and their knowledge in technology is massive. But their government haven't realize the potential of BTC or other crypto has and how much it could change the future. They will be left behind as the world moves forward.

China will loose the reputation they have in the world as a tech giant country by banning BTC.

[lhrbeijing]

Of course Bitcoin has it's benefits, but it benefits more for the people than the government and that's what Chinese government are getting rid of.
I can't agree more that the decentralisation of Bitcoin plays a huge role on why they put a total ban in crypto. However, China might not even after Bitcoin's benefit for now since they are very keen financially. They always find a way how to manipulate their people and even other nations financially.

A bit off topic, sorry. I don't fully agree with certain points of view, and I don't mean to change your opinion.

China has a history of humiliation, and maybe many countries have it. To some extent, we enjoy peace and stability, but we have to sacrifice some democracy and freedom. I believe this is understandable.

I agree that the Chinese government wants to know the ins and outs of the money. It's like the US has taken control of the Swift system. The U.S. government actually knows the inflow and outflow of every dollar. No offense. But if Bitcoin actually threatens the Swift system, my guess is that the U.S. will immediately ban Bitcoin from the world. Calm down. Because Bitcoin is not yet able to challenge the status of the US dollar.

Don't have too many fantasies. So far this century, only Huawei and China behind it have been able to fight and partially win against the U.S. government.

In addition, the status of the US dollar and the RMB in the world is different. This is incomparable.

[taufik123]

China wants to ban anything that remotely threatens its centralized authority. It's not really a surprise to see where and why they do all the above you said. They would lose nothing as the benefits of total authority government style stood higher than anything else. if more people knew that, they might start come to the acceptance point and not give a shit about China. All for the better, less time to waste on things has no end, I would say.

Basically, China wants to stand alone with its own products, without the need to use other countries' products. It's not just Bitcoin Cs that is banned by China. Previously Google was not even allowed in China, all Google products were blocked from China and Facebook was blocked starting in 2009.

Now Bitcoin is on China's block list. maybe China will make its own bitcoin, and create its own network, because of the nature of bitcoin that cannot be regulated by anyone or decentralized, then China rejects Bitcoin. But I am amazed by China, being ability to build its own country with endless innovations.

[Plaguedeath]

Although China officially ban Bitcoin, but we're don't know if China's government actually a Bitcoin enthusiast and already accumulate Bitcoin right now. After Bitcoin price surge and make new ATH, they can just unban Bitcoin and they will sell all of their coins in order to make good amount profit. I don't think there's a country or rich people will avoid against Bitcoin, rich people will try to find a way to multiple of their beginning capital.

[lhrbeijing]

Although China officially ban Bitcoin, but we're don't know if China's government actually a Bitcoin enthusiast and already accumulate Bitcoin right now. After Bitcoin price surge and make new ATH, they can just unban Bitcoin and they will sell all of their coins in order to make good amount profit. I don't think there's a country or rich people will avoid against Bitcoin, rich people will try to find a way to multiple of their beginning capital.

I have never heard of my government holding bitcoin assets. There are a lot of US dollar assets, and they may all go to buy US Treasury bonds.

I think it's possible to believe that Musk still holds a lot of Bitcoin.

[BALIK]

It all seems like a knee-jerk reaction from the government and I don't see any real reason why China is banning crypto.

Communist Party means there is only one party and power is concentrated in one person, that is the general secretary Xi Jinping. They ban bitcoin completely because they simply don't like decentralized things that threaten their power, they ban bitcoin but they use their own CBDC, centralized currency and easier to control people.

Bitcoin will change the way we bank, apply, or transfer money. If the government does not allow its citizens to work with bitcoin, it will lose its citizens' confidence in the future as well as investment opportunities, it will destroy jobs in the country, and deter foreign businesses from investing in China.

I think That's fine and the Government there makes the decision, but there are still plenty of reasons to keep cryptocurrencies legal so they don't harm their own people and impact the rest of the world.

Well, it's not as serious as you say, bitcoin is only 13 years old and the Chinese economy is hundreds of years old. They are currently the world's leading exporter and are predicted to become a major world economy in the future. I don't believe what the Chinese communist party claims, maybe they have a plan on bitcoin, they ban people from using it but there is no guarantee that they don't hold bitcoin, it's hard to say.

[noorman0]

-snip-
But if the blockchain can bypass the ICO and just record the information of certain industries faithfully, I believe the Chinese government will not refuse.

Bitcoin has never held an ICO, and (from various sources I've read in the past) China still considers it a financial enemy. Of course, I do not know the exact situation and at the same time it is a question from the perspective of Chinese citizens whether they are really avoiding bitcoin because of regulatory demands or they have certain tactics to use it.

[Lucius]

China has a history of humiliation, and maybe many countries have it. To some extent, we enjoy peace and stability, but we have to sacrifice some democracy and freedom. I believe this is understandable.

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.

It is incomprehensible to me that even 1.4 billion people think the same as you, which then leads us to the conclusion that Bitcoin has nothing to do in your society because you yourself choose to live in such a political system. However, if we look at the whole thing in a wider context, Bitcoin has never asked for permission from China or anyone else, so whether it is banned or not is irrelevant.

[FanEagle]

China is already not doing that great. What people are forgetting that as much as it's good to produce stuff for cheap by using china, there is also a good case to be made by having them done by someone who doesn't have a political agenda to destroy nations.

USA for example is a bad nation that attacks other nations, and this has been a problem for a while, and now they are out, hopefully they will get better, but they got away with it, Russia now attacking Ukraine and China has been in trouble with Taiwan and Hong Kong and even some little disputes with other nations as well which is scary, moving your manufacturing away from it for these political reasons could end up with terrible problems for China, and bitcoin banned or not will not save them.

[lhrbeijing]

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.

This is somewhat offensive.
There is no perfect system in the world.

Even if you live with the most liberal and democratic Big Brother, it is useless for ordinary people to speak. If you don't want your family away from you because of the virus, if you don't want your family to die because of a shooting, if you want real racial equality...... I don't believe there are more than 300 million people in America, and no one thinks that way. With all due respect, what you said is useless.

Although the president can choose one or the other, it seems to have the most advanced democracy and freedom in the world. But no matter who you choose, it will not represent the interests of ordinary people. Therefore, although the president is elected by the Americans, he can only represent the big capitalists forever.

The two parties in the U.S. always quickly reach agreement on foreign-related bills, such as foreign sanctions, war aid. But the internal bill does embody the so-called democracy, with the two parties arguing over their own interests. Passing such bills in the House and Senate is always a waste of national political resources.

Perhaps this is the key factor behind China's rapid development in recent decades. Because we handed over the big goal to the elite of this country. The deputies to the National People's Congress must reach an agreement as soon as possible so that we can spend more time on reform and construction. And most of us do put most of our energy into building our own country.

It is incomprehensible to me that even 1.4 billion people think the same as you, which then leads us to the conclusion that Bitcoin has nothing to do in your society because you yourself choose to live in such a political system. However, if we look at the whole thing in a wider context, Bitcoin has never asked for permission from China or anyone else, so whether it is banned or not is irrelevant.

Bitcoin also does not require any country. But I guess if the Chinese government accepts Bitcoin, its price will more than triple. I don't know if this is important to Bitcoin users.

[Minecache]

They lose nothing. Its their prerogative to initiate use of crypto but since they do not want to associate their people with it means they are not interested.

I don't expect anyone could reply in this manner or are you saying Bitcoin does not have any benefits? If it does, then both the government and their citizens have a thing or more to lose. What drives the agenda of some of them for banning Bitcoin is the decentralization of the coin, they want to overshadow every transaction thereby depriving everyone of their privacies. I will be opening a thread on this subject, this will help further in broadcasting what both parties would lose to more audience.

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. The answer is pretty negative but nothing wrong, China doesn't like bitcoin and they probably don't need bitcoin either. They have become superpower without the help of bitcoin, we should accept the fact. But bitcoin never needed China and they are not the center of the universe so no need to worry too much about their decision,  they used to make bitcoin wobble when they issued a ban but bitcoin overcame it all and got stronger and stronger. I see bitcoin now no longer influenced by Chinese news.

[lhrbeijing]

When it comes to the form of property, I agree that the government is more cautious.
After all, Bitcoin has not been around for a long time, and it is technically difficult for the government to grasp.
This is the beauty of Bitcoin. I agree with this.

Perhaps the ban is due to political factors.
A bit of a conspiracy theory indeed. The following are purely assumptions.
I don't quite believe that if the US government wants to control the Bitcoin community, there is nothing they can do.
It would be scary if, I mean, if the Chinese use of bitcoin is very common, maybe our competitors will control the bitcoin community.
Just like they were going to pass a bill in Congress that would take away the US bonds we bought.
They can get anything they want.
They might say that there are Americans in the Bitcoin community and that 10% of American technology must comply with the Export Act.
They might say that Bitcoin is suspected of money laundering and that community leaders have to come out for a hearing and add a piece of code to operate legally in the United States.
The reasons don't matter, the result is "they can get anything they want". That is to do whatever it takes to bring down China.

To be clear though, the Bitcoin community right now is very nice and not distracted by a lot of ideology.

[Awaklara]

we won't know for sure the harm China has suffered from the ban they have imposed. but clearly, the Chinese government will not like the foreign currency used in their country, especially those that do not cooperate with the government and of course have no control over it.
different from fiat which is managed by their bank. the use of Bitcoin has great consideration and will shift the dependence of their population on the fiat they control.
I don't know for sure, but these are just thoughts I have.