Ok, let China ban bitcoin, we do NOT need them.

[Velaciela]

I'm Chinese, and  working in a  bitcoin website, which famous in Chinese bitcoin community. I want to talk some about the ban to bitcoin price.

First, let's forget the China.  before Nov. 2013, there is few(very few) bitcoiners in China. Most Chinese knew bitcoin from TV after the price sharp rise in Nov. In Apr 2013, the price of btc strongly fluctuated by other factors including MTGOX hacking. (oh,fxcking mtgox !)

When I  decided to invest in btc, I considered this factors, including value storage, international transfer, and anti-inflation needs, but not illegal usages.  If give btc a market cap as Visa or Master for the transfer functions, it means 100 billion USD. If give btc 5% mkt cap of Gold(6000 billion)，will be 300b USD.

It is a great value, and not considered any Chinese or Russian issues. We know, Just in United States, there are 300m populations. even 5% of them have 1 btc each, it need 15 million btc, and the BTC only have 21m.

So, the need of US and Europe is very enough to keep the market cap of btc, if btc can really meet their demands. DO NOT need the extra demand from China or Russia.

The trading volume in Chinese exchanges so large is because they provided FREE TRADE. actually, it is not so many trades. And in my view, 99% Chinese "investors" is speculating in short-term trades.  And in China, it is no use of bitcoin except speculating. Of course, it is caused by gov banned business to accept btc.

Only I'm worry about is that gov arrest miners and ban mining.(Yes, it is possible in a totalitarian state) But I think it is not possible now. And even they do that, because miner equipment replaces fast, We can deploy new miner machines in other place.


Just do the right thing, and keep btc safe...  Don't consider China anymore, If they ban btc, they have no right to decide the fate of btc.

I'm a Chinese, and I knew the history. A fact that indicate things clearly: in the cold war, the western lives well, even the people starve in East. When United States to da moon (I mean really go to moon) ,the Chinese is still in hunger.


Go on, bitcoin,  your future is in free world.


中国人看了别生气，这是事实。  各位可能知道我是谁，免喷。

 

[TTM]

Actually many Bitcoin investors will not happy if China coin market being shutdown completely. Bitcoin made it to $1000 on December because Chinese traders was in buying spree. Their huge demand pushed the price to the moon. Without trading volume from China, the price would be 200-300 for now, not 500.

[allenove]

Chinese government should not ban BTC in the shadows, but very possible development in other aspects of block BTC.

[MegaHustlr]

I dont think they BANNED bitcoin just regulated it...

[Beliathon]

Go on, bitcoin,  your future is in free world.


中国人看了别生气，这是事实。  各位可能知道我是谁，免喷。

Thank you so much. China's government can ban it all they want, but the next time BTC spikes past 1,000, watch how fast hundreds of millions of Chinese jump right back onboard the profit train.

CHOOooo Chooooo!!

[cosmofly]

no china no $10,000 Bitcoin 

[krishatnet]

In long term bitcoin has a good future. There may be some fluctuations in short term.

[BitCoinDream]

When they'll find their outsourcing activity is being hampered because of this, they'll automatically unban it. Its just about adoption.

[durrrr]

I think it's only a matter of time untill china is back. And I believe we do need china because think of how many people are in china . That's a lot of bitcoin usage and this caused price to go up so high. If China comes back our coins are going to double tripple or even 10x what they are worth now

[agusta]

I'm Chinese, and  working in a  bitcoin website, which famous in Chinese bitcoin community. I want to talk some about the ban to bitcoin price.

First, let's forget the China.  before Nov. 2013, there is few(very few) bitcoiners in China. Most Chinese knew bitcoin from TV after the price sharp rise in Nov. In Apr 2013, the price of btc strongly fluctuated by other factors including MTGOX hacking. (oh,fxcking mtgox !)

When I  decided to invest in btc, I considered this factors, including value storage, international transfer, and anti-inflation needs, but not illegal usages.  If give btc a market cap as Visa or Master for the transfer functions, it means 100 billion USD. If give btc 5% mkt cap of Gold(6000 billion)，will be 300b USD.

It is a great value, and not considered any Chinese or Russian issues. We know, Just in United States, there are 300m populations. even 5% of them have 1 btc each, it need 15 million btc, and the BTC only have 21m.

So, the need of US and Europe is very enough to keep the market cap of btc, if btc can really meet their demands. DO NOT need the extra demand from China or Russia.

The trading volume in Chinese exchanges so large is because they provided FREE TRADE. actually, it is not so many trades. And in my view, 99% Chinese "investors" is speculating in short-term trades.  And in China, it is no use of bitcoin except speculating. Of course, it is caused by gov banned business to accept btc.

Only I'm worry about is that gov arrest miners and ban mining.(Yes, it is possible in a totalitarian state) But I think it is not possible now. And even they do that, because miner equipment replaces fast, We can deploy new miner machines in other place.


Just do the right thing, and keep btc safe...  Don't consider China anymore, If they ban btc, they have no right to decide the fate of btc.

I'm a Chinese, and I knew the history. A fact that indicate things clearly: in the cold war, the western lives well, even the people starve in East. When United States to da moon (I mean really go to moon) ,the Chinese is still in hunger.


Go on, bitcoin,  your future is in free world.


中国人看了别生气，这是事实。  各位可能知道我是谁，免喷。

 

No one can do much about Bitcoin, that is the reality, just keep buying my friend.  Some time I might fell like media tools of paper money industry is winning, but reality is  It is same like bit-torrents protocol.
More they hate it more it grow.   It is just like dogs barking on the Train.
Lets make this wold better place for next generations to come.

[Bit_Happy]

China "ban" is unverified rumors, unless I missed some big (verified) news.

[S4VV4S]

I will repeat myself:

NO COUNTRY WILL EVER BAN BITCOIN!!!!!

WHY?

Because black markets will emerge.....

Thank you

[amspir]

The trading volume in Chinese exchanges so large is because they provided FREE TRADE. actually, it is not so many trades. And in my view, 99% Chinese "investors" is speculating in short-term trades.  And in China, it is no use of bitcoin except speculating. Of course, it is caused by gov banned business to accept btc.

I'm just trying to understand the Chinese situation, for instance, are mainland Chinese citizens allowed to visit Hong Kong and participate in that economy as a tourist?   Do the same restrictions apply in the Shanghai trade zone?

When you trade on a Chinese exchange for speculation, are you actually allowed to withdrawal in BTC?   Are there underground street-level bitcoin/Yaun traders?  

Also, what is feel for if/when the Chinese government will ease up on currency restrictions?

[coinyear]

I think you said very good. By the way, I also Chinese.

[franky1]

china has not banned citizens from using bitcoin. they have only banned banks and government institutions from using bitcoin for THIER investment portfolio.

banks wont buy bitcoin to hoard. but citizens can use bank account to wire transfer between other citizens and services, so that citizens can hoard coin.

as for the bitcoin value.

if only 12 million people invested $1000 of their life savings into bitcoin. then each bitcoin (12mill in current circulation) would be worth $1000 each
0.17% of population.

in 2140 if only 1% of world population(estimated at 21billion+) owned all of 21million coins then each person(210m) would only have 0.1BTC, which if they all only wanted to risk $1000 of their lifetime investment into bitcoin then 1BTC would be $10k

now imagine if the average person wanted to put not just 1 month salary at minimum wage. but 2,3,6,12 months of salary.. and imagine that over 1% of the world wanted bitcoin. then the btc value would far far far exceed $10k a coins.

the potential is massive. we just need to shed away the small numbers of emotional and inexperienced traders, panicking at every second. and have the smarter people start using bitcoin, who dont panic over false news.

[Alphi]

The trading volume in Chinese exchanges so large is because they provided FREE TRADE. actually, it is not so many trades. And in my view, 99% Chinese "investors" is speculating in short-term trades.  And in China, it is no use of bitcoin except speculating. Of course, it is caused by gov banned business to accept btc.

I'm just trying to understand the Chinese situation, for instance, are mainland Chinese citizens allowed to visit Hong Kong and participate in that economy as a tourist?   Do the same restrictions apply in the Shanghai trade zone?

When you trade on a Chinese exchange for speculation, are you actually allowed to withdrawal in BTC?   Are there underground street-level bitcoin/Yaun traders?  

Also, what is feel for if/when the Chinese government will ease up on currency restrictions?

the simplest way to think about it is that in china BTC is not considered "money" by the authorities so Banks are not allowed to use it and merchants cannot offer goods for it. if people want to buy and sell BTC over the counter just as they would rice for example I doubt anyone cares.
the main idea seems to be stop people who have amassed vast sums of wealth from converting all of that into BTC where the authorities cannot get at it, and then fleeing the country...

[amspir]

the main idea seems to be stop people who have amassed vast sums of wealth from converting all of that into BTC where the authorities cannot get at it, and then fleeing the country...

The significant part of that is fleeing the country.  I pretty sure China requires its citizens to get an exit visa.  Having all that wealth is worthless if you can't leave the country and spend it.

[MicroGuy]

It's impossible for any country to ban bitcoin unless they take the entire grid offline.

And only those that are participants in the system can be regulated: merchants, banks, exchanges, etc. Once the people become aware of this fact and once the government begins to understand the taxation opportunities of an inevitably unstoppable currency, it will regulate not ban.
 

[TTM]

It's impossible for any country to ban bitcoin unless they take the entire grid offline.

Main purpose of Chinese government is not to ban Bitcoin completely, all they want is to stop Bitcoin trading from touching banking system. Big amount of capital are being sneaked out of China everyday via cryptocurrency, that's the reason for this ban.

[franky1]

It's impossible for any country to ban bitcoin unless they take the entire grid offline.

Main purpose of Chinese government is not to ban Bitcoin completely, all they want is to stop Bitcoin trading from touching banking system. Big amount of capital are being sneaked out of China everyday via cryptocurrency, that's the reason for this ban.

your wrong
citizens of china can set up bitcoin exchanges using that citizen/individuals bank account & balance, they just need a Telecommunications Regulations licence. the same as any other country.
the news is that BANKS!!! cannot buy bitcoin directly for BANKS investment portfolio.. this has nothing to do with restricting individual customers from doing what they want with their account balances.

again ill make it clear
only bank board members cannot buy bitcoins for banking investment portfolios.. citizens are still free to invest how they like using their own bank accounts

i still wonder where people get this fud from and then do not research the truth or simply ignore the truth.. damn i hate sheeple