China Banning BTC. Any thoughts for the soul especially the mind?

[greenalliancegroup]

Just want to get everyone input once again on the Chinese rumor fiasco of banning BTC. Let me know your thoughts. Thanks guys

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[mrpulsar]

Don't believe the hype & have faith. We can ride this out.

[TheButterZone]

China's just going to keep banning BTC every fucking month and because everyone in China is apparently dosed with amnesia drugs every fucking month, BTC will keep tanking out of absolutely idiotic "fear". It's long past time China's bluff is called, if they're going to genocide BTC hodlers or not.

[greenalliancegroup]

I have faith in BTC. It would be better for the rest of us if the chinese stop paying with the price of BTC out speculation. I have feeling someone in China is going to become really really really rich from speculation. It does not take much to get someone to write a fake rumor in exchange for incentives.

[mrpulsar]

I have faith in BTC. It would be better for the rest of us if the chinese stop paying with the price of BTC out speculation. I have feeling someone in China is going to become really really really rich from speculation. It does not take much to get someone to write a fake rumor in exchange for incentives.

Spot on, right here. My fear is Chinese politicians and policy makers taking any sort of action behind closed doors that ends up with them benefiting alone from bitcoin while the masses are told to 'disengage from such activities'. Of course, everything right now is pure speculation. Oddly enough, I'm getting more coins a day and as a result, higher potential profit than I have been in the past few weeks. That can be answered simply through difficulty readjustment. But better yet, why are so many people getting off board that would make that happen, and is it a good thing? My reaction is a blunt sharp "no".

Through my observation - and I make it clear that I have no peer reviewed evidence to back this up - China has been one of the keys in making Bitcoin what it is. We can't let the people who dedicated their time and effort to a cause we all share slip through their fingers due to the thoughts of the few. However, I think the best course of action is to keep our bearing, stay strong, and not allow Bitcoin to be phased by this. This set back is one that will ultimately benefit the need for crypto-currency. But if the Chinese are being coerced by their government for something that will ultimately ruin the progress of those who supported bitcoin to this point, it will be noticed. I wouldn't want it happening to me, that's for damn sure.

[DPoS]

the price doesn't mean anything..  it all boils down to the adoption of people accepting bitcoin in return for goods and services...    goods may be a big hurdle as you have to interact with the trade of physical objects but to get people to value their services and time in bitcoin would be the battle to support

check into local timebanks where they just trade timedollars between folks in exchange for services


so instead of timedollar sites, bitcoin supporters would be served well to create service exchange sites that list in bitcoins... or course the real reason timedollar sites work is that they are community based and they weed out and shun bad actors

bitcoin community is rancid with bad actors and sheep that bend over for them

[waldox]

banning bitcoin will slow bitcoin adoption but wont kill it

[greenalliancegroup]

I agree. BTC IS A GIFT TO THE WORLD. The only reason top investors and bankers are against is the potential threat of social dynamic changes of value.

[CurbsideProphet]

Just want to get everyone input once again on the Chinese rumor fiasco of banning BTC. Let me know your thoughts. Thanks guys

Any news is good news as far as I'm concerned.  The biggest hurdle facing Bitcoin right now is that the majority of the world has never heard of it.  The more press and articles that come out, the more people will hear about it.  From there it's the onus of the reader to do their due diligence on whether the tech is viable or not.  The only people in a panic right now are those who broke one of the cardinal rules of investing in any emerging investment, never investment more than you're able to lose. 

[waldox]

china banning bitcoin will just slow adoption in china but it wont kill bitcoin

[bobdutica]

In ancient times, people's wealth consisted of their crops. Tyrants, warlords and other 'government' officials, as always, wanted control over people's wealth. When some people resisted these tyrants, the warlords rode in and burned the crops, thus keeping the people under submission. One day, some people discovered the potato. With fields full of potatoes, it didn't matter if the tyrants rode in and burned the crops. The real value of the potato lies underground. The only way the overlords could control the people's wealth was to dig up all the potatoes. That would require a lot of work, and one thing tyrants hate more than almost anything else is to have to work. Thus, although the tyrants could frequently create havoc and harass the people, they could no longer steal the people's wealth very easily. Could Bitcoin be the financial equivalent of the potato for the people?

[asiabtc]

China Central bank new policy. forbidden commercial bank open channel for market: BTCC, Huobi,okcoin ,etc. it means we cannot have market to buy and sell btc. only by personal .
the dead line is Apl 15.
be careful.

[greenalliancegroup]

China Central bank new policy. forbidden commercial bank open channel for market: BTCC, Huobi,okcoin ,etc. it means we cannot have market to buy and sell btc. only by personal .
the dead line is Apl 15.
be careful.

Thanks asiabtc. With new Central Bank policy. How would you be able to exchange money to RMB? or would you have to do it in US dollars? If you don't me asking

Also on the note of potato. I totally agree. I love that story.

I believe China is using this policy as counteracting balance against the West. let face it, BTC is from the West. I believe the Chinese government wants to counteract its flow of fiat currency out of the country especially to places in the EU and USA plus Canada. My belief has always been that BTC was use to counteract the trade policy. I believe Satoshi is someone within the US government. If this was formed in the Asia Pacific. I believe that Big Banks and there lobbyist would of crushed the opposition by giving campaign contribution to congressman and senators. BTC would of been long gone.
The fact is the US dollar and Euro are still viewed as "preferred" currencies of the world. I am not saying RMB is not a wanted currency. A lot of people feel comfortable that there money is in USD or EURO. 

With China's one sided trade policies and pegging the RMB to USD. Hence its hard for us in the USA and EU to sell goods to China. Let not forget Canada too

[Swordsoffreedom]

china banning bitcoin will just slow adoption in china but it wont kill bitcoin

I agree in fact it may even get traded in Chinas second market until the point that it becomes to big for the Chinese government to ignore and either a crackdown ensues or they change the rules again.

[Velkro]

dont care, bitcoin existed without china and will be here after china.... after USA ban even etc.

[Bit_Happy]

Any thoughts for the soul especially the mind?
Yes
Please have your soul tell your mind that China doesn't matter that much.
BTC will be fine with or without China.

[E.exchanger]

China's central bank sometimes enacts policies quietly to make it easier to change them later.

Such a cautious approach makes particular sense with Bitcoin regulations; virtually every government on the planet is struggling to figure out how they should deal with the digital currency.

Long term, however, China will find that it won't be so easy to shun Bitcoin; within the next few years, "the Internet of Money" will be much more integrated into the global economy.

And yeah its not getting banned in china:
http://www.businessweek.com/articles/2014-03-20/btc-chinas-bobby-lee-bitcoin-isnt-really-banned-in-china-and-its-quickly-gaining-ground

[zolace]

China can slow down the growth rate of Bitcon. No doubt about that, but Bitcoin does not care about borders. With every financial crisis it will become stronger and stronger.

[RodeoX]

My thought is that our free market does not need communism to thrive.

[greenalliancegroup]

My thought is that our free market does not need communism to thrive.

I am upset that the chinese have been ruining BTC and been doing a great job doing it. How is adoption going to happen if they keep dumping and pumping.