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

[Bit_Happy]

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.

Gox did more damage than the Chinese.
Everything will get better soon enough.

[1714654623]

1714654623

[Velkro]

china can't be banned, china people are smart, even after ban they will still trade

[Swordsoffreedom]

china can't be banned, china people are smart, even after ban they will still trade

That is very likely it is just the financial institutions who can't speculate on it that will not be allowed to

[jbcheng]

No Worries,Even Mainland China was banned, there will always be a place called Hongkong! via Shenzhen, there are always plent of channel to be built through Shenzhen and Hongkong for the chisese BTC community. yes, NO WORRIES!

[pabloangello]

Chinese are smartass people they will think out how to omit restrictions :p

[BitChick]

My thoughts,  if we can survive the Mt. Gox fiasco, we can survive this too!  VIVA BITCOIN!  

[pabloangello]

My thoughts,  if we can survive the Mt. Gox fiasco, we can survive this too!  VIVA BITCOIN!  

Bitcoin ATMs starts to appear all over the world, bigger and bigger merchants accept Bitcoin. At last Amazon or similar size company will join. China will not have any choice then. But maybe this is the plan, lower the price now to buy cheap and unban at the right moment

[semaforo]

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?

Awesome.

[semaforo]

china can't be banned, china people are smart, even after ban they will still trade

 Yes. There is a lot of upside to this- the downside is that it is (hopefully) the last nail in the coffin of the last rally. The upside is that we start building for the next rally now.

  -Good publicity- more people are hearing about it, and if China bans it a ot of people are going to want to know why. More people flooding into the ecosystem.

    Boost to innovation in the ecosystem- people will start engineering methods of getting around the controls, which will be funded by the Chinese black market and populations of Chinese living in other countries. These mechanisms will later be useful in circumventing future bans in the Middle East, Africa, and India. These countries on their own would take a really long time to figure out how to get around bans, but with the Chinese innovating in this field, their work ethic, love of money, and intelligence will advance the global indirect bitcoin mechanisms.

   As the financial crisis/bubble collapses/inevitable slowdown in China intensifies, so will discontent with the government. Bitcoin may be a new way for people to rise up against government corruption. Some people who were not interested in bitcoin but discontented with the government may become interested in bitcoin just because the central bank and government are threatened by it.

[atp1916]

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.

China is irrelevant as a market for Bitcoin growth.  Same with Russia.  They are communist societies run by the .01%.  They are centralized to all hell and back.

The Chinese and Russian peoples need to grow up and figure out that their forms of government are economically invalid and institute free market reforms.

[jabo38]

If China bans bitcoin, it will really hurt it in the short term, but in someways having a totalitarian government with banking troubles ban bitcoin, just legitimizes it in the long run. 

If China bans bitcoin, the real loser is Litecoin.  I think 90% of the volume for Litecoin is China. 

The US owns more than half of the bitcoin, then Europe, and then China.

[atp1916]

But see, they didn't ban Bitcoin.  China has not banned or shut down a single exchange.  They have not outlawed businesses from taking bitcoin, or individuals from mining/trading for them.

They merely (as expected), cut off their financial institutions / payment processors from supplying the exchanges with yaun.

Chinese can still trade bitcoin.  Now it's just very, very hard to buy bitcoins or sell them into mainland yaun.

The real question is: how much of that mainland yaun is gonna get funneled offshore. ;-)

[semaforo]

But see, they didn't ban Bitcoin.  China has not banned or shut down a single exchange.  They have not outlawed businesses from taking bitcoin, or individuals from mining/trading for them.

They merely (as expected), cut off their financial institutions / payment processors from supplying the exchanges with yaun.

Chinese can still trade bitcoin.  Now it's just very, very hard to buy bitcoins or sell them into mainland yaun.

The real question is: how much of that mainland yaun is gonna get funneled offshore. ;-)

  The Central Bank is probably just trying to protect the Yuan from just that- flowing out of China at an uncontrolled pace.

[atp1916]

But see, they didn't ban Bitcoin.  China has not banned or shut down a single exchange.  They have not outlawed businesses from taking bitcoin, or individuals from mining/trading for them.

They merely (as expected), cut off their financial institutions / payment processors from supplying the exchanges with yaun.

Chinese can still trade bitcoin.  Now it's just very, very hard to buy bitcoins or sell them into mainland yaun.

The real question is: how much of that mainland yaun is gonna get funneled offshore. ;-)

  The Central Bank is probably just trying to protect the Yuan from just that- flowing out of China at an uncontrolled pace.

That is exactly why they did it.  

China (and Russia) has some of the tightest capital control laws in the world.  You can only export/import so much capital in or out.  They are 100% yaun protective/manipulating and knew they had 0 ability to control the flow out if they allowed it to continue.  Same thing happened in Russia a couple months ago.  

[jabo38]

So the Yaun won't flow.... then isn't that essentially banning bitcoin investments in China.  Yes... it isn't illegal for people, just for the banks.  I guess the first person that can open a portal up in some other tax free unregulated country that accepts Yaun will make a fortune.  If..... that is the way it works. 

[greenalliancegroup]

So the Yaun won't flow.... then isn't that essentially banning bitcoin investments in China.  Yes... it isn't illegal for people, just for the banks.  I guess the first person that can open a portal up in some other tax free unregulated country that accepts Yaun will make a fortune.  If..... that is the way it works. 

I agree we need someone to step in. Someone can fill shoes and make a bundle.

[Maidak]

So if china bans china commerical banking why not have another company outside of china handle a chinese exchange?

[johnytelevision]

China didn't ban every kind of transactions reflated to bitcoin, so it didn't ban bitcoin. End of topic

[greenalliancegroup]

Dude Its as close as you can get banning BTC when you decide not to let your citizens do any transactions associated with BTC with your local bank.

The Chinese will always lag behind if they decide to ban innovation like BTC. I believe the issue with China is the mindset and openness to new technology.

One good example is China has polluted most of its lands due to manufacturing. They sacrificed there food supply for manufacturing. They have not really instituted laws that will preserve the country instead destroying it from the bottom up or embrace cleaner manufacturing styles.

Everyone says China will be the next superpower. Although if you look at there pollution rates, population growth, laziness of the next generation, close minded to new technologies, and lets not forget rampant corruption. Its in big trouble.

If you guys ever go to China. A lot of the newly built buildings are only 50% occupied.

My hope for China is them changing there ways.

[Gyfts]

Don't blame the Communists would want to ban it but in all honesty they can try, but will go no where. They can't put a cap on bitcoins, that's the beauty of the network.