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

[CoinRocka]

China be like..."Oh snap, round eyes tryin' to neg on their debts"... BITCOIN BAN HAMMER!!!

[greenalliancegroup]

I agree, I believe why they are so anti BTC is because deployment from West. China has one of most unfair trade practice. Chinese are basically scared the flow of capital will leave the country if they institute BTC. Although if China does not get on board. They will lag behind once again. Lets face it, its going to become more practical using BTC especially with the new wallet hardware wallets coming out. I don't like carrying fiat currency. Banks charging 45$ transfer fee on top of 2% conversion. Its freaken ridiculous. The banks can kiss my ass if it takes any work at all to initiate a bank transfer. On top of it. The government might freeze your money supposedly suspicion of terrorism which is retarded. The majority of the reason why governments freeze bank accounts is the tax $$$$$$$. The reason why terrorist are terrorist is that they cause terror not opening bank accounts.

[deux-es]

They will be back when bitcoin is at 1k$ again. 

[Ayers]

they can't ban bitcoin, they can ban trading from their platforms

They will be back when bitcoin is at 1k$ again. 

they were the reason for that

[yogg]

I think China is looking to make a gold backed yuan. This could also become the world's next global reserve currency, like the USD is now.
They got a bunch of gold over the past decade, that idea is plausible.
This can also be a reason for them to cut ways to get yuan exchanged for BTC.

http://www.zerohedge.com/contributed/2012-21-22/will-china-make-yuan-gold-backed-currency

[greenalliancegroup]

I think China is looking to make a gold backed yuan. This could also become the world's next global reserve currency, like the USD is now.
They got a bunch of gold over the past decade, that idea is plausible.
This can also be a reason for them to cut ways to get yuan exchanged for BTC.

http://www.zerohedge.com/contributed/2012-21-22/will-china-make-yuan-gold-backed-currency

The problem with the Chinese just backing CNY with Gold is the fluctuation of Gold Prices and finite amount of Gold. The Chinese government has to oversea 1 BILLION people. If you peg your currency to Gold like we use to do. Your going to run into some problems of having enough money supply. I believe China is lacking innovation. No country can just become great in manufacturing and holding Gold. Its all about innovation and create new money. Besides China will lose a great deal from the US Dollar losing its World Currency Status. You tank the US economy. China will have nothing in terms of manufacturing. The Chinese are solely dependent on Americans buying and the West.

The chinese might have surplus but how long will that last? Innovation in manufacturing will eventually make people obsolete. When it will be easier and cheaper to hire robots to do work.  China needs to wake up and start developing innovation tech instead of relying on manufacturing. You can horde all resources you want. Although when the income that coming slows down and you don't have any new innovation that when your in trouble.

The Chinese already have polluted 92% of their lands. Importing food for 1 Billion people can get very expensive.

[socal]

China has gotten ballsy since 2008 and the "Global Financial Meltdown" since they came in and bought up large chunks of debt but thing is like everyone else has pointed out, in a decentralized system of currency like BTC they have NO control and NO long lasting implications As more and more people get tired of all the shady shit big banks do and all the money the big bank execs steal they will eventually turn to alternatives such as bitcoin. Can China cause 18 different types of hell for BTC right now while it's still young? of course they can but so can literally anyone else that wants to, and just like Chinas "Great Firewall" has failed to control what portions of the internet their citizens can access their restrictions on BTC will ultimately be for naught. I for one am LONG on BTC as long as we the community can keep pushing the boundaries of bitcoin it is inevitable to succeed.

What we need to worry about the most is reigning in all these shit-for-brains scammers, I'm sure theres plenty of White-hats/Grey-hats that are reliable members of the BTC community how hard could it be to counter-hack a hacker or trace down a scammer I for one would donate time, money (Fiat and BTC) and my 6 years of Military training to pay these punks a little personal visit if somebody can come up with an address and proof they are one of the many scammers/hackers plaguing BTC but I digress. 

[greenalliancegroup]

The problem with scammers is that they will always be there. No matter what sector.

The United States has been world leader because? Why? Innovation. We use to do brain drain from other countries and offer better opportunities. Now United States teaches its citizens settle with a job. The problem is we need citizen to create not settle for jobs. Hence why Corporations are becoming to big to fail. Corps threaten state gov to Fed gov if incentives are not provide for the Corp. We going to move your jobs. Americans have become dependent on Jobs. We need innovation. We need Americans to go over seas and bring the money back home to the US. Create businesses aboard.

The reason why Warren Buffet is what he is today because there was opportunity back then. He is fortunate person. Although for him to bash BTC is sad. He lived in a time where the 1 percent did pay there fair share. Where multinationalism wasn't a thing yet. There was cooperation. Now we live in Machiavelli type of situation. Also the laws are a lot more complicated. You can't even do you own Tax return without an CPA to check it. God forbid an Audit.
Even the wages were above average. Has anyone read his bio on wikipedia. He was able to save because he had opportunity to make money in order save. You can't save if your unemployed.

I never understood why everyone believes China's CNY will become the worlds currency and super power of the world. It won't. The Chinese economy is ticking time bomb like USA. The government owns the companies so if they go under so does the government. The Chinese have been putting all its eggs in one basket by relying on exports. It takes one person to invent a new way of manufacturing that does not involve a single human being but handful of technicians. Then you'll see all the jobs disappear from China. Companies only care about the bottom line. The Chinese will be having a big aging population which means less productivity.

[aigareth]

I am a Chinese, but I don't trust our government anymore. Just because they always cheat their people.They said People can be freely traded in the premise of risk,but they shutdown tomorrow.

[greatway]

Its a bit of conflicting message coming out of china.  I think the officials are getting afraid of BTC.

[Bit_Happy]

Any thoughts for the soul especially the mind?
If you don't mind, please have fewer thoughts about China. 

[greenalliancegroup]

I believe the BTC market China is perfect time to capitalize. I am not sure if any of you are in Shanghai. I planning to go there and trade the surplus of BTC that they have and bring it back to US. The change will only happen with CCP realizes that they are missing out on something will actually help there economy. If more vendors in China take BTC. It will help the CCP to collect more CNY. Although until they realize that they are missing out something big. They will always be a step behind. Its really sad. The CCP could of changed the way they do business and much more efficient way. As I mention before, if you have billion citizens, they need jobs. By limiting BTC trade your only hurting your own economy. The smart thing for CCP to do is to tax instead of banning it from banking system.

There are always winners or losers. Although limiting opportunity is shame. I would exploit the China market and hoard as much of BTC there as you can. The price will jump again. The infrastructure is getting put in place. The system is flushing out the black market, conns, and hackers. The virus and bacteria of the system. Thank for VC for pumping in funds and creating secure exchanges. I believe faith is biggest thing in anything. The Chinese don't have the conviction and faith as we Americans and Europeans/Canadians. VC aren't dumb. They don't throw money if they are not going to make a profit.

The infrastructure in the North America and Europe will technologically more develop than Asia Pacific because the belief and conviction that will work. The Chinese will lag behind. It takes all time for businesses to accept, implement secure transactions, and create a system that efficient. When the CCP decide to ban it from there banks. They are taking one step backward. They will lag a generation. I would not be surprise. There will be a point where mining won't be profitable but conducting business transactions with the coin.

If any of you are in China. I would exploit the fear of the Chinese and obtain BTC at a good price. It nothing personal but business. The Chinese already kind of hurt BTC from the pump/dump thing that they have going.

For me its means opportunity for BTC pie for N.America and Europe. The more coins we can hold on to, the better. When the price does go da moon and 10k per coin. Because fiat currency is worthless. You'll definitely be enjoying that margarita on the beach with you hot girlfriend or wife. Because your the one that decide to hold onto the coins when they were at 400$.

Bitcoin is here to stay. I always remember that my professor mentioned. First movers into the market will always have advantage.

Buffet and economist who predicted the collapse of USA 2008 are generations back. They don't understand Bitcoin. The new "IN GOD WE TRUST" IS BITCOIN.

Every fiat currency in the world is based on trust. Trust is what make things work. The USD is backed by NOTHING BUT THE NAME OF THE WORLD CURRENCY.

So I would horde as much BTC that you can afford. Mine and be vigilant in telling everyone you know. The more publicity and more awareness will equal legitimatization. IF everyone in the BTC community sat down with 5 people a day and Debunking the fears of BTC. BTC will be going to the da moon.

[exciteme]

it was a no surprise for me ....

[greenalliancegroup]

The Chinese might be wealthy now, but once they tap out of resources and eventually have to import everything you'll see the dynamic shifts change again.

Same goes with BTC. The Chinese are selling there equipment and everything, but once they tap out of resources and then what? The chips on mining hardware needs a special element to be made. It will cost them a lot more than before. The Chinese lack of care of their homeland shows that there will tough times ahead for them.

[BitOnyx]

China banned BTC so many times this year I don't even care any more.

Any way, entire volume of china will move abroad (in internet world it is nothing special, just different url address).

Situation is changing every day but from what I notice it is just same situation over and over again.

[Swordsoffreedom]

China is pretending to ban bitcoin so they can collect them all on a discount then decide to make them legal again and enjoy the nice price appreciation on those coins 

[freshprince]

Have spent several years in China and this interpretation is accurate IMO.

The government swiftly stopped payment processors from dealing with BTCChina with no warning. This wasn't an accident, the sentiment is clear. I highly doubt BTCChina will even attempt to find a solution, instead they will adapt and most likely cease acting as an exchange.

[sana8410]

I am a Chinese, but I don't trust our government anymore. Just because they always cheat their people.They said People can be freely traded in the premise of risk,but they shutdown tomorrow.

Maybe is time for a change in China,a revolution!If you say that you don't trust your goverment why don't you do something about it?!

[coincup]

Chinese gov is scared with many new things,you can't imagine the Chinese ppl even can't visit facebook and youtube because they're out of the gov's control

[greenalliancegroup]

No matter what the Chinese government does. They will not and CANNOT STOP THE POWER OF COIN. As long the West gives it value. They can resist as much as they want. But eventually fall victim to BTC. Chinese people love money lol.

This is what I think BTC China will do. They will rebrand themselves. Work with HK banks. Institute the voucher system. Then whoever want there funds would exchange the voucher out for funds by wire transfer. Hong Kong is whole different beast.

I always say if there is will there is way.