Bitcoin Exchanges to be banned again?
So I've been coming across rumours that say there is information being "leaked" that China is about to ban cryptocurrency exchanges.
This must be about the fifth time this rumour has circulated.
Haven't found any concrete evidence or a translation of an official announcement yet. I personally don't take these "rumours" seriously.
My Take On This Kind of "News"
My Take is that the Chinese government itself is likely one of the biggest investors in the cryptocurrency space.
Whenever they feel the need to buy more they "leak" this kind of information and start filling their buy orders.
They have banned bitcoin and bitcoin trading so many times it is not even funny any more. Looks like people are already panic selling though.
But what if it is serious this time?
I don't think it is because the Chinese government will not only kill their own personal investments (which I'm 100% convinced they have) but they will also be killing a major revenue and growth stream for their own country.
They are not stupid.
But if somehow magically it did turn out to be true, I think it would be fantastic.
Why?
Because this is exactly the boost that decentralised exchanges like Bitshares, Waves, Bitsquare etc need to get people using them.
DEXs are the future but they don't have the volume/liquidity right now to be useful.
So personally I would love this to be true - even though it likely won't.
Even if it doesn't pan out I am pleased to have the opportunity to buy in to some more tokens and cryptos I want at a discount.
Remember the old Rothschild saying - "Buy when there is blood in the Streets".
The Chinese government seems to like making blood on the crypto streets on a regular basis, why not take advantage of it?
Thank you for reading
ye i think that they will not ban and if they ban some exchanges , decentralised one like bitshares is the way to go :)
I just hope in china will not be a rule like ; chinese people only can use chinese crypto exchanger.(controlled by government )
Another red day nothing new :) in this day people sell a lot and who is calm buy a lot :)
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banning sometimes isnt that easy economically. F.E. when big mining farms, pay 2million dollars to the electricity factory. A lot of people benefit from cryptos in different ways, its not black and white area
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Exactly. Morons sell whilst the sensible people buy coins at a discount. The funny thing is the morons never seem to change this behaviour.
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Its probably just them starting it off causing a chainreaction of morons to dump. Noticed the first big sell off had happened ok OKCoin and then within a minute the rest of exchanges followed.
What's annoying is the chainreaction in all coins, you'd think btc losing value the others would stay or even grow in btc value while its happening. It feels like an co-ordinated attack not to let anyone profit by switching to alts except tether.
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problem is altcoins are exchanges with btc mostly and some to etherium, so if bitcoin drop they drop too, we need more exchange pairs like altcoin to altocoin not to btc, so then this swings not be so huge to altcoins.
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You can divert ressourced into smaller no name coins, but that does not help you and exposes you to volatility.
You'll just have to endure the manipulaiton because the big player (BTC, ETH etc.) will be the target of the manipulators.
However, you should appreciate that you are not falling into the trap (that is selling out of FUD aka fear, uncertainty, doubt).
According to the Pareto distribution that already makes you better than 80% of investors so cheers to you :D
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Exactly. It is very suspicious - sad that people fall for it and not just once they keep getting suckered.
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Yes....Making mistakes or being fooled once is part of life.....Being subject to it again and again is unconscious stupidity.
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Exactly.
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that is why I thank god daily for giving me a brain capable of independent thought.
some people call me paranoid, but at least I don't panic as soon as someone screams the sky is falling because I already expected something worse than that and can keep my cool :P
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Being skeptical is not paranoia it is common sense.
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Yeah, it's sad.
I think people get suckered again and again because they believe the world is a bad place, though it actually is awesome.
If you believe that everything is bad it disempowers you and you end up not fighting and thus lose by default
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Actually the world is neither good nor bad. Believing it is consistently one or the other is where people make the mistake as it leads to false assumptions.
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I disagree with you: the world is only good.
All bad is derived from false assumptions and behavior in accordance to those false assumptions.
It is exactly as the Bible states: Satan was a liar from the beginning.
Everytime you do something bad, or somebody else does, they do it because they act on one of Satan's lies (misconceptions of the world). In a sense it's the result of ignorance, if you had perfect knowledge of the world, there would be no bad.
Hence, my people shall perish for lack of knowledge, etc.
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I disagree with that.
Organised religion is fairy stories for adults. There is no Satan. It is a lie that lets people shirk responsibility for their own actions.
Makes my point.
There is no such thing as perfect knowledge of anything.
There is no "my people" - these kind of lies are responsible for countless deaths and wrong doing.
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I think its a more sort of rumour to fell the crypto market.....and likely for panic sellings......crypto is life
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And you can never go bust betting that morons will be morons.
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Lol yes. Someone should start a moron tracking index. The returns would be insane.
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You could pretty much take the mainstream advice and just bet against that like The Big Short guys and many others did. I too made a killing profit on Aug 1st dumping my BTC instead of BCH.
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Generally, that is a smart idea.
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And it works. Especially in market extremes. Now we are looking at celebrities promoting Bitcoin. With the weak fundamentals it has, BTC is a pure bubble. Blockchain has great future but Buttcoin does not.
Still I think BTC will have its reign for few more months. It's not like it can get bankrupt like stocks.
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Well, they would not be morons if they behaved intelligently. That is kinda the point of the word moron. So...
It's just that they do not have enough information and do not think.
I never invest money I cannot spare, some people, however, do so and then I can understand that you would worry quickly and sell immediately if you hear something bad to prevent losing everything.
But that is obviously the wrong approach to investing.
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Yes.
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Keep calm and hold btc until "green" again !!
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I think its a more sort of rumour to fell the crypto market.....and likely for panic sellings......crypto is life
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Agreed, I think this was an over reaction of the market and the folks who are bitter about not having caught the train at the right time.
https://steemit.com/bitcoin/@wanderingmind/over-blown-market-reaction-on-bitcoin-news-from-russia-and-china
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Good post and i agree
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Great.
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they will never ban Bitcoin. It's like chopping off their arm.
Your post is very well done! Inspiring :D Follow & Upvoted :D Keep them coming!
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exactly and also they cant ban bitcoin, they can criminalize trading, mining or keeping it. The black market will still use it
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...
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Great but don't spam your links or you will get a flag.
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sorry...
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NEO might be a good pick, its the most chinafriendly coin
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China often uses financial threats as leverage - it owns almost a third of the U.S. debt and every now and then, China threatens to sell part of its debt holding, knowing U.S. interest rates would rise and that would slow U.S economic growth. So, it wouldn't surprise me that they'd use a similar tactic to lower the price of Bitcoin so they could buy massive amounts at a lower price
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Yeah seeing that with chinese tourists who aren`t allowed to travel to Seoul anymore because South Korea added new defense systems against North Korea. China is powerful and will be powerful in the future.
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I agree. It's not Russia - it's China that's America's rival.
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I think that America still has the upper hand over both though.
Obviously it is possible that China leverages it's holdings, however, America can just default on foreign debt if they choose to do so. The Chinese military power does not match America's and thusly they cannot collect the outstanding debt by force.
Additionally, the US or the FED could basically devalue the debt that China holds by printing more and more money. Realistically, China's assets would soak up 1/3 of the loss in value of the dollar without hurting the American economy at all.
Obviously, either would be a drastic measure of the American government, however it shows you that America is far from done or losing the upper hand.
In the case of money printing for example, I think the Chinese economy would be hurt more drastically then the American, because the additional dollars created would be spend withing the US and not in China practically punishing China's economy if the US government implements a sensible policy that supports the American population via economic growth.
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a very informed and insightful response, @granunic0rn
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Yeah maybe...
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Exactly - I think it is quite probable.
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Yes. Exactly this ^
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Makes sense. I wonder what would happen if they let their currency float.
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exactly!
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Would be very interesting with dramatic implications.
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it certainly would!
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I guess the first thing that would happen is that it would to a large extent destroy their domestic industries because they will no longer be competitive on world markets. Maybe that is why they are now focusing on high quality products instead of just being the cheapest. In anticipation of an economically independent USA in terms of consumer goods, but even as far as oil is concerned. Very much like Germany. Germany used to make low quality products, and then I guess once they built up their customer base and internal manufacturing infrastructure, they started focusing on quality and eventually became synonymous with quality.
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those are some very good points - didn't know that about Germany, but it makes sense to me now
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There is this book The German Genius. I saw an interview with the author
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I would really like to see that coming (of course not because the price fall). I am a huge believer in decentralised exchanges. Those actions of countries will push innovations in that field tremendously. We at makerdao.com are working focused on our decentralised exchange oasisdex.com (currently only for ethereum tokens). We pushed a new version with automatic order matching a few days ago. Please check it out.
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Thanks I will look out for it.
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Dude, you so fucking nailed it! For anyone who hasbeen in 'the space' for a few years this whole "China Syndrome" is just a joke.
How many more times...
...will peolple fall for this shit? It's hilarious! Although i must admit, initially i was regarding this new news as some kind slight against bitcoin. But alas, no. Hell! The big three exchNges in China are running smoothly and have had no official government intervention. What does that tell you? A: it's all a great, big, scam designed to undermine the price while -- yup! -- Chinese insiders scoop up cheap coins.
Bah ha ha ha! You can't make this shit up. How many times has bitcoin been killed by just China alone? And when i say killed, i mean discounted for a short while before the headlines once again start screaming ATH all over again...
Thanks for post! Upvoted and Resteemed 🤘😎
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Yes it has happened so many times that I don't worry about it anymore.
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We get the same rumor every year. China is not banning Bitcoin, where are their corrupt officials going to save their money, in dollars? hahaha
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Yes I think it happens more than once a year.
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yeah so I heard ahah! lets see what it is this time, buy the dip!
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I'm also don't think it's ban-able. People so smart there now with VPN despite the VPN ban.
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Exactly. I think most people who are even involved in cryptocurrency don't seem to understand that.
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Sometimes, it takes balls for the government people to do something cool.
Like to see how things develop in Estonia.
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True.
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Yeah I agree you cant
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Grr, yes this is dumb.
We need more anarchy.
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The Blockchain is a great technology and for the time being we can expect that emergent nature of the community will overcome all the bans, governments and restrictions and to continuously change technology on its way.
Having said this it's very difficult to bet on the right crypto, which one will be the one that will solve the specific issue of the moment?
My suggestion would be to:
I wrote a small series on diversification benefits and the income that can be created through it.
CryptoPortfolio - Extract a "diversification dividend" - Part 1: Geometric and Arithmetic Returns
CryptoPortfolio - Extract a "diversification dividend" - Part 2: Portfolio Risk and Diversification
CryptoPortfolio - Extract a "diversification dividend" - Part 3: How to make 8% more per year
I would be grateful to anyone who wants to take a look and let me know what he/she thinks! Thanks
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These links have nothing to do with the post. It is pretty obvious the whole purpose of your response was to get more views on your own posts. I would suggest avoiding this kind of behaviour as it is liable to get you flagged.
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Hi @thecryptofiend, like most people on steemit I'm trying to open a dialog and to get people to engage on my post.
But I respectfully beg to differ on the irrelevance of my post: I selected few posts where I posted this, I read them in full (usually upvoted them as well) and posted only on those that mentioned an idiosyncratic risk.
In your post you are discussing issues related to government intervention and bans which in turn disrupt the normal functioning of the market and create a mark-to-market loss in the accounts of those holding the specific security (or the security that is traded on the specific exchange).
My suggestion was simply to keep a diversified pool of assets so that these shocks have the smallest possible impact.
With this answer I don't want to make any polemical post and if you still think that my comment should not be under this post I will remove it.
Thanks for your consideration!
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The suggestion itself does not require a list of your posts. It is a pretty blatant attempt at self promotion so please don't play coy about it.
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Is it even possible to ban the exchanges? I mean that China has banned Facebook, for example. But it seems to me like everyone can get a VPN to access it. Wouldn't it be quite similar with the exchanges? The only difference is that the Chinese would start using US, EU, KR, JP and other exchanges.
An as any of the dips, a good opportunity to buy more at a discount :)
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They can only ban exchanges that are physically in China by going after the people running them. Even if they did that, as you point out people could trade on non Chinese exchanges or DEXs.
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That's exactly my point. How do you think things are going to end up with China?
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I don't think that the bitcoin exchange situation will change - they may at some point look at taxation changes. Also I think that the ICO ruling will be refined to allow new ICOs to be legal if they follow certain rules.
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And that's a good thing, isn't it?
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Depends on your perspective. I don't think it is a disaster although the less regulation there is the better IMO.
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Yes, depends. The ICOs is similar to investing in startups. Institutional investors know how to evaluate projects, but many-many of the people participating in the ICOs have zero idea and are there because it's hype. And therefore, they can lose money easily. I believe that there isn't the right solution, but I also believe that the people investing in the ICOs should be educated somehow.
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True but people need to take some responsibility for their own actions.
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Oh China , make up your mind . I have doubt that it will be all of crypto. Maybe it's their way of "scaring" red alert in crypto is already being seen , maybe good time to invest ?! :D
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Yes it is the best time to invest. I think this is a deliberate "rumour" created so they can buy cheap.
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China and it's cheap ways :D thanks for the update
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NP:)
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@hilarski shared this video on Facebook the other day, and it's still funny!
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Lol:) . The voices are pretty well done for the actual characters.
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China will not do anything of the sort. It is a law that will not be enforceable. How exactly do they plan to "ban" crypto? If they shut down the exchanges they all the Chinese have to do is use a browser that relocates their IP, go to another close buy country to legally by cryptos and put it in their wallet, buy peer to peer with each other (arbitrage profits will be insane if that happens). They can't do it...thats why they have not done it. They are just trying to scare everyone on the off chance that it might become unpopular.
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They can't ban the cryptocurrencies or trading for that matter but they can scare people.
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That does make sense! I'm happy it happened, to be honest, coz' I bought a bit more. I hope they swing this one more time so I can pick up some more at ~$4000! Happy investing
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The frustrating thing is that this doesn't even have to be the Chinese government. There is a distinct lack of reliable news sources for cryptocurrency and it has become very easy to promote "alternative facts" and manipulate currency values.
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Absolutely been going on since I've been here and that's only about 4 years.
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Dude!
I LOVE this post. Such great insight here and with my limited experience my senses tell me you are RIGHT on!
The quite you sited says so much of which is still very relevant today "Buy when there is blood in the Streets".
The global elite still operate with the same tactics and mindsets in the modern world, it just appears different on the surface.
I really really like your posts and check ur page pretty often hoping you made a new one.
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Thanks:)
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THANK YOU!
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I think @thecryptofiend .... That rumours will be only rumours because China itself is the beggist generator and exporter of Bitcoin and other crypto currencies..... Out of 100% mining China's Shares in Crypto world is alone 80% .... So China will never do this mistake to ban cryptocurrency exchanges.
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I know but the market still falls for it.
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Yes you are right, Market always influence by rumours...
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True because there are always people who will panic.
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And they also get benefits of these things....
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I support your theory, this is not real, the day that passes no one is going to find out, that moment will be tragic. However, people who have power saving and able to absorb a tragic movement are taking advantage of this situation, in the advesidades is the real business.
Thank you very much dear friend @thecryptofiend, for this information and your point of view
Have a good weekend
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The premise of cryptocurrency is to rebel against government, this is expected and will not stop cryptos.
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Right and you can't stop them. Kind of the point of decentralisation.
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Definitely DEX is the way to go, the more and more this type of exchanges appear, the more volume will be traded there and this kind of rumors, news, and even real shutting down enforcements will just be meaningless to the markets.
Bitcoin is all about Decentralization, we just are so used to centralized organizations and culture, it takes some time to evolve and introduce the whole concept of decentralization into all kind of business, but eventually, we will get there.
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I think so.
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yep I agree with you. If china banned cryptocurrency they would be shooting themselves in the foot.
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Great article. As a newbie to Crypto, this is the kind of thing someone like me worries about. As I read more and invest time into crypto, its much like anything else... watch the signs, get past the emotional side of it, and buy low. This isnt a bad thing, it just means you can buy more at lower prices if I am tracking.
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Exactly and just to be clear the whole point about cryptocurrencies is that they are decentralised and can't be banned. Even trading them cannot be completely banned. That is part of why they are so revolutionary.
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We may need China to stock our Walmart shelves, but we don't need China for Bitcoin. Go ahead China.. make. my. day.
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Because China is such a big player in the cryptocurrency field, playing a rumor like this can actually pay off in their favor. And anyway the market is continuously moving forward and therefore changing, and those involved in the entire transaction process will win, or loose, depending on their patience and instinct I guess... Great post! 👍
Update!!!
Check out my latest post here : https://steemit.com/life/@benjy87/you-wanted-something-interesting-you-got-something-mind-blowing-2017910t20740270z
Thank you!
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Thanks. I think that is exactly what is happening. Even if it is only a few senior insiders within the government - I think there is definitely some kind of price manipulation effort behind these moves.
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When is money to be made, most of the times, people who already have money are going to bend the rules and turn the games into their favor. It's just the way life goes...
Update!!!
Check out my latest post here : https://steemit.com/life/@benjy87/you-wanted-something-interesting-you-got-something-mind-blowing-2017910t20740270z
Thank you!
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I agree.
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Please don't spam unrelated links in comments.
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Oh no.
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I don't think there is any reason for worry either way.
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This might be the reason i could see mostly all RED in bittrex now.Just like the ICO ban few days back,hope it will recover soon.Time to buy then.
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Yes made some nice profits on the ICO "bad news" - bad news is good news in crypto terms if you want to buy at a good price.
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When they banned ICO's a few days ago, almost everything was red, I bought a few coins and after two days, most of them doubled or tripled.
Whatever it is, your move can help you take advantage of every opportunity.
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Exactly and yet people still get suckered into selling for a loss.
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Fake news, trying to preserve fake money.
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Exactly and yet people fall for it every time.
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@thecryptofiend, I bless the day I followed you here. I've learnt a lot from your posts.
Ps: the only thing I'm yet to learn is how to be on the trendy page.
Through reading your write-ups and some threads from bitcointalk, I know it's time to buy. But unfortunately, I have very little amount of money on me now. It would have been an opportunity to be a millionaire.
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There will be other opportunities.
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Yea, these rumours are like sales on Christmas, everything gets cheaper and all we need to do is to buy available crypto. Waiting for a little drop more and makeng investment.
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Exactly. Yet many fools will be selling now and buying when the next rise comes and then they wonder why they keep losing money.
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whether or not they ban it is a good question, but the People's Bank has already made moves against cryptocurrency as a whole. Considering the history of the Chinese financial system, it's safe to say the government will be asking for their cut.
We wont really know where it stops until it begins.
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I suspect all governments will want their cut at some point.
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🗅
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Only if you sell.
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With mining being what it is in China, the Chinese government would be stupid to really undermine bitcoin by banning exchanges. The Chinese government may be a lot of things, but they are not stupid.
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Exactly and I suspect they are secretly some of the biggest (personal) investors in cryptocurrencies.
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This you said here might be true to some extent.
I guess it has work for them in the past,its okay to continue it.
If it is true then what a smart move by them and no one will ever know!
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Happens so often that if it isn't a deliberate market manipulation someone is missing out.
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"But what if it is serious this time?"
Then India can cover the slack.
China population: 1.37 Billion
India population : 1.32 Billion
And now that India is supporting Bitcoin:
https://cointelegraph.com/news/suddenly-bitcoin-to-be-officially-legal-in-india
All we need is for India to buy $5/person average, of Bitcoin, and China can go back to what they do best, propagate communism.
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Even if it is serious I doubt it will stop the Chinese enthusiasm for long and as you point out there are plenty of other countries to fill the temporary void.
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Hihi, nice cake-poatoe-fake news, imho.
Blood on the streets? Well, I don't see than a little sweat, no tears. ;)
Anyway, it's not like I don't think it could happen, I just think it is very unlikely that China bans one of the best performing new technologies out there.
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Exactly don't think it will happen.
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I think that the Chinese have something going on with Bitcoin, such as a large stake in the game. As you stated, the Chinese government is NOT about to close the doors on their piggy bank of wealth. I also believe that they drum up this type of hysteria every once in a while to simply lower the price, buy in a cheaper rate and then cash out when the positive correction occurrs. Just my 2 cents.
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Yes that is what I think too.
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It's starting to piss me off.
Maybe they should regulate their amateur media industry.
This is causing a major reluctance in new buyers. If it's this easy to manipulate and rob the public ,why would anyone put their foot on that fragile soil?
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As time goes on and the market gets bigger it becomes harder to manipulate. Further all markets including the regular stock market are subject to manipulation - there is no such thing as a completely fair and non manipulated market. If anything cryptocurrencies improve the situation due to greater transparency (in most cases).
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I can't believe it could be serious, they would just basically be banning themselves from Bitcoin, like you said, their own investments. madness!
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It was just a fabrication I believe. I haven't seen any official confirmation. Thing is the market still reacts to fake rumours as if they were real.
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Awesome post man!!! I've been repeating myself this though for a couple of weeks. This is the best way to panic people and make prices go down so they can buy. Chinese gov and by today I think almost all the countries gov know this will be a revolution in the future economy, so it would be dumb to think they don't have a plan already set. Is great to see experienced people talking about this, it lets me know I'm doing good on my researches and analysis lol.
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@thecryptofiend Great reasoning here, friend! Well, they are not going to ban exchanges but they have done damage already with ICO-s! My oppinion abot that and much more is here:
https://steemit.com/cryptocurrency/@kapetanic/altcoins-bloody-morning-the-world-is-going-to-end
...so take a peek.
And I really think that all this panic-selling is nothing but more than a few amateurs that were looking to make "a quick buck" from crypto-trading. Now that it "crashed" they are getting out with "small" losses not thinking a month or two ahead... Oh, well, what can be done... :-D
Keep up the good work!
Upvoted with 100%! ;-)
Steem on!
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Influential chinese want to accumulate bitcoins I guess^^
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I suspect so.
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Check out these recent articles:
https://www.wsj.com/articles/china-to-shut-bitcoin-exchanges-sources-1505100862
https://www.bloomberg.com/news/articles/2017-09-11/china-is-said-to-ban-bitcoin-exchanges-while-allowing-otc-trades-j7fofh20
Looks to be more than mere rumor if WSJ and Bloomberg are reporting on it.
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That doesn't mean it is true though. No sources are cited in either of those articles either. Even if it is true this would be awesome news for DEX trading.
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startegy for get more cheap bitcoins in china they wnat all the gold all the dollars all the bitcoins and all of wharever
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Right.
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That is some valuable insight.
I actually was actually convinced they were banning, but that obviously does not make any sense from your perspective.
Good that you shared this with us, I highly appreciate your input on this.
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It doesn't make sense from any perspective. They can't ban trading even if they did ban centralised exchanges.
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@thecryptofiend
Good post and I agree that the market still comes for it.
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always remember if china bans anything buy that in ample amount and you will not regret later my dear friend hahah
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Lol.
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I think this is a fantastic time to maybe consider buying now!
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Yes.
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Keep calm and hold btc until "green" again !!!
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nice blog, keep it up
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Good post that siad news for chines friends thank you for sharing
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As of new, Sept 14th, Chinese government annouced the ban on Bitcoin exchange, and the full ban would start on July 30th. The news is alreday published on nytimes: https://www.nytimes.com/2017/09/14/business/china-bitcoin-exchange.html
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Thanks I will take a look. Hopefully there is some resolution.
Edit. No it's the same BTCC news as before.
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Its most likely just them beginning it off making a chainreaction of simpletons dump. Seen the main huge auction had happened alright OKCoin and after that inside a moment whatever remains of trades took after. You'd think btc losing esteem the others would stay or even develop in btc esteem while its incident.
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You know your comment looks an awful lot like you just took @acidyo's comment and changed the wording slightly. Maybe I'm paranoid but I don't think you saw any action on OKCoin.
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Thanks for sharing dear friend Up&Resteem
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I think now is the right time to buy bitcoins and other coins. Next week cryptocurrencies will go green again. Just like a few days ago. Bitcoin drops to 3500 euros and the next day it's was 4000 euros again!
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Of course.
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omg. thank for sharing this post !!
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if it happened, what about china steemiter and their investor...
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Doesn't matter. They could use VPNs etc to get round it.
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thanks to VPN!
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btw, steemit is safe since it's way passed the initial coin offering and it's a running project now so the STEEM token is unlikely to be considered security any more.
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Awesome post, very cool content
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Glad you like it.
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Great post and I guess who know what they do in China?!
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If China bans crypto, hypothetically there would be a huge number of available coins. It would drop the price down dramatically but it would also hammer in why decentralized currency has value. If there are enough investors in the US to pick up the reduction in volume and crypto continues its growth, you'll have a great chance to speculate (though speculation is debatable. Crypto will continue to grow and we all know that)
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That assumes that everyone in China will sell. Some might. I suspect people who understand the technology would not.
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That would be the case, however the only people who would keep it would be people who have the ability to access their account elsewhere. The majority of people would likely pull out. But then again, only those who have the understanding of crypto likely invest anything at all. Its a really multidimensional problem. Would steemit be affected? You technically don't need to do anything other than interact with the network to receive steem.
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I don't think you understand how this works.
Anyone could access accounts and trade - it isn't that hard to do. Making money is a bigger incentive than the small amount of knowledge that is required to learn.
People still access banned websites in China and that is without there necessarily being any financial incentive.
Any kind of ban is a joke. That is what decentralisation means.
I refer you to the previous point.
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I don't think I was explaining my self clearly enough. Bitcoin is decentralize and you cannot prevent someone from broadcasting their transaction to the network because of the many nodes out there. I'm talking more about the large scale speculative trading that's going on right now through exchanges such as OKcoin.
It's to my understanding that the Chinese government filters the iinternet through government owned ISPs. While you can still submit transactions and use crypto to transfer funds, you would not be able to perform the current large scale speculative trading without some underground platform, thus remove a large number of traders from the system (the same traders who have push the value of bitcoin to where it is now).
Without an easily accessible exchange server, bitcoin transactions would be similar to that of the old days where you literally transfer funds from one to another and there would not be a network to offer the liquidity that an exchange offers.
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You were but I'm not sure you understand that nobody can block a decentralised exchange.
Further there is no foolproof way to block people from accessing things if they are determined so people in China may still be able to use non-Chinese exchanges with a little effort.
So am I. It will just shift to non Chinese exchanges and DEXs. When people think there is easy money to be made they will take the minimal extra effort it takes to do this.
A short term drop in the number of total traders may also be seen as some as an opportunity to buy in cheaper than they otherwise would be able to.
Sooner or later those that left will be pulled back in once they perceive the rewards outweigh the extra effort required.
It is basic economics.
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I wasn't implying that you can successfully block a decentralized exchange. You will not be able to because of the shear fact that the network is multi nodal. What I'm saying is...
If this hypothetical right out ban did exist, then all Chinese based exchanges would disappear post ban. There would be no Chinese based marketplaces where speculative trading occurs, since it would be illegal. As you stated it would be forced to out of country exchanges.
But if the Chinese government filters access to those exchanges and penalizes people who attempt to circumvent it, then you would see a reduction in Chinese traders, which account for a large number of current speculative traders.
My point is to highlight exactly what you pointed out, that there would be a drop in the number of total traders, and the price would drop, but it will give new buyers a chance to fill the gap and pick up all the volume at reduced prices.
I wanted to highlight that a ban wouldn't have no effect. It would have a significant effect in the short duration, as we saw today with the near instantaneous drop over a simple rumor. Something that US buyers would capitalize on.
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So I'm not sure what additional point you are making though. It seems we are in agreement.
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I agree, like if there is an EMP and half the rigs get destroyed.
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Very insightful post, I look forward to reading more of your content.
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Thanks.
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it's quite funny. These things won't last for ever. You can't stop an earthquake or a tsunami.
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It will probably not even last a few days.
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Tomorrow, Markets will go green.. xD
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Or it may take till Monday but I doubt the falls will last long.
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Everyone knows the fall won't last long.
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Well everyone with half a brain.
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This time the rebound will be even faster
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Buen post, saludos desde Ecuador :)
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You didn't even read the title.
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Great post! Perfect opportunity to hop in!
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These are rumours dear
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The largest bitcoinmining companies in the world are in China
https://steemit.com/bitcoin/@randyw/the-largest-bitcoin-mining-companies-in-the-world
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Hardly new information. Everyone knows that.
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中国政府，这样的禁止，是为啦，更好的管控，国家的洗钱。更好的掌控国家
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Yes but I don't think it is going to happen.
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Bitshares has a great future :)
--- China huh...well so many rumors originate from there.
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I think so.
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This deserves some attention. Upvoted and resteemed :]
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Thank you.
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Why would they even want to do something like this though? Because they have less control over it maybe? I mean China does like to censor a lot of things but usually it's stuff like social media or entertainment not something like this
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I said why in the post.
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The bankers in China are scared stiff of cryptos. It's interesting that Western bankers are not that scared yet. Guess they will be next to force their goverment puppets to pass similar rules in America and Europe.
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I don't think they are scared. I think it is deliberate manipulation.
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viva Russia then ahaha
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Congratulations @thecryptofiend!
Your post was mentioned in the hit parade in the following categories:
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whats new?
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I have various information and opinions, but I think that ICO is regulated by the government in China and will continue to be used in the future.
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Before some Days i hear on steeemit that China has banned cryptocurrency exchanges. but i was shocked at that time how it is possible, Now your post clear my doublts that t is just rumors. Thanks for sharing such great post with us.
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I think you are confusing this with the recent announcement about ICOs.
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yeah, i agree with your point sorry for that it was my mistake. It was for ICOs not for crypto currencies. Thanks for correcting my mistake.
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NP.
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This makes the idea of decentralized crypto go down the drain... We don't need stupid exchanges profiting off people!
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I think that it is the question of time. China's heads must to think about ICO-regulation and only after that all will gonna be allright (BTC price 100% grows up)
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I heard that news and thought of it as China just wantss to buy at lower prices again.
It will teach us to buy when there is a big drop, wow that is great!
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Yes I think it is a deliberate ploy.
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In 2013 China banned Bitcoin. The price crashed. History repeats itself.
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They have banned it multiple times.
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I don't know why people never learn, what will be the gain of the Chinese government if they ban it? Who will lose more?
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Well they have already banned it multiple times. It just shows the bans mean nothing.
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:-(
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Turbulent times. Why would China cut off its nose to spite it face, so to speak?
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I discuss that in the post.
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Great article as always, keep on posting
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Thanks.
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Governments are worried that they will eventually lose their control power over their people.
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Maybe.
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Well, China has hurt me bad despite being a friend of my country lol. I had Chinese Yoyo coins on Chinese exchange Binance and sold them at loss because China banned Chinese ICOs and caused a crash and panic in the market.
I am sure there are some big whales involved in this FUD inducing drama. Having lost big time twice now, I am fast losing faith in the cryptocurrecy, or its chemistry with my life...
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You lost money because you sold in the panic. You will never make money that way. I would suggest that the problem is with your strategy not with cryptocurrency.
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You make some salient points here, IMO!
All I can say is that I appreciated how much bitcoin dropped so that I could snatch up a nice ol' big wad of em while the gettin was good.
I just picked up some more today now that we see the decrease and as soon as it clears blockchain, I'm coming back here to buy my very first SP with it!
This new steemian is raring to go, yo!
Thanks for your awesome post. I just joined here 5 days ago and am trying to learn as much as I can and am happy I found your kickass reads.
This noob minnow upvoted and followed! Staying tuned for more...thank you!!
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I think china love his physicql currency more.....need to contact north korea to drop an bomb over china to stop their decision....lol
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I don't think so.
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Great firewall of china -_-
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You are right on the issue of making the price to come down. I have been following the turn out of events, especially during rumors like this. It always cause a crash in BTC price.
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You are right on the issue of price crash, I have been following the turn out of events. It has always been the same during rumors like this. But if it turns out to be true, I think the consequences will be more on the Chinese.
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I have a different take on this: https://steemit.com/cryptocurrency/@cryptoescobar/china-ban-on-crypto-exchanges-actually-makes-sense
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