China bans Bitcoin?

Discussion in 'Markets & Economies' started by SluiceGoose, Nov 26, 2019.

  1. SluiceGoose

    SluiceGoose Member

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    Heard today that China has banned Bitcoin?

    Anyone with some more knowledge than me share some me light on this. As this could potentially send metal throw the roof again?
     
  2. openeyes

    openeyes Well-Known Member Silver Stacker

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    Plenty of news on the web. Seems like just a reinforcement of the ban already in place. Few arrests and crackdown on exchanges that are still operating.
    Apparently they will continue to allow mining. Not sure how miners will sell their loot.
    Hong Kong probably form a part of this further crackdown. Tighten the vise. Pesky peasants wanting freedom. Needs elimination. I mean don’t they realise that this is a totalitarian state and they need direction and structure from their masters in power.
     
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  3. SluiceGoose

    SluiceGoose Member

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    I was almost going to start studying on Bitcoin a bit more but now I'm not to sure if it is as good as everyone makes it out to be.

    Is it even possible to ban it world wide wouldn't that be uptop the people (world)
     
  4. sgbuyer

    sgbuyer Well-Known Member Silver Stacker

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    Bitcoin makes sense if you’re a Chinese official. The city official won’t be caught with a basement load of gold bars had he converted all of them into bitcoins. It doesn’t matter whether bitcoin is $20k or $1k or even $100. What is most important is to get rid of the evidence.
     
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  5. willrocks

    willrocks Well-Known Member Silver Stacker

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    It must be the 10th time by now.
     
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  6. JohnnyBravo300

    JohnnyBravo300 Well-Known Member

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    Freedom of choice banned in china? Shocking.
    I'm surprised they dont just lobotomize babies at birth.
     
  7. TreasureHunter

    TreasureHunter Well-Known Member

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    Haven't herd it, but now that you said it:
    https://www.investopedia.com/news/bitcoin-banned-china/

    Or is it quote upon quote?

    We're headed for a fragmented multi-polar world. A place where fragmented regional alliances, bilateral trade agreement thrive, where one party bans or refuses to trade in the others' currency etc.

    Imagine this fragmented "dark" world. Trade wars, currency was can only thrive in such a fragmented environment.

    China bans Bitcoin?

    China and others are ditching the dollar as well. One day they might as well ban it.

    Iran has banned the US dollar in international trade:
    https://www.rt.com/business/420197-iran-farewell-us-dollar/

    The US slams China with trade war, they might go as far as to ban the yuan one day.

    Madness knows no limits and politicians are impacting the economies/currencies more than businessmen or economists.
     
  8. TreasureHunter

    TreasureHunter Well-Known Member

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    I always thought Bitcoin has no big future (not as they say, not as John McAfee hopes), just perhaps very limited usage:

    - it has no backing, it's merely crypto-fiat, the US dollar has the petrodollar system behind it at least
    - it has no intrinsic value
    - it's easy to lose, you can't even see it or hold it
    - it's a speculative asset (more than the US dollar), basically like a digital casino chip
    - it's too complicated to use (even IT specialists and economists are struggling to understand it), let along old grannies!
    - a bunch of countries are taking measures to restrain its use, so it's not really a safe asset to hold (do you feel comfortable knowing that so many countries are banning Bitcoin?)
    - speculation drives the Bitcoin market and Bitcoin's price (almost entirely), while the dollar is being used in trade as well (besides speculation)
    - periodically, large quantities Bitcoins get stolen or lost (mines get burned down etc.), many millions get lost FOREVER
    - the exchanges themselves (and other entities) cheat by employing trading robots (there's a lot of theft and cheating going on there)
    - the entire Bitcoin infrastructure is non-transparent: they can steal here and there, cheat by rounding numbers and faking bids on the exchanges
    - you can rarely buy anything with it
    - most people use it as an investment asset to get back to USD/EUR/other fiat currency: the speculate with Bitcoin and then buy back dollars or other currency to buy property, cars etc. (and pay off hookers!!!)
    - Bitcoin's price is measured in dollars! (that should make you think: isn't the US dollar still the most important reference point?)
    - its price is too volatile: with so many bounces, you can speculate at most, not hold it (so, if you have to escape it, obviously it's not a good means to trade)

    ...countless
     
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  9. SluiceGoose

    SluiceGoose Member

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    What I'm am trying to grasp is how does one country just BAN Bitcoin?

    Forgive me for being a total noob on the subject but my understanding is that the individual themselves could still use Bitcoin etc for them selves just not with a physical (f2f) transaction?

    So I can understand shops not accept it but couldn't individuals still use it
     
  10. openeyes

    openeyes Well-Known Member Silver Stacker

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    Yes it would be hard to stop someone sending a bitcoin payment directly to another person.
    What they can stop is bitcoin exchanges. This prevents people changing bitcoin for fiat easily. Of course two individuals can do that exchange.

    So it doesn’t stop it but certainly makes it harder.
     
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  11. SluiceGoose

    SluiceGoose Member

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    Ah yes of course.
    And visa versa for exchanging it back to fiat currency.
    That's good clarification thanks
     
  12. JohnnyBravo300

    JohnnyBravo300 Well-Known Member

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    I've thought about buying some just to ride the waves but I havent yet.
    I dont have much faith in it besides being speculative which is fine for making some $$.
    It's not something I'd hold long term for any reason.
     
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  13. sgbuyer

    sgbuyer Well-Known Member Silver Stacker

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  14. Oddjob

    Oddjob Well-Known Member Silver Stacker

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    Is the CCP just clearing the decks (of competition) in China so if / when the Chinese Govt introduce some form of crypto currency, there is no alternative for the population but only the PRC state run and controlled platform?
     
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  15. TreasureHunter

    TreasureHunter Well-Known Member

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    I am not a fan of Bitcoin, never owned one. It's full of problems.

    Focus on owning real estate, PM's, etc.
     
  16. TreasureHunter

    TreasureHunter Well-Known Member

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    They do "bad things" to anyone who's using it. They don't have to stop its use, just punish the people. And there are countless technical things they could do.
     
  17. Unknown

    Unknown New Member

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    I thought they did this last year, maybe it was just talks of it I guess.
     

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