This is why I've always warned the importance for people to start really using cryptos in the real world and not just flip in exchanges. Exchange is a weak & vulnerable point which governments was always going to go after at some point. Step by step everything I've been warning about is coming true. https://www.coindesk.com/report-casts-doubt-future-chinas-bitcoin-exchanges/
They only banned withdrawals, then never banned buying or trading. So not a comparable example by any means. And P2P can never produce the same volume as through an exchange wh. But i did enjoy the south park pic Even though China has never said they would ban Bitcoin.
fake news http://www.allcryptocurrencies.news/bitcoin/bitcoin-crash-of-8-september-due-to-fake-chinese-news/
Whether or not there is any validity to the possibility of China closing crypto exchanges it would make actual sense for China to do this with the clamp down on capital flight and all
China is not the first, I reckon a number of other countries will follow. My guess: the US will be among them. Here's a page about Bitcoin's legality: https://en.wikipedia.org/wiki/Legality_of_bitcoin_by_country_or_territory So much for this "great invention"... they make it illegal to shut you down. China already banned ICOs (Initial Coin Offerings) a week ago. Can you see the "barricades" they put in front of Bitcoin? First Mt.Gox, now China. Anyway, it was hilarious when Bolivia banned it! I think we'll see more of this: Bitcoin will take hits from here and there and eventually the EU and the US will crack down on it. Unless they created it, then it could be the next currency. To buy or not to buy Bitcoins in the future?
And just watch: there's nothing easier to manipulate than Bitcoin. Gold, silver, the stock market, the forex market are all more stable. The dollar is backed by the petrodollar, a lot more trust than Bitcoin and the US economy... and arms industry. Gold and silver are solid assets with intrinsic value. Can't completely go bust. Bitcoin isn't worth the money it's not printed on, just digital fiat. As Peter Schiff says, "fool's gold". But it's a fantastic invention, nevertheless. With tremendous flaws. And lack of transparency.
I'm going to bookmark this page for future reference, and see if this "China Bans Bitcoin" news will prevent Bitcoin from going beyond $5000.
The Chinese government decision to ban Initial Coin Offerings (ICO) was a shock to the crypto community, causing panic attacks and sent BTC and ETH price into a $20 billion plunge. The latest development on this news event was not all that gloomy: according to officials, the ban was said to be only temporary, with the potential to resume ICO activities in the future in a more controlled environment through a licensing program.
Who said Bitcoin is dead? I just dont see it having mass adoption as some think, i never said it will die off completely. (though that's possible too) All I'm saying is if you purchased bitcoin when it was over $4000 in the face of whats happening in China then you're a fool that is driven only by emotion. Only a fool would think China putting bans on cryptos will have little to no effect on the market. If you know for sure price will come down, then why buy it at $5000 when you can buy it at $3000? That Boxmining youtube guy got to eat his words, telling everyone not to worry and that it's all "FUD" and to keep buying as prices won't drop much. What a moron he is.
Where exactly have you read that China has banned Bitcoin ? Even BTCC has only said it will cease trading at the end of the month and only then with one arm of it's operation.
Where did i say China is banning Bitcoin? I said they put bans on crypto's (which refers to ICO's) and have starting to crack down on exchanges. Though a full ban on exchanges might still be in play, but that we will find out later.
Just to be clear i don't think anyone can stop Bitcoin. But they can stop exchanges with ease and since people only use Bitcoin in exchanges to flip then it's easy to see it will severely harm Bitcoin (but not kill it off completely)
Of course it doesn't need mass adoption, but some people think it will get to that point. But atm it does need exchanges to be operational, so it needs the blessing of governments. Otherwise 95% of people using it now will stop using it.
It's now official people! China to shut down ALL exchanges by this month. This was obvious to anyone that bothered to think and look, but hey greed makes you think irrationally. https://www.coindesk.com/document-lists-closure-steps-for-chinas-bitcoin-exchanges/
Screw China. They are idiots and I'm almost glad because this will play a part in preventing them from becoming the dominant economy. Long live the free world. Death to authoritarians!
