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Will Bitcoin Die When”Capricious” Chinese Government Confiscates All Bitcoins of the Big Three?

 

3.10.10

On February 8th, two of China’s most widely used bitcoin exchanges announced that they would suspend bitcoin withdrawals for a month while implementing anti-money laundering rules.

Bitcoin investors waited anxiously for a month, and all they get is this:

In order to strictly comply with relevant laws and regulations, we will work with industry counterparts to go through a comprehensive upgrade of the platform to effectively prevent and combat the use of Bitcoin for and other illegal activities,” announced Three big exchanges Okcoin, Huobi and BTCC on March 8th.

For weeks now China works to regulate bitcoin exchanges. PBOC, or the central bank even warned that a violation of any rules might result in the shutdown of the exchanges.

Many Chinese investors are complaining that the Chinese government is too “capricious“and unpredictable. It would manipulate the media to focus on negative reporting of bitcoin. It could spell doom for bitcoin by confiscating all bitcoins of the three exchanges.

But Optimists believe that bitcoin might be destroyed but not defeated. If all bitcoins are controlled by the government, they would begin to invest the next bitcoin Litecoin, Ripple or Dogecoin. Anyway, we can never go back to the world of no bitcoins. 

COMMENTS(16)

  • Cindy23
    3 weeks ago Cindy23

    As bitcoin withdrawals suspension continues in China, many Chinese investors are complaining that the Chinese government is too “capricious“and unpredictable. Some believe they would manipulate the media to focus on negative reporting of bitcoin. And it might even could spell doom for bitcoin by confiscating all bitcoins of the three exchanges.  But some believe even if bitcoin dies, there would be more altcoins rising. You can read more about the story at:http://news.8btc.com/will-bitcoin-die-whencapricious-chinese-government-confiscates-all-bitcoins-of-the-big-three%EF%BC%9FBTW, what do you think will be the doom day of bitcoin?

  • DomainMagnate
    3 weeks ago DomainMagnate

    Quote from: Cindy23 on March 13, 2017, 09:25:20 AM

    As bitcoin withdrawals suspension continues in China, many Chinese investors are complaining that the Chinese government is too “capricious“and unpredictable. Some believe they would manipulate the media to focus on negative reporting of bitcoin. And it might even could spell doom for bitcoin by confiscating all bitcoins of the three exchanges.  But some believe even if bitcoin dies, there would be more altcoins rising. You can read more about the story at:http://news.8btc.com/will-bitcoin-die-whencapricious-chinese-government-confiscates-all-bitcoins-of-the-big-three%EF%BC%9FBTW, what do you think will be the doom day of bitcoin?
    The question is what will Chinese government do to confiscated bitcoin? if they burn or destroy them,that would be a great loss because we all know bitcoin can’t be recovered but this will make bitcoin price sky rocket due to less availability. If the price is $1200 at current availability of bitcoin,imagine what would be the price if a big chunk that bitcoin exchanges holds disappear.

  • dinofelis
    3 weeks ago dinofelis

    Quote from: DomainMagnate on March 13, 2017, 10:36:50 AM
    The question is what will Chinese government do to confiscated bitcoin? if they burn or destroy them,that would be a great loss because we all know bitcoin can’t be recovered but this will make bitcoin price sky rocket due to less availability. If the price is $1200 at current availability of bitcoin,imagine what would be the price if a big chunk that bitcoin exchanges holds disappear.

    They will hold it of course, like with gold !

  • olubams
    3 weeks ago olubams

    Quote from: Cindy23 on March 13, 2017, 09:25:20 AM

    As bitcoin withdrawals suspension continues in China, many Chinese investors are complaining that the Chinese government is too “capricious“and unpredictable. Some believe they would manipulate the media to focus on negative reporting of bitcoin. And it might even could spell doom for bitcoin by confiscating all bitcoins of the three exchanges.  But some believe even if bitcoin dies, there would be more altcoins rising. You can read more about the story at:http://news.8btc.com/will-bitcoin-die-whencapricious-chinese-government-confiscates-all-bitcoins-of-the-big-three%EF%BC%9FBTW, what do you think will be the doom day of bitcoin?

    No matter how they try to shut down bitcoin, I believe they can only make an attempt but will not successful. What we will get is just going to be a little down turn and we will bounce back. The reason for that is because of the years bitcoin has been managing some level of stability as it even happened last week after the disappointment of ETF so whether they hold it or release it, we will always survive…

  • 20kevin20
    3 weeks ago 20kevin20

    Quote from: DomainMagnate on March 13, 2017, 10:36:50 AM

    Quote from: Cindy23 on March 13, 2017, 09:25:20 AM

    As bitcoin withdrawals suspension continues in China, many Chinese investors are complaining that the Chinese government is too “capricious“and unpredictable. Some believe they would manipulate the media to focus on negative reporting of bitcoin. And it might even could spell doom for bitcoin by confiscating all bitcoins of the three exchanges.  But some believe even if bitcoin dies, there would be more altcoins rising. You can read more about the story at:http://news.8btc.com/will-bitcoin-die-whencapricious-chinese-government-confiscates-all-bitcoins-of-the-big-three%EF%BC%9FBTW, what do you think will be the doom day of bitcoin?
    The question is what will Chinese government do to confiscated bitcoin? if they burn or destroy them,that would be a great loss because we all know bitcoin can’t be recovered but this will make bitcoin price sky rocket due to less availability. If the price is $1200 at current availability of bitcoin,imagine what would be the price if a big chunk that bitcoin exchanges holds disappear.

    They can do nothing about it. We can dig a hole in the ground and put some USB sticks or paper wallets in there containing the biggest part of our funds, and they can still not do anything about it. Unlike gold which can be easily found in the ground with the necessary equipment, there’s no way to take our money if it’s stored in an online, virtual currency they cannot touch or grab. Doing that would probably get the price way lower because people will start becoming afraid of investing in it.

  • davis196
    3 weeks ago davis196

    Quote from: DomainMagnate on March 13, 2017, 10:36:50 AM

    Quote from: Cindy23 on March 13, 2017, 09:25:20 AM

    As bitcoin withdrawals suspension continues in China, many Chinese investors are complaining that the Chinese government is too “capricious“and unpredictable. Some believe they would manipulate the media to focus on negative reporting of bitcoin. And it might even could spell doom for bitcoin by confiscating all bitcoins of the three exchanges.  But some believe even if bitcoin dies, there would be more altcoins rising. You can read more about the story at:http://news.8btc.com/will-bitcoin-die-whencapricious-chinese-government-confiscates-all-bitcoins-of-the-big-three%EF%BC%9FBTW, what do you think will be the doom day of bitcoin?
    The question is what will Chinese government do to confiscated bitcoin? if they burn or destroy them,that would be a great loss because we all know bitcoin can’t be recovered but this will make bitcoin price sky rocket due to less availability. If the price is $1200 at current availability of bitcoin,imagine what would be the price if a big chunk that bitcoin exchanges holds disappear.

    I quess that they might organize an auction and sell those bitcoins for USD to foreign investors.This will decrease the btc price for a while but there won`t be any further damage for bitcoin price.The real damage for bitcoin would be if we lose China as one of the biggest markets and number 1 country for btc miners.   

  • Yanisumin
    3 weeks ago Yanisumin

    The Chinese government is known worldwide from being too capricious not just on bitcoin. Even if we watch the news they always try to get what they want no matter what it takes. So it’s not surprising if the Chinese government is going to tamper or try to destroy the Bitcoin because of bitcoins great threat to worldwide currency. But still they will only manage to hold off the price or maybe even try to bring the price down but not for long because the Chinese are not the only one who’ve seen the potential of crypto currency.For me I think that the doomsday of Bitcoin will be when the government will try to illegalize crypto currency and make the image of Bitcoin bad to people (like herbal plants that they claim to be addictive).

  • Kprawn
    2 weeks ago Kprawn

    What is the natural thing people will do when something gets banned? You take this underground… Bitcoin is a global currency. You can still collect bitcoins, and then go for a all expenses paid holiday in a country where it is accepted or send it to relatives or friends in other countries. You could trade on black markets and buy goods with it online or even pay for services. {things you usually used your credit card for.. like porn}  

  • chixka000
    2 weeks ago chixka000

    Bitcoin without china is still bitcoin that has purposed and leading the market. We should have to understand that in the first place it is decentralized. If chinese miners stops mining then other miners from different places comes out and thats it

  • wxa7115
    2 weeks ago wxa7115

    Quote from: dinofelis on March 13, 2017, 10:38:47 AM

    Quote from: DomainMagnate on March 13, 2017, 10:36:50 AM
    The question is what will Chinese government do to confiscated bitcoin? if they burn or destroy them,that would be a great loss because we all know bitcoin can’t be recovered but this will make bitcoin price sky rocket due to less availability. If the price is $1200 at current availability of bitcoin,imagine what would be the price if a big chunk that bitcoin exchanges holds disappear.

    They will hold it of course, like with gold !
    It will be quite ironic don’t you think? China goes in a crusade against bitcoin holders but when it gets coins then they keep it to themselves and hold, that will be telling all their citizens that those holding bitcoin were right all along and that they should hold some bitcoin on their own.

  • Alesis
    2 weeks ago Alesis

    Nope, this’ll never happen.I think that most of China’s announcements about their stance on Bitcoin are just an attempt at FUD to bring the price down and let them buy and mine at cheap prices.I’m quite confident that China is fine with the use of Bitcoin, especially since some of the businesses there monopolise aspects of Bitcoin themselves.

  • Cindy23
    2 weeks ago Cindy23

    what if all chinese are stop investing on bitcoin? will this make any difference to the future of bitcoins?

  • chixka000
    2 weeks ago chixka000

    Quote from: Wind_FURY on Today at 04:21:14 AM
    OP, I do not think they have the right to confiscate them unless there was a declaration that Bitcoin is illegal. The PBOC could be still be studying the situation and could declare that cryptocurrency withdrawals will be suspended for an indefinite period. If they cannot confiscate it then they will limit its use.

    Yes they dont have the right. How ever they csn still do it with or without the rights of the people of china. Any government form can do it. Just like building any structures to a place where there were people living. They can let you move to other places

  • Cindy23
    6 days ago Cindy23

    I realize bitcoin is decentralized, but it could be a conspiracy.

  • Mometaskers
    2 days ago Mometaskers

    Such hypocrites. Of course they will not destroy those coins, they just want it for themselves. They want to dominated this field. Most of the price plunges in the past can be directly linked to a Chinese government action. That’s why, it would be really hard for people not to think they are doing these to get cheap coins. They’ll just shot themselves on the feet if they become blatant enough though. Never underestimate the power of emotions. They might try to drop the prices but if people had enough of it, it could be a really continuous drop, making whatever coins they hoarded useless.

  • Wind_FURY
    1 day ago Wind_FURY

    OP, I do not think they have the right to confiscate them unless there was a declaration that Bitcoin is illegal. The PBOC could be still be studying the situation and could declare that cryptocurrency withdrawals will be suspended for an indefinite period. If they cannot confiscate it then they will limit its use.

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