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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(33)

  • Cindy23
    7 months 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
    7 months 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
    7 months 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
    7 months 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
    7 months 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
    7 months 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
    7 months 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
    7 months 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
    7 months 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
    7 months 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
    7 months 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
    6 months ago Cindy23

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

  • chixka000
    6 months 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 months ago Cindy23

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

  • Mometaskers
    6 months 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
    6 months 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.

  • Kakmakr
    5 months ago Kakmakr

    Well, you only have to look what they did to Q coin back in the day, to know what they can do. Q Coin trading volume hit several billions of yuan per year, rising at 15-20% annually. China’s central bank worried that Q Coins could be used to launder money and to inflate asset bubbles. The government eventually cracked down, banning, among other things, the exchange of “virtual currency” between user accounts.China’s conservative regulators, now zeroed in on Bitcoin exchanges to try and regulate it as they did with Q Coin, but Bitcoin is not a centralized currency. They will have a much bigger problem, this time around.  ^hmmmmmm^

  • Pursuer
    5 months ago Pursuer

    you do realize that those who you are calling the big are only platforms that have been holding funds from users who were trading on their platform. and also trading volume is not equal to the amount of bitcoin the platform holds. for example: if you buy 100 bitcoin on the platform and then sell it after 6 hours the trading volume of the platform goes up by 200BTC and people withdraw their coins from exchanges and this means in the end platform doesn’t hold that much coins either.p.s. it seems to me like 8btc is going down the path of the other news sites and is starting to publish more click-bait articles.

  • megynacuna
    5 months ago megynacuna

    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?

    Then they must as well confiscate all the bitcoins in other parts of the world and even access to Internet . It’s strange if the government has such intentions

  • Xester
    5 months ago Xester

    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?

    There is no doomsday for bitcoin. The withdrawal suspension on the 3 big Chinese exchangers is just a part of the conditions set by the PBOC of China for the exchanges. The restraint in withdrawals will only be removed after the exchanges meet the certain requirements on AML and KMY. If they fail to comply with that then the withdrawals will be again pending until the conditions are met.

  • gentlemand
    5 months ago gentlemand

    Take your Bitcoin blinkers off and you’ll see the Chinese are currently cracking down on all markets in a similar way. Exchange withdrawals will return when the exchanges are properly regulated and accountable. If they can’t manage that then they’ll be closed. The Chinese market will be a very different and more peaceful place when it returns. Quote from: Cindy23 on Today at 02:51:43 AM
    what if all chinese are stop investing on bitcoin? will this make any difference to the future of bitcoins?

    Yes. It’ll make it better. The Chinese have done nothing but take the piss out of Bitcoin. We’ve seen what happened without them in the last few weeks. Draw your own conclusions. Now all we have to do is get rid of the miners and we’re golden.

  • talkbitcoin
    5 months ago talkbitcoin

    the only people who are calling Chinese government irrational and say they can always do strange things are either FUDsters or news sites want more traffic.i don’t know if they are or aren’t and don’t care. but so far we have not seen any irrational action out of them. it was all pretty ok and understandable so far! that is why i say “confiscating bitcoins of these exchanges” is not going to happen.

  • Cindy23
    5 months ago Cindy23

    This is so lovely when i see some people are actually speaking for the chinese government, saying it has been rational so far. I am so proud for my motherland.

  • xijieboy-8
    5 months ago xijieboy-8

    China is going crazy and is losing control….They don’t have the right to ban bitcoin.They know they can’t ban bitcoin so they try to regulate, but they don’t understand all these regulations have the same result as banning bitcoin.

  • Wind_FURY
    5 months ago Wind_FURY

    Quote from: gentlemand on March 14, 2017, 11:47:18 AM
    Take your Bitcoin blinkers off and you’ll see the Chinese are currently cracking down on all markets in a similar way. Exchange withdrawals will return when the exchanges are properly regulated and accountable. If they can’t manage that then they’ll be closed. The Chinese market will be a very different and more peaceful place when it returns.

    Maybe. But I believe the People’s Bank of China will drag this on for as long as they can and keep adding restrictions until the exchanges get out of business. A form of restriction would be to issue very high taxes and license fees making it very hard for exchanges to operate.

  • Herbert2020
    5 months ago Herbert2020

    Quote from: Wind_FURY on Today at 02:27:59 AM

    Quote from: gentlemand on March 14, 2017, 11:47:18 AM
    Take your Bitcoin blinkers off and you’ll see the Chinese are currently cracking down on all markets in a similar way. Exchange withdrawals will return when the exchanges are properly regulated and accountable. If they can’t manage that then they’ll be closed. The Chinese market will be a very different and more peaceful place when it returns.

    Maybe. But I believe the People’s Bank of China will drag this on for as long as they can and keep adding restrictions until the exchanges get out of business. A form of restriction would be to issue very high taxes and license fees making it very hard for exchanges to operate.

    and what would be the point of that?Chinese are already trading bitcoin even with their exchanges closed, so there has been no difference in the end. people do it anyways.and PBoC is well aware of it too. and i am sure knowing this they will settle for some middle ground to bring people back to exchanges that will be regulated by then so they can control them just like how they control Forex and stock exchanges.

  • wxa7115
    5 months ago wxa7115

    Quote from: Mometaskers on March 14, 2017, 12:00:24 AM
    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.
    The Chinese government is probably trying to get some free ammunition for some plan to manipulate the price, they probably realized by now that no amount of UD is going to work even after all of these news bitcoin reached all time highs so it is very likely they are preparing a new strategy to lower the price of bitcoin.

  • paul gatt
    5 months ago paul gatt

    I believe they can not do that, because the nature of bitcoin is data of technology, so it can not be completely managed. We have a lot of ways to hide it without letting anyone know it. Put a secure code and it is forever yours. They always intend to manage bitcoins and they have done that, however, there are still people who do not comply with it. That’s for sure. Especially in China, corruption is a top issue, it affects everything, including bitcoin.

  • Wind_FURY
    5 months ago Wind_FURY

    Quote from: Herbert2020 on March 15, 2017, 05:43:18 AM

    Quote from: Wind_FURY on March 15, 2017, 02:27:59 AM

    Quote from: gentlemand on March 14, 2017, 11:47:18 AM
    Take your Bitcoin blinkers off and you’ll see the Chinese are currently cracking down on all markets in a similar way. Exchange withdrawals will return when the exchanges are properly regulated and accountable. If they can’t manage that then they’ll be closed. The Chinese market will be a very different and more peaceful place when it returns.

    Maybe. But I believe the People’s Bank of China will drag this on for as long as they can and keep adding restrictions until the exchanges get out of business. A form of restriction would be to issue very high taxes and license fees making it very hard for exchanges to operate.

    and what would be the point of that?Chinese are already trading bitcoin even with their exchanges closed, so there has been no difference in the end. people do it anyways.and PBoC is well aware of it too. and i am sure knowing this they will settle for some middle ground to bring people back to exchanges that will be regulated by then so they can control them just like how they control Forex and stock exchanges.

    The point for that will be to flush out and close down the exchanges and set up one that they control. There is no settling on the middle ground when it comes to the Communist Party of China. They control all and rule all. Bitcoin exchanges and their operators are too small compared to them and they could step on them like a fly and scrape them off their boots.The good thing about it is it will put Bitcoin in the underground and away from their control. The Chinese exchanges want for some “legitimacy” is their downfall.

  • BrewMaster
    5 months ago BrewMaster

    China has lost all its footing now. they had some small power and a lot more hot air like a blowfish, the first blow was the elimination of fake volume, the second one was prolonged suspension and the final blow was all Chinese traders moving away from the exchanges you are calling big!

  • leopard2
    5 months ago leopard2

    No one in his right mind will keep coins in a chinese exchange anymore.Even if they confiscate all BTC in China and all mining power (so much that they could control the network), the BTC community could simply do a hardfork of the BTC network (a freeze, if you will) and continue with a different algorithm from that point in time on.One that is not controlled by China. It is easier to hardfork BTC software, than to build hardware with more than 51% hashpower for algo XY, a race that China cannot win.So I guess BTC cannot be killed, not even by Chinese government. 

  • thejaytiesto
    5 months ago thejaytiesto

    Quote from: leopard2 on Today at 04:20:27 PM
    No one in his right mind will keep coins in a chinese exchange anymore.Even if they confiscate all BTC in China and all mining power (so much that they could control the network), the BTC community could simply do a hardfork of the BTC network (a freeze, if you will) and continue with a different algorithm from that point in time on.One that is not controlled by China. It is easier to hardfork BTC software, than to build hardware with more than 51% hashpower for algo XY, a race that China cannot win.So I guess BTC cannot be killed, not even by Chinese government. 

    Their last resort to kill bitcoin is to cause a situation conflict inside the project just like they tried with XT, Classic and no BU, so they will push for whatever can expose the network into a fatal bug.If BU was the dominating main network and we suffered from such a bug like we saw days ago, I claim that would be the end.

  • Wind_FURY
    5 months ago Wind_FURY

    Quote from: leopard2 on March 16, 2017, 04:20:27 PM
    No one in his right mind will keep coins in a chinese exchange anymore.
    This is exactly why I believe the Chinese exchanges are being killed and will be killed by the People’s Bank of China. They will drag this ban on cryptocurrency withdrawals for as long as it takes.Quote

    Even if they confiscate all BTC in China and all mining power (so much that they could control the network), the BTC community could simply do a hardfork of the BTC network (a freeze, if you will) and continue with a different algorithm from that point in time on.
    It will be really bad for the price of Bitcoin though. The top altcoins are gaining ground in the dominance. Read this http://coinjournal.net/bitcoin-dominance-index-crashes-80-ethereum-dash-rise/Quote
    One that is not controlled by China. It is easier to hardfork BTC software, than to build hardware with more than 51% hashpower for algo XY, a race that China cannot win.
    Why talk of a hard fork? The present debate on it is as bad as it is. It must be avoided.Quote
    So I guess BTC cannot be killed, not even by Chinese government. 

    Yes. Just like how the Chinese government cannot kill Dogecoin.

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