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China Ban Bitcoins (funny) (imgur.com)

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[–]Coincle 43ポイント44ポイント  (45子コメント)

Lmao, have they banned bitcoin recently? Or is this old news :p

edit

Oh ffs just read an article, fuck them -_-

http://www.zerohedge.com/news/2016-11-03/china-prepares-impose-curbs-capital-controls-bitcoin

[–]lightlasertowerredditor for 2 months 46ポイント47ポイント  (34子コメント)

I love the idea they think they can limit BTC flowing out of the country. Hilarious.

[–]earonesty 24ポイント25ポイント  (11子コメント)

Right? You can like email a wallet to someone and tell them the password over the phone.

[–]DajZabrij 16ポイント17ポイント  (8子コメント)

What are you saying...to sell all my telco stocks?

[–]CheeseDrink 11ポイント12ポイント  (2子コメント)

Did someone say sell?

[–]oneaccountpermessage 11ポイント12ポイント  (4子コメント)

Actually if China becomes serious about banning bitcoin for real this time it will be a mayor issue.

Last time they did not want to ban bitcoin, they simply wanted to reduce the impact it has on China.

Since they are now realizing it is a problem again they can do this:

They can quickly modify the great firewall to block or greatly delay packages that look like bitcoin traffic (it supports advanced packet analysis).

This will create major chaos, because it will basically split the network in two, and it is unsure if the hashrate of Bitcoin-China will be higher than Bitcoin-rest of the world.

If Bitcoin-China has a higher hash rate then this creates a major problem for the Bitcoin-World network, since all the miners there know that all their efforts might be in vain. If the longer chain created by the Bitcoin-China miners somehow makes it out of the great firewall it will cause a major chain re-organisation. Because it will be the longer chain.

The chinese goverment could on purpose Block-unBlock-Block-unBlock.

That way the Bitcoin-world network will shift between being overly slow (+20min blocks) to being reorganized and cause double spending risks.

All this will create a major downward pressure on the price, and with it downward pressure on the in incentive to mine.

Eventually the Chinese goverment could decide to deliver a deathblow by seizing all the bitcoin mining equipment and using it explicitly to attack bitcoin.

When this happens the rest of the world is faced with a dillema. the network will be cripled and the only two ways out of it will be either buying billions of dollars worth of mining equipment (to mine an asset with now uncertain future), or switch to a different type of proof of work.

It will be unclear though how well bitcoin will cope with the huge uncertainty caused by this event. Bitcoin has no effective leadership, so it is very well possible different parts of the network will want to take different solutions to this problem. For example chosing which proof of work will be a major challenge. Some people will argue it is best to switch to something tried and tested like the proof of work of litecoin, but then some people could argue China again has a huge share in that. Then it could be argued it needs to be a completely new proof of work. But the parameter choosen will be very political, since it might favor certain CPU/GPU/ASIC configurations over others

[–]mcr55 0ポイント1ポイント  (1子コメント)

And how do they pay you?

[–]earonesty 0ポイント1ポイント  (0子コメント)

? they can email you back

[–]Forcible_Jape 6ポイント7ポイント  (3子コメント)

Yeah, but they could do deep packet inspection and slow down or stop transactions from happening since the state has fairly tight control of the Internet in China.

They don't need to prevent all citizens from using it to dramatically affect usership.

[–]redditHi 2ポイント3ポイント  (1子コメント)

since the actual TX is so small (less then a 3000 characters), it could easily be hidden in say an image or another innocuous looking data stream. This would only require wallet providers to change the way the data is sent back. and TOR

[–]Forcible_Jape 2ポイント3ポイント  (0子コメント)

Sure, my point is that they don't have to prevent all transactions to dramatically affect transactions demand. Most daily users - the kinds of people who will be needed to make Bitcoin a usable currency - will be dissuaded from using it, even if it is still technically possible.

Bitcoin leaving the country might not be affected so much, but then again, who would want to boldly defy the Chinese government? I wouldn't think TOR would be a sure bet either, since the Chinese government might be able to control exit nodes on their network.

[–]CyrexCore2k 0ポイント1ポイント  (0子コメント)

Using bitcoin for daily spending? Yes they absolutely could prevent that. Using it as a means to escape a devaluing currency? Not really. There's too few transactions.

[–]Yuanlairuci [スコア非表示]  (0子コメント)

What they'll do is block connections to foreign exchanges, pass laws to limit domestic ones, and possibly even come up with their own coin and block current blockchain protocols. It's standard for China. Block foreign things, create a domestic counterparts, and make it so much more convenient that no one bothers with the foreign version.

[–]humbrie 3ポイント4ポイント  (0子コメント)

They can close or restrict exchanges....

[–]jratcliff63367 1ポイント2ポイント  (0子コメント)

If those idiots keep leaving their bitcoins on exchanges they can...

[–]_sonOfDadredditor for 20 days 0ポイント1ポイント  (5子コメント)

What about the great firewall of China? Can't they just simply close port 8333, and we lose everyone running bitcoin-core? I'm not really familiar with their firewall, does it track all traffic?

[–]mrdotkom 8ポイント9ポイント  (1子コメント)

Closing a port doesn't really help considering you can always forward on any port you want and a good majority of the public in China has VPN anyway making the firewall pretty useless

[–]Jibrish 1ポイント2ポイント  (0子コメント)

Majority of the public is also using IPv6 and don't bother with NAT.

[–]jacky4566 1ポイント2ポイント  (1子コメント)

Yes but you only need 1 hole in the shield to propagate the information to all of China. Creating a national firewall is like trying to bail out the ocean. All you need is one guy with a sat link to break it.

[–]butters1337 5ポイント6ポイント  (0子コメント)

lol... running the traffic of 1 billion people through a sat link?

[–]TheSaltyFlipperredditor for 3 months -1ポイント0ポイント  (0子コメント)

It would, for anyone who had their stuff physically located in China. Major players would have their machines colocated elsewhere I would image.

[–]butters1337 0ポイント1ポイント  (6子コメント)

They're not trying to limit the BTC going out of the country, they're trying to limit the capital leaving the country, BTC is just another medium like CNY. People flocked to Bitcoin because the Bank of China has severely restricted CNY leaving the country.

To limit the people using Bitcoin to get around the capital controls, all they have to do is shutdown the domestic exchanges, which is pretty easy actually. Then the only alternative is to buy Bitcoin from foreigners with CNY... but who is in their right mind is going to sell $millions of dollars worth of Bitcoin only to get CNY which is trapped in China?

[–]LarsPensjo 2ポイント3ポイント  (5子コメント)

A lot of the bitcoins are mined in China. That way, you don't need to import them.

[–]14341 6ポイント7ポイント  (1子コメント)

Bitcoin is borderless, you dont export or import Bitcoin. Your bitcoin is not physically stored in any location.

[–]LarsPensjo 0ポイント1ポイント  (0子コメント)

Bitcoin is borderless, but suppose you want to buy bitcoin using local money. Say I have Venezuelan bolívar, would you take that as payment for bitcoin?

An import of bitcoin to a country has to match a corresponding export of either goods or fiat money. That isn't borderless.

If you have Chinese Yuan, it is probably easier to buy bitcoin as Chinese miners need to pay for their costs.

[–]butters1337 1ポイント2ポイント  (2子コメント)

But most of the coins already are in circulation (~16 million out of 21 million possible coins - 75% or so), so most people will get their coins by exchange. As a medium of exchange (an ability to move capital out of China), Bitcoin becomes far less accessible if the only way to get them is by mining them yourself.

[–]superyona 0ポイント1ポイント  (1子コメント)

The only way Chinise overcome capital control is by mining bitcoins, the exchange does not effect that, it just spreads it around. The only money leaving the country is electricity bought with CNY turned to bitcoin... or an occasional tourist selling some bits

[–]butters1337 0ポイント1ポイント  (0子コメント)

Yeah, but as I said at this stage of the game it's a very, very slow way to try and get your money out of the country :P

[–]SatoshiBot1kredditor for 2 months -1ポイント0ポイント  (0子コメント)

They can do it, don't underestimate the chinese government. I remember reading about them locking up people for short selling or just selling their stocks when the market was tanking. They will do whatever it takes to keep control of the currency and markets. If they continue to see BTC as a way for people to smuggle capital out of the country then they may eventually crack down on exchanges.

[–]Sherlockcoin -2ポイント-1ポイント  (0子コメント)

one bitcoin big blocker might say that they are already limiting bitcoin ( 7 tps ) but then again, they can t limit the amount that you transfer...

[–]Fiach_Dubh 11ポイント12ポイント  (0子コメント)

they refer to a source at bloomberg, but there's no article from bloomberg, so not sure how legit this is.

[–]Lejitz 8ポイント9ポイント  (3子コメント)

This article does not corroborate their claim. The pseudonymous author sites "Bloomberg sources," but fails to give a link to an article or even a date the supposed sources reported this. Bloomberg reported something to this effect in May. The author could be referring to that (for some appearance of truthfulness) in order to manipulate the market.

[–][削除されました]  (2子コメント)

[deleted]

    [–]DajZabrij 1ポイント2ポイント  (0子コメント)

    link or gtfo

    [–]Lejitz 0ポイント1ポイント  (0子コメント)

    Yes. Anybody can. That's my point. Random redditor earonesty or pseudonymous blogger Tyler Durden are simply saying what anybody can say.

    [–]earonesty 1ポイント2ポイント  (0子コメント)

    unsubstantiated blog randomness

    [–]bitsteiner 0ポイント1ポイント  (0子コメント)

    Capital flight with Bitcoin. It's happening! Chinese government confirms.

    [–]thesilentwitness 0ポイント1ポイント  (0子コメント)

    I'm confused as to why anyone cares about this, even if it were true. The entire point is that they can't do this to Bitcoin, the technology will not allow it. Unless they plan on banning the internet of course. So why the price drop? I don't get it lol.

    [–]BlackPrapor 0ポイント1ポイント  (0子コメント)

    Chinese government has great imagination =))) LMAO

    [–]infinitywave8redditor for 2 months -1ポイント0ポイント  (0子コメント)

    This is going to be a great opportunity to invest in it.

    [–]G1lius 19ポイント20ポイント  (4子コメント)

    Am I racist for reading this with a thick Chinese accent?

    "We ban bitcon noaw"

    [–]Vadoff 8ポイント9ポイント  (0子コメント)

    Well he's not even Chinese so it's fine

    [–]dbvbtmredditor for 2 months 15ポイント16ポイント  (0子コメント)

    The South Park character has a thick accent, so you're fine.

    [–]merreborn 9ポイント10ポイント  (0子コメント)

    The source material is an exceptionally stereotypical caricature.

    [–]ugly_monsters 2ポイント3ポイント  (0子コメント)

    No. You're cultural.

    [–]culvereric 8ポイント9ポイント  (1子コメント)

    Would you like the shitty chicken or shitty pork?

    [–]twobitidiot 2ポイント3ポイント  (0子コメント)

    This is the r/bitcoin I used to know and love.

    [–]mjesmjes 5ポイント6ポイント  (0子コメント)

    Weak hands everywhere. $681

    [–]use_your_imagination 6ポイント7ポイント  (3子コメント)

    I don't know for you but I think this is great news. We're finally reaching "They fight you" step. Bitcoin (as envisioned by Satoshi) is inevitably destined to face governments trying to control it. When they realize it's not possible it will simply become direct attacks: firewalls, bans, fighting exchanges .. etc.

    The only thing I'm wondering is, would there be a single government that would officially embrace Bitcoin ? Is this even possible ? It would mean no more central banks and monetary policy. A government would have exactly the same freedom and power over money as any citizen.

    Interesting times to come :)

    [–]ViktorStinredditor for 14 days 1ポイント2ポイント  (0子コメント)

    Great bitwall)

    [–]pipaman 1ポイント2ポイント  (0子コメント)

    I really think that they can do it but the difficult part is to ban bitcoins and at the same time keep the mining industry running

    [–]Z0ey 1ポイント2ポイント  (1子コメント)

    Kinda racist, is it wrong that I find it funny?

    [–]moonsout_goonsout [スコア非表示]  (0子コメント)

    No, just because someone deems something as racist doesn't mean it makes it not funny.

    [–]goodstuffcomming 1ポイント2ポイント  (1子コメント)

    I love these dips since I started to make money on them :)

    [–]ebaley 1ポイント2ポイント  (0子コメント)

    "Bans". Supposedly looking into how to limit transactions.

    [–]wachtwoord33 1ポイント2ポイント  (0子コメント)

    This still works? :P

    [–]mongorian_beeef 0ポイント1ポイント  (0子コメント)

    Finally get a chance to say....Goddamn Mongorians!!

    [–]mostlyfriendly 0ポイント1ポイント  (0子コメント)

    Sure looks like it.

    [–]fistedsister89 0ポイント1ポイント  (0子コメント)

    So what happens to all of the Chinese bitcoin farms

    [–]wesdacar 0ポイント1ポイント  (3子コメント)

    There is nothing on Bloomberg bout this as the ZH author suggests. Not very compelling at all.

    [–]Bitoshi[S] -1ポイント0ポイント  (2子コメント)

    It's in bloomsberg. Confirmed already. Not the main part but the terminal source page thingy.

    [–]wesdacar 0ポイント1ポイント  (1子コメント)

    thanks, is there a link ? (I can't find anything?)

    [–]Bitoshi[S] 0ポイント1ポイント  (0子コメント)

    It's all over reddit comments. Seen it maybe three times. Not upvoted much. Pretty sure it on the daily thread. Maybe google bloomsberg china Bitcoin news or something. On mobile currently.

    [–]balaghiredditor for 3 months 0ポイント1ポイント  (0子コメント)

    If they try control the exchanges to limit the amount of bitcoins people can transfer outside the country, then it could probably mean china's role in bitcoin would be less centralised. In 2013, China barred financial institutions from dealing with Bitcoin, and if these sources are true and that they can limit exchanges then they might hit hard on miners soon. I dont think this will happen though, bitcoin is outside the realm of their control

    [–]convie [スコア非表示]  (0子コメント)

    This is actually good for bitcoin.

    [–]ebaley [スコア非表示]  (0子コメント)

    *Aww

    [–]ghosteatingtiger 0ポイント1ポイント  (0子コメント)

    Dang, now I want Chinese for lunch.

    [–]GabeNewell_ 0ポイント1ポイント  (0子コメント)

    Anyone have the source scene?

    [–]BigBlackHungGuy 0ポイント1ポイント  (1子コメント)

    *yawn. Maybe we should change the name to ChinaCoin.

    On the upside, cheap coins. Buy today!

    [–]thinkB4Uact 1ポイント2ポイント  (0子コメント)

    What they really want is for ChinaCoin to send some of the value to the Chinese government. Bitcoin is like blood that parasites can't drink.

    [–]Spartan3123 0ポイント1ポイント  (0子コメント)

    Are bitcoin transactions broadcast over an encrypted link?

    Couldn't they make thier firewall do stateful packet inspection, look for transactions and block then if they exeed of a certain amount?

    [–]Ltholt25 0ポイント1ポイント  (0子コメント)

    Ya know that's the stupidity to it. China is "banning bitcoin" cus people wanna move their assets into it, and out through it and thusly everyone else follows their lead because they're the largest market. In every instance of prohibition in history by govts, has that managed to do anything? No, it's driven the fucking price up. I don't know what the fuck these fair weather cocksuckers are thinking

    Handel meet cup, and subsequently kill yourself please

    [–]CocoCoinredditor for 7 days -1ポイント0ポイント  (1子コメント)

    Stamp breached 700. BTC-e below 700. BFX trying to be brave :(

    [–]CocoCoinredditor for 7 days 0ポイント1ポイント  (0子コメント)

    ...and now BFX below 700. How is such a thing possible?!

    [–]martian31v -1ポイント0ポイント  (0子コメント)

    Thanks for the buying opportunity China.

    [–]221522 -1ポイント0ポイント  (0子コメント)

    So...new ath soon I take it?

    [–]SebastianMaki -1ポイント0ポイント  (0子コメント)

    Well, if China was about to ban Bitcoin wouldn't that mean that buying would be even more aggressive for as long as it's still possible?

    [–]xygo -1ポイント0ポイント  (1子コメント)

    Nice ! I was searching for this today....then came here and found it.

    [–]allthingsfreeredditor for 3 months [スコア非表示]  (0子コメント)

    what else did you do today? were all so intetested..

    [–]pipaman -2ポイント-1ポイント  (3子コメント)

    China was able to ban Google, gmail, google maps, facebook and much more. Do you really think they can't ban bitcoin?

    [–]smartfbrankings 2ポイント3ポイント  (0子コメント)

    Centralized services vs. decentralized one... hmm, let's see what is different.

    If China could ban Bitcoin, Bitcoin is not worth anything.

    [–]zackflavored 1ポイント2ポイント  (0子コメント)

    this is one of the dumber comments in here lol

    [–]btsfav 0ポイント1ポイント  (0子コメント)

    do you really think they can?