Re: China banning bitcoin exchages, good or bad?

Quote from: lordquanta on September 11, 2017, 10:51:21 AM

Chinese govt has decided to ban the local bitcoin exchanges. [1] This is pretty big news considering one of large market and mining firms are located in China.
Do you think this would affect bitcoin world and bitcoin price in negative way or positive way? Some say china is doing so because people are bypassing the banking system and in turn the government regulation using bitcoin.

[1] http://www.marketwatch.com/story/bye-bitcoin-china-to-ban-trading-of-virtual-currencies-2017-09-11

For me it is bad, why? Simply because bitcoins value drops because of that incident. Banning all the cryptos in china is a big mistake. A lot of investors including us, loss a lot of money because of that. China is a big country with a lot of bitcoin users and enthusiasts. With them being unable to use bitcoins the popularion of bitcoins will reduce and so does the value of it. That is whybthe value of bitcoins today are getting low and those who holds their bitcoins are going crazy, they are panic selling it.