What's Preventing Governments/Banks from Conquering Cryptocurrencies?

The bubble is about to burst...

China, home to 80% of Bitcoin Hashing Power, Bans Bitcoin Executives From Leaving the Country. Miners "Preparing for the Worst"

China, therefore, appears to have isolated themselves, while the rest of the world seemingly moves on, but questions are being raised regarding miners, with some 80% of their operations centralized in the country.

An investor in Chinese bitcoin mines told AFP: “All of us didn’t believe they would shut down the exchanges so we are preparing for the worst.”


Questions therefore are being raised on whether they might do so for miners, a $2 billion importing industry which may find it difficult to operate without the ability to sell their bitcoins on the market.

That is especially so because WSJ is suggesting the ban is a total ban, with apparent plans to declare even Off the Counter (OTC) trading as illegal.

So... No exchange, no $$$

a reply to: StallionDuck

Thanks for your very informative post! I've heard positive things about poloniex and bittrex, but have never used any exchange (although I do hold a very small amount of cryptos). Do you know anything about those 2 exchanges?

a reply to: FamCore

I'm afraid not. I've never heard of them but then there are SO many cryptos out there... I stopped messing with all of it when Cryptsy went rogue. I figured with all of my crypto gone, there really wasn't a point to getting back into it. After watching so many exchanges doing the same thing to people who trusted them, it's become more of a gamble with a decent chance of getting ripped off.

People say "Don't leave your coins in an exchange! Keep them on your computer in a wallet!". The only problem with that is, you can't buy and sell with crypto in a wallet offline. It's like saying, you're safer to have your money in your piggy bank than a real bank. You'll never see interest that way.

I've also heard of many accounts where people are just getting ripped off by virus while keeping their coins in a local wallet. There's always ebay also but people are getting ripped off there as well.


My advise.. If you want to play with it like I did, don't spend a lot of money. Throw maybe 20 bucks at it that way if you get ripped off, it wont be that much. Play the market, buy sell trade your coins. Watch the trends. Prices change every second. It's a lot of fun! It really is. Just don't think you're going to get rich or buy a car off of it. Treat it like a game and maybe, just maybe... you'll get something good out of it. My step brother asked me about it not all that long ago and I told him the same. He threw 100$ into it and bought bitcoin when it was loooow. He put a little bit more in here and there until he was able to buy a whole coin. I told him to take it off the exchange and put it in a wallet OFFLINE on a computer that was never plugged into the internet. Well, he didn't go that far but he did store it. Today it's worth soooo much more than that and I told him to sell it now because soon, it will fall. Right after, China did what it did and now the price is going down. Other countries will follow suite.

One prediction I have for China. They will confiscate BitCoins next after they're done shutting down the exchanges. They're going to sell those coins and keep that money. Anyone knows that if a country opens their doors to any crypto, bitcoin's price goes up. That's exactly why the price has shot up from 300 to 5000 in such a short time. Watch THOSE trends and it will tell you what to do next. China may have been playing this all along. They close down their exchanges, the prices plummet. They confiscate and open doors again and the price will go up. It's better than the current currency market so why not Especially when you, your own country can knowingly affect prices at will.

Back when I was playing, I watched a crypto I had JUST TRADED for another coin shoot up... had I waited an hour, I would have made 50K. However, an hour later the price fell back down to below what it was prior. Treat this as a game!!! You'll give yourself a heart attack and hate yourself for life if you dont! lol

When I lost all of my hard work buying a selling to cryptsy, I was sick because not long after prices went up on everything... all my hard work stolen from me. I don't even want to tally how much it was all worth now. It'll just make me more sick and angry. I rather not have that stress.

Good luck though. Remember... Watch those trends! It can be a lot of fun. Research what the coins are and what they're used for and most importantly, where they're being used.

My Fave Chart List

Governments and big banks are already trying to prop up "their" own crypto currencies. I think the one they're all hedging on is Ripple, but I could be mistaken.

originally posted by: FamCore
a reply to: StallionDuck

Thanks for your very informative post! I've heard positive things about poloniex and bittrex, but have never used any exchange (although I do hold a very small amount of cryptos). Do you know anything about those 2 exchanges?

I am ready to play a little with crypto, just for fun after days of reading and plowing through sites and startups. I find some intresting due to their momentum combined with business or commodity backing. Logged into Bittrex and another Australian Crypto trader and both require multiple forms of I. D.. and to take a photo and send to them. I gather all traders are going to require the same level of multiple identifications?

a reply to: aliensanonymous

Pretty much, especially since you're going to transfer funds that way. Some just require your banking info so you and send and receive funds. Nothing much different than setting up your account with your electricity company.

Though I usually stayed away from anyone that required my identification. Banking info, sure because I can close that down if there is a problem and it's traceable. I have a secondary bank account I use for things like this. I just transfer a lil money to it, enough to keep it open and to play with what ever i'm using it for. I never use my main account because thats where the bulk of my monies are and you usually want to keep that out of harms way

Also... If you have any questions, feel free to inbox me. I'll happily share what I know.