2021-05-27 China to socially blacklist Bitcoin miners in Inner Mongolia region

dark1234

full member

Activity: 1134

Merit: 167

Quote from: bbc.reporter on May 29, 2021, 12:31:16 AM

This appears to me as something that bitcoins news media likes to sensationalize. Similar to this article I will share, the writer appears to have interviewed Matthew Graham, however she does not write about what Matthew has been telling everyone on Twitter. Matthew has tweeted that China’s new policies is not about only bitcoin. China is not attacking bitcoin. The new policies are routine policies made to protect the environment, protect consumers from excessive speculation and others. The policy makers are not meeting to have a plan to ban bitcoin.

https://twitter.com/mattysino/status/1398445154176929792?s=21

As China-based crypto VC Matthew Graham told me: “We certainly hold the view that Liu He's comments indicate that the Chinese government has concerns about excessive speculation, including in crypto. We can anticipate that the government will be taking a ‘close look’ at this issue.”

Source https://decrypt.co/72276/heres-how-chinas-crypto-fud-will-play-out

actually news about bitcoin in China is very significant because of what ..? because news and information emphasizes the emotional sensationalism of the readers so that it looks wow....
while the government policy in China may have several reasons such as maintaining the existence of the environment and the safety of citizens, but...!? I wonder why it got big when the bitcoin price grew,...
so that there was a herding of public opinion that seemed to bring down

Harlot

hero member

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This is old news so far I have seen that the hashpower coming from Inner Mongolia will move to another region within China where mining is legal. Inner Mongolia based from the news only accounts for 8% of the hashrate Bitcoin has and that is small compared to what Xinjiang and other regions are offering. I wouldn't worry too much about this decision by Inner Mongolia banning Bitcoin mining as it wouldn't spread to the other regions as Inner Mongolia have some kind of autonomy in their government.

bbc.reporter

legendary

Activity: 3122

Merit: 1492

This appears to me as something that bitcoins news media likes to sensationalize. Similar to this article I will share, the writer appears to have interviewed Matthew Graham, however she does not write about what Matthew has been telling everyone on Twitter. Matthew has tweeted that China’s new policies is not about only bitcoin. China is not attacking bitcoin. The new policies are routine policies made to protect the environment, protect consumers from excessive speculation and others. The policy makers are not meeting to have a plan to ban bitcoin.

https://twitter.com/mattysino/status/1398445154176929792?s=21

As China-based crypto VC Matthew Graham told me: “We certainly hold the view that Liu He's comments indicate that the Chinese government has concerns about excessive speculation, including in crypto. We can anticipate that the government will be taking a ‘close look’ at this issue.”

Source https://decrypt.co/72276/heres-how-chinas-crypto-fud-will-play-out

dansus021

copper member

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Part of AOBT - English Translator to Indonesia

country banning bitcoin i think because they afraid since bitcoin cannot managed by them but ironically some say they will make digital currency managed by them Lips sealed

in my opinion is no need to banning bitcoin but tax crypto trader and miner is still acceptable than total banned its like "win win solution"

amishmanish

legendary

Activity: 1904

Merit: 1159

Only in the Inner Mongolia Region? This means it will continue to allow mining in other areas, right?

This is also nothing new though. There was a time when these same miners were given access to subsidized electricity in this area for setting up their farms. The temperatures there are low year round. Couple it with cheap, subsidized electricity; almost all miners rushed there, including the biggest like Ant.

Since then, they have has this love-hate relationship where they start this "crackdown" on miners. It maybe that the time for cheap mining in China may be coming to an end. This means a fall in the network hashrate and difficulty adjustment. The media loves to protray this as "Energy supply for Bitcoin processing stopped by China". This is to confuse the noobs into thinking that Bitcoin will "Stop".

In reality, the network doesn't "stop". It takes the time for re-adjustment every 2016 blocks. Then slowly hums along as usual.

hv_

legendary

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Clean Code and Scale

Bobby Lee on the Money Laundery using Tether

https://youtu.be/bW14cFtftoM?t=1902

Related https://coingeek.com/crypto-crime-cartel-the-many-lawsuits-against-bitmex/

Oceat

sr. member

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Why is it China always be the one who only calls for a FUD everytime Bitcoin is in bullishness? Is that how they wanted Bitcoin so bad to drop its price or they were just doing it because they want to manipulate the whole crypto market? But no matter what they do the ending of their propaganda is always a temporary decline. Unless if there's a huge exchange being hack with a hacker, that would really help to increase the FUD news. Those ban articles about Bitcoin mining is just a fuel that would lead to a bear market.

ruthbabe

sr. member

Activity: 966

Merit: 275

China has ramped up efforts to quash cryptocurrency mining in its Inner Mongolia region by introducing new penalties for those caught engaging in the illegal activity. Officials unveiled new draft rules that would see harsher punishments applied to those caught mining Bitcoin (BTC) and other cryptocurrencies, per a report by the South China Morning Post. These would include placing offenders on a social credit blacklist, which would stop them from getting loans or even using the transportation system... See more for yourself here.

Your opinion is greatly appreciated.

Topic: 2021-05-27 China to socially blacklist Bitcoin miners in Inner Mongolia region (Read 94 times)