As a Chinese, I want to talk about China's ban on cryptocurrency - page 2.

Rushzhy

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Quote from: Rushzhy on June 10, 2021, 01:29:10 AM

You may not know that the Chinese government has proposed no real estate speculation for ten years, but the housing prices in big cities are getting higher and higher, and even restricting purchases and sales is useless.In China’s cryptocurrency circle, everyone silently regards the government’s cryptocurrency policy as a joke.Of course, this is probably just the dealer using China’s bad policy to suppress the price of cryptocurrency in order to get more and cheaper chips.

Thanks for the insights, so is the coins sold in China at a cheaper price than the general market ?
[/quote]
no,we are used to binance or huobi exchanges,so the prices are the same.

stompix

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Quote from: ampu on June 10, 2021, 02:55:47 AM

Using more chips and cheaper is a good reason. China is facing a computer chip crisis as there is more demand. Banning cryptocurrencies is also just one of the ways to serve the larger purpose of producing for other industries.

There are two main producers of chips for ASICs and those are TSCM and Samsung, neither of those would divert production capacity to what China needs.
Contrary to the popular belief not everything in this world is made in China by Chinese companies, just how a Huawei phone might be Chinese but the ones manufacturing the chips, the camera, the display are not Grin

Quote from: Reosta_ on June 10, 2021, 05:50:34 PM

Chinese government was afraid that Bitcoin would harm its chief monetary unit, yuan.

Do you really believe that? Do you think that an authoritarian regime that decides where you can move where you can work where you're allowed to travel would feel threatened by Bitcoin? they didn't like it and that's all, not everything China bans is because they fear it, they didn't ban porn cause they were afraid of it. If they would really fear bitcoin they could right now seize all mining gear in that country and launch 51% attack on the chain, but they simply don't care and just wanted to avoid another headache in regulations. Just look one month back, they decided that after the coal mine accident all bitcoin miners in the region should shut down to save energy, one order, and 30% of the global hash rate was gone, you really think they see Bitcoin as a threat?

ene1980

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Quote from: Rushzhy on June 10, 2021, 01:29:10 AM

As everyone knows, the Chinese government has banned cryptocurrency exchanges, and now it has banned mining. The entire market has undergone many changes due to policy reasons.In fact, you should not pay too much attention to the policies of the Chinese government, because since the cryptocurrency exchanges moved out of China, the influence of the Chinese government on cryptocurrencies has become very limited.

There is nothing that China could do that could change the market valuation and i was thinking like that when they banned cryptocurrency exchanges a few years back and when they started banning Bitcoin mining the rest of the narrative for the correction was that it is because of China and people are giving too much importance to certain events if there is a market correction.

Quote from: Rushzhy on June 10, 2021, 01:29:10 AM

You may not know that the Chinese government has proposed no real estate speculation for ten years, but the housing prices in big cities are getting higher and higher, and even restricting purchases and sales is useless.In China’s cryptocurrency circle, everyone silently regards the government’s cryptocurrency policy as a joke.Of course, this is probably just the dealer using China’s bad policy to suppress the price of cryptocurrency in order to get more and cheaper chips.

Thanks for the insights, so is the coins sold in China at a cheaper price than the general market ?

Expecto

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China actually had a really nice chance against US dollar while they were allowing cryptocurrencies. But I think that it lost its advantage after this ridiculous ban action. It would have benefited from cryptocurrencies a lot.

tippytoes

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Quote from: Reosta_ on June 10, 2021, 05:50:34 PM

Chinese government was afraid that Bitcoin would harm its chief monetary unit, yuan. So it wanted to impose a ban on cryptocurrencies and get rid of the problem. But this was really a wrong action I think. Instead of banning them, it would have just regulated them. It would be for the benefit of investors and the country both.

Just a matter of time before they change their perspectives over bitcoin or crypto in general. If they see country after country that are being loose with crypto regulations and accepting it in their system, they may change their mindset. And it may be true that china is afraid with crypto, because they don't have full control regarding the usage of it. And knowing China, as much as possible they want full control of things.

Reosta_

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Chinese government was afraid that Bitcoin would harm its chief monetary unit, yuan. So it wanted to impose a ban on cryptocurrencies and get rid of the problem. But this was really a wrong action I think. Instead of banning them, it would have just regulated them. It would be for the benefit of investors and the country both.

thecryptogandalf

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Quote from: ampu on June 10, 2021, 02:55:47 AM

Using more chips and cheaper is a good reason. China is facing a computer chip crisis as there is more demand. Banning cryptocurrencies is also just one of the ways to serve the larger purpose of producing for other industries.
I think it is better to buy Bitcoin more because China policy only works in the short term and bitcoin is decentralized. There will be a day when the crypto market will not be affected much by news from China.

I think this is a very good point. and for those who want to get more info about it here is an article that I read: https://www.reuters.com/article/us-crypto-currency-china-mining-idUSKBN29R1AY It talks about the reasoning and causation of chip crisis and bitcoin mining in China

Xinarae*

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China has banned financial and transaction institutions from providing cryptocurrency related transaction services. The country has also warned investors to trade cryptocurrencies based on speculation because fluctuations in the price of cryptocurrencies are putting people's assets at risk it is also disrupting normal economic activities tesla cars can also be bought using elon musk bitcoin. Last week he abruptly reversed his earlier decision elon said the risk of climate change is increasing because of bitcoin because fossil fuels have to be used to run high powered computers used in bitcoin mining.

tabas

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It is the foreign medias that are putting too much attention to that news. They're spreading FUD which has been common that they've been used for that.
AFAIK, that news in China has been so long and it's changing from time to time. But how does the big mining farms operate there? are they still continuing in operations?

franky1

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Quote from: Nora Olin on June 10, 2021, 03:16:30 AM

China’s partner, El Salvador, has announced that Bitcoin is their legal tender. Since China and El Salvador are in partnership, China has to recognize Bitcoin, otherwise it is contradictory.

elsalvador still uses the dollar

however instead of using western union to transfer:
US -> $-> WU database -> $ -> el salv
it has allowed
US -> $ ->btc -> $->el salv

where by the $->el salv portion is allowing remittance businesses in el salvador to be allowed to convert btc to dollar in el savador domestically

its not where el salvador no longer accepts dollars and only trades in bitcoin to buy bread fruit and tins of beans

Nora Olin

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China’s partner, El Salvador, has announced that Bitcoin is their legal tender. Since China and El Salvador are in partnership, China has to recognize Bitcoin, otherwise it is contradictory.

patientforzhou

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In fact, China's policies have little impact on cryptocurrency, so don't care too much. The crypto market will still pull back again, and the current decline is temporary.

ampu

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Using more chips and cheaper is a good reason. China is facing a computer chip crisis as there is more demand. Banning cryptocurrencies is also just one of the ways to serve the larger purpose of producing for other industries.
I think it is better to buy Bitcoin more because China policy only works in the short term and bitcoin is decentralized. There will be a day when the crypto market will not be affected much by news from China.

YOSHIE

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I don't blame the Chinese government, if you really live in China, you will know the real brains of the Chinese government.

"In the brain of the Chinese government, only one thought of wanting to rule the world with 'trade' you must know that".

China will do anything, the important thing is that their 'trade' business is smooth and profitable.

If I associate your news with the news below.

Beijing’s Crypto Crackdown Is Not New but Don’t Dismiss It

Not the first they did.

For that, you must be prepared to buy as much Bitcoin as possible at a low price, if they manage to do as you mention.

effect if they succeed: bitcoin tumbles below $40000 after china issues warning, may be lower than what is currently happening.

Conclusion:
You have to prepare as much capital as possible, to buy Bitcoin, when they manage to do what you are worried about.

Rushzhy

newbie

Activity: 4

Merit: 0

As everyone knows, the Chinese government has banned cryptocurrency exchanges, and now it has banned mining. The entire market has undergone many changes due to policy reasons.In fact, you should not pay too much attention to the policies of the Chinese government, because since the cryptocurrency exchanges moved out of China, the influence of the Chinese government on cryptocurrencies has become very limited.
You may not know that the Chinese government has proposed no real estate speculation for ten years, but the housing prices in big cities are getting higher and higher, and even restricting purchases and sales is useless.In China’s cryptocurrency circle, everyone silently regards the government’s cryptocurrency policy as a joke.Of course, this is probably just the dealer using China’s bad policy to suppress the price of cryptocurrency in order to get more and cheaper chips.

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