Topic: As a Chinese, I want to talk about China's ban on cryptocurrency (Read 328 times)

Regarding the question of whether you are 100% qualified, I want to say that there are a lot of non-compliant places in China, but because of the centralized government, people have no way to do it in the country. Just like North Korea, many things are not compliant, but people there still There is no way. As you said, many mines are moving overseas. Due to COVID-19, the border is blocked, and the transfer of mines is relatively slow. The only way to transfer equipment is to find an agent aboard. Way to solve.

I wonder the overall impact of the mining ban, first off people can still access bitcoin via a vpn but will everyone really be forced to shut down all mining, will there be 100% compliance?  I guess the mining will all move overseas.  Secondly the BTC price took a hit, but will the ban really negatively impact the bitcoin ecosystem if mining has to move, as other countries (El Salvador) are starting to be more supportive? 

You are right, but most of the statements you see are those of the government. Although VPNs can be used for most Internet names in China, it is very troublesome. Most people still don’t want to use them, so that you always think that Chinese people are like Like spokespersons, they like to express their opinions on behalf of 1.4 billion Chinese people, but you can’t hear the voices in China, because there are always people who say that you can’t represent all the Chinese people. Can you speak on behalf of your family? The child discusses not to mention representing all Chinese people. So not all Chinese people are as hostile to people as you can see, and there is no logic in answering reporters’ questions. Most Chinese people are very friendly, but they are represented by a small number of CCP staff. In addition, the incident you mentioned , We will never forget, because at the University of Hong Kong we still have a monument.

It must be admitted that maybe that's one reason apart from the others wherein, electricity is also affected as well. but the things that China does it seems not just this once and even though there are disturbances but maybe it will be resolved for some time to come. because we know that China is indeed famous for technology for mining which has indeed become a trend there.
Of course every rule will affect but because the rules are not always certain it will be resolved well and hopefully bitcoin can move up again after bad news that continues to whack with good news.

VPN is just fine in CHINA, all they have done is make it harder for morons to lose family wealth in Crypto gambling. Smart ppl will always be able to bypass anything, by definition, so I beg to ask here on this forum, why are U all so concerned that the morons can't make contact with u?

Just remember that CHINA owns this blog site, essentially that's all u need to know, reminds me of (((...))) bashing on zerohedge, owned by the (((...))); The entire narrative on this site, is focus on anything but the chinese owners of bitcoin infrastructure

China didn't ban crypto, they banned energy waste, big diff

as long as a VPN exists then no country can really block cryptocurrencies...

China is a great country but its greatness still can't block access to cryptocurrencies. Banned cryptocurrencies are just a pointless job and will only be a talk.

True, it is very limited, but I guess investors thinks that they have the monopoly of bitcoin mining. And as much as we really think that China is irrelevant since 2017, everything news that they releases has somewhat put a dent on the price in the last couple of weeks.


Possible, but only a small number of investors see that, and we all know that when China made a U-turn in 2017, it's over for them except bitcoin mining. But if they wlll ban bitcoin mining, then there's no choice for businesses to shift outside to other nation.

The problem with China is that nothing coming out of there can be trusted. For example, you may as well be one of their propaganda warriors. Remember "Wolf diplomacy"?

This is what creates so much uncertainty about actions of China as a country and the intentions of there people. The Chinese people have adopted cryptocurrency in a big way but most of them are into Alts. The miners and manufacturers never have had much say in the politics and when they had, it was never for the benefit of Bitcoin. Everybody remembers Jihan and his collusion with BCash during the blocksize debate.

So, in my book, and i believe for a lot of others, China is little more than an uncertainty to BTC. The people live under a regime whose only target is dominance. There is enough evidence in recent history that the Chinese people's will has been broken  by years of communist regime. The Tiananmen massacre was the last time that the Chinese dared to rise. For rest of the time, they have been obedient cogs in the huge machine. From the one-child policy to working for the lowest labor rates in the world to actively doing espionage in western companies and educational institutes on behalf of their governments. Not to forget the COVID fiasco. As a creed of men, the Chinese are so broken that they no longer judge what is right or wrong. They just do as instructed, otherwise risk everything from their reputation in the point system to political disappearances.

So, if you are an actual Chinese trying to start a conversation about Bitcoin, I laud your courage. But it'll take more than a post to convince me that the Chinese can actually have an opinion.

China has banned cryptocurrencies again, yeah. But the people of China can still continue to use them via options like VPN I guess. And China's policy about cryptocurrencies is really ridiculous. They are caring about yuan but they are also missing a huge opportunity and power by imposing a ban on cryptos.

I am more surprised that Chinese citizens can use a VPN, that's pretty new to me because I know for a fact how heavy the censorship is in the Chinese Internet. I do agree with you about the policy not being taken seriously but we know that if it's there, then it will still be implemented.

There is some social instability, which is why the government is cracking down

And let's stop here because you posted a lot of totally inaccurate information already.
We have a clear example, the US has told TSMC  to cut ties with Huawei, can you guess what TSMC has told Huawei? It starts with f and it ends with f!
TSMC's largest customer is Apple, with 25% market share, second is Qualcomm and third is Nvidia!

So next time, check the numbers, they tell a totally different story than the one you're trying to picture here.


Mass production chips are not made out of "rare" materials, and no, NK doesn't hold the biggest reserves, it has fewer than both Vietnam and India and anyhow China tops them all.

Governments’ policies on cryptocurrency have minimal impact on the growth and development of cryptocurrency this is so because the government has weak institutions that have failed in many policy executions.

The China ban on cryptocurrency is not taken seriously because the citizens still have access to cryptocurrency through the use of VPN and this is the same with other countries where crypto is banned.

I think that Taiwan is closer to China than the Western mind puts on, should there be a vote, I think most would rather be 'chinese' like HK, or Macau, rather than a whore-house like Manila for USA sailors.

Let's remember here that post WW2 Taiwan was the only place in ASIA for sexpat's white soldier to R&R, as they were  banned from much of asia under chinese control. To this day Taiwan still has its left over 'red zone' from this era,

Lot's Taiwanese want neither, USA nor China occupation.

But the TSMC & bit CHIP factorys of Taiwan, their #1 customer is still asians, for asia; Don't kid your self that the high-tech CEO's of Taiwan if given a last minute choice wouldn't go to China, rather than being destroyed by virtue of location, and returning to being a US-base for sex-pats.

All tech is ASIAN based, the west doesnt' even get considered.

I agree with the first commenter, he was just saying the reason the CCP 'banned' bitcoin is chip shortage, he didn't say that china made all the chips, hes just saying that the ccp wanted the allocation to not go to btc.

With regards to where Taiwan sends their chips, it will be to the GUY with the most MONEY, and that's still china.

All of asia now has chip shortage gpu shortage, hdd shortage, ... everything is not available, even security cam hdd's are now not-avail

So of course the CCP would not allow critical stuff to go to BS like BTC.

The trigger here seems to be "ASICS", and of course BITCOIN, but most ppl now are moving to HDD & GPU mining, and chips are still made in Shenzhen and lots of places in China. I think it can just be said that Taiwan makes the 'best chips' and the smallest nano-meter chips, but they don't make the majority of chips, they don't even have their own sources of raw materials.

Most of the regions rare-earth minerals are in North Korea.

I am not much worried about the traders in China. As the OP has mentioned, many of them have moved to exchanges that are located outside China. But my concern is regarding the mining sector. China still accounts for 70% to 80% of the mining hash power. And recently, three of the most important provinces (Inner Mongolia, Xinjiang and Qinghai) took steps to curb the mining activity. The drop in hash power makes Bitcoin more vulnerable to manipulations. Also, I am watching what is going to happen in another important province (Sichuan) where the largest mining farms are located.

How about U speak some chinese? Where do you live in China? I really want to know. R U city boy or farm boy? U have family still in the villages? U ABC or CBC?

Everybody I know here in Asia plays crypto, its like the only way to 'get rich' pre/post covid, as the shutdown, aka lockdown killed most biz, so people just use laptops to mine ETH rather than high-power bitmains to mine BTC, so what? I see here that my ETH rigs are down 50% in the past 2-3 weeks, because so many ppl have started using their laptops to mine gpu coins.

China given that it controls +90% of all crypto on earth, isn't going to kill this golden-goose, what they're going to do is make it harder for idiots to squander family treasure. The problem with crypto is China is morons get in debt, lose their money, and destroy their family's. Thus the GOV has to get involved to protect morons from themselves. Just like highway guardrails in the USA, they're to keep morons on the road.

Lot's of billionaires in china because of crypto, and these are the future ccp king-pins, if anything they'll use the USA Mafia model, and use GOV to take out the competition selectively, which is why in the USA all the big political partys came from crime familys. Biden is total CIA-Mob enforcer, just like JFK got rich from prostitution & prohibition. Clinton's got rich running cocaine for CIA in the 1980's, as Arkansas Gov, paid his way to the POTUS

There is no 'ban' of crypto, just  re-arranging the deck chairs on the titanic as always.

CCP already has Jack-Ma under house arrest, but I think that is cover for 'personal protection', aka kidnapping; CCP made Ma a member several years ago of the CCP Tech-Task force, so he's an insider; But he still controls +90% of all Crypto infrastructure on earth, IMHO the CIA want him dead, or they want to kidnap him, so that's why IMHO Jack Ma is laying low.

Crypto CBDC is already live from HK to Thailand, and quickly expanding as to remove the USD as trade for Asia ( includes Russia, Iran ); Jack Ma's infrastructure will be used to deploy the new Yuan CBDC, bitcoin will be long forgotten once its value goes to near zero, as the USD will also go to zero taking btc with it, all the CCP has to do is tell the Chinese people that bitcoin came from NSA and they'll drop it like a shit-sandwiche in a nano-second. Just like the COVID deal where USA was creating super-viruses to attack Han Chinese  in Wuhan, and it got out, the first thing CCP did was kill all the leaders of that agency for being compromised by CIA; Then they just sat back let the US/Israel reset plan backfire; Like always CCP aka China is not in a hurry, there is no hurry, USA is destroying itself, just like its mother Israel.

The thing right now is in the past 30 years all the wealth in the entire world has been transferred to ASIA, where people buy Gold, in the future people in Asia will be just fine. So long as real wealth can be obtained from the west to buy more gold, then the crypto scam will be allowed to flourish. That's all you got to know.

News say bitcoin mining operations were consuming too much energy, so chinese government banned it. Can you say if it is really the truth? And if not, do chinese common citizens know the reason why the government is against bitcoin? At least you can still deal with bitcoin legally at your risk, as your authorities said, and mining companies will be fine moving themselves to other countries.

Policies change every now and then, so there is nothing surprising to hear a country issue statements from time to time which may not necessarily be consistent with one another. This is not too different from India's case.

Anyway, in the age of the internet, the state can only do so much in terms of control and monitoring. I know that the Chinese government is basically operating within totalitarian principles, but the online world is too wide for China to closely police every single citizen in the space. Suppression is getting hard by the day.

Banning and making BTC illegal will get them in control of the finances of their citizen. They've been doing this for some time but the media is reviving it over and over.
They already have CBDC which is a more powerful tool as a digital currency for their cashless society. They don't need BTC or any crypto for this purpose but it will give the government to confiscate BTC that they find in their country.

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

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  


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?

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.

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

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.

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.

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.

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

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.

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?

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

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.

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.

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 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.

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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.

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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.

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.