Topic: As a Chinese, talk about my views on the new policy (Read 206 times)

Although not seeing a clear relation about knowing Nakamoto or not but your statement needs to based on some kind of survey..

China never cared about environmental issues and when it reduced its polluted emissions last year, the ozone layer healed.

Only when it comes to its interest then it is ok.

Ok when Bitcoin will go back to $0.5 I will think about selling it, it is 50% of the earliest price after all.

China is now only interested in launching its digital yuan. They are not particularly interested in the rest.

If they're going to go that route they should pass a law to make a certain percentage of people's auto travel be done on public transport instead.

They already have a one child policy so this doesn't sound super crazy. It'll also cut down on city smog.

Basically the two main reasons why China hates cryptocurrencies are:
1.Tax evasion.
2.Exporting money and capitals outside China.
Cryptocurrency mining was never really a problem for the Chinese government,since the communists don't care that much about sustainable development and protecting mother nature.Pollution of the environment was never really a problem for the Chinese communists,until the air in Beijing became toxic and you could see what you breed.

I think that is the reason why big countries do not want to accept crypto, including bitcoin. The country's income will reduce from that thing and many people can become rich so poverty can be solved from the country. I think the government wants to do something that can make them look good in the other country and that will always be done to gain achievement in the all government's eyes.

governments in the free world will not attempt to ban bitcoin until it becomes more apparent that it is a threat. At which time, bitcoin will be more valuable and undoubtedly harder to ban, as it will be held by far more people in far more places. So, ignore fundamentals and the asymmetry inherent in a global monetization event because in the event you turn out to be right, the government will step in to regulate bitcoin out of existence. Which side of the fence would a rational economic actor rather be on? Owning a monetary asset that has increased in value so dramatically that it threatens the global reserve currency, or the opposite – not owning that asset? Assuming an individual possesses the knowledge to understand why it is a fundamental possibility (and increasingly a probability), which is the more defensible and logical position? The asymmetry alone dictates the former and any fundamental understanding of the demand for bitcoin only reinforces the same position.

Most guys here can't read Chinese so few here could hear about the sufferings of Chinese entrepreneurs aside from crypto miners.
I just read some local news in Chinese about shutting down Aluminium refineries and was shocked by such foolishness.
Taking CO2 emissions seriously might make China political leaders look nice on the international stage I guess.
To put on make up of their leaders' faces, CCP won't have trouble damaging the interest of their own citizens (or I should use the word subjects in this case).
This Chinese logic may just be hard to understand by free people.

BTW, in my opinion the main reason why China gov hates crypto including bitcoin is it could drain fund away from their national stock and estate market where CCP could do their manipulation to deprive wealth from Chinese without foreign competitors.

Actually, the "dumb as dog shit" moniker seems to fit most new crypto investors and wannbe investors living in all countries. No single race or nationality has a lock on that distinction...

First of all I think it's because of China's ultra strict make in China policy. When they don't even allow giants like Facebook or Google to operate in their country what makes you think they would allow bitcoin to flow freely? Their idea of communism is essentially to curtail anything which could be used against their national party in future. Bitcoin being uncontrolled by them gives them sleepless night that there is something in China that they don't control. Which is why they ended up banning it. About Mining we all have had numerous debates as to how net effect of the energy used to mine Bitcoins ends up to zero. If they are so concerned about electricity only why don't shut computer systems of the entire country then? Mining is bad for environment is the worst excuse one can put for not using bitcoin. If we go by this even heavy gaming is bad for the environment isn't it?

What you're saying is largely true, but I there is a bit deeper thinking about the current Chinese government attention to cryptocurrencies. As you say in the second point, the environment pressure coming from mining is largely because "dirty" fossil fuels are being used by Chinese miners instead of more friendly (and expensive) power sources - considering 65%+ of activity is coming from China this is a major stain on the reputation a country that is trying to clean up it's environment. Not to mention the harmful pollutants it is pumping into the air and harming many people so few can profit. China also likes to heavily control it's currency, sometimes to give it an edge via trading, but cryptocurrency is getting to the point that it may start interfering with government monetary policy and also allow funds to "leak" out of Chinese government control.

After reading your all point i want to share my some of mine opinion about your point well its not against its just my opinion.

First of all if government thoght satoshi nakamoto is the person who is handleing the bitcoin buy / sell then its totally wrong he is just a creator. Even if he want he can't take bitcoin from my or your wallet to his wallet. So its totally clear that bitcoin is not a centralized its non authority controled. 2nd the criminalism just think every year how much people got scamed by credit card, and some soo called mobile banking so dose government ban then no. Because those are technologies and technology is made for users to life easy. And here bitcoin is the most user-friendly and secure. In bank or credit card or mobile banking anyone can easily scamed people by knowing their soo called otp code. But bitcoin there is no otp option. Still bitcoin hacking its soo tough. So isn't it secured too. But government excuses only criminialism and money laundering no other excuse. And now some of government so called tax option. Which clearly lost of privacy which is bitcoin's making fact against. But what can we do its government decision. Otherwise they have jail. Hahaha lol. By the way thanks for pointing us those points on your countries. Because of this thing we got to know about it.

I didn't know about it. I thought China wasn't taking the global deals to decrease co2 emissions seriously.
But don't you think even chinese citizens not caring about decentralization it's still a risk for the government to have a decentralized currency becoming more popular each new day? In government's point of view, investors' money could be going to the national industry instead of a global currency which they have no control over it.

Not the first time that we have seen bitcoin bull run, in 2017 there was also a massive spike in price. I think it's more of Chinese government doesn't want "capital flight".


The question is how big bitcoin's foot carbon footprint, it is big enough to affect the environment?


Chinese policy has been very different, yeah I agree that still on the real economy, however, it's more global though. Not just on crypto or blockchain technology.


You mean buy at 50% off?

In fact, 60% of the market does not study how to invest, and follow suit to get rich quickly. This gives ElonMusk
 the opportunity to affect a large number of people.

I could tell you that what OP mentioned is true while it seems ridiculous though.
Do you know that China also shut down tens of large Aluminium refineries which consume enormous electricity just like crypto mining at the meantime?
Bitcoin mining is just one of the many industries harmed by this so called carbon neutrality policy.

BTW: Most Chinese citizens who take the ride of cryptos care no shit about decentralization but making them rich quickly. This is the least thing CCP would worry.

It is not about heavy censorship but tons of misinformation(or disinformation may be more correctly) instead.

Think about this survey in Australia.
https://www.msn.com/en-au/money/markets/56-25-of-aussies-think-elon-musk-invented-bitcoin/ar-BB1gST6c

I agree on the part that you said that it is difficult to regulate bitcoin by cracking down on it. How come they are interested in developing real economy but they find bitcoin uninteresting? Did they have a comprehensive study that says bitcoin isn't going to help them? Also I was pretty piqued with the fact that not a lot of people in China's crypto scene doesn't know about Satoshi, is it that heavily censored there?

Maybe most investors in China are just too practical to care for bitcoin's history and origins, so they don't know who Nakamoto is.

China wouldn't crack down bitcoin mining for this reason. Most probably the government saw bitcoin mining popularity increasing recently, so they became worried about a decentralized currency getting support among their citizens. Another reason could be also the one you mentioned on the first point: when the market crashes, it will harm chinese's investments in bitcoin.
At same time bitcoin mining has been always very popular in China, no? This announcement and many others made before don't make much sense when you put the reality side by side, but as you said below:

It seems there is some chance this announcement is just FUD, so it doesn't mean a strict regulation is going to be implemented, right?

Many investors don't know technology and good things behind Bitcoin and they definitely don't know who is the founder of Bitcoin, in name or in person.

It is not a matter because a market need capital. It is important for any market. In each market, there are smart and stupid investors and the crowd have lower EQ than smart investors or whales. It is basics for all market growth and price manipulations.

Why Musk is the person who accused it. He is not the first person and not the last. Do you think Chinese government have Bitcoin and mine Bitcoin secretly?

Do you think Chinese government get more taxes from Bitcoin mining farms? They want taxes, Bitcoin and money. They don't care about environment, global warming, excessive energy consumption from Bitcoin mining.

Look at how the industrialization in China pollutes the environment there.

With Bitcoin and crypto, they can make their national capital bigger. Cash Bitcoin to renminbi and they will have real capital for real economy.

They are a lie government.

I remember one post about Bitcoin which I really agree with and which a lot of people could do to see the different point of view. Bitcoin is not about taking your money out of your country, but about taking your country out of your money.

This is why countries like CHINA and USA can never live in harmony with Bitcoin.

With crypto, maybe. Some are okay to have some govt control. But not Bitcoin.