BTC to 50K, China banned miners | Bitcointalksearch.org

makishart

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Quote from: ukloon on June 09, 2019, 12:05:30 PM

Chinese miners dumping all their bitcoins is one of the main reasons why it hasn't gone back up to $20k again. If mining really is banned then we should expect a nice pump with less BTC being available but demand remaining at least the same

After i watched your post and then it looks like you must try to understand about how the miners are still operating their mining farm. The bitcoin dumo already happened even when bitcoin was created. But that's not the right point to determine if the dump that created by miner can be considered as the main reason.
Some miners have anticipated this decision by try to move its operation. But the decision that already planned by china is not yet executed.

Indrawan77

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50k is a huge number, the price won't be rise just simply because the China shutdown the miners, there has to be a big trigger in the transaction volume to increase until that number, the one that could make the price become that high is more adoption, I think miners only play small part in the rising

Naida_BR

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Quote from: alexey14 on May 13, 2019, 03:08:31 PM

35 days ago I started a thread and I told you btc will go 9k$ bcz china banned miners, but some of you dont believed me, Today BTC is 8100$ in some exchange, Here is that thread:
https://bitcointalksearch.org/topic/m.50545198
Now I have a good news , BTC to 50k$ bcz china banned miner, my friend in China confirmed 90% of miner in china are shutdown. BTC can easy go to 50K$ and more.
Less miners = More Demand = increasing price, as simple as that.

I don't agree that Less Miners equals More Demand.
In my opinion, Less miners means that the system is not healthy thus people and investors will start losing faith in this crypto. Maybe it is because of its consensus protocol maybe because of the price I don't know. What I know is that it does more harm than good.

omonuyak

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Quote from: ukloon on June 09, 2019, 12:05:30 PM

Chinese miners dumping all their bitcoins is one of the main reasons why it hasn't gone back up to $20k again. If mining really is banned then we should expect a nice pump with less BTC being available but demand remaining at least the same

The news of the banning bitcoin mining has no much infect on what is happening now in the market because I don't think people will start dumping because of mining ban. Bitcoin itself and Cryptocurrency is not ban and if Chinese holders are selling off it means they have misinterpreted the news too and people from other countries will buy at cheap prices and sell back to them in some years to come.

ukloon

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Chinese miners dumping all their bitcoins is one of the main reasons why it hasn't gone back up to $20k again. If mining really is banned then we should expect a nice pump with less BTC being available but demand remaining at least the same

beerlover

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Banning miners is not something that would help them in anyway or shape. Why would you ban something that has been making you a profit? These miners have been paying for electricity, they have been hiring Chinese people and paying them a salary, these people have built manufacturing factories to built more miners and sell them overseas to foreigners which brings in cash into your country from other nations, they have paid taxes on each and single one of their profits, doesn't matter if its from miners or selling equipment.

China is basically saying "this is a great thing but I don't want it". If I was at the head of any government in any country, even if only as powerful enough to make it happen like a treasury minister or whatever, I would totally go out and say "all miners are welcomed and will be helped in our nation" to get all of that money and employment and foreign money into my country.

shinratensei_

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Quote from: bloodyvio on May 28, 2019, 06:07:47 AM

Quote from: alexey14 on May 13, 2019, 03:08:31 PM

Less miners = More Demand = increasing price, as simple as that.

but isn't that will make bitcoin become centralized?
because the number of people who help run nodes for mining is decreases
AFAIK miner china is the biggest hashrate holder on the bitcoin network

Please take a look at the latest bitcoin node distribution around the world and china is not holding the majority of nodes.
https://bitnodes.earn.com/
that will enough to answer your question about what will happen if china bans miners but these miners already speculated it and they can move their operations of bitcoin mining to avoid the regulation that issued by china's government into another country.

DmitFomin

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BTC $1 mln.

Quote from: bloodyvio on May 28, 2019, 06:07:47 AM

Quote from: alexey14 on May 13, 2019, 03:08:31 PM

Less miners = More Demand = increasing price, as simple as that.

but isn't that will make bitcoin become centralized?
because the number of people who help run nodes for mining is decreases
AFAIK miner china is the biggest hashrate holder on the bitcoin network

I think that reducing the number of miners will make Bitcoin centralized, because there will still be many miners in other countries that continue to bitcoin mining. But I'm not sure that the ban of China will increase the price, because the number of mined bitcoins remains the same as it was before the ban.

GregH37

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Quote from: partysaurus on May 28, 2019, 04:35:08 AM

Quote from: alexey14 on May 13, 2019, 03:08:31 PM

35 days ago I started a thread and I told you btc will go 9k$ bcz china banned miners, but some of you dont believed me, Today BTC is 8100$ in some exchange, Here is that thread:
https://bitcointalksearch.org/topic/m.50545198
Now I have a good news , BTC to 50k$ bcz china banned miner, my friend in China confirmed 90% of miner in china are shutdown. BTC can easy go to 50K$ and more.
Less miners = More Demand = increasing price, as simple as that.

you seem to be right my friend Cheesy

lets see if ur right the whole way to 50k or if it will stop at ath and go down again like last time.

Try not to depend on this expectation, seeing bitcoin at $30k is sufficient for most financial specialists to begin selling revenue driven which is a significantly an excellent return, before the few individuals who are happy to hold up till $50k gets the chance to see it, there would have been enormous dumping that will make it begin cycling once more, and presumably will dip under $6k at that point.

Thus, before bitcoin can truly achieve that, it would be the point at which we have numerous individuals holding it for utility reason and not for speculation. I likewise question if forbidding of miners from china will have that enormous impact since china isn't the main nation mining bitcoin, those miners also will simply move to other Asian nations to proceed with their gainful mining business.

Script3d

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Quote from: bloodyvio on May 28, 2019, 06:07:47 AM

Quote from: alexey14 on May 13, 2019, 03:08:31 PM

Less miners = More Demand = increasing price, as simple as that.

but isn't that will make bitcoin become centralized?
because the number of people who help run nodes for mining is decreases
AFAIK miner china is the biggest hashrate holder on the bitcoin network

That's actually threatening but a single individual must have the 51% hashrate to control the network, but it isn't the case now, it would actually be scary if they join hands together.

bloodyvio

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Quote from: alexey14 on May 13, 2019, 03:08:31 PM

Less miners = More Demand = increasing price, as simple as that.

but isn't that will make bitcoin become centralized?
because the number of people who help run nodes for mining is decreases
AFAIK miner china is the biggest hashrate holder on the bitcoin network

CoinCodex

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Bitcoin is heading toward $9k, will it be able to break pass it?

https://coincodex.com/article/3691/bitcoin-price-analysis-bitcoin-continues-mega-run-above-8800/

partysaurus

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Quote from: alexey14 on May 13, 2019, 03:08:31 PM

35 days ago I started a thread and I told you btc will go 9k$ bcz china banned miners, but some of you dont believed me, Today BTC is 8100$ in some exchange, Here is that thread:
https://bitcointalksearch.org/topic/m.50545198
Now I have a good news , BTC to 50k$ bcz china banned miner, my friend in China confirmed 90% of miner in china are shutdown. BTC can easy go to 50K$ and more.
Less miners = More Demand = increasing price, as simple as that.

you seem to be right my friend Cheesy

lets see if ur right the whole way to 50k or if it will stop at ath and go down again like last time.

deadsilent

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Shutting down miners from China can easily put the price to ceiling. But what will happen if there's no more miners to mine Bitcoin? Transaction costs will get higher since few miners are solving the blocks. If that happen what's the point of using Bitcoin? I heard that China has the biggest Bitcoin mining around the world. If it's true, then Bitcoin is screwed since many cryptocurrencies are now more efficient in terms of scalability. Bitcoin's may pump really high but this is not healthy in a long run for Bitcoin. Because we all know how important the miners in the Bitcoin ecosystem. There will be no balance.

blockchainwriters

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china banning crypto mining is nt true and Chinese top lawyer said Chinese can hold btc legally as we already know china is positive towards cryptocurrencies

seoincorporation

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Quote from: alexey14 on May 13, 2019, 03:08:31 PM

35 days ago I started a thread and I told you btc will go 9k$ bcz china banned miners, but some of you dont believed me, Today BTC is 8100$ in some exchange, Here is that thread:
https://bitcointalksearch.org/topic/m.50545198
Now I have a good news , BTC to 50k$ bcz china banned miner, my friend in China confirmed 90% of miner in china are shutdown. BTC can easy go to 50K$ and more.
Less miners = More Demand = increasing price, as simple as that.

If china shut down 90% of it's miners why the hash rate didn't go down? Would be nice if you can share the source with us because after some search can't find real information about this topic and i'm not sure if china really ban btc.

n0ne

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China banned miners, but this hasn't got effective. It is just a beginning with the National Development and Reform Commission to get public opinion on use, restrict or ban mining from the country. It is a continuous process in slowing down the cryptocurrency usage within the country. There is also some news that mining leads to waste of electricity. Till date there is nothing set as a deadline for the same based on news from the country.

EdenHazard

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But I don't think bitcoin price had increased just because goverment of china decided to ban mining on their country. Because some information which has spread up was facebook allowed back for crypto ads and WhatApss platform provided for the user of cryptocurrency to send and receive bitcoin. However, as we all know the price of cryptocurrency greatly influenced by speculation but I can't believe it easily. Those price can goes up and goes down without any information so as I have to look the other side to decide that your predict is right. I prefer to look the movement price base on candle and sometimes I read some information too to strengthen the predictions I made.

Mrsparks

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Quote from: alexey14 on May 13, 2019, 03:08:31 PM

Less miners = More Demand = increasing price, as simple as that.

You haven't thought of the harmful effect this would have on transactional performance of bitcoin before you made this conclusion.. I think China banning mining will do more harm than good to bitcoin and other cryptocurrencies. The Chinese are reputable in the crypto mining industry and loosing them will thwart transactions on the blockchain..

kamilah147

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this is good news if true, hopefully bitcoin will continue to increase. better, don't trust negative news, we must believe that the BTC price will continue to increase

Topic: BTC to 50K, China banned miners (Read 11408 times)