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.

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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

john_nautica

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I'm not sure if China banned miners up to 70% and hopes that bitcoin will reach $ 50k in a fast time, bitcoin is currently hoping on sales and purchases so I think this might be one of the things that can't be predicted whether it can run well or not.

bandungan

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Quote from: Ailmand on May 13, 2019, 05:46:32 PM

Bitcoin price going up to $50,000 in just a short span of time is a dream. This might take time, it's too hilarious too think that the price of bitcoin will grow that much just because China shut down 90% miners. This will also cause a huge problem with regards to scalability and the price of transaction fee since there will only be lesser miners.

this might not make sense even though china crypto users are big in the world but by only closing 90% of miners I don't think anything will change or until bitcoin reaches $ 50k that's too much, and we think bitcoin won't go up that fast only with closure problems miner in china

trickyriky

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Quote from: nauane on May 20, 2019, 11:38:33 AM

Quote from: ePesoInitiative on May 19, 2019, 04:18:58 AM

China banning miners is already irrelevant to the Bitcoin ecosystem. Before it was vital, but now because of numerous new mining farms cropping up across the globe, their ban is less effective. In fact, there will be a new mining hardware race where Chinese miners are just a small faction.

News from china banning bitcoins, china banning miners etc will have no effect now on bitcoin price. These were old days in 2015- 2017 where such news had a big impact on bitcoin prices.

In a way, it can affect the Bitcoin price. I think the demand for this cryptocurrency will start growing. Hopefully, we will really see BTC which is offered for 50 thousand, and not much time will pass before it happens.

CASTIEL05

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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.

Nice idea but it may clog the network of bitcoin. Imagine the population of China and 90% of the miners will shutdown. It may devastate the network since miners are the key factor to send a certain transaction immediately. Well if that happens, I will stand and buy some rigs and mining stuffs so that I can mine in my country. Less miners, less competition and more income.

Roukawa

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China was once the largest bitcoin miners in the world even though generally their government doesn't recognise it.

RuralDistubance

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This thread is funny to me, did any of you guys even look at bitcoin's hash rate? Oh and all the Chinese pools that are still mining right now you mean, those are the ones your friend said is down? Funny how people just say stuff and no one really looks.

Quote

my friend in China confirmed 90% of miner in china are shutdown

I just posted proof what OP posted is bullshit, refute it. Roll Eyes

https://miningpoolstats.stream/bitcoin

shield132

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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.

What if we use 100% of our brain? lol
Have you heard anything about mining difficulty? Many miners = higher difficulty, less miners - low difficulty. If I could mine 1btc among 100 miners and now half of them are gone, situation has changed better for me and I can mine 2 btc instead of one. Also less difficulty opens path for others to join mining so this is just a task of time, difficulty will rise asap.
Also 90% of miners from chine can move their miners into areas where mining is legit and there are a lot of places, for those who had 1-2 antminer it doesn't worth but if I have 300 antminer, then I'll move of course and won't sell them. Consider this too while thinking around this task.

nauane

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Quote from: ePesoInitiative on May 19, 2019, 04:18:58 AM

China banning miners is already irrelevant to the Bitcoin ecosystem. Before it was vital, but now because of numerous new mining farms cropping up across the globe, their ban is less effective. In fact, there will be a new mining hardware race where Chinese miners are just a small faction.

News from china banning bitcoins, china banning miners etc will have no effect now on bitcoin price. These were old days in 2015- 2017 where such news had a big impact on bitcoin prices.

arpon11

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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 have tried to follow this news when I come across your first post and I could not find reliable information and sources of information of this banning information! However, your prediction is on it way to come to pass as bitcoin is currently gathering great momentum for the next seriously bullish push which may make it to be heading towards $15000. If the information your friend is giving us are genuine then the supply will be limited which will give us more good prices in the future.

traderethereum

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Quote from: joshy23 on May 19, 2019, 04:40:29 AM

Quote from: ePesoInitiative on May 19, 2019, 04:18:58 AM

China banning miners is already irrelevant to the Bitcoin ecosystem. Before it was vital, but now because of numerous new mining farms cropping up across the globe, their ban is less effective. In fact, there will be a new mining hardware race where Chinese miners are just a small faction.

Precisely, this banning issue don't have any big impact anymore from this industry, there's already lots of competitions and those big
miners are also aware that they can easily migrate if this will affects their businesses.

I hope so, but we never know what the Chinese government will want to do after they banned miners because I feel it so strange to know the news.
Maybe they want to mine by themselves without any citizen doing the same thing as them, and they want to collect the bitcoin for their own purposes.
But the banning itself will not give an impact to the bitcoin mining, and I hope that will attract the price to moves to the highest price.

xWolfx

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Quote from: ePesoInitiative on May 19, 2019, 04:18:58 AM

China banning miners is already irrelevant to the Bitcoin ecosystem. Before it was vital, but now because of numerous new mining farms cropping up across the globe, their ban is less effective. In fact, there will be a new mining hardware race where Chinese miners are just a small faction.

Yeah it will definitely affect the price since i bet that they were quite a few but at the end nothing bad for the survival of it. Even if forbidden worldwide it would have the same effects than the alcohol prohibition in the United States back then.

So only one country, even if it's one with so much people like China is somewhat irrelevant. Have to make sure it continues that way. But at the end, Bitcoin's mining is not infinite at all.

10eX

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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.

Correct

joshy23

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Quote from: ePesoInitiative on May 19, 2019, 04:18:58 AM

China banning miners is already irrelevant to the Bitcoin ecosystem. Before it was vital, but now because of numerous new mining farms cropping up across the globe, their ban is less effective. In fact, there will be a new mining hardware race where Chinese miners are just a small faction.

Precisely, this banning issue don't have any big impact anymore from this industry, there's already lots of competitions and those big
miners are also aware that they can easily migrate if this will affects their businesses.

ePesoInitiative

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China banning miners is already irrelevant to the Bitcoin ecosystem. Before it was vital, but now because of numerous new mining farms cropping up across the globe, their ban is less effective. In fact, there will be a new mining hardware race where Chinese miners are just a small faction.

agatha90

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Bitcoin mining will consume a lot of electricity in China. If this ban is actually implemented, it will push the price of Bitcoin to rise, not decrease. The loss of cheap electricity prices in China will actually increase mining costs which have a good impact on prices. It will also turn off the FUD (fear, uncertainty, doubt).

fiulpro

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Less miners = more demand ?
Since when ?

Mining facilities are subject to availability of specific products and softwares it's not someone can do sitting at home , I know there are softwares like that but they provide no not profit.

Miners are like the bank that pores out Bitcoins outside for the public to buy , it unlocks it.

Therefore they are essentially not related to price in my view, they supply Bitcoin to general public , they are like people who are given a job by Bitcoins.

They get 12.5 BTC to complete one block approx idk what's the price right now.

D3m1r4wanti

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bitcoin is a cryptocurrency which has very high volatility, but I'm not sure if the price will reach $ 50k.
the price is still stuck at $ 7k and to reach the price of $ 50k it's still very far away.

olamidey

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Not really. There are other miners in the world bro. So the China thing doesn't shut down the BTC framework/ network. Yes, there are many miners in China but even at that, I believe some will find a way to bypass all the banning stuff. BTC is not looking close to $50k this year so be rest assured.

Leyss

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I do not think that the prohibition of mining Bitcoin in China will significantly affect the price of Bitcoin in the direction of its increase. What will change from this? Bitcoin is mined all over the world. Even if the number of miners decreases, the same number of bitcoins will be mined for a certain amount of time. Just the chances of other miners in bitcoin mining will increase. In addition, talks about such a ban have been going on for too long and the miners of China have long been ready for such a step of the government. Some of them have long left the country.

Adriano2010

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In my opinion the bitcoin price will not be 50k$ this year, only next year i think can happen before or after bitcoin block halving, but indeed China miners ban not make the price going down and this is good. But now all China miners stopped mining bitcoin?

okala

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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 think so that the Ban of miners will only result in the congestion of the bitcoin network which may even lead to high transactions fees being charge on bitcoin transactions. I love this stage of bitcoin price at lest bitcoin is stable and correct back to a point at each period. The only thing that can result into price rise in bitcoin is the level of demands.

rdluffy

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I don't know, in theory you are right, but all miners who have hardware in China will move to another country, they will not leave cryptos easy
Let's see what happens, I'm curious to see how market is going to react

DatKing

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I don't think that Bitcoin will reach 50k this time but who knows. Bitcoin suddenly started to rise quickly and reached 8k dollars. I think Bitcoin will reach a value between 25k-30k and set a new record.

hulla

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With our without the Chinese miners ban Bitcoin will surge in price but the ban will be a process to make the surge faster and that doesn't mean the price of the Bitcoin market will reach the 50K price for it not possible except if the whales manipulate the market and it could to another early blood bath or market correction.

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Quote from: tegarp90 on May 18, 2019, 11:50:57 AM

I think if btc mined more the supply will be less.
and the price will be high, so if it's not mine by many people, the difficulty is not high and miners will get many btc

Indeed it is, but on the other hand, if there are fewer miners, don't know if the speed of decoding 1 block will be longer? The idea is that it will cause slow confirmation of 1 hash. Gradually users will find it inconvenient to use and trade with BTC, then gradually will users abandon BTC and choose other crypto?

ZenMaster1975

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BTC to the moon!

tegarp90

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I think if btc mined more the supply will be less.
and the price will be high, so if it's not mine by many people, the difficulty is not high and miners will get many btc

buddynuno

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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.

How do you figure that with less miners the demand will be higher? As the price of bitcoin goes higher the more people want to mine it. If China have less miners, other countries will gain more miners. Bitmain has mining farms outsider of China. I don't see bitcoin having less miners because of any China ban. The only reason I see for bitcoin to have less miners in the future is if the demand for bitcoin decreases over time.

onrise

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Quote from: Carry_Me_Hoome on May 15, 2019, 03:31:36 PM

BTC could indeed easily go to 50k, but I think it will take at least two years before we see this happening

Btc first point will be crossing 10k so that it can reach 5 digit mark and second to steadily grow from that point and does not fall back to something like 5k levels or so . So better that it grows slowly and steadily and not to worry about 50k at present time .

posi

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Quote from: lupinvn on May 15, 2019, 10:44:28 AM

I'm not sure about this issue. In fact, if the majority of miners in China are shut down, more than 50% of Bitcoin's power is lost. That leads to a sluggish, slow process in the confirmation process. So you think people will feel the need to buy BTC just because it is harder to create (<50% of the generated rate) or feel frustrated and gradually boycott Bitcoin because the transaction fee is too high and it takes too much time to handle a transaction?

Believe me, I will never disagree with you when you said the Chinese banning miners will lead to increase in the price of the Bitcoin market because.
1) Bitcoin market have been showing some resistance to dump in price for weeks.
2) A lot of senior crypto market price analysts like Mati of etoro etc predicted the Bitcoin market to surge after China miners ban but for the market to reach 50K what seems not right.

DreamStage

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Quote from: lupinvn on May 15, 2019, 10:44:28 AM

I'm not sure about this issue. In fact, if the majority of miners in China are shut down, more than 50% of Bitcoin's power is lost. That leads to a sluggish, slow process in the confirmation process. So you think people will feel the need to buy BTC just because it is harder to create (<50% of the generated rate) or feel frustrated and gradually boycott Bitcoin because the transaction fee is too high and it takes too much time to handle a transaction?

Because more investors will try to get their hands onto new mining capabilities thus buying is necessary.
So by buying they will essentially make bitcoin price increase even more.

Carry_Me_Hoome

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BTC could indeed easily go to 50k, but I think it will take at least two years before we see this happening

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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.

The way I see it, Less Miners == Less Secure == Less Trust == Less Investors == Less Price. Bitcoin will still produce 12.5 BTC per block even with less miners, so how will that contribute to more demand?

lupinvn

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I'm not sure about this issue. In fact, if the majority of miners in China are shut down, more than 50% of Bitcoin's power is lost. That leads to a sluggish, slow process in the confirmation process. So you think people will feel the need to buy BTC just because it is harder to create (<50% of the generated rate) or feel frustrated and gradually boycott Bitcoin because the transaction fee is too high and it takes too much time to handle a transaction?

CryptoBry

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Quote from: muratsink on May 13, 2019, 05:13:05 PM

Do you think about the negative effects of mining restrictions in China? how the system can confirm millions of blocks without miners? but on the other side, this is good news. because China is greedy and they want to create a monopoly market. when you make a thread about BTC price speculation. and your predictions are correct like todsy. what is the basis of your prediction?

In my opinion, Bitcoin actually just ignored any news with the China ban of the miners. I am sure that soon these miners can find suitable locations for their business so for now the impact is not given much weight by the market. Having less miners does not mean that Bitcoin can go high there is no connection with that I think and having more miners does not mean that Bitcoin can go down.

pundit

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Whenever there is a strong trend many predictions come in the way. As per thread starter statement if there are lesser miners then BTC price will go high which does not seem logical. Market runs in cycles,there are downtrends, sideways and bull trend. BTC was in bear trend since last year till 3K range and then there was a sideways trend. After sideways trend it may go down further or reverse from there, since it was a long bear trend it was expected to rise BTC from there. If you are riding this bull run better manage your positions wisely instead of waiting for BTC to reach $50K.

vit05

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People will start to say they have predicted the prices would go up because of this, and that. But the truth is, you could predicted only 2 scenarios. Go up, or go down. And there was a lot of people saying Bitcoin would go below 3k. I personally thought was a great moment to cumulating. And that was what I did.

Today we have many great news. Especially about Bitcoin futures and institucional investidors. And I do not think China ban is a great motive to this bull run.

Mike Mayor

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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 don't need your friend in China to confirm anything. Bitcoin runs on the blockchain which allows anyone to check what pools are mining where and with what hash power. You can look at the Chinese mining pools and check that way. Then you know it is a fact and not the word of a friend. Are you sure they have banned mining in China? Where is this info from? So much of this sort of this is FUD so who knows what to believe.

In any case when has banning anything ever done any good or really affected much? People will mine. I don't even know how they managed to mine for free for so long before the government changed that. It was so unfair on the rest of the miners for Chinese miners to get basically free electricity so its pure profit. The rest of us right now struggle to break even. Electricity just went up again so it's insane. If miners in China managed to mine for free for so long then I am sure they will find a way around this.

BeManga

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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.

in my opinion its the opposite when there are less miner mining difficulty will drop there will be less competitor
the miner will have better chance to earn more bitcoin
if miner can earn more bitcoin they will sell it for profit and price will drop
in my opinion the price rise because of the incoming halving
when it occur block reward will be divided by two instead of 12.5 it will be 6.25
so for some people if they buy this year they can get cheaper bitcoin today than mining next year.

NeuroticFish

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Quote from: niisarearning on May 15, 2019, 03:15:54 AM

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

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

As a newbie your having good speculation skill .

No. Less miners = Lower difficulty = cheaper coins for the other miners -> possibility to actually see the price falling.
So imho the "speculation skill" was simply luck. Starbucks and the others accepting Bitcoin may have had much bigger effect that the alleged mining stop.
And I say alleged because the hash rate didn't show a significant drop that could back OP's theory.

niisarearning

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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.

As a newbie your having good speculation skill . Yes even i am also thinking same but already most of the bitcoins are already mined so there is no meaning of less supply . More over thereis lots of things impacting bitcoin price . Like trust on Bakkt or whales arrival after crypto summer there is lots we cant take only this scenario for this price hike.

Ozero

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The ban on mining Bitcoin in China has virtually no effect on the price of Bitcoin. Even if we assume that the number of miners decreases, the same number of bitcoins will be created vseravno for a certain time, the remaining miners will simply be easier and faster to mine them. The news of a possible ban on Bitcoin mining in China had not even affected the price of Bitcoin earlier. This ban will not affect the market even after the implementation of such a ban.

Nowherman

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It seems to me that a mining ban in China, on the contrary, will cause a negative reaction in the cryptocurrency market and entail a decrease in the Bitcoin price. This has happened many times before.
For example, a ban on ICOs was imposed in China in September 2017, and the price of Bitcoin collapsed.

minersday

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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.

How sure are you that the Chinese government has banned Bitcoin mining in China? This speculation has been in the crypto space for a while now but there are no evidences and proves to back this claims and speculations. Looking at the current state of the crypto market, the factors contributing to the massive increase in the market value of Bitcoin can't be determined or seen.

Kelvinid

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How China will affect Bitcoin/crypto market, they don't give any and so we don't need to be afraid if they will banned miners cause in the first place they banned crypto years ago. Maybe we could see that they contributed a lot before and we learn from than when China surprisingly banned crypto, but for now, I never believe it will still cause down falls of prices.

tytanhamon04

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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.

On the one hand, you claim true, but I think that the faster all bitcoins will be mined the demand for them will be greater ! I believe that bitcoin will be 50 000 $ for one coin and this is not the limit but I think that the aggressive growth of the market is not needed.

r1a2y3m4

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Quote from: SaShiRaJaVu on May 13, 2019, 04:20:36 PM

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,

Since you made the predictions a long time back, i would like to know how much money you made in the future trading market, since you had accurate data on how the market goes, you might have made a ton of money, i would like to see your earnings you made in the past few days simply because you could accurately predict the market Tongue

.

Quote

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

How will you correlate this, you think that the extinct miners will purchase the coins since they are not able to mine it, even if there is only one miner, the amount of bitcoin released for each block confirmation is the same and there is no inflation or deflation on that aspect, if there is more demand then the price will increase but what correlation does it have when it comes to miners, if you have a certain answer i would like to know Wink

.

I don't know about you but I think that this kind of logic is correlatable with each other. Even if they are miners, they are adopting cryptocurrency which is a good state of crypto. Still, they are transacting bitcoin, getting bitcoin and using it for a purpose.

proTECH77

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

~~
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.

For china to Ban a technology because of lack of understanding in the said technology may look bad on china. Banning Bitcoin aren't going to change anything concerning the technology, you ban it and another accept it period. Hope to see the surge in due time becasue of this reason.

Bitum

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If BTC has to storm price to the 50K, that will not be, because mining is banned in China, there will be other reasons for that)

killat

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The price increase and decrease is based upon how we humans take it at any time.i.e. the market reaction.

So unless it has a great underlying value (which currently it doesn't), unpredictability is the SURNAME of Cryptocurrency

Ibizugbe1

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My friend, less miners are not responsible for the bitcoin price growth, bitcoin will always grow as it's a valuable digital gold, we have many companies coming to invest here. We need more miners to solve the complex mathematical equation of bitcoin that has to do with discovering new block, validation and confirmation, few miners is not conducive for the ecosystem. More so, miners can move to non-mainland in china and continue their mining job.

MonsterV

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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.

the ban on mining btc by the Chinese government was carried out last year and this news was reappointed now. Last year many Chinese miners have stopped since the Chian government banned bitcoin mining. But today Bitcoin is capable of bullrun without a Chinese miner, miners do have an effect on the BTC price but it doesn't have a significant impact.

avikz

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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.

Glad to see that your prediction has come to reality. But I really fail to understand the correlation between Chinese Mining ban and increase in demand. How the bannon Chinese miners will increase the demand of bitcoin so significantly??

Will you please explain? Even though I want to bitcoin to go up to 50k or more, but I prefer to keep my foundation as close as possible to reality!

mrsalvaje88

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We all predicted a similar rise, so we have an account in a bitcoin forum.

Bitmagister

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It is common that in times of euphoria in the markets, so-called gurus continually appear announcing spectacular increases, and for that they take whatever pretext is available, no matter how banal it may seem.

But it is interesting to read this type of threads, because it is a way to find out and observe on our own the way in which the bullish euphoria begins to manifest itself in the forum. And as soon as the price of bitcoin loses 10% of its price, the doomsayers of the catastrophe will announce the worst scenarios again... Grin

7788bitcoin

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Quote from: Astvile on May 13, 2019, 05:04:59 PM

There is also an disadvantage when huge scale of miners be gone on blockchain,did you think of how much fees for every transaction would cost specially if bitcoins price boom up right now?Last year cost of fees almost reach 10$ per transaction thats when all miners from china is working imagine now

The reason for the price increase was not because there was not enough miners but it has reached a bottleneck with the amount of transactions that we were getting at that time and since then we had UASF (Soft fork)and MAHF (Hard fork) and segwit was implemented and since then the transaction charges were understand control when it was fully implemented, even if there is a huge scale boycott in miners, the difficulty will be adjusted and we will carry on as usual Tongue

.
Despite saying all these, there is no way that banning Chinese miners will not change the market value of bitcoin.

crzy

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Quote from: Padawan007 on May 13, 2019, 06:04:18 PM

Not surprised I thought most mining company already relocate from that company .for price , I still waiting for that 10 k mark

They relocate but we have no news about this one. Banning mining industry is not a good one, we can see a big effect in the future if China still banning this one. Since you don't have any exact time about your prediction, I think the $50k mark will hit in the next 10years. Grin

Duzter

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However if there is good increase in the price of bitcoin there is some reason for the growth. Most of the time somehow through speculation and prediction a conclusion is achieved. In my opinion it is not the miners, because they are the backbone of bitcoin. If 90% is shut the mined coins will get increased demand same time the network goes much weaker.

tomahawk9

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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

You must feel like a bitcoin prophet now Roll Eyes

How much money did you make?

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

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.

Post a reliable source.

Also, don't get ahead of yourself, last time you simply said a random number, no analysis, no nothing, and the price happened to go up in value...But now that you feel with confidence you wanna raise the stakes? 50k is totally achievable, big question is when? If the price goes up to 50k at the end of the year, are you going to going to create another thread saying "I told you so"? Give me a break.

dothebeats

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Eh, no. Just because China banned miners doesn't automatically mean that the demand will be rising. Mind you, similar actions were taken a while back by China and constituents yet price remained stagnant and demand is somewhat dead. Perhaps this has something to do more with direct manipulation and Bakkt teasing the market rather than China again, for the market has since matured ever since China started playing games in 2015.

bill gator

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Quote from: richminded on May 13, 2019, 04:30:48 PM

Who will solve the blocks if there’s a less miners?

The difficulty of the block is not ever-increasing. This is why reading more about how Bitcoin works on a fundamental level is important if you want to understand any of the real-world implications, like there being less miners. Less miners, means lower difficulty, not less blocks.

Quote

Difficulty is changed every 2016 blocks based on the time it took to discover 2016 previous blocks. If a block is found every 10 minutes (as it was intended initially for even emission) finding 2016 blocks will take exactly 2 weeks. If previous 2016 blocks were found in more than two weeks the cryptocurrency mining difficulty will be lowered, and if they were mined faster then that it will be raised. The more (or less) time was spent on finding the previous 2016 blocks the more will difficulty be lowered (raised).

_{Source : https://en.bitcoinwiki.org/wiki/Difficulty_in_Mining}

Padawan007

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Not surprised I thought most mining company already relocate from that company .for price , I still waiting for that 10 k mark

traderethereum

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Yes, now bitcoin has increased again and now, the price reaching $8,000.
Then, you say that bitcoin price can easily go to 50K$ and more, I will make sure myself to prepare to sell bitcoin at that price, and I am sure that means, all of us will be making huge money this year.
My question is when we will see that price because if we are seeing the price now, I think we need more than 1 or 2 months or even more before the price can increase higher to that price.
But it will worth to wait for the price because the reward for us when the price can go higher to that price, will be bigger.

Ailmand

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Bitcoin price going up to $50,000 in just a short span of time is a dream. This might take time, it's too hilarious too think that the price of bitcoin will grow that much just because China shut down 90% miners. This will also cause a huge problem with regards to scalability and the price of transaction fee since there will only be lesser miners.

Genemind

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How did you know that it has something to do with the current price of Bitcoin?
As far as I know, the banning of mining in China isn't final and implemented yet. I respect your speculation but we can't rely on the price hype in a single controversy like this.
Its just coincidence I think so it's hard to conclude because there are lots of reasons to consider.

1miau

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Quote from: richminded on May 13, 2019, 04:30:48 PM

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.

Who will solve the blocks if there’s a less miners? This could be mean that the fees will go higher.

The number of miners will have almost no impact to solve a block. The only thing that will happen is that the average block time will be a little bit more than 10 min for this period and when the mining difficulty will be adjusted (every 2016 blocks) it will normalize again. So the impact is temporarily and not really big.
And the number of miners in the network isn't related how fast transactions are and the fees are also not depending on the miners, they depend on the number of transactions and how much the users are willing to spend for the transaction. If the users want a fast transaction while there are many transactions still unconfirmed, the users can pay a higher fee that the miners will confirm their transactions before others. Miners are always conforming the transactiony paying the biggest fees.

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.

Source? Because I doubt that China did anything against miners yet, they announced a ban but they did that already in the past and not much did happen.

muratsink

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Do you think about the negative effects of mining restrictions in China? how the system can confirm millions of blocks without miners? but on the other side, this is good news. because China is greedy and they want to create a monopoly market. when you make a thread about BTC price speculation. and your predictions are correct like todsy. what is the basis of your prediction?

Romeoetin

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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 think this is just a lucky guess and a coincidence nothing more. There's no correlation whatsoever that guarantees the current rise in btc price depends on the ban of Chinese miners.

Astvile

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There is also an disadvantage when huge scale of miners be gone on blockchain,did you think of how much fees for every transaction would cost specially if bitcoins price boom up right now?Last year cost of fees almost reach 10$ per transaction thats when all miners from china is working imagine now

mrdeposit

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Your price analysis may be correct, but depending on what you said, it was a little far from reality. So, in your opinion, btc's banning by china was the innovation that could affect the price like that? Huh

That is right with your logic, but how the majority perceives it is more important.

richminded

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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.

Who will solve the blocks if there’s a less miners? This could be mean that the fees will go higher.
Your prediction can’t still be hit, and the next prediction is too high and it can’t happen this year. More demand doesn’t mean a higher price especially when everyone is selling. Anyway, we can give many predictions as we want and feel pro if that prediction happened, but still not a good way to depend on.

SaShiRaJaVu

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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,

Since you made the predictions a long time back, i would like to know how much money you made in the future trading market, since you had accurate data on how the market goes, you might have made a ton of money, i would like to see your earnings you made in the past few days simply because you could accurately predict the market Tongue

.

Quote

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

How will you correlate this, you think that the extinct miners will purchase the coins since they are not able to mine it, even if there is only one miner, the amount of bitcoin released for each block confirmation is the same and there is no inflation or deflation on that aspect, if there is more demand then the price will increase but what correlation does it have when it comes to miners, if you have a certain answer i would like to know Wink

.

alexey14

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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.

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