‘Bullish for Bitcoin’ — China Scraps Plans to Ban Cryptocurrency Mining

NathanJB

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Quote from: rdluffy on November 17, 2019, 07:52:55 PM

Oh, again China
I said a lot of times, we have to stop believing in any China news, this year we already have

China will ban BTC
China won't ban BTC
China will ban miners
China won't ban miners

China will launch a cryptocurrency

What else?

Some people with a lot influence in China are doing this to their own benefit

We need to start a poll here asking if they are Chinese or not. With all the kinds of posts being made here, it is not hard to think that more than half of the members here are either Chinese or are die-hard China fans. Lol. China is taking a good route to influence the minds of a lot of people even in the world of crypto where it is decentralization that is the primary code. Why are we so giving in to whatever China thinks or decides? Can we not move on despite the decisions of China? The world is a lot bigger than China, right?

rdluffy

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Oh, again China
I said a lot of times, we have to stop believing in any China news, this year we already have

China will ban BTC
China won't ban BTC
China will ban miners
China won't ban miners

China will launch a cryptocurrency

What else?

Some people with a lot influence in China are doing this to their own benefit

Emitdama

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Quote from: Ucy on November 10, 2019, 10:19:39 AM

Will this increase the price of Bitcoin or improve its decentralization? I think I prefer the latter, but I hope this doesn't make mining unprofitable in other part of the world due to cheap energy and things like that. This is the mining decentralization

Before china came in to the cryptocurrency picture to start debating whether to ban it or not, there was high rate of cryptocurrency activities in china and during those times, china has about 60% to 70% of the mining power because of cheap labor, cheap machines and also because of their cheap energy and yet there are people who were still mining their coin in other parts of the country and making money at the same time china is also mining.

The market is big to accommodate everyone, and even if the president of china has scrapped the plan to ban mining which will surely make the mining rate to increase in china, I think that other miners in other countries will still be able to have a profitable mining just like it was before the ban.

SquallLeonhart

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Quote from: Ayiranorea on November 14, 2019, 10:55:37 PM

There won't be a second thought once they come up with their own cryptocurrency. Maybe what's been done now can also be the beginning to promote country's own cryptocurrency and eliminating the usage of other cryptocurrency. Once people get used to it, then it is quite hard to make them follow something else that is developed to replace the same. Even in the past there were several such incidents, but people continued to use it. This time too such thing. Continues.

So tell me please, what it is the correlation of this with chins scraping plan to ban bitcoin as this should even be very good news for traders that you feel is panicking because we all know how powerful and how rich china is, and if they really mean to work against something, they could really achieve it.

The time we were all panicking was when china first thought of banning miners form mining bitcoin and we all thought that this could really affect the value off bitcoin as we will have little or no interest of people in mining again, since virtually 70 percent of cryptocurrency miners are from china, while at the same time, we also feel that it will have its own advantage as there will be high demand of bitcoin then with limited supply of coin, which will make the value off bitcoin to surge.

magneto

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I doubt that they'll reverse all of the progress they've made in terms of driving out BTC and other cryptos this soon. It's simply unreasonable to think that they're going to do a complete 180 on this.

This is likely just a precursor to their national crypto or whatnot that is up and coming, and nothing to do with BTC. In order to support their national crypto, the regulations obviously have to be relaxed temporarily to allow for it.

They can just as easily place a ban on mining any coin that's not their own once again. Although the enforceability is obviously questionable.

clickerz

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Quote from: Google+ on November 15, 2019, 01:27:44 AM

this seems to be a nightmare for traders because at this time it is seen that the price of bitcoin at the place of exchange is starting to fall, from here it has been seen that many mining and traders are panicking and prefer to secure their assets by selling bitcoin at cheap prices.

I think this is only temporary if this is true. After the selloff, it will go back normally.I am grateful with this China announcement, which means bullish crypto in the years to come. As we can see, there is positive sentiments now in crypto, with billions of population in China, even a small portion of adoption can change the crypto industry.

SirLancelot

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Quote from: ecnalubma on November 06, 2019, 04:37:12 AM

Cointelegraph

No doubt that this could be the one of the most bullish news this year, this could quiet bring back confidence to Chinese Crypto miners that fled from their country due to past regulation pressure. Whats your thought, is this the bullrun catalyst that weve been waiting for?

Bullish for Bitcoin? Well, from what I see the price of Bitcoin is going down and not being bullish. The price has dropped From the rate of $9000+ and down to $8000+ now, so I don't see how that's being bullish. Well, China is going to benefit from bitcoin for sure: they have cheap electricity and they will be able to make income from miners and that's for sure.

This morning I read a news article that Bitcoin might drop once institutions starts to adopt it. The expert claimed that the price might even drop to zero once they start adopting it but I don't know if this is really true.

Quote from: Google+ on November 15, 2019, 01:27:44 AM

this seems to be a nightmare for traders because at this time it is seen that the price of bitcoin at the place of exchange is starting to fall, from here it has been seen that many mining and traders are panicking and prefer to secure their assets by selling bitcoin at cheap prices.

Well, at such situation you have no choice than to sell your coins at a cheap rate. There are some who will still not sell their coins because they strongly believe that the price will go up. I have seen someone that still held his Bitcoin after the price fell from $20,000 and down to $8000.

vintages

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Quote from: Fatunad on November 06, 2019, 07:46:55 AM

China is slowly turning the table around. They were once against cryptocurrency and now they slowly took back their grudges against btc. This is a serious indicator about their plan to build their own cryptocurrency run by their own blockchain also.

We can't be took quick to conclude now till it start taking into place and most especially seeing the effect. It might turn out good and at the same time, it might turn out the opposite. They are seriously, finding a means surpress Bitcoin for their own cryptocurreny, i just hope people don't spread more FUD through this.

Google+

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this seems to be a nightmare for traders because at this time it is seen that the price of bitcoin at the place of exchange is starting to fall, from here it has been seen that many mining and traders are panicking and prefer to secure their assets by selling bitcoin at cheap prices.

Ayiranorea

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Quote from: jseverson on November 14, 2019, 09:07:01 PM

Quote from: airdnasxela on November 14, 2019, 02:23:14 PM

But one question, aren't they going to change their mind again once they have already launched China's own crypto?

The fact that they haven't banned Bitcoin when they've had all the time to do it makes me somewhat optimistic. China has a hardon for surveillance, and they probably like that they can monitor transactions all they like. They're very trigger happy with their banhammer, so the fact that they never implemented an outright ban probably suggests they don't see it as a threat at the moment.

On the other hand, if Bitcoin for some reason stood in the way of their crypto's success, I'm fairly certain they'll ban it without second thoughts. But hey, depending on what they come up with, the two may be able to coexist. Only time will really tell.

There won't be a second thought once they come up with their own cryptocurrency. Maybe what's been done now can also be the beginning to promote country's own cryptocurrency and eliminating the usage of other cryptocurrency. Once people get used to it, then it is quite hard to make them follow something else that is developed to replace the same. Even in the past there were several such incidents, but people continued to use it. This time too such thing. Continues.

jseverson

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Quote from: airdnasxela on November 14, 2019, 02:23:14 PM

But one question, aren't they going to change their mind again once they have already launched China's own crypto?

The fact that they haven't banned Bitcoin when they've had all the time to do it makes me somewhat optimistic. China has a hardon for surveillance, and they probably like that they can monitor transactions all they like. They're very trigger happy with their banhammer, so the fact that they never implemented an outright ban probably suggests they don't see it as a threat at the moment.

On the other hand, if Bitcoin for some reason stood in the way of their crypto's success, I'm fairly certain they'll ban it without second thoughts. But hey, depending on what they come up with, the two may be able to coexist. Only time will really tell.

1Referee

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Quote from: airdnasxela on November 14, 2019, 02:23:14 PM

But one question, aren't they going to change their mind again once they have already launched China's own crypto?

It's hard to say anything about that beforehand, mainly so with how unpredictable China is with everything it does. In all honesty, I don't believe a word of any report claiming that China is open to Bitcoin and other decentralized cryptocurrency. It's the exact opposite of what they want to achieve within their borders, which is total control and domination of people's finances.

People seem really hyped up about China lately, but they don't seem to know that it only concerns a looser stance on blockchain projects, which generally are centralized. Bitcoin & Co aren't going to enjoy an easy ride and they technically never have in China. Crypto had a free run some years ago because the regulatory framework within China had to catch up, and it did with very negative consequences.

airdnasxela

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Quote from: Fatunad on November 06, 2019, 07:46:55 AM

China is slowly turning the table around. They were once against cryptocurrency and now they slowly took back their grudges against btc. This is a serious indicator about their plan to build their own cryptocurrency run by their own blockchain also.

Indeed. Because they won't change their thoughts and regulations about mining if they're not into it nor if they don't have any plans. Even from the start, I'm already expecting China to create their own cryptocurrency. That's already an obvious plan of China. But this move of China can really cause bullish for bitcoin...

But one question, aren't they going to change their mind again once they have already launched China's own crypto?

Hippocrypto

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Quote from: clickerz on November 14, 2019, 07:29:12 AM

Quote from: Faxmate on November 13, 2019, 09:18:23 PM

Quote from: Dart18 on November 12, 2019, 10:07:39 AM

Again with the sudden change of mind of China.
They have been doing this for weeks now.
First the blockchain news of the President and now this.
It seems like they are now in the middle of researching about how crypto currency will make good changes for their country.
There will be next after this.

Those who fled from their country will never get back. They knew how their country work and this is one proof.

China is really good at keeping itself one of the hot topics in crypto currencies world. Since the beginning, it has been passing statement. At times, it stands with bitcoin and then it just becomes the worst enemy. One thing is clear here. China understands the power of blockchain and wants to be benefited from it. It also understand the importance of digital currencies. After failing to control bitcoin, it needs to come up with a good plan.

They are signaling the world that they are ready. Compared to its competitor in the US, China is now more proactive in its crypto regulation which is a good sign. Seems they are setting the standard to other nations to follow a lead.

Let's see if that signs will attract more investors to buy and hold large amount of assets. This is quite exciting and surprising, because as I've seen the price lately it was still trying to cover up lost. Many holders had no options but always choosing to hold even though they felt disappointed with dumped price early two weeks this November.

clickerz

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Quote from: Faxmate on November 13, 2019, 09:18:23 PM

Quote from: Dart18 on November 12, 2019, 10:07:39 AM

Again with the sudden change of mind of China.
They have been doing this for weeks now.
First the blockchain news of the President and now this.
It seems like they are now in the middle of researching about how crypto currency will make good changes for their country.
There will be next after this.

Those who fled from their country will never get back. They knew how their country work and this is one proof.

China is really good at keeping itself one of the hot topics in crypto currencies world. Since the beginning, it has been passing statement. At times, it stands with bitcoin and then it just becomes the worst enemy. One thing is clear here. China understands the power of blockchain and wants to be benefited from it. It also understand the importance of digital currencies. After failing to control bitcoin, it needs to come up with a good plan.

They are signaling the world that they are ready. Compared to its competitor in the US, China is now more proactive in its crypto regulation which is a good sign. Seems they are setting the standard to other nations to follow a lead.

jseverson

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Quote from: Faxmate on November 13, 2019, 09:18:23 PM

China is really good at keeping itself one of the hot topics in crypto currencies world.

Nah, the media does that on its own. The world perceives China to be a massive crypto superpower, so basically everything they do is put on blast. They don't give a shit about global perception regarding their human right abuses, so I don't think they would care about what we think they're doing with Bitcoin. What they do care about is their population's opinion, and what they're doing is softening them up for whatever national crypto they're planning.

If it turns out that Bitcoin is in the way of their crypto's success, I'm sure they would ban it in a heartbeat. People are cheering now because their interests currently align with China's, but I don't think it will remain this way for too long. I hope I'm wrong though.

Faxmate

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Quote from: Dart18 on November 12, 2019, 10:07:39 AM

Again with the sudden change of mind of China.
They have been doing this for weeks now.
First the blockchain news of the President and now this.
It seems like they are now in the middle of researching about how crypto currency will make good changes for their country.
There will be next after this.

Those who fled from their country will never get back. They knew how their country work and this is one proof.

China is really good at keeping itself one of the hot topics in crypto currencies world. Since the beginning, it has been passing statement. At times, it stands with bitcoin and then it just becomes the worst enemy. One thing is clear here. China understands the power of blockchain and wants to be benefited from it. It also understand the importance of digital currencies. After failing to control bitcoin, it needs to come up with a good plan.

el kaka22

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China is not run by idiots, all these people who have done all these horrible stuff are not doing it because they are idiots, they are doing it because they want power and they want more power when they get it. They literally let their own people die to become more powerful when they needed it to. So, when mining doesn't make them money, they can ban it, when it makes them more money they will support it.

Now, the only reason why China wanted to ban mining was the fact that it was using cheap electricity to mine bitcoins and they could have used those cheap electricity or cheap tax evasions and whatever else on something that would help China. They eventually calculated that even if government doesn't get anything, Chinese people having ton of bitcoin would help a lot. So they will support it now.

Dart18

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Again with the sudden change of mind of China.
They have been doing this for weeks now.
First the blockchain news of the President and now this.
It seems like they are now in the middle of researching about how crypto currency will make good changes for their country.
There will be next after this.

Those who fled from their country will never get back. They knew how their country work and this is one proof.

fullhdpixel

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Quote from: justdimin on November 08, 2019, 02:06:14 PM

I am looking forward to that, I hope that the price of Bitcoin increases. And not just Bitcoin, I also expect that of ETH to rise as well. It has been stable at $180+ and not making any move. If the BTC bull run comes, I hope that ETH will be among coins that will increase in price as usual. There are other coins I have invested in, Stellar XLM, and Waves.

Good to see that they finally allowed the mining, though another thing I'm wondering is whether the use of Bitcoin is allowed too, since they only mentioned mining? If they have now chosen to allow everything about Bitcoin then we are going to see a huge increase very soon as most Chinese that has quit due to fear will start coming back to invest in Bitcoin.

Quote from: kaya11 on November 07, 2019, 09:37:11 AM

I supposed they have tons of free and wasted energy that it is why instead going to nothing they will allow miners to operate and get from them taxes

And that's another angle Cool

. And to be sincere they are going to benefit from it very well since energy is cheap there, unlike other places where it's expensive. I hope this is for the better for the crypto community.

China knows this also, and I think the time they quickly made a pronouncement was when the widespread of cryptocurrency usage caught them unaware which there was not much time then to quickly study it, but I think china being an intelligent country, having studying the blockchain concept very well, and even the use of the cryptocurrency, they found out that it could even be more useful to them more that they had imagined in the past, and I feel this is one of the reason why they are all in for it now, as we can see that they are also planning to release their own coin come next year, but my hope is that when they are releasing this coins, one of the pairs that they should accept is bitcoin because this will really boost the value of bitcoin.

Kambal2000

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Quote from: Wysi on November 10, 2019, 12:24:37 PM

Quote from: Ucy on November 10, 2019, 10:19:39 AM

Will this increase the price of Bitcoin or improve its decentralization? I think I prefer the latter, but I hope this doesn't make mining unprofitable in other part of the world due to cheap energy and things like that. This is the mining decentralization

I feel mining industry is already at losing end wherein the huge mining farms are still beneficial but low and mid level miners are not getting the desired result and I think this might further pull down the bleeding mining market if mining industry is dominated by some part of world wherein they get electricity at very cheap price.

Indeed, mining industry is now at risk, but still, whether China will ban Bitcoin mining still won't affect at all, as we do have enough miners and still increasing over time, although the demand is not that high now compare to the past years. China is planing to cook something that will make us curious, as there are rumors that they are developing their own coins,maybe that's the reason they are banning crypto.

Wysi

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Quote from: Ucy on November 10, 2019, 10:19:39 AM

Will this increase the price of Bitcoin or improve its decentralization? I think I prefer the latter, but I hope this doesn't make mining unprofitable in other part of the world due to cheap energy and things like that. This is the mining decentralization

I feel mining industry is already at losing end wherein the huge mining farms are still beneficial but low and mid level miners are not getting the desired result and I think this might further pull down the bleeding mining market if mining industry is dominated by some part of world wherein they get electricity at very cheap price.

Ucy

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Will this increase the price of Bitcoin or improve its decentralization? I think I prefer the latter, but I hope this doesn't make mining unprofitable in other part of the world due to cheap energy and things like that. This is the mining decentralization

Obito

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Nothing to be surprised of? I think everyone is expecting it somehow on the other end. Well miners are the one who will be benefiting the most of it, if and only if it were to be true. However we could not still deny the fact that the recent pumps was merely a responsibility of whales because it can be in the other way around, like news this specially to point out that China has a huge mining hash power to almost seventy percent of world's total or it maybe just a coincidence, still it has an effect.

Murat

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In recent time, a lot of different dimensional issue regarding this cryptocurrency we have seen because China and the USA are playing both in the same window, so something could happen in the coming days because China has taken an initiative to create their won crypto with a blockchain system, So they will create various type of regulation and ban policy, since there are available of various types of crypto-friendly element so the Chinese people want to make involved in this system in recent time, but some people also shift their location already for some strick policy, so the situation is vulnerable for cryptocurrency in China, Let's see what will happen.

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Quote from: VanDeinsberg12 on November 09, 2019, 06:19:31 PM

Quote from: Mometaskers on November 08, 2019, 11:06:15 PM

snip

China just want profit. The USA’s tariffs against china probably make the country’s income decreasing so they are trying to get a new means of income source. They probably realized that despite all the complexity bitcoin or crypto has it is definitely a profitable cash flow thay they could get in touch and being taxed. Like japan becoming friendly to cryptocurrency and just tax it directly.
Chinese government could release their own crypto but I dont sure if they are going to ban other crypto which most likely wont they also dont specifically mention which mining activities anyway. Their crypto could be based on PoW aswell but small chance.

Yes money also likely figured in their decision but I feel they are planning something more sinister. The CPC has long been accused of manipulating their currency and if they make digital currencies they might plan to weaponize it later.

It won't be sudden though. Eternal Emperor Xi and his party have all the time in the world. They'll slowly chip away at America.

clickerz

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Quote from: abeecrypto on November 09, 2019, 05:29:38 PM

Bull run catalyst? I don’t think so. Yes, this news is good for the crypto front as it gives everyone the impression that the Chinese government is now beginning to give free hand to crypto enthusiasts. But no, not a bull run catalyst.

But, hey, it re-establishes the confidence in Bitcoin. No doubt.

Maybe, but the effect of this China announcement is for the long term.Though it may have some spike on trading but temporary. Once it is in their policies already, development and utilization will continue without a hindrance, thus we are seeing the full adoption in the future since the government/ ex. China is endorsing it.

VanDeinsberg12

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Quote from: Mometaskers on November 08, 2019, 11:06:15 PM

Now that's a complete reversal of opinion. I would be wary of this considering one of the last crypto-related news from the county was they are planning to build their own digital currency. Likely they are just doing this till they get their own crypto going and then just discard btc like they are known for doing with other industries. Samsung has recently closed shop in China, no doubt China only allowed it and Apple in to steal tech.

I would have preferred that they shutdown mining operations. It would be rough the first couple of months but things would eventually normalize as miners elsewhere get their farms set-up.

China just want profit. The USA’s tariffs against china probably make the country’s income decreasing so they are trying to get a new means of income source. They probably realized that despite all the complexity bitcoin or crypto has it is definitely a profitable cash flow thay they could get in touch and being taxed. Like japan becoming friendly to cryptocurrency and just tax it directly.
Chinese government could release their own crypto but I dont sure if they are going to ban other crypto which most likely wont they also dont specifically mention which mining activities anyway. Their crypto could be based on PoW aswell but small chance.

abeecrypto

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Bull run catalyst? I don’t think so. Yes, this news is good for the crypto front as it gives everyone the impression that the Chinese government is now beginning to give free hand to crypto enthusiasts. But no, not a bull run catalyst.

But, hey, it re-establishes the confidence in Bitcoin. No doubt.

btc_angela

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Quote from: beerlover on November 09, 2019, 02:49:40 PM

Lol that horrible dictator realized if he doesn't support bitcoin and doesn't take advantage of the situation then there is literally no way of making any money from crypto and there will be other nations who will make money from it. There was a news about some people getting together to build a 200 million dollar worth of mining corporation in Texas for example and all of that means less money for China.

I think Bitmain has planned for that in 2018 if I'm not mistaken, this is their plan B if ever China will shutdown their mining operations.

Quote from: beerlover on November 09, 2019, 02:49:40 PM

Of course, as the dictator he is dude decided to make their own currency, invest more into blockchain research and now not banning mining so that China could actually become a leader in crypto markets instead of a country that banned it and just follows everyone else get richer and better while they are living in the old age where crypto wasn't an option.

He will look like a fool if their government is planning to have a crypto back up token and then hates blockchain. That's why they suddenly makes a U-turn, and yeah probably they know that they can make money out of those bitcoin mining farm.

beerlover

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Lol that horrible dictator realized if he doesn't support bitcoin and doesn't take advantage of the situation then there is literally no way of making any money from crypto and there will be other nations who will make money from it. There was a news about some people getting together to build a 200 million dollar worth of mining corporation in Texas for example and all of that means less money for China.

Of course, as the dictator he is dude decided to make their own currency, invest more into blockchain research and now not banning mining so that China could actually become a leader in crypto markets instead of a country that banned it and just follows everyone else get richer and better while they are living in the old age where crypto wasn't an option.

kapalmabur

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Quote from: Memminger on November 09, 2019, 06:32:17 AM

Honestly, when I heard about China releasing their own government-backed cryptocurrency I came to an understanding that China might have been just testing the waters whether they could just ban the most dominant coin and release there own crytocurrency afterwards but of course base on the reaction especially those who have mining farms in their country. Maybe they had realized that they don't need to compete with the hash powers that the mining farms in their country but rather to strike a deal with them and let them show what their coin have to offer and how would they be confident of the future prospects.

when they announced the government supporting crypto was really a positive impact on Bitcoin,
of course the bull signal was back, but if they banned bitcoin mining there would this be a bear signal?
see the price of bitcoin is now down again

Memminger

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Honestly, when I heard about China releasing their own government-backed cryptocurrency I came to an understanding that China might have been just testing the waters whether they could just ban the most dominant coin and release there own crytocurrency afterwards but of course base on the reaction especially those who have mining farms in their country. Maybe they had realized that they don't need to compete with the hash powers that the mining farms in their country but rather to strike a deal with them and let them show what their coin have to offer and how would they be confident of the future prospects.

Mometaskers

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Now that's a complete reversal of opinion. I would be wary of this considering one of the last crypto-related news from the county was they are planning to build their own digital currency. Likely they are just doing this till they get their own crypto going and then just discard btc like they are known for doing with other industries. Samsung has recently closed shop in China, no doubt China only allowed it and Apple in to steal tech.

I would have preferred that they shutdown mining operations. It would be rough the first couple of months but things would eventually normalize as miners elsewhere get their farms set-up.

NathanJB

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It may contribute a little. Cryptocurrency mining not getting banned in China does not mean demand for Bitcoin. It does not add investors nor cause people to HODL their Bitcoin. If it has an effect, it is going to be more on those involved with cryptocurrency mining within the country itself. Those companies or people are the ones who will directly benefit from such decision.

justdimin

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I am looking forward to that, I hope that the price of Bitcoin increases. And not just Bitcoin, I also expect that of ETH to rise as well. It has been stable at $180+ and not making any move. If the BTC bull run comes, I hope that ETH will be among coins that will increase in price as usual. There are other coins I have invested in, Stellar XLM, and Waves.

Good to see that they finally allowed the mining, though another thing I'm wondering is whether the use of Bitcoin is allowed too, since they only mentioned mining? If they have now chosen to allow everything about Bitcoin then we are going to see a huge increase very soon as most Chinese that has quit due to fear will start coming back to invest in Bitcoin.

Quote from: kaya11 on November 07, 2019, 09:37:11 AM

I supposed they have tons of free and wasted energy that it is why instead going to nothing they will allow miners to operate and get from them taxes

And that's another angle Cool

. And to be sincere they are going to benefit from it very well since energy is cheap there, unlike other places where it's expensive. I hope this is for the better for the crypto community.

SquallLeonhart

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No one knows exactly what could trigger the value if bitcoin because everything is just based on speculation, I could remember vividly too that when the news of china banning bitcoin broke out, some saw it as great news while some saw it as bad news, and the ones that saw it as a good news looked at it from the perspective of it creating scarcity for bitcoin and thereby allowing the value of bitcoin to rise as the supply will become extremely low, while some saw it as it being an FUD news capable of creating panic in the heart of people.

Now that it has been confirmed that they are no longer banning bitcoin, I don't know if I should count it as something positive or not. The good news I see here is that at least it's shows that china is not very much interested in going against cryptocurrency again.

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Quote from: jets567 on November 07, 2019, 08:03:14 AM

Quote from: abhiseshakana on November 07, 2019, 03:19:31 AM

the Chinese Government can make additional income for the country from several sectors, including taxes, income from the use of electricity, and retribution.

For me this is the most valid reason why they removed cryptocurrency mining from their list since the government and chinese miners will both benefit from it. I also think that the adoption of crypto mining is one of their steps in embracing blockchain technology, following the orders of their president who announce his full support about the new tech.

I supposed they have tons of free and wasted energy that it is why instead going to nothing they will allow miners to operate and get from them taxes, maybe they could add a little rule which concludes all miners in the area should only use the government electricity and none other the less? If I the the government official who would actually manage it I will do that for sure.

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Maybe this is probably one of the many strategies of China because as we can think about it, there are some news that China wants to ban bitcoin mining in their country because they cant accept that cryptocurrency will be allowed into their own land. But on the past few days, the president of China announced about the accepting of blockchain technology in their country and being the frontliner or central of blockchain in the world and right now there is also a news that banning bitcoin mining in China become trash.
I can probably say that this is a strategy of the china in order for them to build a new currency in order to establish it that can be back up by gold. This probably the main reason why China abolish the banning of bitcoin mining in their own country.

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Quote from: abhiseshakana on November 07, 2019, 03:19:31 AM

the Chinese Government can make additional income for the country from several sectors, including taxes, income from the use of electricity, and retribution.

For me this is the most valid reason why they removed cryptocurrency mining from their list since the government and chinese miners will both benefit from it. I also think that the adoption of crypto mining is one of their steps in embracing blockchain technology, following the orders of their president who announce his full support about the new tech.

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A catalyst we all been waiting for somehow. China is in the very top in world's hash power producing at almost 70% and good news has come that China won't be cracking down Bitcoin mining anymore. Furthermore mining power and more miners would be added to an average of China produces, and thus would serve as an additional support to blockchain and bitcoin related stuff.

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Quote from: Jating on November 07, 2019, 07:06:46 AM

That's a big possibility and we can't discounted it. All the infrastructure is already there, no need to create to support their own crypto, so that's a good move for them.

And remember that Binance a key player in crypto is expanding its business in China so there's a lot of thing going on behind that we might not be aware of, hence China softening their stance.

So we might see this as a positive news for us, but I don't see this as a catalyst though, it might affect the price positively but it won't be sufficient to say that bitcoin will be bullish because of this news.

If they're going to switch all their mining from bitcoin to their new coin, it's not positive for bitcoin at all. It will mean that until the hashrate adjusts there will be horrendous backlogs in the mempool as the miners in the rest of the world struggle to mine blocks.

I wish miners in the rest of the world would step up so bitcoin (and other cryptocurrencies) are less dependent on China.

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Quote from: alyssa85 on November 07, 2019, 06:31:22 AM

I think the issue is that they have surplus electricity, and with their economy slowing down, they have even more surplus electricity than usual. So it makes sense to allow the bitcoin miners to use that electricity so that it doesn't go to waste.

I wonder if they're also allowing them to continue because they want the mining infrastructure to remain in place for when they launch their own coin.

That's a big possibility and we can't discounted it. All the infrastructure is already there, no need to create to support their own crypto, so that's a good move for them.

And remember that Binance a key player in crypto is expanding its business in China so there's a lot of thing going on behind that we might not be aware of, hence China softening their stance.

So we might see this as a positive news for us, but I don't see this as a catalyst though, it might affect the price positively but it won't be sufficient to say that bitcoin will be bullish because of this news.

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I think the issue is that they have surplus electricity, and with their economy slowing down, they have even more surplus electricity than usual. So it makes sense to allow the bitcoin miners to use that electricity so that it doesn't go to waste.

I wonder if they're also allowing them to continue because they want the mining infrastructure to remain in place for when they launch their own coin.

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Quote from: ecnalubma on November 06, 2019, 04:37:12 AM

Quote

Bitcoin (BTC) mining will not face a state crackdown in China, authorities have confirmed in new official documents. As noted by Blockstream CSO Samson Mow and others on Nov. 6, mining no longer features on a list of industries Beijing considers undesirable.

“Bullish for Bitcoin”
The change came via a new edition of China’s Industrial Structure Adjustment Guidance Catalog, which will take effect from the start of 2020.

“China’s National Development and Reform Commission has removed #cryptocurrency mining from the list of industries they want to eliminate. Bullish for #Bitcoin,” Mow commented.

A previous incarnation of the document earlier this year had conversely included Bitcoin mining as one of the government’s targets.

The news marks a rare boon for Bitcoin-related activities in China, a country where cryptocurrency outside the control of the central bank remains all but banned.

BTC markets calm
The recent endorsement of blockchain technology from president Xi Jinping coincided with a dramatic rise in BTC/USD, after which local media cautioned on misinterpreting the remarks as supportive of crypto.

Following the most recent announcement, however, little appeared to change on Bitcoin markets.

Mining has long formed a profitable industry in China, with cheap electricity meaning major participants still reside there. Canaan Creative, one of the biggest Bitcoin mining rig manufacturers, will reportedly undergo a $400 million initial public offering, or IPO, later this month.

Cointelegraph

No doubt that this could be the one of the most bullish news this year, this could quiet bring back confidence to Chinese Crypto miners that fled from their country due to past regulation pressure. Whats your thought, is this the bullrun catalyst that weve been waiting for?

Nope. Good news, yes. Catalyst for a bull run, i doubt it. Could probably boost btc price for a short while but i don't think it'll start a sustained run to consider it a bull run. Btc's price spikes and fluctuates to a variety of reasons but usually recoils or slows down. At least that's how I see the the current state where we started under 4k this year. Unless china lifts the all bans and entirely accepts crypto, then chinese users may start something on their own.

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Quote from: lobat999 on November 06, 2019, 06:57:12 AM

Maybe its China's strategic first step to reinforce its planned entrance to the crypto industry particularly on its proposed state backed cryptocurrency, that is why they have to project a "crypto friendly" image to soften the crypto community's stance on their previous anti crypto policies or maybe they were just afraid from a crypto-community backlash on it.

Simply put, if they were to promote their own cryptocurrency, then they must in some way or another also embraced things related about crypto (including mining), whether its a perceived competitor or not, just like the case with Bitcoin. Imho.

You have a good analysis on why there seems to be reversal in the official policy of the Chinese government on the issue of Bitcoin mining. I think it would be not a good idea for them to enter the world of cryptocurrency yet not allowing and recognizing the important roles that this industry is contributing especially to their own economy. Would this reversal soon to include the eventual recognition of Bitcoin as a currency or as asset in China? I am hoping so. And why would China do it? As what I said before, so that it can be able to attract buyers to its own digital currency. China right now is sensing a good opportunity to be the biggest force in the world of Bitcoin and cryptocurrency and I don't think they are going to allow this chance-of-a-lifetime to easily get away. Remember that China has that great ability to smell "blood" like a shark looking for its next victim and while the whole world is asleep and still relaxing the shark is going to strike with ferocity.

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I just want to provide my insights about the title or subject for this topic which is bullish for bitcoin. Basically, allowing miners to continue their operation in bitcoin mining will just provide the same output for the market price of bitcoin. Though, there is a possibility that this freedom for mining facilities and infrastructure will open up opportunities for people to increase their trust to bitcoin as they believe that if mining that is responsible for the transaction of bitcoin will be stable, so as the market price as well. With this, a result of bitcoin being bullish might be induced if we spread the word about this to others that are a non-crypto enthusiast.

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Quote from: ecnalubma on November 06, 2019, 04:37:12 AM

Still a plan. And I think if the Chinese government legalizes cryptocurrency mining, of course, there will be a series of regulations that will be binding in the technical application. One of the concerns, if the Chinese government does not prohibit cryptocurrency mining, then there is a notification or collection mechanism in an area so that the government is easier to monitor. In essence, it's just a matter of control and supervision. With supervision, the Chinese Government can make additional income for the country from several sectors, including taxes, income from the use of electricity, and retribution.

In my opinion, this news does not have a correlation to the rising price of bitcoin, because, the price doesn't follow the hashrate, but the hashrate which follows the price instead (if Bitcoin price rises then the number of miner will increase due to high profitability)

What underlies the Chinese government's policy which seems to accelerate the adoption of blockchain technology in the country:
- Education of the Chinese people by direct practice is not theoretical
- The moment is right, towards the end of the year and as we know 2020 is the American presidential election, it seems China is aware that American concentration will be focused on the election
- China is a country that was originally an impersonator to be an innovative country. China mimics America's strategy to become the ruler of the world. The more open the more advanced

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Quote from: ecnalubma on November 06, 2019, 04:37:12 AM

Quote

Bitcoin (BTC) mining will not face a state crackdown in China, authorities have confirmed in new official documents. As noted by Blockstream CSO Samson Mow and others on Nov. 6, mining no longer features on a list of industries Beijing considers undesirable.

“Bullish for Bitcoin”
The change came via a new edition of China’s Industrial Structure Adjustment Guidance Catalog, which will take effect from the start of 2020.

“China’s National Development and Reform Commission has removed #cryptocurrency mining from the list of industries they want to eliminate. Bullish for #Bitcoin,” Mow commented.

A previous incarnation of the document earlier this year had conversely included Bitcoin mining as one of the government’s targets.

The news marks a rare boon for Bitcoin-related activities in China, a country where cryptocurrency outside the control of the central bank remains all but banned.

BTC markets calm
The recent endorsement of blockchain technology from president Xi Jinping coincided with a dramatic rise in BTC/USD, after which local media cautioned on misinterpreting the remarks as supportive of crypto.

Following the most recent announcement, however, little appeared to change on Bitcoin markets.

Mining has long formed a profitable industry in China, with cheap electricity meaning major participants still reside there. Canaan Creative, one of the biggest Bitcoin mining rig manufacturers, will reportedly undergo a $400 million initial public offering, or IPO, later this month.

Cointelegraph

No doubt that this could be the one of the most bullish news this year, this could quiet bring back confidence to Chinese Crypto miners that fled from their country due to past regulation pressure. Whats your thought, is this the bullrun catalyst that weve been waiting for?

To others who might not read much to this news, its fine to hold that opinion but really for me, its a great news because should the reverse be the case in that they would be entering implementation phase of cracking down on bitcoin mining having annouced their intention since last year then its something to be happy about that they are now seeing things from another point of view considering the amount of mining farms located in China at the moment.

I would not bank more to it though because its a policy that change in crypto favor today, it could be something else tomorrow. Government policy direction can change or even see a superior argument to backtrack this wonderful decision of theirs.

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Quote from: Lucius on November 06, 2019, 10:17:00 AM

I agree this news is not something crucial, but it definitely shows that China changes his views not just towards crypto mining, but also toward blockchain and in a way Bitcoin. These days we can read the news that Binance is reportedly returning to Beijing and that they launched P2P trading in China last month.

Yes, it's not a significant matter but if we think more deeply about it, probably Binance really has something/aggrement under the table which is not published.
However, such speculation doesn't mean anything as long as the Chinese government still ban bitcoin and exchanges.
The questions is; why cryptocurrency mining? are they want to control the miners? control the mining pool of bitcoin network’s collective hashrate?

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Quote

I don't think it's a catalyst for anything.

Not really yes, but enough for the mass to start thinking: wow Bitcoin to the moon again! It gives people back their confidence. The kind of news that boosts the BTC price, FOMO. But the hype is faded after a week or 2.
(A lot are probably re-buying at $9000 the bitcoins they sold at $5000 lol)

Anyway, it's good to see at least China isn't so close-minded as we tend to think. Yeah, we can see how they're changing their opinion

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Quote from: gentlemand on November 06, 2019, 05:21:32 AM

I don't think it's a catalyst for anything.

I agree this news is not something crucial, but it definitely shows that China changes his views not just towards crypto mining, but also toward blockchain and in a way Bitcoin. These days we can read the news that Binance is reportedly returning to Beijing and that they launched P2P trading in China last month.

How positive is all this for Bitcoin in the long run, it's hard to say, but in some ways, it signals that things are changing for the better as far as China is concerned. I think that all this can have a positive effect, the Chinese have money and they show interest in Bitcoin before, so if they get a chance to invest legally&easy, the Yuan will flow into the crypto again.

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They had no choice I'd suppose. The mining population in china is way too huge and this could lead to huge losses for their economy there and then if they stricly enforced the ban. I'm more surprised they even started such a ban in the first place. Well, this looks like another country has started to look at crypto in a positive view once again, but this time, all the world knows.

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Based on the quoted text from the article, with Canaan Creative's planned IPO, together with retraction of ban to Bitcoin and other cryptocurrencies, would be a great sign of the start of the bullish market and we might experience it sooner than we think. But I don't really think the recent $10k pump weeks ago was caused by President Xi Jinping's statement, but rather is only manipulation. Another thing to note is that whales want to sell off right before the next halving to get the most out of the anticipated halving skyrocketing of price.

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China is slowly turning the table around. They were once against cryptocurrency and now they slowly took back their grudges against btc. This is a serious indicator about their plan to build their own cryptocurrency run by their own blockchain also.

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Maybe its China's strategic first step to reinforce its planned entrance to the crypto industry particularly on its proposed state backed cryptocurrency, that is why they have to project a "crypto friendly" image to soften the crypto community's stance on their previous anti crypto policies or maybe they were just afraid from a crypto-community backlash on it.

Simply put, if they were to promote their own cryptocurrency, then they must in some way or another also embraced things related about crypto (including mining), whether its a perceived competitor or not, just like the case with Bitcoin. Imho.

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I don't think it's a catalyst for anything. It reinforces the status quo. It wouldn't have mattered if they had given miners the boot. They would've migrated elsewhere or quit and had their place taken by someone else. I've never seen any mining related news affect the market. No one needs to care about it other than miners themselves.

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Quote

Bitcoin (BTC) mining will not face a state crackdown in China, authorities have confirmed in new official documents. As noted by Blockstream CSO Samson Mow and others on Nov. 6, mining no longer features on a list of industries Beijing considers undesirable.

“Bullish for Bitcoin”
The change came via a new edition of China’s Industrial Structure Adjustment Guidance Catalog, which will take effect from the start of 2020.

“China’s National Development and Reform Commission has removed #cryptocurrency mining from the list of industries they want to eliminate. Bullish for #Bitcoin,” Mow commented.

A previous incarnation of the document earlier this year had conversely included Bitcoin mining as one of the government’s targets.

The news marks a rare boon for Bitcoin-related activities in China, a country where cryptocurrency outside the control of the central bank remains all but banned.

BTC markets calm
The recent endorsement of blockchain technology from president Xi Jinping coincided with a dramatic rise in BTC/USD, after which local media cautioned on misinterpreting the remarks as supportive of crypto.

Following the most recent announcement, however, little appeared to change on Bitcoin markets.

Mining has long formed a profitable industry in China, with cheap electricity meaning major participants still reside there. Canaan Creative, one of the biggest Bitcoin mining rig manufacturers, will reportedly undergo a $400 million initial public offering, or IPO, later this month.

Cointelegraph

No doubt that this could be the one of the most bullish news this year, this could quiet bring back confidence to Chinese Crypto miners that fled from their country due to past regulation pressure. Whats your thought, is this the bullrun catalyst that weve been waiting for?

Topic: ‘Bullish for Bitcoin’ — China Scraps Plans to Ban Cryptocurrency Mining (Read 565 times)