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Topic: But if China gov say mining is illegal, we are fucked. Haipo Yang‏ ViaBTC CEO - page 4. (Read 4145 times)

leopard2

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if 50% of mining power goes offline, we are not fucked, just Chinese miners are. It will just mean a bit of delays finding blocks until difficulty adjusts.

China top criminals might try to seize the mining equipment for a 50% attack, of course.

Sheeple ignored centralization in China, now the day of reckoning might be close. But no worries, a hardfork to another algo will fix that LOL honey badger doesn't give a shit Grin

Grin

Cool

temporarily ETH or DSH or other non-ASIC coins could moon, while BTC price would drop like a rock....

SM23031997

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China won't ban mining as they are earning from it, they supported this that is why the china is leading the world in mining and they won't ban things which they supported for years only because there are fake ICO are coming daily to rip people off.

Idrisu

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Chinese governments was able to make over 149 millions of its citizens rich because of the open mind the government has towards technology advisement and in the next 15 years Chinese government will like to sustaining this development. Bitcoin currently is the greatest human technology achieve! It is the only decentralized system that has not fail the blockchain technology is one of the best in the world. China banned mining activities is actually one of the dumpest thing to do.

btc-facebook

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Quote from: Eric Cartman on September 23, 2017, 12:58:24 PM

If they said mining is illegal they could not assemble and sell mining gear for the rest of the world

Chinese have many idea to earn and making something profit.
But I'm just read that China only want to make a new regulation for bitcoin so people able to use it once again on the future

dothebeats

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Cashback 15%

Quote from: Eric Cartman on September 23, 2017, 12:58:24 PM

If they said mining is illegal they could not assemble and sell mining gear for the rest of the world

Then someone else would be willing to do it knowing that there will be a large demand in miners after China is out. Imagine how much hashing power would be lost when Chinese miners leave the scene. That means difficulty will go down and (potentially) mining would be profitable again. Machines could be manufactured by Russia, the US or any other countries out there that has the money and the means to deliver cost-effective miners. A new door of opportunity will open after the Chinese has closed their doors and that's for sure.

Eric Cartman

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If they said mining is illegal they could not assemble and sell mining gear for the rest of the world

Basmic

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I don't care about China's problems. Even if this is not the rumors of bitcoin will quickly restore power. If China will cease to dominate among miners and traders, the bitcoin community will only benefit from this. I believe in bitcoin and I am sure that the Chinese government does not do nothing. They're definitely up to something and it will increase the price of bitcoin.

pereira4

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Quote from: Bitcoinaire on September 17, 2017, 08:59:51 PM

'We' as china.. not 'we' as #bitcoin

This. I hope china bans mining so bad. I don't care if there is a temporal market correction. I just want to see all these chinese miner idiots that have caused so much damage to bitcoin with their hardfork stupidity to fall and file for bankruptcy. These bunch of idiots have had way too much power on their hands for doing nothing but being born in a country with ridiculously cheap electricity. Well, now it's time for them to leave and let other people mine bitcoin, and mine the real bitcoin, not a nonsensical hardfork that nobody even uses (just look at the BCash blocks, they are like 10kb big, it's ridiculous).

Febo

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Quote from: vit05 on September 19, 2017, 12:01:42 PM

Quote from: Quidat on September 19, 2017, 11:40:10 AM

Quote from: Febo on September 19, 2017, 11:35:34 AM

Quote from: gog1 on September 17, 2017, 08:20:22 PM

It would be extremely dumb for them to do it. consider they are creating tremendous value out of both the mining and the sales / development of mining equipment.

Totally agree. Bitcoin is solving a problem in China right now. In some regions there are Electricity plants build but there is no electricity network built to transfer that electricity to regions where is needed. Bitcoin solve this, since they just mine BTC with that electricity surplus, and with that way sort of store electricity. there is zero chances they will do that. All China will do is to mimimize ICO scams. Same as USA is already doing and all other countries will follow.

They wont really do such thing and they are making money out of it i dont think that they would stop such thing.Even if they would decide to ban bitcoin they cant do anything about it and would stood still as long there are people who do make use of it.I do somehow agree on regulating ICO instead it did might affect the price but i eventually like the regulation that they made.

LOL

The Communist Party do not care so much about money. They care way more about control. China will ban mining.

Money is control. all that matters Chinese politicians is now GDP growth. Because of last decades with +10% yearly growth people are disappointed when growth is only +5%. But everyone with at least tiny bit of brain knows you cant keep +10% yearly GDB growth forever and you cant avoid recession (2 quarters with negative GDP growth in a row). They are not stupid! Even is partia is one party, it dont means inside that party are different groups of people with different visions. Trust me when China gets in first recession, whole government will change and whole top members of partia.

Wind_FURY

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Quote from: gentlemand on September 20, 2017, 02:49:33 AM

Quote from: Wind_FURY on September 19, 2017, 11:26:15 PM

If all of China's hashing power suddenly stopped mining then the difficulty adjustment in Bitcoin will take around 2 weeks at a time before it can find an equilibrium. The more power that is taken out the longer it will take. Think of a Bitcoin block mined once for every 3 days or maybe more? I do not know the math but it would be good for a miner to comment.

BitcoinCash has the emergency difficulty adjustment that made it easier for their blockchain to adjust when losing a lot of hash rate.

There are plenty of S9s outside China and then there's Bitfury too who had a quarter of the hash rate at one point. I think they sell most of it to other people now.

I think an absolute worst cast scenario would be BTC slowing by a 2/3rds, but even then there's a lot waiting on the sidelines outside China. It would be a sluggish few weeks and then a gradual return to normal.

You believe it could slow down by only 2/3rds, but most of the biggest miners are in China. It surely could be higher than that, and the network could go a lot slower by more than just "a few weeks". There is a chance that it may not recover.

Try to imagine how much transactions would be in the mempool.

Torque

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Any major Chinese bitcoin mining operation that *hasn't* planned for redundant or backup systems elsewhere outside of the mainland deserves what they get, IMO.

It's a no-brainer if they want to stay in business long term.

alyssa85

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Quote from: NUFCrichard on September 20, 2017, 08:46:34 AM

Quote from: alyssa85 on September 20, 2017, 08:40:51 AM

Quote from: fanbeila on September 20, 2017, 07:22:32 AM

Quote from: batang_bitcoin on September 18, 2017, 12:36:17 AM

They will be affected and the only solution for it is to find another country where they can continue their operation. I don't they will just agree to the government by saying "hey, mining is ban and almost everything in bitcoin is ban." Possibly that they have Plan B on it now and looking for possibilities where they can continue their full operation, they are worried as they know the consequences but not totally for all of us.

If china suddenly declares mining as illegal,then there will be a huge problem in confirmation of transactions since most of mining pools and mining farms are located in china.We might face a huge volume of transactions unconfirmed.It may take even week for a transaction to get confirmed.But it would not exist for a long time.New mining farms might get set up in other countries thus decentralizing the mining industry.Then,every thing would get normal but we might have to remain patience for some time.But,it would be good for bitcoin progress on a long run.

If that happened the mining difficulty would adjust downwards in just 2016 blocks. So at most there will be problems with transactions confirming for a month. Then things go back to normal.

It only adjusts slowly though. Look at Bitcoin Cash when it split off, it took quite a long time before it got back to 10 minutes per block.
China is a powerhouse in mining, if they are banned it would be a nightmare for Bitcoin short term.

If it is banned, I can imagine other countries doing the same at some point too. If bitcoin got so big that it threatened national currencies, they could just ban mining. Even western countries could just slap a big tax on it, that would end that.

It only took a few weeks. Anyway, I'm sure all these Chinese mining operations are looking to shift their business abroad in order to continue - there are other places in the world with cheap electricity.

djsugar

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Quote from: alyssa85 on September 20, 2017, 08:40:51 AM

Quote from: fanbeila on September 20, 2017, 07:22:32 AM

Quote from: batang_bitcoin on September 18, 2017, 12:36:17 AM

They will be affected and the only solution for it is to find another country where they can continue their operation. I don't they will just agree to the government by saying "hey, mining is ban and almost everything in bitcoin is ban." Possibly that they have Plan B on it now and looking for possibilities where they can continue their full operation, they are worried as they know the consequences but not totally for all of us.

If china suddenly declares mining as illegal,then there will be a huge problem in confirmation of transactions since most of mining pools and mining farms are located in china.We might face a huge volume of transactions unconfirmed.It may take even week for a transaction to get confirmed.But it would not exist for a long time.New mining farms might get set up in other countries thus decentralizing the mining industry.Then,every thing would get normal but we might have to remain patience for some time.But,it would be good for bitcoin progress on a long run.

If that happened the mining difficulty would adjust downwards in just 2016 blocks. So at most there will be problems with transactions confirming for a month. Then things go back to normal.

Exactly, in case of mining ban in China. We will experience a huge transaction backlog and higher transaction fees. Transactions would need long waiting time to get confirmed in such circumstances. Within a month all will come to normal as other countries will take it as an opportunity to increase their hashing power. Russia increasingly working in that direction. Due to all this disturbance, price will fumble and might experience a dump but that would be short lived.

NUFCrichard

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Quote from: alyssa85 on September 20, 2017, 08:40:51 AM

Quote from: fanbeila on September 20, 2017, 07:22:32 AM

Quote from: batang_bitcoin on September 18, 2017, 12:36:17 AM

They will be affected and the only solution for it is to find another country where they can continue their operation. I don't they will just agree to the government by saying "hey, mining is ban and almost everything in bitcoin is ban." Possibly that they have Plan B on it now and looking for possibilities where they can continue their full operation, they are worried as they know the consequences but not totally for all of us.

If china suddenly declares mining as illegal,then there will be a huge problem in confirmation of transactions since most of mining pools and mining farms are located in china.We might face a huge volume of transactions unconfirmed.It may take even week for a transaction to get confirmed.But it would not exist for a long time.New mining farms might get set up in other countries thus decentralizing the mining industry.Then,every thing would get normal but we might have to remain patience for some time.But,it would be good for bitcoin progress on a long run.

If that happened the mining difficulty would adjust downwards in just 2016 blocks. So at most there will be problems with transactions confirming for a month. Then things go back to normal.

It only adjusts slowly though. Look at Bitcoin Cash when it split off, it took quite a long time before it got back to 10 minutes per block.
China is a powerhouse in mining, if they are banned it would be a nightmare for Bitcoin short term.

If it is banned, I can imagine other countries doing the same at some point too. If bitcoin got so big that it threatened national currencies, they could just ban mining. Even western countries could just slap a big tax on it, that would end that.

alyssa85

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Quote from: fanbeila on September 20, 2017, 07:22:32 AM

Quote from: batang_bitcoin on September 18, 2017, 12:36:17 AM

They will be affected and the only solution for it is to find another country where they can continue their operation. I don't they will just agree to the government by saying "hey, mining is ban and almost everything in bitcoin is ban." Possibly that they have Plan B on it now and looking for possibilities where they can continue their full operation, they are worried as they know the consequences but not totally for all of us.

If china suddenly declares mining as illegal,then there will be a huge problem in confirmation of transactions since most of mining pools and mining farms are located in china.We might face a huge volume of transactions unconfirmed.It may take even week for a transaction to get confirmed.But it would not exist for a long time.New mining farms might get set up in other countries thus decentralizing the mining industry.Then,every thing would get normal but we might have to remain patience for some time.But,it would be good for bitcoin progress on a long run.

If that happened the mining difficulty would adjust downwards in just 2016 blocks. So at most there will be problems with transactions confirming for a month. Then things go back to normal.

BobLawblaw

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Quote from: vit05 on September 20, 2017, 12:23:52 AM

That is way Bcash is up when almost everything else is down?

More than likely Roger propping it up a bit higher after meeting his new best friend and bath-salts-aficionado, John McAfee.

Has to keep up appearances that BCH is legitimate.

fanbeila

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Quote from: batang_bitcoin on September 18, 2017, 12:36:17 AM

They will be affected and the only solution for it is to find another country where they can continue their operation. I don't they will just agree to the government by saying "hey, mining is ban and almost everything in bitcoin is ban." Possibly that they have Plan B on it now and looking for possibilities where they can continue their full operation, they are worried as they know the consequences but not totally for all of us.

If china suddenly declares mining as illegal,then there will be a huge problem in confirmation of transactions since most of mining pools and mining farms are located in china.We might face a huge volume of transactions unconfirmed.It may take even week for a transaction to get confirmed.But it would not exist for a long time.New mining farms might get set up in other countries thus decentralizing the mining industry.Then,every thing would get normal but we might have to remain patience for some time.But,it would be good for bitcoin progress on a long run.

machinek20

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Yes they will doomed, but not us, there will be plenty of users will start to build big mining farm because the profit will be very big, so we are ready if the government want to try to do something stupid,we are able to maintain bitcoin without china

xypos

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Only big corporations running bitcoin mining farms and making bank off it will be fucked. The rest of the bitcoin miners will be able to go on their business as usual. Government has no way to enforce their laws if they come out with any restricting every single miner to mine, it's just not possible on such a large scale.

This is pure speculation. Right now they are only seeming to be interested in exchanges.

If they do get banned, price will take a hit but will rebound quick enough. As i said, it won't affect how bitcoin will be run in general.

Ayiranorea

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Quote from: giveen on September 20, 2017, 04:07:24 AM

This is most likely to happen china is the backbone of btc in terms of mining we will face many issues if they ban mining but over the months everything will settle we have already seen russia investing in btc mining they also claimed that they will have more mining power than china , even japan is been showing interests in mining the only thing that would happen is high fees again and really slow speed of transactions.

Not only in terms of mining, but even in terms of user base and other means of acceptance China plays a bigger role. As mentioned banning creates a big market collapse, and in future situations will change. The reason is that more a deal more countries as a whole gets into bitcoin usage.

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