Topic: But if China gov say mining is illegal, we are fucked. Haipo Yang ViaBTC CEO - page 5. (Read 4145 times)
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.
September 20, 2017, 03:22:13 AM
I am hoping China not only bans Bitcoin but also bans mining and everything else associated with Bitcoin. The world will move on without them and that would be beneficial to the world as well as Bitcoin in the long run.
Last thing we need is suddenly all of China's hash rate in the control of the Chinese government.
Last thing we need is suddenly all of China's hash rate in the control of the Chinese government.
September 20, 2017, 03:20:05 AM
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.
You probably don't know how communism (aka statism) works. They do such things for displays of power. They rule through terror.
China is not communist. They are totalitarian capitalist and their most important priority is money. Also, they don't have to show power to the Chinese people, the Chinese people are quite clear about it. They are very well planned and sharp and they will cut off Bitcoin if they are not able to control it. They allow ANYTHING as long as it is controlled by them.
September 20, 2017, 02:49:33 AM
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.
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.
September 20, 2017, 02:03:22 AM
If Chinese government bans mining, then it'll just mean that big pools will be forced to either shut down or relocate meaning that they will downsize. An average citizen will still be able to mine bitcoin without any suspicion from the government.
In a sense - this is great news for bitcoin and shouldn't affect the price per bitcoin much. Bitcoin is becoming more decentralized if China does ban mining.
Bitcoin is a p2p network. Government can't start checking every single person's internet usage and figure out whether they are mining bitcoin or not.
In a sense - this is great news for bitcoin and shouldn't affect the price per bitcoin much. Bitcoin is becoming more decentralized if China does ban mining.
Bitcoin is a p2p network. Government can't start checking every single person's internet usage and figure out whether they are mining bitcoin or not.
September 20, 2017, 01:38:38 AM
How could a mining industry is illegal while there's no fraud indicated in that act and purely business is rotated in that thing but if the Chinese pathetic government will take an action and push it as illegal act then we will be all fuck off here since we all know china have the major hashes here and price will be drop off when chinese will thrown out there machines.
September 20, 2017, 01:24:34 AM
Would be for the best long term, even if it would cause short term chaos. It's probably something that will have to be dealt with eventually.
Highly doubt they'd do this though, much more likely they'd seize it as state property or something similar. Far more to gain from having physical possession over the majority of the hashrate than whatever banning mining would do for them.
Highly doubt they'd do this though, much more likely they'd seize it as state property or something similar. Far more to gain from having physical possession over the majority of the hashrate than whatever banning mining would do for them.
September 20, 2017, 12:31:44 AM
I seriously doubt the probability of mining itself being shut down... too much invested already there would be no reason as coin generation is much different than coin exchange...
September 20, 2017, 12:23:52 AM
"We" who?
Bitcoin difficulty is self adjustable by design, if they shut down, a new equilibrium would be found. Even BCC found one eventually.
In fact would make little difference, except for them.
Bitcoin difficulty is self adjustable by design, if they shut down, a new equilibrium would be found. Even BCC found one eventually.
In fact would make little difference, except for them.
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.
That is way Bcash is up when almost everything else is down? BCash will win anything when mining become illegal in China? I thought all BCH was mined in China.
September 19, 2017, 11:26:15 PM
"We" who?
Bitcoin difficulty is self adjustable by design, if they shut down, a new equilibrium would be found. Even BCC found one eventually.
In fact would make little difference, except for them.
Bitcoin difficulty is self adjustable by design, if they shut down, a new equilibrium would be found. Even BCC found one eventually.
In fact would make little difference, except for them.
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.
September 19, 2017, 05:36:31 PM
Blah,blah,blah chinise miners mafia cry,Japanise miners are coming,one of his mining company has 90mln budget,Russia is going to launch his.Thay will have hash from nuclear plant,There is Australia with his solar energy,we dont need you China and you know about it,so stop to scream
Lol you're so right .... so much FUD
September 19, 2017, 05:22:53 PM
Blah,blah,blah chinise miners mafia cry,Japanise miners are coming,one of his mining company has 90mln budget,Russia is going to launch his.Thay will have hash from nuclear plant,There is Australia with his solar energy,we dont need you China and you know about it,so stop to scream
September 19, 2017, 01:52:09 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.
You probably don't know how communism (aka statism) works.
They do such things for displays of power. They rule through terror.
Of a truth I really don't know what the Chinese government will stand to gain in all this attempt to strangulate the bitcoin apart from egocentric display if power, perhaps against its citizens. I have allowed my mind to wander if the Chinese are not daring the global economy with this action...It started with regulating ICOs to banning it, then banning bitcoin and now, mining? This isn't something the Chinese should be proud of.
September 19, 2017, 12:01:42 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.
LOL
The Communist Party do not care so much about money. They care way more about control. China will ban mining.
September 19, 2017, 11:40:10 AM
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.
September 19, 2017, 11:35:34 AM
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.
September 19, 2017, 09:14:27 AM
How much do you think the price will drop if tomorrow they say mining's illegal?
Surely this would be positive news. No more Segwit2x fud, no more bcash, no more miners trying to undermind Bitcoin to pump there own alt coin. No more miners trying to get rid of core and spreading fud about bloodstream because they posted a comment on a forum that got deleted by a mod.
Sure the network would slow down in the short term but in the long term this would be very useful for Bitcoin. So im pretty sure it won't happen.
September 19, 2017, 09:08:33 AM
"We" who?
Bitcoin difficulty is self adjustable by design, if they shut down, a new equilibrium would be found. Even BCC found one eventually.
In fact would make little difference, except for them.
Bitcoin difficulty is self adjustable by design, if they shut down, a new equilibrium would be found. Even BCC found one eventually.
In fact would make little difference, except for them.
September 19, 2017, 08:29:38 AM
How much do you think the price will drop if tomorrow they say mining's illegal?
September 19, 2017, 08:20:39 AM
There are other miners other than Chinese miners. I am sure we can survive it even if the miners in china closes their operation. Miners from other countries will pick up the slack.
This. Mining was manly outside of China before 2013 and the ASIC revolution.
If China bans mining, mining rigs outside of China will take up the slack (remember that the difficulty will simply adjust down after 2016 blocks, so it only involves a bit of pain for a month or so.
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