everything involving the cryptocurrencies and governments reminds me Mr. Robot series. I think in the end they are all involved and leveraging the markets.
Today, many companies are aware of benefits of the blockchain and they are the biggest security of crypto markets.
Topic: Can china actually ban mining?!? (Read 2260 times)
I was wondering that too a bit after the ban of exchanges, but now... I guess it is safe 
I think that could have been a nice news for mining in west though, because it could have become more rewarding.
Actually there was nothing like this in China what we all have seen recently. These were just FUDs that was lately confirmed by Chinese government. But still some news really call them as banning exchanges. But don’t worry they will never be banning bitcoin in their country because they know very well about it being potentially more economical factor.I think that could have been a nice news for mining in west though, because it could have become more rewarding.
I was wondering that too a bit after the ban of exchanges, but now... I guess it is safe
I think that could have been a nice news for mining in west though, because it could have become more rewarding.
Actually there was nothing like this in China what we all have seen recently. These were just FUDs that was lately confirmed by Chinese government. But still some news really call them as banning exchanges. But don’t worry they will never be banning bitcoin in their country because they know very well about it being potentially more economical factor.I think that could have been a nice news for mining in west though, because it could have become more rewarding.
I was wondering that too a bit after the ban of exchanges, but now... I guess it is safe
I think that could have been a nice news for mining in west though, because it could have become more rewarding.
Actually there was nothing like this in China what we all have seen recently. These were just FUDs that was lately confirmed by Chinese government. But still some news really call them as banning exchanges. But don’t worry they will never be banning bitcoin in their country because they know very well about it being potentially more economical factor.I think that could have been a nice news for mining in west though, because it could have become more rewarding.
I was wondering that too a bit after the ban of exchanges, but now... I guess it is safe
I think that could have been a nice news for mining in west though, because it could have become more rewarding.
Actually there was nothing like this in China what we all have seen recently. These were just FUDs that was lately confirmed by Chinese government. But still some news really call them as banning exchanges. But don’t worry they will never be banning bitcoin in their country because they know very well about it being potentially more economical factor. I think that could have been a nice news for mining in west though, because it could have become more rewarding.
I was wondering that too a bit after the ban of exchanges, but now... I guess it is safe
I think that could have been a nice news for mining in west though, because it could have become more rewarding.
I think that could have been a nice news for mining in west though, because it could have become more rewarding.
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...
Honestly, no one can really say if that can be possible or not, but looking at how feasible that decision will be? It is very close to being impossible considering the amount that has been invested already by the citizens and the huge farms currently in play. I do not see how this will negatively affect the economy or monetary policies of China anyway, and it should not be much of an issue to cause a ban. 
If the Chinese government banned mining bitcoin, of course this is a bad thing, should the Chinese government could consider that bitcoin mining could reduce unemployment and improve the welfare of its people.
why should china ban? they are not fools, once all done they will reinstate it, they want to free the risk
In theory Chinese government could ban everything they wanted, even Bitcoin mining.
But even if they did they would have to take drastic measures like blocking Bitcoin protocol with their great firewall. And even this wouldn't stop the mining it would just make Bitcoin nodes for China not able to communicate with nodes out of China. This would make the block times differ and it would fork the Bitcoin into two technically identical Bticoins.
If they wanted to ban mining inside China, they would also have to make ISP's to block Bitcoin or to report to authorities anyone they detect is mining.
Miners would of course try to use VPN. It's possible to detect if someone uses VPN, but it's impossible to monitor the traffic. So they should also monitor and ban anyone that uses VPN from internet access.
But I doubt they have the intension to try that hard to ban mining. As long as miners pay electricity bills and government earns taxes on sold electricity everyone will be happy.
But even if they did they would have to take drastic measures like blocking Bitcoin protocol with their great firewall. And even this wouldn't stop the mining it would just make Bitcoin nodes for China not able to communicate with nodes out of China. This would make the block times differ and it would fork the Bitcoin into two technically identical Bticoins.
If they wanted to ban mining inside China, they would also have to make ISP's to block Bitcoin or to report to authorities anyone they detect is mining.
Miners would of course try to use VPN. It's possible to detect if someone uses VPN, but it's impossible to monitor the traffic. So they should also monitor and ban anyone that uses VPN from internet access.
But I doubt they have the intension to try that hard to ban mining. As long as miners pay electricity bills and government earns taxes on sold electricity everyone will be happy.
I think it is highly possible for China to ban mining...
They are NOT going to ban mining. They are restructuring the business. Parties close to covernament wants to jump in so this is what is the question about. They will come back but in more regulated form.
It is the same thing with exhanges.
China wants to take biger and bigger role in everything in the world. Why would they leave cryptocurrencies. No they are not leaving they are just restructuring.
Mark my words
I think it is highly possible for China to ban mining. However, it will really be a tough task since it will have to spend so much funds for its total banning or destruction. Suffice to say that China has all the means to ban it, I think a number of Bitcoin miners will have to do some workaround in order to continue their causes or objectives. Total banning, nonetheless, is highly improbable.
China ban ICO and that news is official, also there were several attempts that they want to ban bitcoin and mining officially but dont think that they can ban mining. Miners dont need to mine bitcoin they can mine ethereum monero or some other coin. So in this case i dont see anything that they can do to ban mining.
all they have to do is call the miners and tell them to stop. it's not like a western country.
the average chinese citizen knows perfectly well that they're completely helpless against their government. if they want to stay in one piece then they'll do what they're told. they probably won't bother to pass any laws because they know the implied threat is more than enough.
in that scenario miners might choose to ignore them and continue. most normal people would not choose to take that risk.
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I wouldn't be so sure about China caring about the depletion of their country's natural resources...
The Chinese government cares about it because they are not getting their share of the profits.
I disagree with this because it seems to be a planned ICO banned knowing that market will fall. So they would have bough a huge chunk on price dips and due to which from 3k market rose to 3900$ so government would have actually made real good amount of money if this turns out to be true.
China ban ICO and that news is official, also there were several attempts that they want to ban bitcoin and mining officially but dont think that they can ban mining. Miners dont need to mine bitcoin they can mine ethereum monero or some other coin. So in this case i dont see anything that they can do to ban mining.
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I wouldn't be so sure about China caring about the depletion of their country's natural resources...
The Chinese government cares about it because they are not getting their share of the profits.
I disagree with this because it seems to be a planned ICO banned knowing that market will fall. So they would have bough a huge chunk on price dips and due to which from 3k market rose to 3900$ so government would have actually made real good amount of money if this turns out to be true.
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I wouldn't be so sure about China caring about the depletion of their country's natural resources...
The Chinese government cares about it because they are not getting their share of the profits.
I disagree with this because it seems to be a planned ICO banned knowing that market will fall. So they would have bough a huge chunk on price dips and due to which from 3k market rose to 3900$ so government would have actually made real good amount of money if this turns out to be true.
I think China fears bitcoin because chinese are paying "real money" investing on cryptocurrencies which has zero legal value. What happens if tomorrow USA bans bitcoins? What are going to do all chinese guys? get poorer. It is a way to protect their people, and themselves.
But I don't think they can ban mining.
But I don't think they can ban mining.
Yes, it can absolutely ban mining but I do not think the statement itself is accurate mainly because its economy is also being elevated with the mushrooming of these miners. Also, some can easily evade supposed bans because it all boils down to effective software programming. I believe no matter how strong the laws/ordinances are, if outnumbered by unwilling citizens, such laws/ordinances become nugatory and thus futile for all intents and purposes. Lest we forget, the banning of mining and all its processes is a highly subjective matter which is dependent on a good legislation and execution for its continued existence.
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...
Whenever a Government Intervention takes place, they never give a Fuck to the capital but completely destroy everything that comes in the way. When they didn't think how much harm they would give to their own economy by banning exchanges there, do you really think they may re-think over their decision to ban mining operations as well? They are not able to keep an eye over their citizens' finances and they want to stop all this and so they are intended towards ending this crypto era in their country because they are scared of losing their control off their citizens as well as their rule over the country. (here, They: Chinese Government)
If they actually wanted to i see no reason why not.
They can exert pressure on the miners themselves and the power companies and that's before they do anything at the firewall level.
I'm not convinced they will.
They can exert pressure on the miners themselves and the power companies and that's before they do anything at the firewall level.
I'm not convinced they will.
https://www.cryptocompare.com/email-updates/daily/2017/september/22/
This actually is very good news for the mining h/w owners. When there is no supply enough the difficulty will go down.
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...
I don't think the Chinese government cares about how much private entrepreneurs have invested in mining. It's not the state's money after all. If it doesn't fit their agenda they will make a move.
The feasibility of enforcing such a ban is a different question though. Large mining operations yes, individual miners may prove difficult.
You never know! Since mining is very electricity heavy and a depletion of a country's natural resources, in the future I see it as a big possibility!
I wouldn't be so sure about China caring about the depletion of their country's natural resources...
You never know! Since mining is very electricity heavy and a depletion of a country's natural resources, in the future I see it as a big possibility!
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...
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