Topic: China Declares War on Bitcoin (?) (Read 717 times)

Now, in May 29, 2021, I think your post is very predictive and funtctions like a prophecy! Sure, we all know the fact that China banned Bitcoin not for the planet, which is crystal clear. To optimize the environment, they can invset on green energy. Limiting Bitcoin mining is nothing but an impotent excuse China is just trying to find way to deal with the crypto market and make some adjustment to exploit people and gain some control Bitcoin. They are looking for a centralized door to open the decentralized stage, maybe they will launch a crypto coin that is government oriented for Chinese and impose consraint on them...then maybe taxes would be put on cryptocurrencies...
Bitcoin trend is non-stoppable. I'm sure China can only intergrate into this. Banning Bitcoin for a long time is never pragmatic

我不能评论政府的作为！可以说明我们的人民是非常善良的听话的，我们的人民也是非常勤劳的人民！我们都喜欢BTC  LTC IFC  DOGE   是因为它们的去中心化更加的公平公正更符合全世界普通人民大众的利益

Never seen a country so obsessed with power and control (beg your pardon) but this is how I view their constant change of approach towards crypto or btc specifically, if this is for selfish interests only and not because of the welfare of the people, then too bad because unfortunately they can't completely achieve their goal since they can't control everything, people understand their petty game much better now.

中国一向都是会打击不受控制的任何事物，继内蒙古严打挖矿（比特币）行动之后，新疆五彩湾大型比特币挖矿场很快会受到打压！四川随后也会行动。。。。。。

中国对于先进的科技创新技术信息总是这样，首先持有观望态度从中寻找赚钱的机会，有些用心不良的有权有势的人就会想方设法的去控制为自用！否则就会动用手中的权力加以干涉！而BTC  LTC  IFC  DOGE  这些去中心化的币种他们是有爱又恨想得到却又无法控制

The accurate part would be, China banned bitcoin trading back in 2017 and the exchanges running inside China were forced to relocate so that they could function and you think that it was done for greener energy plan set by the government  . They always had some sort of plan to control the entire population and certainly their citizen and bitcoin gives them the financial freedom and their government does not want to give that and hence these steps against the bitcoin market.

In my opinion, the definition that China is against Bitcoin is not very accurate. They have a big program to reduce bad emissions, which was launched years ago and is underway now. The closure of Mongolia's Bitcoin mines is part of the province's domestic policy and their way of achieving the government's set goals for reducing bad emissions and pollution that all provinces in China have.
And I think the smaller part of these Bitcoin mines are in Mongolia, and that won't affect the market much.

Then i think BTC scaling to prove of take is coming soon with the help of other blockchain.

Saving the environment with this action? Really? It is just no more than an excuse for banning Bitcoin. Bitcoin mining is not the only thing which has disadvantages for the environment. There are many other and serious problems than that. Besides, I don't think that mining will always continue to consume too much electric. They will absolutely find green solutions in the future.

They are somehow targeting Bitcoin to fully held at their hands and control it but very unfortunate the situation won't let this thing makes possible.
Chinese government did great before, they support cryptocurrency, in fact, major number of miners are there. But as they are started to banned Bitcoin and force stoppage of their crypto mining industry, that's the time it started the chaos. And there might more similar new to published in the coming days but this just be ignore coz we know that not only China could ruin crypto and stop Bitcoin.

Okay, it's not a war against Bitcoin but it's a war on mining Bitcoin which is essential for Bitcoin to continue working. But the same problem. Mining Bitcoin has become very professionalized that securing it with the computing power it needs will not be enough without a license.

China seems to have had a big influence on crypto, although its policies have always been controversial. but this is the global market, we can't forbid china to make any issue, now any news that comes out of china always affects crypto, i think if china is preparing a surprise for crypto,

This is not a war against bitcoin. It is stupid to create conditions for making it difficult to get bitcoins and consider it a war against him. Is it possible for the Chinese government to damage bitcoin by doing this, even if it achieves a complete cessation of bitcoin mining on its territory? Of course not. Even if absolutely all states unite and somehow make it impossible to mine it, then this will not be fatal for bitcoin. After all, about 18 million out of 21 million bitcoins have already been created in the world. Only created bitcoins will be used. However, Bitcoin, if it is banned from mining in China, will continue to be mined in other countries. Therefore, this decision of the Chinese government is more economic in nature.

I think it is lousy recycled news, thats, why I dont believe it anymore. my point, is how come China will control the uncontrollable, Bitcoin is decentralized and I think it can survive no matter what happens, Let them waging a stupid war against Bitcoin, and then let see what will happens next. the Chinese Communist Party is trying hard to control everything just like grabbing the entire sea like their own lake so what can we expect from them. Just let them lose Bitcoin are here to stay no matter what happens.

So what you are trying to tell is that they are trying to promote their banking system and hence they wanted to impose restrictions on bitcoin.
It is a strange country for an outsider as i always thought that they were living in a bubble even before the pandemic as the government controls everything including what sites they use and for a country to control a new technology is not that surprising.

well, I think it's been happening since 2017, where china and the USA are trying to control bitcoin. However, it turned out that it could not. they are trying to limit and even ban the circulation of bitcoin in the country. We ourselves saw in 2018 some exchanges and cryptocurrency projects closed and very difficult to develop so colabs. I don't know if in the next few years will China re-enter bitcoin to master it? We all know that China is the best country in terms of economy.

I think they wont be successful but high electricity usage and the professionalized mining is becoming an attack vector. The CCP can take licenses away and tax them so high to make it unprofitable them to mine.

Proof of Space and Time would make mining cheaper for the users, more decentralized and exponentially less damaging to the environment.

China is interested in the digital yuan, and nothing more.

Haha That Makes sense 

They are aware of that but yet trying to Put the Blame in bitcoin , How cruel this country is .

Well, do you think that it is really the main reason why China is banning it??
Its just being said to the public so that people will use the CCP's own digital currency which is the Digital Yuan than Bitcoin.

In reality, the CCP just want to use their authority and wants everything in their country to be controlled by them including this thing. They've tried it on 2017 but they failed badly and now they are doing it again. I don't think that they will be successful on this one though and I don't think too that more anti-Bitcoin countries will support them.

Well, a company shows support in Bitcoin Mining base on this article. Might this war declaration a FUD though .

Other countries that hate Bitcoin will follow China's ban on mining if it is successful. This makes a good reasoning for research and tests on low energy forms of mining like Proof of Space and Time and Proof of Capacity. The wasteful use of electricity must stop.

I didn’t manage to found information but I hardly believe that hydroelectric plant pollute the environment more than coal plants and that this action will help somehow to prevent climate changes. Chinese had better plant all those forests they cut down. The part of Siberia is already totally bald.

China being the main hub of Bitcoin mining has always been problematic to the Communist Party because they want to centerlized everything in their country but Bitcoin doesn't allow them to do so.Thats why they always find many of their excuses to ban Bitcoin but they are also earning a huge source of revenue from them.The electricity consumption is high in Bitcoin mining but it's much low compared to the dam built by the Chinese government that has slow down the rotation of the earth.They are using high amount of electricity for their some useless projects which don't bothers them.Moreover they want to implement their CDBC Digital Yuan to all the people which under btc usage is not possible and they fear of loosing control.But it won't have much impact on btc prices in future because people will find some other modern ways to encourage btc usage.There is no weapon stronger than decentralised of power that can dethrone the monarchs.

If the Chinese government intends to take measures to reduce the energy consumption of bitcoin miners, then this should hardly be considered a fight against bitcoin. I do not think that this is a big problem for them, there are suitable places in the world for mining bitcoins. The construction of private power plants using solar panels and wind energy is growing all over the world. With these renewable energy technologies, there shouldn't be an energy problem for mining bitcoins. If production decreases in China, it will increase elsewhere, where conditions are suitable for this.

China don't want to people to use the cheap power availability to mine bitcoins and it seems they are talking about particular region so its not really against bitcoin but they want the miners to pay more fee for them or they don't want those miners to earn money for themselves alone. Environmental polution is simply a pure political strategy to avoid any blame on them so we can't take those reasons as serious.

The only understandable benefit from the actions of the Chinese government is the fight against environmental pollution, but their actions will be successful if they, along with the ban on bitcoin in their country, stop all production and ban internal combustion engines. That's when the Chinese will get clean air. I suppose you understand my irony. In any case, the future Chinese national cryptocurrency is far from being called a "cryptocurrency", since the main feature of cryptocurrencies is decentralization - the absence of any internal or external administrator. And this means that no government authorities, including banks, tax and judicial structures, can influence the transactions of cryptocurrency users.

I can't believe this thing

Motherland of btc trying to ban it. How crazy those going.

Is China ever going to move on on the issue of BITCOIN?
 Year in year out its china making the wrong news about crypto, I remember back then when such news surfaced price would usually go down but today that's not the case which is a win for crypto.

These guys need not to overlook the fact that Bitcoin is a livelihood for many and they should encourage Chinese crypto users to do more not forgetting the reduction of the carbon footprint bitcoin has by its miners thanks to green ways of producing electricity.

as always they want to control the people,
In Bitcoin we trust 👍

A strange argument for a nation that continues to build coal-fired power plants on a large scale.

It's no secret that China has been trying to restrict and ban Bitcoin for years, but with moderate success so far. There were times with Bitcoin when such news would have caused a price slide, but luckily those days are over.

From what I heard and this is just my opinion, ok. I think the reason China is becoming hostile in Bitcoin is because it also has plans to make its own digital currency. I think that's just it, and it is only justifying environmental concerns that is why it is attacking Bitcoin. Also, many Chinese miners are into Bitcoin and they are situated in areas where there are minimal coal plants so I really cannot believe what the government is saying. Anyway, Bitcoin will not be affected by this news.

Actually it's impossible that because of this there will be no effect to the bitcoin because I am seeing that it would be have a large effect due to that this China is one of the biggest mining country of bitcoin and other cryptocurrency so if they will reduce the energy consumption of the bitcoin miners then probably the amount of bitcoin that will be mined will also decrease. And this will go along vice versa. I dont think that the reason behind of this reducing energy consumption are having a environmental problem, I am pretty sure that there is a big reason why they are doing this.

The 'Hash-War' still ongoing

Energy is needed to keep things save - but if not really used (but for ponzi or defi crap) things get messy

this also is such a result of: PoS is better (but it isnt)

https://cointelegraph.com/news/eth2-transition-accelerates-amid-rumblings-of-a-miner-rebellion

This is hardly a war on bitcoin. The Chinese government may take action to reduce the energy consumption of bitcoin mining farms. This will have little or no effect on bitcoin mining in the world.
Rumors about the Chinese government's struggle with cryptocurrency are so common that they become almost regular. However, we do not see a real fight by the Chinese government with cryptocurrency. Most likely, a policy of crowding out the cryptocurrency is being pursued, including by issuing its own digitized yuan.

The Chinese government's attitude towards cryptocurrencies, and bitcoin in particular, is ambiguous.

Chinese President Xi Jinping has announced reducing greenhouse gas emissions as one of his priorities. The official goal set by the government is to reach the peak of emissions by 2030, and by 2060 to make the country carbon neutral.

The province, which is located in northern China, failed to meet the criteria for limiting electricity consumption in 2019 set by the government. That is why the local authorities received an official reprimand from Beijing. In response, they drew up a plan that envisages a drastic reduction in electricity consumption.

Part of the strategy is to close some of the major bitcoin farms in the province by April this year, as well as impose a moratorium on the opening of new ones. Other energy-intensive industries, such as steel and coal, are also likely to be affected.

On the one hand, the ruling Communist Party has an interest in developing the blockchain technologies that underlie bitcoin, but on the other hand it is pushing for tighter regulations on digital currency transactions.

In 2017, Beijing banned initial offers of cryptocurrencies as a way to attract funding from private entities.

But on the other hand, the Chinese government is taking a big step toward mass adoption of the digital Yuan.

Therefore, in my opinion, the expression that China has declared war on cryptocurrencies is not the most correct statement.

Sometimes the news from Asian countries are distorted when they are re-published in the Western world. I remember reading about this probably weeks ago, so it isn't news either.

There is no change from the Chinese government on the stance it has today, maybe if there is change it is for the better. I was expecting mining ban years ago, right now it is not going to happen. Mining along with the production of hardware is an industry for China and it adds to economy growth. It won't damage the economy if it completely bans it, but it will be idiotic.

If it's true (and I'm not convinced it is), then the environment talk is just a smokescreen.  The real motivation would obviously be petty national interests.  But I'd sooner jump to the conclusion that it's just more clickbait nonsense from desperate cryptomedia outfits trying to stay relevant.  They have to latch on to every last rumour simply in order to have something fresh to publish.  Failing that, they resort to republishing old stories with a fresh spin (which could well be what's happening again here).

If china do want a crackdown to save the environment how about they do something about the factories there? They are specifically doing it because they did try to : dominate but it failed so at the end of the day they are thinking of eradicating the bitcoins from the market as a whole. Now there are a lot of chinese people involved in bitcoins but last time also they made a move like that the people relocated , which did make it weird for the authorities since these were the tech savvy people and had a lot of strength in the economic section. Then china again removed the ban and they went forward to find new ways, to regulate it, they are infact just trying and controlling the market, trying to make the market crash at this moment so that people can wait and sell..which would mean that they would have an opportunity to buy at such a low price !! It's just their market tactics. What goes on the top and what goes at the bottom of all this.

Here is supposed to be a picture with the inscription "Directed by Robert B Weide" and that meme song should play. 
There're a lot of weird things happening in China that we can't understand...

Is this an early April Fools joke?

China will only ban something, if they want to protect interest of their own or if they want to eliminate the competition. So, it has also been in the news that the Chinese government are planning to create their own Crypto currency... and this is where the agenda is.  

This is a government that never banned the illegal trade in endangered animals like Rhino's and Blue whale and also look the other way when Abalone is poached and sold in the Chinese markets.  

Their agenda is very clear..... wipe out the competition ..to make way for their own technology ....under the smoke screen of the cleaning up of pollution and CO2 reduction.  

These guys think that they are some sort of wall that can stop the progress of bitcoins after they declare this non-sense. Those people really need to consider studying Bitcoin technology on their own without listening to this kind of crap. If they want to invest in it in their own way because this Chinese current government has been doing this kind of strategy to make people stay out of Bitcoin. They should stay out of it from the first place when they really don't want their people to invest in cryptocurrencies especially bitcoins. Last 2019 they publish a positive statement about it and now they're turning around about their first statement.

I think I've seen this hypocrisy from China before with the same argument about ecology. Obviously, China doesn't care about ecology because it keeps being the world's biggest polluter with the highest carbon dioxide emissions. They just want a pretense to attack Bitcoin and ecology is a really good one. That being said, I think the news might be a little overhyped because there were threats of banning mining before, and yet the businesses operate as usual. And even if it indeed bans mining, I think the market can experience a price explosion, but everything will recover eventually.

if China declared war on Bitcoin then it would be no big deal...
although China is the country with the largest miner in the world but Bitcoin is not really liked there, the communist party really hates decentralization. look at how the price of Bitcoin has not changed even when bad news appears, investors have started to have no doubts about the potential for Bitcoin to continue to be of high value.

It's not just China, it's all global anti-CO2 agenda that is telling us how bitcoins and babies are bad for environment and I it's not a joke at all.
Look at this recent New York Times article written by Andrew Ross Sorkin, or Guardian writing that we need to have more lockdowns every two years to reduce CO2,
or this Times Trends article telling us that kids are cute but they are not eco-friendly and that we should stop having them because they are bad for earth  
I just linked few of them but there are many more of them and nobody can tell me this is just a coincidence.
Btw aren't trees actually using CO2 and turning it to oxygen we all bread everyday?

Always question the declared reasons for any move the Chinese government does. Imho the "crackdown" is unrelated to pollution, consumption, planet and even Bitcoin mining. It may be related to the fact they have other plans with the population from there.

And on this "war on Bitcoin" (lol!) topic, I'll come with the fresh news: Chinese Public Firm to Buy $155M of Bitcoin Mining Hardware

Not much of an environmental or energy expert but is building 700 coal plants in replacement really the better alternative? Sounds sus to me. There's so many other energy alternatives there. Why not builder solar, thermal plants or install wind mills? Do they even know the energy consumption of mining? Otherwise, its probably just a cover up as crackdown on crypto..

Chinese social media Weibo suspends Huobi, OKEx and Binance accounts just today is also another indication that they're just trying to drive out crypto, most probably because this is not within their control and regulation.

They really are trying so hard to control something uncontrollable which now resulted in a conflicted nation. Their country is always brewing up something bad even though they are researching about it. Their country is the leading country that contributes to the most emissions of Carbon Dioxide which is really bad for the people living there and for the planet. If they really want to save the planet, this would not be their first move but other actions like stopping some of the main reasons why they emit so much Carbon Dioxide. They are just trying to save their faces by trying to blame it on something that they cannot control.

Pretty hypocritical for Chinese Community Party(CCP) to ban bitcoin when they are the only one hodling the total bitcoin in China. I knew that when these CBDC thing goes on the road, bitcoin and other cryptocurrency is definitely going to be affected the most and with the Great Firewall of China, I think that they can do the bitcoin prohibition in their country.

We all know that China does really have an issue with bitcoin because they are against it and they want to make their own crypto.

China is a developed country and they are strong in man power and pushing a certain cryptocurrency in their country is just easy compared to other country.

And my answer to your is YES, Chinese people will really play a big role in the growth and development of blockchain technology around the world.

I don't know if this news is fake or not,but a crypto mining ban in China was pretty much expected.
We don't know what's inside the mind of Chinese communist leaders.Crypto mining isn't the biggest polluter in China,but it is definitely an easy target for a ban,because the social cost(lost jobs and unemployment) will be pretty low.
The big question is why they are going it now(if this news is really true)?Crypto mining was as polluting in 2015,2016,2017 or 2019 as in 2021.
Saying that they are banning mining because of environmental policies is a bullshit excuse.

I think the Chinese want to always be in front and in control, when things don't seem to be achieved, they prefer to create their own shows. we know mchina is the biggest bitcoin mining country, so they want to master cryptocurrency their way anyway

LOL. Not at all.
China has been on the path to become the world's biggest economy (hint that's why US has been afraid and started a war with China a couple of years ago which is escalating every day), one step in becoming the dominating world economy is to have their currency replace US dollar. Things like "Digital Yuan" are meant to serve that purpose. It would be just as safe and just as centralized and just as corrupt as any other digital currency you are using in the existing banking system in any other country.

None of it has anything to do with bitcoin though.

We heard it before. This is just going to be on the paper. China is pro-business, if they can get money out of it they will make money out of it including mining. As long as miners pay their energy bills, they will have no problem with it.

China's government may hate BTC for they can't control it, but if they announce they are going to ban BTC another country will take advantage of it and will start accepting. BTC is rare. The Chinese government knew they can use BTC as their wealth. They may even be buying the fresh BTC from the miners.

China full of hypocrisy and BS again. How about they start with their own pollution? how about they prohibit banks because banks are more significantly more resources expensive than Bitcoin mining? How about they actually start doing something instead of doing BS like this? Of course they won't do that.

2017 called. wanted its fud back

I didn't finish watching the video. The title seems to be a clickbait. It wasn't delivered as a legitimate news either. The broadcaster himself hadn't have much to say, much less sufficient information, to support the weight or the impact of the title. He only had something to say like the channel is demonetized, accepting donation in Bitcoin, and so on.

Furthermore, I don't think this news is reflective of what is truly happening. This is pure exaggeration. I don't even think China is feeling a bit threatened by Bitcoin. If she were, she could have declared once and for all that doing anything related to Bitcoin in the country should perish in 24 hours. China is unimaginably powerful, especially within her land. I haven't heard of Bitcoin miners scampering away looking for another place outside China to continue their business.

Although China energy matrix relies heavily on coal, they also have the biggest hydro powerplants in the world
Three_Gorges_Dam

And the mining farm are exactly near hydro power plants, because this is where energy is cheaper. So, bitcoin mining is not responsible for polution in china.


Certainly make the world a cleaner place is not bitcoin's goal. If china, or US, or whaetever government wants the world to be cleaner, they need to invest in cleaner energy generation.

Certainly China communist party is not happy that it cannot control bitcoin, and it will start bashing it. I hope that this weird shift of events may lead to a mining decentralization, with miners moving away from china.

China again and again. More than 10 years and people are manipulated by news from China. Let me remind you that if news from China can dump bitcoin, it will also be able to pump bitcoin.

The last pump with news from China is Xi pump in October 2019. That news: CRYPTO MARKETS PUMP AS PRESIDENT XI CALLS BLOCKCHAIN A ‘BREAKTHROUGH’

More than one year from that news, do you think China plays big role to the growth of blockchain industry?

Can you imagine what a nightmare digital Yuan would be?  They would build in all sorts of tracing mechanisms, backdoors and BS.  No one trusts communists.  Communism is anathema to free markets and liberty.

It's a huge conflict if they try to impose that kind of actions regarding banning bitcoin. Communist country is very problematic on this matter because they can't control digital currency. Their people prefers to use bitcoin for earning passive income instead of their own currency, which I think they're about to lose control over it.

It's kinda ironic isn't it?  A dude from China creates bitcoin and his own country tries to ban it.

Its just trying to make those reasoning to be on concern with pollution or saving up the environment and the planet is just a bullshit thing that they say.

They arent banning just for that sole reason, they are against or banning it just simply its uncontrollable.For a country does have this kind of government then its no surprise that
they would really be hating anything that cant be controlled nor traced.

They can ban all the want and try to derail the true reason behind.They are just trying to push that Digital Yuan. Am i right?

Edit:

Nah, even how it becomes a nightmare but still the people or the citizens itself wouldnt really be having any option.Once they do mandate on using it on full
scale as if they do have the choice to reject or refure?
They dont really like that and thats the reason on why they do ban out all of things that will really be connecting to anonymity or having no control into its citizens just like
on cracking out those illegal online casinos on where Chinese is the primary customer or it.

That's pretty royal coming from the WORLDS LARGEST POLUTER.

https://www.youtube.com/watch?v=4hZU7qska34



....


China claims it must "crackdown" on bitcoin to save the environment and the planet.

Given that a high percentage of cryptocurrency (pow) mining is powered through hydroelectric and green energy. The cost of which helps fund the expansion and development of cleaner non fossil fuel based plants around the world.

Perhaps we can propose an alternative if china is serious about fighting climate change and being Greta Thunberg's proud poster boy.




China is known for having 14 out of the top 30 most polluted cities on the planet due to its heavy reliance on coal. In some places the air pollution is so bad, it is claimed simply living and breathing the air is like smoking two packs of cigarettes a day.

I am curious to know what peoples thoughts on these topics are.

Could the environment better be protected by china replacing its 700 planned coal power plants with cleaner options.

China is emerging as a hub for solar panel and windmill manufacturing. It is well suited to leverage EV vehicles due to the abundance of rare earth minerals within china's own borders. Its policy of pursuing coal energy in the face of cleaner and more affordable power options remains an enigma to me. Fossil fuel based power is heavily criticized and attacked by the media in the west. While in the east it is embraced with bold plans in motion to extend the scale of coal based operations. How can this discrepansy be explained. What are the motives and reasons behind it.