Topic: China might really be out of Bitcoin and the cryptospace (Read 887 times)
Pushing bitcoin, banning bitcoin mining is an action that could send China into a spiral of isolation in the world. They don't get it by conservatism, their interest has had a huge effect on having bitcoin over the years. What can the E-CNY do when it also just tries and alternates between its own governing alliances and colonies. This obviously has a big impact on the economic and trade competition with the US. They will soon realize this serious "Mistake".
As we know in china everything is restricted, and everything is controlled by the government, from the internet to how the people think, and them banning bitcoin mining and going hard on crypto in general comes with no surprise, i was even surprised that they have waited until now to do so, and that is due to the fact that they are unable to control it and monitor the transaction that people have and with a growing popularity it would threaten their authority, so that is why they have banned it, and i am pretty much sure that they might introduce a crypto currency that they will be able to control.
for sure, they will increasingly convince their citizens that the Digital yuan is much better and safer than Bitcoin...
since 2013 the Chinese government has shown their distaste for Bitcoin, the reason is because they can't control Bitcoin and it's very dangerous for their country. communism is really dangerous and stupid.
So far, the Chinese government does not intend to return to the use of a decentralized cryptocurrency, and this is evidenced by the current developments in this country. They are now preparing to officially launch their digitized yuan and the current attack on cryptocurrencies and stablecoins of private and commercial structures is being carried out to eliminate possible competitors in the circulation of their digitized yuan. Therefore, I do not think that Bitcoin miners will still have the opportunity to return to China. The path for their return has already been completely closed.
I don't think they were ever into decentralized crypto, and I don't think there's ANY government that wants to do that with the exception of El Salvador. China's move is not surprising and they've been dropping hints for years with Bitcoin and now their own CBDC.
So let's not get surprised anymore by Bitcoin bans in China allright?
As you have mentioned it, I realized that China is an innovative country that wants to be among the leaders globally, and it makes sense now that they are abandoning Bitcoin because they would want to create something of their own. Well then maybe we should watch out for what is next and what will come out of this decision by the Chinese government.
but I think when China has decided to leave Bitcoin and start developing its own innovations without the influence of bitcoin, China will not have much influence anymore.Unless China re-legalizes bitcoin. The decision of the Chinese government is now past its peak, all bitcoin miners have moved from China and are scattered in various countries that still support bitcoin.
As we know in china everything is restricted, and everything is controlled by the government, from the internet to how the people think, and them banning bitcoin mining and going hard on crypto in general comes with no surprise, i was even surprised that they have waited until now to do so, and that is due to the fact that they are unable to control it and monitor the transaction that people have and with a growing popularity it would threaten their authority, so that is why they have banned it, and i am pretty much sure that they might introduce a crypto currency that they will be able to control.
That's good that they will finally be out of the space because people who are tired of hearing about FUDs that are related or have an inkling of relation to China will be happy and relieved because they don't hear that kind of thing anymore plus with them out of the picture, 51% attack isn't an excuse anymore even if they say that only China can do it.
As you have mentioned it, I realized that China is an innovative country that wants to be among the leaders globally, and it makes sense now that they are abandoning Bitcoin because they would want to create something of their own. Well then maybe we should watch out for what is next and what will come out of this decision by the Chinese government.
but I think when China has decided to leave Bitcoin and start developing its own innovations without the influence of bitcoin, China will not have much influence anymore.Unless China re-legalizes bitcoin. The decision of the Chinese government is now past its peak, all bitcoin miners have moved from China and are scattered in various countries that still support bitcoin.
I am not worry about china leave bitcoin anymore. Now, in my country actually bitcoin also promoted in one of the most influential YouTube channel. It's mean that the popularity of bitcoin is getting bigger. What most of us discussed about bitcoin become more popular is now become true. The sad thing is I don't have enough bitcoin for the future, I had 3 btc aproximately in the past but my family force me to sell it at bearish market they afraid that bitcoin will not be valuable anymore but I think that is not so smart. At that time my family is still poor so I try to understand them.
They’re anti-Bitcoin but pro in blockchain. This is absurd. How would a blockchain fully function without crypto (unless they are launching their own CDBC). China doesn’t want to innovate and I’m pretty sure that they would be left behind later on in terms of adopting new stuff that would benefit their country’s economy.
Too many restrictions in China like the Great Firewall, doesn’t give a lot of freedom for the Chinese community. At least they’re not that worse like North Korea.
Bitcoin and blockchain are different things. China is no longer pro with bitcoin and prohibits bitcoin in its country. But China is developing their own blockchain and wants to create its own ecosystem. China is doing innovations that I don't think will be left behind by the others. China's recent decisions are indeed very contrary to bitcoin and make bitcoin price crash. but behind that china is building their own ecosystem.Too many restrictions in China like the Great Firewall, doesn’t give a lot of freedom for the Chinese community. At least they’re not that worse like North Korea.
When mining was banned in China, 70% of the computing power was in China, indicating that the Chinese people still love cryptocurrency, but the national government is opposed to it. Because China has its own national currency, the Chinese government believes that virtual currency that cannot be controlled will threaten it. As for my own currency, I have recently closed a lot of encryption-related websites and related news. Although it has affected the market, it is only temporary.
In any case, Beijing has confiscated more than $100k worth of miners and flattened them with an industrial steamroller.
https://mobile.twitter.com/btcinchina/status/1415923704375123970?s=12
https://mobile.twitter.com/btcinchina/status/1415923704375123970?s=12
$100k...pfft
looks like old s9's too me
probably at the end of their life cycle anyway
seeing the video and guessing a 15x15 grid(225). upto 20x20(400)
(couldnt be bothered to waste time actually counting accurately)
thats like combined 300kwh for 3.2phash upto
540kwh for 5.7phash
they would have only got $22k-$40k if they sold them second hand anyway so no major loss. definitely not $100k loss
yet for 30-50 s19pro's they can now do the same hashrate for 98kwh-160kwh
pretty much save 3x their electric costs by calling the confiscated old crappy s9's dead anyway
It doesn't really matter whether China is in or out of the cryptocurrency industry. Yes they hold the largest population of people in the planet and yes they are the fastest growing country in this planet in terms of GDP, but we have to keep in mind that there are other countries out there that could use our help and support, countries like those in the continent of South Africa that may not be growing fast in terms of economy but are certainly progressively growing in other aspects. China is just a piece of the puzzle, and if we convince the rest of the world to go crypto, there's a huge chance they will retract these ordinances and join the wave too.
Precisely, and the future of Bitcoin doesn't just rely on them, there are still a lot of countries that continue to support cryptocurrency and the US is one of those that could certainly boost the market. For so many times that China makes these actions towards their people who struggle to invest in crypto space, I think we have not been affected anymore and Bitcoin will still be able to survive without China. We have tested this multiple times and we are still fine and healthy.
It doesn't really matter whether China is in or out of the cryptocurrency industry. Yes they hold the largest population of people in the planet and yes they are the fastest growing country in this planet in terms of GDP, but we have to keep in mind that there are other countries out there that could use our help and support, countries like those in the continent of South Africa that may not be growing fast in terms of economy but are certainly progressively growing in other aspects. China is just a piece of the puzzle, and if we convince the rest of the world to go crypto, there's a huge chance they will retract these ordinances and join the wave too.
@temple. History repeats and has a tendency to repeat itself. It has been happening in the past when there is a new rising power to challenge the current super power, the current super power will always protect its position.
In any case, Beijing has confiscated more than $100k worth of miners and flattened them with an industrial steamroller.
https://mobile.twitter.com/btcinchina/status/1415923704375123970?s=12
In any case, Beijing has confiscated more than $100k worth of miners and flattened them with an industrial steamroller.
https://mobile.twitter.com/btcinchina/status/1415923704375123970?s=12
Lol! I thought you were being sarcastic!
Is that supposed to be funny? ... $100k worth of miners? It looks like a bit more than that I suppose. Funny comment on Twitter: doesn't it make a 51% attack harder for them now. Seriously, that's just ridiculous. As if such a video has any impact on anyone. I can only laugh about it.
China banned bitcoin miners but I'm surprised my friends in China are still holding bitcoin and until now they are still investing in other coins like ETH coin, so I asked if this issue was intentionally created as some kind of Chinese drama banning bitcoin and when did the price drop they bought large amount of bitcoins try to imagine if that really happened,
For knowing that it really tells that they are just using this fud to create any confusion regarding on a big country like china for not supportinv bitcoin and I really believe that they will not out on the bitcoin scene since I know their government consider also the new technology made by crypto industry. Maybe for now they have this rule running but I believe that this will not take long as many of their citizens will not follow them and continue to buy bitcoins together with altcoin the same with your friend.
China banned bitcoin miners but I'm surprised my friends in China are still holding bitcoin and until now they are still investing in other coins like ETH coin, so I asked if this issue was intentionally created as some kind of Chinese drama banning bitcoin and when did the price drop they bought large amount of bitcoins try to imagine if that really happened,
And that is big good news in the long-run. Once cryptocurrency including Bitcoin mining is out of China, at least the industry can be totally free from any FUDs coming from China. We will not any more be worrying and getting influenced by anything coming from China since the connection to cryptocurrency is not there anymore. So the question is: Will this be coming true soon, or China up to another kind of game in here?
You know the sad thing is.... it spilled over to Japan now. Japan was one of the first countries that accepted Bitcoin as a "Currency" and now they are busy creating their own "digital currency" and they suddenly established a committee to investigate the impact that "Stable" coins has on their economy.
This is becoming a trend in governments now.... they decide to create their own "GovCoins" and then Bitcoin is suddenly the enemy that are damaging their economy.
This is becoming a trend in governments now.... they decide to create their own "GovCoins" and then Bitcoin is suddenly the enemy that are damaging their economy.
I don't think this is the end of bitcoin in China because they can also turn things around for the crypto world, because the mining carried out in that country is not a national scale and in some surrounding areas there are also those who carry out crypto business transactions, I This feeling will only be temporary and China will also one day adopt bitcoin like other countries in the world have done
China is a communist country that does everything possible for everyone to submit to them, their people are afraid to fight the government because they will be subject to multiple fines, bitcoin mining has also been stopped in China, so it's only natural that China will run out of bitcoin one day, maybe the people they will go to other countries to find bitcoin..
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