China might really be out of Bitcoin and the cryptospace - page 3.

carlfebz2

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Quote from: Kez1817 on June 30, 2021, 09:38:14 AM

Why? If without china, bitcoin can't be used by other people in other countries? There are also miners in other countries and it will even increase the number now that china removing bitcoin mining industry. But on the other hand, who knows if it's just temporary and later on China will realize that they need bitcoin and bitcoin miners. News always changing everyday.

When it comes to decisions then i dont usually trust up China as if this country do really partly do make out fixed decisions and would changed out overtime when they do saw something that could benefit them.

Also that this entire market doesnt only cycle nor even depend with China even though it could really have that significant contribution but doesnt mean that market is entirely depending on it.

They can freely leave if they wanted to and the thing here is that banning by a single country even how powerful or big it is wont really be enough on taking down this space.

NotATether

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Quote from: mk4 on June 27, 2021, 12:47:42 AM

Not a surprise in the slightest. The environment in China is very discouraging when talking about freedom in general, not only concerning Bitcoin and cryptocurrencies. If they people aren't even allowed to access common websites such as Facebook and Twitter due to their "Great Firewall", what makes us think that they'd allow their people to have access to a protocol that promotes freedom?

Unfortunately, there tend to be people who despise freedom for the masses and only want to see such unrestricted activity for themselves, refusing to let anyone else partake in said freedoms. And sometimes such persons don't even like those freedoms for themselves.

And it's not restricted to just China or even whole countries. It also applies on a community and family level.

Robinson66

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The Chinese government feels that it cannot control Bitcoin or cryptocurrency, because cryptocurrency is free and not regulated by others. Everyone think about the fact that domestic funds are not regulated, which is unacceptable to any normal country, which means that the economy is out of control. For example, if a company uses Bitcoin to do business, the entire transaction is not transparent, and how the government collects taxes. Bitcoin wants to replace legal currency, which can only be effective for some small countries.

TOM Bb

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China has dictatorial policies. The goverment will clear anything which they think is bad to their authoritarian regime. I believe the China miners will move to the next country, people will still keep using crypto. Maybe the BTC prices will recover and goes higher in a certain time.

bbc.reporter

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It appears that China is not stopping the bans only on bitcoin and the cryptospace. The Chinese government is also beginning to create a proposal to block Chinese companies from doing IPOs and stock listings in other countries. China is making great efforts to keep all the money inside. The skeptical me says that there is certainly a much bigger agenda behind this. Preparation for a big war?

Regulators in Beijing are planning rule changes that would allow them to block a Chinese company from listing overseas even if the unit selling shares is incorporated outside China, closing a loophole long-used by the country’s technology giants, according to people familiar with the matter.

The proposed change is the first indication of how Beijing plans to implement a crackdown on overseas listings flagged by the country’s State Council on Tuesday.

It would also threaten a lucrative line of business for Wall Street banks and add to concerns of a decoupling between China and the U.S. in sensitive areas like technology. Chinese firms have raised about $76 billion through first-time share sales in the U.S. over the past decade.

Source https://www.bloomberg.com/news/articles/2021-07-07/china-mulls-closing-loophole-used-by-tech-giants-for-u-s-ipos

caryoscar

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After the implementation of more significant price adjustments in China, the price of Bitcoin and other currencies plummeted. China is really not friendly to Bitcoin. All kinds of frustrating messages also fully show that Bitcoin is welcomed by more people in China, as The coin has two sides. Especially for miners, many people have become very difficult because of huge loans. For miners and power-hungry mines, this kind of shutdown is more like a long-planned plan. China clears miners and shuts down mines for the sake of With the issuance of its own digital currency, China does not exclude digital currency.

acener

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I think it is just another drama of china ban and unban of crypto and if it is for good then it's their lost not ours,
Sure the price would go down for awhile but it would surely recover and make it even without China,
Even if they chose to stay out of crypto we could still go on and continue so don't think too much of it.

bbc.reporter

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@thecodebear. Agreed. This implies China knows more about bitcoin than we thought. They understand the threat of it can be used as a financial tool to avoid regulations and how it might also be a political tool for the people to impose freedom.

In any case, this is a list of actions the Chinese government has done last month.

Source https://www.kanaandkatana.com/markets

thecodebear

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Basically the Chinese government doesn't like that Bitcoin gives their people monetary freedom. Their CBDC does nothing to threaten Bitcoin, but Bitcoin does threaten the Chinese government's ability to have complete control over the financial lives of its citizens. No country with a shred of freedom would ban bitcoin, but in China the government must have complete control over its citizens so Bitcoin is a threat and with the introduction of their CBDC i suppose it looks bad to try to market that against the freedom of Bitcoin (even though CBDC is just a tokenized fiat so monetarily no different than what they already have).

At the same time of course, they've cut off a lot of money coming into the country as China used to be the dominant player in Bitcoin. They might not mind when Bitcoin is only a trillion dollars of less market cap. But I'm guessing they'll be kicking themselves when Bitcoin is a 20 trillion to 40 trillion dollar market in the next 10-20 years. But then again maybe they consider complete control over the monetary supply as more important than the economic benefits of being the most significant player in a market worth tens of trillions of dollars.

Kez1817

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Why? If without china, bitcoin can't be used by other people in other countries? There are also miners in other countries and it will even increase the number now that china removing bitcoin mining industry. But on the other hand, who knows if it's just temporary and later on China will realize that they need bitcoin and bitcoin miners. News always changing everyday.

decodx

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Can China create its own cryptospace?

Ever since the digital currency bitcoin was invented in 2009, experts have been debating whether governments will make full control of digital money a reality, or if certain nations will continue to keep their own currencies in place, like the U.S. dollar.
There are a lot of questions raised as to how China's planning to create a crypto space within the country, and also how China's crypto policy could influence other markets in Asia.

Wind_FURY

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Quote from: CryptoStar19 on June 28, 2021, 07:45:20 AM

Bitcoin doesn't need China... China on the other hand does need bitcoin (as does the rest of the world) and will realize in time that this move to drive out crypto from the country is a mistake.

What is strange in this situation is, why is China removing itself from the Bitcoin mining industry? They are essentially giving up control of an entire INDUSTRY where they truly had a competitive advantage. They definitely will realize that it was a mistake commited by their technocrats.

Kakmakr

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The Chinese government are doing the rest of the Crypto currency experiment a huge favor. What has all the competition of Bitcoin been complaining about for years now? ===> Chinese dominance over Bitcoin mining! Now, their own government has taken them out of the scene and they are not a so-called threat anymore. (One thing less for all these pessimists to bitch about)

Also, most things that are banned... goes underground... like the Chinese citizens use of the Internet and bypassing the "Great Firewall" Grin

If they ban it, it becomes more desirable and that has the opposite affect on what they actually intended. Grin

CryptoStar19

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Bitcoin doesn't need China... China on the other hand does need bitcoin (as does the rest of the world) and will realize in time that this move to drive out crypto from the country is a mistake.

Lucius

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Quote from: stompix on June 28, 2021, 02:54:10 AM

If every single mined bitcoin would come back to China, including the fees, and by doing so we take care of the ROI miners have to achieve in order to pay the gear, thus we can ignore the numbers from sales of equipment and all the troubles there (chips are made by TSMC) the numbers would be at around 10 billion. Might sound much but in reality, it's almost nothing for such a country, the much blamed wet markets in China are part of an 18 billion industry of growing "wildlife" species for food. So, no way to classify it as harmful, it's more like a mosquito bite.

As I guessed, it's a lot of money for little people - but in China, $10 billion is something they won't even blink at - and I have to admit that it's really weird that someone has the idea that China is procrastinating all these years with a final decision because they don’t want to lose profits.

Since I lived under the communist regime, what I learned is that communists are always looking for an internal and external enemy, and if there is no enemy they invent it and fight against it because that is the only way they can keep people in fear - we see this very clearly today on example of North Korea, but also China. I can only imagine what is going on in the minds of members of the Chinese Communist Party, but they have obviously decided that everything about Bitcoin is an enemy of the state - and we all know how communists get rid of their enemies, without trial and in a short procedure - a bullet in the back of the head.

Karartma1

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And as a result, very much expected, the bitcoin block count went below 100.0 with current value around 58.0
Mempool's filling up pretty quickly again and fee rates are going up. This was all but unexpected and bitcoiners know what to do. Either contribute a bit to the network or DO NOTHING.
The tide will pass.

stompix

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Quote from: Lucius on June 27, 2021, 06:04:46 AM

I would be interested to know how much of their GDP comes from crypto mining and the production and sale of mining equipment, but it is quite obvious that this profit is not something that could harm their economy. In fact, China has a huge surplus of funds that it invests all over the world, as it was during the crisis that started in 2008, and I believe that it will be the same in the future.

If every single mined bitcoin would come back to China, including the fees, and by doing so we take care of the ROI miners have to achieve in order to pay the gear, thus we can ignore the numbers from sales of equipment and all the troubles there (chips are made by TSMC) the numbers would be at around 10 billion. Might sound much but in reality, it's almost nothing for such a country, the much blamed wet markets in China are part of an 18 billion industry of growing "wildlife" species for food. So, no way to classify it as harmful, it's more like a mosquito bite.

Quote from: davis196 on June 28, 2021, 01:32:56 AM

We all know that China is discouraging the cryptospace,but for some reason the crypto miners aren't leaving that country.

They are either leaving or shutting down, pick one, if not, then get ready an explanation for this:

Quote

Latest Block:   689014 (34 minutes ago)
Current Pace:   74.7138% (1559 / 2086.63 expected, 527.63 behind)
Next Difficulty Change:   between -25.2829% and -24.2994%

Yamifoud

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Quote from: bbc.reporter on June 28, 2021, 02:01:31 AM

Quote from: davis196 on June 28, 2021, 01:32:56 AM

We all know that China is discouraging the cryptospace,but for some reason the crypto miners aren't leaving that country.They like going business in China,obviously.
I can't find anything in that article,stating the China will impose a crypto mining ban.
This article is full of assumptions,predictions and expectations,not facts.It seems like another clickbait FUD.
Don't get me wrong.I also expect China to ban crypto mining and trading,but I can't find a good evindence,that the communist party will impose such ban after July 1.

Ironically I will not argue with you hehehe. However, I will say that I wish from the bottom of my heart that we are in a universe where the miners were not pushed away by government from Sichuan, Xinjiang, Qinghai and from Mongolia hehehehehe.

I also never said China will impose a ban after July 1. I said it might be temporary and the ban might not be enforced strictly some time after July 1.

How I wish that they will change their minds and no longer hates crypto after this temporary ban but to gives support instead. The government doesn't just give work for their people but also they are helping for the fast adoption of crypto. I'm not sure if this a sort of market competition against big countries but might possible to work as one and help to promote digitalization together so we all have the chance to enjoy. And so their people are no need to move outside their country because of the ban.

bbc.reporter

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Quote from: davis196 on June 28, 2021, 01:32:56 AM

We all know that China is discouraging the cryptospace,but for some reason the crypto miners aren't leaving that country.They like going business in China,obviously.
I can't find anything in that article,stating the China will impose a crypto mining ban.
This article is full of assumptions,predictions and expectations,not facts.It seems like another clickbait FUD.
Don't get me wrong.I also expect China to ban crypto mining and trading,but I can't find a good evindence,that the communist party will impose such ban after July 1.

Ironically I will not argue with you hehehe. However, I will say that I wish from the bottom of my heart that we are in a universe where the miners were not pushed away by government from Sichuan, Xinjiang, Qinghai and from Mongolia hehehehehe.

I also never said China will impose a ban after July 1. I said it might be temporary and the ban might not be enforced strictly some time after July 1.

Beparanf

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Quote from: cotton ball on June 27, 2021, 10:59:15 AM

because of the greedy government, the Chinese government pressures their people not to adopt bitcoin, and not to use something that is not controlled by the government, I think there are still many other countries that are still open to accepting bitcoin mining, maybe they run out of bitcoin, because it is caused by Their own government has banned bitcoin since 2017, after mining goes to other countries, maybe we will see the economic collapse of the Chinese people in the future..

I dunno if its right to call it a greedy move from there government. We all know that they are communist and they are just doing things base on there ideology. They are next to US in terms of wealth so they are confident that there method is right since its working. Let's just accept the fact that Bitcoin is not suitable for country that main goal is centralization. Having this kind of FUD news in the future might result on this drawbacks again so it's better to let them out of the game.

Topic: China might really be out of Bitcoin and the cryptospace - page 3. (Read 887 times)