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.
Topic: China might really be out of Bitcoin and the cryptospace - page 4. (Read 887 times)
Not surprising, what did the author expect from dictator/authoritarian regime?
It is very easy to say this now, however, if we said to expect something like this during April everyone would accuse us of fud.
No one expected this, including the author who is from Hong Kong. He is Jason Choi, a general partner of Spartan Capital and a founding partner of Contrary Capital, investing hundreds of millions in the cryptospace. I reckon more than anyone in this forum. We can learn from people like him.
Also, if it was expected, the miners and the exchanges would have left already and the market would have no panic dumps because it was expected. This was an event that we cannot be ready for similar to the bubble burst of 2017.
In any case, wait when the Chinese Communist party celebration on July 1 is finished. I remain hopeful that there is a chance that these new policies might be temporary.
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..
Most of our current electronic market is heavily influenced by China, they are dominating the crypto market and if that's my way of thinking, I don't believe that China will give up on these things. lucrative bargains by making huge profits from the market or in other words their economy is more profitable, I think they are liars and unpredictable. Maybe whales create fake news for panic investors to dump to buy back BTC cheap such as China.
China's stand in crypto right now will surely make a huge impact and it will most likely be detrimental. China is a huge and wealthy nation, most of the things they do or the decision they make affects many things in different aspects. For bitcoin, it will surely be a crisis once again as they continue to push through the banning of crypto services within their territory. Expect a dip and take the opportunity but let us not keep on hoping that such kind of news would continue on happening in bitcoin because it would make our holding and buying during the dip lose its sense.
I think that some miners will relocate, but there won't be a total ban and many will keep operating either covertly or openly in China anyway. As for exchanges, I think it's easier for them to relocate, but the current crackdown is related mainly to mining, so they probably don't feel the need to do so. I think China will remain sort of hostile but manageable and the conditions won't worsen significantly. I hope that businesses will move because this could be a boost to other economies, and China's currently dangerously strong economically, so any change of that is desirable. But I believe that businesses will largely stay anyway.
Meanwhile, as expected, the new ban in China has hit Bitcoin like a fury, causing a sharp drop in price.
BTC's not doing great, price wise, but it's worse for Ethereum.
It was a drop however expected since the whole sector is back from a rally that led many cryptocurrencies to multiply their value and see new historical records. Now all that remains is to understand if this drop is an "afterthought" or if it is the signal that the bull run is definitely over and we need to prepare for a long winter.
BTC's not doing great, price wise, but it's worse for Ethereum.
It was a drop however expected since the whole sector is back from a rally that led many cryptocurrencies to multiply their value and see new historical records. Now all that remains is to understand if this drop is an "afterthought" or if it is the signal that the bull run is definitely over and we need to prepare for a long winter.
I doubt that they will ban or get out on bitcoin/cryptocurrency since it gives a lot of money to each crypto enthusiast in there on country and besides they are using this kind of banning and total lock out but guess this totally not happen even by now. Maybe thet are using this just to create fear, I'm sure that once bitcoin will dump more those who tell that especially Chinese whales will buy bitcoin and save it for future.
Chinese Bitcoin and cryptocurrency enthusiasts are going to do whatever it takes to stay in the game. Mining firms are moving offshore, citizens are gonna start using VPN for accessing various platforms and exchanges that were blocked by their country, P2P transactions, etc.
For me, it’s not game over for them. They’re going to find a way. Even that mining is banned within their country, they will move to another crypto-friendly country to begin mining there.
For me, it’s not game over for them. They’re going to find a way. Even that mining is banned within their country, they will move to another crypto-friendly country to begin mining there.
I'm not sure about the "temporary" part. Because Chinese goverment is really unstable about cryptocurrencies or Bitcoin mining. Maybe it won't really accept any kind of mining activity from now on. But I don't think that China will maintain the ban on cryptocurrencies forever. It is for its disadvantage also. Once China realize it, I think it will change its mind.
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?
If this was the case, why they were allowed to built the world biggest bitcoin mining farms in the first place ?
China always want to dominate the world and therefore they will not quit crypto currencies. I think recent news about china banning mining and crypto is a part of their plan which no one considers at the moment.
It's because they didn't think that bitcoin will turn out this big, not really sure when the bitcoin mining started in China though, but I'm under the impression that it could be as early as 2011 when bitcoin can still be mined by GPU. And then they struck gold mine, producing high end machines so business is booming. So now that bitcoin has grow tremendously, the Chinese government need to take control of their people, specially those who become rich and doesn't want a 'capital flight' scenario. Although it has been happening for years already.
I don't think this will be the endgame for bitcoin or crypto in China. They can always change their stance on this. When they find a way how to have more control on this industry, they will announce another statement. Because as some countries are moving forward with this technology, they are like totally evading this technology. But if someone knows the mentality of Chinese, they will always change their perspective if they know they can be of advantage of the situation. Let us see if next year, they will still have this approach to crypto.
The author of the article was only showing the differences between the regulatory crackdowns of 2014, 2017 and presently today. The big difference is the change in China’s financial regulatory structure as mentioned. Similar to many, I thought that China’s regulatory crackdown on the cryptospace might only be temporary. However, reading that article is making me think that we should not expect China to return anymore. We should be realists and stop hoping that the crackdowns are temporary. We should accept that China is out and the cryptospace should adapt. Bitcoin and cryptospace will be better without China. It might not help pump the price, however, it will be better. Also, they cannot stop their citizens from using a VPN and access an offshore exchange hehehe.
Their government try to be a hub of a universe and this crackdown is temporary only. They will flip their regulation again. Even the regulation (mining crackdown) is permanent, it still be a good thing for Bitcoin network, long time.The crackdown is enforced in limited areas in China, not nationwide.
The bitcoin and crypto space can not eliminate China as part of them but China power will decrease as same as their power in economy and politics will falls after the pandemic and their arrogant diplomacy.
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?
If this was the case, why they were allowed to built the world biggest bitcoin mining farms in the first place ?
China always want to dominate the world and therefore they will not quit crypto currencies. I think recent news about china banning mining and crypto is a part of their plan which no one considers at the moment.
It's because they didn't think that bitcoin will turn out this big, not really sure when the bitcoin mining started in China though, but I'm under the impression that it could be as early as 2011 when bitcoin can still be mined by GPU. And then they struck gold mine, producing high end machines so business is booming. So now that bitcoin has grow tremendously, the Chinese government need to take control of their people, specially those who become rich and doesn't want a 'capital flight' scenario. Although it has been happening for years already.
I still think China can't afford to kill the crypto business because they make so much money from it.
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.
In the long run, this is the best thing that could have happened for Bitcoin, because finally we will no longer have to listen to stories that China controls BTC through mining and that the electricity for this business comes from coal-fired power plants. If this time they finally cut all ties with BTC, we can say that we killed two flies with one blow.
Not surprising, what did the author expect from dictator/authoritarian regime?
In my opinion, I know it's difficult for the miners in terms of relocating, but it is what it is, and that's that China no longer want any of crypto in their country, I know this can have its own negative effects in the short period, but if the miners move on and start doing business again somewhere else, then they can start their recovery and in the long run forget about China and their dictatorial policies.
Having said that, I still think many of the Chinese decision regarding crypto could be as a result of their digital currency plans (digital Yuan), they are used to control, and will control their CBDC, and since they can't do same to Bitcoin and other dex crypto, it then makes sense for them to do away with it.
Having said that, I still think many of the Chinese decision regarding crypto could be as a result of their digital currency plans (digital Yuan), they are used to control, and will control their CBDC, and since they can't do same to Bitcoin and other dex crypto, it then makes sense for them to do away with it.
Can't they allow miners at a later time and/or can't they allow these websites to resume in near future ?
Everyone knows that china spread out fuds and even china know what world is thinking, so they are taking this fud to the next level so that people believe in this fud.
Everyone knows that china spread out fuds and even china know what world is thinking, so they are taking this fud to the next level so that people believe in this fud.
Theoretically, sure they can. Just like how theoretically they can allow people to use famous social network sites in the future. But the question is, will they? Most likely not. China is a communist country, and cryptocurrencies are freedom — which is completely opposite of what their goals are.
I hope by this news bitcoin price can go down under 30K , I have been waiting for this. I want to buy bitcoin at 20K price level. Honestly I think if China completely leave bitcoin then it is a big problem for cryptocurrency market, many people will be afraid and then sell their bitcoin. In other side it is also create a new big opportunity to replace china domination in cryptocurrency investment. I think we are a big community now, we are the market.
Not surprising. It is China being China, I highly doubt that even if it could improve their lifestyles by a ton, they still wouldn't allow it if the cost was allowing their citizens to access freedom. Not to mention that they'd even probably try to implement said improvement to their system in a way that it would be allowed, still allowing them to retain control, just like with their venture towards creating their own cryptocurrency. Well, they are still pro on developing blockchain, just that they have averse hate towards Bitcoin which symbolizes freedom across borders.
If this was the case, why they were allowed to built the world biggest bitcoin mining farms in the first place ?
China always want to dominate the world and therefore they will not quit crypto currencies. I think recent news about china banning mining and crypto is a part of their plan which no one considers at the moment.
China always want to dominate the world and therefore they will not quit crypto currencies. I think recent news about china banning mining and crypto is a part of their plan which no one considers at the moment.
What are you talking about? They just did kick out all of the miners out of their country, and they already banned most of the major "DeFi" websites.
Can't they allow miners at a later time and/or can't they allow these websites to resume in near future ?
Everyone knows that china spread out fuds and even china know what world is thinking, so they are taking this fud to the next level so that people believe in this fud.
Jump to: