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..
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.
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.
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.
I've read articles like that where there are several countries including China that are againts crypto. It's true that we can't compare countries with each other with the policies of each country. All countries have their own policies for accepting or against crypto. As someone who has entered the crypto world, of course the news made me sad but somehow it all happened. Anything can happen in the crypto world. As long as my country can still accept crypto then I will be calm and I also know that there are many other countries that accept crypto. Of course that's good apart from the news. So as long as crypto is still well received then I think crypto can also grow.
@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
That’s a symbolic action from the Chinese government depriving people from financial freedom. They will sell it if they didn’t believe that there was a need to spread an anti-Bitcoin propaganda. But it’s OK for Bitcoin. It survived its first serious attack from a state actor.
I hope that they're really out of the cryptospace for good because they don't really contribute anything but FUD and negativity to the market. Of course I am talking about the government, the people in that country just have to make do with how they are going to access their accounts and coins.
from the start they are always the reason why people alway going crazy in the market just to dump due to some negative news that comes from their country.. And now for sure a lot of people clapping their hands because they're out in the space. And i believe that's the reason why market stop decreasing as well even though there's a negative news from them , wherein perhaps a bunch of investors see that it cannot make an impact after all.. 
@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
@temple. Agreed! I have read some news articles on how China has militarized its southern border facing India and had a skirmish versus the Indian military using spiked clubs that killed Indian soldiers and their captain. You can google China India border fight to find that article.
They might be expanding their empire hehehe.
They might be expanding their empire hehehe.
They have been expanding their empire, checked the Philippine West Sea and Scarborough issue, they are expanding territories and aggressively building military installations to that island who is still in dispute.
So regardless of their plans on bitcoin, whether they are out for good or not, there are more pressing issues on their side, specially trade and military expansion around that region.
China has also declared that they are strengthening their military ties with North Korea. I speculate next would be Iran, Pakistan and some countries in Asia that have become victim of China’s debt trap policy. Also, one of the first signs of this forewarning is when your country allows testing of China’s vaccines on your children.
There are some people in China that says the Chinese government wants to begin giving vaccines to their children, however, it requires more testing on real children. I speculate it would be first tested on the children of countries indebted to China.
The North Korean and Chinese leaders expressed their desire Sunday to further strengthen their ties as they exchanged messages marking the 60th anniversary of their countries’ defense treaty.
Source https://apnews.com/article/health-china-coronavirus-pandemic-north-korea-8fc7a269318c481035c43b030754cbf0
I am thinking for a while now that it is an illusion to believe that our generation will get away with no big war at all. I just checked the biggest military list in terms of personnel as of 2021 and it says that China has a little bit more than two million active soldiers. I don't believe that number is accurate. I can imagine that it is much much bigger than that. North Korea is also big although I guess they lack behind when it comes to technology, but who knows... Now that they might cooperate more closely with China, the technology issue is kind of resolved for them as well.
China has a huge influence on the bitcoin market, this is proven by market history, 2018 they created a deep pit. The market is suffering from many factors, with great negative influence also from China's mining crackdown. But I think the situation would be different, they made a mistake. In the short term bitcoin price could move sideways or down to $20k but long term it's a pump, just wait I guess!
Fud news, charts and indicators are speaking for the short.
Fud news, charts and indicators are speaking for the short.
@temple. Agreed! I have read some news articles on how China has militarized its southern border facing India and had a skirmish versus the Indian military using spiked clubs that killed Indian soldiers and their captain. You can google China India border fight to find that article.
They might be expanding their empire hehehe.
They might be expanding their empire hehehe.
They have been expanding their empire, checked the Philippine West Sea and Scarborough issue, they are expanding territories and aggressively building military installations to that island who is still in dispute.
So regardless of their plans on bitcoin, whether they are out for good or not, there are more pressing issues on their side, specially trade and military expansion around that region.
China has also declared that they are strengthening their military ties with North Korea. I speculate next would be Iran, Pakistan and some countries in Asia that have become victim of China’s debt trap policy. Also, one of the first signs of this forewarning is when your country allows testing of China’s vaccines on your children.
There are some people in China that says the Chinese government wants to begin giving vaccines to their children, however, it requires more testing on real children. I speculate it would be first tested on the children of countries indebted to China.
The North Korean and Chinese leaders expressed their desire Sunday to further strengthen their ties as they exchanged messages marking the 60th anniversary of their countries’ defense treaty.
Source https://apnews.com/article/health-china-coronavirus-pandemic-north-korea-8fc7a269318c481035c43b030754cbf0
Sooner or later, however, a similar situation with an almost complete ban on the use of cryptocurrencies by the Chinese government had to happen. Previously, the Chinese government was in no hurry, but now they are preparing to launch their digitized yuan and this is pushing them to take measures to eliminate all possible competitors of their digitized currency.
The launch of their digitized Yuan might be one of the reason, but for me they have a complete dictatorial government and they do not like to give their citizen any privacy in any form and they do not want them to have financial freedom and hence they are trying their best to restrict in its roots.On the other hand, to be constantly dependent on the possible provocations of this government and to have a constant source of bad information, something had to be done about it. It is better to solve this problem earlier and finally, than it could appear at the most inopportune moment.
Everyone is really sick of these news whenever the market is rallying but i do not think these specific news is solely responsible for the market correction and we have used them as an excuse 
. 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.
Sooner or later, however, a similar situation with an almost complete ban on the use of cryptocurrencies by the Chinese government had to happen. Previously, the Chinese government was in no hurry, but now they are preparing to launch their digitized yuan and this is pushing them to take measures to eliminate all possible competitors of their digitized currency.On the other hand, to be constantly dependent on the possible provocations of this government and to have a constant source of bad information, something had to be done about it. It is better to solve this problem earlier and finally, than it could appear at the most inopportune moment.
Quote
lets take antpool. the highly controversial pool deemed always as "china"
seems it went from 30ex down to 10exa. but is now recovering and getting to 14 exa in recent days
https://btc.com/btc/pool/29?id=29&chart=hashrate
so it doesnt seem like they are "out"
seems their ultimate bottom july1st (10exa) :- lets call that point X
seems their ultimate peak hashrate X-1.5 month (>30exa)
seems their next step down was X-1 month(>20exa)
and now X+2weeks they are recovering at 14exa
which seems to be on target to recover to peak of 30exa by X+1.5month
taking a look at btc.com own pool
https://pool.btc.com/en-US/pool-stats
50% of blocks it mines come from china (SZ, beijing, Shenzen)
again seems "china" is not out
seems it went from 30ex down to 10exa. but is now recovering and getting to 14 exa in recent days
https://btc.com/btc/pool/29?id=29&chart=hashrate
so it doesnt seem like they are "out"
seems their ultimate bottom july1st (10exa) :- lets call that point X
seems their ultimate peak hashrate X-1.5 month (>30exa)
seems their next step down was X-1 month(>20exa)
and now X+2weeks they are recovering at 14exa
which seems to be on target to recover to peak of 30exa by X+1.5month
taking a look at btc.com own pool
https://pool.btc.com/en-US/pool-stats
50% of blocks it mines come from china (SZ, beijing, Shenzen)
again seems "china" is not out
This is encouraging to see.
As long as these restrictions are limited to China, I don't have much issues. Those citizens who want to own cryptocurrency will find a way to do so - either through proxy holdings, or through exchanges that are based outside China. Actually I am surprised that China allowed cryptocurrencies such as Bitcoin and Ethereum for so long. Remember that this is a country that doesn't allow social media platforms to operate freely. Each and every aspect of economy in China is manipulated. So I was expecting a ban sometime soon. Now they are moving towards a proper ban, the question is whether they will be able to implement it or not.
lets take antpool. the highly controversial pool deemed always as "china"
seems it went from 30ex down to 10exa. but is now recovering and getting to 14 exa in recent days*
https://btc.com/btc/pool/29?id=29&chart=hashrate
so it doesnt seem like they are "out"
seems their ultimate bottom july1st (10exa) :- lets call that point X
seems their ultimate peak hashrate X-1.5 month (>30exa)
seems their next step down was X-1 month(>20exa)
and now X+2weeks they are recovering at 14exa
which seems to be on target to recover to peak of 30exa by X+1.5month
taking a look at btc.com own pool
https://pool.btc.com/en-US/pool-stats
50% of blocks it mines come from china (SZ, beijing, Shenzen)
again seems "china" is not out
edit 12th july:
*antpool now hitting into the 15exa range
seems it went from 30ex down to 10exa. but is now recovering and getting to 14 exa in recent days*
https://btc.com/btc/pool/29?id=29&chart=hashrate
so it doesnt seem like they are "out"
seems their ultimate bottom july1st (10exa) :- lets call that point X
seems their ultimate peak hashrate X-1.5 month (>30exa)
seems their next step down was X-1 month(>20exa)
and now X+2weeks they are recovering at 14exa
which seems to be on target to recover to peak of 30exa by X+1.5month
taking a look at btc.com own pool
https://pool.btc.com/en-US/pool-stats
50% of blocks it mines come from china (SZ, beijing, Shenzen)
again seems "china" is not out
edit 12th july:
*antpool now hitting into the 15exa range
I am moved by the Chinese community, I also concern the pressure that the Chinese government has imposed with its regulations and prohibitions. For a moment I put myself in the place of a Chinese citizen, not being able to access all my Crypto Apps. The feeling has been horrible because of what it represents for me. Because once we discovered Bitcoin and Crypto space everything that moves around us gives us the freedom to choose and if we lack a bank account is a solution.
if.this is.true then crypto will again experience a price decline.as it.did before, with this incident.we can.buy bitcoin again at a relatively.cheap price and this will greatly.affect the crypto world because today the business.world is.very influential.with the intervention.of countries.such as China which can.change a world market price, including in.the crypto world, this is.something we need to be aware.of and anticipate.if this happens.in the future
This news is not new to us as China keeps on banning crypto so they can launched their own digital currency. Maybe the crypto market was affected before that turned the market into a sudden bearish but with this present one, i don't think it will create another huge impact again.For me, even if China has banned all its crypto related activities, i think there are still residents who secretly hold bitcoin for their own benefits. A single country may have all the resources to ban bitcoin and its crypto related but it can never control the people who are still into bitcoin secretly.
if.this is.true then crypto will again experience a price decline.as it.did before, with this incident.we can.buy bitcoin again at a relatively.cheap price and this will greatly.affect the crypto world because today the business.world is.very influential.with the intervention.of countries.such as China which can.change a world market price, including in.the crypto world, this is.something we need to be aware.of and anticipate.if this happens.in the future
@temple. Agreed! I have read some news articles on how China has militarized its southern border facing India and had a skirmish versus the Indian military using spiked clubs that killed Indian soldiers and their captain. You can google China India border fight to find that article.
They might be expanding their empire hehehe.
They might be expanding their empire hehehe.
They have been expanding their empire, checked the Philippine West Sea and Scarborough issue, they are expanding territories and aggressively building military installations to that island who is still in dispute.
So regardless of their plans on bitcoin, whether they are out for good or not, there are more pressing issues on their side, specially trade and military expansion around that region.
@temple. Agreed! I have read some news articles on how China has militarized its southern border facing India and had a skirmish versus the Indian military using spiked clubs that killed Indian soldiers and their captain. You can google China India border fight to find that article.
They might be expanding their empire hehehe.
They might be expanding their empire hehehe.
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
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
Wow... I've been dealing with that thought process, too. They are spending so much money on military education, technology and engineering that I believe one day it is going to be put to use. All the projects they have going for them. There a very interesting reports and documentaries you can watch. They are going to be the real superpower in the world. They are extremely rich and have established influence all over the world. I have no idea what the future has cooking for us, but I wouldn't exclude any scenario from the list of possibilities.
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.
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.
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.
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.
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
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
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.
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.
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.
@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
In any case, this is a list of actions the Chinese government has done last month.
Source https://www.kanaandkatana.com/markets
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.
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.
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.
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.
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.
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" If they ban it, it becomes more desirable and that has the opposite affect on what they actually intended.
Also, most things that are banned... goes underground... like the Chinese citizens use of the Internet and bypassing the "Great Firewall"
If they ban it, it becomes more desirable and that has the opposite affect on what they actually intended.
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.
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.
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.
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.
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.
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%
Current Pace: 74.7138% (1559 / 2086.63 expected, 527.63 behind)
Next Difficulty Change: between -25.2829% and -24.2994%
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.
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.
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.
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.
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.
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.
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.
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.
That article is a whole lot of unnecessary research. China is not a country. It is a fiefdom run by the one party, CCP. The Chinese people had started to hope against hope that the CCP will continue to let them do "crypto". If you go to any of the recent projects, you'll see a Chinese community in there. This meant that the people liked crypto. Now the idea behind people forming communities and governance mechanisms online is something that the CCP naturally views as a corruption. The basic philosophy is one of decentralization and democracy.
The party controls what the Chinese think. It has worked hard over the years to mould them into workers and consumers suitable for the job assigned and to provide an internal market for growth. Suddenly, these people are having ideas about "governance" and "decentralization". To a party that keeps an eye on everything that the people there discuss and access on the internet, this is a dangerous idea. One that can easily "poison" the minds of their population they have worked so hard to zombify.
The shifting of miners will be a short term pain and I think, overall, bitcoin is better off getting rid of the CCP.
The party controls what the Chinese think. It has worked hard over the years to mould them into workers and consumers suitable for the job assigned and to provide an internal market for growth. Suddenly, these people are having ideas about "governance" and "decentralization". To a party that keeps an eye on everything that the people there discuss and access on the internet, this is a dangerous idea. One that can easily "poison" the minds of their population they have worked so hard to zombify.
The shifting of miners will be a short term pain and I think, overall, bitcoin is better off getting rid of the CCP.
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.
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.
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.
The situation in China is actually democratic and freer than what was before, it doesn't look very communist at all. If you notice some of the news journals today somehow are criticizing their government. They however know how to play the game now, they know they have more control now including the media in the west. The crackdown will be temporary. They probably move the miners to Texas which the land is also owned by the Chinese.
The Chinese government knew BTC is also a threat to their CDBC so they could design an attack on BTC. The government probably have bought BTC from the miners a long time ago or probably even own an exchange itself. I could be wrong though.
The Chinese government knew BTC is also a threat to their CDBC so they could design an attack on BTC. The government probably have bought BTC from the miners a long time ago or probably even own an exchange itself. I could be wrong though.
So what? Nobody would lose anything if China chickens out. The miners will move to the next cheapest country, people will still keep using crypto. Maybe the prices will go lower but in the long run it will be recover from that just like it recovered from anything else before.
I still think China can't afford to kill the crypto business because they make so much money from it.
I still think China can't afford to kill the crypto business because they make so much money from it.
That article is a whole lot of unnecessary research. China is not a country. It is a fiefdom run by the one party, CCP. The Chinese people had started to hope against hope that the CCP will continue to let them do "crypto". If you go to any of the recent projects, you'll see a Chinese community in there. This meant that the people liked crypto. Now the idea behind people forming communities and governance mechanisms online is something that the CCP naturally views as a corruption. The basic philosophy is one of decentralization and democracy.
The party controls what the Chinese think. It has worked hard over the years to mould them into workers and consumers suitable for the job assigned and to provide an internal market for growth. Suddenly, these people are having ideas about "governance" and "decentralization". To a party that keeps an eye on everything that the people there discuss and access on the internet, this is a dangerous idea. One that can easily "poison" the minds of their population they have worked so hard to zombify.
The shifting of miners will be a short term pain and I think, overall, bitcoin is better off getting rid of the CCP.
The party controls what the Chinese think. It has worked hard over the years to mould them into workers and consumers suitable for the job assigned and to provide an internal market for growth. Suddenly, these people are having ideas about "governance" and "decentralization". To a party that keeps an eye on everything that the people there discuss and access on the internet, this is a dangerous idea. One that can easily "poison" the minds of their population they have worked so hard to zombify.
The shifting of miners will be a short term pain and I think, overall, bitcoin is better off getting rid of the CCP.
If this things happen then it won't be surprising or shocking. Because we already known about that China is a country where people has no freedom to use any service Against government. And public are so afraid to use any Because Govt. has a Strong cyber military who are working to track their public activists. So if they use bitcoin or irregulated things then government will know and punished them which is ridiculous. But though government thought to launch their own crypto so that they can regulated thats why they might be temporary doing this thing with others crypto. Its mine thought others can be different. Thank you.
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?
Pretty much this, it was no surprise that China wanted nothing to do with it considering they're an authoritarian regime. Many of the neighboring countries will be welcoming the miners in with open arms.
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?
Yes this time it might be different. I argued before that the crackdown might only be temporary because it was only for posturing for China’s July 1 celebration of the 100 year anniversary of the Chinese Communist party. I also based my argument by reading between the lines from articles written by journalists who might not deeply know what is happening in China.
This article shows what has changed behind the financial regulatory structure in China and why the crackdowns and the bannings might not be temporary.
Also, if they are temporary, will the miners and exchanges, otc trading desks go back and risk for another crackdown again? The environment in China is very discouraging for the cryptospace.
Prior to 2018, China’s financial regulatory system was constructed as a “one bank, three commissions” hierarchy, with the People’s Bank of China (PBOC) functioning as the central bank, the China Banking Regulatory Commission (CBRC), China Insurance Regulatory Commission (CIRC) and the China Securities Regulatory Commission as the three commissions. (Later on in 2018, in response to increasing risk-taking behavior from insurance companies, the CRBC and CIRC were combined into one entity, but that is beyond the scope of this article).
In 2017, an additional regulatory body was established by the name of Financial Stability and Development Committee (FSDC). The difference between FSDC and previous regulatory committees is its seniority – FSDC is directly under the State Council, the chief administrative authority of China, essentially overlooking the other committees aforementioned.
Tasked with the important task of supervising monetary policy, financial regulation and above all, preventing systemic financial risk, the FSDC is helmed by the Vice Premier of China, Liu He, who is notably more highly ranked than the heads of the other regulatory commissions and PBOC. There is no direct parallel in the US, as the SEC, CFTC, FinCEN, and the Federal Reserve are only granted legislative and regulatory power over their respective verticals.
While the May 21st notice itself lacked details regarding how enforcement would look like, it differs from previous similar calls for regulation in that it was signed off personally by Vice Premier Liu. This signalled that a crackdown was likely a high priority for China.
Read in full https://insights.deribit.com/market-research/china-fud-understanding-chinas-recent-crypto-regulations/
This article shows what has changed behind the financial regulatory structure in China and why the crackdowns and the bannings might not be temporary.
Also, if they are temporary, will the miners and exchanges, otc trading desks go back and risk for another crackdown again? The environment in China is very discouraging for the cryptospace.
Prior to 2018, China’s financial regulatory system was constructed as a “one bank, three commissions” hierarchy, with the People’s Bank of China (PBOC) functioning as the central bank, the China Banking Regulatory Commission (CBRC), China Insurance Regulatory Commission (CIRC) and the China Securities Regulatory Commission as the three commissions. (Later on in 2018, in response to increasing risk-taking behavior from insurance companies, the CRBC and CIRC were combined into one entity, but that is beyond the scope of this article).
In 2017, an additional regulatory body was established by the name of Financial Stability and Development Committee (FSDC). The difference between FSDC and previous regulatory committees is its seniority – FSDC is directly under the State Council, the chief administrative authority of China, essentially overlooking the other committees aforementioned.
Tasked with the important task of supervising monetary policy, financial regulation and above all, preventing systemic financial risk, the FSDC is helmed by the Vice Premier of China, Liu He, who is notably more highly ranked than the heads of the other regulatory commissions and PBOC. There is no direct parallel in the US, as the SEC, CFTC, FinCEN, and the Federal Reserve are only granted legislative and regulatory power over their respective verticals.
While the May 21st notice itself lacked details regarding how enforcement would look like, it differs from previous similar calls for regulation in that it was signed off personally by Vice Premier Liu. This signalled that a crackdown was likely a high priority for China.
Read in full https://insights.deribit.com/market-research/china-fud-understanding-chinas-recent-crypto-regulations/
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