China Quitting Bitcoin Mining Is Very Positive in Long Term

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Quote from: sirminesalot on October 04, 2021, 08:34:44 PM

Yes china's bad news always have impact for market to be down but it already happen multiple times since years ago but anything bad is not happening. We should be smarter as an investor just to not believe anything pop up on media and with no filtering at all.
I'm sure whatever china do with bitcoin, it won't make bitcoins drop, and i'm also sure china has already took much advantages from bitcoin and they won't let it go.

Chinese FUD is just a drama targeted to make bitcoin price crash. Some time ago, many FUDs from China began to be spread, indeed they managed to make the price of bitcoin go down, but some time later the price of bitcoin rose again to this day.
If China continues to ban bitcoin, in the future it is likely that China will not have much effect on bitcoin.
As investors, we must also filter the information obtained, because it is very important for the Fundamental that will happen.

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So anyway, I applied as a merit source :)

Quote from: BaeSuzy on October 04, 2021, 08:31:57 PM

China was controlling big number of Mining power, That can be said to be an issue but the real issue was China banning crypto every other week, making BTC price really unstable, It's good they've left.

I would not say that they are the only ones. Tomorrow we might see another country making up ridiculous laws on bitcoin and that will affect the price similarly too.

The environmental effect of bitcoin mining is an exaggeration. This has been debunked several times in the past but seems like lobbyists who speak for the acceptance of green energy always use this as an argument to assert their pressure.

We might gradually see these green energy companies trying to arm-twist miner communities into buying their equipment for power generation and then there might be changes in their stance. What actually happens in the background is difficult to comprehend from one side of the news.

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Quote from: Fundamentals Of on October 03, 2021, 11:35:55 PM

China quitting Bitcoin mining is very positive. China quitting Bitcoin trading is also very positive. China quitting Bitcoin completely must also be very positive. I am looking forward to the news that China has finally distanced itself from Bitcoin for good. I am kind of tired reading news related to China's ban on Bitcoin which happens once in a while. It is tiring because no matter how old and repetitive it is, people are still talking about it as if it is something new.

I can feel you here mate, for how many years CHina is bullying bitcoin with their banning or freezing when the truth is Bitcoin does not need China at all, it can circulate without that country .
yeah they might have mining industry and really big but if they continue their banning then surely it will be absorbed by other country in which more functional and will welcome bitcoin open arms .

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Quote from: AakZaki on October 04, 2021, 12:36:42 PM

China plays well to manipulate the market for bitcoin to crash. expelling miners from china will not stop mining. China is influential but when the miners have left China, and some miners start with environmentally friendly energy in other countries, of course the Chinese FUD will no longer have an effect.

The total ban on bitcoin mining in China is claimed to have a long-term positive impact on China, such as reducing the use of fossil fuel energy. But it will not completely happen.

Yes china's bad news always have impact for market to be down but it already happen multiple times since years ago but anything bad is not happening. We should be smarter as an investor just to not believe anything pop up on media and with no filtering at all.
I'm sure whatever china do with bitcoin, it won't make bitcoins drop, and i'm also sure china has already took much advantages from bitcoin and they won't let it go.

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China was controlling big number of Mining power, That can be said to be an issue but the real issue was China banning crypto every other week, making BTC price really unstable, It's good they've left.

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Quote from: ene1980 on October 04, 2021, 06:31:50 PM

Quote from: Fundamentals Of on October 03, 2021, 11:35:55 PM

China quitting Bitcoin mining is very positive. China quitting Bitcoin trading is also very positive. China quitting Bitcoin completely must also be very positive. I am looking forward to the news that China has finally distanced itself from Bitcoin for good. I am kind of tired reading news related to China's ban on Bitcoin which happens once in a while. It is tiring because no matter how old and repetitive it is, people are still talking about it as if it is something new.

This has being said earlier in the forum by many, decentralization means getting the opportunity to run the mining farm globally without any restrictions and when China restricts mining then it is one less country for the miners and i wont be surprised if more countries comes out with these claims that they wont be allowing miners to burn electricity and damage the nature and at that point it is always one less country that allows you to deploy the network with freedom and i do not see that as a positive news.

When China banned Bitcoin mining, it became an instrument to have the Bitcoin mining industry became more widely scattered. During the days when China was allowing Bitcoin mining, much of the hashrate are focused in China. No wonder why when the ban was implemented and the mining companies were given the ultimatum to leave the country for good, the hashrate was falling down really hard. We are still at the phase of recovery until now. That wasn't good for Bitcoin.

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Quote from: Fundamentals Of on October 03, 2021, 11:35:55 PM

China quitting Bitcoin mining is very positive. China quitting Bitcoin trading is also very positive. China quitting Bitcoin completely must also be very positive. I am looking forward to the news that China has finally distanced itself from Bitcoin for good. I am kind of tired reading news related to China's ban on Bitcoin which happens once in a while. It is tiring because no matter how old and repetitive it is, people are still talking about it as if it is something new.

This has being said earlier in the forum by many, decentralization means getting the opportunity to run the mining farm globally without any restrictions and when China restricts mining then it is one less country for the miners and i wont be surprised if more countries comes out with these claims that they wont be allowing miners to burn electricity and damage the nature and at that point it is always one less country that allows you to deploy the network with freedom and i do not see that as a positive news.

AakZaki

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China plays well to manipulate the market for bitcoin to crash. expelling miners from china will not stop mining. China is influential but when the miners have left China, and some miners start with environmentally friendly energy in other countries, of course the Chinese FUD will no longer have an effect.

The total ban on bitcoin mining in China is claimed to have a long-term positive impact on China, such as reducing the use of fossil fuel energy. But it will not completely happen.

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Quote from: pjwaffle on October 04, 2021, 12:23:09 AM

China is starting to show disdain for bitcoin, we have called that even if the government decides to close the mining business for good, we will survive. Prices may be affected in the short term. But in the long run it will be good because the operations can be distributed globally. According to what I tracked the market price in the past time when China pulled out of the market BTC has dropped but now the price has recovered $47k ~ $48k this is really great we no longer have to dependent on China.

It's not disdain, they're just being tactical and they just want to make things difficult for the market and they want to manipulate the market, how many times have China been in involved in FUD over the years? They're always followed by dumps but they're still in this market for a long time, it's obvious, it's because they're manipulating people.

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One thing is for sure: Government Crackdowns have only worked as FUD. It's not the first time China legislates against crypto, nor it will be the last. As soon the news came out, bitcoin lost ground but it hold just fine. We are now seeing it recover. Who wouldn't say this was all just an orchestrated move with the ultimate goal of allowing Chinese investors to get more BTC at cheap prices? Besides, China is looking to launch its digital currency so, they will need to prepare grounds. I believe we should all look at the move as one of its first steps towards the implementation of its National digital currency.

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Maybe if china isn't dominating Bitcoin minning then bitcoin will spread evenly which means that the price will be more stable but still tend to rise. It is good for merchants, and when merchants adopt bitcoin then it can increase bitcoin price. That's my opinion. Today there are many countries which embrace bitcoin so I think there is nothing to worry.

pjwaffle

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China is starting to show disdain for bitcoin, we have called that even if the government decides to close the mining business for good, we will survive. Prices may be affected in the short term. But in the long run it will be good because the operations can be distributed globally. According to what I tracked the market price in the past time when China pulled out of the market BTC has dropped but now the price has recovered $47k ~ $48k this is really great we no longer have to dependent on China.

Fundamentals Of

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China quitting Bitcoin mining is very positive. China quitting Bitcoin trading is also very positive. China quitting Bitcoin completely must also be very positive. I am looking forward to the news that China has finally distanced itself from Bitcoin for good. I am kind of tired reading news related to China's ban on Bitcoin which happens once in a while. It is tiring because no matter how old and repetitive it is, people are still talking about it as if it is something new.

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Quote from: Leviathan.007 on July 07, 2021, 09:29:19 AM

SkyBridge CEO Anthony Scaramucci said in an interview with CNBC that China's move away from bitcoin mines has a very positive effect.
Despite many concerns, Scaramucci believes that China's interference in bitcoin mining has caused instability in the bitcoin flagship and a 50 percent drop in its price just after the $ 65,000 record.
He added that in the long run, ending the bitcoin mine with fossil fuels from China would solve bitcoin's environmental problem.
He was quoted as saying by Michael Saylor, CEO of MicroStrategy:
"56 percent of all BTC mining operations are performed using green energy."

Source: https://u.today/china-quitting-bitcoin-mining-is-very-positive-in-long-term-anthony-scaramucci

What the hell?! Why didn't I thought of that. That is definitely good news if you are going to think about it in the long term benefits. Since the majority of power plants in China are coal powered, then you can imagine why the bitcoin bashers like to throw crap at Bitcoin because of these environment damaging arguments that they have. Now that the miners have exited China, then they will be going to places where more sustainable sources of electricity will be used and everybody can boycott the digital yuan in return.

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Theoretically, China's blocking and suppression of bitcoin is only for you in the short term. I believe bitcoin remains bullish in the long term. Bitcoin and the market base have had a better adaptation to the first $29k FUD phase. Even going through this period, After Huobi, in turn, Kucoin banned Chinese users, bitcoin is still active with long-term accumulation. Until we erase the memory of China, that's for the best for bitcoin

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Clean energy is out of the equation. Miners will always choose a location which gives them the cheapest operating costs, which might be a place that relies primarily on fossil fuel or renewable energy, depending on which is cheaper. It has nothing to do with miners being forced out of China, because there is always another place that is reliant on fossil fuel and is also competitively priced with China. Bitcoin's environmental degradation situation has nothing to do with them moving out of China. Perhaps there might be minute changes but it is likely that the amount of carbon footprint is still too high.

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These are good news indeed. It's also an opportunity for another countries to attract and incentivize mining companies to run these businesses in their territories, increasing the local receipt to boost national economies.

If the idea of mining bitcoin with vulcanic energy from El Salvador's government works for real, I believe it will be an interesting destiny for many entrepreneurs interested in investing in this field, but if another countries are smart and have exceding energy supplies they should enter the competition as well.

In the end everyone is benefited and btc mining becomes more decentralized, that is, splitted among different countries, what difficults manipulation by governments like China has been doing so far.

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Wide distribution of the mining will happen with the network. There'll be immediate effect and the same won't gets carried forward, because when certain percentage of miners get out of the network it takes little time for the new ones to get into the market. This is something like a cyclic process, because one leaves and the same position is filled by someone else. This keeps the market stable and undisturbed.

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Quote from: JohnBitCo on October 03, 2021, 06:08:28 AM

The problem is that they won't move away from mining for a long term. They will accept crypto and they will allow mining very soon.

It might be a decoy news that they will still have their operations and will continue for some specific places only and might be a government owned facility to mine bitcoin.

Quote from: JohnBitCo on October 03, 2021, 06:08:28 AM

They have been doing this drama every year and we should be used to it.

Yeah and it's like recycling this fud again and again.

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Quote from: JohnBitCo on October 03, 2021, 06:08:28 AM

Quote from: Leviathan.007 on July 07, 2021, 09:29:19 AM

SkyBridge CEO Anthony Scaramucci said in an interview with CNBC that China's move away from bitcoin mines has a very positive effect.

The problem is that they won't move away from mining for a long term. They will accept crypto and they will allow mining very soon. They have been doing this drama every year and we should be used to it. However, if majority of the mining is moved out of china bitcoin will be less dependent and china fuds will no more be effective.

as I understand what I've seen in all these years (the Chinese government) since they declared they don't want to know about cryptocurrencies they never changed their minds, they were always firm in their decision. the Chinese government is a dismal anti-democratic government, but they know how to keep their word and if they made that decision you can be sure they won't change their minds.

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