China says no to miners mean something else

muarip

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Quote from: livingfree on July 19, 2021, 12:51:29 PM

Quote from: muarip on July 19, 2021, 08:17:03 AM

Quote from: livingfree on July 18, 2021, 09:52:29 AM

Quote from: ?? on ??

It becomes a big threat to the Chinese state if they cannot learn or understand about Bitcoin or other virtual currencies. If you look at the many Asian countries that continue to invest with China, surely China has a specific purpose.

They know about cryptocurrencies and they understand it. There's just an internal purpose why they're stopping the miners to operate.

It could be a strategy that will become a bomb later, I thought of such a thing to see a sizeable advantage of the country. Maybe something big will happen in the next few years.

We don't know.

But AFAIK, they have their CBDC and that could be the bomb that you're defining and that's really for sure will be dropped within the next years.

Or as early as next year.

Terrible things that will happen in the next year, maybe this is your prediction in the next year but all must be careful with what will happen later. something bad will come later for some countries or some people.

muarip

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Quote from: livingfree on July 18, 2021, 09:52:29 AM

Maybe they will be the ones to take all of those hash rates as it sounds money to them and that's why they're lessening the hash rate that comes from their people so they'll be the ones to hold the record.

Quote from: ?? on ??

It becomes a big threat to the Chinese state if they cannot learn or understand about Bitcoin or other virtual currencies. If you look at the many Asian countries that continue to invest with China, surely China has a specific purpose.

They know about cryptocurrencies and they understand it. There's just an internal purpose why they're stopping the miners to operate.

It could be a strategy that will become a bomb later, I thought of such a thing to see a sizeable advantage of the country. Maybe something big will happen in the next few years.

MusaMohamed

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Quote from: KaliLinux on July 22, 2021, 08:19:25 AM

Making is own state mining enterprise I believe will be out of the question. If the Chinese government have outrightly putting a ban to Bitcoin mining in China, I don't think they will now establish there own Bitcoin mining enterprise

They allowed the industry to grow up in China mainland because they are aware that they can gain beneficiaries from Bitcoin mining. From selling ASICs, tax to several other things. They will lift their ban on bitcoin mining soon.

The terrible flood days ago in China can be a good evidence that this drop of hashpower can be just seasonal drop because of weather, flood, lack of energy in the nation. When the rain and flood season ends, mining in China will be back.

Quote

I think because of the negative FUD that has been happening around Bitcoin mining and energy consumption/the ecosystem, China really what's to separate itself from that FUD. Many other things could be responsible for their decision and action and somehow we might get to understand why some day.

Bitcoin mining industry globally consume less energy than many nations. End that fud.
Bitcoin mining industry uses more renewable energy than other industry. End another fud.

Q2 2021 Global Bitcoin Mining Data Review
Bitcoin Mining Council Survey Confirms Sustainable Power Mix
Bitcoin Mining network December 2019 - Coinshares

KaliLinux

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Quote from: nira09 on July 11, 2021, 06:37:10 AM

I also don't fully understand the meaning of the Chinese government's ban on Bitcoin and miners. is it possible that the Chinese government will make its own mining "state-owned enterprise"? just like when the Chinese government banned Bitcoin and then planned to create their own digital currency.

Making is own state mining enterprise I believe will be out of the question. If the Chinese government have outrightly putting a ban to Bitcoin mining in China, I don't think they will now establish there own Bitcoin mining enterprise. I think because of the negative FUD that has been happening around Bitcoin mining and energy consumption/the ecosystem, China really what's to separate itself from that FUD. Many other things could be responsible for their decision and action and somehow we might get to understand why some day.

livingfree

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Quote from: muarip on July 19, 2021, 08:17:03 AM

Quote from: livingfree on July 18, 2021, 09:52:29 AM

Quote from: ?? on ??

It becomes a big threat to the Chinese state if they cannot learn or understand about Bitcoin or other virtual currencies. If you look at the many Asian countries that continue to invest with China, surely China has a specific purpose.

They know about cryptocurrencies and they understand it. There's just an internal purpose why they're stopping the miners to operate.

It could be a strategy that will become a bomb later, I thought of such a thing to see a sizeable advantage of the country. Maybe something big will happen in the next few years.

We don't know.

But AFAIK, they have their CBDC and that could be the bomb that you're defining and that's really for sure will be dropped within the next years.

Or as early as next year.

jostorres

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Quote from: apa don on July 17, 2021, 01:14:45 PM

Quote from: carrigan on July 16, 2021, 06:54:13 PM

China always has hidden secrets and purposes for everything that they are doing and planning.
They are smart and China is a big country. So far, much bad news comes from this country, moreover about the Bitcoin ban.
And we don't know whether it has a relation to politics or their economic purpose.

Yes, I totally agree with that, China is a smart country in every way, but China doesn't want to compete hard in terms of the current digital market assets, because with the current digital market assets, right, Then the Chinese economy will go down by itself.
and digital market assets are now happening, China will ban it in that country, because China doesn't want unwanted things to happen, right.

Chinese economy will go down thanks to crypto with or without needing miners in their nations. It doesn't matter if they ban crypto in their nation because the reality is that they are still going to have a horrible problem because other nations will grow richer thanks to crypto whereas they will not grow to their standards. This is crypto, it is basically making everyone rich as long as they wait, and china will be left behind. Think about it, Chinese miners were making billions of dollars every year and where did that money came from? Mostly Europeans and Americans, so china literally said no thanks to billions of dollars every year.

What I believe will happen next is that we are going to face with a lot of backlash from miners in china, it is a dictatorship so it won't be in the official backlash but more like "convincing of the party" basically.

$anounimus$

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Quote from: bastian466 on July 18, 2021, 12:13:44 PM

I think this prohibition refers to taxation because the China government has not been able to issue the size of the tax that must be paid from mining revenues, on average all governments have to levy taxes on income and valuables, I feel it is natural that crypto mining is a government concern because can generate large amounts of money and consume electricity, recently in my country a miner was convicted of being caught stealing electricity to avoid electricity billing

Yes, it could be that as you say this is also true because every country clearly applies taxes on everything that can generate money and use electricity, because cryptocurrency mining always consumes more electricity than others, so the state always monitors it carefully

Findingnemo

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Quote from: 2tang on July 18, 2021, 11:16:54 AM

Quote from: Findingnemo on July 18, 2021, 09:45:19 AM

I saw some videos in YouTube about miners being shutdown by the one who runs it, so its is actually shutting down but China has been imposed lot of restrictions over cryptocurrency for very long time but none of tbem stopped the actual market.

Yes, obviously nothing can stop the cryptocurrency market even though China has restricted cryptocurrency miners in their territory, because that is also part of the country's strategy in terms of maintaining a real economy.

China is actually having better economy in this 2021 so they have no reason to ban the crypto miners because it gives opportunities for their citizens to make money. From this we can understand that the main motive behind banning the crypto related things is only to not to give so much freedom to their people which isn't surprising as well because China never has been a country who care about their people.

bitcon

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Quote from: TheMimic1 on July 11, 2021, 06:20:45 AM

What do you guys think about this? I have friend in China and they told me that their government don't want people to mine any more even if you decide to pay them 10% of your mining reward or pay more electricity bill, their plan is no more miners in the country, what do you think is going on here?

My own reply is the government don't want self made millionaires, they want more workers for the government and crypto mining isn't making that happen, am I wrong?

Everything is because of chinese political structure. The government wants to subjugate and control people, but crypto is unregulated so they can’t let it develop. They are trying to replace cryptocurrencies by creating digital yuan, but it is not the same as ordinary crypto as they will still be regulated by the government. Authorities can't accept such a strong economic rival, so they restrict everything that is connected with crypto.

Argoo

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Quote from: aioc on July 18, 2021, 10:18:55 AM

Quote from: TheMimic1 on July 11, 2021, 06:20:45 AM

What do you guys think about this? I have friend in China and they told me that their government don't want people to mine any more even if you decide to pay them 10% of your mining reward or pay more electricity bill, their plan is no more miners in the country, what do you think is going on here?

My own reply is the government don't want self made millionaires, they want more workers for the government and crypto mining isn't making that happen, am I wrong?

You are right in some ways but that won't stop these miners to stop their operation they will find a way even illegally, they made a good profit from mining and they will be made more money, not the best and right time to stop, they will either go underground or just transfer a country that will suit their needs as a miner.

In my opinion, the point here is not in relation to individual groups of people, to whom the government for some reason has claims or does not want to enrich them. The situation is much broader and the government wants to significantly strengthen its economy so that it is not only competitive with advanced economies, but also significantly surpasses them in the future. To do this, they create a digitized yuan in a special way and now clear the way for its circulation and remove competitors, which to some extent is a decentralized cryptocurrency, as well as private and commercial stablecoins.

bastian466

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I think this prohibition refers to taxation because the China government has not been able to issue the size of the tax that must be paid from mining revenues, on average all governments have to levy taxes on income and valuables, I feel it is natural that crypto mining is a government concern because can generate large amounts of money and consume electricity, recently in my country a miner was convicted of being caught stealing electricity to avoid electricity billing

2tang

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Quote from: Findingnemo on July 18, 2021, 09:45:19 AM

I saw some videos in YouTube about miners being shutdown by the one who runs it, so its is actually shutting down but China has been imposed lot of restrictions over cryptocurrency for very long time but none of tbem stopped the actual market.

Yes, obviously nothing can stop the cryptocurrency market even though China has restricted cryptocurrency miners in their territory, because that is also part of the country's strategy in terms of maintaining a real economy.

aioc

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Quote from: TheMimic1 on July 11, 2021, 06:20:45 AM

What do you guys think about this? I have friend in China and they told me that their government don't want people to mine any more even if you decide to pay them 10% of your mining reward or pay more electricity bill, their plan is no more miners in the country, what do you think is going on here?

My own reply is the government don't want self made millionaires, they want more workers for the government and crypto mining isn't making that happen, am I wrong?

You are right in some ways but that won't stop these miners to stop their operation they will find a way even illegally, they made a good profit from mining and they will be made more money, not the best and right time to stop, they will either go underground or just transfer a country that will suit their needs as a miner.

livingfree

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Maybe they will be the ones to take all of those hash rates as it sounds money to them and that's why they're lessening the hash rate that comes from their people so they'll be the ones to hold the record.

Quote from: ?? on ??

It becomes a big threat to the Chinese state if they cannot learn or understand about Bitcoin or other virtual currencies. If you look at the many Asian countries that continue to invest with China, surely China has a specific purpose.

They know about cryptocurrencies and they understand it. There's just an internal purpose why they're stopping the miners to operate.

Findingnemo

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Bitcoin = Financial freedom

Quote from: TheMimic1 on July 11, 2021, 06:20:45 AM

What do you guys think about this? I have friend in China and they told me that their government don't want people to mine any more even if you decide to pay them 10% of your mining reward or pay more electricity bill, their plan is no more miners in the country, what do you think is going on here?

My own reply is the government don't want self made millionaires, they want more workers for the government and crypto mining isn't making that happen, am I wrong?

I saw some videos in YouTube about miners being shutdown by the one who runs it, so its is actually shutting down but China has been imposed lot of restrictions over cryptocurrency for very long time but none of tbem stopped the actual market.

Teknisi88

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Yet crypto mining is huge in China, accounting for more than half of global Bitcoin production.
But China's State Council has suppressed Bitcoin mining and trading as part of its efforts to control financial risk.

apa don

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Quote from: carrigan on July 16, 2021, 06:54:13 PM

China always has hidden secrets and purposes for everything that they are doing and planning.
They are smart and China is a big country. So far, much bad news comes from this country, moreover about the Bitcoin ban.
And we don't know whether it has a relation to politics or their economic purpose.

Yes, I totally agree with that, China is a smart country in every way, but China doesn't want to compete hard in terms of the current digital market assets, because with the current digital market assets, right, Then the Chinese economy will go down by itself.
and digital market assets are now happening, China will ban it in that country, because China doesn't want unwanted things to happen, right.

sana54210

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Quote from: imstillthebest on July 15, 2021, 10:13:42 AM

giving them 10 percent cut and paying more for electric bills is a nice offer but they didnt accept it.
that shows that they their offcials are loyal to their duties but if that is offered in someone else for sure they wont ignore that. you could be wrong with your assumptions .
mining is only banned but not other business . i dont think they hate it when somone became rich for their own hardwork but that is honorable.

Crypto is not just about miners but the miners were a big part of the business. This means that they will definitely keep up the other business, like maybe have exchanges or have buying and selling by Chinese at least, that is going to keep going by the looks of it, hell the official Chinese some government branch publishes best crypos list every year, so it means they are doing fine.

However mining is a huge business and not getting bribed with more money is just idiotic, why? Because while they can make a lot of money for their nation, they are just not doing it because they are afraid that their power will be taken from them and that's wrong, it will give them power instead of taking it from them, mine billions of dollars worth of bitcoin each year and sell it to people from other nations. I am glad that china doesn't have that power anymore.

Psynthax

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Then just make the coin switch to POS then its all solved, although they forbid mining I think its mainly because they believe mining is the reason of their power blackout recently but I think in china crypto still alive more specifically the altcoins. Or maybe they just want the whole market for their own CBDC basically its all their plan

john_nautica

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Quote from: john_nautica on July 16, 2021, 11:26:54 AM

Quote from: bots1 on July 16, 2021, 11:00:10 AM

In my opinion, the impact of China banning cryptocurrencies has made cryptocurrency prices plummet. Not only crypto miners are prohibited by the Chinese government, other institutions are also not allowed to provide savings, agreements including crypto currency guarantees, and financial products related to crypto currencies. One of the reasons China is banning crypto is that they see crypto as disrupting the economic order.

I agree that it is seen as a threat to their existing economic orders. Also, it looks like that the Chinese government has concerns and even speculations about the volatility of cryptocurrencies. They see its power and potentials being possibly utilized for money laundering and other illegal actions. So, the government decided to just cut off everything related to cryptocurrencies.

indeed this reason makes sense. they are indeed very strict about money laundering. and they always try to control their citizens in all aspects. so banning crypto in china is the right choice for the chinese government at this time. and besides bitcoin mining also has problems for the environment. On this basis also China made a ban.

Yes, I also think that China is really after controlling their citizens, their actions and their economy in general. Although, I do not know if this is really the right decision to make. If for the illegalities that has been made with cryptocurrencies, it can be considered as a good decision. However, there are far more negative consequences, especially for the sake of their citizens, when such decision has been made.

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