Topic: China says no to miners mean something else - page 2. (Read 704 times)
China saying no to miner in my opinion is more of politics than control. China have created an environment of economic opportunities for it's citizens, though having control on their freedom is something China will not give up. This recent China policy about miner is about the west. I am sure China that is known for secrecy will be mining bitcoin secretly as well for political reason!
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?
A no from China means yes to others. I heard that many of these miners are migrating to other countries who aren't bully to its citizens. Some of them might stop mining but those hardcore miners will probably be leaving china and operate in countries where electricity power are much low cost and renewed. 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?
China’s ban actually suppressed cryptocurrencies and caused short-term panic in the market when the ban was first issued. However, I personally think that large-scale mining migration is also beneficial to Bitcoin. In addition to reducing the dependence of Bitcoin's decentralization on Chinese miners, this is a net benefit in the long run. Bitcoin will become more decentralized in the future.
The main reasons for China’s prohibition should be well known. China produces its own national cryptocurrency. The Chinese government regards cryptocurrency and Bitcoin as a threat to its country’s cryptocurrency. He recognizes that he will not be able to control the transactions between Bitcoin and cryptocurrency.
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?
This is what i saw in the internet a few days ago about china banning bitcoin miners, there are mining cryptocurrency that they have closed, and i think that china want to control everything in their country. We all know that china is a big country and a powerful one, chinese government do not want their people to use bitcoin as cashless payment that is what i have read in an article. 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?
Maybe the regulations made for crypto miners in China are also related to subsidies or assistance provided by the Chinese government for listed companies.
many possibilities, actually, that's because China itself does not publish their problems related to crypto mining in their country.
It's still a possibility and you should also know that China is not the same as other countries in terms of any regulations, so have you lived in China for a long time? if you have, you will know how the regulations there are related to cryptocurrencies. many possibilities, actually, that's because China itself does not publish their problems related to crypto mining in their country.
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.
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.
Think about it, Chinese miners spend money in china, they are Chinese and live in china, so when they get rich, they spend that back into their country, and Chinese miners hire Chinese workers as well, and they spend their costs such as energy and all in china as well, compared to all of this, where do they get their money? Mainly from other nations, because they get bitcoin from mining and then go out there and use exchanges to sell their bitcoin and get dollars. So Chinese government is an idiot for thinking this is a good idea to ban it.
China government want fully controll cryptocurrency market , no matter they will loss income potency from their miners. Alot business that supported from this miners, start from power supply ,manufcture industry that rellated with mining tools and other part that we could not metioned it. China will loss huge potential income from taxes , if they could slowing down their ego. Now due their posiition to crypto market , their own citizen loss job and opportunity to their prosperity. 
Beijing desperately needs control, with its financial system now increasingly visible. Bitcoin, the world's largest digital currency, and other cryptocurrencies are untraceable by a country's central bank, making it difficult to regulate. Chinese authorities banned trading this month to "prevent and control financial risks".
Analysts say China is concerned about the proliferation of illicit investment and fundraising. China also has strict rules around capital outflows. "China has no open capital accounts and cryptocurrencies avoid this which is anathema to Chinese authorities," Jeffrey Halley, Asia Pacific analyst at Foreign Exchange trading firm Oanda, told AFP.
But the crypto crackdown has also opened the door for China to introduce its own digital currency, which is already in the works, allowing the central government to monitor transactions.
quoted : https://techxplore.com/news/2021-06-china-tough-crypto.html
Analysts say China is concerned about the proliferation of illicit investment and fundraising. China also has strict rules around capital outflows. "China has no open capital accounts and cryptocurrencies avoid this which is anathema to Chinese authorities," Jeffrey Halley, Asia Pacific analyst at Foreign Exchange trading firm Oanda, told AFP.
But the crypto crackdown has also opened the door for China to introduce its own digital currency, which is already in the works, allowing the central government to monitor transactions.
quoted : https://techxplore.com/news/2021-06-china-tough-crypto.html
As far as I know, the Chinese government are making their own crypto/digital currency. If bitcoin exists in their country, it will be a direct competitor of their own digital currency. Hence, the government wants to clean their country off bitcoins. So they put a ban on all sort of crypto related activities. Their people can't even access well know exchanges because of the great firewall. And if I remember correctly, the government banned all financial institution from offering crypto related services. The mining was the last thing left. They are now cleaning those miners too.
China has a digital currency that is Reminbi and I think with the idea of the MMT economic system that they created, it will have a bad impact on the coin if Bitcoin continues to be mined and China becomes a producer of Bitcoin because of the miners, there are many countries that support cryptocurrency and I think we need to give appreciation to the miners so that they don't stop mining and can immediately continue mining Bitcoin elsewhere
It's hard to understand China's aim on this. Some people say that they are afraid of the possibility that yuan could get harmed and it's because they banned cryptocurrencies and mining both. But there are also some other people who are thinking like the government cares about its profit in this so it decided to do such thing.
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. 
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 am inclined to believe that China is not very good with the environment, and the miners just gave a push to make such a decision, but I am sure that most of the miners in China will safely transfer to other countries.
Yes, for miners who have found very good results, it will be easy to think about moving to another country in order to be able to carry out mining continuously because for those who already know how it will be difficult to forget the mining they have started. 
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.
there must be something wrong with crypto mining in China. this creates a ban without any negotiation for the miners.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.
those who have already invested large sums of money should rethink how they continue their company.
what is certain is that China has made great strides by doing all that. different from many other countries. maybe China has prepared something.
and good country for cryptocurrency, but never forget first time how bitcoin popular because China become most support country for bitcoin before the banned now.
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.
there must be something wrong with crypto mining in China. this creates a ban without any negotiation for the miners.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.
those who have already invested large sums of money should rethink how they continue their company.
what is certain is that China has made great strides by doing all that. different from many other countries. maybe China has prepared something.
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?
that is the big reason also why government of China strictly implement a total banned of crypto mining in there country. Taxation are basically the main problem why they can not pursue to deal with it because digital currency are illegal and they know its a treat to there economy/fiat in the future.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?
Think about it, Chinese miners spend money in china, they are Chinese and live in china, so when they get rich, they spend that back into their country, and Chinese miners hire Chinese workers as well, and they spend their costs such as energy and all in china as well, compared to all of this, where do they get their money? Mainly from other nations, because they get bitcoin from mining and then go out there and use exchanges to sell their bitcoin and get dollars. So Chinese government is an idiot for thinking this is a good idea to ban it.
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.
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.
If china wants to do that, will he be able to beat Bitcoin later? I'm a little worried about what China is doing until now. The country has a million crazy ideas that you probably can't imagine. If you can get into it maybe you will become one of the richest people later. Crazy idea that bears sweet fruit.
not just in the crypto market, this applies to the investment stock market in the world. China is as dangerous as the US.
I also think about the big fear that later, there will be a new thing from China that makes everyone shocked and scares many people to make big profits. Should always be careful with what will happen in the future.
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