China says no to miners mean something else - page 3.

muarip

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Quote from: TWW on July 12, 2021, 07:48:59 AM

Quote from: muarip on July 12, 2021, 07:44:52 AM

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. Wink

no one ever bothered about what the china excuses were or what china was planning. What is clear is that we have seen how dangerous China is in making big news.
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.

cliber

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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?

I think they do not want the birth of an independent millionaire, because they are worried that it will become a big problem for their country, usually independent millionaires don't really care about the influence that is happening in their country, they are more likely to live independently without any rules, this concern is what is sweeping their country, so the fear of not wanting to work with the government is a ghost for the country, in terms of social control, independent millionaires are much higher than government workers, considering that the financial source they spend is their own capital to socialize or help more people without having to report their financial sources to the authorities that have been set

Bitcoinjheta

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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?

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.

Evgenklm

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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.

btcltcdigger

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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?

IMO they couldn't find a foolproof way to tax them, and decided to ban them altogether.
And this will not only happen in China. Any government that smells money which they can't tax, or they do tax but there's a way around it, will ban it.

jostorres

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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?

I do not think that it really changed a lot, I mean China never liked bitcoin anyway so why worry? I think we should just ignore it. It is not just about self made rich people, look at Jack Ma, they are very happy about him making a huge business because they just took over, and even kept that guy away from the world for months and months, have you ever seen anything like that in other nations? Don't get me wrong USA is a horrible nation in 1 million different ways, people are dying because they can't buy insulin they need while there are rich people who buy yacths that have helicopter pads (or helipads) and that is just insane to think that you can't even increase the tax of people who make more than 10 million dollars a year to 2% higher a year because then you will be called communist.

However even while at that, you never see government doing bat shit crazy thinks like kidnapping rich people and threatening them, so I would still prefer USA if I had a choice. Just ignore China completely, that is the only way.

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Quote from: masterrex on July 12, 2021, 09:04:22 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 know that the Chinese government is run by the Powerful Communist Party and their own word is the law in China, If the Communist Government has warned you it means that they are dead serious to enforce that law, If the Government says that mining all kinds of cryptocurrency is not allowed in China it must be enforced with all might that's their law they don't care about those self-made millionaires they only care about is their own interest and since they have the CBDC project (Digital Yuan) that they want to protect. that's why we must consider China out of the Crypto Picture.

indeed that is the reason why china is so persistent in banning bitcoin and crypto. they have a vested interest in the digital Yuan, and bitcoin is the bottleneck. if bitcoin still existed in china, its citizens would be more interested in a more decentralized coin.

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Quote from: mobtc on July 12, 2021, 06:22:20 AM

The mining industry is basically prohibited in China. Chinese miners only go to Pakistan, Russia, the United States or countries in Southeast Asia to continue mining.
China want to promote the digitization of the renminbi, so decentralized Bitcoin is still not going well in China.

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. Wink

campusnet

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I think you're right. China want to control their people and don't give them too much freedom, which is one of the basics of crypto. And also they might consider making their ownr digital currency and destroying the competition.

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.

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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 know that the Chinese government is run by the Powerful Communist Party and their own word is the law in China, If the Communist Government has warned you it means that they are dead serious to enforce that law, If the Government says that mining all kinds of cryptocurrency is not allowed in China it must be enforced with all might that's their law they don't care about those self-made millionaires they only care about is their own interest and since they have the CBDC project (Digital Yuan) that they want to protect. that's why we must consider China out of the Crypto Picture.

TWW

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Quote from: muarip on July 12, 2021, 07:44:52 AM

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. Wink

no one ever bothered about what the china excuses were or what china was planning. What is clear is that we have seen how dangerous China is in making big news.
not just in the crypto market, this applies to the investment stock market in the world. China is as dangerous as the US.

mobtc

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The mining industry is basically prohibited in China. Chinese miners only go to Pakistan, Russia, the United States or countries in Southeast Asia to continue mining.
China want to promote the digitization of the renminbi, so decentralized Bitcoin is still not going well in China.

vv181

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Quote from: m.rifki on July 12, 2021, 03:48:53 AM

Quote from: bison on July 11, 2021, 12:20:24 PM

Maybe they want miners in China to switch to the digital currency they are going to make, and deliberately create panic after the ban is launched, because there will definitely be an effect on the value of crypto when the ban is enforced.

Yes, it is the fastest strategy to get crypto players to stop using bitcoin or other crypto assets other than the Chinese ones, because it will definitely force people who are already comfortable with the crypto world to switch to using the digital currencies they created, but it also can't guarantee people to switch because they might decide to leave China just because of the ban on bitcoin.

The miners intent is to get profitable, not to use it as a currency. Therefore, China banning mining does not correlate with forcing users to use their own CBDC. How could the miners intent to get a profit would be switched to use their centralized currency one, I'm sure there will be no incentive doing that.

After all, we couldn't exactly know why the reason and what is the motive they banned it. But noting, the whole cryptocurrencies especially Bitcoin operate in a decentralized way it sounds plausible if they want to limit it.

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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?

its not a big deal mate and for your information these kind of news from china is already done and solved, so nothing to worry about it.. If they want to build their own digital currency then who cares.? Indeed only mining is banned on their country not the crypto currency itself.. So stop worrying because this cannot affect the market anymore ..

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Quote from: m.rifki on July 12, 2021, 03:48:53 AM

Quote from: bison on July 11, 2021, 12:20:24 PM

Maybe they want miners in China to switch to the digital currency they are going to make, and deliberately create panic after the ban is launched, because there will definitely be an effect on the value of crypto when the ban is enforced.

Yes, it is the fastest strategy to get crypto players to stop using bitcoin or other crypto assets other than the Chinese ones, because it will definitely force people who are already comfortable with the crypto world to switch to using the digital currencies they created, but it also can't guarantee people to switch because they might decide to leave China just because of the ban on bitcoin.

The digital yuan is just another form of the yuan, along with cash and non-cash yuan. Since the digital yuan is completely centralized, for this reason it cannot compete with cryptocurrency. The Chinese government's bans on mining and cryptocurrency are caused by the fact that they cannot control the cryptocurrency market.

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Quote from: aylabadia05 on July 12, 2021, 04:24:39 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?

If that's true, I don't think you're wrong, or you're right. As far as I know, the Chinese government has orders that make its people obey the government's decisions. And if it really does happen, then this will have an impact on the crypto world.

Hopefully, the impact will not be too bigger because we have other countries that support crypto. Let the Chinese government ban crypto or not allow their people to use crypto because other countries will support crypto. It is normal to see the Chinese government does that because they can not control crypto or have a plan or want to use crypto for themselves and not for their people.

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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?

If that's true, I don't think you're wrong, or you're right. As far as I know, the Chinese government has orders that make its people obey the government's decisions. And if it really does happen, then this will have an impact on the crypto world.

m.rifki

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Quote from: bison on July 11, 2021, 12:20:24 PM

Maybe they want miners in China to switch to the digital currency they are going to make, and deliberately create panic after the ban is launched, because there will definitely be an effect on the value of crypto when the ban is enforced.

Yes, it is the fastest strategy to get crypto players to stop using bitcoin or other crypto assets other than the Chinese ones, because it will definitely force people who are already comfortable with the crypto world to switch to using the digital currencies they created, but it also can't guarantee people to switch because they might decide to leave China just because of the ban on bitcoin.

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Quote from: tokoorochan on July 11, 2021, 03:57:42 PM

Quote from: ven7net on July 11, 2021, 03:41:57 PM

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 believe that China's refusal to mine BTC is one of the elements of the war between the United States and China. Moreover, China has its own digital Yuan and does not need competitors. Perhaps the reasons are different, but for me personally, everything looks exactly like this. Unfortunately, we cannot know more than we can see for ourselves and understand ourselves, but it is worth noting that now an attack is underway on BTC all over the world. So at the moment we can only wait and watch what is happening, since this has already happened before and after BTC continued its development and growth.

i think its not rellated with US war , China policy purely want to controll this market and make no more decentralization for crypto market. China always want to be the winner in every field , and in this case they create their own digital currency so bitcoin and other crypto will be obstacle to reach their purpose.

Yes but a digital coin which no one will care about except Chinese people and maybe even Chinese citizens will not care.In order for a digital coin to be profitable it must show some value and surely restricting other coins in order to make this coin a winner is a bad strategy from China.I think the reason behind the ban is their new digital coin which they want to make as I don't think they care much if someone can become a millionaire there,I know a lot of people who had succeed in China,yes they are a communist country but with free economy so far.

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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?

While this may certainly be one of the key reasons behind the action of the chinese government towards the bitcoin and other coin miners in china, I think that there are more to this than what is being shown. The way china and other countries has been making decisions towards bitcoin over the years is really suspicious since some go hard on oppressing crypto enthusiasts on one point then change views and then go back again. Looking at how things have been going on like this specially on china, I can only deduce that there must be some connection; a joint effort or something to manipulate the market along with the people within it.

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