China says no to miners mean something else - page 4.

tokoorochan

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Quote from: ven7net on July 11, 2021, 04:41:57 PM

Quote from: TheMimic1 on July 11, 2021, 07:20:45 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.

ven7net

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Quote from: TheMimic1 on July 11, 2021, 07:20:45 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.

strunberg

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Quote from: TheMimic1 on July 11, 2021, 07:20:45 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?

it is good for cryptocurrency market in my opinion , there is no centralized miner in China only. So far we know in this country biggest miners was located , and they take so huge roles in market. Once there are fud from China it always give huge impact to market , but today since China crack down miners and most of them reallocation to other countries we will have more healthy market and its will truely decentralized. China will have less power in crypto market so they could not spread FUD as they please.

Serco

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Quote from: Argoo on July 11, 2021, 04:29:54 PM

Quote from: DapanasFruit on July 11, 2021, 09:07:31 AM

In my own view, the overarching reasons why the Chinese government has decided to ban Bitcoin and its mining are the following: 1. Bitcoin is something they may have a hard time to control and control is always at the center of the government even up to now and anything that can threaten this control will really have to be kicked, and 2. They don't want anything that can compete with their own digital yuan and Bitcoin is taken as a possible competitor, so they don't like Bitcoin. Now, it would be an insult to them if they hate Bitcoin and then continually allow its mining right within its jurisdiction.

I also generally support such arguments. The Chinese government has always had its own way of developing the economy and a decentralized cryptocurrency clearly does not fit into their plans. Until that time, they did not infringe on the cryptocurrency systematically and at a high level. This has now happened as the Chinese government prepares to officially launch its digitized yuan and cryptocurrency, and private and commercial stablecoins are its direct competitors. The current decision of the Chinese authorities is serious and for a long time.

and due this reason they need to kill another cryptocurrency to make their own digital currency make domination inmarket. since several years ago they always has reason to crack down crypto market , start from miner till recently finance institution. As we know China always banned everything that could not controll and google could be an example for this.

Argoo

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Quote from: DapanasFruit on July 11, 2021, 09:07:31 AM

In my own view, the overarching reasons why the Chinese government has decided to ban Bitcoin and its mining are the following: 1. Bitcoin is something they may have a hard time to control and control is always at the center of the government even up to now and anything that can threaten this control will really have to be kicked, and 2. They don't want anything that can compete with their own digital yuan and Bitcoin is taken as a possible competitor, so they don't like Bitcoin. Now, it would be an insult to them if they hate Bitcoin and then continually allow its mining right within its jurisdiction.

I also generally support such arguments. The Chinese government has always had its own way of developing the economy and a decentralized cryptocurrency clearly does not fit into their plans. Until that time, they did not infringe on the cryptocurrency systematically and at a high level. This has now happened as the Chinese government prepares to officially launch its digitized yuan and cryptocurrency, and private and commercial stablecoins are its direct competitors. The current decision of the Chinese authorities is serious and for a long time.

wxa7115

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Quote from: TheMimic1 on July 11, 2021, 07:20:45 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?

It is clear what China wants, they want control of their citizens but you cannot have that when there is a currency out there that no one can control, also they hate miners more than anything because in the case of the people that get their coins by buying them with fiat they can at least tell that at some point they sent money to an exchange and then that money never came out signaling that there was a purchase, and they could use their influences to eventually track those coins out of the exchange as well.

But in the case of mining this is not possible, if you buy your mining equipment second hand or with cash then they cannot track you and see how many coins you are getting and they like this even less, so they decided to go for a full ban on mining activities, however while this will get rid of the bitcoin mining problem in their country they cannot get rid of the problem of their citizens buying bitcoin precisely to resist their draconian laws.

bison

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Quote from: nira09 on July 11, 2021, 07:37:10 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.

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.

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Quote from: TheMimic1 on July 11, 2021, 07:20:45 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 makes sense because, first, the government can not control how much the miner can profit. Second, the government wants to use the energy for their own purpose. Third, the government does not want to see their people become rich from crypto because they can do anything with their officers once they are rich.

But whatever the reason, I hope someday, the Chinese government can allow the miner and their people to use bitcoin. If it is necessary, the Chinese government can involve in bitcoin mining with their own resources.

Jackl87

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Quote from: nira09 on July 11, 2021, 07:37:10 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.

I guess the decision to ban mining operations in china have the pretty simple reason. It is a political decision to reduce or completely eliminate "superfluous" energy consumption for the sake of the environment. This is simply the current zeitgeist and from the Chinese government's point of view, it makes perfect sense to pass such a law. All environmentalists welcome this decision, but at the same time it is of course a setback for cryptos in China as a whole. Everyone knows that the Chinese government has always had a rather negative attitude towards cryptos and has already passed several laws that make the use of cryptos more difficult or hinder it.

Reid

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I don't believe that's all the reason behind it.
It's a big country and all their rules and regulations must be for all and not individually.
It also has nothing to do with making people millionaires.

IMO, it must be because people don't understand the risk they are taking and they don't want that to happen to most of their countrymen. Or, they just want their new digital currency to be used more rather than the unknown.

worle1bm

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Quote from: TheMimic1 on July 11, 2021, 07:20:45 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?

China FUD is not new thing to bitcoin market and they have made several attemps to ban bitcoin but nothing major negative effect have been made on prices in long run.This time they have attacked the miners inspite of earning from them but they have banned most of the social platforms in the country and media is also controlled by communist party for which they will not let people live freely in their lifestyle.But bitcoin won't be under their control so no major effect will be there like miners will be welcomed at other crypto friendly places and business will run again.

MusaMohamed

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Quote from: [email protected] on July 11, 2021, 11:49:35 AM

that means the government doesn't want to deal with taxes from crypto. the regulations that are carried out are for no mining and crypto use there. this is not tax-related I guess.
The Chinese government is more of a judge, maybe the crypto market can destroy the stock market and investment projects in China. isn't that very possible?

Chinese government do not ban all crypto mining and trading. The only ban ICOs and Bitcoin mining in Inner Mongolia.

Not all miners from China stopped mining in last two months. The 50% drop of hashrates is a good proof that Chinese miners are mining somewhere else, just outside the Inner Mongolia.

Tax, Chinese government want it, from miners, traders and investors. Pay them tax from your activities, operations z earnings and you can keep mining, trading, investing.

sapnu

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Quote from: TheMimic1 on July 11, 2021, 07:20:45 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?

Recently, China's decision of banning crypto usage in their country has been making so much noise and it has made a huge impact on bitcoin's price after the news came out. There are a lot of possible reason behind this decision and one of which is that the government is secretly investing in crypto and are trying to take all the possible quantity in mining. It can also be because they are preparing for something bigger wherein after a long while of restricting crypto mining, they will open up to the world that they will be regulating crypto. China is a powerful country and they will do anything to lead the world in almost every aspects.

[email protected]

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that means the government doesn't want to deal with taxes from crypto. the regulations that are carried out are for no mining and crypto use there. this is not tax-related I guess.
The Chinese government is more of a judge, maybe the crypto market can destroy the stock market and investment projects in China. isn't that very possible?

MusaMohamed

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Quote from: TheMimic1 on July 11, 2021, 07:20:45 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?

It can be temporary fud from China when the nation is in temporary shortages of energy. When season changes and the shortages become less severe, government there can flip their ban.

Miners will come back and hashrates will increase again with huge supply from miners are shutting down their rigs.

Not only Chinese government but also others want to get tax. They have gains from crypto trading s so soon they will make more regulations to have gains from Bitcoin and cryptocurrency mining.

It is unfair when miners get big gains but don't share anything to governments.

judeafante

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Quote from: TheMimic1 on July 11, 2021, 07:20:45 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 definitely right in your opinion, but will the miner follow the instruction, they will always find a way to mine, maybe hidden or they will relocate, they have made money and will want to continue making money through mining, it's now the opportunity of other miners from other countries to take over and start making money, it's going to be a big shift, from China miners to other countries.

BitcoinPanther

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Quote from: DapanasFruit on July 11, 2021, 09:07:31 AM

In my own view, the overarching reasons why the Chinese government has decided to ban Bitcoin and its mining are the following: 1. Bitcoin is something they may have a hard time to control and control is always at the center of the government even up to now and anything that can threaten this control will really have to be kicked, and 2. They don't want anything that can compete with their own digital yuan and Bitcoin is taken as a possible competitor, so they don't like Bitcoin. Now, it would be an insult to them if they hate Bitcoin and then continually allow its mining right within its jurisdiction.

Well to say it in a simple way, China doesn't want any activities that does no benefit their own scheme. They are doing a process of elimination in order to have a full control over their citizen's finance. Still, this is just a gossip until it is officially published by the Chinese government since this is just a hearsay from a friend as what the OP said.

Gozie51

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China since 2017 have not been supportive of cryptocurrency. They have made one rule or another to discourage anything concerning cryptocurrency in their country, example is the banning of cryptocurrency ico then. The mining issue has come again in China. I think early this year, miners also had issues there. I think most government are really fighting cryptocurrency because of selfish reason of trying to protect there own currency and also they do that because they feel threatened by the emergence of new millionaires but I believe they should face the business of governance and trade not to bother the people.

_MrTuyul404

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Chinese authorities say cryptocurrencies disrupt economic order, and facilitate illegal asset transfers and money laundering. Analysts say Beijing is also worried about potential competition for the digital yuan and that the power-hungry business of bitcoin mining could damage the environment.

Nhazwrath

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I saw an interesting article the other day. It Claimed that most if not all chinese billionaires are fake. it makes this claim that when these billionaires go to buy say a private jet which would be a rounding error on their bottom line they never "buy" it. they borrow money and offer stock to the bank to get the jet. << just one example theres lots more.

The article said theres no good reason for someone with the networth of a few billion dollars to borrow money for a 20 million dollar plane. its almost pocket change. So the reality of the billionaire is they have such poor cashflow or their handlers in the Party will Not let them spend their money. and the only way to buy a plane is to either borrow money or offer stock.

so they really dont exist as billionaires. all Paper tiger so to speak.

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