China's game plan - page 3. | Bitcointalksearch.org

lepbagong

full member

Activity: 2268

Merit: 121

Enterapp Pre-Sale Live - bit.ly/3UrMCWI

Quote from: acener on July 01, 2021, 07:56:43 AM

Quote from: brainactive on June 30, 2021, 01:12:06 AM

Seems like China is done with Bitcoin. Hash rate has dropped by over 60% in the last few weeks, which confirms that miners are exiting China for good.

How does a Bitcoin exit benefit China in the long term? What do you guys think is China's game plan?

A lot of chatter about this being "China's trillion dollar mistake". I don't think China's dumb, so keen to hear what they might have up their sleeves.

For me they are just controlling it again trying to lower the price.
I think when the price starts to go up they would once again join into it.
They have been playing with the market banning and unbanning in the past so I think it is just the same old drama.

China has always played with bans like this and this is a repeat, I totally agree. but they have estimated the pros and cons of the ban. as a big country that is indeed mining very much there, of course it is very well calculated what it has done. the goal is clearly to seek profit which we cannot know at this time but in the future it will be seen that what China is doing is aimed at its interests.

acener

full member

Activity: 1274

Merit: 115

★Bitvest.io★ Play Plinko or Invest!

Quote from: brainactive on June 30, 2021, 01:12:06 AM

Seems like China is done with Bitcoin. Hash rate has dropped by over 60% in the last few weeks, which confirms that miners are exiting China for good.

How does a Bitcoin exit benefit China in the long term? What do you guys think is China's game plan?

A lot of chatter about this being "China's trillion dollar mistake". I don't think China's dumb, so keen to hear what they might have up their sleeves.

For me they are just controlling it again trying to lower the price.
I think when the price starts to go up they would once again join into it.
They have been playing with the market banning and unbanning in the past so I think it is just the same old drama.

CryptoStar19

jr. member

Activity: 70

Merit: 2

Quote from: brainactive on June 30, 2021, 01:12:06 AM

Seems like China is done with Bitcoin. Hash rate has dropped by over 60% in the last few weeks, which confirms that miners are exiting China for good.

How does a Bitcoin exit benefit China in the long term? What do you guys think is China's game plan?

A lot of chatter about this being "China's trillion dollar mistake". I don't think China's dumb, so keen to hear what they might have up their sleeves.

The Chinese government is worried about bitcoin competing with their newly issued CBDC. Of course bitcoin is bigger than any single country and is the new world standard of finance (only if they understood) and in time China will recognize that it's a setback for any person, institution, or country to shun bitcoin.

Xinarae*

sr. member

Activity: 1414

Merit: 326

China is preparing to challenge the dominance of the dollar at a bad time for us president donald trump. The country is considering introducing the yuan as a potential digital currency which could change the landscape of the financial sector but china's game plan is really hard to catch being the most developed country in the world they compete with all other countries. I don't think they can have much of an impact on bitcoin even if they plan games because bitcoin is decentralized.

bryant.coleman

legendary

Activity: 3766

Merit: 1217

Quote from: NeuroticFish on June 30, 2021, 01:56:46 AM

1. China is known for big announcements that bring the price down. We don't know if and how much hash rate was taken down in order to be relocated and how much hash rate was just temporarily stopped in order to support the FUD/pump and dump game. And yes, I tend to believe that China together with N Korea may play pump and dump games with Bitcoin.

2. Bitcoin leaving China may be somewhat beneficial for their game. They are already beta-testing e-CNY. They gave out for free quite some nice amounts of their coin in order to have it spent and tested out. Bitcoin may be seen as an unwanted competitor for this project. And yeah, you may have to read how many things a govt can do with their own centralized e-coin, from surveillance to (automatic) seizing the funds of undesirables.

These two are very important points. Previously, China used to tolerate Bitcoin to a certain degree. But now with the listing of digital Yuan (e-CNY), that tolerance has vanished. It is clear that their CBDC is inferior to Bitcoin, and therefore the Chinese government did what it does when one of their products can't compete with the international competitors. Personally, I believe that this will be beneficial for Bitcoin. There will be a temporary setback, but China accounting for 80% of the Bitcoin hash rate is like a ticking time bomb.

Lucius

legendary

Activity: 3234

Merit: 5637

Blackjack.fun-Free Raffle-Join&Win $50🎲

Quote from: zasad@ on June 30, 2021, 05:47:17 PM

I have not yet formed my theory, I also wrote that the Chinese CBDC will replace bitcoin, therefore such sanctions.
Does anyone think a little more globally?
The sanctions against miners will lead to the decentralization of bitcoin around the world.
Covid is only testing for the destruction of the population.
The next viruses will be more terrifying.
All evil comes from China ..

How can central bank digital currency replace Bitcoin, and even more so in China, where trading with it has been banned since 2017? CBDC is a digital version of national currencies, any comparison to Bitcoin is really ridiculous and makes no sense.

As for other theories about viruses and China as a source of evil, you might look at how much evil has come from some so-called democracies in the Western world over the past 30 years. After all, who can say for sure that the virus originated in China, maybe it's someone's plan from the beginning?

Quote from: stompix on June 30, 2021, 10:47:54 AM

I think there are two sides right now, and I find them both amusing

Feel free to add a third, because as you can see there are some who have put together very imaginative conspiracy theories - according to them, we should not worry too much about Bitcoin, because the Chinese are already working on a new deadly virus ... but first they have to deal with Bitcoin.

Distinctin

hero member

Activity: 2926

Merit: 657

No dream is too big and no dreamer is too small

Quote from: brainactive on June 30, 2021, 01:12:06 AM

Seems like China is done with Bitcoin. Hash rate has dropped by over 60% in the last few weeks, which confirms that miners are exiting China for good.

How does a Bitcoin exit benefit China in the long term? What do you guys think is China's game plan?

A lot of chatter about this being "China's trillion dollar mistake". I don't think China's dumb, so keen to hear what they might have up their sleeves.

China had no other game plan aside from forcing crypto to shut down. They actually win on their country but their want to stop it fully, that is impossible.

For several times that China is urging their people to stop mining and using crypto, the more it makes their people moving out from their country for the sake that they will continue what they are doing. It is very unfortunate how these people suffer such terrible actions which Bitcoin hasn't done bad to the economy instead it helps people to live comfortably and generate income. They are wrong chasing Bitcoin down, they will just fail.

zasad@

legendary

Activity: 1974

Merit: 4715

I have not yet formed my theory, I also wrote that the Chinese CBDC will replace bitcoin, therefore such sanctions.
Does anyone think a little more globally?
The sanctions against miners will lead to the decentralization of bitcoin around the world.
Covid is only testing for the destruction of the population.
The next viruses will be more terrifying.
All evil comes from China ..

ranochigo

legendary

Activity: 3038

Merit: 4418

Crypto Swap Exchange

Quote from: BrewMaster on June 30, 2021, 11:56:36 AM

so you are telling me that there was a dumb mining pool out there that betrayed its users and revealed their IP addresses?

Aggregated data doesn't reveal anything sensitive about their users. It is perfectly fine for them to do so and I believe this would be covered under their privacy policy as well. They aren't dumb and this isn't a betrayal.

But yes, 3 of the larger mining pools agreed to share the data.

Tolosi

member

Activity: 73

Merit: 17

China nor anybody else can accept Bitcoin as the new world's currency as long as 1.000.000 early mined Bitcons are unaccounted for.

Hamphser

sr. member

Activity: 2604

Merit: 338

Vave.com - Crypto Casino

Quote from: brainactive on June 30, 2021, 01:12:06 AM

Seems like China is done with Bitcoin. Hash rate has dropped by over 60% in the last few weeks, which confirms that miners are exiting China for good.

How does a Bitcoin exit benefit China in the long term? What do you guys think is China's game plan?

A lot of chatter about this being "China's trillion dollar mistake". I don't think China's dumb, so keen to hear what they might have up their sleeves.

When it comes to financial capacity then they wouldnt really care much on how much they had missed out or lost in terms of fiat when it comes to revenue or something like that and of course every action

would have be having corresponding reason behind it and it would really be varying into their interest but honestly, does it really matter that much? China could make those kind of decisions but i dont see for it to be a
major concern even though it can really affect on how the market moves but it isnt the end of everything.

They might have a plan but to know that the world doesnt only turns around because of China.

teosanru

hero member

Activity: 2114

Merit: 619

Quote from: brainactive on June 30, 2021, 01:12:06 AM

Seems like China is done with Bitcoin. Hash rate has dropped by over 60% in the last few weeks, which confirms that miners are exiting China for good.

How does a Bitcoin exit benefit China in the long term? What do you guys think is China's game plan?

A lot of chatter about this being "China's trillion dollar mistake". I don't think China's dumb, so keen to hear what they might have up their sleeves.

Overall, I don't think the Chinese government is worried about miners. For China, politics has been much more important than economics. This means China would not allow their resources to be used for anything which doesn't give them enough revenues at the same time they ensure that they have strict control over the spread of information due to that thing. Bitcoin promotes a free economy which is entirely opposite of the ideology that China has, when they are working okay after banning social media websites like Facebook, Twitter and even Google, then banning bitcoin won't be a big loss for them.

stompix

legendary

Activity: 2912

Merit: 6403

Blackjack.fun

Quote from: BrewMaster on June 30, 2021, 11:56:36 AM

Quote from: stompix on June 30, 2021, 10:47:54 AM

The last time the price was 30k and there was no sign of China doing anything was in January,

in January price was coming down from $42k.

Common, let's be serious...
The difficulty adjusted to 147.46 EH/s on January 9th, the price reached $40,180.37 on the 7th.
And then coming down after 3 days of staying above 40k, like any miner would check the price see it's at 40k, not 36k, and suddenly plugin 100k s9 and start hashing, and not unplugging them when the price fell to 32 two weeks later but miraculously adding more and more...
What about November 2020, when the hashrate was 137.12 EH/s, where was the price coming down from at that time? Grin

https://bitinfocharts.com/comparison/bitcoin-price.html#1y
https://bitinfocharts.com/comparison/bitcoin-hashrate.html#1y

Don't try to blame the drop on the price, it doesn't make sense!

Quote from: BrewMaster on June 30, 2021, 11:56:36 AM

maybe my calculations were off but it definitely is not a 80% drop

He said 80% out of the Chinese-based hashrate, maybe not 80% but definitely, 60% of that is gone.
Let's not forget a lot of gear has already left and is mining again in different locations, let's not forget others kept receiving gear:
https://www.globenewswire.com/news-release/2021/06/02/2240330/0/en/Marathon-Digital-Holdings-Announces-Bitcoin-Production-and-Mining-Operation-Updates-for-May-2021.html
7 000 more on top of those 5000 have come during June, and that's just Marathon, there is Riot, and many others who are not China-based.

Issa56

hero member

Activity: 1484

Merit: 928

From the little experience am having and from what I notice I believe China wants to dump bitcoin because they don't really want any competition with there digital currency that's why they are just trying to dump bitcoin but I believe the only thing China can do currently is just to stop bitcoin from pumping and I believe is just temporary, Nobody can stop bitcoin from pumping.

Shenzou

sr. member

Activity: 1414

Merit: 283

Quote from: brainactive on June 30, 2021, 01:12:06 AM

Seems like China is done with Bitcoin. Hash rate has dropped by over 60% in the last few weeks, which confirms that miners are exiting China for good.

How does a Bitcoin exit benefit China in the long term? What do you guys think is China's game plan?

A lot of chatter about this being "China's trillion dollar mistake". I don't think China's dumb, so keen to hear what they might have up their sleeves.

China is well know for controlling everything, from restricting websites to all kind of weird prohibited things, and all of that because the government wants to be able to hold control all over its people, and with bitcoin they are not able to do that, they won't be able to see who is sending money to who and for what reason, and with bitcoin being decentralized they don't have any control over it, and maybe they are trying to make their own cryptocurrency to hold control over the transactions.

Imran232

full member

Activity: 700

Merit: 182

To be honest its really impossible to predict China’s game plan. Because the whole china is one of those country which is calles mysterious. There has no freedom. So everything decides Only government. So its definitely we can say if china thinks about any types of game plan so sorry to its can't possible for us to know about that plan. Where i don't think soo Chinese general public also can't predict their government decision by staying that country. Where we are live in outside of that country so how can we say. Its my opinion others can be different thank you.

BrewMaster

legendary

Activity: 2128

Merit: 1293

There is trouble abrewing

Quote from: stompix on June 30, 2021, 10:47:54 AM

The last time the price was 30k and there was no sign of China doing anything was in January,

in January price was coming down from $42k.

Quote from: ranochigo on June 30, 2021, 11:05:21 AM

No. I believe the poster is referring to aggregate data obtained through the mining pools. From the locations of the IP, you can sample and determine the range of miners that are located within China.

so you are telling me that there was a dumb mining pool out there that betrayed its users and revealed their IP addresses?

dkbit98

legendary

Activity: 2212

Merit: 7064

Maybe Bitcoin hashrate did drop a lot but from all time high but mining pool distribution never looked better and big part of hahsrate will be back in next few weeks and months.

China obviously see Bitcoin as a real threat to their new digital yuan currency, and other countries may follow what they did with banning Bitcoin so I would not be surprised to see big world division in the future.

You can't have total control over your citizens with Bitcoin, and that is something every dictator and big corporations want, not just in China but in western world.

ranochigo

legendary

Activity: 3038

Merit: 4418

Crypto Swap Exchange

Quote from: BrewMaster on June 30, 2021, 10:20:08 AM

you are thinking of mining pools that have the name of a Chinese company attached like Bitmain. but pools are just pools not the actual hashrate.

No. I believe the poster is referring to aggregate data obtained through the mining pools. From the locations of the IP, you can sample and determine the range of miners that are located within China. There is a decent margin of error but since the hashrate was excessively concentrated within China, the margin of error is reduced further. Data appears to be accurate till April, hasn't been updated since. Peak average hashrate (or an estimate of that) is roughly 180EH, it is currently avg of 90 EH right now. Sounds about right.

China just doesn't want to deal with Bitcoin anymore. Bitcoin mining was a cash cow for them but apparently, it doesn't matter too much in the grand scheme of things.

stompix

legendary

Activity: 2912

Merit: 6403

Blackjack.fun

Quote from: Lucius on June 30, 2021, 04:40:56 AM

What a crazy obsession with China we have here on the forum, and what nonsense I read especially in my local media that this is the end for Bitcoin - as if China is the only country in the world where Bitcoin can be mined.

I think there are two sides right now, and I find them both amusing
- the ones claiming bitcoin will be dead without China
- the ones claiming China will become a 3rd world country without Bitcoin

Both going way overboard with everything, I don't know why people can place so much importance on a single things where there are thousands to pick from

Quote from: BrewMaster on June 30, 2021, 10:20:08 AM

and for your information hashrate when price was $30k last time was 100 exa hash and today that price is a little higher than $30k it is 90 exa hash (approximately) so that is a 10% drop not 80%-100% as you said.

The last time the price was 30k and there was no sign of China doing anything was in January, at that time we were flat at 147.46 EH/s, 149.05 EH/s, 153.41 EH/s for a month, so that price was able to let miners mine with that much gear, now we're seeing under 90 exahash and it's not over yet at same level prices with far more efficient gear being shipped in three batches since then.

Also, 10%? Nope. The previous retarget was on June 13, the price was 35k and now we're looking at a 26% drop..

On May 23 the difficulty was
2021-05-13 11:58:58 25,046,487,590,083 - 25.05 T
Right now we're looking at :
Next Difficulty: between 14602665475646 and 14659149779937

That's a 40%, remember that the first news about the ban started to appear in May two days before that so the ones with good connections probably were already at the border by that time.

Topic: China's game plan - page 3. (Read 682 times)