China’s Plan to Ban Bitcoin | Bitcointalksearch.org

Bushdark

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Quote from: elisabetheva on May 16, 2019, 01:03:53 PM

Quote from: olliecrypto on April 20, 2019, 06:59:38 AM

i have seen "china is banning bitcoin" for years now.
its a bit ridiculous to scream that every couple of months now, and i really don't think most people care about what might happen, because most likely china would just reverse itself as it always does a couple of months down the line

I also see what you say is not wrong, China has done something like this several times but will eventually come back to it. we know, however, China is a very large crypto user and it is not easy to prohibit it unilaterally because there will definitely be an impact that will occur.

I don't think the bank is so strict that people will not be able to bypass the ban on cryptocurrency. There are many ways to bypass the ban on Bitcoin and making people had been doing that for long now. There are also other countries that crypto is ban but there is still ways to use crypto with the government even know about it. I just hope the ban on Bitcoin and other altcoins would end as soon as possible so people that are full crypto traders and investors would be able to do there businesses without any problem at all.

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elisabetheva

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Quote from: olliecrypto on April 20, 2019, 06:59:38 AM

i have seen "china is banning bitcoin" for years now.
its a bit ridiculous to scream that every couple of months now, and i really don't think most people care about what might happen, because most likely china would just reverse itself as it always does a couple of months down the line

I also see what you say is not wrong, China has done something like this several times but will eventually come back to it. we know, however, China is a very large crypto user and it is not easy to prohibit it unilaterally because there will definitely be an impact that will occur.

Crypt0b0y5

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the reality, we don't worry, BTC will be difficult to stop. BTC volatility moves quickly every time. more users, it will be more difficult to be affected by the monetary crisis

Kemarit

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Quote from: ?? on ??

I think this action will greatly affect the Chinese economy.

Why you say so? Chinese economy is flowing not because of bitcoin mining, yes there's a lot of money involved, but I don't think it will greatly affected their economy. Wealthy Chinese has saved a lot of money and simply removing bitcoin mining would make any dent whatsoever in their economy. Their rapid growth will continue with or without the mining industry.

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Quote from: zeynabpiri on April 13, 2019, 01:47:34 PM

The National Development and Reform Commission (NDRC) revealed its intent to eliminate the bitcoin and crypto mining sector immediately in its guidance for adjustments to industrial structure published on April 1.

The list of sectors that will be encouraged, restricted and eliminated will undergo a public consultation period until May 7 according to the report of SCMP, and as such, mining facilities in China are likely to be able to operate throughout the next month or two.

Frankly speaking, if not for the population of China the US would've unbundled them long time ago and force a democracy on them. That aside, I know majority of the people here give a damn about China just for her economic strength, nothing more. Sadly, we have seen how that supposed strength didn't play out catastrophically in 2017 when the Chinese government gave Bitcoin the boot by banning it. What happened? Nothing much, if you asked me because Bitcoin still went ahead and had its ATH that 2017. In fact, the general market cap got to over $800billion (the highest till date). So, China should just give us a break and do its worst. I am less concerned.

izanagi narukami

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Whenever they do, they can inflict bitcoin value in world scale because the miner in China categorized as massive miner.
If they decide to ban, I'm pretty sure that bitcoin will downtrending

Quote from: ?? on ??

If the mining will be banned in China, I guess that chinese miners will just move to other countries and continue their operations.

But also just to share, I just watched a TV program in our country that they're not recommending and not supporting crypto to the people. And also they also said more negative comments regarding Bitcoins.

I think it's not worth to spending their moveout to other place so they will not do it

Kemarit

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I saw one thread in Speculation discussing about the "imminent" decision of the Chinese government about banning bitcoin mining here: (https://bitcointalksearch.org/topic/china-mining-decision-may-7-5139131). Interesting topic to read so I urge everyone to go on that thread and read the comments. Personally though, I see that it have a negative impact in the market because we all know that they have the monopoly of mining, but then again, I'm sure that bitcoin will survived with China in the equation.

marcbitcoins

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It will be the Chinese loss if they will ban the Bitcoin mining. Although Bitcoin is not the number 1 crypto currency in this nation but still majority of the world nations are making Bitcoin the number 1 crypto currency investment therefore i think the Chinese should think again of this potential earnings from Bitcoin which is better than none.

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Quote from: coupable on April 29, 2019, 03:32:06 PM

The same idea still comes into my mind at first sight of "Country X plan to ban bitcoin" : But it's technically impossible.
It looks more coherent that a government like China can ban mining by low enforcement, when it looks dumb from some other countries. I recently here this statement from the director of the central bank in my country.

As mentioned china is not banning bitcoin and using it. Just for mining it I guess because they have low cost of electricity and are seeing they are losing out on collecting from these large mining operations for the amount they are making in selling it afterwards. They want their cut into these profits I would imagine.
Countries such as India are talking about banning it outright yet again and I believe south asia countries such as vietnam and indonesia have before.
According to this list below china has tried to ban its use five times in the past but have failed to do so.
https://www.buybitcoinworldwide.com/bitcoin-bans

Spaffin

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I'm already tired of periodically reading the reports that China is going to ban cryptocurrency. Such messages appear regularly since the summer of 2017. Now I would even like to see whether such a large state like China can control its prohibition of cryptocurrency. In tough authoritarian regimes, where the rights of citizens are openly ignored, this is, of course, possible. However, China is not such a state. Such an experience would be very useful for us and in general for cryptocurrency.

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Quote from: CryptoBry on May 04, 2019, 02:17:45 AM

Quote from: zeynabpiri on April 13, 2019, 01:47:34 PM

The list of sectors that will be encouraged, restricted and eliminated will undergo a public consultation period until May 7 according to the report of SCMP, and as such, mining facilities in China are likely to be able to operate throughout the next month or two.

The time has come for the Bitcoin mining industry to finally come out of the shadow and influence of China. When Bitcoin mining ban can be fully implemented, then we expect mining to be scattered in different parts of the world hence there will be less concentration of power in just one country. This is the reason why some analysts are saying that this development can be working out positive for the whole Bitcoin industry. Right now, we should not be trusting with China as it has its own global dominance plan being carried out.

China monopoly would really be destroyed if this Ban will be implemented and this do really give out positive impact yet there would be no already some dominance when
it comes to mining cryptocurrency industry.Some might be already worried on such ban but we have seen on how many times do China trying to lift up bans and then go
on the same track again where making any decision that do oppose the entire crypto market but still it stand strong after all these years.

CryptoBry

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Quote from: zeynabpiri on April 13, 2019, 01:47:34 PM

The list of sectors that will be encouraged, restricted and eliminated will undergo a public consultation period until May 7 according to the report of SCMP, and as such, mining facilities in China are likely to be able to operate throughout the next month or two.

The time has come for the Bitcoin mining industry to finally come out of the shadow and influence of China. When Bitcoin mining ban can be fully implemented, then we expect mining to be scattered in different parts of the world hence there will be less concentration of power in just one country. This is the reason why some analysts are saying that this development can be working out positive for the whole Bitcoin industry. Right now, we should not be trusting with China as it has its own global dominance plan being carried out.

numismatist

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Quote from: Netnox on April 15, 2019, 12:38:29 PM

Quote from: Jet Cash on April 14, 2019, 02:57:25 AM

China has become a super-power, and many Chinese are extremely wealthy. Banning mining activities in China won't meant that the Chinese will have a reduced mining activity. The mining owners will just move their operations to other countries, and they have already done this to a certain extent.

I am not sure about the logistics. Is it that easy to move thousands of mining rigs from one country to another, and then assemble them again, and then to re-start the mining farm? Anyway... to which country are they planning to move their farms?

To almost every country surrounding them, it's part of the https://en.wikipedia.org/wiki/Belt_and_Road_Initiative especially this:

Quote from: https://en.wikipedia.org/wiki/Super_grid

The super grid project aims to develop six ultra high voltage electricity grids across China, north-east Asia, Southeast Asia, south Asia, central Asia and west Asia. The wind power resources of central Asia would form one component of this grid.[41]

... but hydrodynamic power will be part of the energy mix, even nuclear facilities, too.

Logistics? De Facto "mining rigs" are the fastest relocateable production facility if you compare anything energy hungry to them. Makes total sense, doesn't it?

coupable

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The same idea still comes into my mind at first sight of "Country X plan to ban bitcoin" : But it's technically impossible.
It looks more coherent that a government like China can ban mining by low enforcement, when it looks dumb from some other countries. I recently here this statement from the director of the central bank in my country.

smyslov

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Quote from: milewilda on April 13, 2019, 02:51:12 PM

Dont ever forget to post out some source links if you do copied these articles/news into some website.If you dont like to be banned then be cautious next time.
Source Link: https://www.ccn.com/chinas-bitcoin-mining-ban-plan-good

China's decision towards banning mining operation is really just a good news for us bitcoin supporting community and as mentioned on the article this can lead out for mining
industry to be more decentralized yet domination of China in regards of mining operation will surely be break out with this decision.

The article mentioned that Bitmain has offices and factories abroad, they will just transfer their operation there, they know that Bitcoin mining is their cash cow and it's still profitable, they will not let a ban ruin their business and will always find a fix for this, I don't see China-based companies losing their grip.

RamBahadur.Gurung

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Quote from: olliecrypto on April 20, 2019, 06:59:38 AM

i have seen "china is banning bitcoin" for years now.
its a bit ridiculous to scream that every couple of months now, and i really don't think most people care about what might happen, because most likely china would just reverse itself as it always does a couple of months down the line

The Chinese government has implemented some tough measures and you can't ignore those. For example, it forced a number of mainland exchanges to close down their operations and completely stopped the BTC-CNY trade. Obviously these measures were not 100% successful, because a number of users just shifted their trading from mainland exchanges to those based in HK and Korea.

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Quote from: imstillthebest on April 20, 2019, 08:30:18 AM

first of all . your title is a bit mis leading . the title says ban bitcoin but after i open the thread i see that its not bitcoin that they ban but its bitcoin mining . next time make the title clear so that no one will be worrying too much . okay ? now back on topic . if bitcoin mining is the only one that they ban , i think this is not going to have a huge impact on the bitcoin industry because people on china can still buy and use bitcoin .

Same thing that I noticed after opening this thread, it's not the right information and very misleading for people who's gonna see this, but since there's already an explanation about this matter, banning mining business will not affects that much, as it can be re open to another country to continue the business.

imstillthebest

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first of all . your title is a bit mis leading . the title says ban bitcoin but after i open the thread i see that its not bitcoin that they ban but its bitcoin mining . next time make the title clear so that no one will be worrying too much . okay ? now back on topic . if bitcoin mining is the only one that they ban , i think this is not going to have a huge impact on the bitcoin industry because people on china can still buy and use bitcoin .

olliecrypto

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i have seen "china is banning bitcoin" for years now.
its a bit ridiculous to scream that every couple of months now, and i really don't think most people care about what might happen, because most likely china would just reverse itself as it always does a couple of months down the line

Virtual miner

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Quote from: zeynabpiri on April 13, 2019, 01:47:34 PM

A Crypto Blessing: China’s Plan to Ban Bitcoin Mining Will Work Wonders Joseph Young 09/04/2019 Bitcoin Analysis, News, Opinion

The National Development and Reform Commission (NDRC) revealed its intent to eliminate the bitcoin and crypto mining sector immediately in its guidance for adjustments to industrial structure published on April 1.

The list of sectors that will be encouraged, restricted and eliminated will undergo a public consultation period until May 7 according to the report of SCMP, and as such, mining facilities in China are likely to be able to operate throughout the next month or two.

Asian countries except Japan have always been quite a critic to the whole cryptocurrency market and these ideas of the Chinese govt. is a proof of the same. China is a country which has been heavily investing on its industrial and export activities & for sure bitcoin mining too is an industrial activity. So not advocating such activities is a meek behavior. I think China wants to protect the outflow of their currency into cryptos and we all know how involved the communisty party governments have always been in the lives of people. So china too wan't to affect their control on its people so they are deciding to part their ways from Cryptocurrencies.

Falgorn

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The Chinese government has its own vision of the development of the country and its attitude to the regulation of cryptocurrency, and this position must be respected. Since 2017, they have been looking for ways to find the optimal ratio between the cryptocurrency and the national yuan. They continue to experiment. This does not mean that cryptocurrency in this country will be prohibited. Yes. Many Chinese are already engaged in Bitcoin mining outside of China. So the decision to ban mining is unlikely to greatly affect the cryptocurrency.

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Quote from: hugeblack on April 15, 2019, 09:15:35 AM

Am I the only one who sees it from this perspective? China has become "The biggest Bitcoin price manipulator" by influencing mining, as happened several years ago.
I expect that some rules that are hardened in mining will be prepared in order to influence the price and then reverse those rules to achieve some gains for some miners.
Or alot of FUD. Something fishy will happen.

You could say that, but apparently it seems that the miners from China are not really doing that evidently, or if they are, they did a great job of making it masked from the general public. China's plan to ban bitcoin is just the result of them trying to keep things for themselves, especially the flow of money that should be limited to China but comes out of the country due to bitcoin's nature of becoming exchanged into some other currency (especially USD.)

Once bitcoin mining is out of China, I expect some promising results from countries that can sustain efficient and clean mining just like in China, and to finally decentralize the mining power that has long been clumped in China for years.

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Quote from: zeynabpiri on April 13, 2019, 01:47:34 PM

A Crypto Blessing: China’s Plan to Ban Bitcoin Mining Will Work Wonders Joseph Young 09/04/2019 Bitcoin Analysis, News, Opinion

The National Development and Reform Commission (NDRC) revealed its intent to eliminate the bitcoin and crypto mining sector immediately in its guidance for adjustments to industrial structure published on April 1.

The list of sectors that will be encouraged, restricted and eliminated will undergo a public consultation period until May 7 according to the report of SCMP, and as such, mining facilities in China are likely to be able to operate throughout the next month or two.

Is it because of Chinese control of the mining share? Is there a source for this information such as an article or news briefing, because I would like to know more? If what you say holds weight, this could be big!

elisabetheva

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Quote from: Harlot on April 18, 2019, 02:29:36 PM

Until something really has happened I won't believe in this kind of news, crypto news related to China has been overused by crypto related news sites and its really a joke to believe them now just for a single bit without actual evidence that something is really happening. Right now Bitmain one of the most known manufacturers of crypto mining equipment is situated in China and if they banned mining in their country we all know this corporation won't stop its operation when their mother country has banned it, most likely just like their miners what they will do is just move out from China.

If that happens it might be detrimental to miners there, but as you say that mining equipment is well-known in China and keep in mind also that the most miners are there too, is it possible that the government will do something very risky because there are obviously many disadvantages . I don't think the Chinese state will do this. and it seems like the crypto story like this is often heard from the country of China.

Harlot

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Until something really has happened I won't believe in this kind of news, crypto news related to China has been overused by crypto related news sites and its really a joke to believe them now just for a single bit without actual evidence that something is really happening. Right now Bitmain one of the most known manufacturers of crypto mining equipment is situated in China and if they banned mining in their country we all know this corporation won't stop its operation when their mother country has banned it, most likely just like their miners what they will do is just move out from China.

Augustus7

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China plans to put an end to cryptocurrency mining in the country, Reuters reported Tuesday citing a "draft list of industrial activities" China's state planning agency looks to put a stop on.

The decision doesn't appear to be final — the National Development and Reform Commission (NDRC) is seeking public opinions on a revised list of industries that will either be encouraged, restricted or eliminated. Bitcoin now falls in that last category. tellpopeyes

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Quote from: hemendrasingh123 on April 15, 2019, 05:29:21 AM

If the Chinese gov was suddenly in charge of the majority of the BTC mining power, I could see Bitcoin capitulate in price (down to a new low...in a way that would make Tone Vays and Tyler Jenks smile). I don't think China would try and be "a bad actor", but I think the market would likely still react very negatively to such news because BTC would suddenly be "centralized". BTC's decentralized nature is one of it's biggest assets, IMHO.

I'm sorry but I don't see Bitcoin going to capitulate in price if ever China bans bitcoin mining. For all we know, Bitmain and Canaan have already put a contingency plan if ever the Chinese government will really put the hammer ban. Meaning they can and will continue to operate outside of China. And besides, there could be other nations who can carry the torch and could be looking at mining bitcoin now since the news was released. Well, they have been a bad actor already since they made a sudden U-turn in 2017. It could also break the monopoly of Chinese bitcoin mining industry, so to speak.

veleten

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it is unconfirmed and is just rumours
but even if they do ban mining of bitcoins this doesn't mean they wil labn bitcoins
there were talks about it when they prohibited banking oprations with bitcoins yet people can trade and exchange coins without a problem if they used
exchanges that are not under China's jurisdiction , this ban was only for banks
I guess that if the mining ban is in place , most of the operations will simply transfer to the cheapest energy locations
not much will change and I would not consider it a blessing

creeps

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Quote from: goaldigger on April 15, 2019, 06:48:50 PM

Quote from: Jet Cash on April 14, 2019, 02:57:25 AM

China has become a super-power, and many Chinese are extremely wealthy. Banning mining activities in China won't meant that the Chinese will have a reduced mining activity. The mining owners will just move their operations to other countries, and they have already done this to a certain extent.

Since there are countries who have a cryptocurrency freedom and doesnt have any big deals even if its mining, im sure they will transfer the operation from China to there. For the fact that I see a lot of Chinese people in my country in the streets rather than locals is quite alarming also. What did they up to. They can do anything they want in here. Damn government.

Chinese people will always feel entitled for every because they know, their government will support them at least on their migration. China's plan to ban bitcoin is not new, we are actually tired on hearing this kind of news and after a month there will be a news in China for being supportive on cryptocurrency. Chinese are very business minded, if they mean business they will do everything for them to create money and for sure other countries on Asia will be their new home.

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Quote from: Jet Cash on April 14, 2019, 02:57:25 AM

China has become a super-power, and many Chinese are extremely wealthy. Banning mining activities in China won't meant that the Chinese will have a reduced mining activity. The mining owners will just move their operations to other countries, and they have already done this to a certain extent.

Since there are countries who have a cryptocurrency freedom and doesnt have any big deals even if its mining, im sure they will transfer the operation from China to there. For the fact that I see a lot of Chinese people in my country in the streets rather than locals is quite alarming also. What did they up to. They can do anything they want in here. Damn government.

Netnox

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Quote from: Jet Cash on April 14, 2019, 02:57:25 AM

China has become a super-power, and many Chinese are extremely wealthy. Banning mining activities in China won't meant that the Chinese will have a reduced mining activity. The mining owners will just move their operations to other countries, and they have already done this to a certain extent.

I am not sure about the logistics. Is it that easy to move thousands of mining rigs from one country to another, and then assemble them again, and then to re-start the mining farm? Anyway... to which country are they planning to move their farms?

hugeblack

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Am I the only one who sees it from this perspective? China has become "The biggest Bitcoin price manipulator" by influencing mining, as happened several years ago.
I expect that some rules that are hardened in mining will be prepared in order to influence the price and then reverse those rules to achieve some gains for some miners.
Or alot of FUD. Something fishy will happen.

hemendrasingh123

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If the Chinese gov was suddenly in charge of the majority of the BTC mining power, I could see Bitcoin capitulate in price (down to a new low...in a way that would make Tone Vays and Tyler Jenks smile). I don't think China would try and be "a bad actor", but I think the market would likely still react very negatively to such news because BTC would suddenly be "centralized". BTC's decentralized nature is one of it's biggest assets, IMHO.

Theb

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Quote from: coin-investor on April 15, 2019, 12:53:18 AM

It will not harm miners and investors although transferring their operation outside of China jurisdiction will cost them a lot, but knowing Chinese businessmen, they will do everything to still become a part of cryptocurrency, we have seen how Chinese investors transferring to other countries for the sake of trading Cryptocurrency.

Not really Chinese miners have been moving out from their country since last 2017 and is moving to other Asian countries particularly South East Asian countries and lately Iran , a Middle Eastern Asian country, and the reason from them moving out is due to higher electricity cost in their country compared to running them overseas. What do they have to avoid is countries with strict laws when it comes to cryptocurrencies or for foreign businesses running in their country. Taxes and ownerships due to local joint venture requirement are way different for foreign countries that sometimes their earnings isn't considerable enough to continue their operation in the forseeable future.

coin-investor

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It will not harm miners and investors although transferring their operation outside of China jurisdiction will cost them a lot, but knowing Chinese businessmen, they will do everything to still become a part of cryptocurrency, we have seen how Chinese investors transferring to other countries for the sake of trading Cryptocurrency.

sheenshane

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As I call it, it's an industrial revolution. As I said to the previous thread, China has a great dream of having Yuan as a global currency. Bitcoin would affect that vision/goal of them so they need to ban it to avoid disrupting the plan.

China is looking forward to becoming a global influencer and get the spot of being the best country in the economic category. Bitcoin mining is also one of the minor opportunity that affects the sources of China. Of course, mining bitcoin would require a massive amount of electrical source.

Jet Cash

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China has become a super-power, and many Chinese are extremely wealthy. Banning mining activities in China won't meant that the Chinese will have a reduced mining activity. The mining owners will just move their operations to other countries, and they have already done this to a certain extent.

milewilda

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Dont ever forget to post out some source links if you do copied these articles/news into some website.If you dont like to be banned then be cautious next time.
Source Link: https://www.ccn.com/chinas-bitcoin-mining-ban-plan-good

China's decision towards banning mining operation is really just a good news for us bitcoin supporting community and as mentioned on the article this can lead out for mining
industry to be more decentralized yet domination of China in regards of mining operation will surely be break out with this decision.

zeynabpiri

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A Crypto Blessing: China’s Plan to Ban Bitcoin Mining Will Work Wonders Joseph Young 09/04/2019 Bitcoin Analysis, News, Opinion

The National Development and Reform Commission (NDRC) revealed its intent to eliminate the bitcoin and crypto mining sector immediately in its guidance for adjustments to industrial structure published on April 1.

The list of sectors that will be encouraged, restricted and eliminated will undergo a public consultation period until May 7 according to the report of SCMP, and as such, mining facilities in China are likely to be able to operate throughout the next month or two.

Topic: China’s Plan to Ban Bitcoin (Read 673 times)