Topic: Could China Ban Miners. (Read 1156 times)

Indeed, it is a good thing that people that want to exchange their fiat for BTC doesn't get scammed by the people setting exchanges and then running with people's crypto, but there's more than that happening in china:




https://pastebin.com/6vKp6rh6

This looks like a straight ban to me (if legit). The good news is, it's already priced in, so we can only go higher from now on. I doubt china would ban mining when it's still legal to possess BTC and OTC market happens all day.

Those shitty thoughts make me nervous. China can't stop the storm. China is the main part in Mining industry; can't ban it and if it does, the rest of world continue maintain the bitcoin blockchain. China is a part of the puzzle.

I guess the Government would find a way to tax them rather than ban them.

No, most of the hashrate comes from China. The Chinese government has repeatedly shown that it pays too much attention to profit (and it should!)

It looks like their government is considering Bitcoin to be a serious threat, so at some point they will go after miners.
But miners will always find a way to continue to do what they do best, either by mining anonymously or by leaving the country.

https://www.mnn.com/lifestyle/eco-tourism/stories/a-few-unclaimed-lands-still-there-for-the-taking

Anyone up for claming that section of the world and calling it BitLand?

Lots of sand - Sun & solar there in that part of the world..

I wiki'ed it.

I found out outer Mongolia  was ruled by China then Russia and is now free.  But inner Mongolia  is still ruled by China

https://cointelegraph.com/news/rumors-or-facts-china-reportedly-moves-to-block-access-to-all-major-bitcoin-exchanges

This is a good artical posted 5 hrs ago that stated these exchanges worked with the goverment for a while now they have been punished for opening there doors.

I can almost picture how this all played out...

Goverment - We need to come in and have a look round and sit down while you tell us everything about how you operate.. We can help you...

Exchanage - Great news come on in.. Here is everything we do and how we do it..

Goverment - Why thank you.. We will make sure we help you grow in this space we support you..

Back at the goverment office later that day..

Right start working on how we can do the following...


    To block all access to important platforms such as Coinbase, Bitfinex and Localbitcoins, including access through web, apps and APIs,
    To block all access to Bitcoin’s seed addressing,
    To abandon Bitcoin’s ledger synchronous data by DPI recognition on the Great Firewall.


THUMP........  (sound of the red ban stamp being hammered down!)

i assume bitmain would switch to pure hardware sales in a worst case scenario. there's still mountains of money to be made and all it is is machinery sold to foreigners so i presume the chinese government won't care.

https://qz.com/1056236/take-a-walk-around-one-of-the-worlds-biggest-bitcoin-mines/

This is based in Inner Mongolia near Ordos..  And surprise surprise.. Who runs it..

I also have worry about the antbleed issue if things were to go belly up in china. We know they said that its not a finished product and could not be used by anyone to shut down miners but I have my skepticism about that fact.  The real fact is it would not take much to fix the code or finish it off and push it out as a update to everyone.

I also hope whatever happens it will not tarnish BTC and we can continue to grow and build on the original vision of the legend that brought us the concept in the first place.  And not some off-brand china copy (cough cough).

Let's say china throw up p2p blocks and start blocking the protocol and bitmain are forced to move there miner operations that is not going to be something that can happen over night I don't even think they would bother if they were being forced out I think they would sell out and sell all there equipment and just continue to produce chips into the market.

Its like Rupert murdoch trying to by Sky tv.. 

https://www.theguardian.com/business/2017/sep/14/rupert-murdoch-sky-takeover-bid-competition-cma

One person or entity having a dominate position in the market is not a good thing for anyone.

ah. just goes to show how bad my geography is.

operations like bitmain must have war chests of tens or hundreds of millions. they must have come up with some type of alternate plan for this scenario that involved migrating their machines to the next cheapest country to operate in.

Inner Mongolia belongs to china bitmain mines are in Inner Mongolia .

Hoping that whatever occurs works for BTC

we'll see i guess. if it's a straightforward enough process then maybe they won't hold back.

they say chinese miners have operations in mongolia in a few places. i've no idea where else you'd find cheap power. at the worst they could sell all their machines to people in other countries.

i for one would be pretty damned happy if chinese mining was wiped out. it doesn't bring anything good to the party.

Now that would be something and it would not be too hard to enforce with there firewall blocking the ports and nodes.

I myself think there is something seriously going on here in the background that when it comes out could be pivotal to bitcoins future.

Sure I would love too see china wipe the big mines off the map would had the mining industry back to the many and adjust the difficulty so much we could all get back into the game.

On the other hand miners there have very very deep pockets.  Would not be too hard for them to hire a few trucks load up the miners and head to a new territory that wont be blocking the protocol.

https://www.reddit.com/r/Bitcoin/comments/70g94n/unverified_report_that_china_is_trying_to_block/

this theorises that they're going for a full internet blockage of anything crypto related.

it could all be complete garbage of course, but if they're that vehement they might go all the way. if they have no interest in permitting trading then i don't see why they'd let mining continue either.

BTC China, ViaBTC, Huboi, and OKCoin, have ALL now announced that they are suspending ALL TRADING OPERATIONS - first 2 by end of September, second pair by end of October.

 There has been some rumor that it may be a "licensing issue" rather than a permanent shutdown.

 It's not looking like China is going to move to shutting down mining operations even if the exchanges ARE permanently shut down - the mining and miner manufacturers bring in needed foreign exchange after all. while the exchanges were facilitating "capital flight" that China hates....

I do agree with that if they were to pull down the 4 main players there it would really hand the mining back to the many and take away from the few which can only be a good thing..  I would also love to see the difficulty drop if that were to happen.

Then it is good for the rest of the world 

If China destroyed all the gear in China it would be a blessing.

If they ended all the trading it would also be good.

China has too much power. Knocking them down a few levels would help coins in the long run.

There is no way my post is running about shouting the sky is falling by any measure.

It was a genuine question put out there to see what people are thinking about after these announcements.  I for one do not want to see the industry destroyed but it dose seem a little strange they would make out that they can no longer operate a online exchange service but can still operate the other services. Same with VIA btc they will be keeping there pool open and other operations.

If the exchange closes.. Where do there mines cash out there money?  International? 

I am not spreading FUD about the situation rather asking the members here what there view is on the situation.

Its funny.. I was speaking with via btc over there whatsapp I asked them do we need to be worried about VIA BTC closing after the announcement from BTCC.. I wake up to the news OH VIA BTC announced they are shutting there exchange operations.

Once a single domino in the chain falls you can be sure that others follow quickly.  While I am all for the uptake of bitcoin into the mainstream we need to realize that if government, regulators ect want to come in with there rubber stamps and throw up red tape all over the place then really bitcoin has failed in being a decentral asset that is not regulated.

While I agree ICO's require regulation somehow just like IPO's require them and to help stop this wild west scam mentality that is rife in the bitcoin world we need to make sure that bitcoin dose not get suffocated by regulators and laws and all the things that bitcoin originally had a stand against.

"We cannot seek achievement for ourselves and forget about progress and prosperity for our community"...

 "Our ambitions must be broad enough to include the aspirations and needs of others, for their sakes and for our own."