does this have something to do with bitcoin's current decline...

Shasha80

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Quote from: doomloop on November 26, 2021, 04:00:22 PM

Quote from: dark1234 on November 24, 2021, 05:17:20 PM

reported [local media] the carbon neutralization mission in 2060 in China and after Meng Wei's announcement from the NDRC about the decisive action that will be applied to crypto miners whether it will work as stated .....
if so, what is the percentage of the impact on bitcoin and other cryptos in the future ..... as we saw after Meng Wei's announcement on the Coindesk site, on Friday's trading session (11/19/2021), the price of Bitcoin fell further, that is, it was sold at a price of 56,959 US dollars per piece

China has fully locked their doors on cryptocurrency, and banned crypto mining companies from their country. So right now, I always consider everything that has to do with China as out of topic when it is cryptocurrency that is being talked about. Are you forgetting that yesterday that the price of Bitcoin was trading almost at $60,000? although today it has dropped to $54,000. So, you have to know that it is a normal thing that the price will always go up and down, that is how Bitcoin is, and it has always been like that from the start.

I’ve seen a few experts analysts who predicted a decrease in the price of Bitcoin, or do they were being positive on the price of alternative coins in the future, but I don’t know yet whether I am to believe all those analysis or not. Because, I am still believing that the price of Bitcoin will increase this December before the year is over.

I also think that any FUD spread by China will not have much effect on the Bitcoin price. Because China has repeatedly shown its hatred of Bitcoin,
and that's because the Chinese government does see Bitcoin as a threat to their currency. I don't think the current Bitcoin price drop has anything
to do with China, because the Bitcoin price has gone up too high. That's why it's very normal if it's now experiencing a correction, as long as
the Bitcoin price is above $50k, I still think Bitcoin is still in a bullish trend. So for now, just be patient holding the Bitcoins we have, because I still
very optimistic that Bitcoin at the end of the year will go up in price.

doomloop

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Quote from: dark1234 on November 24, 2021, 05:17:20 PM

reported [local media] the carbon neutralization mission in 2060 in China and after Meng Wei's announcement from the NDRC about the decisive action that will be applied to crypto miners whether it will work as stated .....
if so, what is the percentage of the impact on bitcoin and other cryptos in the future ..... as we saw after Meng Wei's announcement on the Coindesk site, on Friday's trading session (11/19/2021), the price of Bitcoin fell further, that is, it was sold at a price of 56,959 US dollars per piece

China has fully locked their doors on cryptocurrency, and banned crypto mining companies from their country. So right now, I always consider everything that has to do with China as out of topic when it is cryptocurrency that is being talked about. Are you forgetting that yesterday that the price of Bitcoin was trading almost at $60,000? although today it has dropped to $54,000. So, you have to know that it is a normal thing that the price will always go up and down, that is how Bitcoin is, and it has always been like that from the start.

I’ve seen a few experts analysts who predicted a decrease in the price of Bitcoin, or do they were being positive on the price of alternative coins in the future, but I don’t know yet whether I am to believe all those analysis or not. Because, I am still believing that the price of Bitcoin will increase this December before the year is over.

terrorJR

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This is a classic excuse and news that China is exaggerating because it's been a few months since they've clearly banned it and no one dares to oppose this (the Chinese community).
On the other hand, this is something that makes everyone panic, but I don't think something like this will have a big impact now because when we talk about China, it's no longer strange to have a controversy like this.
and I don't want to say the current decline is caused by something like this but I think this is a fairly normal correction that occurs to make strengthening of the next increase

Ararbermas

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Quote from: dark1234 on November 24, 2021, 05:17:20 PM

reported [local media] the carbon neutralization mission in 2060 in China and after Meng Wei's announcement from the NDRC about the decisive action that will be applied to crypto miners whether it will work as stated .....
if so, what is the percentage of the impact on bitcoin and other cryptos in the future ..... as we saw after Meng Wei's announcement on the Coindesk site, on Friday's trading session (11/19/2021), the price of Bitcoin fell further, that is, it was sold at a price of 56,959 US dollars per piece

they already kicked out mining within the country so this is totally a fake news. Cheesy

because you know to be honest since they banned crypto activities they literally posting nonsense around the internet even though they're out of control.. Grin

a way for them to obtain attention as well probably.? i mean to advertise their very own digital currency.lol .. That's the reason actually why it's not surprising anymore that until now we see some negative news from them in my personal opinion because obviously they're trying their best to flip crypto.

ShowOff

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Price fluctuations happen all the time and have become daily food for all traders and investors in this crypto space. It's hard to say what the real cause is because the price can correct even when the FUD seem unreal. China is known to come out of this space after they banned all of its citizens from engaging in trade, mining and investment. So I just think that another FUD that has appeared has caused a bit of panic among traders so a price correction is unavoidable.

But today the price is starting to rise again where the $60K resistance is the target to be broken. It currently costs around $59K, so there's still hope to see a cheerful end to the year in my opinion.

NeuroticFish

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Quote from: jackg on November 24, 2021, 05:22:49 PM

I thought China already banned mining? Surely they can't say the same thing twice in the same quarter and have investors actually listen to them?

Some people seem to just love to act based on FUD. They've successfully recycled the ban FUD already, they'll do it again when they find the right moment. Cheesy

Quote from: dark1234 on November 24, 2021, 05:17:20 PM

the price of Bitcoin fell further, that is, it was sold at a price of 56,959 US dollars per piece

The price drops lately may be more related to the news and expectations about MtGox (previous week) or the FUD about "India banning crypto" (this week) than China news. But on the realm of FUD anything can happen, especially now, with real problems with the energy/electricity in many countries.

Imho the energy problems should actually increase the price since mining mat become more expensive this winter.

Quote from: masterrex on November 25, 2021, 10:05:41 AM

all the news coming from the communist mouthpiece are all irrelevant now

They are not, especially China has a huge population. The only thing is that the current official status now there is "crypto banned" so there may be needed some good news or a cool down period until something bad is said again.

masterrex

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I don't think it's related, all the news coming from the communist mouthpiece are all irrelevant now, china has totally out of the cryptocurrency picture, that's why there's is no point to give any worth about their lousy pronouncement. forget China I believe the main reason why the Bitcoin price was dip that much, just because it was heavily pumped and the price increased was too fast, that's why it was subjected to deep corrections. and regarding the carbon footprint, I don't think the crypto industry has a huge impact on the environment because I believe it's only a small portion of the world's total carbon emission.

marilynmanson21

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Quote from: dark1234 on November 24, 2021, 05:17:20 PM

reported [local media] the carbon neutralization mission in 2060 in China and after Meng Wei's announcement from the NDRC about the decisive action that will be applied to crypto miners whether it will work as stated .....
if so, what is the percentage of the impact on bitcoin and other cryptos in the future ..... as we saw after Meng Wei's announcement on the Coindesk site, on Friday's trading session (11/19/2021), the price of Bitcoin fell further, that is, it was sold at a price of 56,959 US dollars per piece

why should news about bans always appear when bitcoin is trying to climb to a higher price, and china news is the same
we should look at the side of the market movement where bitcoin can experience a correction in number and value
because prices go up and down are natural in the market, it's not fair if prices continue to rise without any corrections and price drops

Lucius

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Quote from: zasad@ on November 25, 2021, 05:41:35 AM

I read the news that miners in Kazakhstan are also starting to have problems due to the lack of electricity.

I have no doubt that there will be problems with crypto mining in that country, primarily because they use coal as their main raw material. I am not aware of whether they have their own coal reserves or import it, which would certainly increase the price of electricity because the raw material is becoming more expensive.

Quote from: zasad@ on November 25, 2021, 05:41:35 AM

If the US and Europe oppose mining, then Russia and Kazakhstan will take the leading positions. The United States will not allow this, because it wants to be the first.

That would not be good, especially when it comes to Russia, which very often changes its attitudes towards Bitcoin - and it is not at all unrealistic for Russia to copy China in its moves in the future. If that happened (for Russia to ban Bitcoin), it would have a pretty bad effect on the market.

Certainly, there are some people and interest groups in the US who have advocated more mining influence in their country before, as well as the possibility of mining devices starting to be produced outside China. However, this is not a competition at the state/political level, but only business interests.

fiulpro

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Quote from: dark1234 on November 24, 2021, 05:17:20 PM

reported [local media] the carbon neutralization mission in 2060 in China and after Meng Wei's announcement from the NDRC about the decisive action that will be applied to crypto miners whether it will work as stated .....
if so, what is the percentage of the impact on bitcoin and other cryptos in the future ..... as we saw after Meng Wei's announcement on the Coindesk site, on Friday's trading session (11/19/2021), the price of Bitcoin fell further, that is, it was sold at a price of 56,959 US dollars per piece

China have already cleared their hands with Bitcoins and now what they are doing is sitting down and trying to promote their own cryptocurrencies, which does mean that for the time being it's unreasonable to think that they might have such effect on bitcoins.

- It's always around Christmas or before the festival season that people usually encash and why wouldn't they? The festivals usually take a toll on them perse. Which does mean that, at the end, people would sell undoubtedly during November December.

- People might be worried about the Bitcoin distribution which have been highly speculated about.

- according to this source : Bitcoin Whale Moves Over $1000000000 in BTC"> source A whale moved over 5000 bitcoins on November 12 which might have caused some people to panic sell as well.

I do not think this is something related to China perse, I do think that it's just how the market is, volatility is always welcome in Bitcoin community, it's also a good time for investors to buy Bitcoins since we did see a all time high in November and it's worth waiting for again.

zasad@

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I read the news that miners in Kazakhstan are also starting to have problems due to the lack of electricity.
(RUS)
https://forklog.com/v-kazahstane-predlozhili-propisat-kriterii-dlya-majninga-bitkoina/
If the US and Europe oppose mining, then Russia and Kazakhstan will take the leading positions. The United States will not allow this, because it wants to be the first.

Lucius

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What an obsession it is with China, even after they have officially banned crypto mining and banned trading a few years ago. Every time the price drops a bit some experts immediately look to see if something bad has happened in China and then cite this as the reason the crypto market is in the red.

Will people ever realize that China is a communist country where Bitcoin has never even had a chance to survive legally? Let's leave China alone and not bother and fall prey to the recycled news that is repeated every few months.

Ozero

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Quote from: dark1234 on November 24, 2021, 05:17:20 PM

reported [local media] the carbon neutralization mission in 2060 in China and after Meng Wei's announcement from the NDRC about the decisive action that will be applied to crypto miners whether it will work as stated .....
if so, what is the percentage of the impact on bitcoin and other cryptos in the future ..... as we saw after Meng Wei's announcement on the Coindesk site, on Friday's trading session (11/19/2021), the price of Bitcoin fell further, that is, it was sold at a price of 56,959 US dollars per piece

There are several news of this kind at the same time. Firstly, Sweden has already approached the EU countries to prohibit the mining of cryptocurrency, which uses the energy-intensive PoW algorithm. And this will primarily concern bitcoin.
Secondly, the House of Representatives and the US Senate passed a bill that also prohibits Bitcoin mining and introduces some other restrictions. Until recently, the bill was signed by the President.
It seems that due to the sharp climate change and the commitments made by the G20 countries, the states will take very tough measures to reduce greenhouse gas emissions. Proof-of-work cryptocurrencies may well fall under this struggle.

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Quote from: dark1234 on November 24, 2021, 05:17:20 PM

if so, what is the percentage of the impact on bitcoin and other cryptos in the future .....

None of us can accurately measure or rather speculate on that front and even if it still has an influence ^{[highly unlikely]}, it'll diminish in the future!

Quote from: Yogee on November 24, 2021, 05:49:51 PM

The miners there already transferred to other jurisdictions like Kazakhstan and the entire market moved on since then.

Seeing that they've given the following statements, makes me believe there might still be some miners in there:
^{- Having said that, there are always some false reports/statements from in and out of China!}

Quote from: Google translated from https://tekno.kompas.com/read/2021/11/20/12130077/ambisi-china-hancurkan-bitcoin-dan-semua-kripto?page=all
Meng Wei said the government would raise the price of electricity for any state-owned institution caught abusing the subsidized electricity it received for crypto mining.
~Snipped~
Meng Wei stressed that China must "strictly prevent (cryptocurrency mining from) rising from the dead".

pooya87

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This has nothing to do with bitcoin. China has been polluting the environment for a very long time due to many reasons including their dirty electricity production facilities burning fossil fuels. And for your information China banned bitcoin mining a while ago and ever since then (meaning after miners exited China) their electricity consumption has grown significantly which is another indication that bitcoin mining wasn't even consuming that much electricity in China and/or there weren't that much hashrate inside China in first place.

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I agree with the others. No. Correlation does not imply causation, and it is one thing that is clearly seen in this case. It is very typical to link China with FUD but this correlation is very poor. Also, I would not call the state we are in a market decline. Rather we are in a kind of sideways.

Dave1

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It's just a recycle old news coming from China, but you have to admire them or the crypto media for always bringing this up especially when we just hit a new all time high a couple of weeks ago.

And with that, I don't think this news has something to do with the current decline.

The price just simply had to make a correction after a huge surge and getting a new all time high.

michellee

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If that news comes from China media, I would not think much about that because those media are like a double sword that want to make people getting more panic because they think China will dump bitcoin. If people really eat that news without thinking much, they will sell bitcoin and make the price drops for more so China can use that moment to buy more bitcoins.

People really need to filter and not panic when they read or hear the news about bitcoin because that is not always real and we know that some people use that to create mass panic.

mindrust

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Quote from: dark1234 on November 24, 2021, 05:17:20 PM

reported [local media] the carbon neutralization mission in 2060 in China and after Meng Wei's announcement from the NDRC about the decisive action that will be applied to crypto miners whether it will work as stated .....
if so, what is the percentage of the impact on bitcoin and other cryptos in the future ..... as we saw after Meng Wei's announcement on the Coindesk site, on Friday's trading session (11/19/2021), the price of Bitcoin fell further, that is, it was sold at a price of 56,959 US dollars per piece

Bitcoin goes up, bitcoin goes down. Unless it is some major news hitting the fan, we don't usually look for the cause of the price fluctuations because we won't find any. The article you posted might be telling the reason for the price drops but maybe some whale just wanted to buy some nice stuff for his wife. Shit like that happens all the time.

The US taxing crypto was latest big news there was about crypto. I don't think anything big after that have happened yet.

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Quote from: dark1234 on November 24, 2021, 05:17:20 PM

reported [local media] the carbon neutralization mission in 2060 in China and after Meng Wei's announcement from the NDRC about the decisive action that will be applied to crypto miners whether it will work as stated .....
if so, what is the percentage of the impact on bitcoin and other cryptos in the future ..... as we saw after Meng Wei's announcement on the Coindesk site, on Friday's trading session (11/19/2021), the price of Bitcoin fell further, that is, it was sold at a price of 56,959 US dollars per piece

The existence of simultaneous selling also influences the price into a correction.. I know china does have some efforts for bitcoin. I think the whales will keep prices and activities going in the market or for people's needs. decentrization.activity does not need to be disturbed from anyone. if the era of botcoin is full moon either by one or certain circles there are altcoins. Are you ready if this happens?

mk4

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Bitcoin has been going up and down and up and down for a while now; to the point that we could pretty much correlate any news with bitcoin's recent price spikes. This is a perfect example of "correlation is not causation" in my book.

Fundamentals Of

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You may consider muting or blocking every news regarding China and Bitcoin. Don't waste time reading this similar news over and over again. China has been banning Bitcoin for years. They have been releasing one announcement after another saying that Bitcoin is banned. Bitcoin mining has also been banned. So China has nothing to do with Bitcoin and Bitcoin mining anymore. Don't waste your effort on recycled issues.

Also don't believe China's words regarding carbon neutralization. They're lying through their teeth. Treat every word from Chinese authorities and media with a grain of salt.

Jawhead999

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Nah they're not doing that for carbon neutralization, but to make people using their CBDC similar as India. The CO2 emissions from Bitcoin is 89.8 millions of metric tons, while banking system produced 390 millions of metric tons [1]. This mean banking system produce CO2 emissions 4x more than Bitcoin. If they want to make their country free of carbon emissions, they should shut down the banking system first not the Bitcoin mining.

[1] https://knoema.com/infographics/hatanue/what-about-the-carbon-footprint-of-fiat-money-elon-musk

bitzizzix

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No, it has nothing to do with China news maybe just in the same situation that some people think the news has something to do with bitcoin's current decline, and there are some people asking me the same thing for real.
this is just a correction that always happens to bitcoin whenever there is a significant increase or touch a new ATH and but it is not known how long the decline will last, the best option to do is to hold your holdings firmly and ignore the news. because that's not necessarily true and nowadays many investors think it's smart not to pay attention to china news that always happens from year to year because it is considered boring.

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How many times are they going to ban bitcoin mining, really?

The gravity of this news IMO isn't enough to help the price down on dangerous territories. We've been hearing a lot from China and their bans for the last couple of years and we still managed to thrive albeit the country housing most of the miners in the world. We are just churning the news like it's breakfast and I don't think China will ever have a huge impact on the price of bitcoin ever again.

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Why does everything about a slight decline in bitcoin price have to be linked to news of a ban?

Can't Bitcoin price correct for once, minus linking it to the bans or bad news? I mean it's a normal thing for the market to correct once in a while after a previous upward trend, otherwise if Bitcoin was just rising every hour and day astronomically without any correction. There is no way you would call that a normal market. It would be pure manipulation and scam.

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Quote from: dark1234 on November 24, 2021, 05:17:20 PM

reported [local media]

Why you don't get a source in the English language? I think not all people can understand Bahasa. Even it can be translated, it may be not accurate.

I think this news has nothing to do with the Bitcoin drop. All people already know if China is always against Bitcoin. It is not a new issue that China government ban every activity related to Bitcoin or crypto.

Yogee

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It's been a while since I last read anything about China banning this and that. The miners there already transferred to other jurisdictions like Kazakhstan and the entire market moved on since then.

The price decline is a normal correction after an attempt to break the $70K wall.

jackg

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I thought China already banned mining? Surely they can't say the same thing twice in the same quarter and have investors actually listen to them?

There are enough countries able to facilitate profitible mining at the moment so I doubt China or a bunch of countries banning mining will do much but give slow blocks (likely unnoticeably) for a few weeks.

dark1234

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reported [local media] the carbon neutralization mission in 2060 in China and after Meng Wei's announcement from the NDRC about the decisive action that will be applied to crypto miners whether it will work as stated .....
if so, what is the percentage of the impact on bitcoin and other cryptos in the future ..... as we saw after Meng Wei's announcement on the Coindesk site, on Friday's trading session (11/19/2021), the price of Bitcoin fell further, that is, it was sold at a price of 56,959 US dollars per piece

Topic: does this have something to do with bitcoin's current decline... (Read 298 times)