How will chinese miners pivot from their exchanges shutting down on the 30th? - page 2.

Sithara007

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Quote from: spadormie on September 16, 2017, 12:08:48 AM

I don't know about this but I know the reason behind banning ICOs in their country, it is just that they want to create their own bitcoin. And I don't think that they can create a bitcoin that will match the bitcoin itself. And if they are to launch a new coin they need to have an ICO right? So it has a contrast on the idea of banning ICOS.

Nope. That was not the reason. The authorities were concerned that a lot of unaccounted money was being pumped in to the ICOs and they asked the exchanges to verify it. At least some of the exchanges are saying that the closure is a temporary one, until they could reach some sort of a compromise with the government authorities.

spadormie

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I don't know about this but I know the reason behind banning ICOs in their country, it is just that they want to create their own bitcoin. And I don't think that they can create a bitcoin that will match the bitcoin itself. And if they are to launch a new coin they need to have an ICO right? So it has a contrast on the idea of banning ICOS.

krishnapramod

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Quote from: radeone on September 15, 2017, 11:33:40 PM

check your sources because i read that all centralized bitcoin exchanges in china have until september 30th.

BTCC, ViaBTC and Yunbi would be shutting down their services by September 30, but Huobi and OKCoin, two biggest exchanges will suspend CNY trading pairs on October 31, might be because they hadn't not listed any ICO tokens. They have paused yuan deposits and announced more information regarding the suspension would be made public before September 30.

China hasn't banned bitcoin or mining, it's about ICOs and new regulations and obtaining licenses. It is highly likely that other exchanges would resume their services after obtaining licenses.

Sithara007

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Quote from: radeone on September 15, 2017, 11:33:40 PM

check your sources because i read that all centralized bitcoin exchanges in china have until september 30th.

Are you sure about the dates? Because OK Coin and Huobi have announced that they will stop CNY-BTC trade by October 31, which is still almost a month and a half away.

You can check this:

https://www.okcoin.cn/t-2510731.html

But the most important thing is that the exchanges are not closing down. They will continue to operate with BTC-Alt trading.

Juggy777

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Quote from: radeone on September 15, 2017, 09:17:04 PM

Any thoughts from bigger players in the scene of how they will change it up since theres a ton of hashing power coming out of china. I understand that the japanese are taking advantage of this and I have been seeing a surge of bitcoin going into japanese exchanges. I just want to understand whats going on with all that hardware. Thanks.

I think Bitcoin has taken in what would happen cause of price going down, and if you look at the prices, it's up even after the news has come, so for me it's a big positivity. Now if you read articles on exchanges it, says to be compliant you need to stop trading, so basically you can't trade in China, but other countries yes, also China has a huge indirect investment in mining industry and I don't think they will just let it go, I feel something is cooking and it will be good, I am positive that something postive is coming from this China mess.

radeone

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check your sources because i read that all centralized bitcoin exchanges in china have until september 30th.

Sithara007

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Quote from: radeone on September 15, 2017, 09:17:04 PM

Any thoughts from bigger players in the scene of how they will change it up since theres a ton of hashing power coming out of china. I understand that the japanese are taking advantage of this and I have been seeing a surge of bitcoin going into japanese exchanges. I just want to understand whats going on with all that hardware. Thanks.

How they are going to transfer the money from Japan to China? Doing so will incur additional expenses and formalities. Also, given that Chinese hardware us cheaper than the Japanese ones, they may be needing the money in CNY rather than JPY.

richardivan

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Quote from: DRVX on September 15, 2017, 11:14:33 PM

Quote from: radeone on September 15, 2017, 09:17:04 PM

Any thoughts from bigger players in the scene of how they will change it up since theres a ton of hashing power coming out of china. I understand that the japanese are taking advantage of this and I have been seeing a surge of bitcoin going into japanese exchanges. I just want to understand whats going on with all that hardware. Thanks.

But they can still mining if i'm correctly understand it.
Mining is not banned. Only exchanges is not allowing (and still there are some decentralized exchanges)
So no worry, they will continue mining! Shocked

From what I heard China didn't ban mining Bitcoin or Bitcoin itself, China only ban ICO to prevent their people invest their money on scam ICO. If China ban exchanger then miners still can rent VPN to sell Bitcoin or sell it P2P from another country

DRVX

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Quote from: radeone on September 15, 2017, 09:17:04 PM

Any thoughts from bigger players in the scene of how they will change it up since theres a ton of hashing power coming out of china. I understand that the japanese are taking advantage of this and I have been seeing a surge of bitcoin going into japanese exchanges. I just want to understand whats going on with all that hardware. Thanks.

But they can still mining if i'm correctly understand it.
Mining is not banned. Only exchanges is not allowing (and still there are some decentralized exchanges)
So no worry, they will continue mining! Shocked

CryptoBry

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Quote from: radeone on September 15, 2017, 09:17:04 PM

Any thoughts from bigger players in the scene of how they will change it up since theres a ton of hashing power coming out of china. I understand that the japanese are taking advantage of this and I have been seeing a surge of bitcoin going into japanese exchanges. I just want to understand whats going on with all that hardware. Thanks.

I don't think that mining is affected as it is not being banned --yet -- and so is the whole of Bitcoin. People can still do peer-to-peer transactions and they can still get their Bitcoin to exchanges outside of China. People can get so creative so we have to wait for some days and people can find ways to address this problem without violating the restrictions imposed by the government. I do hope though that this situation can be exploited by other countries. Cryptocurrency can all live without the presence of China.

HabBear

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Quote from: Charlie Shrem

Bitcoin is cash with wings.

Miners can choose what exchange they want to work with...anywhere in the world. If you mine in China you don't have to use an exchange in China.

That's the beauty of Bitcoin. It's also why the Chinese government action doesn't really hurt Bitcoin other than momentary bad press.

hatshepsut93

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I'm sure that most miners won't quit since it is very profitable now to mine. Bitcoin itself is not illegal, so there won't be any legal trouble for simply mining it. Some miners will find loopholes that will help them circumvent the closure of exchanges - for example, they might sell BTC on some foreign exchanges for USD or other currency or maybe they will have to visit other country to do so. They also might be able to just sell Bitcoin privately to other people. And of course there will be shadow exchanges.

radeone

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Any thoughts from bigger players in the scene of how they will change it up since theres a ton of hashing power coming out of china. I understand that the japanese are taking advantage of this and I have been seeing a surge of bitcoin going into japanese exchanges. I just want to understand whats going on with all that hardware. Thanks.

Topic: How will chinese miners pivot from their exchanges shutting down on the 30th? - page 2. (Read 854 times)