If China Bans Bitcoin Exchanges, will they also ban Bitcoin mining? - page 2.

Searing

copper member

Activity: 2898

Merit: 1464

Clueless!

Quote from: onlybest on September 13, 2017, 03:57:44 AM

Its impossible to ban mining.

Not only that mining in my view brings HARD CASH into China....they are trying to stop HARD CASH from leaving the country...

also Avalon, Bitmain, Innsilocon, pinidea, panda and ibelink I think all are China HARDWARE makers.....thus again the HARD CASH

coming in argument ...also lots of high ups in the China communist party are into mining big time from what I hear

so, imho it is unlikely mining will be targeted...and if it is ...they simply will make them mine to China fiat daily, if that is possible? , again imho

it does not have to be a crypto cash cow...it could be regulated to be a daily convert to fiat cash cow instead

but what do I know..at one time I drank the butterfly labs kook-aid in 2013 Sad

Sasuke102001

full member

Activity: 280

Merit: 111

CHINA banned domestic Bitcoin exchanges in their country which affected the Bitcoin price due to some reason but that would be solved soon I guess. What I heard was chinas ban on Bitcoin was temporary they will soon start Bitcoin exchange and actually, that would not be a big of a problem due to VPN and proxy IP use people of China can still trade their bitcoins for now. I do not think that CHina is soon planning to ban the miners as well but if they do that can be a problem because from what I have heard is China has the highest no of miners and a large amount of Bitcoin is mined in China. Anyways their ICO ban is temporary so I do not think that they would ban Bitcoin mining as well.

Scorpion

hero member

Activity: 887

Merit: 516

Bitcoin OG

Nah. There's to parts to this, and unfortunately China's government is corrupt as hell. They want regulation on exchanges and a way to track and tax ICOs before they're an accept them as a form of funding new companies and technology. They might realize soon they're hindering their bright and talented people from keeping up with the rest of the world when they attempt this.

onlybest

newbie

Activity: 34

Merit: 0

Its impossible to ban mining.

Pursuer

legendary

Activity: 1638

Merit: 1163

Where is my ring of blades...

since China is not going to ban bitcoin exchanges and has never planned on banning it despite all the fake news saying so, I say there is no reason they ban bitcoin or bitcoin mining. in fact bitcoin mining is one of the things they like most.
do you know how many new jobs bitcoin mining has created?
it is a big industry and a big part of Chinese economics now, from the big manufacturers and distributors of equipment to all the small electric companies that are staying alive and earning money because of bitcoin mining. not to mention all the employees.

besides, they investigate exchanges because they are doing shady activities and launder money. you can not do anything shady with mining!

tiggytomb

legendary

Activity: 1848

Merit: 1000

Fake news, but effective fake news as the price has dropped quite a bit and then JPMorgan come out and call bitcoin a fraud and that it will blow up, looks like some big boys want in on bitcoin at a much lower entry point.

magneto

hero member

Activity: 1666

Merit: 753

Quote from: HashFace on September 12, 2017, 03:51:39 PM

So, recent news that China is either going to ban bitcoin exchanges, or they already have ... If that's the case, will that include miners? Or will mining become pointless if they can't exchange BTC to pay their expenses? I keep hearing that China has cheap energy, so I was wondering all along if China would discover these energy hogs and either tax them, or shut them down.

What sort of effect would this have on Bitcoin mining if China gets shutdown? Catasptrohic? Or the difficulty goes down and we get on fine without them?

There has been no word from actual regulators regarding the rumours. Thus we can probably take the news as just FUD.

Even if China does ban all exchanges then trading will just move to P2P - this is the beauty of bitcoin as it is decentralized, and people can trade it without a centralized platform(since there is no single point of failure). Shutting down exchanges does not shut down all trading activity.

I don't think that they will ban bitcoin mining. Firstly bitcoin holding is still legal. Secondly there is no way for them to actually enforce their rules.

hitlab

member

Activity: 88

Merit: 10

They have not said anything about banning bitcoin mining. It is only a news website saying they will ban exchanges without any official sources. Still speculation at this stage imo.

timerland

hero member

Activity: 1526

Merit: 596

Quote from: HashFace on September 12, 2017, 03:51:39 PM

So, recent news that China is either going to ban bitcoin exchanges, or they already have ... If that's the case, will that include miners? Or will mining become pointless if they can't exchange BTC to pay their expenses? I keep hearing that China has cheap energy, so I was wondering all along if China would discover these energy hogs and either tax them, or shut them down.

What sort of effect would this have on Bitcoin mining if China gets shutdown? Catasptrohic? Or the difficulty goes down and we get on fine without them?

Firstly, China has not officially announced that they will shut down any exchanges.

No exchanges have been shut down, none of the owners of these exchanges have been contacetd by officials to let them know about what will be happening in the coming days/weeks that would indicate any sort of change in operation from right now.

Even if they do ban all exchanges, it is simply impossible for them to ban all mining. Bitcoin and bitcoin mining is decentralized, and there are always ways around restrictions.

rafzalan

full member

Activity: 714

Merit: 105

Quote from: btc_angela on September 13, 2017, 03:00:42 AM

Quote from: Wind_FURY on September 13, 2017, 12:07:46 AM

Quote from: Whiplash Wally on September 12, 2017, 04:18:04 PM

Seems like it's time for Bitcoin to ban China.

Hahaha. That would certainly be good to see in the headlines. But you really cannot blame China's move though. They are feeling threatened by the all the disruption the cryptocurrencies are bringing in finance. There must be powerful people out there who are are trying to put the pressure back on Bitcoin by making threats of their own.

I also felt that this is the logical explanation why China became anti-bitcoin suddenly. They thought that bitcoin will not reach this height so they allowed bitcoin and other related industry without any regulation. But starting this year, they started to bust it up specially now that the price is going to $4000-$5000. They feeling that their Yuan is being threaten by the emergence of bitcoin in their country. As a communist nation, they need something to stop this madness and took control of everything.

If you check "https://coinmarketcap.com/currencies/bitcoin/#markets" simply discover that trading volume on BTC/CNY is high and price is recover to normal vs BTC/USD
These are the most active exchanges on BTC/CNY:
https://www.okcoin.cn/
https://www.btcchina.com/exc/trade/cnybtc
https://www.huobi.com/
Also this new "https://www.cryptocoinsnews.com/chinese-bitcoin-exchanges-take-diverging-paths-amid-regulatory-uncertainty/" tells that maybe we will not see any exchange to be down.

richardivan

sr. member

Activity: 321

Merit: 251

Quote from: Karpeles on September 13, 2017, 02:49:40 AM

Would be needles to ban Bitcoin mining. If you can't sell your bitcoins then there is no point in mining because you need to pay electricity and other expenses, specially if you are a professional, and Bitcoin mining isn't for amateurs anymore, and a ban of BTC exchanges would be enough to scare most people to stay away from Bitcoin because China is far from being a democracy.

But there is no evidence that China will ban exchanges, only rumors based on anonymous sources that probably doesn't even exist

From what I read here one of exchanger gonna ban China IP from trading there, I don't know if another exchanger will follow this exchanger to ban China IP. And AFAIK China didn't ban mining so the miner still can rent VPN then sell in exchanger. CMIIW

TitanGEL

sr. member

Activity: 1036

Merit: 281

Quote from: HashFace on September 12, 2017, 03:51:39 PM

So, recent news that China is either going to ban bitcoin exchanges, or they already have ... If that's the case, will that include miners? Or will mining become pointless if they can't exchange BTC to pay their expenses? I keep hearing that China has cheap energy, so I was wondering all along if China would discover these energy hogs and either tax them, or shut them down.

What sort of effect would this have on Bitcoin mining if China gets shutdown? Catasptrohic? Or the difficulty goes down and we get on fine without them?

The bitcoin and the ICO is now banned in the China. China has many reasons why they ban the bitcoin and the ICO. I think it has only small effect to the price of the bitcoin.

btc_angela

hero member

Activity: 2604

Merit: 542

Quote from: Wind_FURY on September 13, 2017, 12:07:46 AM

Quote from: Whiplash Wally on September 12, 2017, 04:18:04 PM

Seems like it's time for Bitcoin to ban China.

Hahaha. That would certainly be good to see in the headlines. But you really cannot blame China's move though. They are feeling threatened by the all the disruption the cryptocurrencies are bringing in finance. There must be powerful people out there who are are trying to put the pressure back on Bitcoin by making threats of their own.

I also felt that this is the logical explanation why China became anti-bitcoin suddenly. They thought that bitcoin will not reach this height so they allowed bitcoin and other related industry without any regulation. But starting this year, they started to bust it up specially now that the price is going to $4000-$5000. They feeling that their Yuan is being threaten by the emergence of bitcoin in their country. As a communist nation, they need something to stop this madness and took control of everything.

Karpeles

legendary

Activity: 1162

Merit: 1000

Would be needles to ban Bitcoin mining. If you can't sell your bitcoins then there is no point in mining because you need to pay electricity and other expenses, specially if you are a professional, and Bitcoin mining isn't for amateurs anymore, and a ban of BTC exchanges would be enough to scare most people to stay away from Bitcoin because China is far from being a democracy.

But there is no evidence that China will ban exchanges, only rumors based on anonymous sources that probably doesn't even exist

SoulBargain

full member

Activity: 234

Merit: 100

Quote from: 100bitcoin on September 12, 2017, 03:54:35 PM

Bitcoin does not depend on one country anymore. If China bans Bitcoin, it is already legal in Japan and parts of US. So, Bitcoin, mined at China, can easily be sold at those exchanges.

A decentralized system it is. China has been a great asset in Bitcoin's economy but if suddenly it would disappear then it would not disrupt the economy of Bitcoin itself due to its decentralized nature. Also, it is now more distributed across the world compared before which is a bit focused to one place especially China.

rafzalan

full member

Activity: 714

Merit: 105

After a few days of lower BTC/CNY price vs BTC/USD , now
I can see BTC/CNY volume goes up and its price reach the other pairs, what happened to ban?

MattHoo

member

Activity: 62

Merit: 10

Recently, many news reported that china is going to ban bitcoin exchanges on a mount of sites, but i don't think this will happen as bitcoin is the world cryptocurrency, and there isn't any news from china official website announcing it will shutdown the bitcoin exchange. So the bitcoin mining is still running well.

maydna

hero member

Activity: 2912

Merit: 556

i wonder why people is panic and over react with the negative news and we don't know yet if its true or not. if china is bans bitcoin mining then i think many china mining company will collapse. in the other side, i am sure that there will be many country will allow bitcoin in their country and if china really banned bitcoin, i think they will regret it because bitcoin have big community today and they will give support for bitcoin to stay for a long time.

Juggy777

hero member

Activity: 2646

Merit: 686

Quote from: HashFace on September 12, 2017, 03:51:39 PM

So, recent news that China is either going to ban bitcoin exchanges, or they already have ... If that's the case, will that include miners? Or will mining become pointless if they can't exchange BTC to pay their expenses? I keep hearing that China has cheap energy, so I was wondering all along if China would discover these energy hogs and either tax them, or shut them down.

What sort of effect would this have on Bitcoin mining if China gets shutdown? Catasptrohic? Or the difficulty goes down and we get on fine without them?

People are just loosing their cool cause it's come from China, their every move is being scrutinized like Bitcoin only depends on China, it doesn't, China is acting stupid let them, I am sure normallcy will be restored and people we will have prices up. I don't think so they can ban mining cause lots of money is already invested by people, even if let's say it is banned, they will be able to sell their hash and their coins on foreign exchange, I am this is a temporary situation and things will improve.

Asyifiah

sr. member

Activity: 644

Merit: 262

1xBit is Asia gambling site

1 = http://fortune.com/2015/11/04/jamie-dimon-virtual-currency-bitcoin/ ( Jamie Dimon: Virtual Currency Will Be Stopped )
2 = https://www.cnbc.com/2017/09/12/jpmorgan-ceo-jamie-dimon-raises-flag-on-trading-revenue-sees-20-percent-fall-for-the-third-quarter.html ( JPMorgan CEO Jamie Dimon says bitcoin is a 'fraud' that will eventually blow up )
3 = https://www.forbes.com/sites/laurashin/2017/05/22/jpmorgan-chase-to-integrate-zcash-technology-to-its-enterprise-blockchain-platform/?c=0&s=trending#72682f397a33 ( JPMorgan Chase To Integrate Zcash Technology To Its Enterprise Blockchain Platform )

here we know who is the strongest in society , once JP Morgan said as in the news but look what has been done for some time now.
really funny this guy.

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