More China Craziness - "Cracking done on mining" - page 2.

LeastComicStanding

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Quote from: uneng on May 23, 2021, 07:24:13 PM

It's a good opportunity for mining companies move their businesses to another countries and decrease the total mining power China is responsible for. It will give a lot more stability for bitcoin if mining power isn't concentrated in one only country, especially a country ruled by communist dictators like China. It's also a chance for smaller countries which need to increase their income to attract these mining bitcoin operators to their territories.

Yes! So much opportunity created here to make things better overall. It seems like a big hit if you look directly at the BTC price, but when you see the big picture, it all makes sense.

uneng

hero member

Activity: 2044

Merit: 784

Leading Crypto Sports Betting & Casino Platform

It's a good opportunity for mining companies move their businesses to another countries and decrease the total mining power China is responsible for. It will give a lot more stability for bitcoin if mining power isn't concentrated in one only country, especially a country ruled by communist dictators like China. It's also a chance for smaller countries which need to increase their income to attract these mining bitcoin operators to their territories.

temple

hero member

Activity: 1428

Merit: 538

Quote from: elisabetheva on May 22, 2021, 09:12:22 PM

Quote from: temple on May 22, 2021, 06:15:02 PM

I am more and more convinced that China is trading the cycles that it helps produce. Maybe they bought Bitcoin for $100 billion, now do everything they can to drive the price down, refill their bags and let the market build up again. They threaten so often but still a major part of the industry is located in China and probably will always be located in China.
They won't the whole mining industry including the chip production and so on. I will only believe it once it happened.

even this has several times China said and made threats that lead to crypto, of course we can be sure that there is a certain load behind it. because we know that the biggest mining sector is in China. Is it possible that China will do that because he does not know, obviously not possible. but there is a charge behind it that will clearly be seen, because this is the umpteenth time they have done that and returned to normal as usual and as if nothing happened that was very worrying.

China plays a very important role in crypto and clearly has a huge influence when it comes to actions that are against reality. although they are very disciplined and obey the rules that may be made, but I do not believe it.

It could be a possibility that the government themselves has been into Bitcoin for a long time. The Chinese are very forward looking and I don't think they would just ignore a technology like Bitcoin, but rather explore it and develop a strategy that they can best exploit without getting caught.

sholoml18

newbie

Activity: 1

Merit: 0

CHINA IS CRAZY

Gatorelf

sr. member

Activity: 845

Merit: 267

Quote from: dkbit98 on May 22, 2021, 03:08:30 AM

China is banning Bitcoin every year so I think it would be a good idea to have special Bitcoin Ban day we can all mark on our calendars and celebrate annually.
Look at it from positive side, if they ban and restrict Bitcoin mining that means that pools from other countries will have bigger share and there will be no more fake news how China controls Bitcoin.
Bitcoin is like a living organism and it adapts to whatever conditions are in the world with regulations and everything else, but I think Chinese will just move everything underground and continue their business as usual.

Agree lol, it will just be mined in the dark now much like the days of prohibition and alcohol... it became illegal but they still made and sold it.

electronicash

legendary

Activity: 3178

Merit: 1054

another recycled fud. can't believe China would really go along with this renewable energy play they are doing as if the fungibility will be affected. i guess they just play along till they see where this is going. with the successive fud, institutions are also grabbing coins, they should just let the price dip below the 27K. i wouldn't be buying this dip until they push the price below $27K, there is even a chance for it to go $20k.

virasog

legendary

Activity: 3136

Merit: 1172

Leading Crypto Sports Betting & Casino Platform

Quote from: Expecto on May 22, 2021, 03:01:57 AM

China continues to damage the market with its actions recently. They banned cryptocurrencies first and now this happens. There were already some rumours that China would lose its dominance in Bitcoin mining. And it starts to come true.

This is just temporary or false statement to move the market down. Nothing is gonna change as the biggest mining farms are in china and they are not going to close. We should stop following these news or atleast try to remain out of market for next two weeks. Hopefully by then, this fud will fade away.

chshlo1

newbie

Activity: 32

Merit: 0

In the past six months, the price of metal products has risen too high, and the electricity consumption of steel has greatly increased. Coupled with the problem of greenhouse carbon emissions, this disaster has been caused. In fact, there is nothing to fear from what I have experienced in the early years.

elisabetheva

full member

Activity: 1708

Merit: 105

Quote from: temple on May 22, 2021, 06:15:02 PM

I am more and more convinced that China is trading the cycles that it helps produce. Maybe they bought Bitcoin for $100 billion, now do everything they can to drive the price down, refill their bags and let the market build up again. They threaten so often but still a major part of the industry is located in China and probably will always be located in China.
They won't the whole mining industry including the chip production and so on. I will only believe it once it happened.

even this has several times China said and made threats that lead to crypto, of course we can be sure that there is a certain load behind it. because we know that the biggest mining sector is in China. Is it possible that China will do that because he does not know, obviously not possible. but there is a charge behind it that will clearly be seen, because this is the umpteenth time they have done that and returned to normal as usual and as if nothing happened that was very worrying.

China plays a very important role in crypto and clearly has a huge influence when it comes to actions that are against reality. although they are very disciplined and obey the rules that may be made, but I do not believe it.

CaVO32

full member

Activity: 1848

Merit: 158

Quote from: ILuckyGuyI on May 22, 2021, 06:42:20 PM

China didn't want to content themselves with only banning cryptocurrencies. They wanted to ban mining also. I can't say that I'm surprised about this. When it comes to China, everything is possible. Grin

But it is good for other miners in other parts of the world or should I say, some of these chinese mining companies are already going to other countries like BIT Mining. So if China doesn't want them, they can always set-up their mining facility outside of their country. It is not a loss for these mining companies, but loss from China.

https://www.coindesk.com/chinese-bitcoin-mining-company-invests-25m-in-new-facility-in-texas

China is not the only place that they can set-up their mining facilities, there are other parts in this world that will gladly accept them to invest on their area of jurisdiction. Sooner or later, China will realize that bitcoin will survive even without them.

ILuckyGuyI

hero member

Activity: 2030

Merit: 402

China didn't want to content themselves with only banning cryptocurrencies. They wanted to ban mining also. I can't say that I'm surprised about this. When it comes to China, everything is possible. Grin

temple

hero member

Activity: 1428

Merit: 538

Quote from: cr1776 on May 21, 2021, 09:55:57 AM

So more nonsense from the statist authoritarians in China today. Anyone mining in China should move their (or at least a large percentage of their) miners out of China.

The thing to remember is that it is irrelevant where mining occurs. At worst, it slows blocks for a while, and makes it easier for other miners to win the blocks.

Quote

Bitcoin’s price tumbled Friday following an intensified call from Chinese authorities to crack down in mining of the cryptocurrency.

In a statement from Chinese Vice Premier Liu He and the State Council, authorities said tighter regulation is needed to protect the financial system.

The statement, released late Friday in China time, said it is necessary to “crack down on Bitcoin mining and trading behavior, and resolutely prevent the transmission of individual risks to the social field.”
...

https://www.cnbc.com/2021/05/21/bitcoin-falls-after-china-calls-for-crackdown-on-bitcoin-mining-and-trading-behavior.html

I am more and more convinced that China is trading the cycles that it helps produce. Maybe they bought Bitcoin for $100 billion, now do everything they can to drive the price down, refill their bags and let the market build up again. They threaten so often but still a major part of the industry is located in China and probably will always be located in China.
They won't the whole mining industry including the chip production and so on. I will only believe it once it happened.

vintag386

copper member

Activity: 25

Merit: 2

This is really about the CCP's need to control its populace. crypto-currencies remove the government's hand in financial transactions, which threatens the entire communist system. I really don't think there's a conspiracy to manipulate the crypto market, but rather to exert more control over their population. Chinese citizens are already required to report other Chinese abroad that are doing anything that could threaten the CCP. Look at Hong Kong, they cracked down on the independent democratic government there. This is the real power of BTC, and by getting this message out there, we can hopefully reverse the negative trend that's hit the market recently.

Gatorelf

sr. member

Activity: 845

Merit: 267

Bitcoin miners should Ban China Cheesy

downgm

newbie

Activity: 1

Merit: 0

the same news every 3 years....
https://i.ibb.co/rpDhM3k/145454.jpg

Reosta_

member

Activity: 994

Merit: 20

Quote from: Ryker1 on May 21, 2021, 04:13:56 PM

Quote from: Reosta_ on May 21, 2021, 12:29:07 PM

China is completely a big joke, nothing different. Grin

First they banned cryptocurrencies AGAIN and now they are cracking down on crypto mining. It is like they are at war against cryptocurrency industry.

Well, it is possible and perhaps in my own opinion, --there is a big whale there who also secretly manipulating the market.
Not so well to be done for China. I don’t think their decisions towards bitcoin are reasonable. Let us just say that their agendas consider bitcoin as their competition but I don’t think this is the best way to handle it. This is too stupid, I wonder how miners reacted to their government’s decision. I really find it disappointing honestly. But I think we just had to move on, the government really has the power to stop bitcoin on a national scale, and they just did like many attempts already. But it does not mean that bitcoin’s rise will stop here. Sooner or later, Bitcoin will recover and their yuans that they are very much proud of will soon be gone.

As though China wanted to maintain yuan's value by banning cryptocurrencies. They see this market as a threat. If there is such possibility, then why doesn't the USA do the same, for example. And yes, they can't destroy Bitcoin with such actions. Bitcoin will bounce back and reach its old levels at least.

dkbit98

legendary

Activity: 2212

Merit: 7064

China is banning Bitcoin every year so I think it would be a good idea to have special Bitcoin Ban day we can all mark on our calendars and celebrate annually.
Look at it from positive side, if they ban and restrict Bitcoin mining that means that pools from other countries will have bigger share and there will be no more fake news how China controls Bitcoin.
Bitcoin is like a living organism and it adapts to whatever conditions are in the world with regulations and everything else, but I think Chinese will just move everything underground and continue their business as usual.

Expecto

member

Activity: 980

Merit: 12

China continues to damage the market with its actions recently. They banned cryptocurrencies first and now this happens. There were already some rumours that China would lose its dominance in Bitcoin mining. And it starts to come true.

leea-1334

hero member

Activity: 2338

Merit: 953

Temporary forum vacation

China wants digital yuan,,, and anything that is competing or even looks close to their CBDC must be considered a threat. They were even giving out free CBDC in some provinces last year so we know for sure digital yuan is not IF but WHEN.

They will kill Bitcoin seemingly at first but this will end up being a good thing for crypto, just see!:)

Pmalek

legendary

Activity: 2730

Merit: 7065

Quote from: Chato1977 on May 22, 2021, 01:49:19 AM

But the thing is that , China is serious or not?

Read the post above yours by Kakmakr to understand.

In short:
China is developing their own digital currency. It's not going to be a decentralized asset like bitcoin is and it's not yet clear whether it will be blockchain-based or not. From some articles I read in the past, they are already trying out their digital coin in a few Chinese cities. Not sure if they consider those trials as successful or not.

It's pretty obvious that they want their citizens to be disgusted by bitcoin as much as possible to increase the adoption rate of their government-controlled digital asset.

Topic: More China Craziness - "Cracking done on mining" - page 2. (Read 566 times)