Topic: The pitiful state of the Chinese economy could weigh on Bitcoin - page 2. (Read 364 times)
I don't believe this anymore, if they are going to ban their mining industry of Bitcoin due to power consumptions then they should have done that already. It doesn't matter if they were there or not Bitcoin will still live no matter what. There are still more countries that are doing mining Bitcoin will still live on that unless all of these countries will BAN mining for the cryptocurrency.
With your topic caption, are you saying the Chinese economy is crumbling?
Meanwhile, whether Chinese or not, bitcoin has demonstrated to be independent of an individual economy. I remember the Chinese went against bitcoin early last two years yet nothing has changed.
Meanwhile, whether Chinese or not, bitcoin has demonstrated to be independent of an individual economy. I remember the Chinese went against bitcoin early last two years yet nothing has changed.
this is precisely one of the reasons why this news has no effect. It is true that China has never been favorable to Bitcoin, but today we are talking about a Mining BAN, and this is a very important news.
People have become so addicted to hearing BAN in China that they no longer react to similar news, but the reality is that this time can be very different from the past.
I don't think that the Chinese economy is crumbling, maybe they want to do something, and we don't know what it is. So we need to wait until May 8 to know the update of the news. But I still curious about did China really want to ban mining.
Obviously, the word "there is a return for the government" means something and it clearly does that the government want something from the miner which they cannot get. For example, the government cannot get tax from the mining itself.
Obviously, the word "there is a return for the government" means something and it clearly does that the government want something from the miner which they cannot get. For example, the government cannot get tax from the mining itself.
On balance, the relationship between what they earn (from the entire mining sector) to what they lose is clearly unfavorable to the Chinese government.
I don't think that the Chinese economy is crumbling, maybe they want to do something, and we don't know what it is. So we need to wait until May 8 to know the update of the news. But I still curious about did China really want to ban mining.
Obviously, the word "there is a return for the government" means something and it clearly does that the government want something from the miner which they cannot get. For example, the government cannot get tax from the mining itself.
Obviously, the word "there is a return for the government" means something and it clearly does that the government want something from the miner which they cannot get. For example, the government cannot get tax from the mining itself.
With your topic caption, are you saying the Chinese economy is crumbling?
Meanwhile, whether Chinese or not, bitcoin has demonstrated to be independent of an individual economy. I remember the Chinese went against bitcoin early last two years yet nothing has changed.
Meanwhile, whether Chinese or not, bitcoin has demonstrated to be independent of an individual economy. I remember the Chinese went against bitcoin early last two years yet nothing has changed.
Now I see the point why they are pushing this mining ban in China. As always, Chinese people did not want to get their money out of country, but of course thwy want to get other countries' money into their cpuntry. However, the hole will be blockchain, specficaly bitcoin mining inside China where they spend their real-money for energy comsumption and spread digital money through out other countries.
Exactly like that. BTC mining has been a way to "export currency" to date, and this is now a big problem for the Chinese government to resolve. As if they have reached the point of no longer tolerating what until today was tacitly allowed.
Now I see the point why they are pushing this mining ban in China. As always, Chinese people did not want to get their money out of country, but of course thwy want to get other countries' money into their cpuntry. However, the hole will be blockchain, specficaly bitcoin mining inside China where they spend their real-money for energy comsumption and spread digital money through out other countries.
At first glance it might seem paradoxical that an economy of a country that, although important as China, could heavily affect Bitcoin, yet it is enough to connect the pieces of a puzzle to understand that what awaits us in a few weeks time could be dramatic for bitcoin value.
A few days ago I read an article reuters LINK https://www.reuters.com/article/us-china-cryptocurrency/china-wants-to-ban-bitcoin-mining-idUSKCN1RL0C4
where, like so many other times in the past, there is talk of a possible mining BAN in China, a possible ban justified according to Reuters by a "high consumption of Energy" and a "supervision with the same approach they adopted with the Internet".
In most readers this news appeared to be "the usual fake news" or in any case a magnification of the news aimed at creating alarmism, but no alarm was triggered. The value of Bitcoin has been almost unchanged.
Because this time there is really to be alarmed
One of China's leading economists, Xiang Songzuo, one of China's leading economics and market experts, "China's speculative bubble is about to explode".
This professor did not use half terms to describe the Chinese economy, explaining in detail all the limitations and superficialities of a government that has managed in an ignorant and obtuse manner the economic problems present today in China.
"Obviously" the Chinese government does not tolerate this type of utterance, and it immediately proceeded to remove any reference on the internet (in China) that this professor declared. Fortunately, someone has saved and republished this video, available today here https://www.youtube.com/watch?v=r6offNjTo4c
I could read a literary translation of every single word of this video thanks to a translation of an Italian website http://www.asianews.it/notizie-it/Xiang-Songzuo:-Lo-stato-pietoso-dell%E2%80%99economia-Chinese-46023.html
The blockchain is a problem
In his long course, Xiang Songzuo indicates among the many focal points of the Chinese economic problems to be solved, and at a certain point BLOCKCHAIN is mentioned in a generic way. Why is not explained, but just think to understand why the blockchain is a problem in China.
What many people do not know is that China is a closed economy, where every single penny cannot leave the country except through a "government authorization". The government authorizes investments abroad only if "there is a return for the government", that is, everything that comes out of the door must return from the window (with interest). Furthermore, the government is doing everything to remove the Private PROPERTY. What is obvious for us (being able to own a house) in China may not be.
And now you can try to imagine an entrepreneur, who accumulates money with difficulty, and who sees years of work and sweat in danger, cannot buy private property, cannot export capital.
Here is the blockchain (clearly Bitcoin is the host) becomes a hole that can allow the export of capital from a closed country like China.
How to export capital from China?
The fastest way would be to buy Bitcoins with Chinese currency and then sell them in another currency. But this is practically impossible to achieve, if not leaving indelible traces. What other solution?
Simple: MINING !!!
I produce Bitcoin through mining. I produce BTC with an energy and hardware cost, and I sell BTC for another currency.
What few understand is that in reality mining in China is a means of "recycling", not intended as the result of dirty work, but a possibility of converting Chinese currency into another fiat currency.
Almost all of the mining in China, unlike what is commonly widespread, is not done because "energy is cheap"; indeed, energy costs are constantly increasing since China is an energy-intensive country.
Almost all of the minin in China is made IN LOSS, yes, at a loss only and exclusively to let currency out of the country. Even a 10/15% loss can be tolerated if you want to export capital from a country that does not allow it.
And here is the BAN of mining
At this point, by May 8, we will have answers about what the Chinese government intends to do to revive the Chinese economy, but there is no doubt that the blockchain will fall among the very first interventions that the government will carry out.
And there will be no way to covertly undermine it, because the energy consumption of the farm is obvious and it will be easy to identify who will commit criminal offenses, and China is a severe country where prisons are harsh.
Bitcoin will most likely see a dramatic drop in the Hash, and a sharp decline in difficulty of as much as 30/40% in a few days, and the consequence will most likely be a fall in prices with similar magnitude.
There will be no security dangers, since the Bitcoin network is largely secure even with a halved hash, but a drop in its value will be what we most probably expect from here in the coming weeks, coinciding with the official status of a possible Ban Chinese.
https://t.me/CryptoReggae
A few days ago I read an article reuters LINK https://www.reuters.com/article/us-china-cryptocurrency/china-wants-to-ban-bitcoin-mining-idUSKCN1RL0C4
where, like so many other times in the past, there is talk of a possible mining BAN in China, a possible ban justified according to Reuters by a "high consumption of Energy" and a "supervision with the same approach they adopted with the Internet".
In most readers this news appeared to be "the usual fake news" or in any case a magnification of the news aimed at creating alarmism, but no alarm was triggered. The value of Bitcoin has been almost unchanged.
Because this time there is really to be alarmed
One of China's leading economists, Xiang Songzuo, one of China's leading economics and market experts, "China's speculative bubble is about to explode".
This professor did not use half terms to describe the Chinese economy, explaining in detail all the limitations and superficialities of a government that has managed in an ignorant and obtuse manner the economic problems present today in China.
"Obviously" the Chinese government does not tolerate this type of utterance, and it immediately proceeded to remove any reference on the internet (in China) that this professor declared. Fortunately, someone has saved and republished this video, available today here https://www.youtube.com/watch?v=r6offNjTo4c
I could read a literary translation of every single word of this video thanks to a translation of an Italian website http://www.asianews.it/notizie-it/Xiang-Songzuo:-Lo-stato-pietoso-dell%E2%80%99economia-Chinese-46023.html
The blockchain is a problem
In his long course, Xiang Songzuo indicates among the many focal points of the Chinese economic problems to be solved, and at a certain point BLOCKCHAIN is mentioned in a generic way. Why is not explained, but just think to understand why the blockchain is a problem in China.
What many people do not know is that China is a closed economy, where every single penny cannot leave the country except through a "government authorization". The government authorizes investments abroad only if "there is a return for the government", that is, everything that comes out of the door must return from the window (with interest). Furthermore, the government is doing everything to remove the Private PROPERTY. What is obvious for us (being able to own a house) in China may not be.
And now you can try to imagine an entrepreneur, who accumulates money with difficulty, and who sees years of work and sweat in danger, cannot buy private property, cannot export capital.
Here is the blockchain (clearly Bitcoin is the host) becomes a hole that can allow the export of capital from a closed country like China.
How to export capital from China?
The fastest way would be to buy Bitcoins with Chinese currency and then sell them in another currency. But this is practically impossible to achieve, if not leaving indelible traces. What other solution?
Simple: MINING !!!
I produce Bitcoin through mining. I produce BTC with an energy and hardware cost, and I sell BTC for another currency.
What few understand is that in reality mining in China is a means of "recycling", not intended as the result of dirty work, but a possibility of converting Chinese currency into another fiat currency.
Almost all of the mining in China, unlike what is commonly widespread, is not done because "energy is cheap"; indeed, energy costs are constantly increasing since China is an energy-intensive country.
Almost all of the minin in China is made IN LOSS, yes, at a loss only and exclusively to let currency out of the country. Even a 10/15% loss can be tolerated if you want to export capital from a country that does not allow it.
And here is the BAN of mining
At this point, by May 8, we will have answers about what the Chinese government intends to do to revive the Chinese economy, but there is no doubt that the blockchain will fall among the very first interventions that the government will carry out.
And there will be no way to covertly undermine it, because the energy consumption of the farm is obvious and it will be easy to identify who will commit criminal offenses, and China is a severe country where prisons are harsh.
Bitcoin will most likely see a dramatic drop in the Hash, and a sharp decline in difficulty of as much as 30/40% in a few days, and the consequence will most likely be a fall in prices with similar magnitude.
There will be no security dangers, since the Bitcoin network is largely secure even with a halved hash, but a drop in its value will be what we most probably expect from here in the coming weeks, coinciding with the official status of a possible Ban Chinese.
https://t.me/CryptoReggae
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