With all the coins being mined over in China I reckon it near be impossible to ban all mining.
I know the Chinese government thinks Bitcoin is wasteful and would prefer to do without.
Note to mention that just because it is illegal it does not mean people in China will suddenly stop mining especially if they have been earning profits doing so.
Topic: The reason mining was banned in China - page 2. (Read 11073 times)
So there will a new added shitcoin on the market?, We should still get the benefits of them stopping their operations which is obviously just temporary. As soon as their sh*tcoin will start to fall down. They will obviously go back to operating the same business using bitcoin alone.
China won't make a crypto in the way that we know cryptos, if anything it would just be their own currency with a couple of extra steps added and probably a whole lot more government control. I realistically cannot see China trying to make a crypto that isn't just an extension of the Renminbi/Yuan. Of course, I could be very wrong about that and they might make their own crypto which is more than fiat. Either way, I almost guarantee that it would include some form of integration with their social credit system. It will be a shitcoin regardless if it's considered a "real" crypto or not, just for different reasons than we might expect. 
So there will a new added shitcoin on the market?, We should still get the benefits of them stopping their operations which is obviously just temporary. As soon as their sh*tcoin will start to fall down. They will obviously go back to operating the same business using bitcoin alone.
hey remember the time when we all speculated 
how China is gonna just give birth to a cryptocurrency on it's own and bang ! They will try and dominate even the world of cryptocurrency, well guess what ? Days after mining the Bitcoins that is the king of all cryptocurrencies' was banned , we have a news .!!
*China is going to make it's own currency Renminbi a cryptocurrency *
Well the reports have still yet to be confirmed officially but experts have provided a good Intel. I don't even think that they will provide any Intel ahead of time . They are going to take help from the central bank and turn their own currency into a cryptocurrency.
Well to be honest I think it would be a good experiment when we would be able to see how ! Cryptocurrency + government can work together since it will be a derivative of a bank !
Any ideas about what will happen ? What do you guys think ?
Enough of this speculations. Please do enough research before agreeing with another false speculations. If you think this is the reason why china wants to ban Bitcoin mining please provide a link to the source for this speculation. Everyday China wants to ban Bitcoin mining but till now, there hasn't been any proof to support this claims. And China has no time to develop its own cryptocurrecy because the current financial system used there is highly efficient and reliable.
This is what media is saying us but a lot of them are still mining in China, this country is very powerful and they are still supporting Web results
3 Things to Know About Bitcoin Mining in China - Buy Bitcoin Worldwide
https://www.buybitcoinworldwide.com › ...
I have posted the details of how mining works in China, and I still feel they are supporting crypto mining.
They can’t just simply leave that business because they are making money though the reason is just a speculation. The media is trying to destryos mining industry because of their own interest? Well, it might be or China will really create its own crypto and control its people with that coin. 3 Things to Know About Bitcoin Mining in China - Buy Bitcoin Worldwide
https://www.buybitcoinworldwide.com › ...
I have posted the details of how mining works in China, and I still feel they are supporting crypto mining.
Chinese crypto-currency will fall as it will be controlled by a centralized government and will result in more issue between the chinese people and the government as the establishment want to implement supremacy rather than equality
This depends on how the population of China will react to this. Many of them don't know about cryptocurrencies and for them this will seem like something new that is helpful for their economy so their crypto might survive for a while at least in China.The difference is on the WeChat application, they made the payments with the typical bank transaction they are not a cryptocurrency, since they are bank based there is no problem with the regulation, but if we try to do this with a crypto will be really hard because the regulations don't let cryptos grow as a big payment system.
Chinese crypto-currency will fall as it will be controlled by a centralized government and will result in more issue between the chinese people and the government as the establishment want to implement supremacy rather than equality
This depends on how the population of China will react to this. Many of them don't know about cryptocurrencies and for them this will seem like something new that is helpful for their economy so their crypto might survive for a while at least in China.Chinese crypto-currency will fall as it will be controlled by a centralized government and will result in more issue between the chinese people and the government as the establishment want to implement supremacy rather than equality
This depends on how the population of China will react to this. Many of them don't know about cryptocurrencies and for them this will seem like something new that is helpful for their economy so their crypto might survive for a while at least in China. For the rest of the world this is going to be a dead, shitty coin and nothing more than a copy of bitcoin. hey remember the time when we all speculated how China is gonna just give birth to a cryptocurrency on it's own and bang ! They will try and dominate even the world of cryptocurrency, well guess what ? Days after mining the Bitcoins that is the king of all cryptocurrencies' was banned , we have a news .!!
*China is going to make it's own currency Renminbi a cryptocurrency *
Well the reports have still yet to be confirmed officially but experts have provided a good Intel. I don't even think that they will provide any Intel ahead of time . They are going to take help from the central bank and turn their own currency into a cryptocurrency.
Well to be honest I think it would be a good experiment when we would be able to see how ! Cryptocurrency + government can work together since it will be a derivative of a bank !
Any ideas about what will happen ? What do you guys think ?
That was pretty much expected! Slowly majority of the countries will move to this crypto economy which will be just a digital representation of their own fiat currency. Countries like China and India are the ones who are effectively exploring this opportunity.
But there's nothing for us to get excited because that will effectively supersede the necessity of other cryptos to a lot o people! 2019 and the years ahead will be full of surlrises it seems!
hey remember the time when we all speculated how China is gonna just give birth to a cryptocurrency on it's own and bang ! They will try and dominate even the world of cryptocurrency, well guess what ? Days after mining the Bitcoins that is the king of all cryptocurrencies' was banned , we have a news .!!
*China is going to make it's own currency Renminbi a cryptocurrency *
Well the reports have still yet to be confirmed officially but experts have provided a good Intel. I don't even think that they will provide any Intel ahead of time . They are going to take help from the central bank and turn their own currency into a cryptocurrency.
Well to be honest I think it would be a good experiment when we would be able to see how ! Cryptocurrency + government can work together since it will be a derivative of a bank !
Any ideas about what will happen ? What do you guys think ?
That was pretty much expected! Slowly majority of the countries will move to this crypto economy which will be just a digital representation of their own fiat currency. Countries like China and India are the ones who are effectively exploring this opportunity.
But there's nothing for us to get excited because that will effectively supersede the necessity of other cryptos to a lot o people! 2019 and the years ahead will be full of surlrises it seems!
If any country is going to start their own cryptocurrency and use it then i think it will be centralized and then their wont be any difference between fiat currency or same country controlled coin. So it can be manipulated and controlled by the govenment. So i think this idea will be very bad one. and most of them wont support it.
It is OBVIOUSLY the case, and thinking the opposite is too naive. Private banks dominate goverments because they have the power to create the money... they are not going to lose that power.
PD: What happened to the answers before mine? Deleted?
To me it looks like many people in this thread are making confusion between cryptos and BTC, which are related but they're not the same thing: BTC is a crypto, cryptos include BTC. Can we have a centralized crypto and also BTC? Yes. Can in happen in the same country? Yes. In China? I don't know.
did you just say you want to see how cryptocurrency and government work together, well that's impossible no one wants that to happen? even bitcoin was made as an alternative to faint currency. anyway even if they try to make a new cryptocurrency its still china (the country which doesn't even trust google or facebook) is gonna trust cryptocurrency. if they are gonna make it then maybe we are gonna find some Chinese people in this forum.
Chinese crypto-currency will fall as it will be controlled by a centralized government and will result in more issue between the chinese people and the government as the establishment want to implement supremacy rather than equality
This is what media is saying us but a lot of them are still mining in China, this country is very powerful and they are still supporting Web results
3 Things to Know About Bitcoin Mining in China - Buy Bitcoin Worldwide
https://www.buybitcoinworldwide.com › ...
I have posted the details of how mining works in China, and I still feel they are supporting crypto mining.
3 Things to Know About Bitcoin Mining in China - Buy Bitcoin Worldwide
https://www.buybitcoinworldwide.com › ...
I have posted the details of how mining works in China, and I still feel they are supporting crypto mining.
I don't think a cryptocurrency issued by the Chinese government will work, especially not in China (and not for the people). The communist party of China is well known for their restrictions and they are arresting people who have a different opinion and are opposing the opinion of the communist party.
They'll just use their government-issued cyptocurrency to analyze crypto transactions completely, ban cash and froze the crypto accounts of a person if they are doing something the communist party doesn't like. If China is going to launch a crypto I'm almost sure that it wouldn't be a useful cryptocurrency because it'll be centralized and controlled by the government, not like Bitcoin, where you are your own bank.
I 100% agree with you. Based on the way China control their people creating their own cryptocurrency is just a natural step. I would be very surprised if they don't create it in a couple of years maximum. They'll just use their government-issued cyptocurrency to analyze crypto transactions completely, ban cash and froze the crypto accounts of a person if they are doing something the communist party doesn't like. If China is going to launch a crypto I'm almost sure that it wouldn't be a useful cryptocurrency because it'll be centralized and controlled by the government, not like Bitcoin, where you are your own bank.
The Chinese government, like the Russian government, speaks and acts very contradictory. Many statements then turn out to be false. Even in the matter of prohibiting mining Bitcoin there are many contradictions. The Chinese government for two years trying to limit circulation or even prohibit cryptocurrency, but in practice it continues to be used in this country.
As for the cryptocurrency, which will be issued by the Bank of China, it is even interesting. They always come up with something special. I would like to see how this cryptocurrency will be used in practice. I think that this will not be worse, even if this centralized national coin competes with the decentralized cryptocurrency.
As for the cryptocurrency, which will be issued by the Bank of China, it is even interesting. They always come up with something special. I would like to see how this cryptocurrency will be used in practice. I think that this will not be worse, even if this centralized national coin competes with the decentralized cryptocurrency.
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Any ideas about what will happen ? What do you guys think ?
miner could be exodus to another country, and continue mining. maybe they want to take some fee for miner.china goverman must be associate the club and make positif rule for them, tax or something fee for that
I have read an article before that, the reason behind the mining ban in China was because, they do not want giving out their money to other countries. Now, how is this relatod to cryptocurrency and mining. Well, we all know that thru cryptocurrency money can flaw freely thru blockchain. Now, going back to mining, let's say if a foreign investor invests a mining farm in China, they will just be paying out energy cost and facility cost to mine bitcoin. So, in short China is giving out their resources(electricity) to foreign companies to mine digital money. In other words, they are spreading out money thru cryptocurrency mining which could flow free around the globe.
Exactly, basically that the country of China feels disadvantaged, the negative impact is more than the positive impact. The most influential is the source of electrical energy, can be ascertained when more and more miners then it will make electricity supply in China continues to decrease. If you use natural resources then it is certainly very detrimental, while those who benefit only a handful of people who have very large capital. 
China has very tight restriction on their assets/money outflow, generally the country doesn't encourage RMB circulating otherside their land for purposes such as value storage. BTC could easily surprass this problem by its nature, unknown. Also their banking or transactional systems is kinda established with no dependency on blockchain, miners there are simply businesses for players around the crypto sector, they tend to do things big when there's opportunities, many shady deals like cheap eletrcity certainly goes on and since it's unregulated and operations are not transparent, banning is once and for all
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