The reason mining was banned in China - page 3.

Youghoor

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Quote from: fiulpro on April 20, 2019, 03:51:53 PM

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 ?

How sure are you that China is planning to introduce its own cryptocurrency? It will be better if you provide the source of this information. And for your info, China hasn't banned crypto mining. Please do your own research before speculating false information

kotajikikox

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Only one reason i understand why china ban mining and whole cryptocurrency operation because the government want to regulate and control crypto.

Cuk0ng_bitc0in

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I don't agree with the Chinese government's decision to ban Bitcoin mining, because, with cheap electricity prices, it will be able to increase mining costs, and ultimately will have a positive impact on the price of BTC.

but on the otherside, the ban on BTC mining will affect BTC's global infrastructure.

in my opinion, the Chinese government must make regulations to control Bitcoin mining.

okala

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China have always been involved with advance technology and at that should welcome a new development such as bitcoin and the cryptocurrencies industry, but revised is the case with they recent ban of bitcoin mining and also some strick measures against the cryptocurrency industry but for them to develop the own cryptocurrency is.another ball game entirely.

Wysi

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Quote from: harbin55 on April 21, 2019, 07:47:15 AM

China is the most competitive nations in this world. Through their resources, power and connections they have they can make things impossible to possible; and i dont see any reasons why the government of china will banned the mining of bitcoins since it is really beneficial to their economy. You can't easily remove something that brings more benefit you to I guess.

Not sure how far this news is true as any sensible nation would not want to create more unemployment or misery for rs own citizens. We are all aware how big the mining market in China is, I don't think this will be a mature step if this news turns out to be true.

tuvok007

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Yeah but on the other hand we can be happy cause less china mining means a higher price per btc,cause you know,cheap electricity in china....

Razick

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The Chinese government has way too much power of the average chinese citizen. It's sad. Why shouldn't someone in China be allowed to buy a cryptocurrency mining GPU and make their own money using China's cheap electricity... G-D forbid someone should want to earn a good living doing something honorable by participating in the greatest technological revolution in the history of mankind.

harbin55

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China is the most competitive nations in this world. Through their resources, power and connections they have they can make things impossible to possible; and i dont see any reasons why the government of china will banned the mining of bitcoins since it is really beneficial to their economy. You can't easily remove something that brings more benefit you to I guess.

33bitcoin

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This was mostly just fud, China banning bitcoin and mining has been supposedly been happening for years but they never actually go through wit hit.Economically speaking it dosen't make sense for a country to go and ban bitcoin when it will help bring in new businesses.

carlisle1

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Campaign Management?"Hhampuz" is the Man

Chinese is famous because of piracy’s and copytrade so whats new on this?and besides we expect this from the starts thats why they are very open about many issues against cryptocurrency

But I doubt that they can gather support and investors all over the world(except from the Chinese community worldwide that for sure will put some amount to their government)because of their stand towards the crypto many has become angy with them

Quote from: blockchainwriters on April 21, 2019, 05:44:15 AM

the main reason for banning crypto in China is environmental issues and another issue is China wants to regulate crypto mining which is now unregulated soon we may expect guidelines from Chinese govt

What is that environmental issues?kindly elaborate please?as i read no news about that part,while regulating mining for crypto is every government rights and its tolerable

AztecGoldHero

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the reason fo the ban ıs = whales couldnt collect enough btc yet, because no body wants to sell btc, they cant get enough sell volume so they makes fuds to cause people sell btc, funny Cheesy

when we are at bull market you wıll see chıne allow btc mınıng news and also you gonna see chıne support btc mınıng news Cheesy

all of these are just manıpulatıon

blockchainwriters

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the main reason for banning crypto in China is environmental issues and another issue is China wants to regulate crypto mining which is now unregulated soon we may expect guidelines from Chinese govt

Pab

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There is no mining ban in China
It is only legislation proposal what is updated every three years
First was in 2013 next will be in 2022
Don't follow everything what press advertise

2double0

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Quote from: talkbitcoin on April 20, 2019, 11:47:07 PM

China has never banned bitcoin or its mining ever. i am afraid you have been fooled by the internet trolls Wink

It is not the OP only, China used to have such high influence over the crypto since many years that any such announcements could create panic in the minds of those who still believe that China can actually dominate decentralized cryptocurrencies.

Quote

nothing really. any coin they create is going to be just another centralized coin like El Petro of Venezuela and fails miserably in this world specially when it tries competing with a strong decentralized currency that is also global like bitcoin.

Yes, Venezuela turned grey after coming up with Petro and China too will be undergoing their worst bet ever by coming up with a centralized and local currency pegged cryptocurrency. Bitcoins can never be destroyed by any other cryptocurrency in the world even if it is decentralized and have better features as BTC's dominance is eternal and none available here can defeat it.

SaShiRaJaVu

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Quote from: fiulpro on April 20, 2019, 03:51:53 PM

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 *

With the huge populate they have the volume of trade will be very high, other than that who will be purchasing their central currency, if the crypto they are planning to roll out will have any advantage than their fiat currency, then people will be using them to trade, shutting down all competition is the only way they can approach their business, if not even their own citizens would not bother using them Tongue

.

Quote

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 ?

It is not surprising, just like they have a firewall to prevent their citizens to use other sites in the net and how they are taking control over how they can access the world wide web, this is the same format, shutting down the entire crypto market and forcing them to use their own crypto.

talkbitcoin

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All I know is that I know nothing.

China has never banned bitcoin or its mining ever. i am afraid you have been fooled by the internet trolls Wink

Quote from: fiulpro on April 20, 2019, 03:51:53 PM

Any ideas about what will happen ? What do you guys think ?

nothing really. any coin they create is going to be just another centralized coin like El Petro of Venezuela and fails miserably in this world specially when it tries competing with a strong decentralized currency that is also global like bitcoin.

morrisgonzalez

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I don't think so China banned mining. Why they do this any strong reason? When it's a profitable way to earn money then why they do this? I also heard before this type of question. But I don't think it will be happen in future.

pooya87

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just because some click bait articles on the internet said "China banned [blank]" it doesn't mean they have really banned [blank], they have been publishing the same thing for years now and they just change the name inside brackets!

besides countries making their own centralized cryptocurrency (aka gov-coin) is not a speculation, it has been happening for a couple of years now and in near future majority of countries will have their own coin. it is just that most of them are waiting to see what happens to those who did it first (eg. Venezuelan, India,...) and see their mistakes and not repeat them to end up with a stronger one.

flash101k

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Free Crypto in Stake.com Telegram t.me/StakeCasino

Quote from: serjent05 on April 20, 2019, 05:48:22 PM

Are you talking about these story? https://cointelegraph.com/news/official-chinese-currency-renminbi-to-become-cryptocurrency-expert-says.

First, mining is yet to be banned in china, the proposal is there and still under review. This is somehow misleading saying that mining is already banned in China but it is not.

In fact, Bitcoin mining factories in China have moved to other countries with more favorable conditions. In China, electricity prices have risen, and some restrictions on Bitcoin mining have been made, making the work of all investors stretch. That may be the reason many people misunderstand that China banned mining.

Bonsaiav

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I think their ideas and ways can build new ideas for other countries in empowering their own country's currency, and I hope that cryptocurrency and the Chinese government can collaborate well and produce a positive effect on the world of cryptocurrency, even though I doubt it. Because, they usually treat their cryptocurrency like a golden boy and at the same time they also make strict rules for all other cryptos like happened last year, between Neo against Bitcoin, Ethereum and several other mining coins.

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