Will China's crackdown on Bitcoin cause Bitcoin to become worthless? - page 3.

Golftech

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Quote from: Kittygalore on July 07, 2021, 11:17:39 AM

Quote from: ?? on ??

That lame old China topic... They banned BTC like a 100 times already... If that has a negative impact, then what happened in Venezuela should have at least the same effect, the other way areond. so basically BTCUSD should be worth more, now where its an official currency (in venezuela).

This is different though, they are now on the mining aspect of bitcoin and we still haven't seen the end of it yet so it's not yet safe to say that this attack by China is going to be really bad for bitcoin although I disagree with the title that China's crackdown is going to render bitcoin worthless.

It's not only China who's working with Bitcoin, there are other countries who are also in this industry.

Maybe this crackdown really impacted to the market in terms of price, but since there are also other

players the price still decent, so it's not how the title looks at it, the situation still workable and we

may experienced good bounce back.

Kittygalore

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Quote from: ?? on ??

That lame old China topic... They banned BTC like a 100 times already... If that has a negative impact, then what happened in Venezuela should have at least the same effect, the other way areond. so basically BTCUSD should be worth more, now where its an official currency (in venezuela).

This is different though, they are now on the mining aspect of bitcoin and we still haven't seen the end of it yet so it's not yet safe to say that this attack by China is going to be really bad for bitcoin although I disagree with the title that China's crackdown is going to render bitcoin worthless.

leea-1334

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Quote from: FanEagle on July 06, 2021, 03:43:35 PM

I am not saying that the price doesn't go down, even with China news we did went low but that didn't change the fact that price is still higher than what it was last year, 3 times higher! So if there is a bull run and USA suddenly bans it then yeah the price will fall but it will not become worthless, it will become less valuable but it will still be used all around the world. Even just the third world nations of the world using it would give it some value and that is enough for me.

Exactly! And people keep forgetting that this is not the first time even that China has done something similar. Just that right now they went and discarded the actual mining industry too,,, but no problem they will pick up and move elsewhere. Digital yuan is the driver behind all of this for sure and CCP does not want competition BUT it fails to realize it cannot impact Bitcoin other than the market price,,, which is always going to recover.

bryant.coleman

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^^ I have stated this manytimes. Not many of the Bitcoin users move half a million dollars worth of funds every now and then. This is a very stupid justification. 99% of the transactions involve amounts of less than $50. And when someone complains about the scalability, you can't escape criticism by claiming that you can move half a million or a million USD in minutes. Because ordinary users don't care. All they want to know is that whether Bitcoin can be used for their daily transactions or not. And if we develop the lightning network and make it more user friendly, then it may still be possible.

hd49728

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Quote from: Vishnu.Reang on July 07, 2021, 07:32:09 AM

For how long, the attackers need to maintain 51% dominance in mining hash rate, in order to pull off such an attack? Given the current conditions, it will be extremely difficult for any new entity to garner even 10% of the hash rate. 51% is a long way away. And even in case they somehow manage to hit the 51% level, the other miners are not going to sit idle. They will immediately increase their hashpower (by diverting some of the hashpower from those who are currently mining altcoins). That's why I am curious about the duration. For how long they need to maintain this >51% level?

That tweet makes sense that Bitcoin is the best cryptocurrency for your transactions. Bitcoin network can be attacked too easily and people use it for transactions with high value.
https://twitter.com/Excellion/status/1333966283876954113

Quote

#Bitcoin moves nearly half a million dollars in value around the globe permissionlessly every second. It was never about transactions per second and coffee. It's all about value transacted per second and a new financial paradigm.

#VTPS not #TPS. Nothing comes close to BTC

The cost estimation can not accurate but you can refer to it https://www.crypto51.app/

Vishnu.Reang

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Quote from: Nightz on July 07, 2021, 04:55:48 AM

If your argument was true, even if we lost 54% from the peak of hash power, why didn't anyone attack Bitcoin one year ago? Or two years ago? Or three years ago? Or... you get the point.

Even a 54% drop in hash power doesn't lead to a vulnerable network. I am also sure that it wouldn't go unnoticed if one bank starts to acquire all the equipment that is now supposed to be idle because of the Chinese mining ban. That ban also doesn't mean that those businesses leave the mining industry, they might rather leave the country. I doubt we will see a successful attack ever given the current market conditions like required hardware and electricity.

For how long, the attackers need to maintain 51% dominance in mining hash rate, in order to pull off such an attack? Given the current conditions, it will be extremely difficult for any new entity to garner even 10% of the hash rate. 51% is a long way away. And even in case they somehow manage to hit the 51% level, the other miners are not going to sit idle. They will immediately increase their hashpower (by diverting some of the hashpower from those who are currently mining altcoins). That's why I am curious about the duration. For how long they need to maintain this >51% level?

Nightz

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Quote from: hd49728 on July 06, 2021, 01:00:40 PM

Quote from: Nightz on July 06, 2021, 08:50:33 AM

Bitcoin is impossible to stop by nature! You can't stop it because you can't stop the internet as the global infrastructure is dependent on the internet. Also, what does stop even mean? Is Bitcoin stopped when 150 countries banned it and 50 did not? To me stopped means that it is literally dead, you can't use it anymore. That I don't see coming. Even if many countries crack down on it, there will still be places where it is used to store value or transact or speculate.

It is partially stopped by China and Bitcoin mining is now easier and more profitable as algorithm adjusts after China crackdown.

The first key point is "More than 54% of bitcoin’s hashrate, which is the collective computing power of miners worldwide, has dropped off the network since its market peak in May." so if anyone or corporation collect all those mining power, they can be able to do 51% attack. It is theory but looks to be unrealistic to be done.

Lastly, China can flip their policy a few months later and it will not be the first time they change policies.

If your argument was true, even if we lost 54% from the peak of hash power, why didn't anyone attack Bitcoin one year ago? Or two years ago? Or three years ago? Or... you get the point.

Even a 54% drop in hash power doesn't lead to a vulnerable network. I am also sure that it wouldn't go unnoticed if one bank starts to acquire all the equipment that is now supposed to be idle because of the Chinese mining ban. That ban also doesn't mean that those businesses leave the mining industry, they might rather leave the country. I doubt we will see a successful attack ever given the current market conditions like required hardware and electricity.

Karartma1

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I think that one of the best positive news for bitcoin has been that of China banning bitcoin mining. Now mining's getting greener (so naysayers have nothing to complain about), decentralization is ramping up and even old timer are reusing their gears which have been long forgotten.
I put 50TH on slush just for fun. I'm gonna receive peanuts but I'm a miner!!! Cheesy

bryant.coleman

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Quote from: FanEagle on July 06, 2021, 03:43:35 PM

To think that one nation could have a chance to make bitcoin worthless, and even a nation like China? Is a delusion. No nation banning it will make it worthless, we are a global community that makes bitcoin stay alive all together, just one piece gone doesn't mean that it will be all ruined. It could even be USA that bans crypto all together and we would still be alive.

I am not saying that the price doesn't go down, even with China news we did went low but that didn't change the fact that price is still higher than what it was last year, 3 times higher! So if there is a bull run and USA suddenly bans it then yeah the price will fall but it will not become worthless, it will become less valuable but it will still be used all around the world. Even just the third world nations of the world using it would give it some value and that is enough for me.

I am not sure whether a federal ban on cryptocurrency is even possible in the United States. As far as I know, it is the states that have the power to do that. And even if they do so, the measures will be challenged at the Supreme Court. Fortunately, the United States is not an authoritarian country such as China, and the national currency is still free from manipulation. But any attempt to ban cryptocurrency will have a crippling impact on the exchange rates and trade volumes. Because a lot of the other countries are also likely to follow the US.

jostorres

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Quote from: darkangelosme on June 28, 2021, 12:17:12 AM

No matter how Chinese government try to stop bitcoin they can only achive failure Grin

, they can onl stop bitcoin in their own country and i think it's their lost if they will going to do that. Roll Eyes

Although they cannot stop transactions they have significantly lowered the miners and mining it looks like since the announcement of crypto mining to be banned came out. It's such a shame that they cannot adapt to the technology and be a part of the change, instead, they are trying to suppress the technology through vague logic.

I remember China had banned crypto related things in the past as well but later on their officials start allow all crypto mining firms for some reason hence I guess again Chinese miners may resume their operation at any time or at least in different country this time. So, nothing is going to stop bitcoin even not in temporarily

FanEagle

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To think that one nation could have a chance to make bitcoin worthless, and even a nation like China? Is a delusion. No nation banning it will make it worthless, we are a global community that makes bitcoin stay alive all together, just one piece gone doesn't mean that it will be all ruined. It could even be USA that bans crypto all together and we would still be alive.

I am not saying that the price doesn't go down, even with China news we did went low but that didn't change the fact that price is still higher than what it was last year, 3 times higher! So if there is a bull run and USA suddenly bans it then yeah the price will fall but it will not become worthless, it will become less valuable but it will still be used all around the world. Even just the third world nations of the world using it would give it some value and that is enough for me.

Fatunad

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Quote from: TheGreatPython on July 06, 2021, 11:33:47 AM

Quote from: 7788bitcoin on June 27, 2021, 12:28:24 AM

It looks funny to see how a government is handling the hurdle, the government do not want to give the freedom to their citizens even though Bitcoin will help them overcome the restrictions imposed by other countries according to you and they are known to control their citizens from which sites they visit to which media they watch and they need to continue that because they might not want their citizens to achieve financial freedom.

It's all because the government wants control and power in their hands while bitcoin is made to give the power back to the people which has been taken away long back by the banks and the banking sector as a whole. China and all the countries know that stopping bitcoins is neither possible nor feasible but because they are losing control over the transactions they are taking such decisions as the banning of mining because it consumes too much power.

Not on the reason of consuming of too much power but rather they do believe that if they would be stopping mining operation it could really give out such big impact in overall Bitcoin market.
I dont see that kind of reasoning would really be that close on why they have done that but rather into those things that i mentioned is what surely into their heads but it does really matter?
No, we might see some dips in the market but it would eventually recovers as always because there's no such thing that could completely able to crackdown bitcoin.
Yes, they can try but for sure they would fail in the end of the day. Tongue

2double0

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There is immense fear in markets and China is adding more lemon juice in the acids by doing this. For bitcoin to have a chance to recover, fresh miners as well as new countries need to take it over from the hands of China. The cause may be because miners sold their coins after this announcement? Huh

hd49728

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Quote from: Nightz on July 06, 2021, 08:50:33 AM

Bitcoin is impossible to stop by nature! You can't stop it because you can't stop the internet as the global infrastructure is dependent on the internet. Also, what does stop even mean? Is Bitcoin stopped when 150 countries banned it and 50 did not? To me stopped means that it is literally dead, you can't use it anymore. That I don't see coming. Even if many countries crack down on it, there will still be places where it is used to store value or transact or speculate.

It is partially stopped by China and Bitcoin mining is now easier and more profitable as algorithm adjusts after China crackdown.

The first key point is "More than 54% of bitcoin’s hashrate, which is the collective computing power of miners worldwide, has dropped off the network since its market peak in May." so if anyone or corporation collect all those mining power, they can be able to do 51% attack. It is theory but looks to be unrealistic to be done.

Lastly, China can flip their policy a few months later and it will not be the first time they change policies.

TheGreatPython

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Quote from: 7788bitcoin on June 27, 2021, 12:28:24 AM

It looks funny to see how a government is handling the hurdle, the government do not want to give the freedom to their citizens even though Bitcoin will help them overcome the restrictions imposed by other countries according to you and they are known to control their citizens from which sites they visit to which media they watch and they need to continue that because they might not want their citizens to achieve financial freedom.

It's all because the government wants control and power in their hands while bitcoin is made to give the power back to the people which has been taken away long back by the banks and the banking sector as a whole. China and all the countries know that stopping bitcoins is neither possible nor feasible but because they are losing control over the transactions they are taking such decisions as the banning of mining because it consumes too much power.

Nightz

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Quote from: Silberman on June 29, 2021, 03:52:37 PM

Quote from: darkangelosme on June 28, 2021, 12:17:12 AM

No matter how Chinese government try to stop bitcoin they can only achive failure Grin

, they can onl stop bitcoin in their own country and i think it's their lost if they will going to do that. Roll Eyes

They cannot even do that, bitcoin is difficult to stop by nature, after all the bittorrent technology has existed for a long time and despite all the money invested by the music and the movie industry it still exists and it is going strong, bitcoin is very similar so even if they try to put as many laws as possible to stop and hinder the growth of bitcoin it is never going to be enough, after all if people see they can get an advantage with bitcoin and make money with it they will use it regardless of what any government has to say about it.

Bitcoin is impossible to stop by nature! You can't stop it because you can't stop the internet as the global infrastructure is dependent on the internet. Also, what does stop even mean? Is Bitcoin stopped when 150 countries banned it and 50 did not? To me stopped means that it is literally dead, you can't use it anymore. That I don't see coming. Even if many countries crack down on it, there will still be places where it is used to store value or transact or speculate.

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Quote from: ziyaaa on July 02, 2021, 04:05:55 PM

There have been many big things happened so far. And many of them were bad for the market. But none of them caused Bitcoin to become worthless. China's crackdown on Bitcoin also won't cause that. But Bitcoin price is having tough days that's for sure.

I don't see any change in the confirmation timings as well so if some miners stopped mining there are new ones ready to occupy their slots. Lesser and slower mining of BTC is actually good because it means less amount of coins are mined and hence lesser the coins to sell in the market technically and hence more the price. It is as if China stops supplying apples (fruit) which they produce 10 times the 2nd biggest producer, then the price will only rise because there will be shortage.

All of a sudden all this FUD and decisions look really fishy to me, only a couple of months ago everything was looking good and even Elon said they will accept BTC payments at tesla and then what happened overnight I don't know such that they are all finding problems while these are properties of BTC that last since the beginning, why they are having so much concern over the power suddenly.

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Quote from: smyslov on July 03, 2021, 07:26:39 PM

Quote from: Tina H on June 15, 2021, 10:35:42 PM

As we all know, in the cryptocurrency market, Chinese account for a large portion. So what impact will the Chinese government's total blockade of Bitcoin have on the cryptocurrency market?

If China decides to drop Bitcoin there will be another country that will emerge to take their place, but will the Chinese investor allow this? Of course, they will find a way to create a solution, they made huge money from investing their money and their effort on Bitcoin and the money still keeps coming, they will not allow other countries to replace them.

Some companies as well users just started to know crypto and Bitcoin being centralized will hard for Chinese developers to manipulate it unless they will be able to buy and sell at huge amount. Bitcoin becoming worthless is far from happening as it is designed for future adoption unless all users who already knew it stops to use then thats the only time, but O have heard some BTC were already just floating since some owners didnt able to access it.

Silberman

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I don't understand why some people worry about the probability of Bitcoin becoming worthless after China's actions. It's near impossible thing. This market is not that weak anymore. Even if it was weak, it isn't a way to destroy Bitcoin too. It only affected the price, that's all.

This happens because those people do not really understand bitcoin at all, they know of the power of the Chinese government and how they have even began to shape our culture and they think the same can happen to bitcoin when this is not the case at all, China is powerful but bitcoin was designed to resist the attacks that are coming so this is not really such a big issue, but since those people do not know this they believe that the policies the Chinese governments are taking are enough to end bitcoin when this is not the case.

smyslov

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Quote from: Tina H on June 15, 2021, 10:35:42 PM

As we all know, in the cryptocurrency market, Chinese account for a large portion. So what impact will the Chinese government's total blockade of Bitcoin have on the cryptocurrency market?

If China decides to drop Bitcoin there will be another country that will emerge to take their place, but will the Chinese investor allow this? Of course, they will find a way to create a solution, they made huge money from investing their money and their effort on Bitcoin and the money still keeps coming, they will not allow other countries to replace them.

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