Bitcoin Forum

Pictures of “Technical Preplan on Blocking Bitcoin overseas Transaction” were circulated in Wechat group and later posted on weibo around 18pm 16 September.
The document describes the preplan of blocking bitcoin exchanges and Bitcoin blockchain data-syncing, along with a list of overseas exchanges. 
The news caused panic sell, a daily low of 16,661 was observed on OKCoin around that time. Chinese Bitcoin community is vulnerable after the “exchange ban”.
Could things get worse like shutting down mining pool in China?
Although the screenshots or pictures cannot be verified without a reliable source, a report on Sina  confirmed the authenticity, citing support from “insiders”.

What do you think？

there's no need to panic when one door closes, another doors open, this is the real case scenario when there is crisis there is a lot of opportunities to offer, if ever China shutting down its bitcoin mining farm and its bitcoin exchanges, there are other countries that are viable for mining farm like Russia and Iceland where electricity cost was very low and same goes to bitcoin exchanges. Japan, Korea, and other countries can take over the operation. As long as there is market adaptability, the show must go on.

YES, I DO AGREE WITH YOU, But There is no doubt that China has a big impact on the Bitcoin market。 IF Bitcoin Mining Farm in China be Closed,the the power of bitcoin cut back。
   

To me, bitcoin mining has become opposite of everything that bitcoin stands for.
It's centralized.

• the newest models are hard to buy. only a handful of manufacture make it. Bitmain is the most well known. it's always low or out of stock on the newest model.
• the older models are cheap and ebay has a ton of them. but the component are not very reliable, and replacement are expensive
• the fans are very very loud, like vacuum cleaners. it takes serious commitment to be running it 24/7
• for reasons above, Bitmain and other Chinese miners have dominated the mining market

My conclusion:
Average Joe should just mine alt coins, litecoins, ethereum, dodgecoins...etc with graphic cards in his home or garage.
More accessible machines and replacement parts,
more quiet fans by at least 10 times,
Average Joe in his home mining alt coins actually help decentralize cryptocurrency.

Despite that unofficial documents/plan getting circulated over social medias market is not dumping hard that suggest there is quite good buy support right now but if this will be officially announced than panic will be in new heights and we might see bigger dump than what we have seen few days ago.

China might add additional regulation on bitcoin trading but banning access to all bitcoin related platforms seems quite impossible but they are known for blocking access to several sites before. So we can't neglect this completely, we are in just wait and watch situation.

Chinese government just want full control over their citizens, they are bunch of axxholes.... ;D

For now, the market seems to have priced in the ICO and exchange ban and is showing confidence in the face of the rumors. However, if it turns out the rumors are true, and the government prohibits mining, that will have very serious, detrimental effects on both the market and the network. An immediate ban could send the hash rate plummeting, causing network disruption and massive congestion.

Jihan Wu and John McAfee seem pretty calm and collected about all this, so I am not overly worried. But if it happens, I'll be ready to dump so I can scoop up some coins in the lower $2000s!

If bitcoin mining farm in China be closed, it'll give enough effect to drop the price. But in my opinion we don't need to panic, just wait for the next situation - and now as we know, Japan is getting ready to replace the role of China.
For me if there is a massive dump, then it's time to buy until the next good news comes up.

it is an impossible thing to do. i suggest posting a couple of links about the basic definition of a peer to peer sharing on your WeChat group.

what you said here is like saying "...block sharing stuff via torrent".

blocking services (a website really) is not the same as blocking bitcoin (a decentralized peer to peer system).

Chinese exchanges are about to close in a couple of days, people have already withdrawn their money and stopped trading there. the orderbooks as a result are thin, a small dump means a great change in price.

by the way, Chinese price is already about $1000 below USD market price a little drop doesn't make any difference!

no, because pools are not located in China, pools are servers that are in fact located in multiple places which people connect to.

what is going on with with you guys ?
they're only saying you can not do the trade in the exchanger for now.
but later on ?
it's a classic move man,they did not openly said it right ?
and until right now they did not make a law to prevent people doing Bitcoin trade and something like that.
so chill,it will not last long because we will see they are enabling it again and the price start to pump.
just take a rest for a month or around that.
so what will happen to the miners in the chinese ? obviously they will keep mining it and the goverment later on will allow it again.

There might be some truth in it considering the fact that if the government of China were to ban bitcoin completely why would they allow bitcoin mining farms to continue mining till now they would also have stopped them (the miners) from doing so at the same time when they banned ICOs, exchanges etc. I do think and hope too that it's just temporary and not going to be a permanent ban.

Well it could be just just rumors to try to upset the market since we all saw what the ICO's ban and exchanges suspension did to BTC price. Since those ended up being true, the rumors on making mining illegal in China could also be true. From what I've been reading, if China is really planning on releasing their own virtual coin, then an attack on Bitcoin and all crypto is probably real. If they are not planning on doing that, then I don't think they will try to attack bitcoin, and are just trying to regulate it.

Either way I don't think we should really care about it. Yes the biggest mining pools are there, but Japan and many other countries around the world are starting to invest more in BTC, so if China goes ahead with this, it will only help BTC to spread along the world, and it will become less and less vulnerable to their FUD. I hope they stay of course, but if they don't, I don't think they can "damage" bitcoin price in the long run.

I think there's a possibility that the next target of their crackdown in the mining farms. If I'm a miner from China I will be nervous a hell. They have total control of the mining business, and a lot of them made millions already being a miner so if this crackdown will continue and they are the next target then China will lose their domination on the market and countries like Japan and South Korea will take over. We just need to a adapt and see the future without the Chinese in the bitcoin mining business.

Is it really?
If China will be closed mining farm, bitcoin will be "dead".. most percent of mining farm based in China, also they produce miners..
Close billions business? No one can stop this money machine..

If/when something like this happens it's an opportunity for the rest of us to buy cheap coins and for a mining business to begin thriving in other countries.

We will be able to buy all the cheap hardware from these closed mining facilities at good price, probably.

Bitcoin survived some major trials, this is just another block in the road.

I find it hard to believe that China has that much control over it's people. Even if they did they will have to stealth mine kinda like when you stealth grow indoor Cannabis but this time with mining. The very thought is ridiculous and only the Chinese government would come up with such a strange and unrealistic way if control it's people and their finance. They obviously very worried and shiting themselves. This is the power of bitcoin. Even whole governments fear and respect it's glory.

Can China block any protocol? How it possible, could you explain to me..
I does not knew that TOR was blocked in China. Is it really?
But may say that mining farm is their business..

China isn't trying to kill Bitcoin. They're trying to own it, mine it, and control it. They're not banning, they're consolidating.

It will be blocked. The question is just when.

Just read all news before ICO ban, Than read all the News Before Exchange Bans, Than read all the news Before Bitcoin and p2p bans. It is all the same "news".

Communist Party of China hates everything they can not control.

Nope. I don't think that they are trying to control it. If they want to control it, then it is no big deal for them. They can just redirect all their military super-computers to mine Bitcoin. The 51% barrier will be easily broken, and the Chinese government will be able to do whatever they want with Bitcoin.

Although china does ban on bitcoin I think the Chinese community will still do the mining. We know they already have a lot of mining tools and it is not possible if not used. There are many ways that can be done. Today's technology is very sophisticated. We can make network changes easily and the Chinese state may not be able to access such things.

No, bitcoin will not die simply because China is shutting down its bitcoin mining operation. If they chooses to close its door then, it will be a perfect opportunity for other countries like Japan and South Korea to go into the bitcoin market sector as well. This is the 2 nation that most likely because they have much trading volumes daily. The one that will really affected is the miners itself in China and its workers, and not bitcoin. The citizens can't do anything about it, if the government says do this, they will follow. Its how communism works. Sad but true. This 'news' has little or no effect in the market though, no crash just like we see more than 2 weeks ago. Price is still strong and holding.

As we know, mining has become a highly specialized busisses, which means these guys take it seriously.

Miners will continue to mine while there is money to be made, whether legally or illegally. Some of them may also leave the country.

It is definitely impossible for them to block because blocking it using the great Chinese Firewall can only do so much. You can scake it so to speak and do regular transactions on a daily basis.

One could only hope ....  ::)

Though I doubt this will happen.

After Chinese regulators gradually shut down the country's bitcoin trading platform, the number of bitcoin transactions in Japan rose sharply, surpassing the U.S. as the world's largest bitcoin market. As of now, Japan has accounted for 47% of the world's bitcoin transactions, up from 50% in the past 24 hours and half of the world's digital money market. In the United States, the share fell to 32.17%.

I WISH  Bitcoin Mining Farm in China NEVER be Closed!!

well we will feel the pressure if this happen but base on what we are seeing right now some countries which also playing with crypto are making its move
to back up and support this industry, I also like to see that china will not closed the mining industry to make sure that not a powerhouse country can control
this industry segregation of capability is what's needed to make this more successful on my own opinion.

I don't think so. Because the technology is far more greater now. If they block the sites, the people will use proxy. If they block the traffic, they will use VPN, dnscrypt, and so many other things to unblock it. Bitcoin has become the most important part of the economy and the world.

According to me, yes, the btc mining farm will probably be closed after all we have seen that they have banned all btc trafing /exchange in china

theres a news about china and i think all transaction like mining will closed,i dont know what will happen to your investment in china but i think its going to closed,try to retrieve now all your invest then try to search legit mining site i recommend eobot 100% trusted for your new investment

No One can expect what will happen
But it will be a big game if nothing of that done
That mean china do that for buying more bitcoins
and that mean mooooooooooooooooooon

It can happen during this exchange ban it all started with a freakin ico getting banned but these idiots thought btc is going to be banned and started selling and the government got a plan to ban exchanges now they are planning to disrupt the btc network in their country i feel mining might also get banned and this might not be temporary. The price falling was controlled but currently only few countries which have the potential to generate the amount of hashrate china had.

Mining pools business is not considered illegal at the moment, and BTCChina reiterates that the BTCC mining pool service continue after the trading closure on 30 September. We have observed a turn of regulatory attitude towards Bitcoin and other cryptocurrencies. As 5 out of top 6 bitcoin mining pools are situated in China, it would be a disaster if internet connection of these mining pools were taken offline.

I think it will not close even if their government illegitate Bitcoin, the miners there must have thought of various ways to anticipate problems that will happen ..

If ever then that their mining farms will be closed then, there are still other countries that will take over their share in the pool. China is not the only country that has low electricity cost but there are others as well. As of now, they are still mining and if ever after the conference they will say they will open again the exchanges then its good but I think their announcement to ban bitcoin again would not work anymore as people are already aware of their strategy and besides they have low market share now than before.

This is a difficult one to answer. The Chinese miners are in a fortunate situations where they are mining with cheap electricity. If Bitcoin gets banned in China, they will have several options :

~ Dismantle the mining operations and sell the equipment < Asic miners >
~ Continue mining until the equipment gets confiscated
~ Move the operation to another country < most expensive option >
~ Sell ASIC chips locally on the black markets for people to setup small illegal Bitcoin mining farms.

It will be interesting what option they will take and this decision will be based on the severity of the ban. ^hmmmmm^

I think the best option is the most expensive one. And although it might be expensive, well let's just say that they don't really lack money I guess, so I think it's doable. The truth is, that Japan is already investing in this industry, and GMO already made announcements on their big investment on the mining business ($320 million if the news are correct). Russia's government is also welcoming the creation of mining farms their country (last one I heard was in Leningrad, and the electricity is not that expensive is Russia as well). So if China gets out, it wont be the end of BTC for sure.

I think it should not happen, because as we all know, china has a very strong mining community. China has a fairly large bitcoin miner. if the government prohibits bitcoin mining then bitcoin transactions will be longer and slower.

China know how to earn money, so mining don't be closed in china. Exchanges will open again, but government will control them.

I think that will not help them. The mining farms help them create inflow of crypto/fiat currency. I guess their concern might be for ICO's & exchanges that possibly results in outflow

i really doubt something like that can happen. so far whatever Chinese have done was regarding fiat (their local currency CNY) and in order to prevent illegal activities that were made easy with the exchanges such as money laundering.
and the miners are too big and have deep roots that can not be simply extinguished. there are big companies and big farms. and the rest of them are just pools with servers around the world.

Hopefully they leave it fast, because the way things go, the next step is china banning miners from leaving china. lol

If exchanges and OTC trades were banned, China has a very power firewall and censorship to shut down the communication channels in VPN, Tor, or encrypted messenger and they will enforce violations by putting people in jails.
Then, I don't see how Chinese miners can cash out their bitcoins.
Without cash, they can't buy new hardware and pay for electricity and expenses. So miners will just quit well before then.