Bitcoin Forum

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? The sharp drop in the price of Bitcoin is the result we have seen, so after this blow, can the price of Bitcoin return to its peak, or will it fail? What do you think? I am confused now, hope someone can answer it for me.

China is just a portion of the entire bitcoin market, even though a large part of bitcoin mining activities is carried out in China does not mean the country can destroy bitcoin if they decide to do so.

Bitcoin is a decentralized currency and can survive any attack. China's decisions on Bitcoin may affect the market negatively but can not stop Bitcoin from moving to the mainstream sector of the world economy.

If being worthless means the price go down to zero as if not even one soul in this planet value it anymore I doubt that, it will shake the market yes but even today they have cracked few mining facilities and the price instead going up again.
Elon's influence over the market seem to be bigger than china frankly speaking, this time around china's fud affect the market but not too much and their crackdown won't bring bitcoin market to its demise.

Judging from the historical trajectory, every blow will cause panic, but in the end it is to make Bitcoin go further and rise more fiercely. , Bitcoin is internationalized. Every policy, not only domestic, but every country’s blow will have more or less impact. After all, it will affect the national currency. But as the United States prints money uncontrollably, Bitcoin Coins have become a tool for people to avoid risks. If you check the number of Bitcoin addresses, you will find that the consensus is high enough and there is no need to worry about Bitcoin prices getting lower and lower.

Just even China can stop bitcoin, if they ban bitcoin mining, then other nations will take and cover for them. Although it might affect the price it will be on short term only. Not only China, but even crypto influencer such as Elon Musk cannot make BTC worthless.

So I will advise you to understand this, maybe you are reading to much crypto media, that's why you are confused as most of the times they have narrative to take negatively about bitcoin.

One, China has always made some kind of ban comments on Bitcoin previously but that is not really going to put an end to Bitcoin and as we know, other countries are involved in Bitcoin mining too even if China was a majority in that part of Bitcoin.
Bitcoin has had several dips in the past due to many issues so this is not going to be any different from the previous market dips and will definitely come back up as usual.

There are articles that miners are going elsewhere from China so it's true if they really ban mining. There isn't much difference if another country will have more hashes now it's going to end the fud of centralized bitcoin mining due to the hash coming from them. If everyone goes to El Salvador or Iran, would it matter it be again centralized?  BTC will still have value. ITs price could plunge but it's still going to have value.

bitcoins will always have value, so don't worry about the china ban. crypto miners are already moving their assets outside of china and it's not a big problem. A few years ago, China also made almost the same ban on crypto exchanges, as a result, many crypto exchanges originating from China moved their offices. and at that time many said crypto and bitcoin were nearing their end. but look today the market is fine. so don't worry too much about this problem.

That's the extent of it in my opinion, also with the price of bitcoin currently, I think that bitcoin is too big to fail now, it should've failed a long time ago when the prices were still not that high.

That's taking it too far because China's crackdown is nothing to scoff at in the grand scheme of things for the movement of the market. Maybe we will see the prices go down for awhile but nothing to worry in the long-term because the crackdown will just make people to move in other countries.

They have a huge influence in the market before as the majority of the mining industry is in China but not today, their people are doing it outside their country and it was not their control already. I don't know if will still add sense to the market movement but for me, they are nothing and we still able to survive without their support.

Things have changed and there are a lot of countries giving support to crypto. So it was not our loss if they will ban, crackdown Bitcoin, or anything they do.

Could a single country destroy Bitcoin?
I think we all know the answer for it and it's a Big No.
China has been like it for so long they would ban and uplift it anytime they want,
And it isn't new to most of us it could create a sudden price movement but it couldn't kill Bitcoin,
Because if they could I think we wouldn't be here right now.

China can not crack Bitcoin down and the real things behind mining ban news are only small part of mining farms in China will be stop their operations. They will have to change to other locations if the news is real but is the ban real.

China can change flip their bans anytime. Bitcoin will not be worthless because of China.

Bitcoin will not to become worthless, as we all know, Bitcoin is Future Money, even China has given a bad news, bitcoin still worth although the price was down but it will be pump again, i am sure

it may more precisely result in a sharp drop in price, not completely Bitcoin will become worthless. we still have an incredibly large demand if they insist on blocking Bitcoin. it's just that the impact will be very worrying. we frankly China until now has made a big contribution to the growth of cryptocurrencies.

so don't worry, Bitcoin will still be around, even with so many great opportunities for other countries to adopt more Bitcoins after China is no longer accepting cryptocurrencies at all.

I don't expect, even though this policy has been implemented, I hope the Chinese state will cancel their policy. we know this is very dangerous for the survival of bitcoin in the future and in the end the fate of cryptocurrency will be more chaotic.
This is still in the early stages, even though the price of Bitcoin has fallen quite large, especially if China is really not at peace with cryptocurrency.

China whales need time to buy in a dip so they creating the news  8) ;D
But in my opinion bitcoin will reach new ath and altcoin also or maybe only the altcoin but its clearly not become worthless

The crackdown shares the same narrative as Tesla's effort for green mining. In other words, China is trying to make sure miners are not using coal energy and instead use a renewable or green energy source. I think in the long term it will instead be beneficial for the network. I won't be surprised if the government starts selling green energy for miners for a premium in the next few years.

I don't know newbies know it or not, China has tried to crush bitcoin numerous times starting from 2017 but till now in the longer-term bitcoin value has gone terribly up. See here is an article from 2017 citing that China bans bitcoin and therefore market crashes terribly: https://www.businessinsider.com/china-ban-bitcoin-exchanges-2017-9?IR=T

See how price fell to $4k and everyone was terribly pissed with China at that time too, fast forward to today, Bitcoin has gone past 60k and is now resting around 40k which still is 10 times the price it fell when China first banned it. One economy no matter how large it is cannot curb cryptocurrencies, It's difficult even for a cartel of countries to do it together.

They have been doing this regulation process for years, and we don't see much effect on this platform.
We all know how huge their community is, but it is not huge enough to make Bitcoin worthless.
Hopefully, this is not detrimental to the market in the long run.

They keep playing and for sure their citizen are just observing and taking some time before dealing with crypto again,

it happened before and it will continue and repeat itself, we will see again the period that they will say that they wanted

to legalized or use the system and it will indicates interest from more chinese investors.

- Of course, it can only be detrimental in the short term as an unexpected situation and the market does not take precautions in time but in the long run, China's crackdown will open the door for some investors from other countries, bitcoin is not a product without a buyer, very scarce and many people are always waiting to be bought. So in terms of economy and knowledge, China is creating legacy and enriching other countries, sometimes a lot of people in China are angry about this repression, a large community is working smoothly in china but having such problem is very difficult and has a strong economic impact

The immediate effect of China's miners going offline (or going offline temporarily as they migrate to more friendly places) is going to be that all other miners everywhere else are going to be more profitable for a while.

The long-term effect is going to be that bitcoin's hash-rate is not going to be as concentrated in China as it has been so far.

So really both short-term and long-term this is great for bitcoin, and great for everyone really other than those miners that are being displaced.

China is making shitloads of money from the bitcoin mining hardware which they manufacture. They sell the hardware, they make profit. They sell the coins they mine, they make profit. I don't think they will want to kill kill the goose that lays golden eggs. Crypto is probably one of the most money making business that China have.

What do you mean "Bitcoin to become worthless"? Do you believe it would happen with Bitcoin ever? Just for China to ban cryptocurrency? I don't think so. I know China is a big and powerful country, but banning Bitcoin wouldn't help to prevent using Bitcoin. That means it wouldn't become worthless anymore. Bitcoin backed by the community and it's quite impossible to break down. Dump Bitcoin for a while doesn't indicate it would be worthless.

China banning bitcoin mining is a topic that has been popping up for years, and whenever they say they are going to crackdown on doing the price dips a bitcoin and then returns to normal, because in reality if china really wanted to ban it i would have done it the first time, but this is like the this time they say they are going to do it, and i think it is just to shut others countries and for some political propaganda, because in reality we know how china does things and i am sure that they are making a fortune out of mining bitcoin.

At present, China only bans mining, and does not directly ban bitcoin transactions. It is reported that some mines have only been closed for rectification and have not been shut down directly. I think the blow to bitcoin this time has little effect on the price of bitcoin. A big impact, I think this big drop is also a fluctuation within the normal range. Bitcoin may plummet, but it will not collapse due to the suppression of certain countries, but will break out again after it has plummeted to a certain level.

I highly doubt it will affect BTC. Even if it does, there should only be little impact. The crackdown could actually be good for BTC price and with mining becoming more distributed across different regions, it will resonate to more decentralization leading to increase in price.

They have cracked down hard on Bitcoin this year and this is part of the reason why the price has declined from it's all-time high. There are still a lot of Chinese people who prefer to hold Bitcoin over their own currency so the price will not go to zero. There are still many ways in which you can use Bitcoin besides mining and trading. Bitcoin will be fine and continue to grow. Eventually, China will have to reconsider their position.

China is just one country where Bitcoin could thrive. Admittedly, the country has a very large market but I don't think Bitcoin's price and fate are at the mercy of the Chinese government. Also, it has been repeatedly debunked that every single Chinese would also avoid Bitcoin only because its totalitarian government doesn't like it. I've come across a number of testimonies from Chinese individuals in China themselves that they are still more or less free to access Bitcoin online.

China already tried to manipulate the market by spreading the fud of ""China Ban Bitcoin". I am surprised that they always come up with the same fund and people get in the trap. We should learn from the past and should not be worried about such news. Bitcoin will continue to grow even though we are hearing more negative news these days.

Of course china is the largest portion with a huge contribution on bitcoin.. But i believe bitcoin will not become worthless mate even they all banned those activities when it comes bitcoin, because indeed this isn't the worst issue from china and there's more since bitcoin wasn't high like this wherein way back 2017,  and for your information even before it didn't make bitcoin worthless if it really possible to happen..

But China could lose a lot of value for itself by fucking with BTC

So in the long term I would not worry about BTC getting crushed

It is more likely China's government will alter to some new style than China alters BTC

China is being a huge part of miners but it doesn't mean they can stop the bitcoin, any individual who have enough hardware can start mining and they can still make rewards due to the lack of miners and miners are also not going to stop, they will move to somewhere if cryptocurrency mining will be banned in their current location.

Bitcoin is a global currency, China would never make bitcoin worthless even if they will ban everything related to bitcoin. The world is big, we have different miners from all over the world and no regulation could stop bitcoin because it's decentralized. Bitcoin maybe affected with the bad news pertaining to China's regulatory action, but it should never affect the future growth of bitcoin.

Business will be business and they'll surely make some way how they can continue their business. No one can predict the future but I think this gonna be sorted out and no worries this has been done in ages by China and still these days they are still working for it, total FUD. Bitcoin will never be worthless just take note on that.

I think you don't have to worry about China, you just do what you have to do with Bitcoin.

To solve your problem with China's actions against Bitcoin, you must study the history of China's treatment of Bitcoin since 2013 ago and until now.
You need to read china do scenario against Bitcoin below.
China's History of Bitcoin Bans (https://www.btctimes.com/news/chinas-history-of-bitcoin-bans)

With the information above, at least it can make you a little relieved China and Bitcoin.

I don't know what blockade you are talking about, but there has been no real change in China's policy towards Bitcoin during the past three years, and I also do not think that they can affect the price except by tightening the mining or manufacturing mining equipment, which will lead to temporary changes until the miners move to other regions In the world.

Stop listening to news channels or social media analysis.

I feel like they are way too use to making something of their own that is exact copy. You have facebook? We will create our own and ban facebook. You have whatsapp? We will make a copy of it and ban whatsapp. But the moment they made tiktok and it was considered to be banned they created a whole deal like it is freedom that is being taken away when instead it was just a revenge, I would say it would be awesome if we banned every single native Chinese products, all those phones, companies, apps etc etc everything that china owns should be banned, hell ban tencent games while you are at it, and do not allow them to buy any non-Chinese companies as well.

This is not to piss them off, this is just to ask to be fairly treated, if you ban us then we ban you, if you allow us then we will allow you. Anyway I just wanted to say they are probably trying to ban bitcoin and make their own "bitcoin" as well but it certainly will not work for sure because it is not an app.

Isn't that the impact we have seen when the Chinese rules blocked Bitcoin. although this policy has been around for a long time and has had a big impact this year. we don't know for sure whether bitcoin will be valuable or not. but what is our current belief is that Bitcoin is still in a stable state despite being hit by China's decision.

of course that is bullshit!, Bitcoin will continue to be valuable until the world ends, or until the internet dies,
calm down and don't panic to sell, because if you panic then you will really regret it,
do what's best for the country right?, of course it's going to be quite a long time again

China often makes some statements causing crackdown on the Market of bitcoin. This is common with China, and we can see this happen due to the massive influence China has got over the network. This scenario might change when mining of bitcoin in China move towards other countries in large percentage. As of now China holds the position to make changes in the market and the same doesn't make bitcoin go worthless.

Do not worry, the greatest of all dangers were the miners and many have migrated to the USA, which they see a better panorama to continue with their activities, China will always be an opportunistic country with respect to BTC, when it suits it it is fine with BTC and when not, it attacks it, in fact China is a very large country with a large population of people, obviously if it widely inflates the market demand, but on the other hand this type of news is counteracted because there are more good things such as the fact that El Salvador has adopted BTC as a currency and they plan to implement BTC as a means of payment of wages and salaries, this has been the only country that has made this determination, do not worry, BTC will be in a safe zone, more because there is a lot of investment of institutions with large sums of money that do not think loss it.

What impact? they haven't blocked bitcoin, although I would say that they don't like it because it gives too much freedom and then there is capital flight. As for banning bitcoin mining, this will be healthy in the long run. The Chinese won't have the monopoly and then other nations starting to take the lead. So in no time, China will be irrelevant, not just in bitcoin ecosystem, but the whole ecosystem. We don't have to hear anything coming from them that disrupts the market, and I feel that they are doing it on purpose.

You are a newbie so it is understandable that you do not know but FUD coming from China is nothing new, in fact there was a time in which the influence of China was huge and only a comment was needed to crash the price of bitcoin, however the more they do this and the more they lose control of mining and the miners move to other countries then the less power and influence they will have over this market so I am not worried about this at all.

Since bitcoin decreases demand as China complete blockage of it, it decreases it value but I don't see it going further down than that. China is a large country and almost worth as US and since Chinas' economy is top tier as well losing investors there created a huge FUD that it cannot sustain its current price. But the thing is even if China didn't block bitcoin it is an inevitable event that bitcoin will decrease its price at a certain point, it normally happens and bitcoin can easily climb back to its peak once all the FUD that was created during the Chinas' blockage to bitcoin ends.

Bitcoin takes a hit from Tesla issue as well so it is understandable that bitcoin falls from $60k to $35k in just a few weeks but right now I don't see it lower than $30k.

China still retains a lot of influence, but now most of the traders have taken steps to lessen the impact of any hostile government action. Many have moved their trades to exchanges in Hong Kong and South Korea, and in rare cases the traders themselves have moved out of China. And regarding the mining sector, it is true that China still contributes to around 70% of the hash power. But over the years, the percentage has come down and in the future we can expect it to go further down, and may hit the 50% level.

trust me this is only temporary, and there is no way bitcoins become worthless just because of china. bitcoin is not only owned by the Chinese alone but the whole world now knows bitcoin. strengthen your mentality to get used to market sentiment because what I know is that it's not just this once that China has tried to bring down bitcoin with all its polemics, but they have done it many times, but bitcoin continues to be valuable.

I think your wrong about the Chinese mining percentage. Nic Carter estimates 50% already, and that was prior to the Chinese miner shutdown. I'd say they are much lower now and will soon be none, as no Bitcoin business can now operate under a regime like the CCP.

Same as businesses staying away from places like the Congo. Doesn't matter if they are resource rich if they are going to change laws on you overnight that either destroy your business or your life.

This was bound to happen, while the costs of electricity are very low on China, which is why miners set their operations there, political instability can be more than enough to force miners to relocate, when the government can change the rules of the game to their benefit at any time then this is not good for the private enterprises that set up shop there, this is why I always thought it was weird that so many businesses moved their operations there when their assets could be easily confiscated at any moment.

China alone can't shut down Bitcoin but we can see its fatal effect on the market since the majority of the mining industries and gadgets are coming from them. Several times that they are banning crypto but also several times they open it. We really don't know what's in the head of their leaders. But there is one thing I'm sure of is that Bitcoin will still able to survive without China. A lot of countries give support to cryptocurrency now and I think it was enough to move the market to a higher level.

No, bitcoin will have a price at all times as long as we can still trade it despite the Chinese ban.

Convince yourself that bitcoin could still reach higher prices in the future and could still drop lower. China is the part that can have an impact on the bitcoin price, but they will not be able to prevent the bitcoin price from growing when there is a lot of support coming from institutional investor and other countries that are starting to adopt. It's natural that you start to hesitate to stay optimistic because of a price correction, but a price correction will not be the reason bitcoin can no longer peak.

Always remember that bitcoin is a valuable asset for more than 10 years and bitcoin still has a better future as a tradable asset as well as a currency. Though you need to know that investing in bitcoin has a risk that is proportional to the profit you will get in the long run. Always invest within the limit that you can afford to lose, It will not make you afraid and doubt about the price dump or pump.

Easy. Yes, absolutely. Next question.

It's been a roller-coaster ride with them, they are always after to what they've think is beneficial for them.
Who knows after this they will re-open it and again exposed their support.

People from that country are aware to what the government can do and they are all waiting for the next thing to happened.
Some are pausing their supports while others are collecting cheap coins and silently storing it from a safe vault.

Just wait and hope for the best outcome for this market.

A lot of users in this forum are saying this because it is true and I do agree with it because I have seen a lot of FUDs already and I have never seen any FUD persist that long, their like a flu, it feels shitty at first but as time goes by, it will eventually go away.

It may be like that initially, people are only worrying and assume that China's policy is the main influence. However Bitcoin is a form of economic revolution desired by many people, China must really make something new more innovative and can change the attraction.

China can only ban but it can't stop. In the end Bitcoin enthusiasts will get used to it without China's role.

Exactly, people tend not to realized that the crypto does not evolve in China, yes, they have the biggest miners but crypto will continue to exist without them, and it's easy for the big miners to relocate and look for a location to continue their operation. The problem is, we are spreading FUD so people got panic.

They are not really after getting the attention, they just do not want anything they can't control at the hands of their people and that's it. I do not care if there are anyone who would be supporting China, I really do not care, but the reality is that china is ruled with dictatorship, last time people wanted to fairly elect others the nations soldiers killed people, it is still remembered to this day.

Long story short people should not really be hoping China to get back in to crypto world, we have heard maybe 10+ times so far that "china bans bitcoin" so far, most of the time they "ban" it and others still keep doing it in secret, but the reality is that china will NEVER support bitcoin and crypto fully, why? Because, it is decentralized and they hate things that are not centralized, hell Chinese government actually owns 50% all companies there, that is how their nation work.

I do not think they know the answer to that question, bitcoin is double-edged sword for them, on one hand they look at bitcoin and they see in it another weapon they can use to try to hinder the US dollar, and when they look at it in this away they may like to support bitcoin, however they see that bitcoin can be used by their citizens to achieve a level of freedom they do not have and when they look at it from this perspective then they do not want to encourage the adoption of bitcoin.

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.

The ban in China has always had very serious consequences on market sentiment.  This has happened in the past, everything is wrapped up as a part... the fact that bitcoin mining camps will migrate it is only part of the weakening.  But I think in the long term, this is a new opportunity for bitcoin.  And why, you can imagine a bunch of bitcoin target references on twitter going to over $100k for 2021. Beware of the wick and it's ready.

Of course such thing will never happen. It'd be really silly if it happened. Because Bitcoin is not in anyone's control. It needs much bigger things to have a problem like that. China's crackdown was just one of the FUDs. And it affected the price negatively also. But that was it. It's caused nothing bigger than that.

No matter how Chinese government try to stop bitcoin they can only achive failure  ;D , they can onl stop bitcoin in their own country and i think it's their lost if they  will going to do that.  ::)

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.

I think Bitcoin will survive and might even do better now it is less vulnerable to the whims of the Chinese government. It was getting to a point where the blockchain may have become vulnerable to a 51% attack because so much computing power was based inside China. People should be happy for a steadier trend upwards instead of the skyrocket prices we have seen over the last year - the $65k peak has shown what is possible in time and should make bitcoiners happy. After Bitcoin leaves China it might actually become more eco-friendly again, rather than going for the cheapest and dirtiest power generation possible, which might be enough to tempt back certain firms like Tesla again with new commitments.

A common reaction you have here mate.If you had been on this market for a while then you wont easily freak out with these kind of banning news of some countries specially in China.
If you arent informed then this isnt the first time on where China made out some decisions which are on the negative side which can really affect the market on negative way
but talking about Bitcoin on becoming worthless? If we do consider on how many circumstances or situations on where bitcoin had been put into trouble but it do still end up
on standing strong already in a decade.This decentralized market couldnt really be easily taken down and no doubt that this is one of the reason on why it do gain much support and demand.

It is a common reaction and while understandable at the same time it leads people to lose money they would not have lost otherwise, however it seems China now is more serious than ever on going against bitcoin miners and this seems to me to be just wrong, this move could benefit them on the short term as they try to strengthen their currency but over the long term it will affect them, bitcoin is on the verge of becoming widely adopted and anyone that is not in it will miss the boat.

Its not nearly impossible but rather impossible indeed instead because this market isnt really just rolling out for China. When it comes to support and demand then this is talking about global aspects which basically means that China is just a part but cant really be a reason for Bitcoin to die.

We had seen several instances or situations like these in the past where bans are every now and then.It did surely affect the market as a whole in terms of price but eventually it did really make some recovery
afterwards which do proves out that it cant just be easily dumped or killed.

Nothing is assured though because nothing do last forever and this thing should be put up in mind.

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.

China is a big country but it still cant change the laws of nature and despite nonsense commonly believed and repeated by any central bank, an economy is a natural entity that exists despite politics not ever because of it.    The reason you know economies are natural is humans are involved and human populations are a phenomena of nature and we repeat and form patterns that defy government control.
   Russia failed in its false economy and China will fail  (https://www.independent.co.uk/news/world/americas/500-years-ago-china-destroyed-its-worlddominating-navy-because-its-political-elite-was-afraid-of-free-trade-a7612276.html)because they are fighting the tide not one person not even one network.   The whole country is under siege by a military force, it might be their own military but its not a success any more then Venezuela or anywhere occupied by and for force of violence is a success.

So far what China did is to make BTC more expensive for their own people and cheaper for the rest of the world to own and operate.  Who will lose from those two because cheaper can be a good thing, the lower price might signal some negative to a few but every market requires a mix of prices which we have.   The most important thing is the circulation ongoing, the soviets used dollars despite its ban and the Chinese will use alternatives despite any ban because laws dont change reality of requirement and utility.

Bitcoin is bigger than China,  it's revolutionary and it has already written the history books. What China is doing is just slowing the money revolution, otherwise China will be on the wrong side of history when the time comes.

And no China won't kill bitcoin , miners are found all around the world and those based in China are leaving for places with a conducive environment.

Bitcoin is a decentralized currency. No country owns it or no country has full influence on the market. So if China puts a total ban on bitcoin, it will only affect the market temporarily. It won't become worthless. It highly likely will never be (unless the current chain can be broken or a huge flaw is found which puts bitcoins security into question). We will see a crash in the market because their people will start selling their coins. Once they are done selling, new investors from other countries will have opportunity to invest. This will help the market to get back where it was.

everything that comes from china is shady, china's political system is very scary, check out this news:

Crypto miner claims all major Yunnan operations shut down in advance of CCP anniversary (https://cointelegraph.com/news/crypto-miner-claims-all-major-yunnan-operations-shut-down-in-advance-of-ccp-anniversary)

it may be that there is some truth in this news because everything that comes from china is dark. one thing for sure: bitcoin will be better away from china


the worst situation will be for miners who are from china and who do not intend to move from china due to family issues, for these will lose the mining business

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.

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.

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.

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.

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'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.

It is partially stopped by China and Bitcoin mining is now easier and more profitable as algorithm adjusts after China crackdown (https://www.cnbc.com/2021/07/03/bitcoin-mining-difficulty-drops-after-hashrate-collapse-in-china-.html).

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.

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?  ???

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. :P

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.

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

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.

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!!! :D

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?

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

^^ 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.

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.

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.

Since most of the mines are located in China, the ban on Bitcoin mining in China will definitely have an impact on Bitcoin, but this is only temporary. No country can completely ban Bitcoin. The cryptocurrency market has its ups and downs. I believe that Bitcoin will definitely rise.

In fact, it will not have a lasting impact on Bitcoin. Although the current price has indeed dropped, in the ten years of Bitcoin, we have experienced numerous severe crackdowns like China's, but the price of Bitcoin still breaks through new highs time and time again, reaching a new height. Therefore, I believe that the impact of China's measures on Bitcoin this time will not lead to the return of Bitcoin to zero. As the consensus of Bitcoin becomes more and more strong and the computing power becomes more and more dispersed, there will no longer be a ban in a big country like today that will cause the price of Bitcoin to fall.

I don't think we have seen crackdown like this coming from China in the last 10 years. In fact they are very supportive, or at least the Chinese people because it is generating income for them. But in the last 4 years, the Chinese government started to show it's teeth against traders first.

And now they have targeted the mining industry. However, I don't think like the majority here that bitcoin will be worthless. On the contrary it will be more valuable in the future specially that China is out.

That's the good side after this chased, the value might push once the bull start to recover and run inside the market.

the market still moving positively if we will compare it from those years that Bitcoin exist, This China thing affects the breakout of Bitcoin this year
since after we experienced the new ATH, now the value is down 50% more or less.

But from how most experienced interpret the situation, they see that it's another golden opportunities instead of thinking of the negative side if you
do believe that this currency will continue to grow, best to buy and save now.

While china is still hot on this issue of banning bitcoin in their country , The Miners and investors now are looking for another place to be safe haven , meaning for a while the growth are paused (As we can see) but for sure there will be upcoming growth but of course not happening very soon.

also there are seemingly speculative that we will be having another ATH in the Next halving as the Bull had already Gone and we are in status quo market now.

They will surely do that as there's no stability and security if they will just operate in China, maybe in the future if the government stance on crypto and bitcoin will chance, but until that happen, they'll have to find a place where they can operate again because if they will just stop, they'll lose a lot of money as we know how much capital is need to run a big mining rig business.

I'm not sure if the government will ban mining forever and maybe it's just a temporary ban with certain considerations, after consideration of dispensation for miners being a big force to push bitcoin to peak prices, I'm very sure if there is support for bitcoin after this drama ends.

Well, when you say they are going to immediately increase their hash power, I guess this is one bottle neck we are talking about. There is only so much hash power available in the world. That is why brand new ASICS are permanently sold out. That is also why it is difficult for anyone to pull off such an attack on Bitcoin (much easier on other coins, see ETC attack). When you want to attack Bitcoin, the first problem you'll run into is hardware shortage. You can't even obtain the hardware to attack Bitcoin.

will not! The more China suppresses Bitcoin, the more Bitcoin's pricing power will be biased overseas. Most people have seen the highly speculative nature of Bitcoin. But the true value of Bitcoin lies in whether anyone believes that even if it plummets, some people will choose not to sell it. This is consensus.

For now they will not support it so expect that we can see more news or fuds about it since China always want to be in power but I also believe that this ban is temporary since if bitcoin econony grow even if their country is absent on supporting this for sure China will think about lifting up the decision they made earlier, for now lets forger about China and focus to the other country who adopt bitcoin well.

Actually, what China is doing is not only now they do it, but several times and it's normal, because they understand that bitcoin is very strong and cannot be suppressed because the mechanism is due to market movements. but indeed they are good at managing with a clear goal is the desire to seek profit as well as its nature.

so let this go by itself then everything will be normal, because everyone also knows that bitcoin is very sought after and made a very attractive investment, they will always keep it until the time when the price has been exceeded.

It is obvious that we are all scared about it because China has been a big part of the crypto world, but that doesn't change the fact that we may not see anything substantially changing from crypto world when they leave neither. Remember they can only sell once and after they do, we do not need them anymore to keep the price high, just let them go and after that we can share the spoils of the war for years to come and that is why we will profit from it.

I personally believe that we should not be focusing on what to do with China situation but we should probably focus something more about what we can do about the mining operations in other nations. While China dreaming of a world where they can catch USA in power, the reality is that ever since they stopped mining operations, there are now a lot more starting up in USA and specially in Texas, which could bring USA some more power.

This won't make bitcoin worthless because, we're not relying only from China and there's a lot of countries who's support on bitcoin was strong. Don't be confuse on what's happening because it's just a temporary situation that we're experiencing nowadays. Eventually we will overcome the certain crackdown of the market, fud shouldn't be taken seriously because that not healthy for a person who has goals for cryptocurrency.

When you are just new into this market then you would really be having that kind of feeling whenever these kind of banning news then they do easily freak out and yes it do really affect the market
since China do really have a big contribution into this market specially in mining operation too and when ban comes then expect that would really make out some shake off but doesnt mean that
it would really end up badly on the entire market or making bitcoin worthless which is impossible because demand is always present which make it even more valuable as the year passed.
Crackdowns and bans is normal already on this market since government doesnt really like decentralization at the first place so its a bit anticipated.

China may have had a big impact on the market and the development of Cryptocurrency and Bitcoin but they are not the sole developer of it, any country can take the lead if they want to leave, and it's their loss their miners and investors have amassed huge money from Cryptocurrency, if China ban Bitcoin I don't think all their miners and investors will just follow, of course, they will find a way.

definitely, those miners will find a way how to continue their business. now, that they learned the world of crypto, they will always find a way how to go around their govt. that's not the end of their life in crypto. and yes, when one door closes, the other door will open. we are not solely depending on China here. remember bitcoin and crypto can exist even without them. there will be other countries that are more than willing to host their closed businesses. so it is not our loss but them.
so btc becoming worthless is far from happening.

This scenario looks like 2018, but market conditions have changed greatly,... I believe history will not repeat itself. Bitcoin mining hashrate is increasing rapidly in recent days. It is one of the great signals to continue to be optimistic about the overthrow of Chinese influence and domination.

No, doesn't look the 2018 to me, scenario is different that time, if there is an FUD that involves China, it's March of 2017 if I'm not mistaken wherein there went hard on several Chinese crypto exchanges and there are misconception that time that they are going to ban bitcoin, but instead it was the ICO that they came hard that time.

I disagree though, the hash hate is dropping hard because some of the minings have pulled their plugged already because of the Chinese crackdown.

Hash rate may be dropping because of the low BTC price as well. A couple of months back, Bitcoin was trading at $62,000 per coin. The exchange rate as of now is $34,000. Expenses for the miners remain the same, and at least for some of the mining farms the price of Bitcoin is not high enough to return a profit from their operations. So there is a chance that they simply shut down the mining operations for the time being. The number of coins being mined is limited. So even if they increase their hash rate, they are not going to get more coins.

Such negative news has only a temporary effect on this market. Then the market inevitably recovers and moves on. The Chinese government has already tried to limit or even ban the circulation of decentralized cryptocurrency since 2017, but such measures were not systematic and they were not carried out at the highest level. If they intend to do this, let them do it to the end and once. The market will be reformed and after a while it will move on. Otherwise, negative news will be fed constantly.

Some of them already did, look at the mining power and you will see that it dropped a ton and then increased a bit, that increase is caused by some of them already finding a place. Also remember miner is not a person physically mining, it is a machine and as long as the machine continues to exist you could just plug it out of china and then ship it to some other nation and plug it in there, hence continue to mine without a problem.

Many of them are doing that now, selling their well used and old machines as brand new and selling it with brand new prices whereas it is already used for months now, that is the trick they do, then use that money to buy real brand new stuff, if you are stupid you do get fooled and buy, they apparently can find enough stupid people to sell a whole mining facility, I saw that in a youtube video. Long story short I am sure miners are doing fine.

Yes, we have seen many times on how negative news affect the market and its true that no matter how bad it do affect but still it would really be likely for it to recover.

It might not be all the time but we had seen lots of situations like this and its impossible to say that it would be worthless considering on whats the level of adoption as of this current year

then its really hard to believe on.I do really expect these kind of sentiments or words into those people who dont have sufficient knowledge and experience in the market.

It will create temporary effect as the manipulators are using this just to make bitcoin price go dump at certain target they wanted, but I'm sure we know many countries still backing it up so there's nothing to worry about china banning of it since for sure others will step up and once china that there actions isn't effective provably they will be back on the scene and allow their miners again.

China is not the largest market for cryptocurrency, and also it is not the most important market in terms of purchasing power. The only segment in which they have an almost complete monopoly is in the manufacturing of mining equipment. Right now, 95% to 98% of all the mining rigs are manufactured in China. Some of the mining farms are moving to countries such as Kazakhstan and Russia, but as long as the equipment is produced in China, the farms located in that country will have an unfair advantage in terms of lower capital costs.

That's true we should stop relying on China as the only country that can move and help Bitcoin to reach the top, Bitcoin is decentralized any country can replace China and it is not the only superpower on the internet, in fact, there's a lot of censorship of China over Bitcoin it's time for it to move forward by not relying on China alone.

After China banned mining, the deputy governor of the People's Bank of China began to suppress virtual currencies. Every time, because of China's FUD, it will affect the market trend. I personally think that no matter which country it is, whether it is a big country or a small country, Bitcoin does not depend on the country. People need Bitcoin, and Bitcoin will remain the king even after it is restored.

People need bitcoin if they don't trust the centralized system, but if we do, we can consider bitcoin as an alternative and as a good investment as well as eventually the demand will grow. Hearing that a big country is banning bitcoin, that's a sad news and it might affect its future growth, however, I still believe we are at the right track.

- Having gone through many lessons with China and the way this government works, their respect for the investors in the mining platform is too flawed, besides oppressing others, their regulations also rotate the cycle to make it difficult for the market, instead of letting them attack us every year, let's take this opportunity to completely isolate China. We may be entering a difficult point when China no longer contributes and only knows how to destroy, but standing up at this point, the road behind will become wider.

HashPower from China is decreasing and it is good to help Bitcoin network's Hash Power becomes more decentralized geographically.

Source (https://twitter.com/DocumentingBTC/status/1416018540948246531)

The mining map and evolution of country share charts visually display the distribution of Bitcoin hashpower. People want decentralization and when they see a future with more decentralization, they are fearful. What happened?

The current decline in bitcoin prices is one of the real impacts that occurred due to the recent Chinese government decision, if it is said to be influential, it will certainly have an effect because China is one of the countries that has a fairly strong economic influence in the world, but of course the impact only results in price declines and I am very sure that what the Chinese government does will not make bitcoin worthless anymore, because even if China is against crypto, of course many other countries are even starting to consider adopting bitcoin as El Salvador has done.

I believe that nobody really trusts the fiat system, there are very very few people in all of the world that trusts governments as a whole, majority of the people in the world do not believe in their government (and not only about political party neither, they do not believe any party will be as good as hoped, just maybe better) so that means that people already have a discontent for their own rulers. Fiat is just another expansion of that, we are talking about people who do not like government, how can they like the monetary system that government provides, sure we all want to be rich, but nobody believes government would be any help to that.

So long story short we are talking about something that is definitely not liked, but do same people love crypto? Well a minority of us really do, but general world still do not have the same love, which is why it will take some time.

I dont thikn so, because bitcoin is difficult to centralize. We need to learn from the previous cases of crypto founders or companies that had problems in court, such as USDT, XRP etc. As for bitcoin, satoshi are long gone and there is no longer any major entity or company that can be attacked (sued) so bitcoin can be fully regulated. All that China or any other country that opposes bitcoin can do is impose restrictions and pressures on its "supporters" including miners, exchanges, marketplaces, peyment services and users.

That's right! it's not right to say that all crypto down because the prohibition of crypto in China. There's always a ton of info coming out both directions, China is just one part of it. I have seen some good people taking this sideways action rather assuming that China's action the reason of this market. China's crackdown on Bitcoin is just symptom not a cause. So, nothing to worry about!

Crypto fan kids are just looking at china as big contributor of bitcoin existence but this actually  doesn't  contribute as a whole since there are so many country support bitcoin that's why if china goes out we should  think that there are other  more who supports bitcoin so maybe its time for people to move on to this issue since its really not a big  loss for us if they want to exit in  this since for sure in future the  country who support it will get more  benefits for allowing the usage of bitcoin on their country

They've did this kind of crackdown back them and now isn't even anything worse because the crackdown has already happened and now look, the prices are still that high, it's not like they owned millions of bitcoin and sold it to crash the market.

Don't forget we also have mechanisms like difficulty adjustments. Once that goes down, which it now did significantly, it becomes profitable again for miners from other areas to get their equipment going again. I've also heard that some miners are now transitioning their business to the Philippines. I don't know the conditions for miners there, but it was expected to happen anyway that miners won't just quit their business but will seek alternative ways to make their equipment pay off.

The Chinese government's action against the bitcoin ban between the fall in the bitcoin price, only a few percent, while the current price decline is generally influenced by other factors. so no need to worry, because bitcoin will not fail to reach the next month.
I think the government has a strong correlation with cryptocurrencies, so the bitcoin blockade case could be a price competition politics made by big investors to keep prices very low.

If we are to consider the fact that China has the densest population out of all the countries in the planet, plus the fact that they are steadily growing as an industrial and technological state-nation, then we may logically say that China's exit from the cryptocurrency industry could very well be the gut-punch that could put bitcoin down to its knees. But reality isn't usually like that. Going back last year, we can denote that a large portion of people who either promoted bitcoin, or pumped bitcoin's price up to the $68,000 mark aren't Chinese. Instead they were of varying ethnicities. And this I believe is good because if so, then bitcoin might not need China's help at all in the future, and may be able to stand on itself without the help of China. Precisely, despite the large population, I believe most of the chinese are still living a fairly rural lifestyle, so we can't really expect them to store bitcoins of their own. And not everyone in the urban parts of China had bitcoins as well anyway, so there's that.

No country can kill Bitcoin. China bans Bitcoin because the government feels it cannot control people. But as long as there is the Internet, Bitcoin will exist. China’s suppression of Bitcoin can only cause the decline of Bitcoin in the short term, and will not continue to decline.

No way that China alone will ever be able to put Bitcoin to its knees. There is so much more to come. Elon Musk is looking to install his satellites around planet earth, giving everyone ultra fast internet. I wonder what kind of war will happen in space one day when the Chinese try to interfere with satellite internet. Anyway, even if the Chinese were out of crypto, there are still a couple of billion people left who could be in crypto (and who will be I am sure ;) ).