Bitcoin Forum

China seems to be close to the full suite of Bitcoin restrictions:
1) No crypto exchanges allowed in China, restricting fiat to crypto flows
2) No mining companies allowed in China
3) No Bitcoin related spending allowed using bank accounts in China

If all three bans are enacted and enforced, do you think this still considered FUD or reason for concern?

As we already know, the success of Bitcoin in China has been extraordinary from an economic point of view, especially on the basis of digital money. then in the end China made a policy of banning bitcoin after all that bitcoin produced was deemed sufficient. then bitcoin is thrown away by them mercilessly. The impact is indeed very worrying, where prices are now dropping, not just FUD alone.

we must remember that in 1990 china has cheated the dollar to buy some of their economic expenses by making fake dollars circulating until now mainly in LA. even the FBI is overwhelmed and confused to distinguish between real dollars and fake dollars, because china has a printed copy of the dollar. crimes that China has been committing for decades. Finally the collapse of the dollar took place and China's only one goal, so that they could play with the world's economic rate system.

AFAIK with #2. Aren't the biggest mining companies are found there and they're one of the biggest manufacturers and suppliers of mining equipment in the world?

They're likely being used for FUD for so long by the media.

We don't like the news but it's already here.

China is a big part of crypto, so losing investors in China is really a big thing.
Bitcoin might struggle but it will continue to survive until it will recover and create a bull run again.

The restriction in China is not permanent, who knows they'll change their stance in the future.

Let's hope for that.

I don't alarm at all because of this China FUD.
For sure, people who are affected by this regulation can make their alternative way to access Bitcoin, there could be a way for sure.
Additional is, as we all know China's FUD is already a few years ago, and they always announcing this kind of bad news for Bitcoin but look now where Bitcoin is, this is why these kinds of news are called "FUD".

China is big influencer and had a lot of miners and investors but even if it totally bans crypto it's not gonna kill it. We'll see new bull run anyway just later. One country can't kill the whole market.

I don't know yet if this is good or bad.
On the one hand, Bitcoin showed everyone that one of the largest countries in the world will not be able to ban Bitcoin.
Russian, American and other miners will receive increased profits.
On the other hand, China is losing control over bitcoin and mining farms will be transported to other countries.

China FUD is real that's why it can provably affect the whole market as well, but I believe it's only temporary the Communist Party of China is experimenting with blockchain and because Bitcoin is a product of Blockchain that's why they considered it as a threat to there Digital yuan ambition. The crypto mining companies can hit China in return by not acquiring china made mining hardware and try to source it elsewhere.

when one door closes another will open...

the miners there must have thought about what they should do next with their equipment, maybe moving to a country that is more friendly to Bitcoin is the best way and definitely, in countries that are friendly to bitcoin, the miners will be more shining and safe there.

There have been so many Chinese who have given bad news and right now with many prohibitions happening so that some Chinese investors will certainly continue to be monitored and not be free to carry out activities in bitcoin.
But I don't think p2p bitcoins will be complete and the holders will definitely trust bitcoin more than others, even I think it's a Chinese custom to give FUD to bitcoin and then they open it again and maybe this is part of their strategy to outperform bitcoins.
I wouldn't be surprised and the bitcoin dump is not the cause of the illegality, but many people think bitcoin will be weak if China doesn't support it.

I would consider this as FUD mostly the ban on Crypto exchanges which would certainly discourage many investors and having china has one of the leading countries in Crypto currency all this might pose a big treat to the value of Bitcoin thereby causing it to face a constant bear state

China used to be the biggest market for cryptocurrency in the early days, but its recent attacks on crypto-related activities and have negatively affected the entire cryptocurrency market. The recent fud resulted in the current dip in Bitcoin price, I think it high time miners in China think of relocating to more crypto-friendly countries.

The restrictions will be permanent for sure. It's a normal thing. Bitcoin mining consume a lot of energy...and more, China wants to put a break to the money laundering which is happening due to Bitcoin.

LOL the so called "crypto-friendly countries" has no free electricity...
What's wrong if there will be less miners? none... :)

I think this news is a repeating story. They always make FUD to lower the price of BTC. Then about mining companies that are allowed in China. The news I heard the mayor of miami Francis Suarez allowed Bitcoin mining. I think if the Chinese government really banned it might be a loss. I think an exodus to the miami area will happen, the head of government there wants to make miami a Bitcoin mining center.

Source: https://cointelegraph.com/news/miami-mayor-offers-city-s-clean-nuclear-power-to-chinese-bitcoin-miners

China used to be big and now China in all 3 points is among the small countries. for example there are mining farms in China but there are bigger ones elsewhere and their total hashrate is very small compared to 6 years ago. same with their exchanges and the trading volume, the exchanges migrated to other jurisdictions and then their fake volume went away.

maybe apart from El Salvador i don't know any country that lets you do that!

It isn't FUD I would say as they obviously act on their promises as it seems. One guy gave an interview or at least provided information that mining operations and data centers in Sichuan now have been shut down and government officials took care of proper controls. For that part, it seems to be real what is being said.

However, there have also been reports that officials of other countries are already offering those Chinese companies incentives such that they may be inclined to move their whole operations abroad. What's going to be interesting to see then is how the Chinese government will react if really the whole mining industry goes abroad. Do they really want that? Difficult to tell, I don't know.

Relax, they're just talking about Bitcoin. There are other China-based cryptos that have been cruising smoothly like VET and NEO.

Sooner or later they will open up even more. The China from 1980 isn't the same as it is now. It's just a matter of time.

It isn't new for me, it's been a long time since China always creating FUD against Bitcoin and now they step up on their regulation on Bitcoin which is in the end, Bitcoin will always recover at any moment.  But this isn't a barrier for most big investors that come from China, they still able to use and invest in Bitcoin through P2P exchanges.

I tend to agree, even though China was banning Bitcoin but still, there is a large percentage of countries that still believe in cryptocurrency and legalizing it under their jurisdictions.  As I heard, just like El Salvador and Iran which is now legalized Bitcoin and willing to embrace this cryptocurrency.

Bitcoin price will always recover and this isn't new at all.  Though it has a little effect and it seems like what happened before but yet, Bitcoin always has made a surprise for us, and let's wait again for the new ATH will come.

The Miami mayor is waving at these Chinese miners hehe.

How about the decrease in hashrate? I find its effect on the transaction fees still burdensome until the next difficulty adjustment. We've been enjoying fast confirmation with 10 sats/vbyte or less the past weeks.

Does it matter? I mean do we need the approval of the Chinese government in order for bitcoin to succeed? Since the answer is no let them do whatever they want, at the end of the day they are the ones denying themselves the opportunity to be part of one of the markets with the most potential around the world.

It is funny how history keeps repeating itself, China has always been one of the most powerful countries around the world but historically they have the tendency to try to keep things the same and isolate themselves, this had a terrible effect on the country as a whole and it seems this could happen again.

What we don't know right now is how harsh China will crack down on people who are getting caught dealing with Bitcoin. If they are really brutal with them that could have definitely an effect on people shying away from cryptocurrencies. As we all know China can be extremely strict in rule and law enforcement. I think we shouldn't freak out but still have an eye on what is happening in China. They are now putting the banks under pressure as well which goes way too far in my opinion, but we know it already.

On the contrary, I think that the more big countries suppress Bitcoin, the more long-term Bitcoin cannot fall.
The reason is simple. There are a lot of people in big countries holding bitcoins, and the market circulation has decreased, reducing buying and selling. Bitcoin cannot be used. The price declines in the short-term, but it is still bullish in the long-term. Regulations make it impossible to sell some of them, which is more likely to lead to long-term price increases, which is equivalent to reducing the market value of circulation. After a while, people found that it was useless to suppress powerful countries, and the value of Bitcoin became more prominent, but it would increase in the long run.

Reason for Concern  ;D Some people keep acting like China is Bitcoin and like once the Government of Chine fully gets their hands off Bitcoin, that will be the end of Bitcoin and cryptocurrencies in general.
Think about it, this is not the first time China announced any of the other points you stated there except now they are pushing miners out of China which is a good thing because most of us have been concerned about the monopoly like situation for Bitcoin mining in China. Now we will hava a better decentralised Bitcoin mining ecosystem going forward and China won't have that much effect with whatever news or they won't even have a news that will affect Bitcoin negatively anymore.
All I see here is an opportunity to become Bitcoin millionaire with this current situation if you have the means to accumulate.

* If China bans mining, that's actually a good news for long term, since it helps on miners' decentralization.
* I've read somewhere a good point: if China has to tell loudly over and over about the bans, they are most probably not too much effective.
* China govt owns their media, hence whatever is said there has 50% chance to not be for real.

They are crashing the market on a regular basis with their FUD, and this makes me suspicious about the real intention. In the past 7-8 years, I might have heard about the so called "mining ban" at least two dozen times. And most of the time, there was a huge impact on the exchange rates and they went down by as much as 40% in some of the occasions. The big question is, who is gaining from these market corrections? With every phase of correction, the coins flow from individual investors to institutions and whales. So it is clear who is benefitting from these episodes.

China is the most commonly troubled country about cryptocurrencies, it's already happened in 2018, in fact China has had a good exchange, but it makes its users lose assets, and their owners are arrested . Since then, China has often had problems with cryptocurrency regulation. until now.

I still see tx fees quite low right now though to be honest, I think you can even do 9 sat/vbyte and still get confirmation soonish. And that's after the last big diff adjustment. I think I read another thread yesterday wondering why the mempool hasn't started filling up at all, so I think we're actually good cause of the market price.

Let China do what they want to do, while I do not believe they shut down the company or personal mining. Even if bitcoin is ban in China, the other countries will still allow their people to use bitcoin, which will not stop the bitcoin popularity from reaching more people to join in the bitcoin world. Maybe that can impact the bitcoin price, but that will going like that forever.

I am not sure if China really does that, especially after they know the benefits of bitcoin to them and their people. But we do not have to think seriously about what they say because bitcoin will be back to the high price. So it is better to calm down and not panic if you read the other negative news because the negative news will always be behind on bitcoin.

They've been used to make FUD that makes the market convenient for them. It's very impossible that it's the whole China thing and the community is still scared of those news that keeps on being reported again and again. No matter what the news seem to have similarity in the past. Yet, there's still the negative impact that it brings to the market. It's all over these years and even bull or bear markets, there's always the negative news that's being hyped by the bias medias.

North Korea is speculated to be the manufacturing country of these 'superdollars' (dollars that are faked so well, they are probably made with a real stolen intaglio press and watermarks).
https://en.wikipedia.org/wiki/Superdollar

They can even fool cash dispensers, deposit machines and note authenticators.

Well, no such worry with bitcoin. Trying to create a counterfeit bitcoin is a bit of a fools errand.

The market has already started the downtrend and Bitcoin is now less than 30.000 dollars for a Bitcoin.I don't know if this is related to China but mostly I think we are seeing this crash exactly like we saw in 2017,in August the price was 2000-3000 dollars and then escalated to that first all time high of 20.000 dollars for a Bitcoin.I think in the second half of 2021 we are going to witness a second 2017 and I can't wait for that day to come,I have enough of a lot of bad/threat actors(this is how we call them in IT where I work)like Elon Musk,China FUD,other pseudo crypto analysts and alike.These will all be history in the day that 1 Bitcoin will equal 100.000 dollars and I have very high hopes that this day will happen within 2021.

everyone knows that China is a country that has a very strong economy, they have to do anything to get what they want, and throw away what they hate at will, after China collects a lot of bitcoins, and they think it's enough, then they do . any way to drop bitcoin, that's how they play..

Low priority fees to 10+ sats/vB from the previous 1.
Medium priority fees to 20+ sats/vB from the previous 1 to 5
High priority fees to 40+ sats/vB from the preivous 10

The last four blocks median fee are ~15 sats, ~35, ~44, ~59 sats.

All data from mempool.space

You would find the above cheap if you were used to paying transaction fees in double or triple figures

"they" aren't doing it since the FUD we read is in English written by people who aren't even Chinese or care about what is really happening in China. for example when you go on reddit or twitter those people spreading the FUD on these platforms aren't from China. or if you look at Coinbase for example those manipulating the market and dumping aren't Chinese.
this is why even if China some day banned bitcoin for real nothing about manipulation is going to change since manipulators aren't from China. they've just created something big and scary and have been using it for years with surprising success.

They have a strong economy because they are exclusionist economy plus they have a really big population that can make a company from other country a billion dollar industry overnight. Plus they are a nuclear power so they can basically do anything that they want to do and they have a debt money trap.

It'a shame that the chinese government is taking such decisions, but they are going to lose the most in the end. The chinese politic system is characterized by conservatism. It is expected from them to not be open to revolutionary technology, but that is a burden on them. They will soon realise that you can't live in nutshell where the whole world is heading more and more towards globalization.

China has a huge impact on the crypto world so any regulatory changes in their country will surely affect the market since they have a huge number of investors but I don't think it would make the market situation worse because despite losing investors, Bitcoin's foundation is strong enough to stand on its own. It wouldn't be shaken in this kind of situation.

Why? Cradle to produce the largest volume of bitcoins from extremely large bitcoin miners + the flow of money from Chinese banks has too much influence( or As the most populous country, what is their bitcoin participation rate?)
and interest in creating bullying - causing consequences to market. That cannot be the same reset as 2018.
Once and for all, the crypto market needs to get out of the shadow of China and that is the reason for bitcoin support movers at 28k - 29k.
Hold it all in diamond hands~
Damned!!!

And a rebound happened so Bitcoin is back above the support line, and holding strong. In fact, I think the flash crash will cause a lot of sellers to lose steam now and I foresee the remaining week to Friday to have many more holders adding up to their stack, because there's very few opportunities left to get this kind of gains I think:)

They are always making a FUD no matter what people say to them. Their participation in crypto is less likely possible as they are stricter than before. Thus, it was very unfortunate that the majority of the mining machines are coming from there and the biggest crypto mining industry are placed there. That makes a reason why they have a huge impact in the crypto market when they ban cryptocurrencies.

China is a smart country. we remember in 2017 where at that time China reacted when prices were at their peak, and finally a dump occurred, it looks like the incident is similar to this time. Of course they will seek personal gain from all that, let alone the launch of the digital yuan

Many of the world's leading exchanges are from China and with a daily trading volume of billions of dollars, China's total ban on bitcoin will probably have very bad effects on the market in the near future. When the CEOs of the world's leading electronic exchanges are arrested or detained, how will the market fluctuate?

Why would the owners be arrested or detained?
Nothing anywhere has been said regarding that and there is no legal basis for such speculation. As long as they follow the new law(s), shut down and/or move operations out of the country they will be fine.

Yes they will have to deal with setting up accounts with foreign exchanges and banks to receive their mining earnings through and then sent/receive Yuan to their Chinese accounts. That is not only fully legal but also a very common practice in international banking. Again, as long as business owners follow the rules -- no problem.

I believe FUD is always a reason for concern. It means fear, uncertainty and doubt and it's a card used to destabilize something. In this case it was the strategy used by China to destabilize bitcoin. China created the FUD to spread fear, uncertainty and doubt among investors and this fact is easily noticed on reality as we can see many people are showing such symptoms right now.
China is provoking a readaptation in bitcoin businesses' allocations, what may have a very negative impact over btc on short run, but I think we should always think further, because once this readaptation is completed, bitcoin will be doing well again.

China has done this in the past and they have repeated it now. The China ban previously dumped bitcoin a lot but then at last bitcoin was able to recover from the dump and gain to ATH this year but then again China repeated the past but this time bitcoin seems to recover quite quickly.
We can see how bitcoin bounced back from $28k to $34k today. May be bitcoin keeps up the pace then we might recover quite quickly.
This year is surely one hell of a ride for bitcoin.

Yes I hope so. Same strategy in the past few years and this I experienced it. It's like there used to be McCafee and now Elon. There used to be bad news and then good news. Today, of course, after FUD there is good news. This happened, planned and definitely this was done to enrich and increase the number of their assets. I truly believe blockchain technology will develop rapidly with its new generation. So don't worry it's a process.

This has happened so many times, it seems the situation is always repeated and the same. I've been through this a few times so I hope it's just a cycle that keeps repeating itself.

It's true what you say it will come back sooner or later. I believe it. In the end we have to be good at taking advantage of the moment to gain.

Just because the source power issue from mining abuse and now they prohibit the exchange and ownership? I don't really follow this but if it's true I think the decision is unfair, they should just ban massive mining not restrict exchange.

It's not a problem for me, China does the same thing in every bull run with the same story :D

Let's see their previous bans.

2013: China has banned its banks from handling transactions involving the Bitcoin virtual currency. (https://www.bbc.com/news/technology-25233224/)

2017: Crack down against local exchanges. (https://www.bbc.com/news/business-38591929)

2019: ban on btc mining (https://www.reuters.com/article/us-china-cryptocurrency-idUSKCN1RL0C4)

China always ban & unban bitcoin-related activities, so do not pay attention to it, soon all these restrictions will be removed

I agree with this opinion because despite the fact that China is crackdown on bitcoin mining it is positive because mining companies will have the advantage of operating with better conditions taking into account what interests us in that the extraction is friendly to the ecosystem and there are no irregularities. I would love for bitcoin mining companies to move to the United States.

As a crypto investor, the best thing to do now is just to forget about China so it will not affect our decision-making. They claim to have the biggest miners in the world, that's why they can easily manipulate everything using their power on regulation, but if miners will move to other countries, I think China news would not be significant anymore unless they'll announce that they will regulate crypto and allow anything related to it.

Do people still take China seriously on these regular or should I say phenomenal crypto related activity bans? Becuase, I see no reason why crypto investors should. It just doesn't add up to me. For the past few years, China and other governments of the world has targeted different aspects of the crypto space and yet have made zero significant damage to the crypto ecology. With the series of tries from China alone, I think  a normal crypto investor should know better than to take the China FUD for making any market decision.
We ought to know that we are the market and our individual decisions matters. Having the feeling that other investors would go with the regular sentiment associated with this news is way too traditional to stick with. We've got to evolve better.

It is the same old story, it would be interesting to see how many times China has ‘banned’ bitcoin and while impossible to know it seems despite being an old trick it is still very effective as people get scared and sell their coins all the time when this FUD is used.

But anyway there is not much to do, as long as people keep using social media to find out what is happening in the market and believe everything they read then this FUD is going to keep its effectiveness.