Bitcoin Forum

After bans on exchanges and initial coin offerings, bitcoin miners fear they are next

Bitcoin had been in trouble  when the central bank, aiming to stem illicit capital flows, ordered exchanges to halt virtual-currency withdrawals until they could identify their customers.

If China forbade with certainty the miners migrated to another underdeveloped country and thus the cycle continues flowing.

China seems not to be in much favour of bitcoin. After ban of exchanges, most of the chinese people have lost their interest from bitcoin and crypto-currency.

China, having sovereignty, that is having the right over its jurisdiction, has the power to ban or forbid anything they believe is not good for its country. If the government sees cryptocurrencies as something that will leave negative corollaries to its circulation especially, its economy, then they can totally go against it.

An article from miaocaiwang revealed that:
“The Chinese government will utilize blockchain technology for social taxation and electronic invoice issuance matters.” It's here but in Chinese: http://www.miaocaiwang.com/?do=articlelist
So China is not about turning against cryptocurrencies but they tighten their law about cryptocurrency for better control.

They turning or they might doing there own cryptosystem cause they seeing that this is s big opportunity .
They don't collaborated in things they  don't  gain back just  like making wiebo than to collided with Facebook  something is making an hear say that can affect the btc price cause of hyip to make a panic sell

China want to make things their own in anyway, include that copy and repair, clone => their own.

It's what they are saying, but I do not believe that story. China is one of the most powerful countries in the world. And I don't think they want to be the one who's left behind when it comes to technological advancement. So whatever reason they may have with that banning on cryptocurrencies, maybe only short term and for the best of their people in the long run.

There are alternative explanations for china's recent spate of anti crypto restrictions and proposed bans which have recently taken place.

Emerging economies like china require a steady influx of investment into their economies to maintain their growth and prosperity. China tightening restrictions on capital moving out of the country can sometimes be a measure implemented with an intent to prevent investment capital from flowing outside china through its borders. China's economic policy is very ambitious, they have displaced the US dollar as a standard for oil based transactions in their country with the yuan.

With china's economic growth potentially slowing and the united states trade deficit with china shifting slowly in favor of the united states, it is possible that investment will shift from china into other countries like the united states which have become more attractive investments as corporate taxes are cut. And so it is possible that china's restrictions on crypto are designed to prevent that outflux of capital which china requires to maintain its growth and industry.

As cryptocurrency are getting popular each day china may create their own coin. If this happens they can ask(force because they dont ask)  their citizens to mine their coins instead leaving a big hole in bitcoin mining. I think 60% of miners are in China. I do not how it will affect the price and the transaction fees but i think the effect will be negative.

This is just an speculation but i think china would like to create a coin that will beat bitcoin.

I agree that China doesn't want to stop cryptocurrencies. And the story behind that isn't the ban, I don't beleive that. It's the attempt of regulation and addoption of international laws and rules regarding KYC, money laundering and terrorism financing. I don't think this is generaly aimed against cryptocurrencies and we have a lot of misunderstanding here.

Yes, they are cleaning out the mines in the digital currency.

And the Chinese government plans to block the VPN altogether, and only browse Chinese websites!

Many VPNS have been banned this month!

The people's Bank of China considers bitcoin to be an unreliable means of payment Considers it speculative product.Its rapid spread can lead to unpredictable consequences in the financial market. Failure to control could result in the collapse of the financial system.In August last year, the Central Bank banned ICO operations and stole all transactions between the yuan and bitcoin.Perhaps in the near future they are considering the development of their national currency, which will be carefully protected and will be controlled by the government.

China is very concerned about security issues. The government considers bitcoin and other crypto-currencies as insufficiently reliable. Also, the Chinese believe that digital money can lead to the most unpredictable consequences in the financial market. Bitcoin is considered as a speculative product to achieve immediate enrichment. It is not surprising that with such beliefs, the Chinese remain conservative and there are opinions that it is never necessary to go against the existing financial system and rules.

Bitcoin's surprising success in China appears to be nearing its end. A series of bans announced over the past month have made clear that bitcoin and all fellow cryptocurrencies, from ethereum to litecoin, have little place within its borders. Some hope that the bans are temporary. The government has, after all, declared an ambition to make China a leader in the blockchain technology that is integral to bitcoin. But it seems more likely that officials will tighten their grip on China’s remaining crypto-coin bastions. Bitcoin had been in trouble in China since February, when the central bank, aiming to stem illicit capital flows, ordered exchanges to halt virtual-currency withdrawals until they could identify their customers. China’s crackdown initially sent shock waves through global crypto-markets.

Don't believe them at all. You will never know the China game and how they play it for their own good. If you have to be game changer then let's not excite the China news of any kind. Whether it is bad or good doesn't matter they always have some plans behind it which can weaken the crypt market. Last year they banned the exchangers and suddenly this year they reopened the doors with some regulations on them. Now again they are talking about the bans. That's really bullish trend by the Chinese government I think. It would be good if they ban the mining in China as it will reduce the network difficulty. Lolz.

The reason is simple. China is a dictatorship (indeed central control has tightened since Xi Jinping has taken over).

Dictatorships fear things they can't control. China has capital controls to prevents it's citizens from taking their money abroad - and still Chinese people are able to take money out. That worries the Chinese govt, because it means they arn't controlling things properly. And of course the reason the Chinese are so desperate to take their money out is that they don't want some communist party member seizing their assets.

No, China is not turning against cryptocurrencies, they are looking to regulate them.
The only thing China will do is, as usual, since they don't have the rule of free transfer of goods, services and people like EU for example, enforcing such regulation that it will be hard for non-domestic projects to compete with domestic ones. Hence I expect a good future for NEO there.

There are fake news that had been reported this past few months that china had a meeting about banning all Bitcoin/cryptocurrency mining operations in their territory and there is this wechat photo about china banning crypto mining that become viral is also fake. But honestly we still don't know if they will really ban it, because china are against cryptocurrency and they constantly changing what they want to happen. Maybe now they don't have any about this but it can be possible. Which will be a bad thing for a short time because large cryptocurrency mining farms are located in china, but those mining farms can just migrate to other countries that allows cryptocurrency mining so it will still be fine.

Who knows if they're against it or it's a market manipulation move. Although. you could also see it as protecting they're border. Money laundering is a problem in china so maybe a ban on exchanges made that fight easier. It's weird that they keep "banning"it though. It seems to be a market manipulation move. Or maybe they're meerely observing how they affect the market.

China is the biggest player on the crypto market. The Chinese government is fully aware of this situation. During the years when I followed the crypto market, it is reported that China is constantly forbidding crypto money. That's why I do not believe in the news anymore. Bitcoin will go up again.

They turned their backs on Bitcoin because they thought Bitcoin was the hiding place of some bribe officials, the shelter of money laundering criminals, and Bitcoin developers that produced many Bitcoin diggers in their country. So China has made stricter rules in Bitcoin deals and increased electricity prices with bitcoin digging, which is why China has little respect for Bitcoin in their country.

Miners could simply moving out from the country, maybe going to a cryptocurrency friendly. One most important thing is that there's also difficulties adjustment in the bitcoin network which solve this problem if the hash power significantly reduced although
it may gives some problem first and slow down the network. However, China banning mining activities still have a chance for it, better to keep an eye to those rumours.

Why worry? FUDs are made to make investors panic and sell their stocks so that those whales can buy bitcoin in lower prices. Hopefully nothing serious happen in cryptocurrency in china, as it was a huge contributor to cryptocurrency all over the world.

Hope these are rumors or false news spread across to make Bitcoin price down by whales. China contributes almost 60% to 70% of support through mining for crypto market and if this news is a true one, may be the mining be slow or jammed due to low mining set up or the transactions will be delayed like for a week or something I guess.

Oh well, we really cannot take that away from them since they have invested in materials just to be able to mine and they have already learned to love what they do. Of course I am sure that you will probably be feeling the same if you were the one in their situation. As an investor and a lover of cryptos it will be something that a miner will really feel. Specially when he already sees mining as a full time job for him. I can only imagine how heart breaking it would be for that person.

Man China was always against them ..there is not hard and fast rule well am Preety sure you have heard the rumors .. that went like " China banning Bitcoins and releasing their own crypto in the future"
Well you know no one out here is a Chinese government spy thus we won't be able to know ... For sure if ... The news is true

This news is already circulating, we know that China is one of the big country that ban bitcoin. This maybe give a effect to the bitcoin price. I think they have their power to do that, after all they are a big and rich country. They are maybe just want to have their own tokens or coins that will he used by their countrymen. In this, they might the capacity to level with bitcoin's popularity. As what I also read they are regulating this. But I guess in the end, people might benefit from it or vice versa. We can't tell the future of this all Cryptos, all we to do is wait what will China will do next.

I dont think so.
They have large farms out there and it will be chaos if they want to ban mining.
This are big investors that will be fighting for it since there is large money at stake. The government also profits with them since this is like business already and I bet they also filed business permits which will be taxed. No way they will do it.

Well, even if many chinesse investors having a large farm mining. They will not tolerate cryptocurrency to spread out, it will stop because they found out it can not contribute much taxation in the economy due to volality of coin. In this stage i think cryptocurrency will soon to dead in chinesse counry

We cannot blame them because they wanted to be the number one country of all time, they don't want something that they did not discover or that their name is included in it just like in bitcoin where in the inventor did not came from China, they are not turning out they are just creating war against crypto.

There's no need to fear if you are a miner. And the title is very misleading even it's like a question.

Before they are the biggest players in the crypto market but everything is starting to be exposed now.
I guess Japan now is the biggest player in the market now.

China is really aggressive taking down crypto currency  and they can force it to their citizen because they are just pretending to be a democratic country but in reality they are still in a dictatorship.

We do not know the real motive of the Chinese Government, as of now the reports would suggest that they just want to avoid fraud and social unrest.  I do not know if this is true but I think regulation will be better than totally banning it.

Yeah youre right they seems not supported with cryptocurrency but it will never a big problem because in this world many country really interested and supportive with cryptocurrency.So whenever china turn off with cryptocurrency I'm assure that it will never be affected.

im not invested in chinese coins anymore even though they are different market because of the size and nature they are. but if china disagrees, i also disagree.

China is taking time and working towards a more better understanding of Blockchain technology and make a firm legality of technology adoption in the coming days

China turning against bitcoin or cryptocurrency never happens, because they were the one that made it grow when none were aware about it. Second thing, now China might have got hard regulations and for the same we cannot say it is turning against bitcoin. Even now China holds the majority of the miners who are the backbone for the entire system to function without flaws.

bitcoin have so much trouble right now in china after the goverment have so much losses in electric energy and blame the mine factory in china, this is really serious matter to make bitcoin survive in china

Bitcoin is not a legal one in China.But many people had involved in crypto currency trading and mining in China.The china goverment made a war against crypto currency.The started to ask their people to inverse in gold and silver,instead of cryptocurrency.It was not works 100%.

It could hit bitcoin that hard that price of it could come in such a big down, but new investors will come thanks to "little" price of it, thanks to that bitcoin will recover, that is how i see it.

Well, for sure we are already expecting it that China will eventually turned their insights regarding cryptocurrency, and if that happens for sure China will create great impact with the value of the cryptocurrency so it would really a positive news as well as negative news on the other side.

even though China took a bold move of banning cryptocurrencies it is in still thinking to open the crypto market with new regulations hopefully China market opens up

There are still many crypto markets available and not just China's largest. I know china is the most enthusiast to invest in crypto but the state regulation has been applied. Perhaps Crypto needs a marketing medium to let everyone know cryptocurrency.

I mean, China has been turning against cryptocurrencies for ages now. Ever since last year they've started to regulate ICOs, they have been turning against cryptocurrencies. I don't think that the regulation in China has been overly supportive of crypto at any given time.

The real question is, are they going to bring back some of the companies that have left as a result of these restrictions by implementing new regulation?

There is a chance considering that IIRC there is a research project to rate all coins going on right now in China. But for now, most Chinese exchanges have already moved overseas, and isn't coming back for the time being. So yes, you can definitely say right now that they're quite against crypto.

China is behaving like a woman in love but is pretending not to be in love.With time her real love will be revealed to her husband.That is what China is doing.The authorities do not want to easily give in to cryptocurrency but is that possible in a technological country like China? They love crypto but only time will tell.

China ban bitcoin and crypto every year, and this still works perfectly , people selling, china buying  :-*

I don’t think that there is something to fear about, because bitcoin is a type of crypto currency of which people initially fear, then fear, then becomes against of it and then started loving it and we guys are in hating phase right now in which most of the people and countries are in against of bitcoin and its a thing of exclaiming that developed country like China has banned bitcoin because there are many other developed countries like South Korea, Japan, Florida has legalised bitcoin.

China never hold positive attitudes towards these cryptocurrencies, for one side, it is of high risk; for the other,  China cannot control it and cannot be the center during these market.

China has turned its back against a lot of things, google, youtube, and a few other platforms mainly used by the west, however I dont think China will turn its back against bitcoin because Chinese people are full into crypto and the Chinese government is also full into crypto, there is no way a country such as China is not into crypto, they are a very strategic country and I think they will come when least expected, it would be crazy that China is not supporting innovation and technology.

I am guess just like all the websites that china copies and makes one for themselves, china one day will have their own national cryptocurrency, it will not be bitcoin and it will have a weird looking name but in the end it will be their own cryptocurrency that we can easily exchange and that will put a lot of money into the crypto world because there are a lot of rich people in china looking at the government trying to figure out what kind of approach china will have against the cyrpto currencies.

As soon as china creates a new coin and makes it legal to use those coins and creates a space where you can even buy and spend it, we will see a lot of money pouring into the crypto space.

That is not possible, mining should not be prohibited, but I want to know where you can say that mining is the next target.

This ban is more of a political move, it doesn`t really prevent people from using it evidently.
I believe by this ban China took some sort of a time-out and launched research how it can serve the state`s purpose. I`m totally sure later they`ll lift the ban and start adopting it having the upper hand they gained during this research. In general, it will be the same as with all the other industries in China: they focus, they win.

I think the government were afraid of their economy because investors were investing in cryto currency.

Mining is important. And when you will prohibit mining, it will ultimately affect the development of bitcoin. When there is no mining, how can you produce bitcoin on internet. This system can’t stop.

No country can object to cryptocurrencies. I believe the Chinese government is opposed to fake cryptocurrencies rather than real bitcoins. Because the birth of cryptocurrencies allows scammers to deceive unscrupulously.

In China, everything is constantly changing and the government is constantly changing its laws about cryptocurrency. A couple of months ago, the cryptocurrency was completely banned there, but now the Chinese government assessed the losses they had caused because they banned the cryptocurrency and they again start to approve the use of cryptocurrency. I believe that after some time, China will completely change its mind and will begin to support cryptocurrency.

It might be the cause of the sudden drop of prices in the market by more than 50% because china has the majority of the crypto market and if they will also lose the miners we can expect that the market will fall much more, so the next option for us right now is to find a new country that wiill support the market and I think that the first country who can make regulations on crypto and adapt it to their system will make the change which is supposed to be what we need right now and build trust in the market.

Right now the price fall is unexpected, and none has come up with perfect information for the ongoing price fluctuation. China is a major contributor to the cryptocurrency growth during its early days into usage. If China hasn't contributed to growth of cryptocurrency, now we could've never reached such a user community. So, soon good support from China can expected.

The news of China turning against bitcoin is not a new news, but people are using this news repeatedly to scare away newbies that are not ready to take time a do their research. China turning against cryptocurrencies is not the reason the market is turning red this time.

many large investors from China, of course, make this country very influential on the development of bitcoin. Hopefully good news will emerge from China, so that it returns Bitcoin performance

I assume that China has not completely banned Bitcoin, I believe that China's biggest investment in the world and the biggest asset to cryptocurrency and Bitcoin, this won't work if China continues to force and close Bitcoin / cryptocurrency trading, I'm sure cryptocurrency and Bitcoin willfind victory in china.

source: https://www.google.co.id/amp/s/amp.economist.com/graphic-detail/2017/10/02/china-is-turning-against-cryptocurrencies#ampf=undefined

From China, positive information begins to flow. I do not know if this is true or fake news - you can rate it yourself, but it looks like the Chinese ban on cryptocurrencies has already been taken down:

https://www.btcnn.com/cryptocurrency-news/bitcoin-news/china-lifts-bitcoin-ban-individuals-and-businesses-can-now-own-cryptocurrencies-legally/

Maybe the today's price increases on the whole market are because of that info?

China country banned cryptocurrency since before, but then there country is one of most crypto users even they not allowed to used it. Also China is one of the most population country in world and its population is willing to adopt crypto but their government is against to it. But their community do anything just used crypto, I hope China will saw the good side of crypto like what other country do.

I very much agree with you that no government will reject cryptocurrencies. Their rejection of cryptocurrencies must be based on the risk of cryptocurrency in the early market. There are many scammers here, and countries with large populations can be catastrophic, so cryptocurrencies are banned. Without any problems, I guess the Chinese government has already bought bitcoin. They just don't want scammers to use cryptocurrencies to deceive them. There is no dictatorship or democracy in this world. These are all excuses for politicians. Only the prosperity of the country is real.

China had been playing with cryptocurrency. I think China has a big effect on the rise and fall of crypto price. They ban and un-ban cryptocurrency whenever they want. This kind of news affects the market demand, as time goes by any announcement regarding China on crypto will not have any effect on market anymore.

Is China actually turning against crypto? I honestly don't think it is true. We have seen more exchanges from China more than most countries who have openly embraced cryptocurrency. More also, there are a lot of Chinese citizens who are also into cryptocurrency.

This has been an issue for quite a while now. I think the main reason for this is not China's dislike of Bitcoin and other cryptocurrencies, but their own support of the cryptocurrencies that originate from their country. For example, NEO has been the Chinese equivalent of Ethereum, so there has been many news that China has controlled the use of Ethereum in their cryptocurrency market to give way for NEO to gain traction and make a push in the global market. With that strategy, they are not so to speak banning or removing their support of cryptocurrencies, instead they just try to give more support to their own.

China has had problems with the technology for a while now,  even though the issues blockchain solves cannot be overstated. Their economy will see a decline if they don't put this tech to use,  with their population of seniors being steadily on the rise.  Blockchain projects HiNounou seek to ameliorate this problem by providing a solution to seniors health concerns.

People will just ignore anything about this news since they already have different position about crypto, though we can't deny the fact that they really have a big impact when they start playing around, they've got a lots of investment to place in when they are supporting the chain but when they decided to banned it again there's panic that also being created by them, time will come that position will be stand firmly and positive news will come forward.

Thats right, I hope that in ahead we will no longer see bad news about bitcoin in China because it will greatly affect the market, seeing the large number of users in that country.
I hope their government starts to open their hearts to the progress of their economy and technology by allowing bitcoin to circulate

Don't worry pal, everything will gonna be fine sooner or later for sure, just hold more for a short period of time.
This is the safest and best thing we can do for now as Bitcoin or crypto enthusiast. Though, China according to news updates are now planning
to ban all crypto currencies to their country way back January 2018 and I don't know at the present time now are still the same while 2018 is nearly finish.

Sometimes I really wonder why all worry so much about China and news from China. For my perspective this is just another market crash before the storm like it was in previous year looking on the charts off course. So can we expect to see recovery yes, when next or year after that, or we will ask Chinese investors is it ok to raise bitcoin price.

I remember news about China started to banning ICO projects that tried to scam people from donating money and not releasing their project, so they returned money to people. But if there news about restriction of exchanges that's not good for everyone in market include miner

I feel that the policies issued by the Chinese government against crypto and ICO currencies are not on target, there are still many Chinese people who play crypto. I really hope that China will soon open the door to cryptocurrencies, so that the prices of all cryptocurrencies can rise because we all know that now, China is one of the countries with the highest number of crypto players.

I do not see that China does not support blockchain technology and bitcoin, I believe they will regulate the maximum to avoid many frauds, but many Chinese have migrated until this moment, so I still believe that China and the largest crypto market should be stronger in the future!

This is already concluded that only the ICOs are banned but not the crypto currencies which is already in the market that sometimes i think that China is doing the right thing to banned ICO to ensure that the hard earned money of their people will not be stolen because scam projects are now rampant in crypto space.

I think China has temporarily banned it. The Chinese government may or may not be able to understand what problems they face if they are closed in their country. I think countries like China can not directly stop this work because they have many inventors in their country and many people have already invested in crypto and have done it .  If the Chinese government does not want to use it in their country, they will face future losses .

is this an actual event, or is it engineering in trading, because if the buying and selling agents in China do not buy and sell and leave bitcoin it seems very unlikely, we can see the giant Chinese economy that began to dominate the world, it is impossible if they do not want mastering digital currencies, so the possibility is there is a very neat game to be able to reduce the price of bitcoin at this time, the goal could be for the benefit of large investors, because they would certainly buy very much at a cheap price, this might be a big scenario.

it's just that all involved by these offenders by withdrawing huge assets has resulted in a drastic reduction of bitcoin to reach 30% -40% in the last few months
and make some market players upset about crypto forbidding in China.

The Chinese government was against crypto from the very beginning. So I am not much surprised by the recent developments. It is quite understandable, isn't it? Their currency is a manipulated one and therefore people are always looking for alternatives.

It is actually not the Chinese government that is against cryptocurrency. It is the peoples bank of china which is the biggest bank in china that is against bitcoin and crypto very much. Since it is a communist bank and all those people who work on that bank are basically government employees it becomes the "government" is against it but in reality they are just a branch of it and not all of it.

For example, I am sure there must be some people in the ministry of family and social policies (if they have a ministry like that) probably likes bitcoin as well but we don't make clickbait titles like "government employee promotes bitcoin in china" or something because that's just one person. Hence, same applies here, there is no governmental consensus since all people have their own opinions but the people at the top seems to listen to the bank so far, that can change rather quickly if anyone higher starts to like it one day.

Government of  China is trying to find all possible expectations in order to compete with hegemon countries for different type tecnological,financial innovations. China takes the lead in AI,robotic softwares with improving their research and network among biggest companies but  sometimes leak the information to foreign sources.Crypto industry is developing there but people will always find some glitches for destroying reputation of country, so it doesnt matter how much afford given for this possibilty.

There will definitely a good news from the China for the cryptocurrencies in the near future and miners do not have to worry because with mining they country get money inflow and it is for the benefit of a country which the China want as they want their country as a wealthy country.

Or maybe they are doing something else. Maybe they want to fully control the market and to be only one who can say what will be price when and how. Maybe this is not so much of the news, but let put it like this we some articles and news feed suggest they are turning bitcoin into private property and other are suggesting that they are creating new stable crypto. What it is true of this we will soon see, also on top of this we have that they always manipulate with price in one way or another.

China will continue to think of crypto as a special form of trading for most holders and traders who are residents of China, they will continue to support cryptocurrency but with regulations or small surprises so as to compensate for crypto fluctuations and also the stability of their country. this is a challenge for China to continue to advance with crypto