Bitcoin Forum

After China banned the Bitcoin, this miner can find his huge coin-sucker useless:

http://www.theverge.com/2013/12/2/5165428/bitcoin-mine-in-hong-kong-uses-jelly-to-keep-cool

Do you fell any sorrow for him ?

Let's not forget that the U.S.A. had their moments of Bitcoin rejection.  So do most countries.

The Chinese will be back, more innovative in their investment strategies then before...

That's why hong kong people are cool!

I dont think china will lift the ban.

Hong Kong isn't really China. They have autonomous government, elections and laws. Bitcoin hasn't been banned in HK.

And by the way, it's ASICMINER's datacenter :-)

OP is fail

He is not a miner, he is a journalist and it is not his mining farm.

the china rulings will not effect HK based businesses

I know he is a journalist  :D
I asked about the owner of that mining installation. I have serious doubts that a common person can invest so much money or have so much technical expertise !
And like it or not, Hong Kong is part of China, so I expect that the Chinese ban of Bitcoin to be applied here too.

they have not "banned" bitcoin, you are spreading FUD

Hong Kong is still more British than it is Chinese.  But, hey, don't let facts get in the way of a forum thread.

Do you even know how bitcoin works?

Bitcoin remains legal to use in China, and the People Central Bank Of China is standing by an announcement that individuals are free to trade it at their own risk. But without banned 3rd party payment providers, new purchases of the currency are virtually impossible.
I was just wondering what the owner of this giant mining installation will do in to the future in these conditions.

enlightens us  :)

Again, China didn't ban bitcoin, it made impossible for people to buy it and for institutions to invest, people can still go down in the street and trade bitcoin or any other cryptos. To be honest I think China will come back on bitcoin and it will make possible to buy and invest with very strict rules

As already said, HK is not China, have a look...
http://en.wikipedia.org/wiki/Hong_Kong (http://en.wikipedia.org/wiki/Hong_Kong)

To keep it simple.
Bitcoin is like a virus.
Once it got traction, it can't be stopped.
Almost everyone new to this virus will panic and sell when a pricedrop occurs and buy it later back at a higher price.
Untill you get to know this virus better, you will probably loose.
They will still mine in China and sell the coins over here like they always did before BTC China become the biggest exchange in the world by not accepting tradings fee.
Really smart marketings move from BTC China.

The price of BTC fell back as news came from China that government banks had begun blocking BTC transactions. This has put the currency’s Chinese future in danger in what had become its largest market.
It’s important to put this move in a regulatory context. Many banks in the US and other countries are leery of BTC transactions. Critics charge that this is because the financial industry believes BTC could replace it.
The difference between what’s happening in China and the way this has played out to date in the West is that US regulators haven’t banned Bitcoin altogether or levied special disclosure rules or other decisions against the currency. The SEC ordered Mt. Gox to follow the rules for a money service business (MSB).
China, on the other hand, has banned new third-party deposits altogether. It hasn’t banned the currency as such, but absent any new supply of coins from third-party systems, there’s no way for anyone to bring new BTC into the system. Customers are still able to purchase BTC with exchange-deposited funds, and can withdraw cash from exchanges to transfer back to their original bank accounts.

And my intention wasn't to start a flame China vs HK ! Don't Wikipedia on me, I don't like politics !  :)
I was just wondering about that mining installation, how useless it is now.  ;D

Wrong on so many levels.  What's to stop them from hoping on a flight from Hong Kong to LA and selling the BTC for 5% less than market value to a whale investor?

Basically it is not useless now, as stated several times in this thread HK is not China.
China have made no ruling on mining bitcoin or producing hardware, they can mine and when they need to sell, do so another exchange...
sorry to say but your post was pointless and some simple research and rational thinking based on the current information available you could have figured it out.....

How is he out of business, this is ASICMINER (Friedcats farm) that was paid for with investor and consumer money who have been buying his asic products since March. The guy is rolling in the coins, you have no clue.

op is going on my ignore list

Go do some actual research and then try again OP

OP clearly is trolling through his posts - HK and China have totally different legal frameworks and a legal order passed in China DOES NOT automatically apply in HK.
So ASICMiner`s datacenter in HK is safe.... for now :D

However, OP does raise a valid point in general : what about the mining rigs which are setup in the mainland, now that Yuan deposits are forbidden and only withdrawals are allowed ?
Will this cause any sale of second hand Chinese rig hardware due to negative outlook for BTC in China?
What impact will this have on the medium to small scale rigs (not everyone is as large as ASICMiner right?)

Would appreciate comments from everyone, especially experienced forum members and of course,
members from China and HK.

The largest (and largest number of) meetups the BTC universe will ever see. 

basically, F2F and local exchanges are the way to go in China ?

So your original post stated and I quote "China banned the Bitcoin" and you then indicate that people with the ability to mine do have the ability to sell their BTC.

So how exactly is the hardware in HK worthless?

Face it.  Your post isn't accurate.

op made me lol :P

That bolded part is the top lulz of the thread :D  That was the barb that really set the hook  ;D Kudos to the OP, made me smile.   :)

No kidding Doc, it says in the article "The mine is the size of a shipping container," With that kind of density, what's to stop them from building a mine like that inside a shipping container? You could just pick up shop and go wherever you want. I'm sure it would be much lighter once it's drained of fluid for shipping.

Hell, here's a way for the military to fund itself, just place hundreds of these on an aircraft carrier (nuclear powered of course, you gonna need some serious juice :) and just float around in international waters... surrounded by the usual fleet of support vessels of course.

Hmm, a setup like that, if government decides to forcibly shut down and attack other farms and pools, and the gov't keeps mining on the bitcoin boat, that would likely be enough to perform the 51% attack.

Still, a mine in a seacan is a freakin' awesome idea, where do I pre-order?

 ;)

Why would ASICMiner's facility be out of business? Even if Hong Kong had to oblige to China's laws they'd still be generating a ton of coin that can be turned into local currency somehow at the end of the month.

lol  :D

bitcointalk is always good for some entertaining arguments