Chinese miners rejecting transactions from the US?

[kiklo]

Well let's stop disagreeing with you and say you are correct.

What would happen? A new coin or a switch to a different coin.

As a USA citizen I would find another coin to mine and if you see the growth of all coins such as Zec and eth the shift to another place to mine has happened as I type.

This is why alt coins have purpose to keep other paths to mining open.

I would love for China and Trump to fight it out.

Btw China has more then 4 trillion in USA bonds.  And we all know Trump has done a lot of renegotiation of debt over the years.

So he has a stick to poke China .   Should be fun to see it unfold.

Hmm,
My best guess ,If the conflict does get heated ,

1. If Trump is not interested in the US going Crypto
He places huge Tariffs on BTC, and the Marketplace picks another coin without Tariffs that is decentralized to replace it.
(Which would also exclude any PoW Algo that ASICS could produce, since the Chinese have enough ASICS to control any PoW coin.)

or

2. If Trump is interested in the US going Crypto,
A New Crypto Coin would be created , and it would be deemed Legal Tender in the US.
No other coin would be a match for it, if it was granted full legal tender status in the US.

or

3. If Theymos , can get his proposed changes made to BTC ,  it would Decentralize BTC and it would no longer be Chinese Dominated ,
meaning it would no longer be caught in the middle of a US / China Trade World.  
(This would be the best Outcome for BTC, but one the Chinese Miners would find hardest to accept.)

 

[kiklo]

So what will happen if I use a fake Chinese name, e-mail address, residence address and a fake IP provided by a VPN? Will the Chinese still ban my sorry ass?   Beating the Chinese in the faking game that is actually awesome  

Dude I can pay someone to open an account at a Chinese exchange so my transactions will keep going through. There are a lot of hungry Chinese students looking for a quick buck every day.

LOL,

Dude, you pay the Chinese guy to open the account on the exchange and you have BTC in it, he can take your BTC and cash out for Yuan.
You have to pay the guy more than you keep in the account.  

(If it gets that bad.)
Get a Dual Citizenship , and you won't have to fake anything. But the costs will probably not be worth it.
Opps nevermind , they don't allow dual Citizenship.
http://onestop.globaltimes.cn/how-can-i-become-a-chinese-mainland-citizen/

you must renounce your original citizenship and passport.

 

[CoinPro69]

Mining is just like printing money - Making something out of nothing.

Those who have the printers aka Mining Farms are making the most money.

BTC is again created a monopol.

[MONKEYJUNK]

Is it serious? They can ban transactions by a country?

What about using an VPN? It can hide your real location?

Btw if they are doing that, I think it's useless, Trump neither use bitcoin  and a lot of people don't voted on him.. Digital war? useless...

[kiklo]

Is it serious? They can ban transactions by a country?

What about using an VPN? It can hide your real location?

Btw if they are doing that, I think it's useless, Trump neither use bitcoin   and a lot of people don't voted on him.. Digital war? useless...

Odds are it would be done by a approval list of registered BTC Addresses,
VPN or IP address are irrelevant.

Could it be done, Yes it could ,
will it be done, depends on what happens between the US & China in the coming year.

Could the whole issue be avoided completely , sure could if the Chinese Miners agreed to implement Theymos proposed updates.
His updates would make BTC Decentralized again with no one nation having complete control, like China has had for the past year.


 

[sonnyacg]

I think for this problem is caused by changes in the new American president. namely Donald Trump. so the mining company from china with their own authority in the case of bitcoin transactions. the cause of the turn of the new president will lead to changes in the political relations between the two sides. I think for this problem can hopefully ends well. so that we as a seeker in intrnet can comfortably and quietly in collecting many bitcoin.

[arransiv]

So here we have an descentralized currency where people use it because the anonymous thing, freedom and others things like that...

And you are talking about reject transactions for X country? Sorry but this goes against all idea of bitcoin.

[amacar2]

I reallly cant understand if that is true why they are doing that maybe dont like that they see how Donald Trump is in American head so they want push him.

It is not true and there is no any transaction being rejected just based on the origin of transaction. Hard to block all US ips used to relay the transaction because most of the web wallets have several US based nodes (may be using vps service) so it will create chaos.

And also for sure Chinese miners doesn't own 90% of hashing power or atleast not all of their mining rigs are situated in China.

[Wind_FURY]

I've been telling people around the forum for many months already that the Chinese miners have over 90% of hashing power under their control, but most people were refusing to accept this truth. Given the nature of the political regime in Beijing, it is the Chinese authorities who are essentially controlling Bitcoin mining through the miners, not the miners themselves.

I am aware that there is a sort of mining cartel going on in Bitcoin, but I was not aware that the Chinese authorities are directly controlling the Bitcoin miners. It would be nice if you explain a bit more why you think this and if this is really a fact or just your theory.

Now that Donald Trump, the president-elect of the US, is going to impose hefty tariffs on the Chinese exports, could the Chinese government retaliate with, for example, through exerting their control over Chinese miners? What immediately comes to mind is the rejection of all or most Bitcoin transactions that stem from the US...

So how likely is this, and what are the remedies, if any?

That is not very likely. I think most of us here in the community are overestimating how the authorities view the importance of Bitcoin. I believe they do not really think much about it and they tend to keep the topic at arms length because it could be that they do not really care.

 

[davis196]

I've been telling people around the forum for many months already that the Chinese miners have over 90% of hashing power under their control, but most people were refusing to accept this truth. Given the nature of the political regime in Beijing, it is the Chinese authorities who are essentially controlling Bitcoin mining through the miners, not the miners themselves. Now that Donald Trump, the president-elect of the US, is going to impose hefty tariffs on the Chinese exports, could the Chinese government retaliate with, for example, through exerting their control over Chinese miners? What immediately comes to mind is the rejection of all or most Bitcoin transactions that stem from the US...

So how likely is this, and what are the remedies, if any?

I don`t know how will they control all the btc transactions between China and USA.

Is this even possible?

I don`t think that Trump will keep his promises.

Americans need the Chinese import.

[deisik]

Get a Dual Citizenship , and you won't have to fake anything. But the costs will probably not be worth it.
Opps nevermind , they don't allow dual Citizenship.
http://onestop.globaltimes.cn/how-can-i-become-a-chinese-mainland-citizen/

you must renounce your original citizenship and passport.

A lot of American celebrities and those considering themselves as celebrities had been openly proclaiming that they were going to emigrate from the US in the case Trump should win the elections. Why should they not choose China as the country of their residence if they hate Donald so much? Though I don't think they are ever going to leave the US, let alone move to China

Those who really wanted to leave the US did it without much ado (Roy Jones, Steven Seagal)

I've been telling people around the forum for many months already that the Chinese miners have over 90% of hashing power under their control, but most people were refusing to accept this truth. Given the nature of the political regime in Beijing, it is the Chinese authorities who are essentially controlling Bitcoin mining through the miners, not the miners themselves.

I am aware that there is a sort of mining cartel going on in Bitcoin, but I was not aware that the Chinese authorities are directly controlling the Bitcoin miners. It would be nice if you explain a bit more why you think this and if this is really a fact or just your theory

I guess you should read the thread first

[Vhern]

I think that are few people mining compared to the population and bitcoin isn't the china currency so I doubt they will do this.

By the way, if China currency devalue because Trump, a lot of people will buy bitcoin and valorize the price of the coin so it's kinda unlogic do this.

[~Bitcoin~]

I don`t know how will they control all the btc transactions between China and USA.

Is this even possible?

I don`t think that Trump will keep his promises.

Americans need the Chinese import.

No there is no way to control or stop bitcoin transaction between two countries.

Not possible

yes He will not remain same or may not even be able to keep 10% of his promises.

All countries need Chinese import because they are cheaper enough to purchase.

[Juggy777]

The prememir of China has spoken with Trump on the business Co operation part. Since trump has said there will be a tax on all China products, couldn't it be possible China pays them in btc or offers America a greater share in btc business and that allows them tax reliefs. I believe they will come down to some pact and btc will be a part of it. Matter of time now before details Come out

[deisik]

The prememir of China has spoken with Trump on the business Co operation part. Since trump has said there will be a tax on all China products, couldn't it be possible China pays them in btc or offers America a greater share in btc business and that allows them tax reliefs. I believe they will come down to some pact and btc will be a part of it. Matter of time now before details Come out

The entire market capitalization of Bitcoin is around $12 billion (i.e. all mined coins multiplied by Bitcoin price), while the US is the largest trading partner of China with the volume of trade between these two countries estimated at ~$600B in 2015. The US had imported goods from China for the total of $482 billion in that year alone. In this way, I can't possibly see how Bitcoin would help China if Trump is serious about the tariffication of this country...

It is too small a bird to matter anything on a world scale but big enough to give a lot of pain to bitcoiners

[Seansky]

Well I guess I agree with OP, since many are chinese miners and China's government might start to mine bitcoin themselves but IMO, they can't refuse the transactions that the americans make since it will mean less money for them. Maybe they will just dump bitcoin in retaliation to trump and try to control it's sending fee when a transaction originated from United States. That's another possibility they will do.

[deisik]

Well I guess I agree with OP, since many are chinese miners and China's government might start to mine bitcoin themselves but IMO, they can't refuse the transactions that the americans make since it will mean less money for them. Maybe they will just dump bitcoin in retaliation to trump and try to control it's sending fee when a transaction originated from United States. That's another possibility they will do.

Dumping Bitcoin would mean exactly what you say in your post, i.e. earning less money or even losing it. The miners don't need to refuse or totally reject the transactions that the American citizens or services will make. If Trump follows his promises and actually sets 45% tariffs on all or best part of the Chinese goods exported to the US, the Chinese miners would only have to equally raise the fees for such transactions...

I'm curious if anyone would question their moral authority to do so?

[toy4lov3rs]

I hate how everything involves Donald Trump now. All these business posts and it always is getting brought back to Trump. Do we honestly believe that he is going to bring enough change to our country to effect all these different things? I still stand by the fact that he is a joke and should be treated as such. Shitty businessman that for some reason has bamboozled the general public. Well good job, you were forgotten by the other presidents, now you will be forgotten by everyone.

[DooMAD]

Having given it some consideration, I think the more likely scenario is that *if* China opt to place tariffs on the US in the fiat world, Bitcoin, as usual, will be a safe haven from that.  Most people are involved with Bitcoin precisely because they don't trust their governments or traditional financial institutions with that crumbling, debt-based, IOU lunacy.  We're all here to bypass that.  Goal achieved.  This thing works.  So regardless of their locale, miners aren't going to lower themselves or this wonderful new economy with demands from on high, because it goes against everything that's been built here.  

Incentives are aligned and no law, government or regulatory pressure is going to change that.  If anything, Chinese companies would be smart enough to see it as an opportunity to do increased business with the US, potentially driving further Bitcoin adoption and gaining an edge over their fiat-based competitors.  "No tariffs here, trade with us".  Let the money flow.  It's the path of least resistance and it doesn't involve any highly improbable fantasy whitelists that would only serve to harm miner profits.  They'd be shooting themselves in the foot if they engaged in such political manoeuvrings.  Far better to go against the wishes of the fiat dinosaurs, give them the finger and keep raking in the dough.

I honestly think it's more likely for a Chinese miner (or any miner, for that matter) to pack up their operation and move it somewhere well hidden before they'd give in to government control.  I know I would if it was my livelihood hanging in the balance.

[0xfff]

How do you plan on determining a transaction is from the US?  This is such a ridiculous idea that would never happen. China doesn't control every single pool and mining operation. How did you make this stuff up?