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Bitcoin mining is now a specialized and very risky industry, just like gold mining. Amateur miners are unlikely to make much money, and may even lose money. Bitcoin is much more than just mining, though!
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RayvenPierre
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Activity: 182
Merit: 100
★Bitvest.io★ Play Plinko or Invest!
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September 11, 2017, 11:25:26 AM |
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China will not be able to put bitcoin down all by itself. China is one of the biggest players in bitcoin market but that does not mean that China can shutdown bitcoin. If China will forbid bitcoin use in their country it can affect bitcoin's price negatively but it is far from being enough to kill bitcoin.
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Zocadas
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September 11, 2017, 12:14:25 PM |
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Even, if all countries in the world would together try to kill Bitcoin by banning it, they couldn't because of the innovative architecture of Satoshi and the worldwide largest community behind it.
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Sasuke102001
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September 11, 2017, 12:30:48 PM |
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"Yea sure why not China will definitely kill bitcoin" Ok who thinks it is gonna happen I personally don't think China can affect Bitcoin as much that Bitcoin is gonna die. I agree China is a main political player in the world but they can't affect that much to Bitcoin community. As the topic says "a conspiracy theory" it is not gonna happen I personally think it this way. Bitcoin trade caused some problem on their nation they stopped bitcoin trade that's their problem. But another point I have heard that there is a huge amount of bitcoin that is being minned in China there are many btc minners there so this reason may cause a bot of problem I guess.
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Quidat
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September 11, 2017, 12:43:40 PM |
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this will not gonna happen not only china can be the destruction of the bitcoin there are so many country's that supports bitcoin including the one of the most wealthy country korea and japan they are supporting this coin until today so this theory can't be happen.
it may give some effects on price but they are not the only one who have the capability to invest on bitcoin but same as you said there are lots of wealthy countries which do supports it.Even if they would decide to ban it I cant see that bitcoin or even cryptoworld would vanish.Let china go on their own business and mind ours on Bitcoin. We can still continue without them this is why I don't worry too much on this matter. |
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triads
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Activity: 84
Merit: 10
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September 11, 2017, 04:14:42 PM |
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The main reason they'd want to ban it is because it circumvents their currency controls.
But at least right now, that's not a problem because the Yuan has been rising (pretty
fast, too). That reduces pressure on currency fleeing the country and hence Bitcoin as
an escape route. That makes today's announcement all the more puzzling...
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MAbtc
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September 11, 2017, 09:04:20 PM |
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probably they will start a new currency a bitcoin like so that they can compete with the existing one... well... they are very much into imitation so... they will imitate it eventually.... they would proclaim themselves as superpower as the U.S. is indebted to China for quite sometime now...
The Chinese government is likely developing their own digital currency. According to cnLedger, there's already a smartphone app available called "Blockchain e-Wallet" which is developed and designed by the Bank of China. It supposedly uses blockchain technology and can be linked to Bank of China debit cards. There is apparently no bitcoin/crypto interface in the app. I think the Bank of China would be unlikely to develop this app entirely independently of the government. See here: https://twitter.com/cnLedger/status/907095022385823744 |
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Black Angel
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September 11, 2017, 11:43:55 PM |
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Bitcoin is much forbidden, it will make people curious to know and eventually become bitcoin users. I do not think this would have a major impact because bitcoin users are global and anonymous.
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triads
Member
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Activity: 84
Merit: 10
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September 12, 2017, 02:50:38 AM |
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Well, according to the Wall Street Journal: "The Bank of China has led a draft of instructions that would ban Chinese exchanges from providing virtual-currency trading services". This just happened over the weekend.
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MAbtc
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September 12, 2017, 06:48:13 AM |
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Well, according to the Wall Street Journal: "The Bank of China has led a draft of instructions that would ban Chinese exchanges from providing virtual-currency trading services". This just happened over the weekend.
If you read closely, and then read the article the WSJ and Bloomberg are citing, you'll see that there is no evidence that digital currency trading will be banned. Not only is the report totally anonymous, but it doesn't issue a directive against digital currency trading, but rather fiat/crypto trading. That's why Okcoin announced that if the report were true, they would switch operations to a digital assets exchange, rather than principally a BTCCNY exchange. Here's what George Kikvadze from Bitfury had to say yesterday: Spoke to well-connected contacts in China. The latest rumors are just that. May affect small and unregulated players. But thats it!! |
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romecheo
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September 13, 2017, 02:39:52 AM |
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China banned only ICO, to suppress or reduce scamming, how do you think that China could banned Bitcoin or crypto currencies trading, if China business are investing on mining Bitcoin and other crypto currencies.
Just my humble opinion.
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sunsilk
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September 13, 2017, 03:08:47 AM |
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next is the ban of all Bitcoin exchanges..
Are you Nostradamus? This has just happened recently https://www.cnbc.com/2017/09/11/bitcoin-price-falls-on-reports-that-china-is-closing-local-exchanges.htmlDo you think am I hallucinating due to the "shabu I bought coming from China? Or am I only making some predictions that has more chance to come true than playing in lottery?
Please tell me what you think...and let's have some fun!
No, you are not hallucinating, you are predicting it right maybe there is something wrong or not actually wrong as the Chinese gov't is probably interested for bitcoin and wants to do something for controlling the transactions in their country. As we all know Chinese people are good in making money. |
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Razick
Legendary
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Activity: 1330
Merit: 1003
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September 13, 2017, 03:17:24 AM |
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This post is proof that China is achieving what it wants with crypto. There is no country better at manipulating currency than China. They do it with fiat and are now doing it with Bitcoin too. It is quite simple. Claim you are banning cryptos, create FUD and a perception you dislike something, when in reality when the price drops as a result you then go and buy up the cheap coins.
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ACCOUNT RECOVERED 4/27/2020. Account was previously hacked sometime in 2017. Posts between 12/31/2016 and 4/27/2020 are NOT LEGITIMATE.
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Blamsud
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September 13, 2017, 03:33:35 AM |
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This post is proof that China is achieving what it wants with crypto. There is no country better at manipulating currency than China. They do it with fiat and are now doing it with Bitcoin too. It is quite simple. Claim you are banning cryptos, create FUD and a perception you dislike something, when in reality when the price drops as a result you then go and buy up the cheap coins.
Definitely, thats their way to manipulate btc and to acquire some more. It will be for teir benefit as always. Chinese investors will soon be back in investing ICO once they have plenty of btc on their wallets. |
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craZyLovE0916
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September 13, 2017, 05:10:07 AM |
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China will do nothing to Bitcoin except buy it!
China is smarter than the US when it comes to economic policy and currency manipulation.
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Nahl
Legendary
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Activity: 1652
Merit: 1000
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September 13, 2017, 05:43:51 AM |
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they was already manipulating bitcoin market even since several years ago and now china looks want to kill bitcoin then i have to agreed with you after banned ICO then they banned exchanges and eventually perhaps they will ban too all of cryptocurrencies indeed this is the fearest things for us as the bitcoin users because this country looks don't want bitcoin even stronger
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pugman
Legendary
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Activity: 2383
Merit: 1551
dogs are cute.
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September 13, 2017, 08:28:25 AM |
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I am presenting a speculative idea and a conspiracy theory and here it is: China is planning to kill the whole of the cryptocurrency market starting with the biggest of them all Bitcoin and all the rest will follow. In fact, there is a detailed plan being worked out on here and it started with the banning of all ICO projects...next is the ban of all Bitcoin exchanges and soon all citizens of China having Bitcoin will be imprisoned for 20 years (only 5 years if the person will surrender his Bitcoin to the government for possible burning).
Do you think am I hallucinating due to the "shabu I bought coming from China? Or am I only making some predictions that has more chance to come true than playing in lottery?
Please tell me what you think...and let's have some fun!
Well let me tell you this little theory of yours Is utter bull shit. China hasn't banned exchanges till now and if they do they will suffer a loss, second if China even plans to imprison people who use bitcoin in their country, then they will need a large amount of prisons built especially for the people who use bitcoin or any other crypto currency. So this will really turn out bad for China if they are foolish enough to do such things like you pointed out. |
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fiulpro
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September 13, 2017, 08:52:14 AM |
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Hahahahahahahaha.... This post made me laugh out loud... Well.. Chinese government can never be trusted so I will support it 10/10.... Even the people living there doesn't know about what the government is gonna do next and what it is doing and why it is doing 😒....
Sorry it isn't intended for any person who lives in china..I feel not the citizens but the government is flawed...😓
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Nivir
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September 13, 2017, 09:08:22 AM |
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You must be really high when you wrote this. LOL!! I think China just wants to regulate the use of Bitcoin so that they themselves will be able to monitor it and the government will have a hold on the crypto coins as well and can manipulate the market.
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layoutph
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September 13, 2017, 09:34:54 AM |
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I dont think this would happened, I have my own speculation about this. I feel, theres a hidden agenda for ico bannings and closing exchanges. And that is to cast fear and make bitcoin dropped severely. Chinese whales are waiting for your coins in the dip.
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