Could China Ban Miners.

[AtraxPool]

So after all the news of regulation on the exchanges in china and the anouncemnet of VIABTC and BTCC closing down would it be a fair assesment to say that miners could be next in the line to be closed down?

Whats your views?

[1714152701]

1714152701

[1714152701]

1714152701

[1714152701]

1714152701

[1714152701]

1714152701

[1714152701]

1714152701

[NotFuzzyWarm]

So after all the news of regulation on the exchanges in china and the anouncemnet of VIABTC and BTCC closing down would it be a fair assesment to say that miners could be next in the line to be closed down?

Whats your views?

that you need to stop running around shouting 'The sky is falling! The sky is falling!"

China putting regulation and licensing structures in place for all crypto-currencies is A GOOD THING and shows that crypto-coins are being viewed and treated the same as 'Real Money'.
That means:
For exchanges, they must follow globally recognized AML and KYC laws when exchanging coins into fiat.
For exchanges with customer accounts that not only hold ccoins but also fiat, they must hold specified amount of cash reserves.

And then there are ICO's which in many countries are pretty much totally un-regulated stocks and as such are mostly pump-n-dump Ponzi's. Regulations for them should have been laid down long ago...

The regulatory structures are being put in place for OUR protection (well partly at least) and that of hopeful investors funding the ICO's. Interesting how so many folks want the totally-unfettered Wild West type of crypto-markets and yet if they suffer any losses they immediately hunt for legal recourse to get their money back. You cannot have it both ways...

[QuintLeo]

Seems to be more to it than just laying down regulations though, or why is BTC China shutting down ALL OPERATIONS ENTIRELY?

 The "laying down regulations" stuff was some months back....

[coolcoinz]

With the amount of fake trading and money laundering Chinese exchanges were doing I t was only a matter of time until this happened.
I'm also confident trading won't be banned in China, although the exchange owners are panicking and closing down. Once the government makes all the rules and forces them to apply for a license everything will return to normal and prices back to $5000 levels.

[fanatic26]

Seems to be more to it than just laying down regulations though, or why is BTC China shutting down ALL OPERATIONS ENTIRELY?

 The "laying down regulations" stuff was some months back....

More FUD without facts.

"BTCC has announced it will be closing down its China-facing trading operations effective September 30."

"The company said some of its products, such as the BTCC mining pool, will remain operational. "

Proof from BTCCs twitter: https://twitter.com/YourBTCC/status/908285663924985856?ref_src=twsrc%5Etfw&ref_url=https%3A%2F%2Fcointelegraph.com%2Fnews%2Fbreaking-bitcoin-exchange-btcchina-will-close-by-october


So im not sure where you got ALL OPERATIONS ENTIRELY from.....

[hubballi]

So after all the news of regulation on the exchanges in china and the anouncemnet of VIABTC and BTCC closing down would it be a fair assesment to say that miners could be next in the line to be closed down?

Whats your views?

You can check with viabtc statement that they have only shutdown the exchange and the cloud mining and mining pool is still running and will always run. So it is clear that only exchange and ICO are shut down but even exchanges will also reopen after the new rules and regulations declared.

[Gaff]

With the amount of fake trading and money laundering Chinese exchanges were doing I t was only a matter of time until this happened.
I'm also confident trading won't be banned in China, although the exchange owners are panicking and closing down. Once the government makes all the rules and forces them to apply for a license everything will return to normal and prices back to $5000 levels.

I am not certain about it that trading wouldn't be banned in china, because they even banned those bitcoin to fiat exchanges how much more with the trading sites. That's the reasons why those exchange sites closing down due to fear of being banned or sanctioned by the law of the government in china. This chaos must really be negotiated well by the government and we will have to see the outcome for the next month's effect of bitcoin price to rise again.

[AtraxPool]

So after all the news of regulation on the exchanges in china and the anouncemnet of VIABTC and BTCC closing down would it be a fair assesment to say that miners could be next in the line to be closed down?

Whats your views?

that you need to stop running around shouting 'The sky is falling! The sky is falling!"

China putting regulation and licensing structures in place for all crypto-currencies is A GOOD THING and shows that crypto-coins are being viewed and treated the same as 'Real Money'.
That means:
For exchanges, they must follow globally recognized AML and KYC laws when exchanging coins into fiat.
For exchanges with customer accounts that not only hold ccoins but also fiat, they must hold specified amount of cash reserves.

And then there are ICO's which in many countries are pretty much totally un-regulated stocks and as such are mostly pump-n-dump Ponzi's. Regulations for them should have been laid down long ago...

The regulatory structures are being put in place for OUR protection (well partly at least) and that of hopeful investors funding the ICO's. Interesting how so many folks want the totally-unfettered Wild West type of crypto-markets and yet if they suffer any losses they immediately hunt for legal recourse to get their money back. You cannot have it both ways...

There is no way my post is running about shouting the sky is falling by any measure.

It was a genuine question put out there to see what people are thinking about after these announcements.  I for one do not want to see the industry destroyed but it dose seem a little strange they would make out that they can no longer operate a online exchange service but can still operate the other services. Same with VIA btc they will be keeping there pool open and other operations.

If the exchange closes.. Where do there mines cash out there money?  International? 

I am not spreading FUD about the situation rather asking the members here what there view is on the situation.

Its funny.. I was speaking with via btc over there whatsapp I asked them do we need to be worried about VIA BTC closing after the announcement from BTCC.. I wake up to the news OH VIA BTC announced they are shutting there exchange operations.

Once a single domino in the chain falls you can be sure that others follow quickly.  While I am all for the uptake of bitcoin into the mainstream we need to realize that if government, regulators ect want to come in with there rubber stamps and throw up red tape all over the place then really bitcoin has failed in being a decentral asset that is not regulated.

While I agree ICO's require regulation somehow just like IPO's require them and to help stop this wild west scam mentality that is rife in the bitcoin world we need to make sure that bitcoin dose not get suffocated by regulators and laws and all the things that bitcoin originally had a stand against.

"We cannot seek achievement for ourselves and forget about progress and prosperity for our community"...

 "Our ambitions must be broad enough to include the aspirations and needs of others, for their sakes and for our own."

[philipma1957]

So after all the news of regulation on the exchanges in china and the anouncemnet of VIABTC and BTCC closing down would it be a fair assesment to say that miners could be next in the line to be closed down?

Whats your views?

that you need to stop running around shouting 'The sky is falling! The sky is falling!"

China putting regulation and licensing structures in place for all crypto-currencies is A GOOD THING and shows that crypto-coins are being viewed and treated the same as 'Real Money'.
That means:
For exchanges, they must follow globally recognized AML and KYC laws when exchanging coins into fiat.
For exchanges with customer accounts that not only hold ccoins but also fiat, they must hold specified amount of cash reserves.

And then there are ICO's which in many countries are pretty much totally un-regulated stocks and as such are mostly pump-n-dump Ponzi's. Regulations for them should have been laid down long ago...

The regulatory structures are being put in place for OUR protection (well partly at least) and that of hopeful investors funding the ICO's. Interesting how so many folks want the totally-unfettered Wild West type of crypto-markets and yet if they suffer any losses they immediately hunt for legal recourse to get their money back. You cannot have it both ways...

There is no way my post is running about shouting the sky is falling by any measure.

It was a genuine question put out there to see what people are thinking about after these announcements.  I for one do not want to see the industry destroyed but it dose seem a little strange they would make out that they can no longer operate a online exchange service but can still operate the other services. Same with VIA btc they will be keeping there pool open and other operations.

If the exchange closes.. Where do there mines cash out there money?  International? 

I am not spreading FUD about the situation rather asking the members here what there view is on the situation.

Its funny.. I was speaking with via btc over there whatsapp I asked them do we need to be worried about VIA BTC closing after the announcement from BTCC.. I wake up to the news OH VIA BTC announced they are shutting there exchange operations.

Once a single domino in the chain falls you can be sure that others follow quickly.  While I am all for the uptake of bitcoin into the mainstream we need to realize that if government, regulators ect want to come in with there rubber stamps and throw up red tape all over the place then really bitcoin has failed in being a decentral asset that is not regulated.

While I agree ICO's require regulation somehow just like IPO's require them and to help stop this wild west scam mentality that is rife in the bitcoin world we need to make sure that bitcoin dose not get suffocated by regulators and laws and all the things that bitcoin originally had a stand against.

"We cannot seek achievement for ourselves and forget about progress and prosperity for our community"...

 "Our ambitions must be broad enough to include the aspirations and needs of others, for their sakes and for our own."

If China destroyed all the gear in China it would be a blessing.

If they ended all the trading it would also be good.

China has too much power. Knocking them down a few levels would help coins in the long run.

[rockie2000]

Then it is good for the rest of the world 

[AtraxPool]

So after all the news of regulation on the exchanges in china and the anouncemnet of VIABTC and BTCC closing down would it be a fair assesment to say that miners could be next in the line to be closed down?

Whats your views?

that you need to stop running around shouting 'The sky is falling! The sky is falling!"

China putting regulation and licensing structures in place for all crypto-currencies is A GOOD THING and shows that crypto-coins are being viewed and treated the same as 'Real Money'.
That means:
For exchanges, they must follow globally recognized AML and KYC laws when exchanging coins into fiat.
For exchanges with customer accounts that not only hold ccoins but also fiat, they must hold specified amount of cash reserves.

And then there are ICO's which in many countries are pretty much totally un-regulated stocks and as such are mostly pump-n-dump Ponzi's. Regulations for them should have been laid down long ago...

The regulatory structures are being put in place for OUR protection (well partly at least) and that of hopeful investors funding the ICO's. Interesting how so many folks want the totally-unfettered Wild West type of crypto-markets and yet if they suffer any losses they immediately hunt for legal recourse to get their money back. You cannot have it both ways...

There is no way my post is running about shouting the sky is falling by any measure.

It was a genuine question put out there to see what people are thinking about after these announcements.  I for one do not want to see the industry destroyed but it dose seem a little strange they would make out that they can no longer operate a online exchange service but can still operate the other services. Same with VIA btc they will be keeping there pool open and other operations.

If the exchange closes.. Where do there mines cash out there money?  International? 

I am not spreading FUD about the situation rather asking the members here what there view is on the situation.

Its funny.. I was speaking with via btc over there whatsapp I asked them do we need to be worried about VIA BTC closing after the announcement from BTCC.. I wake up to the news OH VIA BTC announced they are shutting there exchange operations.

Once a single domino in the chain falls you can be sure that others follow quickly.  While I am all for the uptake of bitcoin into the mainstream we need to realize that if government, regulators ect want to come in with there rubber stamps and throw up red tape all over the place then really bitcoin has failed in being a decentral asset that is not regulated.

While I agree ICO's require regulation somehow just like IPO's require them and to help stop this wild west scam mentality that is rife in the bitcoin world we need to make sure that bitcoin dose not get suffocated by regulators and laws and all the things that bitcoin originally had a stand against.

"We cannot seek achievement for ourselves and forget about progress and prosperity for our community"...

 "Our ambitions must be broad enough to include the aspirations and needs of others, for their sakes and for our own."

If China destroyed all the gear in China it would be a blessing.

If they ended all the trading it would also be good.

China has too much power. Knocking them down a few levels would help coins in the long run.

I do agree with that if they were to pull down the 4 main players there it would really hand the mining back to the many and take away from the few which can only be a good thing..  I would also love to see the difficulty drop if that were to happen.

[QuintLeo]

BTC China, ViaBTC, Huboi, and OKCoin, have ALL now announced that they are suspending ALL TRADING OPERATIONS - first 2 by end of September, second pair by end of October.

 There has been some rumor that it may be a "licensing issue" rather than a permanent shutdown.

 It's not looking like China is going to move to shutting down mining operations even if the exchanges ARE permanently shut down - the mining and miner manufacturers bring in needed foreign exchange after all. while the exchanges were facilitating "capital flight" that China hates....

[European Central Bank]

https://www.reddit.com/r/Bitcoin/comments/70g94n/unverified_report_that_china_is_trying_to_block/

this theorises that they're going for a full internet blockage of anything crypto related.

it could all be complete garbage of course, but if they're that vehement they might go all the way. if they have no interest in permitting trading then i don't see why they'd let mining continue either.

[AtraxPool]

https://www.reddit.com/r/Bitcoin/comments/70g94n/unverified_report_that_china_is_trying_to_block/

this theorises that they're going for a full internet blockage of anything crypto related.

it could all be complete garbage of course, but if they're that vehement they might go all the way. if they have no interest in permitting trading then i don't see why they'd let mining continue either.

Now that would be something and it would not be too hard to enforce with there firewall blocking the ports and nodes.

I myself think there is something seriously going on here in the background that when it comes out could be pivotal to bitcoins future.

Sure I would love too see china wipe the big mines off the map would had the mining industry back to the many and adjust the difficulty so much we could all get back into the game.

On the other hand miners there have very very deep pockets.  Would not be too hard for them to hire a few trucks load up the miners and head to a new territory that wont be blocking the protocol.

[European Central Bank]

Now that would be something and it would not be too hard to enforce with there firewall blocking the ports and nodes.

I myself think there is something seriously going on here in the background that when it comes out could be pivotal to bitcoins future.

Sure I would love too see china wipe the big mines off the map would had the mining industry back to the many and adjust the difficulty so much we could all get back into the game.

On the other hand miners there have very very deep pockets.  Would not be too hard for them to hire a few trucks load up the miners and head to a new territory that wont be blocking the protocol.

we'll see i guess. if it's a straightforward enough process then maybe they won't hold back.

they say chinese miners have operations in mongolia in a few places. i've no idea where else you'd find cheap power. at the worst they could sell all their machines to people in other countries.

i for one would be pretty damned happy if chinese mining was wiped out. it doesn't bring anything good to the party.

[philipma1957]

Now that would be something and it would not be too hard to enforce with there firewall blocking the ports and nodes.

I myself think there is something seriously going on here in the background that when it comes out could be pivotal to bitcoins future.

Sure I would love too see china wipe the big mines off the map would had the mining industry back to the many and adjust the difficulty so much we could all get back into the game.

On the other hand miners there have very very deep pockets.  Would not be too hard for them to hire a few trucks load up the miners and head to a new territory that wont be blocking the protocol.

we'll see i guess. if it's a straightforward enough process then maybe they won't hold back.

they say chinese miners have operations in mongolia in a few places. i've no idea where else you'd find cheap power. at the worst they could sell all their machines to people in other countries.

i for one would be pretty damned happy if chinese mining was wiped out. it doesn't bring anything good to the party.

Inner Mongolia belongs to china bitmain mines are in Inner Mongolia .

Hoping that whatever occurs works for BTC

[European Central Bank]

Inner Mongolia belongs to china bitmain mines are in Inner Mongolia .

Hoping that whatever occurs works for BTC

ah. just goes to show how bad my geography is.

operations like bitmain must have war chests of tens or hundreds of millions. they must have come up with some type of alternate plan for this scenario that involved migrating their machines to the next cheapest country to operate in.

[AtraxPool]

https://qz.com/1056236/take-a-walk-around-one-of-the-worlds-biggest-bitcoin-mines/

This is based in Inner Mongolia near Ordos..  And surprise surprise.. Who runs it..

I also have worry about the antbleed issue if things were to go belly up in china. We know they said that its not a finished product and could not be used by anyone to shut down miners but I have my skepticism about that fact.  The real fact is it would not take much to fix the code or finish it off and push it out as a update to everyone.

I also hope whatever happens it will not tarnish BTC and we can continue to grow and build on the original vision of the legend that brought us the concept in the first place.  And not some off-brand china copy (cough cough).

Let's say china throw up p2p blocks and start blocking the protocol and bitmain are forced to move there miner operations that is not going to be something that can happen over night I don't even think they would bother if they were being forced out I think they would sell out and sell all there equipment and just continue to produce chips into the market.

Its like Rupert murdoch trying to by Sky tv.. 

https://www.theguardian.com/business/2017/sep/14/rupert-murdoch-sky-takeover-bid-competition-cma

One person or entity having a dominate position in the market is not a good thing for anyone.

[European Central Bank]

Let's say china throw up p2p blocks and start blocking the protocol and bitmain are forced to move there miner operations that is not going to be something that can happen over night I don't even think they would bother if they were being forced out I think they would sell out and sell all there equipment and just continue to produce chips into the market.

i assume bitmain would switch to pure hardware sales in a worst case scenario. there's still mountains of money to be made and all it is is machinery sold to foreigners so i presume the chinese government won't care.

[AtraxPool]

Let's say china throw up p2p blocks and start blocking the protocol and bitmain are forced to move there miner operations that is not going to be something that can happen over night I don't even think they would bother if they were being forced out I think they would sell out and sell all there equipment and just continue to produce chips into the market.

i assume bitmain would switch to pure hardware sales in a worst case scenario. there's still mountains of money to be made and all it is is machinery sold to foreigners so i presume the chinese government won't care.

https://cointelegraph.com/news/rumors-or-facts-china-reportedly-moves-to-block-access-to-all-major-bitcoin-exchanges

This is a good artical posted 5 hrs ago that stated these exchanges worked with the goverment for a while now they have been punished for opening there doors.

I can almost picture how this all played out...

Goverment - We need to come in and have a look round and sit down while you tell us everything about how you operate.. We can help you...

Exchanage - Great news come on in.. Here is everything we do and how we do it..

Goverment - Why thank you.. We will make sure we help you grow in this space we support you..

Back at the goverment office later that day..

Right start working on how we can do the following...


    To block all access to important platforms such as Coinbase, Bitfinex and Localbitcoins, including access through web, apps and APIs,
    To block all access to Bitcoin’s seed addressing,
    To abandon Bitcoin’s ledger synchronous data by DPI recognition on the Great Firewall.


THUMP........  (sound of the red ban stamp being hammered down!)