Crisis of hashing power domination by China

[eth888]

As known, China is a cottage for mining with cheap electrical resources. It dominates over 60% of global hashing power in BTC. How if they suddenly ban all mining rigs, what impacts will it yield thereby?

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[maleemk]

Read the announcements out of China carefully, They ban ICOs, they are shutting down the Crypto-Exchanges and there is no mention of Crypto Mining. China want to play Crypto Game on its own term. They are Leaders in Cryptomining Specially Bitcoin mining, they will not let this position go very easily.

[ZiG]

Don't be so sure ...

http://news.8btc.com/will-bitcoin-mining-farm-in-china-be-closed

[NotFuzzyWarm]

Seriously though, this is a tempest in a teapot.
The ICO's will finally be regulated the same as IPO's are  to remove the Ponzi and/or pump-n-dump players/scammers. Aslo need to point out that ICO's are NOT Bitcoin instruments. They are AFAIK 100% an aberration of the altcoin world.

Exchanges will have to act like any other bank or securities trading exchange eg follow AML/KYC rules and keep sufficient cash reserves on hand for customer accounts.

I see this as only Good things for the crypto coin world.

[eth888]

Don't be so sure ...

http://news.8btc.com/will-bitcoin-mining-farm-in-china-be-closed

Another news out:

https://www.cryptocoinsnews.com/china-bitcoin-exchange-ban-extend-otc-trading-maybe-mining-wsj/

Yes, just right after my question here. Here probably by a chance for sell-off-buy-back strategy!?

[eth888]

Just a rough imagination, if 60% hashing rate off from China suddenly, the whole network becomes less secure by 60% too, as difficult dropping greatly so as to fit the block time.
Will its values go down rapidly? BTC consumes real world assets like electricity. That's the drawback of PoW. Seems like if the information is true, a really huge opportunity visiting again?

[eth888]

Wonder to know the hashing power of Bitcoin cash in China, if it is low, capital may flow into that upon China's mining rigs switching off?

[minthit]

Read the announcements out of China carefully, They ban ICOs, they are shutting down the Crypto-Exchanges and there is no mention of Crypto Mining. China want to play Crypto Game on its own term. They are Leaders in Cryptomining Specially Bitcoin mining, they will not let this position go very easily.

It's interesting. He's talking about the what if scenerio and not about the current news, right?