Charlie Lee: China Bitcoin Mining Ban Rumors are False

[valentin68]

This is the news I was wating for. I never believed that China will ban the bitcoin mining. It is too important for the Chinese economy. I am wating for 30 September to be certain that this is true and then I will reinvest some money into them.  I must say that I am very happy now that I read this. Thank you for this truly wonderful news.  Let's wait until 30 September however.

[CryptoBry]

Charlie Lee is definitely one of the more credible sources of information in regards to this type of stuff. I am definitely taking note.

Yes, Charlie Lee can be more credible that all the others who are just spreading FUD and fake news so they can manipulate the market (just like what this Demon of JPMorgan is doing). And since Charlie is a Chinese too then probably he really got some high-ranking connections that he can speak with for many issues affecting Bitcoin in China. We will see if Charlie can be right on China not touching the Bitcoin mining sector.

[jhenfelipe]

Good thing if it's false but we are not 100% sure unless it won't really happen. What's sure is that these claimed fake news before (ICOs & Exchanges Ban) bacame true and affected the Bitcoin price indeed. Most people panic as they might lose their investment so if this Mining Ban news become true as well, most people will sell their holdings again which will most likey lead to another price fall.

[BADecker]

Bitcoin seems to be maintaining some strength. Remember, Btc was only around $2700 USD at the end of July. That's less that 2 months ago. If China was shutting down the miners, the price would have fallen below the July price.

[erickkyut]

Regardless if the news was fake or not, the damage has been done! But knowing Bitcoin, it will easily recover from such thing. The good thing about knowing that the news was fake is that the investors will not be afraid for a price decrease again and they will be encourage now to invest again on Bitcoin specially those who are new in this market.

[alyssa85]

Bitcoin seems to be maintaining some strength. Remember, Btc was only around $2700 USD at the end of July. That's less that 2 months ago. If China was shutting down the miners, the price would have fallen below the July price.

The miners don't affect the price as much as investors and developments like hard forks.

Basically, if the miners were shut down in China, other parts of the world will take up the slack. Now that Japan has legalised bitcoin, there are some big companies with a lot of cash planning to get into mining:

https://bitcoinmagazine.com/articles/japanese-company-will-launch-new-bitcoin-mining-operation-7-nm-chips/

I think GMO intends to go live with mining in 2018.

In addtion, another Japanese company called DMM will start mining in October:

https://dmm-corp.com/press/press-release/17513

Lots of hardware companies in Japan are interested in making the chips for the ASICS too.

It's amazing how quickly development happens once something is legalised! I think in a few years China will regret the stance it has taken as regards bitcoin, because the Japanese will have eaten their lunch.

[Wingo]

This is a good read, I'm taking note. Many people are just that weak to be affected easily by those fake news. But the said traders are successful in manipulating the price of bitcoin because it had fallen down so much. This is a test for all of us that we should believe in bitcoin.

[phr0stbyt3]

He isn't someone working in the government he told in past that ico ban has only happened because china wanted to introduce new regulations on it as firms were raising millions with any legal entity and most investors were the chinese. He told exchange ban is also a runour and now this i wouldn't agree or disagree with him as future is always uncertain

[Baofeng]

This is a good read, I'm taking note. Many people are just that weak to be affected easily by those fake news. But the said traders are successful in manipulating the price of bitcoin because it had fallen down so much. This is a test for all of us that we should believe in bitcoin.

I think we should all take note of this. Remember they have like 70% control of all mining power and shutting them down will complete put a significant affect on the market. I consider Charlie to be somewhat authoritative and wouldn't just open his mouth to attract attention. He has connections and so I will take his word. Maybe this offset what Dimon said earlier, that's why the price has somewhat go green again after a 2-3 days of slowly declining. Current price is tag at $38xx, probably push to $4000 or more if this statement could be verified by the Chinese government.

[hatshepsut93]

Perhaps the Chinese government views mining as beneficial because it's a good method to dump their spare electricity from hydropower plants and also keep in mind that majority of asic manufacturing is also in China. If Chinese exchanges are closed, miners are forced to sell Bitcoin of foreign markets essentially exporting it and bringing more foreign currency into China. Maybe this even was the reason for closing exchanges in the first place.

[Ryan Dugan]

I never really believed them from the beginning. What are we back in ww2 with communism here ? I mean that would just be bad and look really bad to the rest of the world if the government starts baning enterprising careers for its citizens, that's just going too far.

[btc_angela]

Perhaps the Chinese government views mining as beneficial because it's a good method to dump their spare electricity from hydropower plants and also keep in mind that majority of asic manufacturing is also in China. If Chinese exchanges are closed, miners are forced to sell Bitcoin of foreign markets essentially exporting it and bringing more foreign currency into China. Maybe this even was the reason for closing exchanges in the first place.

Yes, I think its more beneficial for them if they still go with the mining because they have a surplus of electricity. And besides there are a lot of chinese who works in this bitcoin mining farms. If they are close then a lot would be out of jobs and government needs to support them. Its a booming business and I know that Chinese government are not that stupid to give it up and let other countries take the lead in the mining industry. So only ICO's are ban, exchanges closing but a likelihood that they can be operational if they comply to the new regulations and bitcoin mining not affected. So we are all good now.

[darkangel11]

If they shut down trading it's all the same. People won't be able to exchange which will make holding difficult. You'll have to meet face to face with a seller just to be able to own some coins. That said if a Chinese citizen decides to buy some crypto it's possible to use a foreign exchange. They will just have to convert their RMB to USD and continue as if nothing has changed.

[Ariess]

I am really confused and want to laugh, this is a joke that china serves. they rotate all the rumors, and manipulate the existing ones. I think china wants to buy bitcoin until the cheapest price.

[CowboyKiller]

Perhaps the Chinese government views mining as beneficial because it's a good method to dump their spare electricity from hydropower plants and also keep in mind that majority of asic manufacturing is also in China. If Chinese exchanges are closed, miners are forced to sell Bitcoin of foreign markets essentially exporting it and bringing more foreign currency into China. Maybe this even was the reason for closing exchanges in the first place.

Yes, I think its more beneficial for them if they still go with the mining because they have a surplus of electricity. And besides there are a lot of chinese who works in this bitcoin mining farms. If they are close then a lot would be out of jobs and government needs to support them. Its a booming business and I know that Chinese government are not that stupid to give it up and let other countries take the lead in the mining industry. So only ICO's are ban, exchanges closing but a likelihood that they can be operational if they comply to the new regulations and bitcoin mining not affected. So we are all good now.

The Chinese goverment only want miners can pay taxes fees after they created new rules for Bitcoin and cryptocurrency. Other countries also want that, but they do not want to ban this field before they create rules like this thread has said.

[eaLiTy]

Bitcoin seems to be maintaining some strength. Remember, Btc was only around $2700 USD at the end of July. That's less that 2 months ago. If China was shutting down the miners, the price would have fallen below the July price.

Apart from the rumors i have not a seen a credible source that tells that China is planning to ban bitcoin,they want to regulate the exchanges and that i can understand,there is too much FUD news in the air and i sure there is a certain source for these sort of manipulative news ,so that people would panic and sell off their assets so that they can grab when the chips are down.

[thebanker28]

Even if you believe all the FUD, much of which might be unfounded, it makes no sense for China to ban mining. It is a form of export for them and in the greater scheme of things it is not huge money (yet), money is money.

As others have pointed out, a degree of regulation and control is at least understandable in the exchanges, but this FUD is way over done.

[AtheistAKASaneBrain]

There are now a lot of big names that have said there will not be a Chinese ban on mining, including Charlie Lee, John McAfee, Jihad Wu amongst others, so I wouldn't expect an actual ban anytime soon, but remember that if the bans happens, there's no reason to panic, it's obvious that we can survive with a lot less hashrate, believe it or not bitcoin is overprotected at this point, so if we lose the weight on our shoulders that the chinese monopoly is, it will be positive contrary to popular belief.

[Teraboy]

There are now a lot of big names that have said there will not be a Chinese ban on mining, including Charlie Lee, John McAfee, Jihad Wu amongst others, so I wouldn't expect an actual ban anytime soon, but remember that if the bans happens, there's no reason to panic, it's obvious that we can survive with a lot less hashrate, believe it or not bitcoin is overprotected at this point, so if we lose the weight on our shoulders that the chinese monopoly is, it will be positive contrary to popular belief.

Wonder what's the "trusted source" they have but these big names which suddenly appear and saying that bitcoin mining will not be banned just seems fishy tho, atleast from my opinion.
are they trying to make bitcoin's price go higher again after making their wallet full of bitcoins? this is just pure speculation of mine.

[ivrynx]

i hope this time, a news from china came from a trusted source,nonetheless this is still good news, though almost everyone here knows that china will not just simply ban mining of bitcoins, the government will still profit from the miners since it uses up electricity, hopefully china already had thought of ways on how they can regulate their bitcoins and now have security for their people regarding scam ICOs. i think we should still verify this news, though it is a positive one, since a lot of fake news had been going around china lately, we still need to be vigilant, though it is a positive news this time, we just can stay lax even though china is not going to ban mining, we should still keep in mind that if this is not true, bitcoin might again have another sale or another dip, hopefully this one is true and for sure we will see again bitcoin rallying back to 5000 usd. hopefully china will also fight fake news in their country, have clarified first by the resource person, since we live now in a word wherein editing is made easy, we and the media is doing things to control the masses, i just hope this news is fact.