China and Bitcoin Mining

[junetuesdays]

Hello All,

Quite new to the crypto game and just wanted your thoughts on this, I'm considering buying bitcoin when the price hits its low aftet the recent news from China.

My question is how low do people think it will drop too? How confident are people that it will recover?

Looking at what happened in Sep-17 it went low but then rapidly increased do you think this will happen again.

https://qz.com/1174091/china-wants-an-orderly-exit-from-bitcoin-mining/

[1714002503]

1714002503

[1714002503]

1714002503

[1714002503]

1714002503

[Bigmacman]

On the contrary, I heard information that in China it is forbidden to mine, and from there the Chinese move purposefully to other countries to engage in mining. It's not for nothing that various crypto-exchange exchanges in China are being closed, and most of the trading volume is now located just in Japan, China's neighbors.

[tophe15]

We don't know how long will it drop or when it will go up again, but the only thing that makes me sure is it will comeback strong again after some countries prohibits mining according to your post, there's always a way. Miners will continue to mine because of its price.

[Kemarit]

Hello All,

Quite new to the crypto game and just wanted your thoughts on this, I'm considering buying bitcoin when the price hits its low aftet the recent news from China.

My question is how low do people think it will drop too? How confident are people that it will recover?

Looking at what happened in Sep-17 it went low but then rapidly increased do you think this will happen again.

https://qz.com/1174091/china-wants-an-orderly-exit-from-bitcoin-mining/

As far as predicting how low price of bitcoin will be, no one can really tell. But there are good TA around here maybe if they are going to chime their expertise, we would understand. But from estimation, bitcoin can go as low as $12,500 before we consolidate and test another bull run. How confident are we if China decided to close its mining farm? Of course we are confident because bitcoin its very resilient. It has proven time and again its ability to recovery from such adversity. Just like what you have pointed out, last September, bitcoin went down significantly, because of the China crisis, but just like before, it recovered slowly and beautifully. China closing its bitcoin farm, will put a dent on the price, no doubt, but you don't need to worry but just hold on your bitcoin and it will just be a matter of time being it can rebound, just like before.

[junetuesdays]

Hello All,

Quite new to the crypto game and just wanted your thoughts on this, I'm considering buying bitcoin when the price hits its low aftet the recent news from China.

My question is how low do people think it will drop too? How confident are people that it will recover?

Looking at what happened in Sep-17 it went low but then rapidly increased do you think this will happen again.

https://qz.com/1174091/china-wants-an-orderly-exit-from-bitcoin-mining/

As far as predicting how low price of bitcoin will be, no one can really tell. But there are good TA around here maybe if they are going to chime their expertise, we would understand. But from estimation, bitcoin can go as low as $12,500 before we consolidate and test another bull run. How confident are we if China decided to close its mining farm? Of course we are confident because bitcoin its very resilient. It has proven time and again its ability to recovery from such adversity. Just like what you have pointed out, last September, bitcoin went down significantly, because of the China crisis, but just like before, it recovered slowly and beautifully. China closing its bitcoin farm, will put a dent on the price, no doubt, but you don't need to worry but just hold on your bitcoin and it will just be a matter of time being it can rebound, just like before.

Thanks for your insight, being new it can be scary but i do have faith!

Hold it is then!

[haroldtee]

Bitcoin is unpredictable and no one can really say how low or how high it can get. One thing I am so sure is that, it is going to be hard to break the $10K support if we ever even smell it at all. So many TAs have even failed recently and when you thought bitcoin is giving a bullish signal, then we see a dip and the other way round can happen as well. With the reference to Sep 17 like you mentioned, everything happens within a split of second, so my advise would be for you to buy now if you are holding for the long term as it will definitely recover. Also, this is not the first time China is going to be coming up with their crazy tactics to frustrate bitcoin users in their country, so I would be less worried about them. Afterall, bitmain has changed base now to switzerland now, I guess. With the value, about the same thing happened early last year and even if we end up having more dip as I feel we may test the $11k support, you can decide to buy more if you have the cash.

[Almasani]

The lowest price of Bitcoin in 2018 is about $ 15,600. If you want to buy Bitcoin for you mining, Buy it now. You can also hold it until February. According to Bitcoin price forecasts will increase in February or Maret.

[dothebeats]

Personally I think that the drop will be deeper this time, might even touch $8000 before taking off once more. But seeing day-to-day volumes and results of bitcoin trading, it managed to stay strong over $12k and has been continously stepping up and down from $14k to $13k. No substantial news to move the price either way so as I see it, it will remain hovering in those areas before it finally takes off.

My advice, whenever you have the money available, try to buy during the lows of a single day and just average your total spending on buying your coins. It works, and in the long run, might net you promising results rather than trying to day trade.

[squatz1]

News from china isn't going to do anything, the only thing right now that people are seeing (which is FUD) is that South Korea is banning bitcoin, this isn't true but it is a story that the MSM has tried to push in order to push the price of bitcoin and the rest of the cryptos down massive amounts.

If there are massive less amounts of miners there will be a difficulty shifting, and I mean a large one. Old US miners will come back into the game, and in the end nothing will actually change.

[Flexx]

Hello All,

Quite new to the crypto game and just wanted your thoughts on this, I'm considering buying bitcoin when the price hits its low aftet the recent news from China.

My question is how low do people think it will drop too? How confident are people that it will recover?

Looking at what happened in Sep-17 it went low but then rapidly increased do you think this will happen again.

https://qz.com/1174091/china-wants-an-orderly-exit-from-bitcoin-mining/

China is preparing to liquidate on its territory the mining of bitcoin, since it spends too much electricity on it

An interdepartmental working group has already been set up, which ordered the regional authorities to facilitate the cessation of mining, according to the profile edition of the Coin Telegraph.

[joniboini]

-snip-
My advice, whenever you have the money available, try to buy during the lows of a single day and just average your total spending on buying your coins. It works, and in the long run, might net you promising results rather than trying to day trade.

i support this suggestion, because my experience says so.
day trading is not bad, but in conditions like this, i believe long-term is a better options.
-
on second thought, it seems like you wanted to buy it for long-term investment too, am i right?
if so, then you should certainly do the suggestion from dothebeats

[zarados]

Hello All,

Quite new to the crypto game and just wanted your thoughts on this, I'm considering buying bitcoin when the price hits its low aftet the recent news from China.

My question is how low do people think it will drop too? How confident are people that it will recover?

Looking at what happened in Sep-17 it went low but then rapidly increased do you think this will happen again.

https://qz.com/1174091/china-wants-an-orderly-exit-from-bitcoin-mining/

As far as predicting how low price of bitcoin will be, no one can really tell. But there are good TA around here maybe if they are going to chime their expertise, we would understand. But from estimation, bitcoin can go as low as $12,500 before we consolidate and test another bull run. How confident are we if China decided to close its mining farm? Of course we are confident because bitcoin its very resilient. It has proven time and again its ability to recovery from such adversity. Just like what you have pointed out, last September, bitcoin went down significantly, because of the China crisis, but just like before, it recovered slowly and beautifully. China closing its bitcoin farm, will put a dent on the price, no doubt, but you don't need to worry but just hold on your bitcoin and it will just be a matter of time being it can rebound, just like before.

I hope you are right. What makes me hesitate is the apparent reality of today is very clear. Although bitcoin is old and many people believe in it, because the value comes from trust, but still the problem with transaction speed and the high fee is still a scourge of bitcoin today. To switch to Lightning network is not as easy as turning both hands, of course it takes time that is not instant.

In the meantime, altcoin offers features that the users of this cryptocurrency technology want. Transaction speed and low fee are the top priority. I would agree if this year 2018, the bitcoin market cap can be surpassed by altcoin.

[Direwolve735]

I heard that in China, where 80% of the capacity for "mining" bitcoins is located, mining may be banned. Representatives of state agencies, fearing financial risks, issued an appeal last week to local authorities with an appeal to engage in the cessation of activity, during which there is crypto-currencies mining. Such a decision could lead to a sharp collapse of the exchange rate.

[Tambu]

I think btc already reach on its deepest dip. Many people the oppotunity. In next week it will soar again.
Better to grab it now.

[lok8nusa]

I heard that in China, where 80% of the capacity for "mining" bitcoins is located, mining may be banned. Representatives of state agencies, fearing financial risks, issued an appeal last week to local authorities with an appeal to engage in the cessation of activity, during which there is crypto-currencies mining. Such a decision could lead to a sharp collapse of the exchange rate.

Admittedly, this is a real possibility. However, the core community is resilient. If there's a viable (read "profitable") alternative, it will be found. It's all a matter of timing.

Could this be stochastic?

[darewaller]

I heard that in China, where 80% of the capacity for "mining" bitcoins is located, mining may be banned. Representatives of state agencies, fearing financial risks, issued an appeal last week to local authorities with an appeal to engage in the cessation of activity, during which there is crypto-currencies mining. Such a decision could lead to a sharp collapse of the exchange rate.

Uhm… well, let’s just see how it’s going to be, I’m not yet sure if they are going to ban Bitcoin mining in China yet.But one thing I’m of is that, no matter what happens, Bitcoin price will always recover from it. And from the way I see things, I don’t even think that the price will drop much; it might just be a little.

[BillCoin]

That could be a good buying strategy, but it's really hard to determine when it hits the low price level.
The price could be reaching even a lower price after your time of purchase so soon after you open the position you will find yourself at the red price.

Basically, if you are basing your position on this strategy you will probably have much morr chances of being successful then someone who just buys bitcoin at a random timr because he believes at the coin.
It's hard to know how the market is going to act, but I would go with you this time.

[payyy]

This was just a normal dip, if you are just full of doubts because the price dropped a little, then i suggest you to try to avoid investing since you are going to dump all your bitcoins in just a few days after you bought them if the price goes down again.

[timerland]

I've personally believed that china banning all things bitcoin related is only a matter of time. They're just trying to do it step by step - first by banning bitcoin exchanges, now basically urging mining operations to move overseas. And this has caused a drop in the price of coin back to under $10k, alongside with Indonesia's ban on bitcoin transactions in its country.

I believe it to be a panic sell situation just like last year, September. China announced the ban on trading sites, and price went from $4k+ back to $2.9k.

That's a 35% drop, approximately. And this time, it's around 30% as well. There are a lot of similarities in both scenarios and of course, right now bitcoin is already far above $2.9k. So i think buying now is a great idea.

[novhitadaloma]

Bitcoin users in China do not use the digital currency to transact in their daily lives. However, they use the currency as an activity that is not widely practiced by society in general. Such as investing as well as for currency conversion.

China has some characteristics that make the use of Bitcoin in China so interesting enough. Especially for the supporters of digital currency. Paper currency is difficult to exchange with other currencies.