[2018-01-08] Confusion Grows Surrounding Official Chinese Position Regarding BTC

[tyz]

Confusion Grows Surrounding Official Chinese Position Regarding Bitcoin Mining

In recent days a number of conflicting reports have surfaced pertaining to the stance of China’s government with regards to bitcoin mining.

https://news.bitcoin.com/confusion-grows-surrounding-official-chinese-position-regarding-bitcoin-mining/

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[richardsNY]

There is only one way to get rid of this country, and that's having them ban everything related to crypto in its entirety. I seriously don't understand what they are waiting for -- get rid of crypto and you're done.... I have been reading about miners who are looking for alternative locations to set up their farms, and that's something I am extremely happy with. The lower China's importance becomes in regards to mining, the better it is for everyone here. As we speak there is far too much hash power centered at that country, and this definitively needs to change. It's in everyone's benefit to have a more healthy distribution of hash power throughout the world.

[zby]

China government wants to take a part in anything that could replace dollar as the international currency, it also likes to be high-tech etc. But it also wants capital controls. Now bitcoin is approaching the scale where it becomes relevant for capital controls and as it is it can be used for sidestepping them. This is the conflict - there are also people who want to profit from any policy choice - but they need to construct their arguments so that they adhere to those two main goals. Governments could have capital controls over bitcoin only if they controlled all mining operations and required that everything goes into wallets operated by regulated companies. This would be quite ridiculous - but they could still pretend that they are pro-bitcoin.

[peter0425]

I really wanted as well to keep the mouth of the Chinese. They better stay away from crypto's because it will be really good for both of us. They keeps on barking, affecting our ecosystem. I don't give a damn if they shutdowns all their bitcoin farm because I'm sure that others will fill the void. Of course the market will be affected drastically short term. But if Japan's GMO is ready by their mining hardware and starts to mine bitcoin, then long term we can still survived.

I'm sure that PBoC will go after their mining farms, they want total crypto ban as I look at it. I don't know if they are intentionally doing it to hurt the market so that few privilege Chinese can get huge windfall, but there are countries like Japan and friendly nation that will fill the vacancy in no time.

[BitHodler]

China won't dare to distance themselves from this one thing that makes them a major entity in the crypto world. By having such a major network share in your own country, they to a certain extent have some sort of control.

If they ever plan to not allow mining, it means that they are completely outruled in every major aspect of Bitcoin, which is quite a stupid move honestly. They are shooting themselves in the foot with this.

From some sort of control, they are slowly but surely completely excluding themselves from everything, where they end up with no control at all. It's not for nothing that the Chinese peer to peer market has been booming lately.