China is Back to BTC Business

[Ponti]

If this source is reliable, its great news. But as is said previously, I am sure, the low price we are experiencing now is the "games of whales", they are doing everything to arrange extra FUD and panics sell, so that they can fill up their pockets with cheap bitcoins. Guess why "China lifts ban" news are so limited to general public?! Have iron hands and don’t sell cheap.

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[joshy23]

And then when  traders and investors start to buy and hold whales will ruin everything again, we can't really predict how good news will affects the industry, I just do hope that people around this country will start again owning coins inside their wallets and create a huge impact the numbers of their
populations can make a big difference when they start bringing money back to this market.

[Pab]

It looks like a very good news, the Chinese are certainly already preparing for the investment ... and certainly not just them.
But is the BTC mining still profitable at the current price there? In other words, is anyone able to count whether the costs of electricity do not exceed the profitability of mining in China?

Mining is hard with current price
Electricity cost in China jumped twice many small miners has to pause his business
China miners are moving away from Norway.Norway set up 30% tax for mining btc
Now input of one btc cost in Norway 7K $
But for sure  600000 miners didn't shut down his business
Many of them are changing mining equipment for modern one
There  is yet another thing big mining companies  are able to mine btc now with less competition and sell later
It is also kind of dirty game

Look Apple stock lost 200 bln dollars from  October but that nobody advertise that in media
much better is to talk about bitcoin is dead

[BigBos]

If this source is reliable, its great news. But as is said previously, I am sure, the low price we are experiencing now is the "games of whales", they are doing everything to arrange extra FUD and panics sell, so that they can fill up their pockets with cheap bitcoins. Guess why "China lifts ban" news are so limited to general public?! Have iron hands and don’t sell cheap.

I've also heard this, and it seems like this is the right thing. however, for now, it does not have a good effect on the development of bitcoin. well, I guess for now, there is so much good news, but it hasn't been able to make the price of bitcoin rise again.

[D3m1r4wanti]

China does not completely abandon the crypto currency business, as we know that this country had banned the circulation of bitcoin and returned to accept it.

[Levious]

It is correct to prohibit cryptocurrency in the policy, and cryptocurrency is the best weapon for scammers. However, it is impossible to stop investing in cryptocurrency. So I think the Chinese will definitely buy a lot of cryptocurrencies.

[bettercrypto]

This is a fabricated news articles, maybe for the purpose of attracting investors to boost the market. I don't think lifting China's ban on cryptocurrency will make a huge difference on the down market right now. However, there's nothing to worry because China, for sure, will eventually legalize cryptocurrency.

[pinoyden]

This is a fabricated news articles, maybe for the purpose of attracting investors to boost the market. I don't think lifting China's ban on cryptocurrency will make a huge difference on the down market right now. However, there's nothing to worry because China, for sure, will eventually legalize cryptocurrency.

Fake or not , this news is still bringing us a good vibes or a hope because all of us right now are experiencing a depresion caused by the down trend of the crypto market  .  this news kind of news can also help encourage people to continue investing and buying btc because they think that btc isnt dead yet .

By the way , based on what i heared before  china didnt  really  ban btc because what they ban is only ico and other   crappy exchanges that may seem to be scam .

[manfredmann]

How come they are now back to cryptocurrency when I have gone reading some articles that states China government has implemented crypto airdrop ban for their community. This after a lots of report being considered like those teams who run an airdrop will definitely tempted you to buy more on the tokens after receiving and in the end they will going to scam you and will run away the collected funds from the ICO period.

[Pab]

How come they are now back to cryptocurrency when I have gone reading some articles that states China government has implemented crypto airdrop ban for their community. This after a lots of report being considered like those teams who run an airdrop will definitely tempted you to buy more on the tokens after receiving and in the end they will going to scam you and will run away the collected funds from the ICO period.

ICO ban remain in China i have been reading that China is preparing space for his own certificated ico done on secure platform only for China citzens
But they are not hurry with that

Anyway China is working to launch his digital Yuan and that can have big influence on crypto and maybe not only crypto economy

[Ahimoth]

How come they are now back to cryptocurrency when I have gone reading some articles that states China government has implemented crypto airdrop ban for their community. This after a lots of report being considered like those teams who run an airdrop will definitely tempted you to buy more on the tokens after receiving and in the end they will going to scam you and will run away the collected funds from the ICO period.

ICO ban remain in China i have been reading that China is preparing space for his own certificated ico done on secure platform only for China citzens
But they are not hurry with that

Anyway China is working to launch his digital Yuan and that can have big influence on crypto and maybe not only crypto economy

I think China is not back in BTC because their government is still banned cryptocurrency to their coumtry. But if that happen then surely it will grow those people who start to believe in crypto. Since China is one of the most huge rate of population in world, so if there country accept Bitcoin or crypto then at has big effect for become valuable of the crypto.

[Dondont]

A little hidden news .Not advertised by Coindesk or any other western press
 Bitcoin is legal asset in China

China Lifts Bitcoin Ban; Individuals and Businesses Can Now Own Cryptocurrencies Legally

According to a recent report by CnLedger, the crypto ban is now a thing of the past in China, as virtual currencies have been legalized as a mode of payment to be accepted by people and business entities as. The Shenzen Court of International Arbitration was quoted as saying;

Instead of that news we are receiving scary news about regulation in USA and famous dead of bitcoin

https://www.btcnn.com/cryptocurrency-news/bitcoin-news/china-lifts-bitcoin-ban-individuals-and-businesses-can-now-own-cryptocurrencies-legally/

hope you are better now

And report from 3 november

 This week in crypto:

1. Bitcoin 10 year anniversary
2. Janet Yellen now owns Bitcoin
2. Ron Paul calls for no crypto tax
3. Bitstamp acquired by NXC
4. @binance signs up 40k in Uganda
5. Coinbase raised $300M
6. Morgan Stanley says crypto is institutional asset class

 

if you see a good news that continuously releases like this actually makes the market ambiguous whether it will go up or down, the core of the news above is actually informing that the development of bitcoin to date has had amazing results, but also investors have difficulty believing and fearing a bull trap that easily comes with only one bad news about bitcoin

[naidray]

Maybe they have not realized they lost a good place in the market a long time ago and really, when it comes to China, just as bitholder said, no one actually gives a hoot. Obviously they are seeing of recent what they are missing from the space, and realizing the space is a whole lot even better without them or simply can do without China being involved in the show, they are now basically trying to find a way to simply want to get in back.

Still, they only had issues with ICOs; they never really came out to say they were banning bitcoin. Just that some related activities when it comes to cryptocurrency and exchanges anyway, was put on hold, which somehow could still paralyze the usage of bitcoin, but that is really their cup of tea.

[Buttermellow]

I do not believe on this because China has Ban cryptocurrency on their community so probably this just a farud. China government has no interest with the system and they preferred their own where especially the notion of Jack Ma to have a cashless society. Cryptocurrency has the same aspect for them as a payment syste. but then again they will prefer on the Cashless society with Jacl Ma founder of Alibaba group and companies.

[Andrea9000]

This is good, because the Chinese market is a very large percentage of the market capitalization of cryptography. Crypto foreigners need a new tide of fiat money, and even better newbies who will bring a lot of money and buy bitcoin.

[barbara44]

I appreciate the attempt to cheer people up, but the selling isn't coming from the people here. Most of the forum lurkers know that there is no point in selling anymore unless there is an urgent need of funds to cover bills.

Is it just me who's noticed it's been largely a lot more sensible around here and also a lot quieter? Perhaps all, or most, of the money grabbers left?

On the initial post, I believe that this news was reported to be false and that bitcoin is still not legal in China.

Whether bitcoin is legal in China or not, the last time I checked, a lot of people over the months have discarded anything that practically comes from China and the truth of it all is that no one actually cares about how China wants to go about their activities when it relates to cryptocurrency.

They are free to do whatever they like, but this is a global thing and a single country cannot just think they can keep laying hold on the market and doing as they please. We are past it, and really no one even wants China this or that anymore. Apparently, they will realize later on what they have missed and find a way to want to be a part of the market again.

[tenebriscaelum]

Well we can just hope that this news will somewhat help the current state of the market(which I highly doubt it will) as the market is bleeding badly in the last two weeks and it is a good thing BTC came back to $4k USD but what we need more right now market movement and hopefully we can come back to at least the $7-8k price range of BTC.

[upsidedown75]

It is not like they are back in bitcoin business because they love it, it is because the price is incredibly low and china has a lot of billionaires and so forth in their country that can afford to spend a lot of money buying bitcoin without worrying about the future. When you have ten billion dollars in your bank account and you spend 10 million dollars on bitcoin it doesn't really matter to you if the price goes down or stays low.

Hence china is encouraging its rich folk to spend money on crypto to get more crypto into the country and have the power. Just like they did with USA bonds, they gathered as much debt as they can from USA and give out their manufacturing power or man power to USA in return and when the time came they gave out that bonds almost for free in order to disturb the market. Don't let chinese get as much crypto as they want because in the end they do not like bitcoin and when the price starts going up they will all sell at the same time like a proper communist country and destroy the price once again.

[dmamigo]

This had to happen if it is true, China and few other countries are showing their disinterest against crypto, but at the end, they might have to reconsider there decision taken against cryptocurrencies. I don't know if this news can correct the current market situation, but it can give a boost to the market and somehow encourage people.

[Wilhelm]

It's pretty funny how China bans continue to fool people into buying and selling Bitcoin...