BTC To 9K$, China Banned miners

[South Park]

Communism and decentralization goes together like ham and moon rocks.

While that is true at the same time it is not like many democratic and capitalist countries are that much better when it comes to individual freedoms, the truth is that we are seeing that freedom and privacy are being attacked from all directions and bitcoin is a response against it and governments are realizing that if the population of the world really makes an effort to protect their privacy and freedom then they will be powerless to stop them and they are very worried about this.

[carlisle1]

Good news, China Banned BTC miners,Demand will be increased so Price will go up.

If you can provide right away some proofs that china has already banned miners now,then i will buy all my 3 month salary for bitcoin

China was thinking of banning miners but still on pending and waiting for the government decision

[senin]

Good news, China Banned BTC miners,Demand will be increased so Price will go up.

Well, as far as I know, the Chinese government is still planning to ban Bitcoin mining. However, in China itself, this is probably ready for a long time. Part of the Chinese have long been dispersed around the world in search of good places for mining Bitcoin. Some settled in Canada, others in Belarus. Therefore, such a ban is unlikely to greatly affect the price of Bitcoin. Its mining will simply move to other countries.

[Fortify]

I can see a lot of countries following suit in future. You could say that it is a colossal waste of energy to mine bitcoin (and all the other crypto currencies out there) with very little benefit to humanity. How this will affect the price is impossible to tell, as bitcoin has been so unpredictable through it's entire life, but it would make sense that the price would get nudged up.

[Ucy]

I don't understand how this will improve the price of Bitcoin?  Thought the effects of this kind of ban is usually negative for the prices? A Miner is banned from mining....he sells some coins to relocate his miners or sell his coins to start another business.

[el kaka22]

This is not something we can calculate right away. Not that bitcoin won't go up but even if it goes up I am pretty sure it won't go up right away so the 9 thousand number is just a made up number that means nothing at all. I feel like the most important part here is that what will the miners do next because that will be the thing that affects bitcoin the most.

If they say screw this and sell their coins and move on with their lives than bitcoin will drop like hell, if they say they want to move to another location and continue than bitcoin won't be affected much at all and if they decide they will keep their coins but do another job instead of bitcoin than bitcoin could go up.

All of this is still uncertain and requires time in order to see how it will play.

[Oceat]

I don't understand how this will improve the price of Bitcoin?  Thought the effects of this kind of ban is usually negative for the prices? A Miner is banned from mining....he sells some coins to relocate his miners or sell his coins to start another business.

These speculators are expecting too much may be due to the longest bearish market that's why they think something like this. Chinese crypto mining may be banned from their country but not banned in other countries. So they still have a choice to relocate their miner to another country to start mining again. So, where is the fluctuation of banning there? It doesn't make sense at all.

[Rune]

Ban on china miners is only going to hurt BTC not help increase demand your logic does not hold up

[Reid]

Not a wise speculation.

Look, if that happens we will have slow transactions. Who will need seeders.
The good side of that is only an open slot for new miners but we will be having high transaction fees.
Demands is not being counted thru that but with buyers.

You should really have thought about the effect first to all bitcoin users, specially those who transact daily or weekly.

That is only if the news is real. But I doubt that will happen.

[coinplus]

Chinese governments actions always affect bitcoin and they have been against crypto since day one, it was time we moved out of that country and moved to a one that is more friendly for crypto. I hope all these miners actually get away from that toxic country and can move into one that is supportive.

Simply put if you have miners in china than it will be basically in Chinese control, even in Chinese banks and all that money helps china while they hate miners for what they provide, they are toxic in our community. However, if all these miners move to a new country that supports bitcoin world than they all will be much more powerful while china will lose all the power in their hands. That is why I think this will be a great thing for bitcoin in general.

[hulla]

Chinese governments actions always affect bitcoin and they have been against crypto since day one, it was time we moved out of that country and moved to a one that is more friendly for crypto. I hope all these miners actually get away from that toxic country and can move into one that is supportive.

Simply put if you have miners in china than it will be basically in Chinese control, even in Chinese banks and all that money helps china while they hate miners for what they provide, they are toxic in our community. However, if all these miners move to a new country that supports bitcoin world than they all will be much more powerful while china will lose all the power in their hands. That is why I think this will be a great thing for bitcoin in general.

The Chinese government actions definitely affect Bitcoin market but it always later make the market surge in the end this was what a lot of top crypto analysiser predicted on Twitter and I think what you said about moving the miners to a crypto friendly country will be better because the Chinese government are fond of abusing power which why the Huawei company ignore their involvement.

[Thirdspace]

Good news, China Banned BTC miners,Demand will be increased so Price will go up.

shouldn't it be the opposite, chinese will panic sell and price drop?
as I remember, it happened before when the was news of china govt banning bitcoin
my thinking is:
- china bans miners, then less miners... mining diff becomes lower, less mining cost... price 'might' drop
- chinese panic sells, afraid there won't be hodler/buyers locally (in china)... price will drop

[posi]

Good news, China Banned BTC miners,Demand will be increased so Price will go up.

shouldn't it be the opposite, chinese will panic sell and price drop?
as I remember, it happened before when the was news of china govt banning bitcoin
my thinking is:
- china bans miners, then less miners... mining diff becomes lower, less mining cost... price 'might' drop
- chinese panic sells, afraid there won't be hodler/buyers locally (in china)... price will drop

I also believed the price of bitcoin will drop if the Chinese government decide to ban miners and like you said it happened before when the Chinese government banned bitcoin in the year 2016 or 2017 but the market later surge in price than before which also leads to some Chinese blaming their government.
Meanwhile, what people like Mati of etoro predicted on twitter is that the market will increase in price instead of dump.

[danherbias07]

If I remember it right, that is not the market works. 

Slots will be there and transactions might get slower. It is a good opportunity though for other miners to come in.
But I doubt they will just let it get out of their hands.

A lot of money is at stake here and it will be a big loss to that company to just let it go. If this is real and they will be banned, they might have a back up plan already to make it up.

[bitcoindusts]

Did they really ban bitcoin mining?

It only says it's considering a bitcoin mining ban, so it's not yet final so I guess everyone should stop speculating as this point until we really heard fro the Chinese government about their stance on it.

On the bright side, it might cut the monopoly of Bitmain and other countries might be willing to keep bitcoin mining on their back-yard.

Yea, theres no confirmation to this yet. I’ve read an article about it and it says that this plan is probably just a front for a more advance plans. They are probably thinking or planning a more advance technology or devices to replace what they used to have. They’ve only mention about bitcoin mining and not banning bitcoin entirely so I think it will not hurt the value that much.

[Wayan_Pedjeng]

I don't understand how this will improve the price of Bitcoin?  Thought the effects of this kind of ban is usually negative for the prices? A Miner is banned from mining....he sells some coins to relocate his miners or sell his coins to start another business.

Here the thinking is different. A lot of the users think that if the Chinese mining farms are taken out, then it will create a bottleneck in the fresh coin supply and if the demand remains constant, it can result in the exchange rates getting spiked.

However, I don't think that the impact will be that simple. The Chinese ban is like a double edged sword. It has the potential to create bearish conditions as well. If the hashrate goes down, then mining may become profitable for non-Chinese miners. And what will happen if they decide to sell their mined coins below the market rates?

[Pamadar]

Did they really ban bitcoin mining?

It only says it's considering a bitcoin mining ban, so it's not yet final so I guess everyone should stop speculating as this point until we really heard fro the Chinese government about their stance on it.

On the bright side, it might cut the monopoly of Bitmain and other countries might be willing to keep bitcoin mining on their back-yard.

Yea, theres no confirmation to this yet. I’ve read an article about it and it says that this plan is probably just a front for a more advance plans. They are probably thinking or planning a more advance technology or devices to replace what they used to have. They’ve only mention about bitcoin mining and not banning bitcoin entirely so I think it will not hurt the value that much.

China's motives for this still unclear as they don't have any final statement regarding to this banned of mining farmed if so, there's some significance that the value might fell for awhile but for sure it will jumped high again, since mining owners are ready if things happen and transfer their farmed overseas.