China’s Plan to Ban Bitcoin

[olliecrypto]

i have seen "china is banning bitcoin" for years now.
its a bit ridiculous to scream that every couple of months now, and i really don't think most people care about what might happen, because most likely china would just reverse itself as it always does a couple of months down the line

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[imstillthebest]

first of all . your title is a bit mis leading . the title says ban bitcoin but after i open the thread i see that its not bitcoin that they ban but its bitcoin mining  . next time make the title clear so that no one will be worrying too much . okay ?   now back on topic  .  if bitcoin mining is the only one that they ban , i think this is not going to have a huge impact on the bitcoin industry because people on china can still buy and use bitcoin . 

[Reatim]

first of all . your title is a bit mis leading . the title says ban bitcoin but after i open the thread i see that its not bitcoin that they ban but its bitcoin mining  . next time make the title clear so that no one will be worrying too much . okay ?   now back on topic  .  if bitcoin mining is the only one that they ban , i think this is not going to have a huge impact on the bitcoin industry because people on china can still buy and use bitcoin . 

Same thing that I noticed after opening this thread, it's not the right information and very misleading for people who's gonna see this, but since there's already an explanation about this matter, banning mining business will not affects that much, as it can be re open to another country to continue the business.

[RamBahadur.Gurung]

i have seen "china is banning bitcoin" for years now.
its a bit ridiculous to scream that every couple of months now, and i really don't think most people care about what might happen, because most likely china would just reverse itself as it always does a couple of months down the line

The Chinese government has implemented some tough measures and you can't ignore those. For example, it forced a number of mainland exchanges to close down their operations and completely stopped the BTC-CNY trade. Obviously these measures were not 100% successful, because a number of users just shifted their trading from mainland exchanges to those based in HK and Korea.

[smyslov]

Dont ever forget to post out some source links if you do copied these articles/news into some website.If you dont like to be banned then be cautious next time.
Source Link: https://www.ccn.com/chinas-bitcoin-mining-ban-plan-good

China's decision towards banning mining operation is really just a good news for us bitcoin supporting community and as mentioned on the article this can lead out for mining
industry to be more decentralized yet domination of China in regards of mining operation will surely be break out with this decision.

The article mentioned that Bitmain has offices and factories abroad, they will just transfer their operation there, they know that Bitcoin mining is their cash cow  and it's still profitable, they will not let a ban ruin their business and will always find a fix for this, I don't see China-based companies losing their grip.

[coupable]

The same idea still comes into my mind at first sight of "Country X plan to ban bitcoin" : But it's technically impossible.
It looks more coherent that a government like China can ban mining by low enforcement, when it looks dumb from some other countries. I recently here this statement from the director of the central bank in my country.

[numismatist]

China has become a super-power, and many Chinese are extremely wealthy. Banning mining activities in China won't meant that the Chinese will have a reduced mining activity. The mining owners will just move their operations to other countries, and they have already done this to a certain extent.

I am not sure about the logistics. Is it that easy to move thousands of mining rigs from one country to another, and then assemble them again, and then to re-start the mining farm? Anyway... to which country are they planning to move their farms?

To almost every country surrounding them, it's part of the https://en.wikipedia.org/wiki/Belt_and_Road_Initiative especially this:

The super grid project aims to develop six ultra high voltage electricity grids across China, north-east Asia, Southeast Asia, south Asia, central Asia and west Asia. The wind power resources of central Asia would form one component of this grid.[41]

... but hydrodynamic power will be part of the energy mix, even nuclear facilities, too.

Logistics? De Facto "mining rigs" are the fastest relocateable production facility if you compare anything energy hungry to them. Makes total sense, doesn't it?

[CryptoBry]

The list of sectors that will be encouraged, restricted and eliminated will undergo a public consultation period until May 7 according to the report of SCMP, and as such, mining facilities in China are likely to be able to operate throughout the next month or two.

The time has come for the Bitcoin mining industry to finally come out of the shadow and influence of China. When Bitcoin mining ban can be fully implemented, then we expect mining to be scattered in different parts of the world hence there will be less concentration of power in just one country. This is the reason why some analysts are saying that this development can be working out positive for the whole Bitcoin industry. Right now, we should not be trusting with China as it has its own global dominance plan being carried out.

[Lanatsa]

The list of sectors that will be encouraged, restricted and eliminated will undergo a public consultation period until May 7 according to the report of SCMP, and as such, mining facilities in China are likely to be able to operate throughout the next month or two.

The time has come for the Bitcoin mining industry to finally come out of the shadow and influence of China. When Bitcoin mining ban can be fully implemented, then we expect mining to be scattered in different parts of the world hence there will be less concentration of power in just one country. This is the reason why some analysts are saying that this development can be working out positive for the whole Bitcoin industry. Right now, we should not be trusting with China as it has its own global dominance plan being carried out.

China monopoly would really be destroyed if this Ban will be implemented and this do really give out positive impact yet there would be no already some dominance when
it comes to mining cryptocurrency industry.Some might be already worried on such ban but we have seen on how many times do China trying to lift up bans and then go
on the same track again where making any decision that do oppose the entire crypto market but still it stand strong after all these years.

[Spaffin]

I'm already tired of periodically reading the reports that China is going to ban cryptocurrency. Such messages appear regularly since the summer of 2017. Now I would even like to see whether such a large state like China can control its prohibition of cryptocurrency. In tough authoritarian regimes, where the rights of citizens are openly ignored, this is, of course, possible. However, China is not such a state. Such an experience would be very useful for us and in general for cryptocurrency.

[rdbase]

The same idea still comes into my mind at first sight of "Country X plan to ban bitcoin" : But it's technically impossible.
It looks more coherent that a government like China can ban mining by low enforcement, when it looks dumb from some other countries. I recently here this statement from the director of the central bank in my country.

As mentioned china is not banning bitcoin and using it. Just for mining it I guess because they have low cost of electricity and are seeing they are losing out on collecting from these large mining operations for the amount they are making in selling it afterwards. They want their cut into these profits I would imagine.
Countries such as India are talking about banning it outright yet again and I believe south asia countries such as vietnam and indonesia have before.
According to this list below china has tried to ban its use five times in the past but have failed to do so.
https://www.buybitcoinworldwide.com/bitcoin-bans

[marcbitcoins]

It will be the Chinese loss if they will ban the Bitcoin mining. Although Bitcoin is not the number 1 crypto currency in this nation but still majority of the world nations are making Bitcoin the number 1 crypto currency investment therefore i think the Chinese should think again of this potential earnings from Bitcoin which is better than none.

[Kemarit]

I saw one thread in Speculation discussing about the "imminent" decision of the Chinese government about banning bitcoin mining here: (https://bitcointalk.org/index.php?topic=5139131.0). Interesting topic to read so I urge everyone to go on that thread and read the comments. Personally though, I see that it have a negative impact in the market because we all know that they have the monopoly of mining, but then again, I'm sure that bitcoin will survived with China in the equation.

[izanagi narukami]

Whenever they do, they can inflict bitcoin value in world scale because the miner in China categorized as massive miner.
If they decide to ban, I'm pretty sure that bitcoin will downtrending

If the mining will be banned in China, I guess that chinese miners will just move to other countries and continue their operations.

But also just to share, I just watched a TV program in our country that they're not recommending and not supporting crypto to the people. And also they also said more negative comments regarding Bitcoins.

I think it's not worth to spending their moveout to other place so they will not do it

[Mpamaegbu]

The National Development and Reform Commission (NDRC) revealed its intent to eliminate the bitcoin and crypto mining sector immediately in its guidance for adjustments to industrial structure published on April 1.

The list of sectors that will be encouraged, restricted and eliminated will undergo a public consultation period until May 7 according to the report of SCMP, and as such, mining facilities in China are likely to be able to operate throughout the next month or two.

Frankly speaking, if not for the population of China the US would've unbundled them long time ago and force a democracy on them. That aside, I know majority of the people here give a damn about China just for her economic strength, nothing more. Sadly, we have seen how that supposed strength didn't play out catastrophically in 2017 when the Chinese government gave Bitcoin the boot by banning it. What happened? Nothing much, if you asked me because Bitcoin still went ahead and had its ATH that 2017. In fact, the general market cap got to over $800billion (the highest till date). So, China should just give us a break and do its worst. I am less concerned.

[Kemarit]

I think this action will greatly affect the Chinese economy.

Why you say so? Chinese economy is flowing not because of bitcoin mining, yes there's a lot of money involved, but I don't think it will greatly affected their economy. Wealthy Chinese has saved a lot of money and simply removing bitcoin mining would make any dent whatsoever in their economy. Their rapid growth will continue with or without the mining industry.

[Crypt0b0y5]

the reality, we don't worry, BTC will be difficult to stop. BTC volatility moves quickly every time. more users, it will be more difficult to be affected by the monetary crisis

[elisabetheva]

i have seen "china is banning bitcoin" for years now.
its a bit ridiculous to scream that every couple of months now, and i really don't think most people care about what might happen, because most likely china would just reverse itself as it always does a couple of months down the line

I also see what you say is not wrong, China has done something like this several times but will eventually come back to it. we know, however, China is a very large crypto user and it is not easy to prohibit it unilaterally because there will definitely be an impact that will occur.

[dahisot621]

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[Bushdark]

i have seen "china is banning bitcoin" for years now.
its a bit ridiculous to scream that every couple of months now, and i really don't think most people care about what might happen, because most likely china would just reverse itself as it always does a couple of months down the line

I also see what you say is not wrong, China has done something like this several times but will eventually come back to it. we know, however, China is a very large crypto user and it is not easy to prohibit it unilaterally because there will definitely be an impact that will occur.

I don't think the bank is so strict that people will not be able to bypass the ban on cryptocurrency. There are many ways to bypass the ban on Bitcoin and making people had been doing that for long now. There are also other countries that crypto is ban but there is still ways to use crypto with the government even know about it. I just hope the ban on Bitcoin and other altcoins would end as soon as possible so people that are full crypto traders and investors would be able to do there businesses without any problem at all.