The pitiful state of the Chinese economy could weigh on Bitcoin

[traderethereum]

I don't think that the Chinese economy is crumbling, maybe they want to do something, and we don't know what it is. So we need to wait until May 8 to know the update of the news. But I still curious about did China really want to ban mining.
Obviously, the word "there is a return for the government" means something and it clearly does that the government want something from the miner which they cannot get. For example, the government cannot get tax from the mining itself.

On balance, the relationship between what they earn (from the entire mining sector) to what they lose is clearly unfavorable to the Chinese government.

That will not unfavorable to the Chinese government but not for people who were still mining because although the bitcoin price is not too high right now, they still collecting more and more bitcoin because they believe that bitcoin price will increase higher. And the Chinese government doesn't realize that because they don't want to see their people become wealthy people in their country. But I am not sure about that, and maybe I am wrong about this.

It could be no doubt one of the lucrative facility the government could give her people if they recognize Bitcoin but keep in mind that there is implicit ban on the mining and ICOs and Cryptocurrency as the People’s Bank of China made it very clear that companies should keep away from getting involved in the transaction of money in the form of crypto. But regardless of the ban etc, Bitcoin will thrive because it is unstoppable.

I only wish that in someday, the Chinese government will realize about the existing of bitcoin in their country and they will allow people to use bitcoin although they still prohibited the mining. Bitcoin can be a new solution for their citizen to change their life into a better life so people can start to use and make money like what other people did.
Yes, I agree that bitcoin is unstoppable and it will grow fast in the future and if the Chinese government still don't want to use cryptocurrency, so let it be.

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[pawanjain]

China has been spreading the news of bitcoin mining ban frequently lately and I don't know whether it is true or not but I think they are just trying to spread a FUD.
Their motive might be that people dump bitcoin but I don't think that will happen since people have been over this already.
Even if China bans bitcoin mining it will create a temporary effect on bitcoin's price but then things will get settled up as bitcoin recovers the price.
New miners might then join the pool and if not then the older ones will be more benefitial as they will be getting more rewards.

[befriendmywater]

This might be true considering that they have been posing CNY to be the world's currency for some time now, and by allowing a large chunk of bitcoin created into their soil, which could then be converted into USD and placed into off-shore accounts, this is defeating their goal honestly. For quite a long time now, Chinese economy is still Sino-centric, and that is very evident with the recent moves they have pulled off to get their economy boosted and accelerated over everyone else.

Yes, China is accelerating and it is much faster than what people have witnessed. it is implicitly manipulating countries in the East by lending money to build the country. China now has a large market share in the export of industrial goods.
We should appreciate them and invest more in them before their economies are stronger than the US.

[fasdorcas]

Now I see the point why they are pushing this mining ban in China. As always, Chinese people did not want to get their money out of country, but of course thwy want to get other countries' money into their cpuntry. However, the hole will be blockchain, specficaly bitcoin mining inside China where they spend their real-money for energy comsumption and spread digital money through out other countries.

Wow, you are very smart, I never thought of it this way but the truth is that you are very much correct about this, one thing I know about the Chinese is that they can do anything possible to make sure that money doesn't leave their country but circulate around their country, this is the main reason why they banned a lot of website use in china, well if they want to ban mining in their country, then they should go ahead and ban it already, those miners would just have to relocate.

[Shenzou]

China has been spreading the news of bitcoin mining ban frequently lately and I don't know whether it is true or not but I think they are just trying to spread a FUD.
Their motive might be that people dump bitcoin but I don't think that will happen since people have been over this already.
Even if China bans bitcoin mining it will create a temporary effect on bitcoin's price but then things will get settled up as bitcoin recovers the price.
New miners might then join the pool and if not then the older ones will be more benefitial as they will be getting more rewards.

As always with all news like this it has not been taking into affect or confirmed yet, since for years now Chinese bitcoiners and people involved with crypto have invested money time and time into machines and mining rigs and relied on it to provide income for them, it would not only hurt them but it will also have an effect on the economy as well since it has made its roots in its economical base, and this might not take place immediately but this will end up effect bitcoin over all so i don't think it will go through.

[CryptoReggae]

Now I see the point why they are pushing this mining ban in China. As always, Chinese people did not want to get their money out of country, but of course thwy want to get other countries' money into their cpuntry. However, the hole will be blockchain, specficaly bitcoin mining inside China where they spend their real-money for energy comsumption and spread digital money through out other countries.

Wow, you are very smart, I never thought of it this way but the truth is that you are very much correct about this, one thing I know about the Chinese is that they can do anything possible to make sure that money doesn't leave their country but circulate around their country, this is the main reason why they banned a lot of website use in china, well if they want to ban mining in their country, then they should go ahead and ban it already, those miners would just have to relocate.

that's exactly what I tried to say from the first post.
The Chinese are also undermining to get BTC for the sole reason of exporting currency from their country.
Obviously they are not the only ones to do it, but the fact that their country lives its economy in a totally closed way, makes btc the solution to their problems.

[teosanru]

The whole world is in a pitiful state today. USA is on verge of collapsing. These things are of advantage to cryptos. When people fear a meltdown in global economy, they run to something which isn't much correlated to it. People will start investing in cryptos as it is decentralized and not related directly to fiat and hence, the global economy. People will choose cryptos as a safe alternative for their investments.