The reason mining was banned in China

[joshv06]

This is what media is saying us but a lot of them are still mining in China, this country is very powerful and they are still supporting Web results
3 Things to Know About Bitcoin Mining in China - Buy Bitcoin Worldwide
https://www.buybitcoinworldwide.com › ...

I have posted the details of how mining works in China, and I still feel they are supporting crypto mining.

[Harris Stevens]

Chinese crypto-currency will fall as it will be controlled by a centralized government and will result in more issue between the chinese people and the government as the establishment want to implement supremacy rather than equality

[jak3]

did you just say you want to see how cryptocurrency and government work together, well that's impossible no one wants that to happen? even bitcoin was made as an alternative to faint currency. anyway even if they try to make a new cryptocurrency its still china (the country which doesn't even trust google or facebook) is gonna trust cryptocurrency. if they are gonna make it then maybe we are gonna find some Chinese people in this forum.

[Ale88]

To me it looks like many people in this thread are making confusion between cryptos and BTC, which are related but they're not the same thing: BTC is a crypto, cryptos include BTC. Can we have a centralized crypto and also BTC? Yes. Can in happen in the same country? Yes. In China? I don't know.

[kpcian]

If any country is going to start their own cryptocurrency and use it then i think it will be centralized and then their wont be any difference between fiat currency or same country controlled coin. So it can be manipulated and controlled by the govenment. So i think this idea will be very bad one. and most of them wont support it.

It is OBVIOUSLY the case, and thinking the opposite is too naive. Private banks dominate goverments because they have the power to create the money... they are not going to lose that power.


PD: What happened to the answers before mine? Deleted?

chinese government understand the  power of cryptocurrency.government feels threatend  by bitcoin but like the idea.so it is expected that they wil release their own cryptocurrency, so that they can control their own crypto.considering everything governtment understand that bitcoin is a clear winner and  they don't want citizens to invest money into sometthing that can not be controlled by them.

[avikz]

hey remember the time when we all speculated   how China is gonna just give birth to a cryptocurrency on it's own and bang ! They will try and dominate even the world of cryptocurrency, well guess what ?
Days after mining the Bitcoins that is the king of all cryptocurrencies' was banned , we have a news .!!

*China is going to make it's own currency Renminbi a cryptocurrency *

Well the reports have still yet to be confirmed officially but experts have provided a good Intel. I don't even think that they will provide any Intel ahead of time . They are going to take help from the central bank and turn their own currency into a cryptocurrency.

Well to be honest I think it would be a good experiment when we would be able to see how ! Cryptocurrency + government can work together since it will be a derivative of a bank !


Any ideas about what will happen ? What do you guys think ?

That was pretty much expected! Slowly majority of the countries will move to this crypto economy which will be just a digital representation of their own fiat currency.  Countries like China and India are the ones who are effectively exploring this opportunity.

But there's nothing for us to get excited because that will effectively supersede the necessity of other cryptos to a lot o people! 2019 and the years ahead will be full of surlrises it seems!

[Yakamoto]

hey remember the time when we all speculated   how China is gonna just give birth to a cryptocurrency on it's own and bang ! They will try and dominate even the world of cryptocurrency, well guess what ?
Days after mining the Bitcoins that is the king of all cryptocurrencies' was banned , we have a news .!!

*China is going to make it's own currency Renminbi a cryptocurrency *

Well the reports have still yet to be confirmed officially but experts have provided a good Intel. I don't even think that they will provide any Intel ahead of time . They are going to take help from the central bank and turn their own currency into a cryptocurrency.

Well to be honest I think it would be a good experiment when we would be able to see how ! Cryptocurrency + government can work together since it will be a derivative of a bank !


Any ideas about what will happen ? What do you guys think ?

That was pretty much expected! Slowly majority of the countries will move to this crypto economy which will be just a digital representation of their own fiat currency.  Countries like China and India are the ones who are effectively exploring this opportunity.

But there's nothing for us to get excited because that will effectively supersede the necessity of other cryptos to a lot o people! 2019 and the years ahead will be full of surlrises it seems!

Countries that just turn their own currencies into cryptos doesn't mean that they're trying to "adopt" the crypto framework - if they were doing that then they would be far more open to using the decentralized networks and platforms that already exist. This is just another effort to control their citizens more by having a "public ledger" which they can notionally make completely traceable for the government agencies and impact their social credit platform by making finances available to everyone. China's government has no actual purpose for cryptos, they're exploiting it and making it a malicious system.

[MakeMoneyBtc]

Chinese crypto-currency will fall as it will be controlled by a centralized government and will result in more issue between the chinese people and the government as the establishment want to implement supremacy rather than equality

This depends on how the population of China will react to this. Many of them don't know about cryptocurrencies and for them this will seem like something new that is helpful for their economy so their crypto might survive for a while at least in China. For the rest of the world this is going to be a dead, shitty coin and nothing more than a copy of bitcoin.

[Ale88]

Chinese crypto-currency will fall as it will be controlled by a centralized government and will result in more issue between the chinese people and the government as the establishment want to implement supremacy rather than equality

This depends on how the population of China will react to this. Many of them don't know about cryptocurrencies and for them this will seem like something new that is helpful for their economy so their crypto might survive for a while at least in China.

Tons of people in China already pay using WeChat, and the government knows everything about WeChat, so I don't see any big difference.

[seoincorporation]

Chinese crypto-currency will fall as it will be controlled by a centralized government and will result in more issue between the chinese people and the government as the establishment want to implement supremacy rather than equality

This depends on how the population of China will react to this. Many of them don't know about cryptocurrencies and for them this will seem like something new that is helpful for their economy so their crypto might survive for a while at least in China.

Tons of people in China already pay using WeChat, and the government knows everything about WeChat, so I don't see any big difference.

The difference is on the WeChat application, they made the payments with the typical bank transaction they are not a cryptocurrency, since they are bank based there is no problem with the regulation, but if we try to do this with a crypto will be really hard because the regulations don't let cryptos grow as a big payment system.

[crzy]

This is what media is saying us but a lot of them are still mining in China, this country is very powerful and they are still supporting Web results
3 Things to Know About Bitcoin Mining in China - Buy Bitcoin Worldwide
https://www.buybitcoinworldwide.com › ...

I have posted the details of how mining works in China, and I still feel they are supporting crypto mining.

They can’t just simply leave that business because they are making money though the reason is just a speculation. The media is trying to destryos mining industry because of their own interest? Well, it might be or China will really create its own crypto and control its people with that coin.

[minersday]

hey remember the time when we all speculated   how China is gonna just give birth to a cryptocurrency on it's own and bang ! They will try and dominate even the world of cryptocurrency, well guess what ?
Days after mining the Bitcoins that is the king of all cryptocurrencies' was banned , we have a news .!!

*China is going to make it's own currency Renminbi a cryptocurrency *

Well the reports have still yet to be confirmed officially but experts have provided a good Intel. I don't even think that they will provide any Intel ahead of time . They are going to take help from the central bank and turn their own currency into a cryptocurrency.

Well to be honest I think it would be a good experiment when we would be able to see how ! Cryptocurrency + government can work together since it will be a derivative of a bank !


Any ideas about what will happen ? What do you guys think ?

Enough of this speculations. Please do enough research before agreeing with another false speculations. If you think this is the reason why china wants to ban Bitcoin mining please provide a link to the source for this speculation. Everyday China wants to ban Bitcoin mining but till now, there hasn't been any proof to support this claims. And China has no time to develop its own cryptocurrecy because the current financial system used there is highly efficient and reliable.

[darklus123]

So there will a new added shitcoin on the market?, We should still get the benefits of them stopping their operations which is obviously just temporary. As soon as their sh*tcoin will start to fall down. They will obviously go back to operating the same business using bitcoin alone.

[Yakamoto]

So there will a new added shitcoin on the market?, We should still get the benefits of them stopping their operations which is obviously just temporary. As soon as their sh*tcoin will start to fall down. They will obviously go back to operating the same business using bitcoin alone.

China won't make a crypto in the way that we know cryptos, if anything it would just be their own currency with a couple of extra steps added and probably a whole lot more government control. I realistically cannot see China trying to make a crypto that isn't just an extension of the Renminbi/Yuan. Of course, I could be very wrong about that and they might make their own crypto which is more than fiat. Either way, I almost guarantee that it would include some form of integration with their social credit system. It will be a shitcoin regardless if it's considered a "real" crypto or not, just for different reasons than we might expect.

[mich]

With all the coins being mined over in China I reckon it near be impossible to ban all mining.
I know the Chinese government thinks Bitcoin is wasteful and would prefer to do without.
Note to mention that just because it is illegal it does not mean people in China will suddenly stop mining especially if they have been earning profits doing so.

[denzkilim]

Are you talking about these story? https://cointelegraph.com/news/official-chinese-currency-renminbi-to-become-cryptocurrency-expert-says. 

First, mining is yet to be banned in china, the proposal is there and still under review.  This is somehow misleading saying that mining is already banned in China but it is not.

I agree the title is misleading because mining in China is still ongoing and the ban proposal of its government is under review just like what you have said. I think the Chinese government see that Bitcoin mining is wasteful and needs a lot of energy to operate especially a big mining farm and not just that they also see it as a means of medium for transactions of illegal activities of criminals especially for drugs and we know that China is very strict in this kind of matter, we have heard of news about execution of proven drug-related peoples.

To the OP, I don't think that a country making its own Crypto Currency is a bad idea and anyone is free to do so. And if China will do its own Crypto for its country they can do it but until today it is still a rumor and we don't have a solid proof that they will create one.

[darklus123]

China won't make a crypto in the way that we know cryptos, if anything it would just be their own currency with a couple of extra steps added and probably a whole lot more government control. I realistically cannot see China trying to make a crypto that isn't just an extension of the Renminbi/Yuan. Of course, I could be very wrong about that and they might make their own crypto which is more than fiat. Either way, I almost guarantee that it would include some form of integration with their social credit system. It will be a shitcoin regardless if it's considered a "real" crypto or not, just for different reasons than we might expect.

Of course we know how China play their game but as I have said it is indeed just another sh*tcoin. Unless they will not going to connect it to the blockchain technology but if they do then it is just a pure alt of bitcoin. It is still a good sign tho because other miners can now share more blocks

[marycrazy08]

hey remember the time when we all speculated   how China is gonna just give birth to a cryptocurrency on it's own and bang ! They will try and dominate even the world of cryptocurrency, well guess what ?
Days after mining the Bitcoins that is the king of all cryptocurrencies' was banned , we have a news .!!

*China is going to make it's own currency Renminbi a cryptocurrency *

Well the reports have still yet to be confirmed officially but experts have provided a good Intel. I don't even think that they will provide any Intel ahead of time . They are going to take help from the central bank and turn their own currency into a cryptocurrency.

Well to be honest I think it would be a good experiment when we would be able to see how ! Cryptocurrency + government can work together since it will be a derivative of a bank !


Any ideas about what will happen ? What do you guys think ?

Was this confirmed? I think China didnt ban mining as per new articles.

[blockchainwriters]

most of the Chinese articles claim the main reason for mining get banned in China is because of Environmental pollution these mining  cause

[gilangIDR]

China won't make a crypto in the way that we know cryptos, if anything it would just be their own currency with a couple of extra steps added and probably a whole lot more government control. I realistically cannot see China trying to make a crypto that isn't just an extension of the Renminbi/Yuan. Of course, I could be very wrong about that and they might make their own crypto which is more than fiat. Either way, I almost guarantee that it would include some form of integration with their social credit system. It will be a shitcoin regardless if it's considered a "real" crypto or not, just for different reasons than we might expect.

Of course we know how China play their game but as I have said it is indeed just another sh*tcoin. Unless they will not going to connect it to the blockchain technology but if they do then it is just a pure alt of bitcoin. It is still a good sign tho because other miners can now share more blocks

China has its own strategy, I believe that when China makes a decision, they actually have their own planning. This is difficult to understand because China has its own interests. For me, we must respond to this carefully. We must not be easily influenced by all issues, not to make the issue even make it difficult for us to make a decision.