‘Bullish for Bitcoin’ — China Scraps Plans to Ban Cryptocurrency Mining

[el kaka22]

China is not run by idiots, all these people who have done all these horrible stuff are not doing it because they are idiots, they are doing it because they want power and they want more power when they get it. They literally let their own people die to become more powerful when they needed it to. So, when mining doesn't make them money, they can ban it, when it makes them more money they will support it.

Now, the only reason why China wanted to ban mining was the fact that it was using cheap electricity to mine bitcoins and they could have used those cheap electricity or cheap tax evasions and whatever else on something that would help China. They eventually calculated that even if government doesn't get anything, Chinese people having ton of bitcoin would help a lot. So they will support it now.

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[Faxmate]

Again with the sudden change of mind of China.
They have been doing this for weeks now.
First the blockchain news of the President and now this.
It seems like they are now in the middle of researching about how crypto currency will make good changes for their country.
There will be next after this.

Those who fled from their country will never get back. They knew how their country work and this is one proof.

China is really good at keeping itself one of the hot topics in crypto currencies world. Since the beginning, it has been passing statement. At times, it stands with bitcoin and then it just becomes the worst enemy. One thing is clear here. China understands the power of blockchain and wants to be benefited from it. It also understand the importance of digital currencies. After failing to control bitcoin, it needs to come up with a good plan.

[jseverson]

China is really good at keeping itself one of the hot topics in crypto currencies world.

Nah, the media does that on its own. The world perceives China to be a massive crypto superpower, so basically everything they do is put on blast. They don't give a shit about global perception regarding their human right abuses, so I don't think they would care about what we think they're doing with Bitcoin. What they do care about is their population's opinion, and what they're doing is softening them up for whatever national crypto they're planning.

If it turns out that Bitcoin is in the way of their crypto's success, I'm sure they would ban it in a heartbeat. People are cheering now because their interests currently align with China's, but I don't think it will remain this way for too long. I hope I'm wrong though.

[clickerz]

Again with the sudden change of mind of China.
They have been doing this for weeks now.
First the blockchain news of the President and now this.
It seems like they are now in the middle of researching about how crypto currency will make good changes for their country.
There will be next after this.

Those who fled from their country will never get back. They knew how their country work and this is one proof.

China is really good at keeping itself one of the hot topics in crypto currencies world. Since the beginning, it has been passing statement. At times, it stands with bitcoin and then it just becomes the worst enemy. One thing is clear here. China understands the power of blockchain and wants to be benefited from it. It also understand the importance of digital currencies. After failing to control bitcoin, it needs to come up with a good plan.

They are signaling the world that they are ready. Compared to its competitor in the US, China is now more proactive in its crypto regulation which is a good sign. Seems they are setting the standard to other nations to follow a lead.

[Hippocrypto]

Again with the sudden change of mind of China.
They have been doing this for weeks now.
First the blockchain news of the President and now this.
It seems like they are now in the middle of researching about how crypto currency will make good changes for their country.
There will be next after this.

Those who fled from their country will never get back. They knew how their country work and this is one proof.

China is really good at keeping itself one of the hot topics in crypto currencies world. Since the beginning, it has been passing statement. At times, it stands with bitcoin and then it just becomes the worst enemy. One thing is clear here. China understands the power of blockchain and wants to be benefited from it. It also understand the importance of digital currencies. After failing to control bitcoin, it needs to come up with a good plan.

They are signaling the world that they are ready. Compared to its competitor in the US, China is now more proactive in its crypto regulation which is a good sign. Seems they are setting the standard to other nations to follow a lead.

Let's see if that signs will attract more investors to buy and hold large amount of assets. This is quite exciting and surprising, because as I've seen the price lately it was still trying to cover up lost. Many holders had no options but always choosing to hold even though they felt disappointed with dumped price early two weeks this November.

[airdnasxela]

China is slowly turning the table around. They were once against cryptocurrency and now they slowly took back their grudges against btc. This is a serious indicator about their plan to build their own cryptocurrency run by their own blockchain also.

Indeed. Because they won't change their thoughts and regulations about mining if they're not into it nor if they don't have any plans. Even from the start, I'm already expecting China to create their own cryptocurrency. That's already an obvious plan of China. But this move of China can really cause bullish for bitcoin...

But one question, aren't they going to change their mind again once they have already launched China's own crypto?

[1Referee]

But one question, aren't they going to change their mind again once they have already launched China's own crypto?

It's hard to say anything about that beforehand, mainly so with how unpredictable China is with everything it does. In all honesty, I don't believe a word of any report claiming that China is open to Bitcoin and other decentralized cryptocurrency. It's the exact opposite of what they want to achieve within their borders, which is total control and domination of people's finances.

People seem really hyped up about China lately, but they don't seem to know that it only concerns a looser stance on blockchain projects, which generally are centralized. Bitcoin & Co aren't going to enjoy an easy ride and they technically never have in China. Crypto had a free run some years ago because the regulatory framework within China had to catch up, and it did with very negative consequences.

[jseverson]

But one question, aren't they going to change their mind again once they have already launched China's own crypto?

The fact that they haven't banned Bitcoin when they've had all the time to do it makes me somewhat optimistic. China has a hardon for surveillance, and they probably like that they can monitor transactions all they like. They're very trigger happy with their banhammer, so the fact that they never implemented an outright ban probably suggests they don't see it as a threat at the moment.

On the other hand, if Bitcoin for some reason stood in the way of their crypto's success, I'm fairly certain they'll ban it without second thoughts. But hey, depending on what they come up with, the two may be able to coexist. Only time will really tell.

[Ayiranorea]

But one question, aren't they going to change their mind again once they have already launched China's own crypto?

The fact that they haven't banned Bitcoin when they've had all the time to do it makes me somewhat optimistic. China has a hardon for surveillance, and they probably like that they can monitor transactions all they like. They're very trigger happy with their banhammer, so the fact that they never implemented an outright ban probably suggests they don't see it as a threat at the moment.

On the other hand, if Bitcoin for some reason stood in the way of their crypto's success, I'm fairly certain they'll ban it without second thoughts. But hey, depending on what they come up with, the two may be able to coexist. Only time will really tell.

There won't be a second thought once they come up with their own cryptocurrency. Maybe what's been done now can also be the beginning to promote country's own cryptocurrency and eliminating the usage of other cryptocurrency. Once people get used to it, then it is quite hard to make them follow something else that is developed to replace the same. Even in the past there were several such incidents, but people continued to use it. This time too such thing. Continues.

[Google+]

this seems to be a nightmare for traders because at this time it is seen that the price of bitcoin at the place of exchange is starting to fall, from here it has been seen that many mining and traders are panicking and prefer to secure their assets by selling bitcoin at cheap prices.

[vintages]

China is slowly turning the table around. They were once against cryptocurrency and now they slowly took back their grudges against btc. This is a serious indicator about their plan to build their own cryptocurrency run by their own blockchain also.

We can't be took quick to conclude now till it start taking into place and most especially seeing the effect. It might turn out good and at the same time, it might turn out the opposite. They are seriously, finding a means surpress Bitcoin for their own cryptocurreny, i just hope people don't spread more FUD through this.

[SirLancelot]

Cointelegraph

No doubt that this could be the one of the most bullish news this year, this could quiet bring back confidence to Chinese Crypto miners that fled from their country due to past regulation pressure. Whats your thought, is this the bullrun catalyst that weve been waiting for?

Bullish for Bitcoin? Well, from what I see the price of Bitcoin is going down and not being bullish. The price has dropped From the rate of $9000+ and down to $8000+ now, so I don't see how that's being bullish. Well, China is going to benefit from bitcoin for sure: they have cheap electricity and they will be able to make income from miners and that's for sure.

This morning I read a news article that Bitcoin might drop once institutions starts to adopt it. The expert claimed that the price might even drop to zero once they start adopting it but I don't know if this is really true.

this seems to be a nightmare for traders because at this time it is seen that the price of bitcoin at the place of exchange is starting to fall, from here it has been seen that many mining and traders are panicking and prefer to secure their assets by selling bitcoin at cheap prices.

Well, at such situation you have no choice than to sell your coins at a cheap rate. There are some who will still not sell their coins because they strongly believe that the price will go up. I have seen someone that still held his Bitcoin after the price fell from $20,000 and down to $8000.

[clickerz]

this seems to be a nightmare for traders because at this time it is seen that the price of bitcoin at the place of exchange is starting to fall, from here it has been seen that many mining and traders are panicking and prefer to secure their assets by selling bitcoin at cheap prices.

I think this is only temporary if this is true. After the selloff, it will go back normally.I am grateful with this China announcement, which means bullish crypto in the years to come. As we can see, there is positive sentiments now in crypto, with billions of population in China, even a small portion of adoption can change the crypto industry.

[magneto]

I doubt that they'll reverse all of the progress they've made in terms of driving out BTC and other cryptos this soon. It's simply unreasonable to think that they're going to do a complete 180 on this.

This is likely just a precursor to their national crypto or whatnot that is up and coming, and nothing to do with BTC. In order to support their national crypto, the regulations obviously have to be relaxed temporarily to allow for it.

They can just as easily place a ban on mining any coin that's not their own once again. Although the enforceability is obviously questionable.

[SquallLeonhart]

There won't be a second thought once they come up with their own cryptocurrency. Maybe what's been done now can also be the beginning to promote country's own cryptocurrency and eliminating the usage of other cryptocurrency. Once people get used to it, then it is quite hard to make them follow something else that is developed to replace the same. Even in the past there were several such incidents, but people continued to use it. This time too such thing. Continues.

So tell me please, what it is the correlation of this with chins scraping plan to ban bitcoin as this should even be very good news for traders that you feel is panicking because we all know how powerful and how rich china is, and if they really mean to work against something, they could really achieve it.

The time we were all panicking was when china first thought of banning miners form mining bitcoin and we all thought that this could really affect the value off bitcoin as we will have little or no interest of people in mining again, since virtually 70 percent of cryptocurrency miners are from china, while at the same time, we also feel that it will have its own advantage as there will be high demand of bitcoin then with limited supply of coin, which will make the value off bitcoin to surge.

[Emitdama]

Will this increase the price of Bitcoin or improve its decentralization? I think I prefer the latter, but I hope this doesn't make mining unprofitable in other part of the world due to cheap energy and things like that. This is the mining  decentralization

Before china came in to the cryptocurrency picture to start debating whether to ban it or not, there was high rate of cryptocurrency activities in china and during those times, china has about 60% to 70% of the mining power because of cheap labor, cheap machines and also because of their cheap energy and yet there are people who were still mining their coin in other parts of the country and making money at the same time china is also mining.

The market is big to accommodate everyone, and even if the president of china has scrapped the plan to ban mining which will surely make the mining rate to increase in china, I think that other miners in other countries will still be able to have a profitable mining just like it was before the ban.

[rdluffy]

Oh, again China
I said a lot of times, we have to stop believing in any China news, this year we already have

China will ban BTC
China won't ban BTC
China will ban miners
China won't ban miners

China will launch a cryptocurrency

What else?

Some people with a lot influence in China are doing this to their own benefit

[NathanJB]

Oh, again China
I said a lot of times, we have to stop believing in any China news, this year we already have

China will ban BTC
China won't ban BTC
China will ban miners
China won't ban miners

China will launch a cryptocurrency

What else?

Some people with a lot influence in China are doing this to their own benefit

We need to start a poll here asking if they are Chinese or not. With all the kinds of posts being made here, it is not hard to think that more than half of the members here are either Chinese or are die-hard China fans. Lol. China is taking a good route to influence the minds of a lot of people even in the world of crypto where it is decentralization that is the primary code. Why are we so giving in to whatever China thinks or decides? Can we not move on despite the decisions of China? The world is a lot bigger than China, right?