China Quitting Bitcoin Mining Is Very Positive in Long Term

[Fundamentals Of]

China quitting Bitcoin mining is very positive. China quitting Bitcoin trading is also very positive. China quitting Bitcoin completely must also be very positive. I am looking forward to the news that China has finally distanced itself from Bitcoin for good. I am kind of tired reading news related to China's ban on Bitcoin which happens once in a while. It is tiring because no matter how old and repetitive it is, people are still talking about it as if it is something new.

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[pjwaffle]

China is starting to show disdain for bitcoin, we have called that even if the government decides to close the mining business for good, we will survive. Prices may be affected in the short term. But in the long run it will be good because the operations can be distributed globally. According to what I tracked the market price in the past time when China pulled out of the market BTC has dropped but now the price has recovered $47k ~ $48k this is really great we no longer have to dependent on China.

[Ausgewielt]

Maybe if china isn't dominating Bitcoin minning then bitcoin will spread evenly which means that the price will be more stable but still tend to rise. It is good for merchants, and when merchants adopt bitcoin then it can increase bitcoin price. That's my opinion. Today there are many countries which embrace bitcoin so I think there is nothing to worry.

[Blawpaw]

One thing is for sure: Government Crackdowns have only worked as FUD. It's not the first time China legislates against crypto, nor it will be the last. As soon the news came out, bitcoin lost ground but it hold just fine. We are now seeing it recover. Who wouldn't say this was all just an orchestrated move with the ultimate goal of allowing Chinese investors to get more BTC at cheap prices? Besides, China is looking to launch its digital currency so, they will need to prepare grounds. I believe we should all look at the move as one of its first steps towards the implementation of its National digital currency.

[zanezane]

China is starting to show disdain for bitcoin, we have called that even if the government decides to close the mining business for good, we will survive. Prices may be affected in the short term. But in the long run it will be good because the operations can be distributed globally. According to what I tracked the market price in the past time when China pulled out of the market BTC has dropped but now the price has recovered $47k ~ $48k this is really great we no longer have to dependent on China.

It's not disdain, they're just being tactical and they just want to make things difficult for the market and they want to manipulate the market, how many times have China been in involved in FUD over the years? They're always followed by dumps but they're still in this market for a long time, it's obvious, it's because they're manipulating people.

[AakZaki]

China plays well to manipulate the market for bitcoin to crash. expelling miners from china will not stop mining. China is influential but when the miners have left China, and some miners start with environmentally friendly energy in other countries, of course the Chinese FUD will no longer have an effect.

The total ban on bitcoin mining in China is claimed to have a long-term positive impact on China, such as reducing the use of fossil fuel energy. But it will not completely happen.

[ene1980]

China quitting Bitcoin mining is very positive. China quitting Bitcoin trading is also very positive. China quitting Bitcoin completely must also be very positive. I am looking forward to the news that China has finally distanced itself from Bitcoin for good. I am kind of tired reading news related to China's ban on Bitcoin which happens once in a while. It is tiring because no matter how old and repetitive it is, people are still talking about it as if it is something new.

This has being said earlier in the forum by many, decentralization means getting the opportunity to run the mining farm globally without any restrictions and when China restricts mining then it is one less country for the miners and i wont be surprised if more countries comes out with these claims that they wont be allowing miners to burn electricity and damage the nature and at that point it is always one less country that allows you to deploy the network with freedom and i do not see that as a positive news.

[Fundamentals Of]

China quitting Bitcoin mining is very positive. China quitting Bitcoin trading is also very positive. China quitting Bitcoin completely must also be very positive. I am looking forward to the news that China has finally distanced itself from Bitcoin for good. I am kind of tired reading news related to China's ban on Bitcoin which happens once in a while. It is tiring because no matter how old and repetitive it is, people are still talking about it as if it is something new.

This has being said earlier in the forum by many, decentralization means getting the opportunity to run the mining farm globally without any restrictions and when China restricts mining then it is one less country for the miners and i wont be surprised if more countries comes out with these claims that they wont be allowing miners to burn electricity and damage the nature and at that point it is always one less country that allows you to deploy the network with freedom and i do not see that as a positive news.

When China banned Bitcoin mining, it became an instrument to have the Bitcoin mining industry became more widely scattered. During the days when China was allowing Bitcoin mining, much of the hashrate are focused in China. No wonder why when the ban was implemented and the mining companies were given the ultimatum to leave the country for good, the hashrate was falling down really hard. We are still at the phase of recovery until now. That wasn't good for Bitcoin.

[BaeSuzy]

China was controlling big number of Mining power, That can be said to be an issue but the real issue was China banning crypto every other week, making BTC price really unstable, It's good they've left.

[sirminesalot]

China plays well to manipulate the market for bitcoin to crash. expelling miners from china will not stop mining. China is influential but when the miners have left China, and some miners start with environmentally friendly energy in other countries, of course the Chinese FUD will no longer have an effect.

The total ban on bitcoin mining in China is claimed to have a long-term positive impact on China, such as reducing the use of fossil fuel energy. But it will not completely happen.

Yes china's bad news always have impact for market to be down but it already happen multiple times since years ago but anything bad is not happening. We should be smarter as an investor just to not believe anything pop up on media and with no filtering at all.
I'm sure whatever china do with bitcoin, it won't make bitcoins drop, and i'm also sure china has already took much advantages from bitcoin and they won't let it go.

[kotajikikox]

China quitting Bitcoin mining is very positive. China quitting Bitcoin trading is also very positive. China quitting Bitcoin completely must also be very positive. I am looking forward to the news that China has finally distanced itself from Bitcoin for good. I am kind of tired reading news related to China's ban on Bitcoin which happens once in a while. It is tiring because no matter how old and repetitive it is, people are still talking about it as if it is something new.

I can feel you here mate, for how many years CHina is bullying bitcoin with their banning or freezing when the truth is Bitcoin does not need China at all, it can circulate without that country .
yeah they might have mining industry and really big but if they continue their banning then surely it will be absorbed by other country in which more functional and will welcome bitcoin open arms .

[TheUltraElite]

China was controlling big number of Mining power, That can be said to be an issue but the real issue was China banning crypto every other week, making BTC price really unstable, It's good they've left.

I would not say that they are the only ones. Tomorrow we might see another country making up ridiculous laws on bitcoin and that will affect the price similarly too.

The environmental effect of bitcoin mining is an exaggeration. This has been debunked several times in the past but seems like lobbyists who speak for the acceptance of green energy always use this as an argument to assert their pressure.

We might gradually see these green energy companies trying to arm-twist miner communities into buying their equipment for power generation and then there might be changes in their stance. What actually happens in the background is difficult to comprehend from one side of the news.

[AakZaki]

Yes china's bad news always have impact for market to be down but it already happen multiple times since years ago but anything bad is not happening. We should be smarter as an investor just to not believe anything pop up on media and with no filtering at all.
I'm sure whatever china do with bitcoin, it won't make bitcoins drop, and i'm also sure china has already took much advantages from bitcoin and they won't let it go.

Chinese FUD is just a drama targeted to make bitcoin price crash. Some time ago, many FUDs from China began to be spread, indeed they managed to make the price of bitcoin go down, but some time later the price of bitcoin rose again to this day.
If China continues to ban bitcoin, in the future it is likely that China will not have much effect on bitcoin.
As investors, we must also filter the information obtained, because it is very important for the Fundamental that will happen.