China Declares War on Bitcoin (?)

[dkbit98]

It's not just China, it's all global anti-CO2 agenda that is telling us how bitcoins and babies are bad for environment and I it's not a joke at all.
Look at this recent New York Times article written by Andrew Ross Sorkin, or Guardian writing that we need to have more lockdowns every two years to reduce CO2,
or this Times Trends article telling us that kids are cute but they are not eco-friendly and that we should stop having them because they are bad for earth  
I just linked few of them but there are many more of them and nobody can tell me this is just a coincidence.
Btw aren't trees actually using CO2 and turning it to oxygen we all bread everyday?

[Renampun]

...

if China declared war on Bitcoin then it would be no big deal...
although China is the country with the largest miner in the world but Bitcoin is not really liked there, the communist party really hates decentralization. look at how the price of Bitcoin has not changed even when bad news appears, investors have started to have no doubts about the potential for Bitcoin to continue to be of high value.

[kryptqnick]

I think I've seen this hypocrisy from China before with the same argument about ecology. Obviously, China doesn't care about ecology because it keeps being the world's biggest polluter with the highest carbon dioxide emissions. They just want a pretense to attack Bitcoin and ecology is a really good one. That being said, I think the news might be a little overhyped because there were threats of banning mining before, and yet the businesses operate as usual. And even if it indeed bans mining, I think the market can experience a price explosion, but everything will recover eventually.

[yazher]

China full of hypocrisy and BS again. How about they start with their own pollution? how about they prohibit banks because banks are more significantly more resources expensive than Bitcoin mining? How about they actually start doing something instead of doing BS like this? Of course they won't do that.

These guys think that they are some sort of wall that can stop the progress of bitcoins after they declare this non-sense. Those people really need to consider studying Bitcoin technology on their own without listening to this kind of crap. If they want to invest in it in their own way because this Chinese current government has been doing this kind of strategy to make people stay out of Bitcoin. They should stay out of it from the first place when they really don't want their people to invest in cryptocurrencies especially bitcoins. Last 2019 they publish a positive statement about it and now they're turning around about their first statement.

[Kakmakr]

Is this an early April Fools joke?

China will only ban something, if they want to protect interest of their own or if they want to eliminate the competition. So, it has also been in the news that the Chinese government are planning to create their own Crypto currency... and this is where the agenda is.  

This is a government that never banned the illegal trade in endangered animals like Rhino's and Blue whale and also look the other way when Abalone is poached and sold in the Chinese markets.  

Their agenda is very clear..... wipe out the competition ..to make way for their own technology ....under the smoke screen of the cleaning up of pollution and CO2 reduction.  

[Nikole Fischer]

It's kinda ironic isn't it?  A dude from China creates bitcoin and his own country tries to ban it.

Here is supposed to be a picture with the inscription "Directed by Robert B Weide" and that meme song should play. 
There're a lot of weird things happening in China that we can't understand...

[fiulpro]

If china do want a crackdown to save the environment how about they do something about the factories there? They are specifically doing it because they did try to : dominate but it failed so at the end of the day they are thinking of eradicating the bitcoins from the market as a whole. Now there are a lot of chinese people involved in bitcoins but last time also they made a move like that the people relocated , which did make it weird for the authorities since these were the tech savvy people and had a lot of strength in the economic section. Then china again removed the ban and they went forward to find new ways, to regulate it, they are infact just trying and controlling the market, trying to make the market crash at this moment so that people can wait and sell..which would mean that they would have an opportunity to buy at such a low price !! It's just their market tactics. What goes on the top and what goes at the bottom of all this.

[DooMAD]

If it's true (and I'm not convinced it is), then the environment talk is just a smokescreen.  The real motivation would obviously be petty national interests.  But I'd sooner jump to the conclusion that it's just more clickbait nonsense from desperate cryptomedia outfits trying to stay relevant.  They have to latch on to every last rumour simply in order to have something fresh to publish.  Failing that, they resort to republishing old stories with a fresh spin (which could well be what's happening again here).

[CharlieEe]

Sometimes the news from Asian countries are distorted when they are re-published in the Western world. I remember reading about this probably weeks ago, so it isn't news either.

There is no change from the Chinese government on the stance it has today, maybe if there is change it is for the better. I was expecting mining ban years ago, right now it is not going to happen. Mining along with the production of hardware is an industry for China and it adds to economy growth. It won't damage the economy if it completely bans it, but it will be idiotic.

[Dutchyyy]

The Chinese government's attitude towards cryptocurrencies, and bitcoin in particular, is ambiguous.

Chinese President Xi Jinping has announced reducing greenhouse gas emissions as one of his priorities. The official goal set by the government is to reach the peak of emissions by 2030, and by 2060 to make the country carbon neutral.

The province, which is located in northern China, failed to meet the criteria for limiting electricity consumption in 2019 set by the government. That is why the local authorities received an official reprimand from Beijing. In response, they drew up a plan that envisages a drastic reduction in electricity consumption.

Part of the strategy is to close some of the major bitcoin farms in the province by April this year, as well as impose a moratorium on the opening of new ones. Other energy-intensive industries, such as steel and coal, are also likely to be affected.

On the one hand, the ruling Communist Party has an interest in developing the blockchain technologies that underlie bitcoin, but on the other hand it is pushing for tighter regulations on digital currency transactions.

In 2017, Beijing banned initial offers of cryptocurrencies as a way to attract funding from private entities.

But on the other hand, the Chinese government is taking a big step toward mass adoption of the digital Yuan.

Therefore, in my opinion, the expression that China has declared war on cryptocurrencies is not the most correct statement.

[Ozero]

This is hardly a war on bitcoin. The Chinese government may take action to reduce the energy consumption of bitcoin mining farms. This will have little or no effect on bitcoin mining in the world.
Rumors about the Chinese government's struggle with cryptocurrency are so common that they become almost regular. However, we do not see a real fight by the Chinese government with cryptocurrency. Most likely, a policy of crowding out the cryptocurrency is being pursued, including by issuing its own digitized yuan.

[hv_]

The 'Hash-War' still ongoing

Energy is needed to keep things save - but if not really used (but for ponzi or defi crap) things get messy

this also is such a result of: PoS is better (but it isnt)

https://cointelegraph.com/news/eth2-transition-accelerates-amid-rumblings-of-a-miner-rebellion

[pinggoki]

This is hardly a war on bitcoin. The Chinese government may take action to reduce the energy consumption of bitcoin mining farms. This will have little or no effect on bitcoin mining in the world.
Rumors about the Chinese government's struggle with cryptocurrency are so common that they become almost regular. However, we do not see a real fight by the Chinese government with cryptocurrency. Most likely, a policy of crowding out the cryptocurrency is being pursued, including by issuing its own digitized yuan.

Actually it's impossible that because of this there will be no effect to the bitcoin because I am seeing that it would be have a large effect due to that this China is one of the biggest mining country of bitcoin and other cryptocurrency so if they will reduce the energy consumption of the bitcoin miners then probably the amount of bitcoin that will be mined will also decrease. And this will go along vice versa. I dont think that the reason behind of this reducing energy consumption are having a environmental problem, I am pretty sure that there is a big reason why they are doing this.

[iTradeChips]

From what I heard and this is just my opinion, ok. I think the reason China is becoming hostile in Bitcoin is because it also has plans to make its own digital currency. I think that's just it, and it is only justifying environmental concerns that is why it is attacking Bitcoin. Also, many Chinese miners are into Bitcoin and they are situated in areas where there are minimal coal plants so I really cannot believe what the government is saying. Anyway, Bitcoin will not be affected by this news.

[tyz]

China claims it must "crackdown" on bitcoin to save the environment and the planet.

A strange argument for a nation that continues to build coal-fired power plants on a large scale.

It's no secret that China has been trying to restrict and ban Bitcoin for years, but with moderate success so far. There were times with Bitcoin when such news would have caused a price slide, but luckily those days are over.

[DJANAS]

as always they want to control the people,
In Bitcoin we trust 👍

[roosbit]

Is China ever going to move on on the issue of BITCOIN?
 Year in year out its china making the wrong news about crypto, I remember back then when such news surfaced price would usually go down but today that's not the case which is a win for crypto.

These guys need not to overlook the fact that Bitcoin is a livelihood for many and they should encourage Chinese crypto users to do more not forgetting the reduction of the carbon footprint bitcoin has by its miners thanks to green ways of producing electricity.

[Ronyah]

Motherland of btc trying to ban it. How crazy those going.

[madhursatija]

https://www.youtube.com/watch?v=4hZU7qska34

China Uncensored
1.56M subscribers

China declares war on Bitcoin. Inner Mongolia, where a huge amount of bitcoin mining occurs, will be banning it. But the Bitcoin news is part of a broader attempt by the Chinese Communist Party to create a national digital currency that the Party controls.

....


China claims it must "crackdown" on bitcoin to save the environment and the planet.

Given that a high percentage of cryptocurrency (pow) mining is powered through hydroelectric and green energy. The cost of which helps fund the expansion and development of cleaner non fossil fuel based plants around the world.

Perhaps we can propose an alternative if china is serious about fighting climate change and being Greta Thunberg's proud poster boy.

Chinese companies to build 700 coal plants in and outside China

Citing data gleaned from the world’s biggest developers of coal-fired power plants, Urgewald found that of all the new coal generation expected to go online over the next decade, Chinese companies will build nearly half of it. Specifically, that means 700 new coal plants, with most to be built in China, and about a fifth outside the country, according to figures provided by Urgewald and reported by the New York Times:

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Overall, 1,600 coal plants are planned or under construction in 62 countries, said Urgewald, which uses data from the Global Coal Plant Tracker portal. The new plants would expand the world’s coal-fired power capacity by 43 per cent.

The fleet of new coal plants would make it virtually impossible to meet the goals set in the Paris climate accord. Electricity generated from fossil fuels such as coal is the biggest single contributor globally to the rise in carbon emissions, which scientists agree is causing the earth’s temperatures to rise.

https://www.mining.com/chinese-companies-build-700-coal-plants-outside-china/

China is known for having 14 out of the top 30 most polluted cities on the planet due to its heavy reliance on coal. In some places the air pollution is so bad, it is claimed simply living and breathing the air is like smoking two packs of cigarettes a day.

I am curious to know what peoples thoughts on these topics are.

Could the environment better be protected by china replacing its 700 planned coal power plants with cleaner options.

China is emerging as a hub for solar panel and windmill manufacturing. It is well suited to leverage EV vehicles due to the abundance of rare earth minerals within china's own borders. Its policy of pursuing coal energy in the face of cleaner and more affordable power options remains an enigma to me. Fossil fuel based power is heavily criticized and attacked by the media in the west. While in the east it is embraced with bold plans in motion to extend the scale of coal based operations. How can this discrepansy be explained. What are the motives and reasons behind it.

I can't believe this thing

[Spaffin]

The only understandable benefit from the actions of the Chinese government is the fight against environmental pollution, but their actions will be successful if they, along with the ban on bitcoin in their country, stop all production and ban internal combustion engines. That's when the Chinese will get clean air. I suppose you understand my irony. In any case, the future Chinese national cryptocurrency is far from being called a "cryptocurrency", since the main feature of cryptocurrencies is decentralization - the absence of any internal or external administrator. And this means that no government authorities, including banks, tax and judicial structures, can influence the transactions of cryptocurrency users.