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Author Topic: As a Chinese, I want to talk about China's ban on cryptocurrency  (Read 242 times)
Rushzhy
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June 10, 2021, 06:29:10 AM
 #1

As everyone knows, the Chinese government has banned cryptocurrency exchanges, and now it has banned mining. The entire market has undergone many changes due to policy reasons.In fact, you should not pay too much attention to the policies of the Chinese government, because since the cryptocurrency exchanges moved out of China, the influence of the Chinese government on cryptocurrencies has become very limited.
You may not know that the Chinese government has proposed no real estate speculation for ten years, but the housing prices in big cities are getting higher and higher, and even restricting purchases and sales is useless.In China’s cryptocurrency circle, everyone silently regards the government’s cryptocurrency policy as a joke.Of course, this is probably just the dealer using China’s bad policy to suppress the price of cryptocurrency in order to get more and cheaper chips.
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June 10, 2021, 07:12:45 AM
 #2

I don't blame the Chinese government, if you really live in China, you will know the real brains of the Chinese government.

"In the brain of the Chinese government, only one thought of wanting to rule the world with 'trade' you must know that".

China will do anything, the important thing is that their 'trade' business is smooth and profitable.



If I associate your news with the news below.

Beijing’s Crypto Crackdown Is Not New but Don’t Dismiss It

Not the first they did.



For that, you must be prepared to buy as much Bitcoin as possible at a low price, if they manage to do as you mention.

effect if they succeed: bitcoin tumbles below $40000 after china issues warning, may be lower than what is currently happening.

Conclusion:
You have to prepare as much capital as possible, to buy Bitcoin, when they manage to do what you are worried about.

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June 10, 2021, 07:55:47 AM
 #3

Using more chips and cheaper is a good reason. China is facing a computer chip crisis as there is more demand. Banning cryptocurrencies is also just one of the ways to serve the larger purpose of producing for other industries.
I think it is better to buy Bitcoin more because China policy only works in the short term and bitcoin is decentralized. There will be a day when the crypto market will not be affected much by news from China.

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June 10, 2021, 08:15:59 AM
 #4

In fact, China's policies have little impact on cryptocurrency, so don't care too much. The crypto market will still pull back again, and the current decline is temporary.
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June 10, 2021, 08:16:30 AM
 #5

China’s partner, El Salvador, has announced that Bitcoin is their legal tender. Since China and El Salvador are in partnership, China has to recognize Bitcoin, otherwise it is contradictory.
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June 10, 2021, 08:54:46 AM
 #6

China’s partner, El Salvador, has announced that Bitcoin is their legal tender. Since China and El Salvador are in partnership, China has to recognize Bitcoin, otherwise it is contradictory.

elsalvador still uses the dollar

however instead of using western union to transfer:
US -> $-> WU database -> $ -> el salv
it has allowed
US -> $ ->btc -> $->el salv

where by the $->el salv portion is allowing remittance businesses in el salvador to be allowed to convert btc to dollar in el savador domestically

its not where el salvador no longer accepts dollars and only trades in bitcoin to buy bread fruit and tins of beans

I DO NOT TRADE OR ACT AS ESCROW ON THIS FORUM EVER.
Please do your own research & respect what is written here as both opinion & information gleaned from experience. many people replying with insults but no on-topic content substance, automatically are 'facepalmed' and yawned at
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June 10, 2021, 09:54:18 AM
 #7

It is the foreign medias that are putting too much attention to that news. They're spreading FUD which has been common that they've been used for that.
AFAIK, that news in China has been so long and it's changing from time to time. But how does the big mining farms operate there? are they still continuing in operations?



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June 10, 2021, 12:10:49 PM
 #8

China has banned financial and transaction institutions from providing cryptocurrency related transaction services. The country has also warned investors to trade cryptocurrencies based on speculation because fluctuations in the price of cryptocurrencies are putting people's assets at risk it is also disrupting normal economic activities tesla cars can also be bought using elon musk bitcoin. Last week he abruptly reversed his earlier decision elon said the risk of climate change is increasing because of bitcoin because fossil fuels have to be used to run high powered computers used in bitcoin mining.



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June 10, 2021, 07:34:10 PM
 #9

Using more chips and cheaper is a good reason. China is facing a computer chip crisis as there is more demand. Banning cryptocurrencies is also just one of the ways to serve the larger purpose of producing for other industries.
I think it is better to buy Bitcoin more because China policy only works in the short term and bitcoin is decentralized. There will be a day when the crypto market will not be affected much by news from China.

I think this is a very good point.  and for those who want to get more info about it here is an article that I read: https://www.reuters.com/article/us-crypto-currency-china-mining-idUSKBN29R1AY It talks about the reasoning and causation of chip crisis and bitcoin mining in China
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June 10, 2021, 10:50:34 PM
 #10

Chinese government was afraid that Bitcoin would harm its chief monetary unit, yuan. So it wanted to impose a ban on cryptocurrencies and get rid of the problem. But this was really a wrong action I think. Instead of banning them, it would have just regulated them. It would be for the benefit of investors and the country both.

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June 10, 2021, 10:55:26 PM
 #11

Chinese government was afraid that Bitcoin would harm its chief monetary unit, yuan. So it wanted to impose a ban on cryptocurrencies and get rid of the problem. But this was really a wrong action I think. Instead of banning them, it would have just regulated them. It would be for the benefit of investors and the country both.

Just a matter of time before they change their perspectives over bitcoin or crypto in general. If they see country after country that are being loose with crypto regulations and accepting it in their system, they may change their mindset. And it may be true that china is afraid with crypto, because they don't have full control regarding the usage of it. And knowing China, as much as possible they want full control of things.

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June 10, 2021, 11:06:15 PM
 #12

China actually had a really nice chance against US dollar while they were allowing cryptocurrencies. But I think that it lost its advantage after this ridiculous ban action. It would have benefited from cryptocurrencies a lot.

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June 10, 2021, 11:07:47 PM
 #13

As everyone knows, the Chinese government has banned cryptocurrency exchanges, and now it has banned mining. The entire market has undergone many changes due to policy reasons.In fact, you should not pay too much attention to the policies of the Chinese government, because since the cryptocurrency exchanges moved out of China, the influence of the Chinese government on cryptocurrencies has become very limited.
There is nothing that China could do that could change the market valuation and i was thinking like that when they banned cryptocurrency exchanges a few years back and when they started banning Bitcoin mining the rest of the narrative for the correction was that it is because of China and people are giving too much importance to certain events if there is a market correction.

You may not know that the Chinese government has proposed no real estate speculation for ten years, but the housing prices in big cities are getting higher and higher, and even restricting purchases and sales is useless.In China’s cryptocurrency circle, everyone silently regards the government’s cryptocurrency policy as a joke.Of course, this is probably just the dealer using China’s bad policy to suppress the price of cryptocurrency in order to get more and cheaper chips.
Thanks for the insights, so is the coins sold in China at a cheaper price than the general market ?


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June 10, 2021, 11:18:46 PM
 #14

Using more chips and cheaper is a good reason. China is facing a computer chip crisis as there is more demand. Banning cryptocurrencies is also just one of the ways to serve the larger purpose of producing for other industries.

There are two main producers of chips for ASICs and those are TSCM and Samsung, neither of those would divert production capacity to what China needs.
Contrary to the popular belief not everything in this world is made in China by Chinese companies, just how a Huawei phone might be Chinese but the ones manufacturing the chips, the camera, the display are not  Grin

Chinese government was afraid that Bitcoin would harm its chief monetary unit, yuan.

Do you really believe that? Do you think that an authoritarian regime that decides where you can move where you can work where you're allowed to travel would feel threatened by Bitcoin?  they didn't like it and that's all, not everything China bans is because they fear it, they didn't ban porn cause they were afraid of it. If they would really fear bitcoin they could right now seize all mining gear in that country and launch 51% attack on the chain, but they simply don't care and just wanted to avoid another headache in regulations. Just look one month back, they decided that after the coal mine accident all bitcoin miners in the region should shut down to save energy, one order, and 30% of the global hash rate was gone, you really think they see Bitcoin as a threat?

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June 11, 2021, 01:27:45 AM
 #15

You may not know that the Chinese government has proposed no real estate speculation for ten years, but the housing prices in big cities are getting higher and higher, and even restricting purchases and sales is useless.In China’s cryptocurrency circle, everyone silently regards the government’s cryptocurrency policy as a joke.Of course, this is probably just the dealer using China’s bad policy to suppress the price of cryptocurrency in order to get more and cheaper chips.
Thanks for the insights, so is the coins sold in China at a cheaper price than the general market ?
[/quote]
 no,we are used to binance or huobi exchanges,so the prices are the same.
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June 11, 2021, 01:47:26 AM
 #16


Banning and making BTC illegal will get them in control of the finances of their citizen. They've been doing this for some time but the media is reviving it over and over.
They already have CBDC which is a more powerful tool as a digital currency for their cashless society. They don't need BTC or any crypto for this purpose but it will give the government to confiscate BTC that they find in their country.












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June 11, 2021, 02:09:17 AM
 #17

Policies change every now and then, so there is nothing surprising to hear a country issue statements from time to time which may not necessarily be consistent with one another. This is not too different from India's case.

Anyway, in the age of the internet, the state can only do so much in terms of control and monitoring. I know that the Chinese government is basically operating within totalitarian principles, but the online world is too wide for China to closely police every single citizen in the space. Suppression is getting hard by the day.





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June 11, 2021, 02:39:14 AM
 #18

As everyone knows, the Chinese government has banned cryptocurrency exchanges, and now it has banned mining. The entire market has undergone many changes due to policy reasons.In fact, you should not pay too much attention to the policies of the Chinese government, because since the cryptocurrency exchanges moved out of China, the influence of the Chinese government on cryptocurrencies has become very limited.
You may not know that the Chinese government has proposed no real estate speculation for ten years, but the housing prices in big cities are getting higher and higher, and even restricting purchases and sales is useless.In China’s cryptocurrency circle, everyone silently regards the government’s cryptocurrency policy as a joke.Of course, this is probably just the dealer using China’s bad policy to suppress the price of cryptocurrency in order to get more and cheaper chips.
News say bitcoin mining operations were consuming too much energy, so chinese government banned it. Can you say if it is really the truth? And if not, do chinese common citizens know the reason why the government is against bitcoin? At least you can still deal with bitcoin legally at your risk, as your authorities said, and mining companies will be fine moving themselves to other countries.


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June 11, 2021, 03:08:26 AM
 #19

As everyone knows, the Chinese government has banned cryptocurrency exchanges, and now it has banned mining. The entire market has undergone many changes due to policy reasons.In fact, you should not pay too much attention to the policies of the Chinese government, because since the cryptocurrency exchanges moved out of China, the influence of the Chinese government on cryptocurrencies has become very limited.
You may not know that the Chinese government has proposed no real estate speculation for ten years, but the housing prices in big cities are getting higher and higher, and even restricting purchases and sales is useless.In China’s cryptocurrency circle, everyone silently regards the government’s cryptocurrency policy as a joke.Of course, this is probably just the dealer using China’s bad policy to suppress the price of cryptocurrency in order to get more and cheaper chips.

How about U speak some chinese? Where do you live in China? I really want to know. R U city boy or farm boy? U have family still in the villages? U ABC or CBC?

Everybody I know here in Asia plays crypto, its like the only way to 'get rich' pre/post covid, as the shutdown, aka lockdown killed most biz, so people just use laptops to mine ETH rather than high-power bitmains to mine BTC, so what? I see here that my ETH rigs are down 50% in the past 2-3 weeks, because so many ppl have started using their laptops to mine gpu coins.

China given that it controls +90% of all crypto on earth, isn't going to kill this golden-goose, what they're going to do is make it harder for idiots to squander family treasure. The problem with crypto is China is morons get in debt, lose their money, and destroy their family's. Thus the GOV has to get involved to protect morons from themselves. Just like highway guardrails in the USA, they're to keep morons on the road.

Lot's of billionaires in china because of crypto, and these are the future ccp king-pins, if anything they'll use the USA Mafia model, and use GOV to take out the competition selectively, which is why in the USA all the big political partys came from crime familys. Biden is total CIA-Mob enforcer, just like JFK got rich from prostitution & prohibition. Clinton's got rich running cocaine for CIA in the 1980's, as Arkansas Gov, paid his way to the POTUS

There is no 'ban' of crypto, just  re-arranging the deck chairs on the titanic as always.

CCP already has Jack-Ma under house arrest, but I think that is cover for 'personal protection', aka kidnapping; CCP made Ma a member several years ago of the CCP Tech-Task force, so he's an insider; But he still controls +90% of all Crypto infrastructure on earth, IMHO the CIA want him dead, or they want to kidnap him, so that's why IMHO Jack Ma is laying low.

Crypto CBDC is already live from HK to Thailand, and quickly expanding as to remove the USD as trade for Asia ( includes Russia, Iran ); Jack Ma's infrastructure will be used to deploy the new Yuan CBDC, bitcoin will be long forgotten once its value goes to near zero, as the USD will also go to zero taking btc with it, all the CCP has to do is tell the Chinese people that bitcoin came from NSA and they'll drop it like a shit-sandwiche in a nano-second. Just like the COVID deal where USA was creating super-viruses to attack Han Chinese  in Wuhan, and it got out, the first thing CCP did was kill all the leaders of that agency for being compromised by CIA; Then they just sat back let the US/Israel reset plan backfire; Like always CCP aka China is not in a hurry, there is no hurry, USA is destroying itself, just like its mother Israel.

The thing right now is in the past 30 years all the wealth in the entire world has been transferred to ASIA, where people buy Gold, in the future people in Asia will be just fine. So long as real wealth can be obtained from the west to buy more gold, then the crypto scam will be allowed to flourish. That's all you got to know.
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June 11, 2021, 04:31:20 AM
 #20

I am not much worried about the traders in China. As the OP has mentioned, many of them have moved to exchanges that are located outside China. But my concern is regarding the mining sector. China still accounts for 70% to 80% of the mining hash power. And recently, three of the most important provinces (Inner Mongolia, Xinjiang and Qinghai) took steps to curb the mining activity. The drop in hash power makes Bitcoin more vulnerable to manipulations. Also, I am watching what is going to happen in another important province (Sichuan) where the largest mining farms are located.


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