Will China's crackdown on Bitcoin cause Bitcoin to become worthless?

[2double0]

There is immense fear in markets and China is adding more lemon juice in the acids by doing this. For bitcoin to have a chance to recover, fresh miners as well as new countries need to take it over from the hands of China. The cause may be because miners sold their coins after this announcement? 

[Fatunad]

It looks funny to see how a government is handling the hurdle, the government do not want to give the freedom to their citizens even though Bitcoin will help them overcome the restrictions imposed by other countries according to you and they are known to control their citizens from which sites they visit to which media they watch and they need to continue that because they might not want their citizens to achieve financial freedom.

It's all because the government wants control and power in their hands while bitcoin is made to give the power back to the people which has been taken away long back by the banks and the banking sector as a whole. China and all the countries know that stopping bitcoins is neither possible nor feasible but because they are losing control over the transactions they are taking such decisions as the banning of mining because it consumes too much power.

Not on the reason of consuming of too much power but rather they do believe that if they would be stopping mining operation it could really give out such big impact in overall Bitcoin market.
I dont see that kind of reasoning would really be that close on why they have done that but rather into those things that i mentioned is what surely into their heads but it does really matter?
No, we might see some dips in the market but it would eventually recovers as always because there's no such thing that could completely able to crackdown bitcoin.
Yes, they can try but for sure they would fail in the end of the day.

[FanEagle]

To think that one nation could have a chance to make bitcoin worthless, and even a nation like China? Is a delusion. No nation banning it will make it worthless, we are a global community that makes bitcoin stay alive all together, just one piece gone doesn't mean that it will be all ruined. It could even be USA that bans crypto all together and we would still be alive.

I am not saying that the price doesn't go down, even with China news we did went low but that didn't change the fact that price is still higher than what it was last year, 3 times higher! So if there is a bull run and USA suddenly bans it then yeah the price will fall but it will not become worthless, it will become less valuable but it will still be used all around the world. Even just the third world nations of the world using it would give it some value and that is enough for me.

[jostorres]

No matter how Chinese government try to stop bitcoin they can only achive failure  , they can onl stop bitcoin in their own country and i think it's their lost if they  will going to do that. 

Although they cannot stop transactions they have significantly lowered the miners and mining it looks like since the announcement of crypto mining to be banned came out. It's such a shame that they cannot adapt to the technology and be a part of the change, instead, they are trying to suppress the technology through vague logic.

I remember China had banned crypto related things in the past as well but later on their officials start allow all crypto mining firms for some reason hence I guess again Chinese miners may resume their operation at any time or at least in different country this time. So, nothing is going to stop bitcoin even not in temporarily

[bryant.coleman]

To think that one nation could have a chance to make bitcoin worthless, and even a nation like China? Is a delusion. No nation banning it will make it worthless, we are a global community that makes bitcoin stay alive all together, just one piece gone doesn't mean that it will be all ruined. It could even be USA that bans crypto all together and we would still be alive.

I am not saying that the price doesn't go down, even with China news we did went low but that didn't change the fact that price is still higher than what it was last year, 3 times higher! So if there is a bull run and USA suddenly bans it then yeah the price will fall but it will not become worthless, it will become less valuable but it will still be used all around the world. Even just the third world nations of the world using it would give it some value and that is enough for me.

I am not sure whether a federal ban on cryptocurrency is even possible in the United States. As far as I know, it is the states that have the power to do that. And even if they do so, the measures will be challenged at the Supreme Court. Fortunately, the United States is not an authoritarian country such as China, and the national currency is still free from manipulation. But any attempt to ban cryptocurrency will have a crippling impact on the exchange rates and trade volumes. Because a lot of the other countries are also likely to follow the US.

[Karartma1]

I think that one of the best positive news for bitcoin has been that of China banning bitcoin mining. Now mining's getting greener (so naysayers have nothing to complain about), decentralization is ramping up and even old timer are reusing their gears which have been long forgotten.
I put 50TH on slush just for fun. I'm gonna receive peanuts but I'm a miner!!!

[Nightz]

Bitcoin is impossible to stop by nature! You can't stop it because you can't stop the internet as the global infrastructure is dependent on the internet. Also, what does stop even mean? Is Bitcoin stopped when 150 countries banned it and 50 did not? To me stopped means that it is literally dead, you can't use it anymore. That I don't see coming. Even if many countries crack down on it, there will still be places where it is used to store value or transact or speculate.

It is partially stopped by China and Bitcoin mining is now easier and more profitable as algorithm adjusts after China crackdown.

The first key point is "More than 54% of bitcoin’s hashrate, which is the collective computing power of miners worldwide, has dropped off the network since its market peak in May." so if anyone or corporation collect all those mining power, they can be able to do 51% attack. It is theory but looks to be unrealistic to be done.

Lastly, China can flip their policy a few months later and it will not be the first time they change policies.

If your argument was true, even if we lost 54% from the peak of hash power, why didn't anyone attack Bitcoin one year ago? Or two years ago? Or three years ago? Or... you get the point.

Even a 54% drop in hash power doesn't lead to a vulnerable network. I am also sure that it wouldn't go unnoticed if one bank starts to acquire all the equipment that is now supposed to be idle because of the Chinese mining ban. That ban also doesn't mean that those businesses leave the mining industry, they might rather leave the country. I doubt we will see a successful attack ever given the current market conditions like required hardware and electricity.

[Vishnu.Reang]

If your argument was true, even if we lost 54% from the peak of hash power, why didn't anyone attack Bitcoin one year ago? Or two years ago? Or three years ago? Or... you get the point.

Even a 54% drop in hash power doesn't lead to a vulnerable network. I am also sure that it wouldn't go unnoticed if one bank starts to acquire all the equipment that is now supposed to be idle because of the Chinese mining ban. That ban also doesn't mean that those businesses leave the mining industry, they might rather leave the country. I doubt we will see a successful attack ever given the current market conditions like required hardware and electricity.

For how long, the attackers need to maintain 51% dominance in mining hash rate, in order to pull off such an attack? Given the current conditions, it will be extremely difficult for any new entity to garner even 10% of the hash rate. 51% is a long way away. And even in case they somehow manage to hit the 51% level, the other miners are not going to sit idle. They will immediately increase their hashpower (by diverting some of the hashpower from those who are currently mining altcoins). That's why I am curious about the duration. For how long they need to maintain this >51% level?

[hd49728]

For how long, the attackers need to maintain 51% dominance in mining hash rate, in order to pull off such an attack? Given the current conditions, it will be extremely difficult for any new entity to garner even 10% of the hash rate. 51% is a long way away. And even in case they somehow manage to hit the 51% level, the other miners are not going to sit idle. They will immediately increase their hashpower (by diverting some of the hashpower from those who are currently mining altcoins). That's why I am curious about the duration. For how long they need to maintain this >51% level?

That tweet makes sense that Bitcoin is the best cryptocurrency for your transactions. Bitcoin network can be attacked too easily and people use it for transactions with high value.
https://twitter.com/Excellion/status/1333966283876954113

#Bitcoin moves nearly half a million dollars in value around the globe permissionlessly every second. It was never about transactions per second and coffee. It's all about value transacted per second and a new financial paradigm.

#VTPS not #TPS. Nothing comes close to BTC

The cost estimation can not accurate but you can refer to it https://www.crypto51.app/

[bryant.coleman]

^^ I have stated this manytimes. Not many of the Bitcoin users move half a million dollars worth of funds every now and then. This is a very stupid justification. 99% of the transactions involve amounts of less than $50. And when someone complains about the scalability, you can't escape criticism by claiming that you can move half a million or a million USD in minutes. Because ordinary users don't care. All they want to know is that whether Bitcoin can be used for their daily transactions or not. And if we develop the lightning network and make it more user friendly, then it may still be possible.

[leea-1334]

I am not saying that the price doesn't go down, even with China news we did went low but that didn't change the fact that price is still higher than what it was last year, 3 times higher! So if there is a bull run and USA suddenly bans it then yeah the price will fall but it will not become worthless, it will become less valuable but it will still be used all around the world. Even just the third world nations of the world using it would give it some value and that is enough for me.

Exactly! And people keep forgetting that this is not the first time even that China has done something similar. Just that right now they went and discarded the actual mining industry too,,, but no problem they will pick up and move elsewhere. Digital yuan is the driver behind all of this for sure and CCP does not want competition BUT it fails to realize it cannot impact Bitcoin other than the market price,,, which is always going to recover.

[Kittygalore]

That lame old China topic... They banned BTC like a 100 times already... If that has a negative impact, then what happened in Venezuela should have at least the same effect, the other way areond. so basically BTCUSD should be worth more, now where its an official currency (in venezuela).

This is different though, they are now on the mining aspect of bitcoin and we still haven't seen the end of it yet so it's not yet safe to say that this attack by China is going to be really bad for bitcoin although I disagree with the title that China's crackdown is going to render bitcoin worthless.

[Golftech]

That lame old China topic... They banned BTC like a 100 times already... If that has a negative impact, then what happened in Venezuela should have at least the same effect, the other way areond. so basically BTCUSD should be worth more, now where its an official currency (in venezuela).

This is different though, they are now on the mining aspect of bitcoin and we still haven't seen the end of it yet so it's not yet safe to say that this attack by China is going to be really bad for bitcoin although I disagree with the title that China's crackdown is going to render bitcoin worthless.

It's not only China who's working with Bitcoin, there are other countries who are also in this industry.

Maybe this crackdown really impacted to the market in terms of price, but since there are also other

players the price still decent, so it's not how the title looks at it, the situation still workable and we

may experienced  good bounce back.

[Robinson66]

Since most of the mines are located in China, the ban on Bitcoin mining in China will definitely have an impact on Bitcoin, but this is only temporary. No country can completely ban Bitcoin. The cryptocurrency market has its ups and downs. I believe that Bitcoin will definitely rise.

[Connor Britton]

In fact, it will not have a lasting impact on Bitcoin. Although the current price has indeed dropped, in the ten years of Bitcoin, we have experienced numerous severe crackdowns like China's, but the price of Bitcoin still breaks through new highs time and time again, reaching a new height. Therefore, I believe that the impact of China's measures on Bitcoin this time will not lead to the return of Bitcoin to zero. As the consensus of Bitcoin becomes more and more strong and the computing power becomes more and more dispersed, there will no longer be a ban in a big country like today that will cause the price of Bitcoin to fall.

[btc_angela]

In fact, it will not have a lasting impact on Bitcoin. Although the current price has indeed dropped, in the ten years of Bitcoin, we have experienced numerous severe crackdowns like China's, but the price of Bitcoin still breaks through new highs time and time again, reaching a new height. Therefore, I believe that the impact of China's measures on Bitcoin this time will not lead to the return of Bitcoin to zero. As the consensus of Bitcoin becomes more and more strong and the computing power becomes more and more dispersed, there will no longer be a ban in a big country like today that will cause the price of Bitcoin to fall.

I don't think we have seen crackdown like this coming from China in the last 10 years. In fact they are very supportive, or at least the Chinese people because it is generating income for them. But in the last 4 years, the Chinese government started to show it's teeth against traders first.

And now they have targeted the mining industry. However, I don't think like the majority here that bitcoin will be worthless. On the contrary it will be more valuable in the future specially that China is out.

[carlisle1]

In fact, it will not have a lasting impact on Bitcoin. Although the current price has indeed dropped, in the ten years of Bitcoin, we have experienced numerous severe crackdowns like China's, but the price of Bitcoin still breaks through new highs time and time again, reaching a new height. Therefore, I believe that the impact of China's measures on Bitcoin this time will not lead to the return of Bitcoin to zero. As the consensus of Bitcoin becomes more and more strong and the computing power becomes more and more dispersed, there will no longer be a ban in a big country like today that will cause the price of Bitcoin to fall.

I don't think we have seen crackdown like this coming from China in the last 10 years. In fact they are very supportive, or at least the Chinese people because it is generating income for them. But in the last 4 years, the Chinese government started to show it's teeth against traders first.

And now they have targeted the mining industry. However, I don't think like the majority here that bitcoin will be worthless. On the contrary it will be more valuable in the future specially that China is out.

That's the good side after this chased, the value might push once the bull start to recover and run inside the market.

the market still moving positively if we will compare it from those years that Bitcoin exist, This China thing affects the breakout of Bitcoin this year
since after we experienced the new ATH, now the value is down 50% more or less.

But from how most experienced interpret the situation, they see that it's another golden opportunities instead of thinking of the negative side if you
do believe that this currency will continue to grow, best to buy and save now.

[Reatim]

As we all know, in the cryptocurrency market, Chinese account for a large portion. So what impact will the Chinese government's total blockade of Bitcoin have on the cryptocurrency market? The sharp drop in the price of Bitcoin is the result we have seen, so after this blow, can the price of Bitcoin return to its peak, or will it fail? What do you think? I am confused now, hope someone can answer it for me.

While china is still hot on this issue of banning bitcoin in their country , The Miners and investors now are looking for another place to be safe haven , meaning for a while the growth are paused (As we can see) but for sure there will be upcoming growth but of course not happening very soon.

also there are seemingly speculative that we will be having another ATH in the Next halving as the Bull had already Gone and we are in status quo market now.

[Natalim]

As we all know, in the cryptocurrency market, Chinese account for a large portion. So what impact will the Chinese government's total blockade of Bitcoin have on the cryptocurrency market? The sharp drop in the price of Bitcoin is the result we have seen, so after this blow, can the price of Bitcoin return to its peak, or will it fail? What do you think? I am confused now, hope someone can answer it for me.

While china is still hot on this issue of banning bitcoin in their country , The Miners and investors now are looking for another place to be safe haven , meaning for a while the growth are paused (As we can see) but for sure there will be upcoming growth but of course not happening very soon.

also there are seemingly speculative that we will be having another ATH in the Next halving as the Bull had already Gone and we are in status quo market now.

They will surely do that as there's no stability and security if they will just operate in China, maybe in the future if the government stance on crypto and bitcoin will chance, but until that happen, they'll have to find a place where they can operate again because if they will just stop, they'll lose a lot of money as we know how much capital is need to run a big mining rig business.

[erep]

They will surely do that as there's no stability and security if they will just operate in China, maybe in the future if the government stance on crypto and bitcoin will chance, but until that happen, they'll have to find a place where they can operate again because if they will just stop, they'll lose a lot of money as we know how much capital is need to run a big mining rig business.

I'm not sure if the government will ban mining forever and maybe it's just a temporary ban with certain considerations, after consideration of dispensation for miners being a big force to push bitcoin to peak prices, I'm very sure if there is support for bitcoin after this drama ends.