China FUD

[brainactive]

China seems to be close to the full suite of Bitcoin restrictions:
1) No crypto exchanges allowed in China, restricting fiat to crypto flows
2) No mining companies allowed in China
3) No Bitcoin related spending allowed using bank accounts in China

If all three bans are enacted and enforced, do you think this still considered FUD or reason for concern?

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[tulusikhlas]

As we already know, the success of Bitcoin in China has been extraordinary from an economic point of view, especially on the basis of digital money. then in the end China made a policy of banning bitcoin after all that bitcoin produced was deemed sufficient. then bitcoin is thrown away by them mercilessly. The impact is indeed very worrying, where prices are now dropping, not just FUD alone.

we must remember that in 1990 china has cheated the dollar to buy some of their economic expenses by making fake dollars circulating until now mainly in LA. even the FBI is overwhelmed and confused to distinguish between real dollars and fake dollars, because china has a printed copy of the dollar. crimes that China has been committing for decades. Finally the collapse of the dollar took place and China's only one goal, so that they could play with the world's economic rate system.

[passwordnow]

AFAIK with #2. Aren't the biggest mining companies are found there and they're one of the biggest manufacturers and suppliers of mining equipment in the world?

If all three bans are enacted and enforced, do you think this still considered FUD or reason for concern?

They're likely being used for FUD for so long by the media.

[Russlenat]

We don't like the news but it's already here.

China is a big part of crypto, so losing investors in China is really a big thing.
Bitcoin might struggle but it will continue to survive until it will recover and create a bull run again.

The restriction in China is not permanent, who knows they'll change their stance in the future.

Let's hope for that.

[GreatArkansas]

I don't alarm at all because of this China FUD.
For sure, people who are affected by this regulation can make their alternative way to access Bitcoin, there could be a way for sure.
Additional is, as we all know China's FUD is already a few years ago, and they always announcing this kind of bad news for Bitcoin but look now where Bitcoin is, this is why these kinds of news are called "FUD".

[Cvetik56]

China is big influencer and had a lot of miners and investors but even if it totally bans crypto it's not gonna kill it. We'll see new bull run anyway just later. One country can't kill the whole market.

[zasad@]

I don't know yet if this is good or bad.
On the one hand, Bitcoin showed everyone that one of the largest countries in the world will not be able to ban Bitcoin.
Russian, American and other miners will receive increased profits.
On the other hand, China is losing control over bitcoin and mining farms will be transported to other countries.

[masterrex]

China seems to be close to the full suite of Bitcoin restrictions:
1) No crypto exchanges allowed in China, restricting fiat to crypto flows
2) No mining companies allowed in China
3) No Bitcoin related spending allowed using bank accounts in China

If all three bans are enacted and enforced, do you think this still considered FUD or reason for concern?

China FUD is real that's why it can provably affect the whole market as well, but I believe it's only temporary the Communist Party of China is experimenting with blockchain and because Bitcoin is a product of Blockchain that's why they considered it as a threat to there Digital yuan ambition. The crypto mining companies can hit China in return by not acquiring china made mining hardware and try to source it elsewhere.

[Renampun]

We don't like the news but it's already here.

China is a big part of crypto, so losing investors in China is really a big thing.
Bitcoin might struggle but it will continue to survive until it will recover and create a bull run again.

The restriction in China is not permanent, who knows they'll change their stance in the future.

Let's hope for that.

when one door closes another will open...

the miners there must have thought about what they should do next with their equipment, maybe moving to a country that is more friendly to Bitcoin is the best way and definitely, in countries that are friendly to bitcoin, the miners will be more shining and safe there.

[Raflesia]

There have been so many Chinese who have given bad news and right now with many prohibitions happening so that some Chinese investors will certainly continue to be monitored and not be free to carry out activities in bitcoin.
But I don't think p2p bitcoins will be complete and the holders will definitely trust bitcoin more than others, even I think it's a Chinese custom to give FUD to bitcoin and then they open it again and maybe this is part of their strategy to outperform bitcoins.
I wouldn't be surprised and the bitcoin dump is not the cause of the illegality, but many people think bitcoin will be weak if China doesn't support it.

[Alisha-k]

link=topic=5345020.msg57283225#msg57283225 date=1624277638:
1) No crypto exchanges allowed in China, restricting fiat to crypto flows
2) No mining companies allowed in China
3) No Bitcoin related spending allowed using bank accounts in China

If all three bans are enacted and enforced, do you think this still considered FUD or reason for concern?

I would consider this as FUD mostly the ban on Crypto exchanges which would certainly discourage many investors and having china has one of the leading countries in Crypto currency all this might pose a big treat to the value of Bitcoin thereby causing it to face a constant bear state

[Tessnik]

China used to be the biggest market for cryptocurrency in the early days, but its recent attacks on crypto-related activities and have negatively affected the entire cryptocurrency market. The recent fud resulted in the current dip in Bitcoin price, I think it high time miners in China think of relocating to more crypto-friendly countries.

[mayax]

We don't like the news but it's already here.

China is a big part of crypto, so losing investors in China is really a big thing.
Bitcoin might struggle but it will continue to survive until it will recover and create a bull run again.

The restriction in China is not permanent, who knows they'll change their stance in the future.

Let's hope for that.

The restrictions will be permanent for sure. It's a normal thing. Bitcoin mining consume a lot of energy...and more, China wants to put a break to the money laundering which is happening due to Bitcoin.

[mayax]

China used to be the biggest market for cryptocurrency in the early days, but its recent attacks on crypto-related activities and have negatively affected the entire cryptocurrency market. The recent fud resulted in the current dip in Bitcoin price, I think it high time miners in China think of relocating to more crypto-friendly countries.

LOL the so called "crypto-friendly countries" has no free electricity...
What's wrong if there will be less miners? none...

[Luzin]

China seems to be close to the full suite of Bitcoin restrictions:
1) No crypto exchanges allowed in China, restricting fiat to crypto flows
2) No mining companies allowed in China
3) No Bitcoin related spending allowed using bank accounts in China

If all three bans are enacted and enforced, do you think this still considered FUD or reason for concern?

I think this news is a repeating story. They always make FUD to lower the price of BTC. Then about mining companies that are allowed in China. The news I heard the mayor of miami Francis Suarez allowed Bitcoin mining. I think if the Chinese government really banned it might be a loss. I think an exodus to the miami area will happen, the head of government there wants to make miami a Bitcoin mining center.

Source: https://cointelegraph.com/news/miami-mayor-offers-city-s-clean-nuclear-power-to-chinese-bitcoin-miners

[BrewMaster]

China used to be big and now China in all 3 points is among the small countries. for example there are mining farms in China but there are bigger ones elsewhere and their total hashrate is very small compared to 6 years ago. same with their exchanges and the trading volume, the exchanges migrated to other jurisdictions and then their fake volume went away.

3) No Bitcoin related spending allowed using bank accounts in China

maybe apart from El Salvador i don't know any country that lets you do that!

[hazenyc]

China seems to be close to the full suite of Bitcoin restrictions:
1) No crypto exchanges allowed in China, restricting fiat to crypto flows
2) No mining companies allowed in China
3) No Bitcoin related spending allowed using bank accounts in China

If all three bans are enacted and enforced, do you think this still considered FUD or reason for concern?

It isn't FUD I would say as they obviously act on their promises as it seems. One guy gave an interview or at least provided information that mining operations and data centers in Sichuan now have been shut down and government officials took care of proper controls. For that part, it seems to be real what is being said.

However, there have also been reports that officials of other countries are already offering those Chinese companies incentives such that they may be inclined to move their whole operations abroad. What's going to be interesting to see then is how the Chinese government will react if really the whole mining industry goes abroad. Do they really want that? Difficult to tell, I don't know.

[UserU]

China used to be the biggest market for cryptocurrency in the early days, but its recent attacks on crypto-related activities and have negatively affected the entire cryptocurrency market. The recent fud resulted in the current dip in Bitcoin price, I think it high time miners in China think of relocating to more crypto-friendly countries.

Relax, they're just talking about Bitcoin. There are other China-based cryptos that have been cruising smoothly like VET and NEO.

Sooner or later they will open up even more. The China from 1980 isn't the same as it is now. It's just a matter of time.

[sheenshane]

It isn't new for me, it's been a long time since China always creating FUD against Bitcoin and now they step up on their regulation on Bitcoin which is in the end, Bitcoin will always recover at any moment.  But this isn't a barrier for most big investors that come from China, they still able to use and invest in Bitcoin through P2P exchanges.

when one door closes another will open...

I tend to agree, even though China was banning Bitcoin but still, there is a large percentage of countries that still believe in cryptocurrency and legalizing it under their jurisdictions.  As I heard, just like El Salvador and Iran which is now legalized Bitcoin and willing to embrace this cryptocurrency.

Bitcoin price will always recover and this isn't new at all.  Though it has a little effect and it seems like what happened before but yet, Bitcoin always has made a surprise for us, and let's wait again for the new ATH will come.

[Yogee]

China used to be the biggest market for cryptocurrency in the early days, but its recent attacks on crypto-related activities and have negatively affected the entire cryptocurrency market. The recent fud resulted in the current dip in Bitcoin price, I think it high time miners in China think of relocating to more crypto-friendly countries.

LOL the so called "crypto-friendly countries" has no free electricity...

The Miami mayor is waving at these Chinese miners hehe.

What's wrong if there will be less miners? none...

How about the decrease in hashrate? I find its effect on the transaction fees still burdensome until the next difficulty adjustment. We've been enjoying fast confirmation with 10 sats/vbyte or less the past weeks.