China’s Bitcoin ban is short-term negative, long-term positive

[skarais]

I don't know what the real reason the Chinese government is doing raid and bans bitcoin mining but it's true that this is not the first time they have done it. This will certainly affect bitcoin in the short term as raid and bans continue to be carried out by the Chinese authorities. But whatever China's purpose of conducting raid and bans minning, I'm sure they won't get a bigger profit than that. China has forced miners out and I'm sure other countries are ready to accommodate it.

I think China has no other reason than to fear that bitcoin could destabilize the country's economy in the long run. Meanwhile, high power consumption and environmental pollution are reason that do not make sense when miners have used renewable energy sources. Although "afraid  is not a definite reason, but it seems they are really afraid of the power of bitcoin.

[1714893290]

1714893290

[1714893290]

1714893290

[1714893290]

1714893290

[1714893290]

1714893290

[Dread Pirate Roberts]

Quote - “Historians will write that China had a majority of hashrate within their geographic borders, yet they made decisions that pushed that hashrate into more democratic and capitalistic societies. Just as North Korea chose to embrace the internet only for the elites, China is making a similar mistake here. As if that wasn’t bad enough, China’s plan for a nation state digital currency is similar to North Korea’s internal “internet.” As we have discussed over and over again, open systems beat closed systems. The Chinese approach of banning an open monetary network in pursuit of a tightly controlled monetary system is unlikely to be seen as an advantageous strategic move for their citizens. But just like North Korea, this decision will be helpful in continuing to consolidate power and ensure the longevity of the dictatorship.” - Anthony Pompliano

China are saving their country for people using their resource power for their own benefit, and people on internet said china does not support bitcoin. right know people there are using it into the limit . and many new company are created especially for mining only . this why their government are taking care this more seriously. I really hope that bitcoin will not get any impact from news such like this anymore.

[bekti3]

To be honest, the impact caused by China's fud has really been felt until now and what China has done is very brave in my opinion because by banning bitcoin directly they seem to want to create a match for bitcoin itself.
but this is actually a very good thing because with the freedom of bitcoin and mining can be equally in various countries can increase bitcoin back to a better direction

[Slow death]

china is a country where it has very dark policies, i don't understand why the miners didn't learn the lessons of the past and didn't realize that china was unreliable in the long run. and we cannot say that all that is happening with mining in china was not predictable because it would be being naive to the extreme... Now we have to see that this electricity issue will not just be something that ends if miners go to other countries because in a few years you will hear something that in those countries where miners are going they will take the same measures as china unless a few years from now miners consume less electricity

but this is actually a very good thing because with the freedom of bitcoin and mining can be equally in various countries can increase bitcoin back to a better direction

It is true that leaving China has this good part, but the central problem of electricity consumption will continue even if they are in other countries

[geegaw]

china is nothing, to hell with their government
spread Bitcoin fud to increase the use of the digital yuan is a very hypocritical act

the BTC miners in there are smart people, they definitely know what to do, moving their facilities to another country is the best way
after this fud passes like the wind then we will see a price spike on BTC, keep hold

This ban has helped China fulfill two purposes, first, they clean up their tax evasion system and perhaps the second implicit purpose is that like the story you are sharing, many topics about the digital yuan system are released based on the technology of bitcoin, China is feeling that this big step will take them to another place in the world's perception. Arrogance and selfishness affected some miners and forced them to go to new workshops, mining operations are also paused, stabilizing the new base will open the door to a recovery for bitcoin