Is China a fool?

[Aliceooo78]

Bitcoin is having a hard time recently due to China's regulation. I wonder what China can gain in cracking down bitcoin trade and mining? Does't the government figure out that cryptocurrency is lucrative and alomst unstoppable? Banning mining is really an insane act as I see it, they are actually expelling money and power!!!
what do you think? leave you comment, thx

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[zanezane]

They want to eliminate competition for their own digital currency which is set to be used in public this year or in the next year, and that's not how a fool moves, it's actually the opposite.

[cabron]

Yep they are fools. But you can think  a lot of consoiracy theory for it but just simply believe they only want their CBDC to work for the Chinese.

China had been accused for using BTC earlier this year,  if this is their reponse to it then they are proving they have nothing to do with it. But this is good for Bitcoin.

[TangentC]

Bitcoin is having a hard time recently due to China's regulation. I wonder what China can gain in cracking down bitcoin trade and mining? Does't the government figure out that cryptocurrency is lucrative and alomst unstoppable? Banning mining is really an insane act as I see it, they are actually expelling money and power!!!
what do you think? leave you comment, thx

Bitcoin Miners were drawing more power than China's Energy Infrastructure could deliver.
China either banned the miners or let their power grid be destroyed, so naturally they banned the miners.

Letting the bitcoin miners destroy their power grids, now that would have been insane,
keep an eye on Texas, as miners have been moving there and their warnings of rolling blackouts have already begun.

Bitcoin miners energy drain can grow at 80% in 1 year , that is like adding a whole new country drawing power,
no state or country will be able to provide that for long, expect Texas to start banning mining in less than 3 years.
Once Texas fails to satisfy the ever growing drain for Proof of Waste, no other country or state will bother.

FYI:
Many have been warning of the PoW energy waste issue since 2013,
the only fools are the bitcoiners that refuse to believe it.

[NeuroticFish]

Banning mining is really an insane act as I see it, they are actually expelling money and power!!!

It's hard to know what are their actual plans.
Clean energy was never too high in their priority list. Bitcoin is an easy gateway towards western money they love so much.

My feeling is that they simply play a pump and dump game; it's not the first time they do that. From time to time they make the price fall hard, and in the rest, the price will rise naturally. Between the two, they can earn shitloads of money.
But never forget that it's not (only) China spreading at full power all these news and/or FUD related to China. Many westerners understood this game and play it for their own gains too.


On the long term, all this makes Bitcoin less and less tied to China. This helps both as decentralization and as opposed to the "bitcoin is owned by commies" narrative.

[davis196]

Bitcoin is having a hard time recently due to China's regulation. I wonder what China can gain in cracking down bitcoin trade and mining? Does't the government figure out that cryptocurrency is lucrative and alomst unstoppable? Banning mining is really an insane act as I see it, they are actually expelling money and power!!!
what do you think? leave you comment, thx

Stop spreading FUD.
The Bitcoin price is stable.Bitcoin isn't having a "hard time recently".Can you mention a news source,stating that Bitcoin is having a "hard time" in China or that China had banned BTC mining recently?
China might ban Bitcoin/crypto mining,but this will happen in the future.
Banning crypto mining might cause problems for the mining hardware companies like Bitmain,but the Chinese government doesn't care that much about one company.The people,who lose their jobs,due to a mining ban,will find new jobs somewhere else.

[UserU]

They want to eliminate competition for their own digital currency which is set to be used in public this year or in the next year, and that's not how a fool moves, it's actually the opposite.

Exactly my thoughts. They help to shake off the weak hands while the smart ones dive in to scoop.

[Aliceooo78]

Bitcoin is having a hard time recently due to China's regulation. I wonder what China can gain in cracking down bitcoin trade and mining? Does't the government figure out that cryptocurrency is lucrative and alomst unstoppable? Banning mining is really an insane act as I see it, they are actually expelling money and power!!!
what do you think? leave you comment, thx

Stop spreading FUD.
The Bitcoin price is stable.Bitcoin isn't having a "hard time recently".Can you mention a news source,stating that Bitcoin is having a "hard time" in China or that China had banned BTC mining recently?
China might ban Bitcoin/crypto mining,but this will happen in the future.
Banning crypto mining might cause problems for the mining hardware companies like Bitmain,but the Chinese government doesn't care that much about one company.The people,who lose their jobs,due to a mining ban,will find new jobs somewhere else.

yet its price did go down resulting from those regulations launched by China. I'm definitely not trying to spread FUD. I believe in Bitcoin.

[btc78]

Bitcoin is having a hard time recently due to China's regulation. I wonder what China can gain in cracking down bitcoin trade and mining? Does't the government figure out that cryptocurrency is lucrative and alomst unstoppable? Banning mining is really an insane act as I see it, they are actually expelling money and power!!!
what do you think? leave you comment, thx

They are not planning to eliminating the whole crypto market but instead it is only bitcoin that they are targeting because this coin is the biggest competitor of their Own cryptocurrency .
in short they want to get Bitcoin out so their people will have no choice but to use their coin or at least altcoins.
The established Bitcoin will be a threat to what they are planning so eliminating this will make all happy in chinese government.
But what about their people? would they be happy truly or just because they have no option but to follow as communist party?

[zanezane]

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Exactly my thoughts. They help to shake off the weak hands while the smart ones dive in to scoop.

That could be another way of looking at the move that China does on the bitcoin scene and so far, they are doing great in terms of shaking off the weak hands.

[Republikcoin.com]

China is a world-class player, they are free to make decisions and in the end they will still gain the most. This is indeed quite unfair, for people who are affected by all of China's regulations. Many people are harmed by declining assets in large quantities.
We must be able to respond to every decision made by China.

[leea-1334]

If there is one thing we know about China,,, it is that it is not a fool. They have been content being a silent superpower for such a long time. Choosing not to go to war but to dominate the world through economy. Which they still have not fully unleashed by the way. In other parts of Asia and Africa and even South America they have dug their nails in.

This is all digital yuan coming,,, they know what they are doing.

[UserU]

That could be another way of looking at the move that China does on the bitcoin scene and so far, they are doing great in terms of shaking off the weak hands.

Imagine a CEO (Melon Musk) could shake the prices single-handedly, China be like, "hold my tea"

[Woodie]

As a government am sure they want to look like they are in charge and will only tolerate crypto coins under their control.

We all know how China loves control, and knowing they can't have bitcoin under their wing they are targeting miners...which is all a temporary phase FYI. No need to panic we shall get over this or take the crypto mining business elsewhere and forget about China.

[Lorence.xD]

Imagine a CEO (Melon Musk) could shake the prices single-handedly, China be like, "hold my tea"

I don't think that China will have that balls if they don't have a nuclear power or the military might that they are arrogantly showing off to the world.

[UserU]

I don't think that China will have that balls if they don't have a nuclear power or the military might that they are arrogantly showing off to the world.

You are right. I mean, they came a long way and look at their developments, they're behind the US compared to other countries.

One thing for sure, their spending power is tremendous too. That's how they gain influence over other countries by pouring in development funds.

[YOSHIE]

what do you think? leave you comment, thx

China is not stupid, the Chinese are smarter and cunning, they are bestowed with a genius brain, because their genius, intelligence and cunning make them greedy in trade / Economics, they will do anything for money and their business runs perfectly.

In the current state that it seems they aim to make all kinds of ways for Bitcoin users/miners etc., they have a mission that we don't know about in the future, this kind of thing happened a few years ago, because they can't control Bitcoin, they have other ways to suppress their citizens who are involved in Bitcoin like the news today.

Under these circumstances, I don't think Bitcoin will crash, On the contrary it will, if you carefully assess China's behavior, there is an element of shrimp behind the rock.

They to war, without using nuclear weapons, they fight with the economy / money, every mission they always take victims from the community coldly, without injury but the enemy is made to boil brain without moving.

[maydna]

I guess China government is a fool because that can be one of their strategies to make panic for the crypto people to use it for their benefits. When China releases something, they will have more things that we don't know what their real reason for that thing is. I guess China wants to play with the market and will still do that in the future. I doubt they really close the bitcoin mining as what they say because we don't know if that is really happening or not.

China can play with the crypto market, but it will not do that forever. We need to believe that bitcoin will be strong after the bad news. Just hold your bitcoin, buy back if you think that is the good price to buy, and then hold it for some time.

[verita1]

China is betting on the digital Yuan and does not want to have competition with bitcoin.

Chinese bitcoin miners will have to leave the country and install their mining centers in other countries. One of the possible places that has been heard a lot is Texas.

With China's crackdown on the crypto mining industry, companies are looking to migrate elsewhere. Along with Kazakhstan, BIT Mining has also invested $ 25 million in a new mining center in Texas.

https://www.coindesk.com/chinese-bitcoin-mining-company-delivers-first-machines-to-kazakhstan

[perryxi2]

They are proving one thing, They have the right to make the price of BTC go up and down according to their intentions, The continuous creation of FUDs and suppression of mining projects from China shows that they are The obvious intention is to get rid of the BTC mining process in China?