Is China a fool?

[AniviaBtc]

For me, China is always a fool, they only think about themselves and their mindset is only about their own growth even if it harms other people.

China's dream is to make their one and only cryptocurrency that only revolves around their country and they want it to become popular.

Maybe that's one of the reason why they ban bitcoin in their country, but we can't blame them, they are really a communist country.

[bryant.coleman]

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

The mining sector is still heavily dependent on China. Mining farms may be able to relocate to countries such as Kazakhstan, Russia or Mongolia. But what about the mining rig manufacturers? China is having almost 100% monopoly in this sector. China can just order the mining rig manufacturers such as Bitmain and Canaan to close down their operations and cease the export of mining hardware. And that will destroy the mining sector in the long run, because it is not viable for these companies to move their operations abroad.

[clint25n]

it is difficult to predict what the Chinese government will do, maybe this is the beginning of the price fall of bitcoin. We hope this is only a temporary thing, maybe with the ban by the Chinese government this is a strategy that inflates bitcoin prices as usual time, as happened in the past few years.And we can only hope that this will actually happen

[Dread Pirate Roberts]

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

i see some legit news on twitter . china government start investigating mining company more and arrest their assets if they are not stopped using high resource power for their own benefit . and government thought they printing money from it .

[haidil]

regardless of whether they are stupid or not, actually China has their own plans but we don't know what China will do after banning bitcoin mining in their country, especially if we see and read the information that has been circulating, basically one of their goals is that they want to eliminate competition for digital currency that they created themselves and one of the factors or the biggest rival of digital currency is none other than bitcoin because this is one of the big scourges for the coins they create.
I don't think this can be called stupid but their actions are quite brave

[Alanaz]

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.

and here lies the difference being tested, in fact they are one step ahead of us and they are trying to eliminate bitcoin in order to reap greater profits. and this is definitely the case with fud like that and judging by the current prices I think they are quite successful in doing it although I'm not worried at all about it because I'm sure bitcoin will return to normal even more than your imagine

[randegibran]

China is not stupid as we think. Of course they are playing a trick right now. By banning bitcoin in their country. Their price can dominate world economic trade. So they need to play some tricks to run their business.One of them by banning bitcoin trading in their own country. in this way slowly but surely they can easily master bitcoin not only in their country but even in the world

[sherryDEFI]

I heard that China seems to be launching its own country’s digital renminbi. Perhaps this explains why China has issued various policies to prohibit bitcoin transactions and mining. They are the people who control their own country and want to replace bitcoin with digital renminbi. This is impossible, but they did it, but the trend of Bitcoin is unstoppable, and this approach is doomed to fail.

[cryptoaddictchie]

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 can do whatever they want since they are a communist country however, do you think they can let the free money gone on their side. Im thinking that this us a hard shell game and they are making it real to create fud. Once it goes down to the bottom then they will reclaim back the decision. Just an opinion. Therr is also a rumor that they want to let their country their own digital cryptocurrency. Well soem Chinese definitely sticking to bitcoin, natural and totally decentralized and not manipulative.

[Ararbermas]

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.

correct, and they don't want crypto currency  mining because they want to make their own way to gain more money than bitcoin, simple as that.
Actually some say it's because china has a low power when it comes electricity that's why they ban bitcoin, but i don't believe in such reason because it's totally nonsense, and in fact there's a bunch of country that still mining even they're all had the same situation with china,
maybe the fact that they are not really convinced with it comes the benefits of bitcoin that's why they decided to make their own way to fulfil their needs and preferred to ban it. Perhaps that's the real story..

[stompix]

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!!!

And why does everyone taking for granted the fact that is also lucrative for the government?
Has anyone to date seen a single tax filing of a mining farm in China?
Does anyone know how much they have paid in taxes or how many people they employ and what wages they pay?

What if at the end of the day it turns out that most pay zero taxes as they "forget" to declare income, they hire little to no people, and on the other hand they draw subsides power from the grid that China has no interest in producing anymore, like all that coal power they want to replace with nuclear reactors and solar energy?

People are always saying if governments ban crypto they lose money, but let's be honest, excluding the western world, who is paying taxes on crypto gains? 1-5%?

China can just order the mining rig manufacturers such as Bitmain and Canaan to close down their operations and cease the export of mining hardware. And that will destroy the mining sector in the long run, because it is not viable for these companies to move their operations abroad.

All the chips are made by TSCM and Samsung, the technology is not lost if China bans it, the gear can be manufactured somewhere else, Vietnam, India, Thailand, short-run there might be a problem with acquiring gear but long term no! With the mining profits going up someone will start manufacturing those tempted by $.

[indo1]

i guess a lot of bitcoin abuse from china, like the exchange that once existed in 2018 he is idax. came from China, but was hit by a criminal case. That has kept the chinese government from limiting the circulation and business of bitcoin.

[zasad@]

All news portals write that China is fighting bitcoin because bitcoin is preventing China from launching its own CBDC.
Thinking hard, how can Bitcoin harm China's CBDC?
I think this is one of the more complex game combinations that we don't know about yet.
Because then it would be wise to start shutting down companies that make mining equipment.

[Mr.sprin]

many give opinions without clear sources, I know china is a country that is very observant of financial problems they are only looking for profit and don't know losses so I think china is not a stupid country they have their own reasons why ban bitcoin miners in their country if bitcoin miners are profitable China, of course, the Chinese state will not ban it, but currently China is banning bitcoin miners, meaning that there is a possibility that the Chinese government will be wary of these bitcoin miners.

[Lorence.xD]

~

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.

To be honest with you, I disagree with that even though I despise Chinese government so much. They have more mega cities than any other countries in the world and they are the biggest customer for many companies outside China also, I don't think that their power extends more than spending because they are getting stronger in terms of influence with their Belt Road Initiative.

[Xinarae*]

China is not stupid china is far ahead in terms of bitcoin mining the use of bitcoin as a digital currency is high in their country. China is far ahead of other countries and occupies one of the top positions in terms of sales and popularity of products made in china in the world market the process of negotiating with china is not complicated and every trader with basic knowledge and entrepreneurial experience can work successfully in this market without initial investment or with little investment. The best option to start a trade career is to have partnerships with companies that will help russia deliver affordable and in demand products.

[DarkDays]

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

It looks to me that if a powerful country like China is trying to remove something so fundamental to the new industry revolution that later it will feel sorry for doing so.

Yes, true, today China is where most of the miners are so having a anti-mining government who doesn't stop at nothing less than cracking down the market then that leaves more opportunity for the rest of the countries, providing them with an advantage they will take. So if not China, another country will adopt the mining power and the crypto isn't going to stop. It will be one lost opportunity for China.

[maisao1991]

Perhaps they are planning something other than completely banning BTC in their country, like issuing a digital currency, or they can collect a large amount of BTC when its price drops low. .

[Ebede]

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

Even though china is against bitcoin it will not affect bitcoin till infinity, it can only take a little space for bitcoin recover, for then to ban mining farm that does not mean that bitcoin will be down till infinity as i said before and it's not only china that have mining farm, other farms are ease were, china for them to fight cryptocurrency that shows it's time to bring than their economy, before base on my knowledge any country that adopt cryptocurrencies alway make well through their economy.

[ropyu1978]

China wants to take advantage, China doesn't want to lose, the tactics used by China are the brains of the business, China does everything they can to get what they want, I think China Only shuts down mining that is not controlled by the government, because we all know China is a country. who do whatever it takes to get what they want,