China's deparure from BTC

[ConnerDalfino]

Due to China's departure from Bitcoin, Western societies can re-establish their position at the forefront of new financial markets of the 21st century. Western Nations that wish to counter China's rising economic power will find this move by China to be a positive step.

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[Mpamaegbu]

These ceaseless news of China banning Bitcoin every now and then have become boring. It's about time the Chinese left the scene. I remember how the Chinese ban in 2017 shock a lot of us back then and how the newly established Binance exchange had to leave China. Sometimes, I wonder how politicians reason as most of them seem irrational. It's obvious we wouldn't be having all the benefits of what CZ Binance offers if that ignominious ban had crippled his exchange and rendered him bankrupt. Honestly, I get vexed whenever I remember that incident and what the world would've missed by now.

[Upgrade00]

Sometimes, I wonder how politicians reason as most of them seem irrational.

Most politicians are all about power and want full control, in China it is more marked, but it's the same in many other countries. Take a look at the fallout between the Chinese government and Jack Ma's Alibaba, the crackdown on him was [allegedly] due to some of his opposition views with that of the CCP. If they could do that to one of their largest tech companies, I doubt they care much about the benefits of binance or any other service, if it contradicts their strict regulation policy.
Bitcoin is designed to resist regulations and as such would not be accepted by the current Chinese government.

[livingfree]

Due to China's departure from Bitcoin, Western societies can re-establish their position at the forefront of new financial markets of the 21st century. Western Nations that wish to counter China's rising economic power will find this move by China to be a positive step.

They should just leave a long time ago so that there's no way the media can exploit such news and recycle it.

That news that is coming from China and every keeps saying it shows how the media have manipulated and played with your emotions.

You'll see in the future that they're going to report it again that there's another wave of China after reporting that they've already departed from bitcoin. 

[Coin_trader]

Due to China's departure from Bitcoin, Western societies can re-establish their position at the forefront of new financial markets of the 21st century. Western Nations that wish to counter China's rising economic power will find this move by China to be a positive step.

This happened multiple times in the past and China always lift there ban once the news doesn't affect the price anymore. I don't think so that only Chinese whales is the reason why the price is down. Its a combine token of both western and Chinese whale. Chinese whale is not totally out on Bitcoin IMHO.

[dkbit98]

I am not counting so much on western part of the world that already has developed Bitcoin mining, but I am looking more on the countries that don't have any miners at all or not as much.
Much better option would be to distribute mining to all countries of South America and other countries around China, that would make mining pools much more decentralized.
There is a big opportunity in everything that happens including miners departing China, that may to be blessing in disguise for Bitcoin.

[joniboini]

Maybe we should stop associating miners with the whole country. As far as I can tell the 'new' regulation concerns are about coal mining, if it is solved, it might not be a problem anymore. If that doesn't happen, I bet the network will still live on.

Sometimes I wonder, why it is always China, instead of some countries in Europe or the US itself.

[MusaMohamed]

Due to China's departure from Bitcoin, Western societies can re-establish their position at the forefront of new financial markets of the 21st century. Western Nations that wish to counter China's rising economic power will find this move by China to be a positive step.

You misunderstood it.

Departure from Bitcoin. In fact, China do not departure entirely. They only crack down mining in some provinces of the nation. I don't think the crack down will last forever in China and in those provinces

They will be crazuly if they suicide their big industry by crack down Bitcoin mining in the nation at all.

More nations will participate in Bitcoin mining and China will not let their power in Bitcoin mining vanish too easy.

[avikz]

Due to China's departure from Bitcoin, Western societies can re-establish their position at the forefront of new financial markets of the 21st century. Western Nations that wish to counter China's rising economic power will find this move by China to be a positive step.

If you are expecting that China's exit from Bitcoin will make them poorer or weak, then you nees to re-think seriously. At the same time if you are thinking that adoption of bitcoin will help western countries to rise their economic power, same thinking exercise is needed.

You believe it or not, China thinks 50 years ahead. Their plan for next 50 years is ready and actively being monitored by their president's office. They also make room for surprises and contingency plans are also ready at the same time! So we are happy that China has decided to move out of bitcoin because we don't certainly want an authoritarian rule over bitcoin miners. And  that's it!

[Fundamentals Of]

I hope those western societies you are referring to have the same mindset as you. China used to be an influential country in terms of Bitcoin since majority of large Bitcoin mining farms are operating from there. It actually became a contentious issue that a very high percentage of Bitcoin's hashrate is coming from China. But now that these farms are already beginning to leave China, other countries should come out and make their offer.

[cotton ball]

china china china again, endless posts about china,,starting from china banning bitcoin mining, china forbidding bitcoin exchange, now new news about china's departure for bitcoin, just let china go, and see for sure other countries will take over bitcoin , so that other countries can compete with the Chinese economy...

[Sterbens]

These ceaseless news of China banning Bitcoin every now and then have become boring.

It's true that we think the topic of China leaving Bitcoin is more appropriate to stay off-topic. because besides being bored, why are we talking about countries whose policies are detrimental to many people, including bitcoiners.
I think let China do what it wants, and we should care about China.
Let's stop about china, let's think about how to build so that the future growth of crypto, including the viability of bitcoin, continues and does not become a bottleneck as China did.

[DapanasFruit]

In 2017, any kind of negative news coming from China really affected the cryptocurrency market. I could not actually imagine that in 2021, the same thing can be happening again. The big difference is that China is now so bent on kicking anything related to Bitcoin out of the country, hence the miners are getting out of the country and transferring their business somewhere else. Hopefully, by 2022, there will be no more China factor. The purge has to happen right now. We don't need China. China does not need us so the feeling is mutual!

[MusaMohamed]

You believe it or not, China thinks 50 years ahead. Their plan for next 50 years is ready and actively being monitored by their president's office. They also make room for surprises and contingency plans are also ready at the same time! So we are happy that China has decided to move out of bitcoin because we don't certainly want an authoritarian rule over bitcoin miners. And  that's it!

China sounds to be a smart nation as I understand from your post. I guess you implied about the Mao President, decades before the presidency of Xi.

They have long plan and partially get it but Xi changed the plan and behaved arrogantly with the world. With my condolences to people who lost their love ones, I thank to the pandemic because it help the world understand more about China.

And the change in global logistics and manufacturing chains will help the world less depends on China supplies.

[ziennakarishma21]

such news from China has become very boring and at such times the whales are manipulating the market fake news as well as they hit sentiment Uninformed investors will start to panic dumping wildly and that is the main goal that the Chinese whales want to create.

[sapnu]

Due to China's departure from Bitcoin, Western societies can re-establish their position at the forefront of new financial markets of the 21st century. Western Nations that wish to counter China's rising economic power will find this move by China to be a positive step.

The current occurence with regards to China banning crypto services is nothing new actually. It happened a lot way back but if ever it is for real this time, the market will be detrimentally affected. What investors in China should do is to be open about relocating or finding new ways on how they can still access crypto regardless of what's happening. China is a powerful nation and it has many competitors, this might really lead for other countries to take advantage of it and start tolerating the use of crypto or start planning long term ideas with relation to crypto.