China might really be out of Bitcoin and the cryptospace

[cheezcarls]

Chinese Bitcoin and cryptocurrency enthusiasts are going to do whatever it takes to stay in the game. Mining firms are moving offshore, citizens are gonna start using VPN for accessing various platforms and exchanges that were blocked by their country, P2P transactions, etc.

For me, it’s not game over for them. They’re going to find a way. Even that mining is banned within their country, they will move to another crypto-friendly country to begin mining there.

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[Taskford]

I doubt that they will ban or get out on bitcoin/cryptocurrency since it gives a lot of money to each crypto enthusiast in there on country and besides they are using this kind of banning and total lock out but guess this totally not happen even by now. Maybe thet are using this just to create fear, I'm sure that once bitcoin will dump more those who tell that especially Chinese whales will buy bitcoin and save it for future.

[Karartma1]

Meanwhile, as expected, the new ban in China has hit Bitcoin like a fury, causing a sharp drop in price.
BTC's not doing great, price wise, but it's worse for Ethereum.
It was a drop however expected since the whole sector is back from a rally that led many cryptocurrencies to multiply their value and see new historical records. Now all that remains is to understand if this drop is an "afterthought" or if it is the signal that the bull run is definitely over and we need to prepare for a long winter.

[kryptqnick]

I think that some miners will relocate, but there won't be a total ban and many will keep operating either covertly or openly in China anyway. As for exchanges, I think it's easier for them to relocate, but the current crackdown is related mainly to mining, so they probably don't feel the need to do so. I think China will remain sort of hostile but manageable and the conditions won't worsen significantly. I hope that businesses will move because this could be a boost to other economies, and China's currently dangerously strong economically, so any change of that is desirable. But I believe that businesses will largely stay anyway.

[sapnu]

China's stand in crypto right now will surely make a huge impact and it will most likely be detrimental. China is a huge and wealthy nation, most of the things they do or the decision they make affects many things in different aspects. For bitcoin, it will surely be a crisis once again as they continue to push through the banning of crypto services within their territory. Expect a dip and take the opportunity but let us not keep on hoping that such kind of news would continue on happening in bitcoin because it would make our holding and buying during the dip lose its sense.

[ziennakarishma21]

Most of our current electronic market is heavily influenced by China, they are dominating the crypto market and if that's my way of thinking, I don't believe that China will give up on these things. lucrative bargains by making huge profits from the market or in other words their economy is more profitable, I think they are liars and unpredictable. Maybe whales create fake news for panic investors to dump to buy back BTC cheap such as China.

[cotton ball]

because of the greedy government, the Chinese government pressures their people not to adopt bitcoin, and not to use something that is not controlled by the government, I think there are still many other countries that are still open to accepting bitcoin mining, maybe they run out of bitcoin, because it is caused by Their own government has banned bitcoin since 2017, after mining goes to other countries, maybe we will see the economic collapse of the Chinese people in the future..

[bbc.reporter]

Not surprising, what did the author expect from dictator/authoritarian regime?

It is very easy to say this now, however, if we said to expect something like this during April everyone would accuse us of fud.

No one expected this, including the author who is from Hong Kong. He is Jason Choi, a general partner of Spartan Capital and a founding partner of Contrary Capital, investing hundreds of millions in the cryptospace. I reckon more than anyone in this forum. We can learn from people like him.

Also, if it was expected, the miners and the exchanges would have left already and the market would have no panic dumps because it was expected. This was an event that we cannot be ready for similar to the bubble burst of 2017.

In any case, wait when the Chinese Communist party celebration on July 1 is finished. I remain hopeful that there is a chance that these new policies might be temporary.

[davis196]

We all know that China is discouraging the cryptospace,but for some reason the crypto miners aren't leaving that country.They like going business in China,obviously.
I can't find anything in that article,stating the China will impose a crypto mining ban.
This article is full of assumptions,predictions and expectations,not facts.It seems like another clickbait FUD.
Don't get me wrong.I also expect China to ban crypto mining and trading,but I can't find a good evindence,that the communist party will impose such ban after July 1.

[Beparanf]

because of the greedy government, the Chinese government pressures their people not to adopt bitcoin, and not to use something that is not controlled by the government, I think there are still many other countries that are still open to accepting bitcoin mining, maybe they run out of bitcoin, because it is caused by Their own government has banned bitcoin since 2017, after mining goes to other countries, maybe we will see the economic collapse of the Chinese people in the future..

I dunno if its right to call it a greedy move from there government. We all know that they are communist and they are just doing things base on there ideology. They are next to US in terms of wealth so they are confident that there method is right since its working. Let's just accept the fact that Bitcoin is not suitable for country that main goal is centralization. Having this kind of FUD news in the future might result on this drawbacks again so it's better to let them out of the game.

[bbc.reporter]

We all know that China is discouraging the cryptospace,but for some reason the crypto miners aren't leaving that country.They like going business in China,obviously.
I can't find anything in that article,stating the China will impose a crypto mining ban.
This article is full of assumptions,predictions and expectations,not facts.It seems like another clickbait FUD.
Don't get me wrong.I also expect China to ban crypto mining and trading,but I can't find a good evindence,that the communist party will impose such ban after July 1.

Ironically I will not argue with you hehehe. However, I will say that I wish from the bottom of my heart that we are in a universe where the miners were not pushed away by government from Sichuan, Xinjiang, Qinghai and from Mongolia hehehehehe.

I also never said China will impose a ban after July 1. I said it might be temporary and the ban might not be enforced strictly some time after July 1.

[Yamifoud]

We all know that China is discouraging the cryptospace,but for some reason the crypto miners aren't leaving that country.They like going business in China,obviously.
I can't find anything in that article,stating the China will impose a crypto mining ban.
This article is full of assumptions,predictions and expectations,not facts.It seems like another clickbait FUD.
Don't get me wrong.I also expect China to ban crypto mining and trading,but I can't find a good evindence,that the communist party will impose such ban after July 1.

Ironically I will not argue with you hehehe. However, I will say that I wish from the bottom of my heart that we are in a universe where the miners were not pushed away by government from Sichuan, Xinjiang, Qinghai and from Mongolia hehehehehe.

I also never said China will impose a ban after July 1. I said it might be temporary and the ban might not be enforced strictly some time after July 1.

How I wish that they will change their minds and no longer hates crypto after this temporary ban but to gives support instead. The government doesn't just give work for their people but also they are helping for the fast adoption of crypto. I'm not sure if this a sort of market competition against big countries but might possible to work as one and help to promote digitalization together so we all have the chance to enjoy. And so their people are no need to move outside their country because of the ban.

[stompix]

I would be interested to know how much of their GDP comes from crypto mining and the production and sale of mining equipment, but it is quite obvious that this profit is not something that could harm their economy. In fact, China has a huge surplus of funds that it invests all over the world, as it was during the crisis that started in 2008, and I believe that it will be the same in the future.

If every single mined bitcoin would come back to China, including the fees, and by doing so we take care of the ROI miners have to achieve in order to pay the gear, thus we can ignore the numbers from sales of equipment and all the troubles there (chips are made by TSMC) the numbers would be at around 10 billion. Might sound much but in reality, it's almost nothing for such a country, the much blamed wet markets in China are part of an 18 billion industry of growing  "wildlife" species for food. So, no way to classify it as harmful, it's more like a mosquito bite.

We all know that China is discouraging the cryptospace,but for some reason the crypto miners aren't leaving that country.

They are either leaving or shutting down, pick one, if not, then get ready an explanation for this:

Latest Block:   689014  (34 minutes ago)
Current Pace:   74.7138%  (1559 / 2086.63 expected, 527.63 behind)
Next Difficulty Change:   between -25.2829% and -24.2994%

[Karartma1]

And as a result, very much expected, the bitcoin block count went below 100.0 with current value around 58.0
Mempool's filling up pretty quickly again and fee rates are going up. This was all but unexpected and bitcoiners know what to do. Either contribute a bit to the network or DO NOTHING.
The tide will pass.

[Lucius]

If every single mined bitcoin would come back to China, including the fees, and by doing so we take care of the ROI miners have to achieve in order to pay the gear, thus we can ignore the numbers from sales of equipment and all the troubles there (chips are made by TSMC) the numbers would be at around 10 billion. Might sound much but in reality, it's almost nothing for such a country, the much blamed wet markets in China are part of an 18 billion industry of growing  "wildlife" species for food. So, no way to classify it as harmful, it's more like a mosquito bite.

As I guessed, it's a lot of money for little people - but in China, $10 billion is something they won't even blink at - and I have to admit that it's really weird that someone has the idea that China is procrastinating all these years with a final decision because they don’t want to lose profits.

Since I lived under the communist regime, what I learned is that communists are always looking for an internal and external enemy, and if there is no enemy they invent it and fight against it because that is the only way they can keep people in fear - we see this very clearly today on example of North Korea, but also China. I can only imagine what is going on in the minds of members of the Chinese Communist Party, but they have obviously decided that everything about Bitcoin is an enemy of the state - and we all know how communists get rid of their enemies, without trial and in a short procedure - a bullet in the back of the head.

[CryptoStar19]

Bitcoin doesn't need China... China on the other hand does need bitcoin (as does the rest of the world) and will realize in time that this move to drive out crypto from the country is a mistake.

[Kakmakr]

The Chinese government are doing the rest of the Crypto currency experiment a huge favor. What has all the competition of Bitcoin been complaining about for years now? ===> Chinese dominance over Bitcoin mining!  Now, their own government has taken them out of the scene and they are not a so-called threat anymore.  (One thing less for all these pessimists to bitch about)

Also, most things that are banned... goes underground... like the Chinese citizens use of the Internet and bypassing the "Great Firewall"    If they ban it, it becomes more desirable and that has the opposite affect on what they actually intended. 

[Wind_FURY]

Bitcoin doesn't need China... China on the other hand does need bitcoin (as does the rest of the world) and will realize in time that this move to drive out crypto from the country is a mistake.

What is strange in this situation is, why is China removing itself from the Bitcoin mining industry? They are essentially giving up control of an entire INDUSTRY where they truly had a competitive advantage. They definitely will realize that it was a mistake commited by their technocrats.

[decodx]

Can China create its own cryptospace?

Ever since the digital currency bitcoin was invented in 2009, experts have been debating whether governments will make full control of digital money a reality, or if certain nations will continue to keep their own currencies in place, like the U.S. dollar.
There are a lot of questions raised as to how China's planning to create a crypto space within the country, and also how China's crypto policy could influence other markets in Asia.

[Kez1817]

Why? If without china, bitcoin can't be used by other people in other countries? There are also miners in other countries and it will even increase the number now that china removing bitcoin mining industry. But on the other hand, who knows if it's just temporary and later on China will realize that they need bitcoin and bitcoin miners. News always changing everyday.