China might really be out of Bitcoin and the cryptospace

[thecodebear]

Basically the Chinese government doesn't like that Bitcoin gives their people monetary freedom. Their CBDC does nothing to threaten Bitcoin, but Bitcoin does threaten the Chinese government's ability to have complete control over the financial lives of its citizens. No country with a shred of freedom would ban bitcoin, but in China the government must have complete control over its citizens so Bitcoin is a threat and with the introduction of their CBDC i suppose it looks bad to try to market that against the freedom of Bitcoin (even though CBDC is just a tokenized fiat so monetarily no different than what they already have).

At the same time of course, they've cut off a lot of money coming into the country as China used to be the dominant player in Bitcoin. They might not mind when Bitcoin is only a trillion dollars of less market cap. But I'm guessing they'll be kicking themselves when Bitcoin is a 20 trillion to 40 trillion dollar market in the next 10-20 years. But then again maybe they consider complete control over the monetary supply as more important than the economic benefits of being the most significant player in a market worth tens of trillions of dollars.

[bbc.reporter]

@thecodebear. Agreed. This implies China knows more about bitcoin than we thought. They understand the threat of it can be used as a financial tool to avoid regulations and how it might also be a political tool for the people to impose freedom.

In any case, this is a list of actions the Chinese government has done last month.



Source https://www.kanaandkatana.com/markets

[acener]

I think it is just another drama of china ban and unban of crypto and if it is for good then it's their lost not ours,
Sure the price would go down for awhile but it would surely recover and make it even without China,
Even if they chose to stay out of crypto we could still go on and continue so don't think too much of it.

[caryoscar]

After the implementation of more significant price adjustments in China, the price of Bitcoin and other currencies plummeted. China is really not friendly to Bitcoin. All kinds of frustrating messages also fully show that Bitcoin is welcomed by more people in China, as The coin has two sides. Especially for miners, many people have become very difficult because of huge loans. For miners and power-hungry mines, this kind of shutdown is more like a long-planned plan. China clears miners and shuts down mines for the sake of With the issuance of its own digital currency, China does not exclude digital currency.

[bbc.reporter]

It appears that China is not stopping the bans only on bitcoin and the cryptospace. The Chinese government is also beginning to create a proposal to block Chinese companies from doing IPOs and stock listings in other countries. China is making great efforts to keep all the money inside. The skeptical me says that there is certainly a much bigger agenda behind this. Preparation for a big war?



Regulators in Beijing are planning rule changes that would allow them to block a Chinese company from listing overseas even if the unit selling shares is incorporated outside China, closing a loophole long-used by the country’s technology giants, according to people familiar with the matter.

The proposed change is the first indication of how Beijing plans to implement a crackdown on overseas listings flagged by the country’s State Council on Tuesday.

It would also threaten a lucrative line of business for Wall Street banks and add to concerns of a decoupling between China and the U.S. in sensitive areas like technology. Chinese firms have raised about $76 billion through first-time share sales in the U.S. over the past decade.

Source https://www.bloomberg.com/news/articles/2021-07-07/china-mulls-closing-loophole-used-by-tech-giants-for-u-s-ipos

[TOM Bb]

China has dictatorial policies. The goverment will  clear anything which they think is bad to their authoritarian regime. I believe the China miners will move to the next country, people will still keep using crypto. Maybe the BTC prices will recover and goes higher  in a certain time.

[Robinson66]

The Chinese government feels that it cannot control Bitcoin or cryptocurrency, because cryptocurrency is free and not regulated by others. Everyone think about the fact that domestic funds are not regulated, which is unacceptable to any normal country, which means that the economy is out of control. For example, if a company uses Bitcoin to do business, the entire transaction is not transparent, and how the government collects taxes. Bitcoin wants to replace legal currency, which can only be effective for some small countries.

[NotATether]

Not a surprise in the slightest. The environment in China is very discouraging when talking about freedom in general, not only concerning Bitcoin and cryptocurrencies. If they people aren't even allowed to access common websites such as Facebook and Twitter due to their "Great Firewall", what makes us think that they'd allow their people to have access to a protocol that promotes freedom?

Unfortunately, there tend to be people who despise freedom for the masses and only want to see such unrestricted activity for themselves, refusing to let anyone else partake in said freedoms. And sometimes such persons don't even like those freedoms for themselves.

And it's not restricted to just China or even whole countries. It also applies on a community and family level.

[carlfebz2]

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.

When it comes to decisions then i dont usually trust up China as if this country do really partly do make out fixed decisions and would changed out overtime when they do saw something that could benefit them.

Also that this entire market doesnt only cycle nor even depend with China even though it could really have that significant contribution but doesnt mean that market is entirely depending on it.

They can freely leave if they wanted to and the thing here is that banning by a single country even how powerful or big it is wont really be enough on taking down this space.

[temple]

It appears that China is not stopping the bans only on bitcoin and the cryptospace. The Chinese government is also beginning to create a proposal to block Chinese companies from doing IPOs and stock listings in other countries. China is making great efforts to keep all the money inside. The skeptical me says that there is certainly a much bigger agenda behind this. Preparation for a big war?



Regulators in Beijing are planning rule changes that would allow them to block a Chinese company from listing overseas even if the unit selling shares is incorporated outside China, closing a loophole long-used by the country’s technology giants, according to people familiar with the matter.

The proposed change is the first indication of how Beijing plans to implement a crackdown on overseas listings flagged by the country’s State Council on Tuesday.

It would also threaten a lucrative line of business for Wall Street banks and add to concerns of a decoupling between China and the U.S. in sensitive areas like technology. Chinese firms have raised about $76 billion through first-time share sales in the U.S. over the past decade.

Source https://www.bloomberg.com/news/articles/2021-07-07/china-mulls-closing-loophole-used-by-tech-giants-for-u-s-ipos

Wow... I've been dealing with that thought process, too. They are spending so much money on military education, technology and engineering that I believe one day it is going to be put to use. All the projects they have going for them. There a very interesting reports and documentaries you can watch. They are going to be the real superpower in the world. They are extremely rich and have established influence all over the world. I have no idea what the future has cooking for us, but I wouldn't exclude any scenario from the list of possibilities.

[bbc.reporter]

@temple. Agreed! I have read some news articles on how China has militarized its southern border facing India and had a skirmish versus the Indian military using spiked clubs that killed Indian soldiers and their captain. You can google China India border fight to find that article.

They might be expanding their empire hehehe.

[cryptomaniac_xxx]

@temple. Agreed! I have read some news articles on how China has militarized its southern border facing India and had a skirmish versus the Indian military using spiked clubs that killed Indian soldiers and their captain. You can google China India border fight to find that article.

They might be expanding their empire hehehe.

They have been expanding their empire, checked the Philippine West Sea and Scarborough issue, they are expanding territories and aggressively building military installations to that island who is still in dispute.

So regardless of their plans on bitcoin, whether they are out for good or not, there are more pressing issues on their side, specially trade and military expansion around that region.

[randegibran]

if.this is.true then crypto will again experience a price decline.as it.did before, with this incident.we can.buy bitcoin again at a relatively.cheap price and this will greatly.affect the crypto world because today the business.world is.very influential.with the intervention.of countries.such as China which can.change a world market price, including in.the crypto world, this is.something we need to be aware.of and anticipate.if this happens.in the future

[Viscore]

if.this is.true then crypto will again experience a price decline.as it.did before, with this incident.we can.buy bitcoin again at a relatively.cheap price and this will greatly.affect the crypto world because today the business.world is.very influential.with the intervention.of countries.such as China which can.change a world market price, including in.the crypto world, this is.something we need to be aware.of and anticipate.if this happens.in the future

This news is not new to us as China keeps on banning crypto so they can launched their own digital currency. Maybe the crypto market was affected before that turned the market into a sudden bearish but with this present one, i don't think it will create another huge impact again.

For me, even if China has banned all its crypto related activities, i think there are still residents who secretly hold bitcoin for their own benefits. A single country may have all the resources to ban bitcoin and its crypto related but it can never control the people who are still into bitcoin secretly.

[verita1]

I am moved by the Chinese community, I also concern the pressure that the Chinese government has imposed with its regulations and prohibitions. For a moment I put myself in the place of a Chinese citizen, not being able to access all my Crypto Apps. The feeling has been horrible because of what it represents for me. Because once we discovered Bitcoin and Crypto space everything that moves around us gives us the freedom to choose and if we lack a bank account is a solution.

[franky1]

lets take antpool. the highly controversial pool deemed always as "china"
seems it went from 30ex down to 10exa. but is now recovering and getting to 14 exa in recent days*
https://btc.com/btc/pool/29?id=29&chart=hashrate
so it doesnt seem like they are "out"

seems their ultimate bottom july1st (10exa) :- lets call that point X
seems their ultimate peak hashrate X-1.5 month (>30exa)
seems their next step down was X-1 month(>20exa)

and now X+2weeks they are recovering at 14exa
which seems to be on target to recover to peak of 30exa by X+1.5month

taking a look at btc.com own pool
https://pool.btc.com/en-US/pool-stats
50% of blocks it mines come from china (SZ, beijing, Shenzen)

again seems "china" is not out

edit 12th july:
*antpool now hitting into the 15exa range

[Vishnu.Reang]

As long as these restrictions are limited to China, I don't have much issues. Those citizens who want to own cryptocurrency will find a way to do so - either through proxy holdings, or through exchanges that are based outside China. Actually I am surprised that China allowed cryptocurrencies such as Bitcoin and Ethereum for so long. Remember that this is a country that doesn't allow social media platforms to operate freely. Each and every aspect of economy in China is manipulated. So I was expecting a ban sometime soon. Now they are moving towards a proper ban, the question is whether they will be able to implement it or not.

[nortwood]

lets take antpool. the highly controversial pool deemed always as "china"
seems it went from 30ex down to 10exa. but is now recovering and getting to 14 exa in recent days
https://btc.com/btc/pool/29?id=29&chart=hashrate
so it doesnt seem like they are "out"

seems their ultimate bottom july1st (10exa) :- lets call that point X
seems their ultimate peak hashrate X-1.5 month (>30exa)
seems their next step down was X-1 month(>20exa)

and now X+2weeks they are recovering at 14exa
which seems to be on target to recover to peak of 30exa by X+1.5month

taking a look at btc.com own pool
https://pool.btc.com/en-US/pool-stats
50% of blocks it mines come from china (SZ, beijing, Shenzen)

again seems "china" is not out

This is encouraging to see.

[Argoo]

I hope by this news bitcoin price can go down under 30K , I have been waiting for this. I want to buy bitcoin at 20K price level. Honestly I think if China completely leave bitcoin then it is a big problem for cryptocurrency market, many people will be afraid and then sell their bitcoin. In other side it is also create a new big opportunity to replace china domination in cryptocurrency investment. I think we are a big community now, we are the market.

Sooner or later, however, a similar situation with an almost complete ban on the use of cryptocurrencies by the Chinese government had to happen. Previously, the Chinese government was in no hurry, but now they are preparing to launch their digitized yuan and this is pushing them to take measures to eliminate all possible competitors of their digitized currency.
On the other hand, to be constantly dependent on the possible provocations of this government and to have a constant source of bad information, something had to be done about it. It is better to solve this problem earlier and finally, than it could appear at the most inopportune moment.

[ene1980]

Sooner or later, however, a similar situation with an almost complete ban on the use of cryptocurrencies by the Chinese government had to happen. Previously, the Chinese government was in no hurry, but now they are preparing to launch their digitized yuan and this is pushing them to take measures to eliminate all possible competitors of their digitized currency.

The launch of their digitized Yuan might be one of the reason, but for me they have a complete dictatorial government and they do not like to give their citizen any privacy in any form and they do not want them to have financial freedom and hence they are trying their best to restrict in its roots.

On the other hand, to be constantly dependent on the possible provocations of this government and to have a constant source of bad information, something had to be done about it. It is better to solve this problem earlier and finally, than it could appear at the most inopportune moment.

Everyone is really sick of these news whenever the market is rallying but i do not think these specific news is solely responsible for the market correction and we have used them as an excuse .