China might really be out of Bitcoin and the cryptospace

[Nora Olin]

They’re anti-Bitcoin but pro in blockchain. This is absurd. How would a blockchain fully function without crypto (unless they are launching their own CDBC). China doesn’t want to innovate and I’m pretty sure that they would be left behind later on in terms of adopting new stuff that would benefit their country’s economy.

Too many restrictions in China like the Great Firewall, doesn’t give a lot of freedom for the Chinese community. At least they’re not that worse like North Korea.

Bitcoin and blockchain are different things. China is no longer pro with bitcoin and prohibits bitcoin in its country. But China is developing their own blockchain and wants to create its own ecosystem. China is doing innovations that I don't think will be left behind by the others. China's recent decisions are indeed very contrary to bitcoin and make bitcoin price crash. but behind that china is building their own ecosystem.

China is indeed studying blockchain. Although China has explicitly banned and suppressed virtual currencies, Chinese news reports stated that senior leaders held meetings to learn and understand blockchain. China will not let its country fall behind. I have heard many people say that China will regret giving up Bitcoin, which will make China fall behind. I don't think so. I think China is just innovating its own country in another way.

[rikybrosh]

I am not worry about china leave bitcoin anymore. Now, in my country actually bitcoin also promoted in one of the most influential YouTube channel. It's mean that the popularity of bitcoin is getting bigger. What most of us discussed about bitcoin become more popular is now become true. The sad thing is I don't have enough bitcoin for the future, I had 3 btc aproximately in the past but my family force me to sell it at bearish market they afraid that bitcoin will not be valuable anymore but I think that is not so smart. At that time my family is still poor so I try to understand them.

[taufik123]

As you have mentioned it, I realized that China is an innovative country that wants to be among the leaders globally, and it makes sense now that they are abandoning Bitcoin because they would want to create something of their own. Well then maybe we should watch out for what is next and what will come out of this decision by the Chinese government.

but I think when China has decided to leave Bitcoin and start developing its own innovations without the influence of bitcoin, China will not have much influence anymore.
Unless China re-legalizes bitcoin. The decision of the Chinese government is now past its peak, all bitcoin miners have moved from China and are scattered in various countries that still support bitcoin.

[zanezane]

That's good that they will finally be out of the space because people who are tired of hearing about FUDs that are related or have an inkling of relation to China will be happy and relieved because they don't hear that kind of thing anymore plus with them out of the picture, 51% attack isn't an excuse anymore even if they say that only China can do it.

[Shenzou]

As we know in china everything is restricted, and everything is controlled by the government, from the internet to how the people think, and them banning bitcoin mining and going hard on crypto in general comes with no surprise, i was even surprised that they have waited until now to do so, and that is due to the fact that they are unable to control it and monitor the transaction that people have and with a growing popularity it would threaten their authority, so that is why they have banned it, and i am pretty much sure that they might introduce a crypto currency that they will be able to control.

[Argoo]

As you have mentioned it, I realized that China is an innovative country that wants to be among the leaders globally, and it makes sense now that they are abandoning Bitcoin because they would want to create something of their own. Well then maybe we should watch out for what is next and what will come out of this decision by the Chinese government.

but I think when China has decided to leave Bitcoin and start developing its own innovations without the influence of bitcoin, China will not have much influence anymore.
Unless China re-legalizes bitcoin. The decision of the Chinese government is now past its peak, all bitcoin miners have moved from China and are scattered in various countries that still support bitcoin.

So far, the Chinese government does not intend to return to the use of a decentralized cryptocurrency, and this is evidenced by the current developments in this country. They are now preparing to officially launch their digitized yuan and the current attack on cryptocurrencies and stablecoins of private and commercial structures is being carried out to eliminate possible competitors in the circulation of their digitized yuan. Therefore, I do not think that Bitcoin miners will still have the opportunity to return to China. The path for their return has already been completely closed.

[slaman29]

So far, the Chinese government does not intend to return to the use of a decentralized cryptocurrency, and this is evidenced by the current developments in this country. They are now preparing to officially launch their digitized yuan and the current attack on cryptocurrencies and stablecoins of private and commercial structures is being carried out to eliminate possible competitors in the circulation of their digitized yuan. Therefore, I do not think that Bitcoin miners will still have the opportunity to return to China. The path for their return has already been completely closed.

I don't think they were ever into decentralized crypto, and I don't think there's ANY government that wants to do that with the exception of El Salvador. China's move is not surprising and they've been dropping hints for years with Bitcoin and now their own CBDC.

So let's not get surprised anymore by Bitcoin bans in China allright?

[Renampun]

As we know in china everything is restricted, and everything is controlled by the government, from the internet to how the people think, and them banning bitcoin mining and going hard on crypto in general comes with no surprise, i was even surprised that they have waited until now to do so, and that is due to the fact that they are unable to control it and monitor the transaction that people have and with a growing popularity it would threaten their authority, so that is why they have banned it, and i am pretty much sure that they might introduce a crypto currency that they will be able to control.

for sure, they will increasingly convince their citizens that the Digital yuan is much better and safer than Bitcoin...

since 2013 the Chinese government has shown their distaste for Bitcoin, the reason is because they can't control Bitcoin and it's very dangerous for their country. communism is really dangerous and stupid.

[DOH!]

Pushing bitcoin, banning bitcoin mining is an action that could send China into a spiral of isolation in the world.  They don't get it by conservatism, their interest has had a huge effect on having bitcoin over the years.  What can the E-CNY do when it also just tries and alternates between its own governing alliances and colonies.  This obviously has a big impact on the economic and trade competition with the US.  They will soon realize this serious "Mistake".