China's game plan

[Mahanton]

I have not yet formed my theory, I also wrote that the Chinese CBDC will replace bitcoin, therefore such sanctions.
Does anyone think a little more globally?
The sanctions against miners will lead to the decentralization of bitcoin around the world.
Covid is only testing for the destruction of the population.
The next viruses will be more terrifying.
All evil comes from China ..

How can central bank digital currency replace Bitcoin, and even more so in China, where trading with it has been banned since 2017? CBDC is a digital version of national currencies, any comparison to Bitcoin is really ridiculous and makes no sense.

As for other theories about viruses and China as a source of evil, you might look at how much evil has come from some so-called democracies in the Western world over the past 30 years. After all, who can say for sure that the virus originated in China, maybe it's someone's plan from the beginning?

So I agree that banning bitcoin mining is pointless due to the introduction of CBDC, but China is doing it.
Someone talks about communism, but China lives by capitalist laws.
Bitcoin hashrate has halved, and where will China spend this electricity?
This is a huge problem for China's energy companies.

And that would be their problem but do they really care about that problem? Of course not and its not surprising that China do really make out these shitty communist decisions for a country.
Doesnt really matter on where they would be ending up when it comes to their decisions because each country or government would have their own decisions but it wont really be completely
affecting the crypto market that bad and we are seeing it on the market condition as of this moment.No matter what their game plan is then the world isnt really just
depending on China.It can make some effect though but doesnt mean it would be that general or permanent.

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[DeathAngel]

The fact they are introducing their own digital, central bank, gov coin really hasn’t helped us. I think that is primarily why they have gone for bitcoin. In the long run, no China interference is good but for now it’s hampering us.

[Twinkledoe]

The Chinese government and the central bank may plan on developing their cryptocurrency, and as we are all aware, China is one of the world-leading countries in terms of technical knowledge of modern tech, which Bitcoin is one of such modern development.
But in my long-term view, china may end up shooting itself on the foot by forcing miners to exit the Chinese market for good.

These miners can always find a new home in other countries that are more open to crypto. However, it will take time as transporting their equipment and acquiring necessary documents will be one hurdle for them. But Chinese will always find a way how to make their business alive. The closure or shutdown of miners in China is not the end of bitcoin. It may have an initial impact in the market but in time, it will go back again.

[ReiMomo]

The Chinese government and the central bank may plan on developing their cryptocurrency, and as we are all aware, China is one of the world-leading countries in terms of technical knowledge of modern tech, which Bitcoin is one of such modern development.
But in my long-term view, china may end up shooting itself on the foot by forcing miners to exit the Chinese market for good.

These miners can always find a new home in other countries that are more open to crypto. However, it will take time as transporting their equipment and acquiring necessary documents will be one hurdle for them. But Chinese will always find a way how to make their business alive. The closure or shutdown of miners in China is not the end of bitcoin. It may have an initial impact in the market but in time, it will go back again.

I guess we have done this part and since then, China was always hated bitcoin but luckily, even there's an impact on the price bitcoin always finds ways to recover. We can't blame the Chinese government for this, because each country has a different view on bitcoin adoption. Let them build their own centralized coin as their digital currency, I don't know if their people will never look after the bitcoin since there are too many opportunities waiting on bitcoin while their centralized coin wasn't.

For now, let them be. Bitcoin will recover soon like what happened before because this is not the first time to bitcoin against China.

[TheGreatPython]

Seems like China is done with Bitcoin. Hash rate has dropped by over 60% in the last few weeks, which confirms that miners are exiting China for good.

How does a Bitcoin exit benefit China in the long term? What do you guys think is China's game plan?

A lot of chatter about this being "China's trillion dollar mistake". I don't think China's dumb, so keen to hear what they might have up their sleeves.

Well, I guess you think that they are smartest people on earth. It’s not like they are above mistake, you know that right? So there is the possibility that they can be making a huge mistake by banning bitcoin in their country. They can’t be hundred percent perfect all the time. As for them banning bitcoin, I think that the reason they are doing that is because they have decided that it will be best for them to remove Bitcoin so that it is not going to be competition for their own central bank digital currency; the digital Yuan. They just want people to focus on making use of the digital Yuan only and nothing else.

[DatKing]

China can't be dumb and shouldn't be. It has one of the best economies and it is really good on many fields. But interestingly, it took the risk of losing the power of mining and cryptocurrencies. Because it has big benefits for a country when you allow people to trade and mine crypto.

The reason might be its thinking like cryptocurrencies can harm its currency. I don't know if there is another reason.

[adzino]

Seems like China is done with Bitcoin. Hash rate has dropped by over 60% in the last few weeks, which confirms that miners are exiting China for good.

How does a Bitcoin exit benefit China in the long term? What do you guys think is China's game plan?

A lot of chatter about this being "China's trillion dollar mistake". I don't think China's dumb, so keen to hear what they might have up their sleeves.

It is not very surprising to be honest. China has been planning this for so long. Probably China is doing it on purpose. They are launching their own "digital currency". They probably see bitcoin as a threat to them. Once they launch their currency and test it out, they will highly likely make bitcoin legal again after making sure that it doesn't conflict with their own digital currency. And China isn't dumb. They are smart. Every move they make has a motive behind it!

[Lucius]

So I agree that banning bitcoin mining is pointless due to the introduction of CBDC, but China is doing it.

It is not pointless for a communist party that wants to rule absolutely everything, and Bitcoin is a problem for them that they can only overcome if they ban it completely. China has long shown signs that anything to do with Bitcoin is not welcome in their country, and the problem with crypto miners is that most have ignored those suggestions. CBDC is just a digital fiat that the Chinese have been preparing for almost a decade, it has nothing to do with Bitcoin in any sense - people are always looking for reasons for everything that happens, and to link Chinese CBDC and Bitcoin is pointless.

Someone talks about communism, but China lives by capitalist laws.

China is a communist dictatorship where people are not asked anything, and those who work against the government end up in a labor camp or something worse happens to them. Capitalism is, of course, part of their daily lives - but under the strict control of a minority that controls everything around them at all times.

Bitcoin hashrate has halved, and where will China spend this electricity?
This is a huge problem for China's energy companies.

Do you really think that part of the energy is a problem for China? It will be used for other purposes, for some domestic companies or perhaps for export, because China has energy for export as well. The Chinese economy needs all possible energy since they are achieving record economic results, and you completely forget that the relocation of mining farms from China means more decentralization and the cessation of speculation that Bitcoin pollutes the environment due to dirty Chinese energy.

[Reatim]

Seems like China is done with Bitcoin. Hash rate has dropped by over 60% in the last few weeks, which confirms that miners are exiting China for good.

How does a Bitcoin exit benefit China in the long term? What do you guys think is China's game plan?

A lot of chatter about this being "China's trillion dollar mistake". I don't think China's dumb, so keen to hear what they might have up their sleeves.

It is about their Own Coins that's why they try to push out Miners of bitcoin and they will make miners for their own coins..

China will always be greed and functional for their own peoples benefits .


But i see these as a best part of the situation because at least now Bitcoin will never be from China again , i mean the biggest part of bitcoin will now be spread worldwide.

now we can see countries here and there that considering adopting bitcoin .

[sapnu]

Seems like China is done with Bitcoin. Hash rate has dropped by over 60% in the last few weeks, which confirms that miners are exiting China for good.

How does a Bitcoin exit benefit China in the long term? What do you guys think is China's game plan?

A lot of chatter about this being "China's trillion dollar mistake". I don't think China's dumb, so keen to hear what they might have up their sleeves.

China has been very strategic for the past years and now that they are making a move again with relation to crypto, some people are seeing it as a wise move while some are seeing it as a mistake. China surely thought it through before they did it and for sure they have a back up plan or a hidden agenda why they did it. Each country has their reputation and their reason why they are rejecting bitcoin's regulation while some are already starting to legalize the use of it since they see it as something that will save them in the future. China is a huge and smart country, they know what they are doing for sure.

[worle1bm]

Seems like China is done with Bitcoin. Hash rate has dropped by over 60% in the last few weeks, which confirms that miners are exiting China for good.

How does a Bitcoin exit benefit China in the long term? What do you guys think is China's game plan?

A lot of chatter about this being "China's trillion dollar mistake". I don't think China's dumb, so keen to hear what they might have up their sleeves.

The miners are already shipping their mining equipment to other countries and soon the hashrate will be normal and it has not dropped significantly.The central mining control in China now will be scattered globally and miners will keep running the machines due to the rewards associated with mining and moreover many cold and cheap electricity places have turned positive towards Bitcoin and crypto market so it will not be an issue for them to relocate.

It's not the country. I mean, I heard they went to Canada. Do you believe we'll not hear FUD from there?

So if they have moved to Canada then so called environmentalist might be issuing statements that heat wave in Canada has spread due to bitcoin mining  .They will not blame global warming and other man made factors for that but still btc is going to surge.

[worldofcoins]

Seems like China is done with Bitcoin. Hash rate has dropped by over 60% in the last few weeks, which confirms that miners are exiting China for good.

I was wondering what was the reason for the recent price increase in the fee of Bitcoin specially Segwit.
Now I'm paying at least 40sat/B fee for what I used to pay was 10sat/B.

How does a Bitcoin exit benefit China in the long term? What do you guys think is China's game plan?

China has control to maintain and Bitcoin directly opposes a country like China where people don't have any rights, even if they have rights then they are subject to change anytime by the Communist Party.

A lot of chatter about this being "China's trillion dollar mistake". I don't think China's dumb, so keen to hear what they might have up their sleeves.

As I said, China can't risk their control which bitcoin directly opposes even if they miss out on some Trillion dollars.
But they will lose much more in long term by not banning Bitcoin, People will have an easy time evading taxes through the use of bitcoin and other cryptos.

The Bitcoin ban is just a message to the citizens of China, a threatening one, Where the word "ban" makes people afraid even if they don't use bitcoin. When someone tells them about bitcoin then they'll remember this word and will not listen further about bitcoin because they're afraid of opposing the rules.

[zasad@]

It is not pointless for a communist party that wants to rule absolutely everything, and Bitcoin is a problem for them that they can only overcome if they ban it completely. China has long shown signs that anything to do with Bitcoin is not welcome in their country, and the problem with crypto miners is that most have ignored those suggestions. CBDC is just a digital fiat that the Chinese have been preparing for almost a decade, it has nothing to do with Bitcoin in any sense - people are always looking for reasons for everything that happens, and to link Chinese CBDC and Bitcoin is pointless.

I lived in the Soviet Union and saw this ideology. To say that China bans bitcoin because it contradicts the communist idea is a wrong statement.
I agree that mining does not provide more jobs than a modern plant, but China could offer miners an alternative elsewhere on the border with Russia, where they can get cheap electricity and control this business.

Do you really think that part of the energy is a problem for China? It will be used for other purposes, for some domestic companies or perhaps for export, because China has energy for export as well. The Chinese economy needs all possible energy since they are achieving record economic results, and you completely forget that the relocation of mining farms from China means more decentralization and the cessation of speculation that Bitcoin pollutes the environment due to dirty Chinese energy.

China's Sichuan province uses hydropower, why do you call it dirty?

[Twinkledoe]

Seems like China is done with Bitcoin. Hash rate has dropped by over 60% in the last few weeks, which confirms that miners are exiting China for good.

How does a Bitcoin exit benefit China in the long term? What do you guys think is China's game plan?

A lot of chatter about this being "China's trillion dollar mistake". I don't think China's dumb, so keen to hear what they might have up their sleeves.

China has been very strategic for the past years and now that they are making a move again with relation to crypto, some people are seeing it as a wise move while some are seeing it as a mistake. China surely thought it through before they did it and for sure they have a back up plan or a hidden agenda why they did it. Each country has their reputation and their reason why they are rejecting bitcoin's regulation while some are already starting to legalize the use of it since they see it as something that will save them in the future. China is a huge and smart country, they know what they are doing for sure.

And they can always change their mind when they see a good opportunity for them. I believe what they are doing today is not their ultimate approach towards crypto. How many times in the past have they changed their stance towards crypto? Many times already. That's the reason why I am thinking that sooner or later, they will change again their stand on this. Some countries are legalizing the use of it, but there's a reason why they are very strict with crypto today.

[verita1]

This summary is to understand why China does not want bitcoin as a competition to its Digital Yuan. It is as some members say is to bring e-CNY to the minds of people in China and erase bitcoin at a stroke. Being the first major economy worldwide to launch a digital currency says it all. Although e-CNY is still a pilot plan, China is adding all its efforts to carry out its purpose with its digital currency.

In April, China became the first major economy worldwide to launch a digital currency known as the ‘digital yuan’ or ‘e-CNY.’ It’s the most advanced CBDC project by a major economy. The electronic currency is issued by the PBoC, but distributed by commercial banks and digital payments platforms run by China’s Big Tech firms. In May, Alipay — the country’s largest mobile payments platform with over 1.3 billion users — added the e-CNY to its platform. However, the digital yuan is only enabled for some users since the currency is still in a pilot phase.

https://www.google.com/amp/s/fortune.com/2021/06/20/digital-currency-asia-hong-kong-singapore-cambodia-korea/amp/

[the rise]

I don't think china will come out that easy, let alone the bitcoin network has many ways to access it maybe they will come back to glance when it really becomes deserted, currently we are losing the largest mining in china , but they could be back in a new way that we have never thought before.

[bitcoin-shine]

Seems like China is done with Bitcoin. Hash rate has dropped by over 60% in the last few weeks, which confirms that miners are exiting China for good.

How does a Bitcoin exit benefit China in the long term? What do you guys think is China's game plan?

A lot of chatter about this being "China's trillion dollar mistake". I don't think China's dumb, so keen to hear what they might have up their sleeves.

China's game plan about what?Do you really think that the Chinese government really cares that much about the cryptocurrency mining industry?
Does an elephant care about a flea?
If the hash rate is really dropping and the miners are leaving China,that's great.We will finally stop paying attention to all the FUD coming from China and China will stop "banning" Bitcoin/crypto every week.
China has no benefit and no damage from kicking out all the crypto miners,because the miners influence over the Chinese economy is totally insignificant.
 

I agree with you. The impact of the cryptocurrency industry on the Chinese economy is negligible. China has introduced a policy to prohibit mining, which should be a good thing for Bitcoin. De-Sinicization is more in line with the concept of decentralization.

[Lucius]

I lived in the Soviet Union and saw this ideology. To say that China bans bitcoin because it contradicts the communist idea is a wrong statement.

You still live in a country (Russia) - which is communist and dictatorial in principle - and as far as I know Bitcoin is not doing well in that country, nor will it ever go as long as you have such a government behaving in the manner of the worst communists. I also lived in a communist country where people went to prison just because they sang national songs or said something bad about an absolute ruler - more than 1 million were tortured and killed in that period.

If you think that China and its political system do not eliminate BTC for the reason that they cannot control it, then you are living in a great delusion

China's Sichuan province uses hydropower, why do you call it dirty?

Do you really think that someone who promotes Bitcoin as a dirty business is interested in the use of hydropower in a specific region? They advocate the agenda that Bitcoin is dangerous to the environment and that some country will remain in the dark because of it - so haven't you read all that news in recent months?

Musk has refused to use BTC as a payment option in Tesla regardless of clean energy from Sichuan Province, as well as many other such mining farms that use clean energy sources around the world. You have to look at the bigger picture if you want to understand that it doesn't matter what is really true, but what powerful people say is true.

[zasad@]

I lived in the Soviet Union and saw this ideology. To say that China bans bitcoin because it contradicts the communist idea is a wrong statement.

You still live in a country (Russia) - which is communist and dictatorial in principle - and as far as I know Bitcoin is not doing well in that country, nor will it ever go as long as you have such a government behaving in the manner of the worst communists. I also lived in a communist country where people went to prison just because they sang national songs or said something bad about an absolute ruler - more than 1 million were tortured and killed in that period.

If you think that China and its political system do not eliminate BTC for the reason that they cannot control it, then you are living in a great delusion

China's Sichuan province uses hydropower, why do you call it dirty?

Do you really think that someone who promotes Bitcoin as a dirty business is interested in the use of hydropower in a specific region? They advocate the agenda that Bitcoin is dangerous to the environment and that some country will remain in the dark because of it - so haven't you read all that news in recent months?

Musk has refused to use BTC as a payment option in Tesla regardless of clean energy from Sichuan Province, as well as many other such mining farms that use clean energy sources around the world. You have to look at the bigger picture if you want to understand that it doesn't matter what is really true, but what powerful people say is true.

Russia is not a communist country, all ideas have long been forgotten. The dictatorship in Russia is aimed only at opponents of state power. In other cases, there are a lot of pluses and freedoms in Russia.
Bitcoin is legalized in Russia, you can get a banking license and start working. But there is also a huge shadow market in Russia, which is also very convenient.
You've been following cryptocurrencies for a long time, and understand that accusations of bitcoin for burning large amounts of energy arise all the time. And then suddenly China decided to start a fight against it.
Therefore, I still did not find the answer, why does China need it?

[mbe48]

I think with the hash power decreasing and most of the Chinese miners going offline, then business will be easier and potentially more profitable for the miners who are still active outside of China. And I got the news that a lot of requests were coming in from China-based mining companies looking to move to North America and wanting to do it immediately.