China's game plan

[pawanjain]

To be honest we don't really know but one thing that I am sure of when it comes to China's long-term plan is that they are planning to be a dominant country around the world because look at their expansion in Africa and their takeover of Taiwan, Hongkong and other countries in South China Sea.

Yes this is true. China does have the dreams of becoming a dominant country. China wants to overpower every other country.
Rumors are there that China had planned this pandemic well and executed the Covid19 virus for the same but we don't know how much of that is true.
To answer the question, I personally think China is planning to dominate financial market and obviously a decentralized currency would not benefit them in anyway.
So may be that's why they banned bitcoin.

[Master of Shitcoins]

China has made a big mistake here.
Bitcoin will be an important part of each industry and if China is left out here, it does not get a profit.

Xi Jin Pooh does not like Bitcoin because it can't control it but it needs to be proven if it really can ban it. Banning miners does not mean banning people from using it. Xi Jin Pooh's strategy will fail.

[Dhoe]

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.

i totally agree with your opinion mate, chinese game plan, maybe they want to control the whole country under their control, and they also want bitcoin under their control, before they can control bitcoin under their control, i'm sure they will do everything possible to drop bitcoins..

[fara_buduk]

bitcoin is part of the journey towards a more honest economy and future domains. and Now China is excluding bitcoin from the crypto tech scene, is this just part of a shameful trick to take down and China will change the rules once the trick is done and as they wish

[Maidak]

Such behavior of the Chinese government is not new, they have been trying from the beginning to promote and spread their own coins. Over the past few years, they have repeatedly disturbed everyone by announcing crypto bans, creating volatility in the market.
This time, at least, their influence will be stopped because they must have realized that investors are no longer disturbed by their influence. The market has been able to maintain its stability even after they have turned off bitcoin mining.

[Lucius]

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?

Suddenly? You don't seem to be following the development of the situation when it comes to China and crypto mining. Here, read what is written in the article from 2019.

On Monday, China’s central state planner, the National Development and Reform Commission, included cryptocurrency mining in a list of 450 wasteful and hazardous activities slated for elimination...The proposed ban, which was originally reported by the South China Morning Post, could come into force after a public comment period ending May 7...The proposal, if enacted, could take time to have much impact, says Katherine Wu, an independent crypto industry analyst. She notes that this is different from past cryptocurrency clampdowns, which took more direct action.

China has been against Bitcoin from the very beginning, or perhaps better to say from 2013/14, but for some reason it has decided to gradually ban it, instead of ending it in the short term. However, this decision is not just about Bitcoin, many other activities have already lost or will lose the privilege of cheap energy - elimination has been announced, it is just happening - and those who took the warning seriously have long relocated their miners.

[elisabetheva]

bitcoin is part of the journey towards a more honest economy and future domains. and Now China is excluding bitcoin from the crypto tech scene, is this just part of a shameful trick to take down and China will change the rules once the trick is done and as they wish

everything could be what you think is true, that there is an intention contained there, we see China is a very large country in mining, but made a ban on bitcoin, which may be this action for the umpteenth time china made a breakthrough and almost certainly there is something behind everything which is conducted.
at the moment it is difficult to predict the policies that will be carried out but certainly the direction is the same as you expect. it is certain that the policy objectives will continue to benefit the Chinese government in everything it does.

[just_Alice]

The plan is to limit freedom among people. China has never been a big fan of Bitcoin, but for long they’ve been able to make big money from mining. Now is the stopping point, they’ve let people use Bitcoin just enough for them to get the taste of it. Now they’re shutting everything down and stating “we’ll provide you with something even better, no need for Bitcoin now!” (meaning digital yuan). While in reality this system will mean even more control over people’s actions, because they attempt to replace all the fiat. I assume it might’ve been the plan all along.

[Woodie]

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.

Don't tell me their game plan is to introduce their own state owned cryptocurrency to the world...Well that is one possibility but the problem I have with a state owned crypto is the crazy control these guys want to possess.

If they have chosen the path to kill  bitcoin then they don't deserve any crypto support too..

[zasad@]

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?

Suddenly? You don't seem to be following the development of the situation when it comes to China and crypto mining. Here, read what is written in the article from 2019.

On Monday, China’s central state planner, the National Development and Reform Commission, included cryptocurrency mining in a list of 450 wasteful and hazardous activities slated for elimination...The proposed ban, which was originally reported by the South China Morning Post, could come into force after a public comment period ending May 7...The proposal, if enacted, could take time to have much impact, says Katherine Wu, an independent crypto industry analyst. She notes that this is different from past cryptocurrency clampdowns, which took more direct action.

China has been against Bitcoin from the very beginning, or perhaps better to say from 2013/14, but for some reason it has decided to gradually ban it, instead of ending it in the short term. However, this decision is not just about Bitcoin, many other activities have already lost or will lose the privilege of cheap energy - elimination has been announced, it is just happening - and those who took the warning seriously have long relocated their miners.

Thank you, I understand your point.
In the Russian press, this news was considered manipulation. When China threatened to stop mining and impose sanctions on cryptocurrencies, coin prices plummeted. And then everything was restored.
If the United States takes the leading position in Bitcoin mining, then they will be able to manipulate the entire cryptocurrency market.

[Lucius]

Thank you, I understand your point.

I’m glad we clarified that a bit, because people think something happened overnight, when in fact China’s attitude towards crypto miners has always been negative - but they allowed the whole thing to some extent - until they announced a total ban back in 2019.

If the United States takes the leading position in Bitcoin mining, then they will be able to manipulate the entire cryptocurrency market.

No country should have too much influence on any aspect of cryptocurrencies, but while it's hard to say how many miners will actually move to the US - I don't think there will be too many, because there are much better locations around the world. Although the US already has a huge impact on cryptocurrencies, because there is the largest crypto exchange (Coinbase), the largest fund (Grayscale), a company with over 100 000 BTC (Microstrategy) and some people like the Winklevoss twins who have about the same amount of BTC. Virtually everything revolves around one country, and that is very bad for decentralization, no matter how some interpret it as a natural course of adaptation.

[ILuckyGuyI]

China's game plan could be that it wants to become carbon-neutral. The reason why it banned crypto mining also could be related to it. And its another concern was of course being afraid of Bitcoin to harm yuan.

I don't think that Chinese government will think of lifting the ban in the near future also.

[ven7net]

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.

You are right, this event is a game, but we will not know about the real plans of this game yet, since it is not beneficial to the organizers of this game. There is a version that this is the beginning of the fight against digital cameras and China was chosen for the first strike on them. On the other hand, this event was associated precisely with the fall in the price of BTC in order for the management of mining to pass from one hand to another. In any case, this is an important event that will surely lead to certain consequences, but exactly what I think we will soon find out.

[famososMuertos]

I do not think it will benefit or harm you in the short term, there are several commercial and political situations that have been happening (this is not new) China and Russia recently met and showed the world how Putin and Xi Jinping were kindly discussing different issues, there is so much agenda policy in China that the bitcoin issue should not be but one part of the complex network or trade war with the United States.

In this line of ideas, tons of mining equipment are arriving in Texas.

[joinfree]

I agree there is some sort of game plan with this series of China crackdowns on Bitcoin and the crypto world at large. However, I feel nerds in this forum should take advantage of this opportunity and increase their holdings as and when they can. I mean, come to think of it, if we ever touch 6 figures of bitcoin these prices would be so cheap not to have grab some.

My strategy in this game is to buy at least $100 worth of bitcoin every month and save it. don't really care about the price.

[Shasha80]

China's game plan could be that it wants to become carbon-neutral. The reason why it banned crypto mining also could be related to it. And its another concern was of course being afraid of Bitcoin to harm yuan.

I don't think that Chinese government will think of lifting the ban in the near future also.

China must be worried about the future of Digital Yuan, therefore crypto that is considered a threat is immediately removed by China.
Therefore, it is impossible for the Chinese government to lift the ban in the near future,  because China wants to first ascertain the effects of
banned crypto mining. I think China's decision regarding banned crypto is wrong, they underestimate crypto too much, even though crypto
if used properly can help the country's economy. China is too arrogant, they were too confident by relying on Digital Yuan. I predict the China
game plan will not go well.