No, China is not planning on unbanning bitcoin mining

[stompix]

Last week we had a topic :
China is thinking about unbanning bitcoin mining after price rise

It quoted two articles that  clearly were written by poeple who had no clue what they were doing, like:
https://digesttime.com/2021/10/24/china-is-thinking-about-unbanning-bitcoin-and-started-a-new-research/

I know bbc.reporter clarified the situation,

I created this thread to test everyone. I am very happy to know that everyone has has become skeptical with mainstream news media and cryptonews media. 3 years ago i reckon many people would be larping on that fake news hehehe.

but the avalanche of poeple not bothering to read more than the title and posting pure garbage on it has got me really pissed off.

So, from the Chinese propaganda mouthpiece:
China puts cryptocurrency mining on industrial blacklist in final step to eliminate the activity

China’s top economic planner is seeking to eliminate cryptocurrency mining activity in the country, months after a government crackdown that turned dozens of companies from model energy consumers into pariahs in the world’s second-largest economy.
The National Development and Reform Commission (NDRC) on Thursday added mining of bitcoin and other digital tokens to a blacklist of industrial activities that must be abandoned, as the country pushes to reach carbon neutrality by 2060.

China is going through an energy crisis, the price of coal has skyrocketed, the government is doing everything it can to keep energy prices as low as possible, opening more coal mines, shutting down non-essential factories and you think they will cave in and allow bitcoin miners to come back in? And for what? No, China is a closed chapter, and that it, from the start it was obvious that bitcoin is not something that is welcomed there, the fact that it took them so many steps to actually come to an all-out ban is the surprising part, not the final outcome.

Do we need them? No! Can bitcoin survive without China? Of course, it does it right now and it's doing great!
What we definitely need to do is actually read more than the title when posting something around here!

[Poker Player]

I am with you. Some time ago I opened a thread in meta about a similar case:

How to deal with multiple, factually incorrect threads?

The only thing I would'nt have done is to self-moderate the thread. That will cause it to have fewer replies and you may find several other threads with more replies than keep being bumped while yours dies.

If you are pissed off that people don't read and say false information you can try reporting but you may have not much success reporting for false information.

[Lucius]

The obsession with China is something that will not disappear so soon, because a lot of people still think that China is in some way necessary for Bitcoin to succeed - of course because it is the most populous country in the world and because they are already (or will become) the first world economy. What they all completely ignore is their political system, and only those who have not experienced the evil of communism still have some hope that China will accept Bitcoin in one way or another.

The best thing that happened was that Bitcoin was banned in that country, because China has actually been one massive weight around Bitcoin all this time - we can finally move forward without listening to what comes next from that country.

The only thing I would'nt have done is to self-moderate the thread. That will cause it to have fewer replies and you may find several other threads with more replies than keep being bumped while yours dies.

On the contrary, if more people used this option, there would be less spam - and the goal is to discourage those who are shitposters. The OP always has the option to bump his thread every 24 hours if he wants to make it visible.

If you are pissed off that people don't read and say false information you can try reporting but you may have not much success reporting for false information.

Report posts based on inaccurate information only make sense if we substantiate our claims with information that unequivocally proves it. Mods will not waste their time determining whether some information is accurate or not.

[BitcoinIsAlgebraic]

The obsession with China is something that will not disappear so soon, because a lot of people still think that China is in some way necessary for Bitcoin to succeed - of course because it is the most populous country in the world and because they are already (or will become) the first world economy. What they all completely ignore is their political system, and only those who have not experienced the evil of communism still have some hope that China will accept Bitcoin in one way or another.

It is not important for it to survive but the support of China would help Bitcoin grow quicker anything which is there to slow down the adoption is bad imo. I think most citizens of China ignore the laws that China has I have friends that live in China and everyone is anti government uses a VPN to get around the restrictions they have in place there. Bitcoin will still be used illegally in China but it will slow down the adoption rate because there are no advertisements allowed and not everyone is willing to break the law even if that means giving up their freedom.

I am with you. Some time ago I opened a thread in meta about a similar case:

How to deal with multiple, factually incorrect threads?

The only thing I would'nt have done is to self-moderate the thread. That will cause it to have fewer replies and you may find several other threads with more replies than keep being bumped while yours dies.

If you are pissed off that people don't read and say false information you can try reporting but you may have not much success reporting for false information.

Having it self moderated is a good thing because it will discourage the people who spread these stupid rumors without evidence. Take a look at the replies on the topics linked and you will see that most are in a altcoin signature and they are posting similar posts to other people in the topic without giving it any thought just so they can earn money.

[cheezcarls]

I know how Chinese crypto enthusiasts felt about the government laying down the axe on Bitcoin mining and other crypto-related stuff. Really sucks to live there if I'm heavily relying on crypto for a living (whether working with a company, a trader, etc.). When I saw that news on Facebook, I am not convinced nor believing that they would really do a U-Turn and unban Bitcoin mining (unless it's really coming from them or from their own mouth). 

[stompix]

The only thing I would'nt have done is to self-moderate the thread. That will cause it to have fewer replies and you may find several other threads with more replies than keep being bumped while yours dies.

Some shitposts are not deleted, if I would allow the same guys to do this in my topic in which I'm complaining about them it would make no sense.
If the topic dies and it's not on the first page it doesn't matter, at least I tried, and just the thought of guys rushing to post to make their quota and then suddenly stopping because they know their shitpost is going to be removed is enough.

I am not convinced nor believing that they would really do a U-Turn and unban Bitcoin mining (unless it's really coming from them or from their own mouth). 

And who could expect the Chinese government to come out and say, we have been wrong about this!?
No way in hell this will happen, they would rather see a complete collapse of an economic sector rather than admit they made the wrong decisions about something, just look at everything that happened recently, from the housing bubble to covid, to the energy crisis, they will never admit of being wrong nor will they openly change a thing.

[fiulpro]

Probability of China doing it might be zero right now but I do think we don't really need China to actually unban bitcoins and other cryptocurrencies, their mining as well, since at the end of the day, There is always a fear of them trying to manipulate the whole market, which can be detrimental to the whole system.

Plus the media in China portrayed it to be super negative as well, they did say things about it being a tool to support illegal/criminal activities and at the same time a threat to the people's asset. Which I do think shows their outlook on whole virtual currencies.

At the same time they do need popularize their own digital yuan.

Considering the situation with non essential factory shutdowns, the government might now be so adamant on keeping the cryptos on the bay and letting them in so soon, maybe in the future when it might become a necessity they might reconsider but right now for the time being FUD's needs to be ignored.

[Marykeller]

The banning of Bitcoin mining happened on September 24th. Since then mining Bitcoin has become illegal in China. It's ridiculous how we rush to comment in this forum when the news about unbanning Bitcoin mining by the Chinese broke out without know the real facts. Which the real fact is that the China’s National Development and Reform Commission (NDRC) it's only seeking public opinion on its decision to include bitcoin mining on her list of “phased-out” industries. The public comment period will last until 21 November. Just hoping that the public opinion will come out good.

[Imran232]

It's like another hoax that people will tell you after seeing the title that China is unbanning BTC mining without reading the entire thread where you say it isn't.And when this news goes viral, China will say it's pure wrong news. It is a joke, a rumour, and blah blah and the market will start crushing. Well, in this case, China is not responsible. There is only fud that is responsible. Though true, I don't care what China or other countries or other people say about bitcoin, because my research is my bitcoin. That's it.

[hatshepsut93]

The Bitcoin/crypto community has been like this for as long as I remember it; people spreading baseless rumors as "news", projecting their hopes and dreams, dismissing anything even slightly negative as "FUD". And when Bitcoin grows in price, they see it as validation of their views. This is not going to change anytime soon, not until Bitcoin's price becomes stable and "boring", so we just gotta accept it as a fact.

[Hamphser]

The Bitcoin/crypto community has been like this for as long as I remember it; people spreading baseless rumors as "news", projecting their hopes and dreams, dismissing anything even slightly negative as "FUD". And when Bitcoin grows in price, they see it as validation of their views. This is not going to change anytime soon, not until Bitcoin's price becomes stable and "boring", so we just gotta accept it as a fact.

There's always argumentation or long discussions in regards to this because not all would really be sharing up same thoughts or comments that they do have in mind which there would really be going against with other

peoples words and comments and talking about unbanning bitcoin mining then this is something that we wouldnt know because China is really that making off those shitty move most of the time

but it doesnt matter because this market doesnt really just move out basing off with their decisions that had been made.What matter most here is that the market isnt something that manipulated by a single country
so it isnt really mattering much.

[dupee419]

I knew it, it was either bbc.reporter was trolling or baiting the hell out of those spammers, I checked the link for authenticity prior to the topic but I wasn't able to find the fact that China is actually planning to unban Bitcoin, I didn't voice it out though, I just went against the topic and tried to convince everyone that it is quite unlikely for China's government to unban Bitcoin regardless of how beneficial it may be for their citizens. Good job, OP.

[pooya87]

but the avalanche of poeple not bothering to read more than the title and posting pure garbage on it has got me really pissed off.

What did you expect bro, you who have been around since 2013 should already know that FUD with the word "China" in it is one of the most common garbage filled subjects on bitcoin media (this forum, reddit, twitter, and news sites). Granted 90% of them are about "banning" and this particular one that surprisingly pissed you off was about "un-banning" bitcoin but the theme is the same!

And who could expect the Chinese government to come out and say, we have been wrong about this!?
No way in hell this will happen, they would rather see a complete collapse of an economic sector rather than admit they made the wrong decisions about something, just look at everything that happened recently, from the housing bubble to covid, to the energy crisis, they will never admit of being wrong nor will they openly change a thing.

Do you know any government who would do otherwise?

[stompix]

Do you know any government who would do otherwise?

Actually, it does happen around here, in like half of Europe, the northwestern part mostly.
Sometimes is just the advantage of a multi-party system or just the fact that some party leaders know when they screwed up and they do have the honor of taking the steps needed. Ignoring the Netherlands which with 20+ parties is in a class of its own and looking even at more traditional parties there are a lot of examples, David Cameron is one, he called a referendum he fucked up, he admitted defeat, and he put a stop to his political carrier for good. 

China on the other hand is special, one party, one ruler, the system can't show weakness the whole communist propaganda relies on all as one stuff, so even if something happens it's the fault of everyone. The US is another case, just now democrats blame the loss of Virginia on Trump...everyone is at fault but them.

But leaving politics aside, there is no way they would change this even without the political implication, they're now focusing on the recovery of key sectors, they need to put back online at maximum capacity things that can help them in an economical war, and while semiconductors and other electronic parts manufacturing, steel, batteries, plastic products can be used as a tool, bitcoin mining can't. When half of the total annual mining reward is worth the same as their Christmas decoration industry, it's pretty easy to understand why they will never consider an unban.

[DapanasFruit]

Yes, we have understand that China is already a closed chapter though it does not mean that there is zero cryptocurrency trading within China as there are those who are able to evade the government using new stealth technologies. BTC mining is something that is hard to hide and it is because of the unusual spike power consumption involved. Bitcoin is not part of China's overall vision and plan for its economy and we should leave it at that. Now, Bitcoin can survive much better without China, just like big and successful companies namely Google, Facebook and many others.

[Fesatmas]

The obsession with China is something that will not disappear so soon, because a lot of people still think that China is in some way necessary for Bitcoin to succeed - of course because it is the most populous country in the world and because they are already (or will become) the first world economy. What they all completely ignore is their political system, and only those who have not experienced the evil of communism still have some hope that China will accept Bitcoin in one way or another.

The best thing that happened was that Bitcoin was banned in that country, because China has actually been one massive weight around Bitcoin all this time - we can finally move forward without listening to what comes next from that country.

I like to underline your sentence, I totally agree with the title of China politics in running the world financial and economic system. We saw how China easily toyed with the economic cycle by launching news, then had time to destroy the price of Bitcoin. After a while, then another statement appeared about withdrawing the Bitcoin mining block on the pretext that it would support it again.
We are indirectly following China political game. Even the world is also carried away by its political playing. That way China is confident, already feels that the world economy depends on its statements.

[BlackHatCoiner]

Yeah! Now haters can stop bringing the “China owns Bitcoin” as an argument.

Here's a question: Can't they continue mining with renewable sources of energy? They do face some issues with the minimization of coal, but can't some continue having their income this way? I mean, why banning it if it doesn't damage you with any way? You can also benefit yourself this way by taxing the ones who do. Kill two birds with one stone.

[bbc.reporter]

@BlackHatCoiner. Beijing considers mining for bitcoin and altcoins a waste of electricity. The policy makers will never unban this. Also, the energy shortages caused by the Chinese  goverment’s fight for carbon neutrality might extend for years. They will very much prioritize their energy usage for their manufacturing sector.

[pooya87]

Actually, it does happen around here, in like half of Europe, the northwestern part mostly.

Does it really? Isn't UK in N.W. Europe? Didn't they screw their country with the Brexit crap? Isn't the economy collapsing?
I haven't heard anyone apologizing yet. Maybe in winter as the energy crisis worsened and food prices went to the moon they are going to apologize.

[stompix]

Actually, it does happen around here, in like half of Europe, the northwestern part mostly.

Does it really? Isn't UK in N.W. Europe? Didn't they screw their country with the Brexit crap? Isn't the economy collapsing?
I haven't heard anyone apologizing yet. Maybe in winter as the energy crisis worsened and food prices went to the moon they are going to apologize.

The one that has triggered the referendum is gone, as I mentioned, the moment the result was in he handed his resignation, have you heard anything about Cameron in the last 5 years? As for the screw-up, what was there left to do, the people have voted for Brexit, that's what they want if they wouldn't have gone with it everyone would have accused them of not listening to the poeple and being dictators.
What's to apologize? The poeple voted, that's it!

As for the collapsing economy where? Unless it's from dailymail there is no collapsing anywhere, and the energy crisis is not limited to the UK alone, China is rationalizing power and it had nothing to do with Brexit,  food prices have gone through the roof from India to Nigeria and it wasn't caused by the troubles in the UK. Besides the UK imports only 11% of its oil needs, one of the lowest percentages in the EU, they are better prepared for an energy crisis than the rest of Europe.