China Considering Banning Bitcoin Mining (Funny but not a joke!)

[wry]

This was a good one today, China is officially considering banning Bitcoin and other crypto mining because it is a waste of energy!  No lie.

From the article:

Quote

The National Development and Reform Commission, or NDRC, said it had added crypto mining to its list of industrial activities it plans to curtail because they do not adhere to current laws or were a drain on the environment.

Now obviously they really can't ban Bitcoin mining.  And if people are wasting energy then raise energy prices don't ban commercial activity!

While I think this will hurt the price some, since it's yet another bad headline about Bitcoin, more decentralization is better, so if China wants to cripple their own leading edge firms in Bitcoin, well, derp!  

I didn't link it, but there's an even more nasty write up about this on Gizmodo, bastards.

I'm disappointed but not too worried, is anyone concerned?

Link:  https://www.marketwatch.com/story/china-threatens-to-ban-bitcoin-mining-2019-04-09

Link to the NDRC page:  http://gys.ndrc.gov.cn/cyjgtzzdml20190408.pdf

[OsmaNN]

i like your thought.

I'm not worried and I don't know why.

[barbaris]

If this happens, the crypto currency market will collapse. I do not think this will happen, because China is the world mining leader and a huge number of farms are there.

[Carollzinha]

Yeah @wry, normally the first thing I do right after I wake up is to bring my phone and read crypto news (while still in bed lol) but when I saw that new about China I was like "what the f%@& is going on" then I went to read it at full and I could understand the reason.. I still don't agree but I understand

[wry]

Here's an updated story and analysis on this proposal by the Chinese:  https://www.coindesk.com/chinas-new-policy-isnt-an-automatic-bitcoin-mining-ban-heres-why

As the title suggests, it is not a done deal, and wouldn't completely eliminate mining, it would make it easier.

So at least it's not diminished in China yet!

[barbaris]

3 minutes ago, wry said:

Here's an updated story and analysis on this proposal by the Chinese:  https://www.coindesk.com/chinas-new-policy-isnt-an-automatic-bitcoin-mining-ban-heres-why

As the title suggests, it is not a done deal, and wouldn't completely eliminate mining, it would make it easier.

So at least it's not diminished in China yet!

I think this hype in order to somehow affect the price of Bitcoin, the increase or decrease in its price. I find it hard to believe that mining in China will be banned.

[KiXxnTRiXx]

On 4/9/2019 at 12:30 PM, wry said:

This was a good one today, China is officially considering banning Bitcoin and other crypto mining because it is a waste of energy!  No lie.

From the article:

Now obviously they really can't ban Bitcoin mining.  And if people are wasting energy then raise energy prices don't ban commercial activity!

While I think this will hurt the price some, since it's yet another bad headline about Bitcoin, more decentralization is better, so if China wants to cripple their own leading edge firms in Bitcoin, well, derp!  

I didn't link it, but there's an even more nasty write up about this on Gizmodo, bastards.

I'm disappointed but not too worried, is anyone concerned?

Link:  https://www.marketwatch.com/story/china-threatens-to-ban-bitcoin-mining-2019-04-09

Link to the NDRC page:  http://gys.ndrc.gov.cn/cyjgtzzdml20190408.pdf

wow seriously.. there are far more activities happening there thats a complete waste not only of energy but also bad for peoples health and environment.. and energy can be harnessed in many ways but not made legal or will not produce since they will not profit greatly from it.. smh...

[williamshennie9]

Well, in all honesty, bitcoin mining is an extremely energy intense process. It has serious negative environmental impacts (assuming the electricity comes from burning coal). So it could have been motivated by a concern for the environment, but I totally agree with you, to call it a waste of energy is absurd to me.

[Kate]

China has one of the highest population of adoption of cryptocurrencies it is considered to be crypto capital for me. By doing this activity this could not only affect that name but also increase the miner fee for every transaction. 

[BLXN]

I've read that there has been a surge in interest in cheap land in the northern recesses of Canadian provinces, due to their average temperatures across the calendrical year, Quebec, and Manitoba are of note.

[bmg]

It is so interesting to hear that China feels this way.  I mean look at all the good that mining brings to to people of their country.  It would take so much money from them in crypto.  

[Sped]

This is probably for the best, but not really because I dont want it to go, how conflicting. 

[try7dlyk]

well china planning to put neon on their on crypto ... but bitcoin is the mother of all crypto. no can stop bitcoin even CIA on the black market (dark web).

[Alexandre]

This is not going to be good.I do not even want to think about it.

[Miya33]

I hope it will result any bad impact to the crypto community. I think they have been leading interms of btc mining which is very important to bitcoin network. 

[Eben]

And the only thing permitted in China will be blockchain. China is literally banning crypto... 

[wry]

UPDATE!!!  China and Bitcoin are often in the news.  This was a very nice summary article that appeared today.  It confirms that while Bitcoin is legal, the government has varying levels of prohibitions that are routinely ignored.  I thought it broke it down very well, apparently a lot of action happens peer to peer on WeChat groups as well as exchanges.

Link:  https://www.coindesk.com/cryptocurrency-in-china-over-the-counter-under-the-table

[Fighting]

I don't know if this is real news or just rumors. If I remember correctly, China legalized Bitcoin and crypto. There is no reason for China to ban cryptocurrency mining. I still do not believe this is true
 

[samelinda]

China is a big country and there are many whales living in China. If the Chinese government prohibits Bitcoin mining, I think people will switch to exploiting altcoin. Therefore, altcoin's price will increase and the price of Bitcoin will decrease
 

[Enzo]

More bad news about Bitcoin that I hate hearing. I hope this doesn't happen even though it won't affect many miners. I just think it's bad publicity for Bitcoin and crypto in general. 

We'll see soon  

[polor12]

is all good in banning it.. do they realize is not an object they cannot seize or touch or even see.. they would have to cut off their internet service.. and i really dont that would ever happen.. even the people would not allow that.. even though their press is strict to obey the government laws. free press is limited. and they are worried about crypto. lol.. 

 

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[Shaniqua]

yeah  i think its very difficult in general to control such operations... i mean how would they even know its happeneing.. the only red flag for govs to realize a mining operation is happening is via the electricity bills i imagine 

[wngo123]

China is scary. With all those things going on. Western governments are not perfect, they spy on us as well however China is far ahead of any western country. My friend who was visiting China had an spy app installed on his cellphone by Chinese border guard. He found out that by accident. It's really insane what they do and how advanced their spy system is. 

[S1MPL3X]

tbf i dont see this as a possibility because china are massive share holders of crypto currencys i just dont think they would do that but yet again they have the money to fuck off something so big so tbh i dont really know

[chankhoreID]

According to what I know, why is China banned crypto because it is reported from the news that I know China is banned for fear of crypto being used as a tool for money laundering or corruption in the country and so afraid of the Chinese government blocking everything about crypto there. In my opinion, it doesn't matter to me and China, as well as large countries, must have a reason why they block crypto in their countries.