Mining is banned in China

Crazy_Nice
Crazy_Nice

Mining is banned in China. Get ready for a huge selloff.

https://mobile.twitter.com/bitcom21/status/910579445198602240

All urls found in this thread:
https://mobile.twitter.com/bitcom21/status/910579445198602240
https://www.wsj.com/articles/china-widens-bitcoin-crackdown-beyond-commercial-trading-1505733976
https://www.cryptocoinsnews.com/china-bitcoin-exchange-ban-extend-otc-trading-maybe-mining-wsj/
https://www.hydrominer.org/token-sale/
lostmypassword
lostmypassword

@Crazy_Nice

You guys told me the dip was over!!!

TreeEater
TreeEater

If mining were banned in China, wouldn't that make the coin more valuable at least in their own country?

Or are you reffering to the significant hash power decrease?

Skullbone
Skullbone

@Crazy_Nice
We're less affected if China takes over mining, aren't we? Presumably they'll either horde the btc to strategically crash the market during WW3 or dump whatever they mine at market rates to fund more bugman activities.

Burnblaze
Burnblaze

If they can't sell mined BTC.. they will try to sell it for ETH/LTC/ICO's and then cash out..

WebTool
WebTool

@Crazy_Nice
Mining is banned in China.

Funny, I don't see that anywhere in the picture you posted.

Reading is hard.

Nice try though.

TurtleCat
TurtleCat

@lostmypassword
its not over till we hit goldman sachs estimate of $2,200 bitcoin

BlogWobbles
BlogWobbles

@Crazy_Nice
Can't wait.

DeathDog
DeathDog

Neo will moon even harder, cool news

BinaryMan
BinaryMan

Difficult drops
Mining becomes profitable again

JunkTop
JunkTop

@Crazy_Nice
note: this is all unconfirmed for now
We've known about the rumour for ages. Old news

CodeBuns
CodeBuns

Isn't this a good thing?

Now the network isn't controlled by chinks. The rest of the world can finally compete and take the lead

BunnyJinx
BunnyJinx

@Crazy_Nice
Already priced in nigger. China hoarding the network has always been a problem, now Japan and Russia will thake its place.

Fuzzy_Logic
Fuzzy_Logic

Neo is so dead.... Get out if you are in. Buy the dip if you want to stay in

Ignoramus
Ignoramus

This is the best thing that has ever happened to BTC.

Illusionz
Illusionz

@BinaryMan
Well before difficulty drops mining will not be profitable, therefore no one will mine btc. No mining no translations. Btc dies

Raving_Cute
Raving_Cute

Adjusting the difficulty will be a bitch and a half

Harmless_Venom
Harmless_Venom

@Crazy_Nice
twitter thread
our contacts
Okay.

Lord_Tryzalot
Lord_Tryzalot

@Crazy_Nice
Time to buy MGTI?

Won't non-chink mining become more profitable?

Sir_Gallonhead
Sir_Gallonhead

@Crazy_Nice
This is dumb.

1. You can't ban mining in China effectively. VPNs easily allow you to hop over any firewall and the government hasn't been able to stop it.

2. If mining in China stops it doesn't really matter. If it halts all at once you could see a transaction delay for around two weeks or so. That's it and that's the worst case. If the halt isn't perfectly lined up with the difficulty adjustment or doesn't happen all at once you probably won't see more than a few hours in which transactions are delayed. It doesn't really matter.

MPmaster
MPmaster

@Illusionz
and BCC moons.

5mileys
5mileys

what happens if the gov takes over the mining farms and runs them?

hairygrape
hairygrape

@Raving_Cute
Can't they just type a new number in the difficulty field?

Deadlyinx
Deadlyinx

@Crazy_Nice
Good, more blocks and hashrate for me.

eGremlin
eGremlin

@MPmaster
Could be. That's why I just bought 100k

JunkTop
JunkTop

Fuck yeah I might pick up a cheap pre built mining rig

MPmaster
MPmaster

@Sir_Gallonhead
this.

so tired of the chinks having crypto by the balls. maybe its a good thing in the long run...until (((they))) take over anyway

askme
askme

What to invest in if this is somewhat true? BCC?

Deadlyinx
Deadlyinx

Still I think neo will moon. Miners buy all the neos they can get to become gas miners without doing anything. This will pump neo and pump gas and create a new neo hype.
If NEO goes full decentralization China can't ban it, can't ban the "miners" since they only hold a private key instead a massive powered mining facility

Carnalpleasure
Carnalpleasure

@Crazy_Nice

RIP BCH

Burnblaze
Burnblaze

@Crazy_Nice
Why are chinks so fucking disgusting

why hasn't someone nuked them yet

SniperWish
SniperWish

@Sir_Gallonhead
the chicoms just want to muscle in and control as much of the chinese crypto market as they can. they're no different than any other organized crime racket.

ZeroReborn
ZeroReborn

@Crazy_Nice
HO LEE FUG

Fuzzy_Logic
Fuzzy_Logic

@Crazy_Nice
our contacts say we-

Stopped reading right there.

Stark_Naked
Stark_Naked

@Sir_Gallonhead
1. You can't ban mining in China effectively.
Sure you can, it's centralized.

But China is never going to do it, it's a huge influx of foreign capital for cheap electricity. Like exporting electricity at super premium prices. Plus it gives them control. Literally no downside.

Even if all BTC transactions are illegal within china the large miners will find ways to cash out. They could just fly out and cash out wherever.

2. If mining in China stops it doesn't really matter. If it halts all at once you could see a transaction delay for around two weeks or so.

Wrong, if all mining in China somehow disappears in a moment BTC would die. There is no way to adjust difficulty quickly, it would take weeks to get any meaningful volume through, months to get back to good levels.

But again that would never happen for above mentioned reasons. Worst of all, miners can just pack up and move. China does give warning like it did with ICO and exchanges so they would have time to reorganize. But there is literally no reason for China to throw away such a beneficial export.

Need_TLC
Need_TLC

@MPmaster
chinks having crypto by the balls

lmao, the longer they continue this bullshit charade more mining operation will move to japan, south korea, etc. soon chinks will have zero influence on the crypto market. i guess their government is more retarded than i expected.

Booteefool
Booteefool

@Burnblaze
So much gold in this doc

5mileys
5mileys

@Stark_Naked

I've heard that they can use VPN's or Satellite's... but realistically how reliable is that?

The only real solution is for Bitcoin to become PoS. If Ethereum can change from PoW to PoS. Bitcoin can do the same, right?

Skullbone
Skullbone

@Crazy_Nice
most aggressive outcome is a straight takeover of mining facilities by the state

What the fuck are they going to do? Storm into some Chink NEETs house and take his GPUs?

SniperWish
SniperWish

@TreeEater
Price would have to go up

RavySnake
RavySnake

After the more harsforks

VisualMaster
VisualMaster

@Deadlyinx
Hahaha what kind of pipe dream are you waiting for

Illusionz
Illusionz

@5mileys
The only real solution is for Bitcoin to become PoS. If Ethereum can change from PoW to PoS. Bitcoin can do the same, right?

Not an expert, theoretically it can, practically though it won't. Too much politics to push any changes in BTC.

I just don't believe China would throw this goldmine away, and for what? They can control BTC in China pretty well by cracking down on traders, while keeping mining intact. Small jow is not going to mess with this shit if it's illegal and hard to come by.

But huge miners can still operate easily and cash out abroad at will.
Kind of like if you default a loan the bank is going to fuck you. If a billionaire does then he's going to walk away with minimal damage most of the time.

Lord_Tryzalot
Lord_Tryzalot

Imagine all their coin is seized, or 'something' bad happen to them and thousand of BTC are lost forever....

viagrandad
viagrandad

YAAAAAS!
tfw won't be coinlet

Evilember
Evilember

@viagrandad
so this means we should wait to buy right? bitcoin is going to drop? newfag here

BlogWobbles
BlogWobbles

@Lord_Tryzalot

funny-hot-guy.gif

TechHater
TechHater

What's Chinas problem with Bitcoin?

Evil_kitten
Evil_kitten

@Evilember
These rumors have been going around for 3 days now, still do drop

RavySnake
RavySnake

@Burnblaze
kek I thought only blackies got roasted in this doc.

BunnyJinx
BunnyJinx

@TechHater
It means that people that aren't part of the gang might get rich. Also, they're filthy commie bastards.

New_Cliche
New_Cliche

@TechHater
china wants to be #1 and therefore wants rmb to be #1. Thus they seek to punish anyone of their own that isn't fully behind rmb

5mileys
5mileys

@Sir_Gallonhead
While you can't stop individual mining, it will stop industrial mining where you have warehouses of miners.

Ignoramus
Ignoramus

@Lord_Tryzalot
price would go up

Snarelure
Snarelure

@Crazy_Nice
Bitmain, the largest SHA256, Scrypt, and X11 ASIC producer in the world is still operating alright with all their usual market restrictions to us foreigners. Still marketing them as miners as well.
So those are just rumors about cheap mining equipment.

My theory is they are going to attempt
to centralize it, or at least the exchange aspect of it, as that would allow the most control. If they don't they are cucking themselves out of billions of dollars, because they are admitting it is a destabilizing currency that has value in disrupting economies, versus just letting us trade our tulips.

Welcome to why Bitcoin was created.

SomethingNew
SomethingNew

@Crazy_Nice
Arent bitmain facilities in mongolia for this exact reason? And they planning to open a US one

kizzmybutt
kizzmybutt

LMAO BITMAIN BTFO

Carnalpleasure
Carnalpleasure

@Crazy_Nice
less people mining coin to dilute supply
WOWW THIS MEANS THE PRICE WILL GO DOWN

You should kill yourself.

BinaryMan
BinaryMan

@Sir_Gallonhead
you know that China just banned VPN's right? they're illegal now lmao

New_Cliche
New_Cliche

@Snarelure
Welcome to why Bitcoin was created.

Never really put the recent issues into this perspective...holy shit.

For so long, Bitcoin was underground and stagnant...it's first test has come. Let's hope it stays strong.

Illusionz
Illusionz

@Snarelure
@SomethingNew
My point, Bitmain is a million dollar if not billion dollar company that will continue to operate whether China wants them to or not.
They would be cucking themselves HARD to not centralize the exchanges.

Nude_Bikergirl
Nude_Bikergirl

@New_Cliche
From 2k to 5k in 3 months is stagnant?

@kizzmybutt
Isn't bitmain in mongolia? At least the mining facility

Lunatick
Lunatick

@Carnalpleasure

So are you just pretending to be retarded or do you not understand mining?

Mining doesn't end when the fixed limit is reached.

Bidwell
Bidwell

@Snarelure
;D

Gigastrength
Gigastrength

@Raving_Cute
It'll take a l o o o ooooong time

SniperWish
SniperWish

@Lunatick
wow less people are mining this means the price will go down!!!

Go back to elementary school.

m-m-muh difficulty

Will readjust as it always has.

m-m-muh transactions

If you use bitcoin to move large amounts of USD or BTC equivalent you're a newcoiner retard.

RumChicken
RumChicken

@Illusionz

they can fucking more to Philipines or anywhere they want in Africa, I don't understand how China see they can ban something that they can't control, like internet

PurpleCharger
PurpleCharger

@Crazy_Nice
Literally the only reason why bitcoin price drops on chink news is the burgers themselves.
China is not relevant anymore

Soft_member
Soft_member

@Crazy_Nice
(note: this is all unconfirmed for now)...

Evil_kitten
Evil_kitten

@Evilember
what would i know, i'm also a newfag

Evilember
Evilember

they sell it all to (((them)))

Soft_member
Soft_member

@PurpleCharger
What site is dis

Methnerd
Methnerd

@Crazy_Nice
how would they sell if there's no exchange?

haveahappyday
haveahappyday

@Methnerd
I know of a chink in my country that was way ahead and saw this shit coming. He does currency swaps with miners and takes his cut. He takes their bitcoin, sells it for usd, wires the usd to his chink bank account and it gets converted to yuan who he sends back to the miners. Any big mining crew are going to get themselves an outside man.

Raving_Cute
Raving_Cute

@hairygrape
no.

MPmaster
MPmaster

@CodeBuns
network is controlled by chinks, this will be controlled by even more corrupt state bureaucracy chinks

Spamalot
Spamalot

good riddance jihan

StrangeWizard
StrangeWizard

@Sir_Gallonhead
They're targetting VPNs also. Even MSM in my small shit country are reporting on it.

China is going all-out against crypto. And then they'll likely present their own alternative and approved crypto for the Chinese.

viagrandad
viagrandad

@Stark_Naked
Plus it gives them control

It does not when it's spread out amongst the population who gives zero fucks about the global political climate. The Chinese government holds no power over BTC as it stands.

Their main reasons of concern are that the entire Chinese population has been given an easy asset in which they can hide their funds from the government. As well as Chinese capital leaving China for Western shitcoins, which is in essence why they wanted to get rid of ICOs.

Snarelure
Snarelure

@StrangeWizard
@viagrandad
Also, I don't care if this shit sounds like FUD. I like you faggots.

Just cash out before it crashes too hard. The current news are about 100 times worse than the news from last week about China banning exchanges.

JunkTop
JunkTop

something something always do the opposite of what Veeky Forums says

reli med me tink

Poker_Star
Poker_Star

@Snarelure
No, fuck off. China isn't a big enough market to fucking care. Nobody's going to use their stupid chink coin. Miners either try to find a way around or kill themselves over the wasted hardware, and mining becomes that much more lucrative in the rest of the world.

Skullbone
Skullbone

@Poker_Star
for a g*mmunist government these old farts really adapt to new trends quickly, gotta give'em that

King_Martha
King_Martha

@Poker_Star
I hope you keep holding. I really do.

Fried_Sushi
Fried_Sushi

@StrangeWizard
approved crypto for the Chinese.
Hmm, let me see
Crypto value stems from the fact that's decentralized/isn't owned by any central authority and thus, by owning crypto you can have autonomy over your own money without needing a third part
China will make a centralized currency
This literally defeats the whole purpose of cryptocurrency. It will not hold much value since it's basically glorified electronic fiat, and it's not a direct competitor to BTC since it serves different purposes.

China is going all-out against crypto.
Good. Now market is moving to Japan, which currently has 51% of all crypto volume, is investing hard on mining operations and blockchain related industries and isn't communist scam like our dog eating friends. I will laugh my ass off seeing China lose all control they had over the market because they are trying to control something that's essentially decentralized.

happy_sad
happy_sad

@Fried_Sushi
This literally defeats the whole purpose of cryptocurrency.

You don't seem to understand. That's the fucking point. No government on the planet wants decentralized currencies to exist. Why? They'll claim it's to fight drug trafficking and terrorism. In reality they just want their taxes.

Gigastrength
Gigastrength

@happy_sad
Doesn't seem to be the case considering the massive support that Japanese government is giving to crypto. And even if it was, government can't keep track of technological growth anymore, it may try, but truth is that as things are going technology has more control over our lives than any government ever did in history.
See the internet for example, It's a nightmare for any government and fucked a bunch of mega corporations in the ass, but no one managed to stop it, because 1) There was huge demand for it 2) It expanded too quickly for anyone to do anything.

Same goes for crypto, all this nonsense FUD talk about ''muh criminals'' or ''muh terrorism'' has been going on since forever now, it didn't and It won't stop the huge demand there is for the technology

I think that fighting crypto is the dumbest decision governments can make. Trying to control it from within seems like a smarter move.

TurtleCat
TurtleCat

@Gigastrength
There's also the fact that crypto market gained too much adoption and exposure this year to fall with just some regulations now. This isn't 2013 anymore where the only people who traded BTC were drug users, everyone now knows about crypto now and many of them, including big players, see potential on it, so I doubt it's going away anytime soon.

takes2long
takes2long

@Gigastrength
Japan isn't jews or chinese

Flameblow
Flameblow

@Gigastrength
I think that fighting crypto is the dumbest decision governments can make
It depends on the level of technological development and liberties country have. Countries not able to compete in this market better ban crypto as they would be losing both monetary and political capital.

JunkTop
JunkTop

somebody telll this neet if this shit is real or not :v)

SomethingNew
SomethingNew

this fud

This would be fucking amazing

FUCK the CHINKS

Supergrass
Supergrass

Fucking chinks.

Garbage Can Lid
Garbage Can Lid

@takes2long
Japs are no saints. They're pretty jewy. But definitely the lesser evil.

Flameblow
Flameblow

@Crazy_Nice
Half of Veeky Forums right now.

CouchChiller
CouchChiller

Fucking cannibalistic chinks!

eGremlin
eGremlin

@JunkTop
Oh, it's real.

https://www.wsj.com/articles/china-widens-bitcoin-crackdown-beyond-commercial-trading-1505733976
https://www.cryptocoinsnews.com/china-bitcoin-exchange-ban-extend-otc-trading-maybe-mining-wsj/

According to a Wall Street Journal report, Beijing officials told several bitcoin industry executives that peer-to-peer trading would not be tolerated during a closed-door meeting held last Friday. This contradicts earlier reports, which suggested that regulators would allow OTC trading platforms to continue to operate normally despite the crackdown on centralized order-book exchanges.

Ignoramus
Ignoramus

@eGremlin
citing WSJ
hello newfag

Evil_kitten
Evil_kitten

about to be the perfect time to buy
I can't see the verification amounts that coinbase charges to activate my account to finally start trading bitcoin
What's a non-shit exchange?

w8t4u
w8t4u

God, please kill off all the chinks.

Carnalpleasure
Carnalpleasure

One more reason to drop some ETH on https://www.hydrominer.org/token-sale/ thanks for decreasing the difficulty stupid chinks... my watercooled, cheap energy mining make me comfy returns

SniperGod
SniperGod

@Crazy_Nice
nice, bought 100k

Nude_Bikergirl
Nude_Bikergirl

SoulCoin is the WarCoin we need for this Fight

Lunatick
Lunatick

hurr durr mining isn't profitable because you can't sell!
you don't need to sell right there in china. you know, the internet exists, and these aren't poor people...
also, mining in china is profitable simply because of the lower costs.

Flameblow
Flameblow

@Lunatick
the internet exists
No in China. Selling VPN is already crime, using VPN would be crime soon.

Gigastrength
Gigastrength

So every time I doubt these rumors they come true the next day and I get rekt. So I'm going to sell this rumor and buy the news.

DeathDog
DeathDog

@Lord_Tryzalot
should've bought this weeks ago user

Sir_Gallonhead
Sir_Gallonhead

@Skullbone

Wouldn't that kill BTC if they got 50% of hash then its a Chinese government crypto

Snarelure
Snarelure

@DeathDog
Get hydrominer...really cheap electricity and cooling because they operate in hydropowerstations directly

New_Cliche
New_Cliche

@RavySnake
that one black guy is actually the best guy in the whole doc, but hes surrounded by retards up and down

DeathDog
DeathDog

@Sir_Gallonhead
vps will be banned also vpns are slow as fuck and useless. u will not mine on vpns profitably for very long

Fuzzy_Logic
Fuzzy_Logic

@Crazy_Nice
bitcoin mining operations can be moved and bitcoin too....yawn

Stark_Naked
Stark_Naked

@Fuzzy_Logic
they don't even need to be moved, people like me will switch our old shit back on if it becomes profitable

farquit
farquit

@Crazy_Nice
tfw just started wagecucking so i can buy up these dips
CHINA YES
keep the crypto bans coming i want my shit cheap, your forced bear market cant hurt me anymore

massdebater
massdebater

@Stark_Naked
percent of the total minging power in china?

iluvmen
iluvmen

@Booteefool
What is is?

DeathDog
DeathDog

@iluvmen
empire of dust i think

Ignoramus
Ignoramus

@Fuzzy_Logic
*said the increasingly nervous man for the 4th time this week*

Booteefool
Booteefool

@lostmypassword
tfw the rest of china dumping their btc was the dip from 4000 to 3800

Emberburn
Emberburn

@Crazy_Nice
(note: this is all unconfirmed for now)...

Come back to me when this changes and I might give a shit

iluvmen
iluvmen

Reminder that China only accounts for 20% of total volume traded, down from 90% in 2016. The chink is increasingly irrelevant and Japan+US have picked up the slack.

Dumping on China crypto news only occurs because Burgers and Europoors are skittish as fuck.

haveahappyday
haveahappyday

@Ignoramus

Yes.

kizzmybutt
kizzmybutt

When is this happening

BinaryMan
BinaryMan

Many don't understand that Japan has already chosen BTC. It will be around forever. They still use yahoo instead of google ffs

Fuzzy_Logic
Fuzzy_Logic

Why don't the miners just do "...." or use "...." or maybe "..."

When will you FUCKING RETARDS understand that China is a COMMUNIST COUNTRY?

What the government wants the government gets and if you stand in their way your liable to face a fucking firing squad.

God DAMMIT I swear this board is populated by nothing but millennial NEETS who think everything outside the USA is just fucking hunky dory.

likme
likme

@BinaryMan

This. Huge players in Japan are entering the mining space. WGAF about China we are unironically better off without them, I hope they totally ban their own miners.

WebTool
WebTool

wouldnt the price have already corrected to this rumour

Firespawn
Firespawn

@Fuzzy_Logic
land of the """free"""
gubbamint doesn't get what it wants at your expense

Bidwell
Bidwell

@BinaryMan
@likme
So what you're saying is that I should buy more MONA?

ZeroReborn
ZeroReborn

@Snarelure
Does ICO have a minimal amount of hydro you can buy?
Pre-sale says at least 50 ETH

Raving_Cute
Raving_Cute

@Bidwell
Yes

King_Martha
King_Martha

@Fuzzy_Logic
fucking lel at this """"free"""" amerilard

girlDog
girlDog

@Crazy_Nice

no more chinese whales?

only the white whale remains.

Emberfire
Emberfire

@Crazy_Nice
good

FastChef
FastChef

Cant wait to buy discounted mining hardware from china

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