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

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

mobile.twitter.com/bitcom21/status/910579445198602240

You guys told me the dip was over!!!

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?

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.

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

> Mining is banned in China.

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

Reading is hard.

Nice try though.

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

Can't wait.

Neo will moon even harder, cool news

>Difficult drops
>Mining becomes profitable again

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

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

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

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

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

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

Adjusting the difficulty will be a bitch and a half

>twitter thread
>our contacts
Okay.

Time to buy MGTI?

Won't non-chink mining become more profitable?

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.

and BCC moons.

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

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

Good, more blocks and hashrate for me.

...

...

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

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

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

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

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

RIP BCH

Why are chinks so fucking disgusting

why hasn't someone nuked them yet

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.

HO LEE FUG

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>our contacts say we-

Stopped reading right there.

>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.

>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.

So much gold in this doc

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?

>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?

Price would have to go up

After the more harsforks

Hahaha what kind of pipe dream are you waiting for

>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.

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

YAAAAAS!
>tfw won't be coinlet

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

>funny-hot-guy.gif

What's Chinas problem with Bitcoin?

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

kek I thought only blackies got roasted in this doc.

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

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

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

price would go up

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.

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

LMAO BITMAIN BTFO

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

You should kill yourself.

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

>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.

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.

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

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

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

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

;D

It'll take a l o o o ooooong time

>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.

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

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

>(note: this is all unconfirmed for now)...

what would i know, i'm also a newfag

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

What site is dis

how would they sell if there's no exchange?

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.

no.

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

good riddance jihan

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.

>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.

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.

...

something something always do the opposite of what Veeky Forums says

reli med me tink

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.

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

I hope you keep holding. I really do.

>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.

>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.

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.

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.

Japan isn't jews or chinese

>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.

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

>this fud

This would be fucking amazing

FUCK the CHINKS

Fucking chinks.

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

>Half of Veeky Forums right now.

Fucking cannibalistic chinks!