URGENT: China is about to ban Bitcoin mining

there are anons who still haven’t bought NEO

i dont speak chopstick some one translate this shit

This is going to add to btc value because less people mining = less people dumping.

Also it is going to be more decentralized

Hold btc until correction

>vice
Nice memed

doesn't the difficulty automatically adjust based on total processing power?

So they can mine ethereum and bitcoin cash?

This user gets it. The rest are retarded.

crashing?

this would be the most bullish news in bitcoin for YEARS. getting rid of the chinks would cure so many of bitcoin's fundamental problems.

probably not. loss of massive hashing power isn't going to make BTC appear more likely to succeed.

wouldn't this bring the btc network to total halt i.e. useless?

Haven't they banned it already some months ago?

This may be a move in favor of Bitcoin Cash, as Bitcoin takes a week or so to readjust

>This is going to add to btc value because less people mining = less people dumping.
>Also it is going to be more decentralized

LOL You are a silly pig: the People's Republic of China will take control over all the mining equipment. It's all over Sina Weibo and Renren, fucking read.

now we have a chance to mine btc again. All good!

Or make it go down as trust in the currency is lost after the biggest market is gone.

>all mining moves to India
>pajeet now works the mines in between shilling BZC
Hopefully he won't have as much time to shill while he's replacing burnt out GPUs.
>GPU prices plummet for the short period when Chinks sell off their rigs
YES

BCH does every block.
BTC does every 2016 blocks (~2weeks)

Bcore is gonna go permafrost

possibly but how is this readjustment period calculated?

BTV miners are facing life in prison or even public execution in severe cases, for personal enrichment by unauthorized currencies which undermines the People's Republic of China.
They ain't fucking around, man.

time to start wake up the gpu

Translated. Maybe I’m retarded, but I I don’t really make much of it

Autonomous Region Commission by letter: It is understood that there are currently some so-called "mining" enterprises that produce "virtual currency" in Xinjiang. This consumes a large amount of resources and at the same time encourages the speculative speculation of "virtual currency." According to the National Financial Work Conference on Preventing Risk, Restrictions on the Economic Needs of Partial-Realities and the Avoidance of Supervision The relevant member units of the leading group for the special rectification of financial risks in the Internet convened relevant provincial and municipal remediation offices on November 20, 2017 and discussed relevant issues and formed the disposal opinions . In order to timely guard against relevant risks, in accordance with the requirements of the Circular of the State Council on Renewal of Internet Financial Risks (Xinzhengfa 2016 [2016] No.73), you are required to actively take relevant measures to guide the jurisdiction Enterprises within the orderly exit the "mining" business. At the same time to grasp the progress of work. Please your unit before the 5th of each month the basic situation of Xinjiang "mining" enterprises (see the table) and lead the withdrawal submitted to me to do (January report and report please submit before January 8, 2018). Contact: Han Ying, Zhang Qibin Tel: 2373158,13899860976,13579678981 E-mail: 282657882Bag, com Attachment: engaged in "mining" business-specific summary of the situation

>BTV
*BTC, who woulda thunk

the difficulty will be adjusted accordingly automatically

chinese btc miners need a coup d'etat

damn. i thought chinks were the ones pushing all this blockchain mania
what about other crypto currencies?
is this the end broddas?

Triads will be having a "chat" with this Han

BURST folks... BURST.

lmfao they made all their money, now they are pissing and running. literally Bitcoin = SCAMcoin all along

If this is real then bitcoin cash is fucked. This is talking about all mining not just BTC. Bitcoin is distributed enough to deal with losing the Chinese mining pools. Bitcoin cash is predominately Chinese mining, and will be absolutely crushed if Chinese operations shut down

No, bitcoin transaction fees will go up 70% when it's already at $30. It will basically be impossible to use without Chinese miners. Although it miners will probably fill the void in other countries but I expect it to drop at least temporarily.

>Bitcoin is distributed enough to deal with losing the Chinese mining pools
70% of bitcoin miners are in China.
Nope, only updated every 2016 blocks

No if I remember correctly it was only a warhouse or a company that was banned. Someshit shitty in the end, not a real news.

I wish we could inoculate the crypto market from these fucking mercurial chinks.

so what's like the best case scenario?
btc dies and alts finally rise or is this the end game?

It won't change any shit. They will just moved the whole operation to vietnam or other cheap low cost energy countries.

Doesn’t mention bitcoin specifically but all mining.

Nope. More miners doesn't make the transactions faster, in fact it's quite the opposite.

If the chinks fuck off it's good for that piece of shit BTC

XRB
Doesn't require mining

Bch mining is almost entirely based in China. Bch will be fucked more than bitcoin.

>less processing power with same difficulty = faster
You're a moron.
Bitcoin becomes unusable until difficulty adjusts, normalfags all panic sell out of the market. Ethererum replaces bitcoin and all goes back to normal eventually.

>chinese government wants to ban bitcoin mining
in other news, communists are utterly fucking economically retarded
this doesn't surprise me, and yet, i can't believe it
they have the opportunity to become one of the undisputed world fucking champions in a natural growth of actual wealth—and they opt to remain a corrupt establishment run on shit fiat, exploiting the fear that they've instilled into every one of their citizens so that they can quickly get their way

this is probably going to put somewhat of a stunting spell on bitcoin cash's growth, for the time being; jihan wu is gonna have to do something about this, somehow
what an ungodly pack of idiots in that government
like, holy fuck

>You're a moron.
Says somebody who's pulling shit out of his ass as facts without having the slightest idea how bitcoin difficulty works

How are you supposed to sell when the network is pretty much at a stand still?

Neo new king

"Ïnvest in anything that China bans" is an old saying that will apply again.

Buy the dip.

The network will suffer short term, but the reason mining is so concentrated in China is because the took over the market for cheap and it wasn't profitable to mine. This would actually open the gate for mining operations everywhere else.

ETH replaces BTC? lol no.

XRP replaces BTC in that scenario

>the biggest currency manipulators in the world don't like bitcoin

what a shock

...

yep pulled it out my ass. if you know more about the bitcoin than the bitcoin wiki maybe you should make your own cryptocurrency.

>>less processing power with same difficulty = faster
They adjust the difficulty you absolute fucking retard
Lower difficulty = less power required to mine with same reward = greater mining reward = less fees

why? isn't xrp single purpose?

You don't have the slightest clue about mining brainlet. If the hash rate crashes it doesn't get faster, it gets slower.

When BTC dies, the altcoin market will follow it downwards the first 24 hours or so. Then you'll see a massive injection of much of BTCs marketcap into the remaining top 100 mcaps.

You'll want to sell when you see half your portfolio vanishing in less than 24 hours, but don't. Unless you're holding the shittiest of shitcoins, they'll receive a massive injection of capital.

Bitcorn needs to fucking die.

that would actually be a good thing for BTC.
Fees will go to earth´s core.

So, you DO admit that the difficulty scales down when miners go offline? Sure it takes a while but it's not gonna kill btc

just no

XRP doesn't need to be mined

>hur hur wat is difficulty adjustment
Do you think BTC was designed to require Chinese mining farms from the get-go?

I don't understand how does less supply of a product pulls the price down? Usually if something is rare - it's worth more.

Are you retarded? It scales down every 2016 blocks. But if the hash rate is so low, those 2016 blocks could take a ton of time to be found.

Of course, all this could be resolved with a software update like Bitcoin Cash did.

Strawman. You know that I'm right.

That's a problem only if the chinks go out just as the difficulty has adjusted

>China stops giving preference for miners.
>Burgers combine their Bitcoin to open solar-powered mining facility in New Mexico.
>US becomes new mining superpower

You have one chance not to fuck this up burger-bros.

It would take 2 weeks for the adjust difficulty WITH Chinese miners. Without them it takes even fucking longer.

oh yeah and
>waste of resources
jesus christ almighty these fucking bonglord dipsharts—YES, IT USES RESOURCES AND LOTS AND LOTS OF COMPUTERS AND TAKES LOTS OF TIME, HORY RORY, WHY DO YOU THINK IT'S WORTH AS MUCH AS IT IS

though, knowing these people, and to reiterate, they are completely corrupt; they're likely doing this just to hold onto control of their economy through worthless fiat
can't say that it's not the /right/ move to make if your motive is control, but if your motive is to maintain this level of control, then you're a jackass

top kek

Bitmain are a bunch of geniuses, I'm sure they are prepared to deal with this situation. They'l simply more 200km north to Mongolia.

Of course, but since you can't predict when they will go offline it's a scenario you have to account for.

> Bitcoin crashes

> Flippening with certain Chinese POS coin made inevitable

2 weeks is nothing

If the Chinese stop mining, then mining becomes a lot more profitable.

GET OUT

nice, just bought 100k

tf when i made some juicy gainz of all of this blockcorn thing and still don't understand one single thing about the technical details

When miners move to BCH, BCH's difficulty rapidly adjusts upwards and equilibrium is maintained. This is not just obvious in theory, but observable in fact.

>3.5 weeks of $200 transfer fees and 10 hour transaction times is nothing
lol k

You guys are all idiots. You think if china bans this all of a sudden everyone is going to drop their shit instantly and comply?

At worst it'll gradually drop, but if even half of the chinafags drop instantly, there's more incentive for the others to continue. Then 2016 blocks is like 8 weeks? Maybe even 16, who cares. After that it'll get re-balanced and everything will go back to normal.

But instead of a hard drop all at once, its way more likely it'll just gradually go down

10 hours is a gross exaggeration.

So the mempool will increase a little further. Who cares? People have already proven not to give a fuck about it.

Can't they just manually reset the difficulty level? There is no way they will just paralyze the system for maybe months.

Without chinks to fuck around and play games the mempool won't be congested
Btc only costs like $7 to transfer in under and hour currently
Stop pulling random exaggerated numbers out your ass

>tfw china bans crypto and the large centralized mining groups dissolve
>smaller rogue mining groups pop up all around china to take advantage of the electricity costs
>the hashrate is now more decentralized

Looks like the Chinks are up to no good again trying to throw a wrench in the market, I hope you realized by now that this is how China manipulates you.

It'll just move to India/Bangladesh. The same things happening with their physical markets, Chinese labour is becoming in demand which is driving the price of their goods up which means India/Bangladesh are filling the Chinese cheap labour void. They'll also fill the mining void.

It depends on what's the shutdown period.
If 70% of hash power were to disappear overnight, then at worst it would take 6 weeks for difficulty to go down. During that time capacity would be reduced 3x.

Which means a >$500 fee for a simple transaction.

rofl. do you guys realize what this means?

it means that cloud mining is gonna get 3x as profitable. GET IN

A spike of electricity usage will most likely not be ignored.

>China bans Bitcoin
>China is not banning bcash
On that alone you're fucking retarded.

As much as I hate that god damn fidget spinner, it might be time to go in on cripple. This will rape BCH to death and shitcan BTC transactions long enough to cause normies to panic sell into something else, and the media's been shilling XRP as the new bitcoin.

ETH will flip BTC within the month.

relax, nothing has happend yet.

>ban bitcoin mining
>redistribute all that mining power to their upcoming AI village
>Deep Brain Chain x 100 EOY

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