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wry

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

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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

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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.

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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

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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.

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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...

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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.

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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. 

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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.

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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.  

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