China Quietly Orders Closing of Bitcoin Mining Operations

It's over. Cryptofags on suicide watch

wsj.com/articles/china-quietly-orders-closing-of-bitcoin-mining-operations-1515594021?mod=e2twg

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wsj.com/articles/china-quietly-orders-closing-of-bitcoin-mining-operations-1515594021?mod=e2twg
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I always figured Bitcoin's real test would be regimes like China.

cudmyl lyfento pizzas

xi is fucking awesome

>closes Chinese mining operations

Wouldn't that mean that the global supply of Bitcoins would be lowered thus increasing their value?

>Wouldn't that mean that the global supply of Bitcoins would be lowered thus increasing their value?
It would if they HAD any value, but they are not any form of commodity. Their value is entirely fictional.

>wsj.com/articles/china-quietly-orders-closing-of-bitcoin-mining-operations-1515594021?mod=e2twg

The supply is designed grow at a constant rate, this is accomplished by the difficulty of mining scaling with the current processing capacity. If miners shut down, transactions will slow for a period while the difficulty level scales back down.

It would potentially make mining in areas other than China more profitable since they don't have to compete against China's dirt-cheap electricity.

The potential downside is that it's likely part of an overall clampdown on Bitcoin. Half the reason the price is as high as it is is that Chinese people are using it as a method to get money our of the country while avoiding China's capital controls.

>eagerly awaited bitcoin to reach 10k
>firmly believed errone would sell after realizing they are paying 10k for a fucking BITCOIN
>sell only to see it jump to 12.9k less than a week later
>18k a month later knowing that this is the highest exposure it can recieve

These are fucking spooks buying at 17-18k levels and I refuse to believe otherwise. I only cared about the investment, i actually don’t give a shit about any bullshit claims this will actually take over the world.

>bitcoin isn’t worth 10,000
>trade your bitcoin for shitcoins

there was a dude who posted about government crack down on miners all over the world and had some interesting files about it

>mining crackdown

What?

theres nothing quiet about this China has done similar spectacular announcements to make the price drop and buy a shitton, chinese government is profitting every time, they control bitcoin.

the whole argument about wasting electricity is BS anyway. how much electricity and ancillary resources (i.e. salaries) are spent securing the network of the global banking system? the reason why mining exists isn't "hurr let me waste electricity to make money"; it's to secure the bitcoin network--and mining (Proof of Work) is the best way to do this.

Time to buy Ripple

>reported by Wall Street Journal on friday the week before this
Does it really take 8 days for news to reach the Ukraine?

Oh really? How does closing down centralised mining operations count as being a bad thing? The only thing that would actually make the market move is closing Chinese trading platforms. Your post just proves you know nothing. You're an absolute idiot... A bottom feeder. Stay poor nocoiner.

judging from the state of canadian real estate i have a hard time believing that china has currency controls at all

Imagine what it would be like if they didn't. They might be low-key encouraging foreign real estate purchases actually in order to fuck with us.

>bitcoin is crypto
i love this meme
can't wait for 10k eth in 2019 while gleeful topics cheer for the death of "cryptocurrency"

Its not ilegal to mine, so long as you are part of the Chinese Communist Party.

But there are literally hundreds of other coins out there that are better than bitcoin, so why even bother with it in the first place. Just go on to the other coins.

Well therein lies my point. As long as people can still trade it the mining ban is actually good for non-Chinese miners. It's only when people stop trading it will there be any sort of loss of value. And I don't think the Chinese government will be able to completely shut down bitcoin trading. They can barely clamp down on black money right now. It's not going to be possible for them to shut it down if it's digital and unlinked to central banking.

>Their value is entirely fictional.
Like literally every fiat currency.

Again with this crap, will they ever tire of crashing the price to buy more?

I wonder how easily the great firewall could be made to block the protocols used by the bitcoin network.

>Quitely

Everyone ready for their pills ?

Bitcoin was created by (insert Alphabet Agency) as a test market in the beginning.

Then Bitcoin became more popular in the dark markets, then to white markets.

Bitcoin also has a secondary function.... To surge local currency markets and plunge them into chaos.

If any non-elites get their hands on "real sums" of money... you are investigated by any number of legislation from DHS, NSA and of course courteous of The Patriot Act.

Why you ask ?

Because large sums of money can change people (votes) and industry. Our Central Bank System is a large Yin-Yang balancing act and when people cash in their BTC for any flavor of money.... Power shifts.

The end result is a 0 sum game.

You exchange bitcoin for USD, USD goes bye-bye Venezuela Style. Or any other currency.

OR

You hang onto your bitcoins only to have no place to spend them , be it banned or not, people will not exchange goods unless the seller of said goods knows how to exchange them to someone else for their goods....


End result is stone-age economics. Mix in a plague / disease / an invasion / all of the above.... and let slip the dogs of war.

Bitcoin is an endgame to hard-backed currency. Jews have bet their futures as to told the most gold in the world.
A Jew controlled game of Monopoly (gold) ?

Or

a Nationally Backed Crypto Coin(s) with no outside influence ?

With just a dash of food for thought .... What happens if gold can be synthesized ?

>created by alphabet agency

Ok bro.

Welcome to the internet , think what you want , but the game will always continue to roll in the path of least resistance

...

>online money has no value
>implying green-tinted paper with a dead white guy on it isnt
I support it solely because it makes a mockery of the US Banking system. When something that doesn't even have the value of being tangible starts to kick the fuck of your own currency, you're essentially fucked.

how the fuck am i supposed to read this you worthless fucking redditor?

>the whole argument about wasting electricity is BS anyway
It is absolutely not bullshit.
>secure the bitcoin network--and mining (Proof of Work) is the best way to do this
Which is why all new coins are doing proof of stake, right? The real issue is that all the people fucking with this are crypto themselves, cryptoleftist libertarians and cryptojew Chinese and Koreans moving money out of their country in defiance of their anti capital flight laws. Nobody wants to PAY to be running the Bitcoin network; that's some other, greater fool's job.

Pleb.

Actually, the amount of energy consumed by btc vs fiat credit networks on a $ to $ basis is incredible. Unfortunately, it's baked into the cake for btc.

>PoS is good for you goyim
>don’t trust mathematics, trust people

>still owning chinkcoin
Sold at 8k, I wonder if there are people reading this who bought it from me.
Stay goyim, retards.

I bought at 8
sold at 19
feels good man
wish I'd bought more

www.truthcoin.info/blog/pow-cheapest/
www.truthcoin.info/blog/pow-and-mining/

please do rebut.

bump bc still waiting

>believing ukrainian
>ever

Nice try shithole version of russia

Can't read it without a subscription, dipshit.

Enjoy your boomer nocoiner job at Walmart faggot.

reminder that all ukraineposts are soros-backed shills

What nocoinfags don't realize is that Bitcoin will never die. The people who use it are the ones who control it. Way too many people have too much invested into it. Not just a monetary amount invested but time and energy invested into something that they believe will change the world.

Nobody is using bitcoin. Nobody is buying shit with it. They are just buying and holding, and the vast majority of bitcoins are owned by less than 1000 people. There's 16 million in circulation and apparently the creator holds 1 million of them. That's not currency, its just value speculation