What I Think To The "China Bans All Crypto Mining" News

in #crypto5 years ago (edited)

News recently broke that a department of the Chinese government wanted to eliminate crypto mining from China. This is important for us crypto investors to know so I have waited a few days to gather my info together and now I present to you my thoughts on the subject.

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#Cryptocurrency #Bitcoin #Mining

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Thank you for the news update, and taking the time to process the information

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Forgive me if I'm way off the mark here, but the number of crypto miners I China handling EOS made me think of a post a few months ago about Scatter. I was about to try staking my coins with them when (I think) you said that under the new system, China would actually have full control of the EOS tokens and there was now a trust factor that they would be returned to you. That was enough for me to drop out. Generic Scatter news seems to be that they are doing just fine. So, if not off topic, are these related? Would one who staked tokens with Scatter now be vulnerable with China just taking the tokens?

This is a good one, Chris. It highlights the inherent strength of the dPoS model. Feel free to shill for EOS all you want. I'm in the same boat. :) Excellent work by the way. It helps to hear this broken down like that.

China buns are like Easter rabits ... some believe they migth be true ...

Wow. Thats some new development. It is necessary to watch the mining pools/farms to be aware of possible power concentrations. Every system is vulnable.

Chinese miners will probably go to different countries.

There must be something else behind this and I feel that it is more related on where they want to go with a more controlled crypto asset, like a national currency of sorts. Will be interesting to see for sure the implications if it happens!

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Great opportunities for other Non-China firms like Bitclub , in short run.

As mention, China Govt knows that it will wish that China left out, in tbe future of finance. China will be comeback once their house in order.

I’m also pretty keen to see if this will backfire holding back a new industry! While I don’t mind the US and China being strict on crypto it gives the rest of the world the chance to catch up and even the playing field with super power countries

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