Rumor - China Plans on Blocking Bitcoin Nodes and Making Bitcoin Mining Illegal
Trustnodes.com has just posted an article regarding rumors that China possibly attempting to shut down all Bitcoin Nodes and block their communications out of the country via their main firewall. Miners are also fearing the worst and some are planning on leaving the country for a more legally stable operating environment. If this is true, 80% of the worlds Bitcoin Mining Power would be lost, which if not replaced could at least temporarily bring the Bitcoin network to its knees. Please check out the article at Trustnodes.com below as it is very interesting and brings to light many questions that need to be answered due to the fact that even though Bitcoin is supposed to be decentralized, the mining has gravitated to 80% in China and could cause major instability in the Bitcoin network if that hashing power is removed. Very crazy times ahead folks.
http://www.trustnodes.com/2017/09/19/rumors-china-block-bitcoin-nodes-will-criminalize-crypto-mining
I can hardly believe that. I don't think that the chinese government wants to get rid of cryptocurriencies at all, i think they just want to have them under control, or at leat they want to control the fiat entry points in their country. A lot of money has been invested in infrastructure and hardware, so the chinese banning bitcoin on the whole seems unlikely to me.
Thanks for the article... it will be interesting to see the long term ramifications of this. In the short run it will surely be negative for Crypto (prices) but in the longer term it highlights even more the need for some solutions that at this stage can only be supported by Blockchain... so I would say it's bullish.
thanks! i'm with you 100%
If they make Bitcoin illegal, the country will lose more investors and will lose so much. My opinion is that they will make cryptocurrency under control, but they will do not make cryptocurrency mining illegal.