Forks to Be New ICOs and China Bans Mining Crypto ?

in bitcoin •  9 days ago

CnLedger is best source for translated news from China about Cryptocurrency.

So does it mean soon we will see forks of all coins with premines just to make "ICO" business working ?

Today there was news that mining BTC will be banned in China too - http://m.caijing.com.cn/api/show?contentid=4360561

腾讯财经《一线》刘鹏
国内监管要求关停比特币交易所之后,比特币产业链的上游——“挖矿”,也开始受到影响。
11月14日,腾讯财经《一线》从比特币矿工处获悉,来自四川的电力公司已经下发通知,称利用电力生产比特币属于非法运营,要求并网水电站需要全部停止比特币生产,否则将被“予以解网处罚”。
“挖矿”,是比特币世界中的行话,具体指利用芯片的计算能力,在比特币系统产生的区块(block)中不断进行“哈希碰撞”,赢取记账权,从而获得系统奖励的比特币。这一枯燥而重复的过程,在比特币行业被形象地称作“挖矿”。
“挖矿”过程中,最大的支出即初期的矿机投资和矿机日常运转所耗费的天量电力。为了降低生产成本,比特币矿场大多“随电而居”。腾讯《棱镜》此前曾报道,受益于内蒙古和四川两地充沛的电力资源,中国拥有世界上最多的比特币矿场,对比特币的生产有着垄断之势。一位比特币矿场主曾告诉腾讯财经,“四川有全国最多的水资源,大大小小的水电站有好几千座,电力充裕,甚至很多时候因为电力供过于求,一些本应该用来发电的水只能白白放走,我们把它叫做‘弃水’。”比特币拯救了这些“弃水”。原本需要从水电站放走的水流,被用来供给比特币矿场发电使用,水电站赚取巨大收益,而矿工们则得到了梦寐以求的低廉电力。
但随着国内监管对比特币交易所的收紧,以及电力公司与小型水电站之间利益之争,比特币矿场急需的电力供应,逐渐被地方电力公司勒紧缰绳。一位矿工告诉腾讯财经,四川一方面在政策层面下发通知,要求不得再新建小型水电站;另一方面,电力公司正在加紧收购小型水电站,促使后者电力并网,比特币矿场低价用电的空间日渐逼仄。

Of course its hard to say but we should watch this markets. China is the main driver (currently aftr Korea) of cryptocurrency.

Markets

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more distributed power!

If the mining in China stops where will the processing power to run the block chain go? Would they decrease the difficulty of it thus allowing miners in other places to pick up the slack?

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If you are apart of a mining pool or know where to look at mining charts showing geolocation of miners, you will see there is stall a vast amount of miners in the united states, and southern american parts like brazil and peru as well as some european and other smaller asian countries.

So long as there is a supply and demands for coins that are mineable, there will always be miners. It is naive for these companies to think coins can be sustainable without mining the currency. How do you think the network remains secure and actually live? POS (Proof of stake) is not sustainable enough a system by itself. You need to start looking at dual currencies that use coins and commodities, this means boosting the POS network with proof of work (mining).

People that don't fully understand the market are also those with the big labels, please understand there are definitely companies that understand how this work and will throw publicity stunts to capitilise on how volatile the market is at the moment to try and cause fluctuations in the market place. To properly understand the trends, you need to start looking at what the miners are actually mining...

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Hard forks are like hefty dividend payments. Enjoy.

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Hard forks can also directy affect other currencies, watch whos backing what currency and what their agenda is. It's better to try and support currencies that favour true peer to peer systems where there is no regulation like I believe sakoshi nakamoto intended..

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Chinese State Grid was moving to ban bitcoin mining at a county level in Sichuan province, an ostensibly notable development given the area's abundant water supply for electricity generation and the fact that profit-chasing bitcoin miners are headquartered in the region.

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A lot of mining seems to be moving to Iceland, which is really cold (therefore miners don’t need to waste money trying to cool their machines) and has plenty of cheap renewable energy and good internet connection : http://uk.businessinsider.com/photos-iceland-bitcoin-ethereum-mine-genesis-mining-cloud-2016-6/?IR=T/#the-company-had-early-mines-in-bosnia-and-china-and-most-of-its-operations-are-now-based-in-iceland-3

This has already been happening, and I think more and more mining will go to Iceland as a result of China’s decision.

I really hope not but that does seem to be where we are headed. They call them airdrops to give them a better look in the headlines lol but they are just flat out forks that serve no purpose but to scam and take money. It does not hurt to own the coins that get forked though!

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I can't follow this complexity. Where do I go to get my 666 stamp.

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i support what you are saying

Yeah you seems to be correct as the latest outcome of that is BITCOIN GOLD [BTG],If I'm not mistaken

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Ah you are so fast I haven't even bought the rumor yet...

thanks for sharing great idea about crypto.

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This comment has received a 20.00 % upvote from @sleeplesswhale thanks to: @babarrajo.

Does that mean we the normal people can mine and profit gain? That cant be all bad?

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No, not really. Unless you have at least $100k and have access to extremely cheap electricity there is no way you can make profit by mining on major coins and the small cap coins are a risky investment. It is a nice hobby and if the prices of coins will continue trend you will get your money back but just buying the coins is much simpler and brings more profit.

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So true, too late in the game now with all the big players around.

I am totally forked...

Thank u

Maybe they need to fork something else next, like a fork off of Dash or even STEEM. How about STEEM Gold?

@kingscrown​ Thank you for info ico . china ban but japan they're approve it

I seriously doubt this would happen because China is a major player in CRYPTOCURRENIES market. What are someone else thoughts on this??

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China interested in blockchain technology for long time, the China government want to control this market under the nation control. They hate their citizen get rich from mining cryptocurrency without any taxation claim.

Yeah just some more Fake News as always. They aint banning shit, they just want to manipulate the market, drop BTC price around 15% - 25% to buy the dip and make some millions in the blink of an eye.

Nothing new. I wonder how long will the weak hands buy all the bullshit and sell when theres Fake News? Who buys that crap nowadays?

100% manipulation

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Interstingly china has abundant water supply for electricity generation and that profit-chasing bitcoin miners will concentrate in that area

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It is best to watch the markets and see what they are up to. Why would they want to ban Bitcoin?

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Bitcoin is inherently dangerous for fiat currency.

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And, it is difficult or impossible to lay their greedy fingers on it to enrich themselves further!

China's just being cautious and weighing up their options. China will come back into the fold without a doubt.

The countries have a lot of blockchain tech and companies in play. Don't forget, where there is money to be made, China will be there.

China keeps banning and unbanning cryptos. Almost seems like they are manipulating the price intentionally...

yeah brother lovely post,, and pls response me also,, as a new steemit member i want your support...

I see it's time to buy then!

Totally their loss.

follow & vote me please....💜

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Hello good Morning here bro and Also tell me how I can earn good.And tell me the way you are working.Taking a good hold of you in the same way.I'm new to everything I do not know so much to tell me everything. Thank You.

2017 Rise of the Altcoins
2018 Attack of the Forks
2019 ???

Happy that it's fake news!

Thanks for sharing

Nice sir.u r post is very nice.

very informative post.thank for sharing.

Hay I think China always give us surprise and we all see it's impact on market

It is true but power cost will increase and i is not good sign in china power electrocity is cheeper then the other countries.

What's wrong with mining bitcoin.

nice information, thanks...

I know some miners from China are planning to setup shop in US now. Any where with cheap electricity suggestions folks?

There has been a comment from a Chinese power supplier that they are not going to ban electricity supplies to miners.

nice post

@kingscrown
Always getting the right genuine info from my steemit crowned 👌king
My question is...if China which is a crypto super power banned BTC minning and continue to frustrated ICO...is it not a blessing in disguise for countries like Hong Kong and Japan...even Korea...as huge revenues and businesses will move to those other Asian Giants...

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I see that you Mr @kingscrown always share good news on cryptocurrency so i will follow you for more.
However the forks have become the new trend and i think we will see a lot of forks by the end of 2018 especially for Bitcoin.

Thanks for that great article!

great,pls i am a youtuber and i will gladly welcome any suggestion to review any ico and any other coins
and feel free to paste the youtube link on your steem post

Last time they banned something bitcoin went up...

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After it crashed for a while

China bans stuff and then it gets successful. See facebook, google etc.

Bitcoin will be still the King and Bitcoin Cash is the can not do what Bitcoin can do!

mind blowing bro......i just upvored you for your amazing post. i am totally impressed for your beautiful hard work.......i think one day you will be the top of the steemit blogger......go ahead bro.....

Mining ban? What a thinking of china lol

I am pretty new to crypto currencies, but if I understand correctly, the original idea was that the mining power is distributed between single people with their ordinary computers, mining away, therefore creating a huge decentralized network. Looking back, this seems completely utopistic, since the big whales of china have filled huge buildings with thousands of computers, with enormous mining power, rendering small single computer miners unable to compete in the mining competition. My question is that with the great bitcoin mines getting shut down, won't the mining community take a step back towards the original plan where computers do a little mining whenever their owners are idle? Or am I missing something very obvious here?

thanks for share @kingscrown

Isn't all this hard forking net effectively going to drain more resources - with each fork, you now will end up mining two different versions of a currency - can't understand how this is sustainable. The buck has to stop somewhere.

And forget improving the network, most forks seem to be a miserable excuse for creating pump and dump coins than actually improving the network. And that is creating a frenzy among crypto traders and driving up prices. If we're in a crypto bubble, one main reason is the unreasonable number of forks on major cryptos such as bitcoin. Don't you think so?

I don't why china wants to get against other countries all the time

thank you soo much to share this information

Makes sense.. It's already at 7k with lots of abuse.. http://www.cryptocoinviz.com/currency/bitcoin-btc

It's sad that all countries have to do to stop cryptocurrencies is to ban the mining. Lol time to get creative!

the Chinese official had already declared this news as a fake news.

mind blowing bro......i just upvored you for your amazing post. i am totally impressed for your beautiful hard work.......i think one day you will be the top of the steemit blogger......go ahead bro.....

it seems china is not against #cryptocurrency but they are afraid of #innovation which is giving birth to new #techgiants

Congratulations @kingscrown!
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nice post ... follow back me and upvote my post

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Great post keep up the good work also if you want you can follow me and comment on my post so that you can receive more up votes from me.!

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