Cryptocurrency Mining not likely to be included in Chinese Exchange Trading Ban

in #cryptocurrency2 years ago (edited)

According to people with very good sources, Mining will not be included in the Chinese cryptocurrency crack-down. 

The first source comes from none other than Charlie Lee:

This would contradict a lot of the latest rumors going around about the Chinese ban being all encompassing, which is likely causing Bitcoin and the entire cryptocurrency space to drift ever lower over the last several days.

Charlie has a rational behind those rumors as well, check it out:

Ah yes, people trying to instill fear in the markets in order to make money via their short positions?! 

The age old "short and distort" strategy that has been around ever since short selling has been invented. 

In fact, I think we saw a very public figure possibly engage in something very similar just last week. I don't want to get into naming names but lets just call him Hamie Limon. (Hint he is the CEO of a very large american bank that rhymes with Shase).

This is all well and good but who the heck is Charlie Lee and why should we listen to what he thinks?

Good question! I'm glad you asked.

First of all, this is Charlie Lee:

Charlie is the creator of Litecoin (a Bitcoin fork). A creation that he sees as digital silver, to Bitcoin's digital gold.

He is a former employee of Google and also has worked as an engineer at Coinbase for roughly 4 years (2013-1017). 

That is all well and good, but it is this final little tidbit that makes his opinion on the Chinese matters so valuable...

Charlie Lee just so happens to be the brother of Bobby Lee.

Bobby's twitter profile can be seen here:

Check out this next part, it's the really important part in all of this...

Bobby Lee just so happens to be the CEO of the Chinese cryptocurrency exchange BTCC.

Yes you read that right, Charlie's brother is the head honcho of one of the largest exchanges in China. Now, where do you suppose Charlie got his information from?

I think it is safe to say that Charlie probably has access to some pretty reliable information regarding China's intentions. Likely a lot more reliable than some of the rumors we are being flooded with on the daily!

But wait, there's more!

John Mcafee also echoed those same thoughts about the Chinese ban not extending to mining...

Check out the picture he tweeted here:

"Jihan Wu enlightening Roger Ver and Myself about China's cryptocurrency intent at my birthday party in Hong Kong. 3:38 AM - Sep 18, 2017 "

You may recall John Mcafee from his antivirus software or from his outlandish remarks a few months back, saying Bitcoin will hit $500,000 within the next 3 years or he will eat part of his anatomy on national TV.

Either way, this guy likely has access to some pretty solid information as well, judging by who he just had lunch with the other day.

Conclusions:

There you have it folks, two very well connected people are saying that the Chinese Ban is likely only temporary and it likely is NOT going to extend to all cryptocurrency frameworks, including mining.

Thanks for reading and stay informed my friends.

Image Sources:

https://twitter.com/SatoshiLite

https://twitter.com/bobbyclee

https://twitter.com/officialmcafee

Follow me: @jrcornel

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The more I read about Charlie Lee the more I think he is a weird pump and dumper. Stay away from him guys.

Interesting to read about this now, especially because I strongly believe the Chinese government is trying to do everything it can to undermine the world of cryptocurrencies, especially the ones competing with Bitcoins. Since Bitcoins is so strong and has an automatic effect on all other cryptos, the manipulation of Bitcoin tendencies results in huge effects on other cryptos and I can't help but believe that it is done in order for them to be able to buy more Bitcoins at a lower price while digging in a whole lot of other cryptos...

Anyhow, great article with awesome backup information to it. Namaste :)

I don´t think the government will buy cryptocurrencies anytime soon. The reason why they banned the exchanges is because of a lot of scam going on in general. People already lost a lot of money because of so much weird ICO projects.

Does one prevent the other, does the scamming of some prevent the government from buying the almighty Bitcoins?

Hi ,
Very interesting read, Thanks you for sharing it!

That is interesting. At least we can buy mining rigs and gigs from Chinese manufacturers. Why would China ban mining, it is profitable industry for them.

yeah, they would really loose a lot of money with it. But mining is not hurting investors, so there is no reason for a ban.

When I first started reading this, I wanted to say "I can't trust anonymous sources, especially when it comes to cryptocurrency. Too many people muddying the waters lately."

Then, as I read through... whoa! If there was ever an anonymous source to be trusted, Charlie is one to convey it. I had no idea that his brother is CEO of BTCC. Even if Bobby isn't the direct source of the information, that just seems like too many good signs to ignore.

As a hardcore HODLer with only two blockchain that I'm involved in (Steem + LBRY), it's pretty easy for me to stay calm amidst the ups and downs of the market. Looking from my outsider's view, this indeed appears to be a clear case of stirring the pot for FUD so that some whales can arbitrage the market...

I always manage to randomly visit Steem right when you make a post, @jrcornel - it's the strangest thing. Anyway, thanks for the valuable update.

and you never thought about that he can make money buy publishing those tweets, especially in combination that his brother is CEO of BTCC? With that, they can do some pretty good pump and dumps. Be careful guys, crypto is the wild wild west.

Haha well I am glad you decide to read what I have to say. Thank you!

I don't know if MacAfee backing crypto is a good sign or not..

MacAfee is a weird guy. Besides running some mining farms, I don´t think he is a good guy in the cryptocurrency space.

He's definitely interesting. Super shady elements in his past. Seems like an opportunist though so if he's invested into crypto he really believes in it's potential to make money. At least there's that.

I don`t think a guy with a lot of money who sees the potential of making money is healthy for the cryptocurrency space. We need people who believe this could disrupt everything because it is so much better then the current system/infrastructure.

Yes.. I agree 100% with your opinion :)

haha. that's what I thought in the first place, too.

China will bring it all back with a lot of regulation on everything

yup exactly. Which will be good for the space because currently everyone is trying to scam/get a lot of money with a whitepaper.

This is true I also think that China will end up using NEO in the long run which will cause it to spike Higher then it has ever been.

I think NEO has also problems because they are from China. I think they are even refunding investors because Chinese government demands it.

Thats not true china only demanded it if the ico was still crowd funding.This is why NEO and Gas are both still around. There going to come up with the regulations around the 1st week of oct.

CRAP coins and ICOS are every where now lol

Thank you for sharing this info ;)

great post and thanks for sharing with steemian @jrcornel

Nice post @jrcornel

nice and thank you for sharing @jrcornel

If John McAfee and and Charlie are saying similar things, then I think there might be some truth in it. I personally do not want China to leave the bitcoin space. Great post. Tanx 👍

I don`t think you should trust any of them. Make your own predictions and due diligance otherwise you will loose. China just wants to clean up the mess with regulation. It is a good step.

Yah very true, I have already lost some to scams, but now am wiser

great information.thanks for sharing your view

Good Information for Bitcoin traders, please keep posting like this.Thanks again for the information.

In other words buy in while people still believe in chinas threats so you can get cheap coins.

This is something I was waiting for ever since this China's banning of Bitcoin thing is in news. Now, anyone could see their intentions. Blockchain is going to stay and Bitcoin has started going upward slowly.

Thank You @jrcornel for the investigation and the research based article. It has removed many discrepancies and doubts. Appreciate it.

Steem On!

When I initially began perusing this, I needed to state "I can't trust mysterious sources, particularly with regards to cryptographic money. Excessively numerous individuals muddying the waters of late."

At that point, as I read through... whoa! In the event that there was ever a mysterious source to be trusted, Charlie is one to pass on it. I had no clue that his sibling is CEO of BTCC. Regardless of the possibility that Bobby isn't the immediate wellspring of the data, that just appears like an excessive number of good signs to overlook.

As an in-your-face HODLer with just two blockchain that I'm associated with (Steem + LBRY), it's quite simple for me to remain quiet in the midst of the good and bad times of the market. Looking from my untouchable's view, this in fact has all the earmarks of being an unmistakable instance of blending the pot for FUD so a few whales can arbitrage the market...

I generally figure out how to haphazardly visit Steem right when you make a post, @jrcornel - it's the most odd thing. Anyway, much obliged for the significant refresh.

Really even I just read this post or it instruct me to keep calm n support about Bitcoin otherwise I m so panic anyway nice to give us these types of info ..

the post is very good @jrcornel and I really like your posting.👍👍

I bet that saved alot of toilet paper for the chinese lol !!!

Knowledgeable sharing, China is spreading fear in the market for cryptocurrency, hope for the best..

Good news! We are still on the way to the moon..we must be patient. Buy when others fear!

I am not sure the downslide is over just yet, but yes the longer term trend remains moon bound!

Good info. A mining ban in China would be a bigger hit than the exchang/ICO ban.

Looks like various people are putting out opinions that may help them. The Chinese government can be hard to second guess. I have been wondering if they would go after the miners.

S nice to see u on this post

amazing post @jrcornel

Best work @jrcornel.
Iam new here. Lets take the time for reading my introduce my self.

I hope u can support me.
Ilike steemit.
Ilove this community.

Wow, I totally did not know they were brothers. That makes it very viable information!

good post,,,

Thanks for sharing my friend ,, i like

China contributed 15% of the total of Bitcoin shares. Now Japan has replaced China in this regard. Bitcoin got affected temporarily but eventually, no one and no country can stop this revolution to happen. Great post!

Very informative!!!!

Charlie Lee is risking to make mistake and drop down his CCurrency. But I definitely agree with him. Nearly the same I wrote on my Bitcoin prediction today BUY BITCOIN. LONG POSITION TO 7K IS OPENED NOW

I don't see the reason why China is against Bitcoin..

Because bitcoin has the power to undermine the central banks and the control through the money supply chain. Blockchain technology could undermine all kinds of control.

Sure. That's why are they doing everything possible to eliminate cryptocurrency

Great post tho

Check out where Jamie Dimon is getting hit for what he said!!!

Bitcoin is real and takes offense to him calling it fake haha.
Get him!!!
https://qz.com/1083781/jpmorgans-jamie-dimon-is-accused-of-manipulating-the-bitcoin-btc-price-in-sweden/

Great write up as well> i really enjoyed going through it, I have been following john and his talks so its great to see people spreading the good news.

Well, let's hope so. Some good news would be nice.

Great read, thank you @jrcornel.

WOW! Thanks you for this info, now we know. GREAT POST TODAY... xD

officialmcafee John McAfee tweeted @ 18 Sep 2017 - 10:38 UTC

Jihan Wu enlightening Roger Ver and Myself about China's cryptocurrency intent at my birthday party in Hong Kong. https://t.co/cX4UBUzlZ4

Disclaimer: I am just a bot trying to be helpful.

It will boom, it will be big, just a matter of time. China is too big, China needs crypto. Banks will be involved and in that way "Control". NEO will be sky high.

It baffles me that anyone actually believed the mining ban fud. China isn't going to destroy a multi-million dollar industry that brings their nation publicity and wealth. China has some of the best power rates in the world it would not be ideal for their economy if they banned mining.

Excellent post! Thanks for the info. I'm sure we will see Bitcoin rebound here not too far in the future! Stack the coins while they are cheap!

If that information is true, then crypto currency trader mind should be at rest. Somebody or institution stand to make a lot of money.

Charlie Lee commented on the exchanges being shut down when it was still a rumor and he got a lot of hate about it. It did in fact turn out to be true. This is good news and I believe it to be trustworthy coming from Charlie.

Hello jrcornel,
I m one of your followers , i write a message for all whales of steemit
See it
https://steemit.com/whales/@joulia/smart-message-to-the-whales-of-steemit
all my love to you

I always think that this is just a conspiracy by the Chinese government in order for them to profit from all the FUD, now I truly believe its really true thanks to this post man!

I wonder how they would enforce any of this

Of Course the Chinese Government will not ban Bitcoin mining in its own country since they are the biggest Bitcoin miners all over the world. China controls about 70% of the Bitcoin network’s collective hashrate and the rest of 30% is controlled by India, Georgia, Iceland, Valenzuela and the USA. So China will still be the number 1 Bitcoin miner.

The information you shared is very interesting. @tutorialtest
best regards

great post
follow me @sairahamdan

Thanks for this valuable information.

Chinese FUD is selling like hotcakes when served.
Better buy and sell later.

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@jrcornel, thanx a lot sir for giving details about this issue,according to my opinion china will never ban cryptocurrency, thats just fake and impropriate propoganda. and we should always hope for best.

Thanks for sharing with us :) @jrcornel

great information.thanks for sharing your view

Congratulations @jrcornel!
Your post was mentioned in the hit parade in the following category:

  • Pending payout - Ranked 9 with $ 164,54

Thanks for sharing, interesting information as always!

But beyond China I think you are right about the shorts. Options trading by institutions like BJ Porkin run by Lamie Wimon will continue to pressure BTC by shorting like they did when they crushed the big run up in silver. Always nice to see how you connect the dots. Thanks!

am new here i have upvote and follow

As long as Governments are allowed to control business we will have these kind of scenarios. The problem is people wanting to convert crypto to their local currency which as we all know is bank owned and Government controlled. I have never been able to jump through all the hoops necessary to
open a trading account linked to my bank. They need everything short of a blood sample to prove who you are, making them a part of the system we are tryng to avoid in the first place.
Even my favorite buyer/seller here in Panama was shut down by Moneygram & western union refusing to do any business with him and had several bank accounts closed on him too! The power of Big Brother hu?
So it nice to see other options coming into play, decentralized exchanges and cypto debit cards. We'll get there little by little :-)
Cheers

this is really getting interesting by the day, from all indication this ban rumor has more than can be imagine

@jrcornell - another reason is because China has a glut of electricity production and most of the miners in China are electric companies who would have to waste their excess or put it to good use. If China banned bitcoin mining, they'd have to start taking lessons from the Amish on how to live without electricity. Excellent post!

Banning exchanges and allow minning, wouldn't that make the price of bitcoin go up by default?

Why do you think so? People need a gateway for exchange and trading.

Because if they are allowed to mine and they can't exchange the coins, it's just Bitcoins staying out of the market in the rest of the world,the supply gets shorter, even if only temporarily, wouldn't that make the coins be worth more elsewhere?

To be honest, what I feel with Lee is his a FUD maker and fruad.

Chinas the biggest bitcoin minners in the world yet they keep doing it closing all the doors the everyone else.

Half of me wants China to ban mining too, so that the price drops further and I can buy more :P

Very well written thanks for the info!

 2 years ago Reveal Comment

xiong1000 rainmaker xiong tweeted @ 22 Sep 2017 - 06:28 UTC

Bye okcoin https://t.co/veEb8aCUBW

Disclaimer: I am just a bot trying to be helpful.

I read about this and the returns they are promising don't seem possible, at least from trading.

He's spamming this all over and getting flagged for it. I doubt he cares about your post

Yes... it is true @steevc he wrote the same on my post comments too

I've had one now. Flagged it. This is not what we want here

Flagged it too

I see why their is a 6 next to your name now.