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.
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.
Follow me: @jrcornel