China leaked document about Bitcoin mining operations to have an "orderly exit"

in #life7 years ago (edited)

This type of news reminds me of a COMEDY movie named "A Fish called Wanda"...I'll show you what I mean.

panic-now-or-later-china-usa.png

Here's a news article about it:
https://qz.com/1174091/china-wants-an-orderly-exit-from-bitcoin-mining/

Here's the leaked document tweet about it:
https://twitter.com/cryptovenus/status/949405526315716608

In short, China is trying to get large scale mining operations to stop consuming so much power and shut down their operations in an orderly fashion. They need power to go to legitimate use, and not wasting so much of their resources on Bitcoin mining.

...so what could we expect from that?

As this happens in China, naturally these profitable mining houses are simply going to move elsewhere or it will open new opportunities for Bitcoin mining in other geographic places.

  • How will this affect Bitcoin?
  • Other than speculation price, I think it will be business of usual.

However this brings me to realize what mainstream media always does... when it comes to Bitcoin. They bang their drums and shout as loud as they can when there is some negative Bitcoin news to spread.

..

This is FUD, just like the movie clip below.

..

  • FUD (Fear, uncertainty and doubt) is often used by investor trolls who try and cause unnecessary panic selling when they want to buy more of something.

  • FUD by mainstream media and governments is often used to try and cause unnecessary harm and panic to cryptocurrency trading in general.

So now we look at how successful the character Otto was (Kevin Kline) in convincing this lady of the ultra secretive government move happening in her neighborhood:

Listen to the conversation Otto has with her acting as Mr. Manfrengensen a secret agent:

That movie clip is just as silly as many new Bitcoin media reports out there that gets people freaking out and cashing out of cryptocurrency.

What is it that everyone is afraid of?

I see a bunch of unnecessarily nervous people out there. It gets silly to watch the dumping of Bitcoin when this constantly happens.

  • I look forward to another big Bitcoin upswing near end of January to mid-February 2018. We'll see if I am right.

This isn't investment advice. It's simply my opinions and my observations.

What do you think about all of this?

Sort:  

I don't think this will affect anything at all. What I think will happen is that mining comes more profitable for others when the Chinese miners exit the mining, and this leads to other increasing their efforts since it's more profitable for them now.

Chinese miners might gradually stop? Doesn't that mean the difficulty may drop and all of us yahoos with normal computers will be able to mine it with some semblance of hope for profit? :P

Well CNBC doing plenty of their own hype on Bitcoin everyday with its own live ticker side box now pumping it as the hottest new investment for the public. I'm sure their FUD (Fantastically Unrealistic Delusions) will counter the China FUD and the steady climb in price will continue without a hickup. :-)

Cryptos are definitely the future. Panic selling at times is healthy because it gives you more buy-in opportunities. Needs brains and courage to buy when the ship seems to be sinking.

I think now bitcoin even got more 'mainstream' this might happen even more. Well, at least what I see when I look around me, is that everybody who stepped in like two months ago is scared to shit now, and is slowly OR stepping out, OR slowly spreading.

Its exactly what your say, every day you can find something in the news online that will let your FUD grow. Eventually it will die down I guess? For me at least, Im stil chilling on all these developments (but then again, Im a hobby-crypto girl, and not somebody who has their whole life in there)

I have recently met several people who never heard of Bitcoin. They are young professionals - so I was in shock. One even said what is "Bid Coin". This gets me thinking that we are closer to the beginning of adoption than I had originally thought.

It is a learning experience. I'm trying to promote learning. :)

Learning and applying after :)

I hope this is not true otherwise it will dump bitcoin again

The whole point is it shouldn't... if people would wise up. :)

i still believe if bitcoin still have a hidden power to reach higher level

regards
@azmielbanjary

i like ur post

Amazing , China 😂😂

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