@Pantera
edited
more from that month
The Mining Situation in China
China has announced many times a ban on cryptocurrency, however, this was never a blanket ban. The crypto mining industry was very profitable to be shut down, so the Chinese government didn't crack down on it but allowed miners to keep their operations intact. Meanwhile, the population is still allowed to hold cryptocurrencies. The exchanges in mainland China were shut down in September 2017 and also the financial institutions in China are not allowed to offer products based on cryptocurrency, or any crypto trading when based inside the country. A very difficult situation since the internet in China is censored, monitored and individuals are under government surveillance.
The Great Chinese Firewall - Human Rights Violations & the Western Corporations The great Chinese firewall prevents the Chinese from accessing anything the government doesn't like and many western corporations like Google have done their part to support this authoritarian regime (i.e. Google plans to launch censored search engine in China). https://theintercept.com/2018/08/01/google-china-search-engine-censorship/ *****"GOOGLE IS PLANNING***** *to launch a censored version of its search engine in China that will blacklist websites and search terms about human rights, democracy, religion, and peaceful protests."* -Source: The Intercept https://theintercept.com/2018/08/01/google-china-search-engine-censorship/ After "The Intercept" whistleblowing of Google's plans of the "Dragonfly" search engine, Google seems to have scrapped it, however, it was still developing this censorship search engine at least until March 2019. *"In December 2018, Dragonfly was reported to have "effectively been shut down" after a clash with members of the privacy team within Google. However, according to employees, work on Dragonfly was still continuing as of March 2019, with some 100 people still allocated to it."* -Source: Wikipedia https://en.wikipedia.org/wiki/Dragonfly_(search_engine)#:~:text=The%20Dragonfly%20project%20was%20an,Google%20employee%20about%20the%20project. There are plenty of US and EU corporations that do not care for human rights violations by the Chinese authoritarian regime. This is not the first case, it is just one that caught the attention of private rights groups and forced Google to rethink. https://www.youtube.com/watch?v=xz9F8VXtKnw
Xinjiang
*Image* *Source* https://www.abc.net.au/news/2018-08-11/xinjiang-map/10109354?nw=0 The above part of the article was important to explain what exactly is happening in the Xinjiang region of China. There is a tense situation with human rights violations of the Uighur minority where China has detained 1 million Uighurs so far on re-habilitation facilities. There are widespread allegations of torture, forced sterilization, and international condemnation that has led many multinationals to pull off factories and businesses from this particular region. Xingjiang is an area with abundant natural resources exploited heavily by the Chinese state-run and private mining corporations. It is also where a large percentage of the Chinese Bitcoin and Cryptocurrency mining farms is located. *Xinjiang, which has vast coal resources, accounted for over half, or 36%, of this computational power in the country.* Source: Quartz https://qz.com/1978807/bitcoin-has-a-xinjiang-problem/ China accounts for more than 65% of the total BTC hash rate and close to same percentages for all cryptocurrencies.
****Timeline of Events**** **April 11th,** News of a mining accident in China appeared on mainstream media. An explosion and a flood at a coal mine in the region of Xinjiang on April 10th left 21 miners trapped and rescue operations were underway. **April 16th,** Hashrate for BTC went down by a daily average of 35% and reports surfaced about a temporary stop of industrial level operations in the region of Xinjiang. The Chinese government ordered all mines to halt operations as long as the rescue of the trapped miners was underway. There is no news if the miners have been rescued yet, or if there had been fatalities from this accident. **April 30th,** The region of Inner Mongolia, China, bans cryptocurrency mining (source) regarding the industry as highly pollutive and Xinjiang was expected to follow. https://forkast.news/chinas-crypto-miners-climate/?utm_source=rss&utm_medium=rss&utm_campaign=chinas-crypto-miners-climate **May 13th,** Elon Musk announces on Twitter that Tesla has stopped accepting BTC as payment citing environmental concerns (source). https://twitter.com/elonmusk/status/1392602041025843203 **May 14th**, Inflows of BTC in crypto-exchanges reach 1 year high (source). https://en.ethereumworldnews.com/bitcoin-btc-inflows-into-crypto-exchanges-hit-a-1-year-high/ **May 18th,** China bans payment processing and financial businesses from accepting or offering cryptocurrency-related services (Reuters). https://www.reuters.com/technology/chinese-financial-payment-bodies-barred-cryptocurrency-business-2021-05-18/ **May 18th,** Politicians in the EU are considering introducing laws on imposing a cap on Bitcoin's mining electricity consumption (source). https://u.today/eu-parliament-member-calls-for-curbing-bitcoin-mining **May 18th,** The Iranian government imposed a ban on Bitcoin mining at the household level (Iran accounts for 4% of BTCs hashpower) (source). https://zycrypto.com/iranian-government-places-new-ban-on-mining-bitcoin-within-households/ **May 18th,** NVidia announced it will limit the hash rate on their new GPU models to prevent use for cryptocurrency mining. The company will make their graphic cards less efficient to deter the use of them by cryptocurrency miners (source). https://beincrypto.com/nvidia-gpus-getting-hash-rate-nerfs/ **May 19th,** The cryptocurrency industry suffers a big blow, as more than a trillion dollars are removed from the total market cap as selling intensifies. **May 21st,** The Chinese Financial Committee (FSDC) announced a general crackdown of cryptocurrency mining in the country (source) after a meeting presided by Liu He (member of the Politburo of CCP). http://www.gov.cn/xinwen/2021-05/21/content_5610192.htm?ivk_sa=1023197a **May 26st,** Iran bans Cryptocurrency Mining as electricity demand is expected to rise during the summer season. (Bloomberg) https://www.bloomberg.com/news/articles/2021-05-26/iran-bans-crypto-mining-to-keep-the-lights-on-over-summer **May 27th,** The regional government of Sichuan, China, will discuss the implications of a crypto mining ban for the region (source). https://u.today/sichuan-government-to-discuss-bitcoin-mining-ban
The policy of cryptocurrency mining is currently only in effect in the region of Inner Mongolia. But the Chinese government seems to be reading a crackdown all over the country. We are not done with the China FUD yet. I expect news from China to keep coming and we don't know yet if a full ban will be in effect or some miners perhaps be allowed to continue after perhaps proving to have used mostly green energy sources. Moreover, we still don't know the fate of these 21 miners, there had been limited news coverage about the current state of the rescue operations and China is once again directing all the news according to the government policy of reducing damage to its profile. The last news I've found on this accident is from 25 days ago and there are no new reports on the mainstream media. https://www.thestar.com.my/aseanplus/aseanplus-news/2021/05/02/rescuers-search-china-mine-for-workers-trapped-for-3-weeks Musk when tweeted about the Xinjiang mining accident, he claimed that 21 miners were almost killed, however, news stopped coming from the rescue operation and we don't know if any were actually killed. It was another irresponsible tweet that follows the sheep mentality.
China is the epicenter of Cryptocurrency mining. It is a very profitable industry for the country and added billions to the GDP. Thus, the mining industry was allowed to keep operations so far. However, the Chinese government has now released a CBDC, a digital cryptocurrency that plans to expand and 100% integrate it into the economy. It will be a requirement to remove competition and cryptocurrencies pose such a threat. Decentralized cryptocurrencies have competitive advantages over fiat digital cash, and also allow financial freedom, something the Chinese Government despises. Even democratically elected governments that aren't this authoritarian don't like the idea of providing financial freedom to the population. Decentralization is a financial vehicle that gives us the freedom to select how we will use our money. It gives us absolute control over our wealth, without any government or third party being able to reject our transactions and lock us down financially. What will happen next, could be a moderate crackdown and partial reduction of mining in China, or even a blanket ban. China though, with this kind of moves keeps expanding its influence and increasing a profile of being powerful, at least when this concerns cryptocurrencies. *Lead Image From:* *Finance Magnates* https://www.financemagnates.com/cryptocurrency/news/end-bitcoin-mining-china-interview-rootant-ceo-lincoln-yin/
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15 comments
Talking about the devil, in my latest article I proposed a character assassination for Elon Musk because instead of creating cheap solar panels for the whole planet to use he is trying to create his own shitcoin, miners would like to get cheap solar panels and get cheap electricity that way, but Mr, Elon prefers to damage the planet with his rockets instead of building the next Giga Solar manufacturer warehouse. I guess he doesn't want miners to use clean energy, he just wants his fiat 0 interest fiat dollar to continue to survive so that he can take zero-interest loans and buy back his Tesla and SpaceX stocks. Little outside your own article my comment is.
Don't worry, it is very related and since he is starving for attention maybe not giving him any would be a solution.
Could it be that now Bitcoin miners will be related to the Xinjiang thing? I guess it is not just about the environment but about making sure China doesn't have an advantage by using Bitcoin and the Chinese government is falling right into the elites trap. China CBDC is a privacy concern not only for Chinese people but for the whole world, that will mean that cash will be eliminated eventually and so all transactions will be visible not only for the Chinese government but any government that implements CBDC in their own territories. That means in a few years cash will disappear which means the use government will have the ability to tax you to the exact cent and for whatever percentage they say you should be taxed, that means you will have to use other currencies to replace bills or cash, and if bills are removed from the economy you will need a cash alternative where the government can't tax you especially if taxes become too unfair. And I know that once the US government has a CBDC they will tax people unfairly just like other governments are already doing like Argentina where you are charged a 25% exchange fee for exchanging their local currency for dollars. I do believe unfair taxes will be the future for US citizens, sooner or later, after all, hyperinflation will force the government into that.
Chinese are backbone in mining system.You are right their many miners belong to city Xinjiang.In any crypto they have main role.But censorship is not good even on google research engine.Very good and updated knowledge.
I think that all these actions being taken by China and others have nothing to do with "control of the healthy environment" but with personal ambitions. One, they don't want freedom of any kind in their republic and the others just want to control the masses as they please.
Great analysis of fud these days.
What i Have read in a 4chan post that china just creating FUD Which gonna Just crash out the market around btc price 32k USD and this is what happen towards of us.. As well he said next btc bullrun Will occurred to 70k USD so should we think out that china just doing this to take profit or trying to take dominace in crypto market?? But if china really banned crypto mining,trading fully then we may seen no big effect on crypto market still as whole world's available to support btc mining, trading and especially USA.. But maybe china playing something
China is always playing with Crypto. Banning exchange, but allowing holding. It allowed miners, but at times it blocked their bank accounts. And now this. China is also reportedly holding a vast amount in BTC,ETH, XRP and other crypto, coming from the Plus Token ponzi. Maybe it sold everything already. I haven't read a lot about that. Governments hold confiscated crypto. US, Russia, China and a few more. Of course this is private keys handed to authorities for reduction of jail time by the criminals, so not actual confiscated. There is direct interest from governments for this reason.
This is always makes me thought crypto is not decentralization currency anymore as we are not able to use by go throw Government restrictions .. As well new investor getting afraid about crypto fud now a days and start to prefer on gold again.. As like bill gates DOING never invest on bitcoin 🥱
The problem in China is a common problem as a country that adheres to the ideology of communist teachings. That is normal. But China is better than North Korea. To some extent, China understands the concept that states must take all necessary measures to safeguard their sovereignty.
I already heared about the issue but I never learned to know about it. Your article help me understand what and how it happened. It was a harsh action of China, some side of it was greedy and just looking towards their own goal.
This article is full of misleading, anti-chinese propaganda. As crypto investors, you should not listen to warmongers like this who can't stand China rising to power. The USA will try anything to throw dirt on the country it does not like. Remember Iraq's weapons of mass destruction? Look at the 20+ year war in Afghanistan on the basis of rebuilding and fighting terrorists... The USA is now trying to blame China and divide it on all sides. Some of the information above is factual, much is missing to get a clear picture, much of the above is misdirection. Let's build this world together, not by blaming others...
Thank you for your critisism, however, the propaganda is mostly inside China and spreading from the Chinese government. Everyone needs to open their eyes and look beyond your ideologies. The Iraq war was also the result of propaganda, however, you are comparing very different events. One propaganda doesn't cancel another. The Chinese regime has domestic propaganda as practice for decades. There is nothing missed, nothing skipped, and no misdirection in my post. You don't like reading the truth this is the problem. While I also despise terrorism and propaganda coming from a minority of muslim nationals, it is the same for the Chinese detention of Uighurs. I understand that this is your problem with this post. Better start understanding propaganda here: https://en.wikipedia.org/wiki/Propaganda_in_China Also if you consider this post propaganda then if it is all lies and misinformation, why aren't Chinese people posting here then? Oh, wait, they are not allowed. The internet is under total restriction to selected websites the government allows. By the way you are "The Archivist" from Publish0x? If you repost under different name on read.cash why you don't link provide a link to the original content and explain when your content is republished on read.cash? Seems that some ideologies have a very loose sense of content ownership and trouble following common sense. You are blocked by the way, for falsely accusing me for propaganda without giving any fact what exactly is false in the above post. I will keep this reply for one day active, so you and anyone else wants to read it, but I don't have to put up with trolls. Beacuse this is what you are doing. You read part of a post, decided you don't like it because it goes against your ideology and go on to attack without giving anything constructive. You didn't counter any argument made in this post. You are just saying it is propaganda and we should trust you beause this is your magnificence we can't question. It is just propaganda without facts, as you named it. Without ever explaining which part was incorrect and you are just thinking I care about the US interests or which country will rise to power, something that was never mentioned or implied on this article. You are just slandering.
Hello Pantera, sorry if you dislike criticism and wish to block it, I simply disagree with you and I find your article to misrepresent the situation. If I am blocked, you are not willing to hear other people's criticism? I welcome criticism because it is the only way I can improve. But I do not write articles that make false allegations about "human rights violations by the Chinese authoritarian regime". Do your research sir. My friends in Xinjiang are just fine and disagree with you that they are victims. They disagree with much of what you said. Not all. Much is true, as I reckoned. But much is subjective also. Their life is just fine without people wanting to "export democracy" around the world. You are quoting Wikipedia on Foreign Affairs issues? LOL. C'mon. Google is your source of MSM news to find out what the "evil" chinese CCP is doing? C'mon... you're not serious. What authors can you quote? Who do you know in Xinjiang? How many friends do you have in China? What books did you read on the subject? Better not come up with the nonsense publication by Adrian Zenz! I cannot write a long reply in a comment but I would like to follow up with an article to clarify. It's important at this stage to prevent yet another Iraq! You hate terrorism? So do I. Let's prevent another Syria. Let's prevent another Ukraine. Let's work together to come up with solutions, not oppose ourselves to throw dirt at one another. Cooperation benefits both sides. I am not falsely accusing anyone of anything in my comment! I am expressing my opinion, just like you express yours. I read your article and it's not because of ideology, it is because of facts and history in the world that surrounds all of us which is getting increasingly divided because people won't listen and just move to block other people's point of view. The world has had its share of warmongering and false accusations by the "evil regimes" you talk about. Last I heard, the USA had to "block reconstruction efforts in Syria" because they have a problem with yet another of the so-called "evil regime" as designated by Washington. Its not ideology, it's control of the resources. Platforms that block other points of views are doomed to fail. I expressed my criticism and my point of view. That's all. I did not attack you. Look at your reply: "...your magnificence we can't question." This is an ad-hominem attack! My magnificience? I did not say it was just propaganda, I said it was "full of misleading, anti-chinese propaganda." LOL. What about Publish0x? What if the original article is here? What's the problem??? The fact that you attack me shows your lack of knowledge about the subject! Don't worry, my reply will expose the things that you said which are incorrect in your post, and the links and my article will be constructive, unlike yours, which is mostly destructive to having nations work together on building a better world. You are aware of the geography of the region? You know that Aghanistan shares a border with Xinjiang? You know all the NGOs that are now funding "East Turkistan" and Tibetan Leaders that push for separation of the XAUR? There's a lot to write about and I dislike doing that in a comments section. The comments section is just to say if I agree or not. Not an essay this is is turning out to be... I would be happy to give a history lesson, add all the links you want. Go read the Grand Chessboard by Brezinski! Go watch Naomi Cyborg's new video that she posted from Xinjiang! GO TRAVEL TO JIANXIANG! Go read "Has China Won?" by Kishore Mahbubhani! Listen to discussions about the subject. It's not at all like you make it out in your piece. Go read the "Forever Wars" books and so many others that they're too long to list here. And you end up with "You are just slandering." No, again, I was just expressing myself but I see you dislike criticism. Remove the comments and posts and block all you want Pantera... I find it sad but the truth will survive. Thanks for reading.
Criticism? Bro all you did in your comment was say that everything I written was lies and propaganda. The fact that I defend myself from your attacks is what you can't handle. As I previously said, I'm blocking you just because you are trolling and have no idea how to constructively criticise. You are probably a highly skilled Reddit troll. Bye and have fun, not going to spend another 15 minutes for you. Go to Reddit, you will find many losers having all the time in the world to keep debating useless details.