Cryptocurrency Mining not likely to be included in Chinese Exchange Trading Ban
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/officialmcafee
Follow me: @jrcornel
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?
Hmmm....it really wouldn't make sense to ban miners as those mining farms pay a lot of money for electricity on a monthly basis. The Chinese government is directly profiting off the bitcoin mining industry as they own the utility companies that are providing the power to the miners.
I'm guessing the Chinese exchanges will re-open after new regulations are put in place.
There's also this video on Twitter of a guy filming an empty OKCoin office: https://twitter.com/xiong1000/status/911114927418490880
Apparently OKCoin is moving to a new location.
Disclaimer: I am just a bot trying to be helpful.
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