The widely-anticipated news has finally come: China bans bitcoin mining (https://www.ft.com/content/adfe7858-f4f9-11e7-88f7-5465a6ce1a00).
From the beginning of this month, we already heard that the electricity usage of miners were being restricted. I was surprised to see the rally last week. Now it seems that perhaps a bull trap was set up by some with foreknowledge to escape.
My personal opinion is that we have a different situation than before when similarly bad news hit:
bitcoin wouldn't be worth this price if it weren't for the miners continually pumping.
As ASIC mining becomes restricted, I think this could mark a watershed for the market. Here are some of my predictions:
From the beginning of this month, we already heard that the electricity usage of miners were being restricted. I was surprised to see the rally last week. Now it seems that perhaps a bull trap was set up by some with foreknowledge to escape.
My personal opinion is that we have a different situation than before when similarly bad news hit:
bitcoin wouldn't be worth this price if it weren't for the miners continually pumping.
As ASIC mining becomes restricted, I think this could mark a watershed for the market. Here are some of my predictions:
- BTG or Qtum may become the eventual beneficiary of this news.
- Some highly speculative projects will be abandoned.
- ETH 10k target in 2018 still valid.
- EOS & NEO will also have some success.
- Korea may take over mining, but it also may not. GPU-mined coins & POS coins will have better success.
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Korea also bans bitcoin
