How to trade as China bans bitcoin mining?

BITFINEX:BTCUSD   Bitcoin / Dollar
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:

  • 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.
Kommentar: Korea also bans bitcoin


Nailed it. I'm more convinced about pOs now doc. And all in on ether. Only ones I'd add in like u say is a bit of btg for medium term and neo, qtum, gas and probably a bit of peercoin. There are others my associates like such as factom. I think golem will have some success given the technology and being ether related. Much of the ether stuff is FUD. It's the future ;-)
+1 Antworten
Kind of agree with you. Good analysis.

I can see ETH at $2000-3000, i think $10000 is too much. The technology does not warrant that price.
See https://www.coindesk.com/ethereum-time-highs-overshadow-wave-technical-issues/

BTC could rise due to scarcity instead.
LTC should rise, GPU tech and widely used coin.

Keep it up man, good post.
+1 Antworten
DrJLT kharma
@kharma, I referenced that article in my other post on eth yesterday.
@kharma, if 10k doesn't happen crypto is finished. Hint. It will happen. TRADE AT YOUR OWN RISK!!!
@kharma, the scarcity thing is a trick. Yes forks have worked well so far in a way. I don't think either I or the esteemed doc believe in bch. But it's more of a hinderance right now. One of my associates says btc down to 7k then pump to moon. I guess drjlt would probably see similar events occurring. I guess the miners will pump it to get the use out of their soon to be defunct tech. Yes it will probably hit 50k. But ether is the future imho...
Doc-al-Citadel Doc-al-Citadel
@qdoc, how many times do you need to see btc fork to realise it's not scarce?!? At some point a fork will usurp the master I guess. I presume it will be post lightening upgrade tho and they will move to pos imho. TRADE AT YOUR OWN RISK!!!
Thanks, very interesting article! Do you suggest to hodl the altcoins or how will they be affected if btc fails further?
DrJLT MarkStarway
@MarkStarway, not clear, really not clear. I'm holding what I have and trying to wait for the bottom to buy more. But some of what I have are not performing and I suspect they'll fall further.
+1 Antworten
@DrJLT, thanks for the response. Appreciate it! Good luck!
Startseite Aktien-Screener Forex-Screener Krypto-Screener Wirtschaftskalender So funktioniert es! Chartmerkmale Preise Einen Freund empfehlen Hausregeln Hilfe Center Webseite & Brokerlösungen Widgets Charting Lösungen Lightweight Charting Library Blog & News Twitter
Profil Profileinstellungen Konto und Abrechnung Angeworbene Freunde Coins Meine Support Tickets Hilfe Center Veröffentlichte Ideen Followers Ich folge Private Nachrichten Chat Abmelden