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 $500,00 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/bobbyclee

https://twitter.com/officialmcafee

Follow me: @jrcornel

PROMOTE
cryptocurrency bitcoin altcoin steem china
47 minutes ago by jrcornel74$145.78
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[-]heymattsokol65 · 41 minutes ago
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.
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[-]jrcornel74 · 38 minutes ago
Haha well I am glad you decide to read what I have to say. Thank you!
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[-]maulida55 · 46 minutes ago
great post and thanks for sharing with steemian @jrcornel
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[-]dodybireuen45 · 46 minutes ago
Nice post @jrcornel
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[-]dianclasher50 · 44 minutes ago
nice and thank you for sharing @jrcornel
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[-]ugetfunded51 · 33 minutes ago
This is something I was waiting for ever since this China's banning of Bitcoin thing is in news. Now, anyone could see their intentions. Blockchain is going to stay and Bitcoin has started going upward slowly.

Thank You @jrcornel for the investigation and the research based article. It has removed many discrepancies and doubts. Appreciate it.

Steem On!
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[-]rajarizki36 · 42 minutes ago
good post,,,
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[-]codypanama55 · 52 seconds ago
As long as Governments are allowed to control business we will have these kind of scenarios. The problem is people wanting to convert crypto to their local currency which as we all know is bank owned and Government controlled. I have never been able to jump through all the hoops necessary to
open a trading account linked to my bank. They need everything short of a blood sample to prove who you are, making them a part of the system we are tryng to avoid in the first place.
Even my favorite buyer/seller here in Panama was shut down by Moneygram & western union refusing to do any business with him and had several bank accounts closed on him too! The power of Big Brother hu?
So it nice to see other options coming into play, decentralized exchanges and cypto debit cards. We'll get there little by little :-)
Cheers
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[-]dylanjacobson50 · 35 minutes ago
Good news! We are still on the way to the moon..we must be patient. Buy when others fear!
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[-]jrcornel74 · 33 minutes ago
I am not sure the downslide is over just yet, but yes the longer term trend remains moon bound!
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[-]steevc70 · 34 minutes ago
Looks like various people are putting out opinions that may help them. The Chinese government can be hard to second guess. I have been wondering if they would go after the miners.
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[-]twitterbot55 · 46 minutes ago
officialmcafee John McAfee tweeted @ 18 Sep 2017 - 10:38 UTC
Jihan Wu enlightening Roger Ver and Myself about China's cryptocurrency intent at my birthday party in Hong Kong. https://t.co/cX4UBUzlZ4
Disclaimer: I am just a bot trying to be helpful.
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[-]atta0954 · 32 minutes ago
Thanks for sharing my friend ,, i like
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[-]steemit.lover242 · 30 minutes ago
China contributed 15% of the total of Bitcoin shares. Now Japan has replaced China in this regard. Bitcoin got affected temporarily but eventually, no one and no country can stop this revolution to happen. Great post!
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[-]jakemore41 · 27 minutes ago
I don't see the reason why China is against Bitcoin..
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[-]jakemore41 · 12 minutes ago
Great post tho
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[-]techwizardry54 · 21 minutes ago
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:

Apparently OKCoin is moving to a new location.
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[-]twitterbot55 · 20 minutes ago
xiong1000 rainmaker xiong tweeted @ 22 Sep 2017 - 06:28 UTC
Bye okcoin https://t.co/veEb8aCUBW
Disclaimer: I am just a bot trying to be helpful.
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[-]sairahamdan38 · 17 minutes ago
great post
follow me @sairahamdan
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[-]sameros43 · 14 minutes ago
Thanks for this valuable information.
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[-]rabeel41 · 9 minutes ago
@jrcornel, thanx a lot sir for giving details about this issue,according to my opinion china will never ban cryptocurrency, thats just fake and impropriate propoganda. and we should always hope for best.
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[-]otage53 · 7 minutes ago
But beyond China I think you are right about the shorts. Options trading by institutions like BJ Porkin run by Lamie Wimon will continue to pressure BTC by shorting like they did when they crushed the big run up in silver. Always nice to see how you connect the dots. Thanks!
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I read about this and the returns they are promising don't seem possible, at least from trading.
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[-]steevc70 · 32 minutes ago
He's spamming this all over and getting flagged for it. I doubt he cares about your post
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[-]tom7438 · 37 seconds ago
I see why their is a 6 next to your name now.
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