That article is a whole lot of unnecessary research. China is not a country. It is a fiefdom run by the one party, CCP. The Chinese people had started to hope against hope that the CCP will continue to let them do "crypto". If you go to any of the recent projects, you'll see a Chinese community in there. This meant that the people liked crypto. Now the idea behind people forming communities and governance mechanisms online is something that the CCP naturally views as a corruption. The basic philosophy is one of decentralization and democracy.
The party controls what the Chinese think. It has worked hard over the years to mould them into workers and consumers suitable for the job assigned and to provide an internal market for growth. Suddenly, these people are having ideas about "governance" and "decentralization". To a party that keeps an eye on everything that the people there discuss and access on the internet, this is a dangerous idea. One that can easily "poison" the minds of their population they have worked so hard to zombify.
The shifting of miners will be a short term pain and I think, overall, bitcoin is better off getting rid of the CCP.
The party controls what the Chinese think. It has worked hard over the years to mould them into workers and consumers suitable for the job assigned and to provide an internal market for growth. Suddenly, these people are having ideas about "governance" and "decentralization". To a party that keeps an eye on everything that the people there discuss and access on the internet, this is a dangerous idea. One that can easily "poison" the minds of their population they have worked so hard to zombify.
The shifting of miners will be a short term pain and I think, overall, bitcoin is better off getting rid of the CCP.
The author of the article was only showing the differences between the regulatory crackdowns of 2014, 2017 and presently today. The big difference is the change in China’s financial regulatory structure as mentioned. Similar to many, I thought that China’s regulatory crackdown on the cryptospace might only be temporary. However, reading that article is making me think that we should not expect China to return anymore. We should be realists and stop hoping that the crackdowns are temporary. We should accept that China is out and the cryptospace should adapt. Bitcoin and cryptospace will be better without China. It might not help pump the price, however, it will be better. Also, they cannot stop their citizens from using a VPN and access an offshore exchange hehehe.
