It seems as though some miners in China has been shutting off their miners and they have been shifting it to Japan and other countries, where the governments are more positive on Crypto currencies.
Topic: China’s Bitcoin ban is short-term negative, long-term positive - page 3. (Read 369 times)
I think one of the biggest advantage of China's decision, is the shift of the hashing power.... because it has been a long-term debate and other countries even perceived that as a threat, because they were saying China was having a monopoly on the Bitcoin hashing power and that they might execute a 51% attack with that power.
It seems as though some miners in China has been shutting off their miners and they have been shifting it to Japan and other countries, where the governments are more positive on Crypto currencies.
It seems as though some miners in China has been shutting off their miners and they have been shifting it to Japan and other countries, where the governments are more positive on Crypto currencies.
Well, it's just China trying to impose themselves as a country where they are in control of almost everything, and Bitcoin runs contrary to that. I'd honestly say it's wrong, but with how their mindset of how they should run their country works, it wasn't really an odd thing to happen. It isn't even the hashrate that they're going to regret, it's the fact that they let go of Bitcoin, something that the world would slowly transition, if not already transitioning into right now.
Bitcoin is going forward however the government around the world tries to act. Some miners are going to suffer and the price is going down for a bit but overall everyone would benefit from it. Miners around the world have better edge and decentralization would improve.
China's bitcoin mining bust is going to be bad for China. Chinese are one of the largest holder of bitcoin and they have realized that their government can't confiscate that property. It would further make people and business insecure leading to further buying and holding of crypto. They can always redeem it going aboard.
China's bitcoin mining bust is going to be bad for China. Chinese are one of the largest holder of bitcoin and they have realized that their government can't confiscate that property. It would further make people and business insecure leading to further buying and holding of crypto. They can always redeem it going aboard.
“Historians will write that China had a majority of hashrate within their geographic borders,
This already happened years ago since for many years China hasn't had "majority of hashrate". I speculate that only about 20% of the hashrate is currently located in China, the rest is spread across the globe. Unfortunately people usually confuse "mining pool" (which a server that miners coming from all around the world can connect to) with "mining farm" (which is actual hashrate). There are multiple mining "pools" owned by Chinese that have majority of hashrate among them but there aren't enough mining farms in China to get "majorith of hasharate".
Well yeah absolutely. China kicking out bitcoin mining does absolutely nothing to hurt bitcoin. All it'll end up doing is make mining more geographically decentralized.
China banning bitcoin mining makes Bitcoin stronger than ever (and one less thing for bitcoin critics to bring up as well).
The Chinese government has really shot their nation in the foot over the years with their fear of Bitcoin. They used to be the dominant player in what will one day be a market worth tens of trillions of dollars, and instead they chose to ban it. It really is similar to the self-inflicted negative impact of North Korea not allowing citizens access to the internet. Free countries celebrate bitcoin, oppressive countries attack it, while Bitcoin just keeps growing.
China banning bitcoin mining makes Bitcoin stronger than ever (and one less thing for bitcoin critics to bring up as well).
The Chinese government has really shot their nation in the foot over the years with their fear of Bitcoin. They used to be the dominant player in what will one day be a market worth tens of trillions of dollars, and instead they chose to ban it. It really is similar to the self-inflicted negative impact of North Korea not allowing citizens access to the internet. Free countries celebrate bitcoin, oppressive countries attack it, while Bitcoin just keeps growing.
Quote - “Historians will write that China had a majority of hashrate within their geographic borders, yet they made decisions that pushed that hashrate into more democratic and capitalistic societies. Just as North Korea chose to embrace the internet only for the elites, China is making a similar mistake here. As if that wasn’t bad enough, China’s plan for a nation state digital currency is similar to North Korea’s internal “internet.” As we have discussed over and over again, open systems beat closed systems. The Chinese approach of banning an open monetary network in pursuit of a tightly controlled monetary system is unlikely to be seen as an advantageous strategic move for their citizens. But just like North Korea, this decision will be helpful in continuing to consolidate power and ensure the longevity of the dictatorship.” - Anthony Pompliano
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