I've been telling people around the forum for many months already that the Chinese miners have over 90% of hashing power under their control, but most people were refusing to accept this truth. Given the nature of the political regime in Beijing, Chinese miners controlling Bitcoin mining basically means that it is the Chinese authorities which are essentially controlling it. Now that Donald Trump, the president-elect of the US, is going to impose hefty tariffs on the Chinese exports, what could the Chinese government retaliate with, for example, through exerting their control over Chinese miners? What immediately comes to mind is the rejection of all or most Bitcoin transactions that stem from the US...
So how likely is this, and what are the remedies, if any?
So how likely is this, and what are the remedies, if any?
If Trump enacts the 45% Tariffs on Chinese Goods, you can almost guarantee it.
There will be economic retaliations on both sides not seen since
Smoot–Hawley Tariff Act of 1930s.
https://en.wikipedia.org/wiki/Smoot%E2%80%93Hawley_Tariff_Act
Quote
The Tariff Act of 1930 (codified at 19 U.S.C. ch. 4), otherwise known as the Smoot–Hawley Tariff or Hawley–Smoot Tariff,[1] was an act sponsored by Senator Reed Smoot and Representative Willis C. Hawley and signed into law on June 17, 1930. The act raised U.S. tariffs on over 20,000 imported goods to record levels.[2]
