Re: If China Ban , Bitcoin Hashrate Will Drop ?

Quote from: secone on April 22, 2019, 12:34:00 PM

Is China planning to block bitcoin because of electricity problems? or is there another reason? isn't China pro on the blockchain but counter to crypto? if it really happens then this is like a disaster because half of the network is probably located in China

there is some assumption that it is because of the plan of china to introduce their own cryptocurrency but an article came out that the possible reason is to save an environment and seriously wasting resources.
https://www.engadget.com/2019/04/10/china-ban-bitcoin-mining-wasted-resources/
https://qz.com/1590655/chinas-proposed-ban-on-bitcoin-mining-is-about-the-environment-and-capital-flight/

Though I am more inclined to agree with this article :
https://medium.com/datadriveninvestor/why-is-china-banning-bitcoin-mining-on-may-7-81a95f6884a7

Quote

Two more reasons

Those reasons are diametrically opposite:

Considering everything Chinese Government estimates that Bitcoin is trash and they dont want citizens to invest into something where they will sure lose their shirts.

OR

Considering everything Chinese Government estimates that Bitcoin is a clear winner of the crypto world and they dont want citizens to invest money into something that cannot control. Control gene, remember?