Sorry for the noob question but if the mining goes on outside of China, isn't that a good thing? At the very least, there is the semblance of law and business rights. Also, if China bans mining, wouldn't that increase the scarcity?
Again, not a veteran. Just wondering why the negative sentiment?
The real problem here is if the china miners decide to sell their coins, since they have the biggest farms then a massive sale should represent a huge crash on the market, and I think that's part of what we see in the past 12hours. It was crazy to see bitcoin going down to $28k and how the market capitalization was going down, that means someone takes a huge amount of money to their pockets, and I have the feeling that the ones doing that were some china miners.