I'm holding BTC just so you know, but my question is why does the shutdown in China matter? I understand it temporarily reduces computational capacity and slows down some transactions because of that, but the whole thing I bought into is that this is a worldwide network and no one government can control it. So the blockchain just changes minors....right. Is there something more to this that I don't understand?
China are one of the strongest economies in the world, so if we want Bitcoin to succeed as a payment option... we have to get support from the biggest economies. It is not the end of Bitcoin if China is not on board, but it will definitely have a impact, if they are not supporting it.
The current population of China is 1,444,736,529 .... so you would want them to use Bitcoin to boost the adoption numbers. The Mining hashing power has also been concentrated in China, because they are mass manufacturers of the hardware. (ASIC Chips) ..... but it seems as though these miners are shifting those mining farms to other Crypto friendly countries now, so it is not a huge loss if most of the hashing power is not in China. (It is actually better to decentralize mining to as many countries as possible)
