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?
Yeah. There isn't any actual impact.
I'm surprised they're banning mining though. They've got one of the most polluted environment in the world, and they're willing to ban mining and give up all the potential to gain from the mining industry. I definitely didn't see this coming... Banning Bitcoin was to be expected, mining isn't really.
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 an 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.
Rationally speaking, China will be the last group of people to accept Bitcoin.
CCP doesn't like Bitcoin. You can't have mass surveillance, can't prohibit capital outflows, can't control your citizens with it. There is a reason why they've pushed so hard to introduce digital yuan. China has never and will never support Bitcoin, their companies might but the grip on them is tightening.