Seems like China is done with Bitcoin. Hash rate has dropped by over 60% in the last few weeks, which confirms that miners are exiting China for good.
How does a Bitcoin exit benefit China in the long term? What do you guys think is China's game plan?
A lot of chatter about this being "China's trillion dollar mistake". I don't think China's dumb, so keen to hear what they might have up their sleeves.
China's game plan is control. Plain and simple. They can't control Bitcoin totally so they are banning it outright. If you think there is a secret way of controlling bitcoin (through mining etc) then bitcoin has failed. China knows this and have banned it. Good riddance.