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.
I was wondering what was the reason for the recent price increase in the fee of Bitcoin specially Segwit.
Now I'm paying at least 40sat/B fee for what I used to pay was 10sat/B.
How does a Bitcoin exit benefit China in the long term? What do you guys think is China's game plan?
China has control to maintain and Bitcoin directly opposes a country like China where people don't have any rights, even if they have rights then they are subject to change anytime by the Communist Party.
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.
As I said, China can't risk their control which bitcoin directly opposes even if they miss out on some Trillion dollars.
But they will lose much more in long term, People will have an easy time evading taxes through the use of bitcoin and other cryptos.
The Bitcoin ban is just a message to the citizens of China, a threatening one, Where the word "ban" makes people afraid even if they don't use bitcoin. When someone tells them about bitcoin then they'll remember this word and will not listen further about bitcoin because they're afraid of opposing the rules.