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China ban had the opposite effect.

China ban had the opposite effect.

China ban had the opposite effect. from Bitcoin




View Reddit by wolffordView Source

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47 Comments

  1. Many were scared when China banned Bitcoin mining in May 2021, but it turned out to be extremely Bullish for at least two reasons.

    The first is that it put to rest criticism that Bitcoin’s Hash Rate is too concentrated in an authoritarian country where human freedoms are not respected.

    Secondly, it also raised Bitcoin’s ESG score, with the share of renewable energy in the electricity used by Bitcoin having climbed well above 50% since then.

    Bitcoin does not need China to succeed in its revolution.

    China will regret this decision, and may even regret it already when we read in the last few days that the Chinese Communist Party is consulting the population on whether Bitcoin should be allowed again…

    A big joke that you should not fall for.

    The success of Bitcoin is inevitable, and it is better that the Hash Rate is dominated by America, whose values better match those of Bitcoin.

  2. It still blows my mind how resiliant this network is.

    We saw half of the network hashpower go offline. And yet, an end user wouldn’t have been able to tell anything had happened. Blocks came through a little slower until the difficulty adjustment, and that was that. It was completely shrugged off.

  3. The world is not looking favorably at china right now and anything that china does comes across as anti-democracy and anti human values. To me this reinforces the existence of bitcoin

  4. Hilarious tbh xD

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    But seriously

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    China didn’t ban bitcoin because they were trying to kill the currency, far from it, they banned it because they are going through an energy crisis and of all the things to spend their precious electricity on, Bitcoin would be the worst **at this point**. Not to say it’s not worth it, more to say:

    ​

    They have enough.

    ​

    They’ve mined it for all the best years of bitcoins lifespan, and are about to make the best payday of the century with this bull run. The cost analysis to continue mining at the scale they were simply isn’t there.

What do you think?

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