Why I'm Bullish 3: China Mining Ban \ stacker news ~bitcoin

pull down to refresh

1899 sats \ 10 comments \ @kepford 15 Jan bitcoin

In 2021 the Chinese Communist Party attempted to ban bitcoin mining within their borders. Before this predictable event happened many in and out of the bitcoin world expressed concern about mining being so centralized in China. This is a very reasonable concern. I remember being very curious what would happened next. Well, as we all know know bitcoin didn't miss a beat. No downtime. Bitcoin worked as designed. This outcome didn't surprise me but it did making me even more bullish on bitcoin's ability to weather the coming storms.

So far each time a nation state attempts to ban or subvert bitcoin they show their impotence. At some point the smart scumbags in positions of power will get the memo and realize this. At that point I think they will attempt to join the rest of us. Not out of ideological motives but out of self preservation. Bitcoin is a force of nature. I'm super bullish.

In case you missed it here is Why I'm Bullish 2.

view all related items

639 sats \ 0 replies \ @brave 16 Jan

Bitcoin can stand out no matter the persecution because the people are bitcoin

165 sats \ 1 reply \ @fredosha 15 Jan

My country government was also on full steroid banning the use of Bitcoin and shit coins in my country.

A ban does not necessarily mean people will stop using it for transactions. You only drive people underground when you keep banning.

Why do you just allow things to flow since you have no power over them, and just enjoy your own share of the cake.

My country government seems to be relaxing the ban now. They are looking for liquidity in every way they can now.

21 sats \ 0 replies \ @kepford OP 15 Jan

Yep, governments often ban things or regulate things they can't.

54 sats \ 1 reply \ @thebullishbitcoiner 15 Jan

₿ULLISH

41 sats \ 0 replies \ @kepford OP 15 Jan

As more people see bitcoin passing more tests they become more bullish. This is why I'm sharing these thoughts. So I will remember my state of mind at this time.

Patience + bullishness = success. We will win.

96 sats \ 0 replies \ @TNStacker 15 Jan

When Satoshi solved the Byzantine Generals problem they also solved the nation-state banning problem. Plus, sovereignty is in style, baby!

75 sats \ 1 reply \ @Undisciplined 15 Jan

Dang, I missed Bullish 2.

China's failed mining ban was part of what put bitcoin back on my radar.

49 sats \ 0 replies \ @kepford OP 15 Jan

Thanks for reminding me. I forgot to link to #2

0 sats \ 0 replies \ @piecover 15 Jan

Interesting,

0 sats \ 0 replies \ @xz 15 Jan

The interesting thing to me with that is, not in so much as before it happened but since mining moved away, it didn't take long for pools to quietly continue without drawing attention to the fact that it's not okay for the little guy to pay for his own s9 and his own electricity bill, but it's perfectly fine for the state to choose their own sanctioned entities. We saw this in Kazakhstan, where after operations moved in to take advantage of abundant capacity and low rates, authorities decide they want a hefty cut. No innovation and no forward thinking on their behalf at all. Just give me double digit percentages or leave. Being next door to the country in question, interesting that sore losers seem to not actually ban anything, but just remove the capacity for regular people to move in and take advantage of what they can see as either an interesting, profitable or more forward-thinking way to deploy electrical resources.