The “China Ban” Is Good For Bitcoin
The Chinese ban of Bitcoin shows that the currency is delivering on its promises to enable freedom, something communism doesn’t appreciate.Today, news surfaced that China had issued a final and complete ban on Bitcoin. Harsh, it seems, right? Headlines of the likes of “China declares cryptocurrency transactions illegal; Bitcoin price falls” invoke a sense that not only this is big news but also that Bitcoin suffers from it. Well, despite a couple of daily red candles, both are wrong.China has been trying to ban Bitcoin for years. The first time the Chinese government sought to prohibit the....
Related News
From “backed by nothing” to “China mining control,” a complete look at the best response to every category of bitcoin FUD out there.
The biggest property developer in China, Evergrande, seems to be on the verge of collapse. They apparently owe $300B. Is bankruptcy on the table? There’s a better question, though. Is Evergrande the only company in the sector with these kinds of debts? Or is Evergrande just a symptom of a widespread disease? Also, how does this relate to Bitcoin? Do we present a valid case in the following article? Is this “China’s Lehman moment,” as the pseudonymous Bitcoin analyst suggests? Related Reading | New To Bitcoin? Learn To Trade Crypto With The NewsBTC Trading Course What we know for....
The summer of regulatory action has now become a global phenomenon. Lawmakers and politicians are waving their fingers and making threats toward the industrys leading virtual asset service providers a term coined by the FATF to describe exchanges, wallets, custodians and even DeFi platforms.But when it comes to crackdowns on cryptocurrency, few places do it with the effectiveness and experience of the Chinese government.Unlike in the United States, Chinas regulators are not having a public discourse about it. Decisions are made behind closed doors, and announcements come swiftly, posted on....
Bitcoin is a perpetual motion machine. The Bitcoin hashrate is slowly climbing to pre-China-ban levels, and the service continued uninterrupted without a hiccup. Such is the power of well-placed incentives. Pantera Capital’s CEO Dan Morehead adds one more factor to the equation. “The bitcoin network has recovered 68% of the drop in hashrate that our difficulty model attributed to China’s ban—likely in places with cleaner energy.” The recovery is happening exactly as forecast. The #bitcoin network has recovered 68% of the drop in hashrate that our difficulty model attributed to....
What is the new “China Model”? And why would that country ban an industry that made them the ultimate leaders in the most important development in recent times? The world is still scratching its head. There has to be something else to this story. Is it only control that they want? Or does China have a secret plan nobody’s been able to figure out? We at NewsBTC have been studying the case, looking for clues, reporting on related news. After the ban, when Bitcoin’s hash rate collapsed, we posed Bitcoin Magazine’s Lucas Nuzzi’s theory that it all had to do with the Digital Yuan, China’s CBDC.....