China's attempt to kill Bitcoin failed — Here are 3 reasons why
Bitcoin’s hashrate recovery, steady peer-to-peer markets and the steady volume exhibited by Asia-based exchanges suggest that China’s attempt to ban BTC was ineffective. Bitcoin (BTC) might have suffered its largest coordinated attack over the last couple of months, but in this instance, the investor community did not capitulate. China outright banning mining in most regions after giving BTC miners a two-week notice and this caused the single largest mining difficulty adjustment after the network hash rate dropped 50%.The market sentiment surrounding Bitcoin was already damaged after Elon....
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“Bitcoin was built on a platform without national boundaries,” the Former Governor of the Bank of China, L H Li, said on CCTV Tuesday in China. “If you want to kill Bitcoin, it will be an impossible task. So it will continue to exist. What is important now is that we should properly regulate it.” Rumors in China have led bitcoin exchange executives to....
L H Li, former president of the state-owned Bank of China (the fifth-largest bank in the world) and a member of the Financial & Economic Committee at China’s People’s Congress, stated in an interview for CCTV, China’s predominant state broadcaster, that it’s impossible to kill bitcoin. According to a translation by Eric Zhao from the Chinese Academy of Science, Li says: “Bitcoin was built on a platform without national boundaries. If you want to kill bitcoin, it will be an impossible task. So, it will continue to exist. What’s important now is that we should properly regulate it.” The....
Yes, I’m talking to you. Yes, I’m talking about your country, whether it is Russia, China, or the United States. The more modern and advanced your economy, the faster it is coming your way. The discussions have been going on for a couple of years now on how to do it. The only question is when to spring it on the masses. If you are in a less than a state-of-the-art economy, like Pakistan or Guam, you probably have a lot more time left with the paper. Most of us aren’t so lucky. Cash has been on the clock in the most advanced nations for years, with central banks limiting how much cash you....
China’s bitcoin mining ban of June 2021 might have backfired, being now a vivid proof of the network’s strength. Collected data reports an important regrowth within China itself. It seems like even this titan of authoritarianism has failed to ban bitcoin mining. Bitcoin trading around $29k in the daily chart | BTCUSD on TradingView.com Post-Ban […]
One of 2021’s biggest stories was the China ban on Bitcoin mining. On one hand, the news affected Bitcoin’s price and gave ammunition to the nay-sayers that think that governments will outlaw Bitcoin. On the other, the network kept working without a hiccup, recovered its hashrate in record time, and gained in decentralization. However, a question remained. Why did China exclude itself from this very lucrative activity in which they were dominating? As Bitcoin entrepreneur John Carvalho not-so-eloquently put it, “I refuse to believe that China is stupid.” There has to be a reason, even if....