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I think you're underestimating China's ability to "ban" something. They don't need to make it technically impossible, they just need to make it very dangerous a
by matt_wulfeck 9y ago
I think you're underestimating China's ability to "ban" something. They don't need to make it technically impossible, they just need to make it very dangerous and burdensome. And they've basically mastered the art of internet surveillance at this point.
- option_greek 9y agoI think they have very few options to control or destroy btc: 1) Force chinese miners to perform 51% attack for them 2) Use their own super computers to do so At the worst btc will fall and another might take its place. I would see these developments are exciting because the decentralization part hasn't been tested much. certainly not by a nation state actor. If BTC survives this, it will truly shine.
- toomuchtodo 9y ago> I think they have very few options to control or destroy btc: 1) Force chinese miners to perform 51% attack for them 2) Use their own super computers to do so Or imprison/execute those found participating in cryptocurrencies. China does both fairly often for other crimes. https://xkcd.com/538/ https://xkcd.com/538/
- option_greek 9y agoI agree. That would be the easiest to do. But in a country as big as China, underground will always flourish despite strict penalties. Even then the punishment can be heavy handed if they perceive crypto currencies as an existential threat to the regime. People forget that Chinese government is the largest and probably last such dictatorship in existence today. It is easy to forget with all the capitalism sugar coat on the top :)