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Dude. The mining rigs are physical. All I said was that China will seize the 'means of production' so they control the manufacture domestically. It's a phrase t
by tannerbrockwell 9y ago
Dude. The mining rigs are physical. All I said was that China will seize the 'means of production' so they control the manufacture domestically. It's a phrase that was used a lot to describe the basic tenets of different types of economy and harkens to a time when industrialization was a major focus of the first world and people trying to find their place in an industrial society. The "means of production" phrase has been distilled and entered the zeitgeist as a way to talk about communism.
- tboyd47 9y agoYep, thanks, I'm aware of the history of the term. Think back to what I said about crossword puzzles. If China had a world-class crossword puzzle team, winning every competition, why on earth would they seize their own team's pencils? It wouldn't stop the competitions from happening, and it wouldn't stop other teams from winning them. I'm not trying to be a pedantic prick on the internet, so please excuse me if I'm coming off that way, but I enjoy this topic a lot, probably too much.
- tannerbrockwell 9y agoBecause it is the most efficient way to build a reserve of a limited commodity (bitcoin) that has a much longer exponential curve to expand along. Currently, the Chinese miners are operating as a business to squeeze a margin out of the discounted electricity available in China. It is in China's interests to treat this as a national resource wherein it is produced domestically. My thesis is NOT that they want to control Bitcoin, only the domestic production for their long term national interests. Remember mining will continue until approximately 2140, that is a significant horizon to look at.
- tboyd47 9y agoThanks for explaining! I finally understand what you were saying and it actually makes a lot of sense.
- deleted 9y ago[deleted]