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> Proof of work systems are in trouble. Bitcoin isn’t. Difficulty will adapt and all operations will carry on as usual.

• Animats 5y ago
  The "investing in Bitcoin mining to get money out of China" industry just broke down. That was the high-volume use case.
  • lecarore 5y ago
    Makes sense given the cap they have on how much foreign currency they can buy
    • Animats 5y ago
      Right. China severely restricts sending money out of the country, while encouraging manufacturing and exports. If you're in China and want dollars or euros, make something in China, sell it outside China for a convertible currency, and keep the profits outside China. Bitcoin mining fit that model. It was making something in China and selling it outside China. Not only legal, but encouraged. That just ended.