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Hodlers beware: China is gunning for you
- Normille 5y agoWhat a ridiculously stupid headline
- whydoineedthis 5y ago> An estimated 65% of global Bitcoin mining takes place in China, which requires huge amounts of electricity and has strained China’s State Grid. > While China has been transitioning to renewable energy, the vast majority of power generation still comes from dirty coal. > Bitcoin has become a direct challenger to China’s 2060 carbon neutrality pledge. This actually makes China sound like a good guy, not a bad guy.
- verdverm 5y agoChina (CCP) isn't all bad and one can assume that mose Chinese (humans) are good intentioned.
- whydoineedthis 5y agoTotally agree.
- graderjs 5y agoThe correct acronym is CPC now.
- echlebek 5y agoThe complexity of the situation really goes so far beyond "good guy" and "bad guy". China is intensely polluted and wasting an insane amount of energy on a poorly performing anarchist monetary system. They have many incentives to shut it down.
- midhhhthrow 5y agoThe headline is click bait and does not accurately describe the content of the article. To be specific, China doesn’t like the mining of Bitcoin in China. And I’m sure there’s no shortage of other countries that would happily take that industry of their hands. And now that Bitcoin mining has more incentive to go green than ever, I’m sure many countries would like that. China has not declared that its citizens can’t HODL Bitcoin. Doing so, would be a huge impediment to Chinese wealth. Bitcoin and other forms of crypto will most likely be worth in the tens of trillions, maybe even north of 50 to 100 trillion some day, now that fixed income is finished. :( If China won’t allow its citizens to hold part of that wealth its a huge impact on their country’s wealth.