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China's 2021 ban didn't affect the crypto industry in any real way. Mining operations moved from China to the USA, a few irrelevant Chinese companies shuttered,
by everfree 4y ago
China's 2021 ban didn't affect the crypto industry in any real way. Mining operations moved from China to the USA, a few irrelevant Chinese companies shuttered, and the industry continued business as usual.
The most influential crypto companies were already incorporated in the west.
- permo-w 4y agoare you trying to tell me that the world’s second largest economy banning cryptocurrency had no real impact on demand for cryptocurrency?
- everfree 4y agoI wasn't referring to the demand for units of cryptocurrency on particular networks. I was referring to actual industry, i.e. the companies that are researching, improving, and selling the technology itself.
- permo-w 4y agothe industry is a result of the demand
- everfree 4y agoWell, China's ban didn't negatively affect global demand enough that any relevant companies closed up shop. Just reporting to you what happened. Most of these blockchain R&D companies (and their investors) are still in the bootstrapping phase anyways. They're looking ahead 3+ years before they expect their product to go parabolic, so the actions of one or two governments in the mean time is just noise.
- permo-w 4y agoif I wasn’t already convinced that crypto is a bad investment, I am now
- everfree 4y agoI honestly don’t see how that follows from what I said. I would be curious to hear your reasoning. Unless you mistakenly thought that the crypto industry has been built on solid foundational end-user demand for products this whole time.