🌰 the thing about China and BTC is-- does it matter?

There are concerns about what China’s regulation against miners will mean for blockchain long-term. But how much does it matter? Historically, China hasn’t really played ball in the global tech space, right? Of course they wouldn’t approve anything that allows the culture or the economy to move outside their control, that’s been their MO for a while now.

I assume it concerns people because it’s an example from the kind of regulation folks expect blockchain to come against in various countries. But capitalist democracies and communist economies attack things differently. First, Wall Street defangs BTC by owning it. Anything that benefits BTC now benefits Wall Street. Then Wall Street works with the US govt to create regulation benefiting Wall Street, thereby defanging the government. Then something goes wrong. A bubble, a crash, a scam, something. Then the US government steps in to create more stringent regulation.

Related to:

• 🗨️ How China announces new financial policy
• 🗨️ The effect of strong BTC on China
• 🌰 old rules will always bend new technology

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