Re:BTC Endgame
by fanciestManimal on Friday February 19, 2021 @05:29PM
(#26198872)
Yea I can't see a power like China controlling bitcoin to be a good thing. I also can't see myself maintaining a substantial fraction of my wealth in a unit of value subject to the whim of a totalitarian government.
It's not inconceivable (to me at least) that leaders could decide it's personally beneficial to them (or politically beneficial) to damage Bitcoin, even if it cost a ton of their tax payers money.
No power controlling Bitcoin is a good thing (at least for Bitcoin). That's true for China, who could force its miners to do what it wants, as it is for the US, which could make it arbitrarily hard to transact or hold BTC (and which also has the habit if imposing sanctions on other states' entities).
Re:BTC Endgame
by core-questions on Friday February 19, 2021 @05:21PM
(#26198786)
Yes. Much like mutually-assured-destruction with WMDs, we need to try to keep China to <50% of the mining pool, otherwise they can do as they wish with it.
Maybe the US government doesn't mind that? Maybe they hope it will die, and send everyone flocking back to the dollar?
Right now they don't, no. But to my mind Bitcoin being subject to the whims of a major world power is a big knock against it, given that it aims to be a currency alternative. I don't want such an alternative to subject to any kind of geopolitical mood.