Increasing government oversight China's Bitcoin trade has been hampered, but China continues to maintain its importance for bitcoin mining thanks to cheap labor and programming power. Chinese customers paying for Bitcoin on their behalf can follow the process using the applications on their phones. @mafsteem
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@beyfendi...Sure, China profits from Bitcoin-mining a lot. I doubt this will be a reason for the Chinese government to not try to destroy Bitcoin. The official China doesn't like a decentralized currency beside Yuan.
But , bitcoin mining continues to spread in the far corners of China's Sichuan region. Bitcoin mining machines in dark and tumble tanks are trying to solve equations to produce high value crypt money.. @mafsteem
@beyfendi...I doubt it is spreading meaningful. The 4 biggest miners in China have 65%+ alone. The chinese government needs just this 4. I think this is also the reason why the Bitcoin-protocol is not changing and the fees are going astronomically. In my opinion the manipulation is already occuring. Nobody can control if they are doing that already because they have the majority.
The fact that the Chinese central bank tries to get Bitcoin trade under legal regulations and takes tight measures against the stock exchange is a positive development. Entering the scope of regulation of clearing exchanges serving as locomotives in crypto money markets; users, stock exchanges and markets will be reflected positively and create a safer and more balanced environment. The creation of such an environment will also attract new investors and accelerate the flow of money into the system. @mafsteem
@beyfendi..."The fact that the Chinese central bank tries to get Bitcoin trade"...this is an argument for Bitcoin. But there are still several contras in my view.
According to your opinion, you said there are a few countertops.What are these ?? @mafsteem
@ beyfendi...80%-mining in China. Bitcoin can not serve as a currency (very slow and very expensive fees). It won't be a store of value because it is forkable. Gold will stay the store of value instead the next years. The future markets could gaming Bitcoin like Greg Mannarino is mentioning. The miners are preventing important updates in the Bitcoin-protocol. This could be already a fruit of the mining-concentration in China. They are not interested to have an innovative Crypto. They want big fees.
"I do not think Bitcoin is a stable investment instrument," Dudley said, "I am very cautious about Bitcoin, I do not think it is a stable value storage tool, but rather a speculative activity." used expressions.I think this interpretation should be taken into account. @mafsteem
@beyfendi...Exactly. But why Bitcoin when there are better speculative activities.