Ah, Patrick. I was going along for awhile and thinking: “ok, he’s getting a lot of this right”. But then, it started going south faster and faster until it ended up looking like you are a sub-project of the CPC.
First, let’s get some key facts in front of people:
1. PoW blockchains don’t scale. Period. Using the most efficient way of transacting BTC will take anywhere between 5 minutes to an hour, depending on the network you’re using. And other factors. If you transact on Binance, Huobi, Coinbase, etc. then you are placing your trust in the honesty and, most of all, technical and security competency of these operations. And their financial viability and honesty. Because they are crediting your account long before they actually effect the requested transaction. And never mind the notion of “price” at that moment.
2. PoW crypto-currencies (BTC, ETC, ETH, XRP LTC, etc). are NOT decentralized. The definition of DECENTRALIZED is PBFT, Practical Byzantine Fault Tolerance (and secondarily invulnerable to a “Sybil Attack” of any kind). This means no group 51% or greater of transaction processors (miners) can collude to corrupt or exploit or take down the system:
A SMALL NUMBER OF CHINESE MINERS CONTROL ALMOST 70% OF BTC, ETH, etc. MINING.
NEARLY 100% OF MINING RIGS, ASICS THAT RUN THE RIGS, AND OTHER TECHNOLOGY FOR MINING IS OWNED BY THESE SAME PEOPLE. SO MUCH FOR DECENTRALIZATION.
The CPC easily and quickly outlawed Crypto with a speech from Xi JinPing and a ready and fast set of criminal penalties.
There was a HUGE constituency (as you point out) for crypto in China. It had no say in this.
BUT…China was perfectly fine to leave alone the otherwise economically insignificant mining operators.
Your remark that China isn’t interested in undermining the dollar is belied by everything they are doing. But here is your biggest mistake in reasoning (that is, if it really IS a belief of yours): China doesn’t want to undermine the dollar. Of course it does and getting the West and most of all USA deeply invested in crypto is part of the project. And creating a parallel reserve currency for all the corrupt and autocratic human rights violators that will sell China all the resources it wants and buy Chinese products without any need to behave is the objective.
HERE ARE A SMALL SAMPLING OF SOURCES TO PERUSE FOR YOUR READERS:
BLOCKCHAIN TRANSACTION TIMES
https://www.unicoindcx.com/blog/why-do-bitcoin-transactions-take-so-long
https://paxful.com/support/en-us/articles/360009350934-How-long-does-it-take-to-receive-a-Bitcoin-transaction-#:~:text=Give%20the%20Bitcoin%20network%20some,depending%20on%20the%20Bitcoin%20network.
https://coinsutra.com/bitcoin-transfer-time/
At least 65% of BTC is mined in China…it’s the same or more for other PoW coins
https://asiatimes.com/2020/05/bitcoin-hash-rate-65-is-concentrated-in-china/https://cbeci.org/mining_maphttps://www.statista.com/statistics/1200477/bitcoin-mining-by-country/https://news.bitcoin.com/65-of-global-bitcoin-hashrate-concentrated-in-china/https://www.forbes.com/sites/youngjoseph/2019/12/12/new-report-shows-china-dominates-bitcoin-mining-is-this-a-sign-of-worry/?sh=7114ebdb42e1https://www.buybitcoinworldwide.com/mining/china/https://decrypt.co/27879/you-can-now-watch-bitcoin-being-mined-around-the-worldhttps://www.investopedia.com/news/bitcoin-wont-win-worldwide-adoption-because-china-controls-it-ripple-ceo/
Rig Manufacturers:
NOTE: AMD and Bitfury have a tiny fraction of the market. All ICs in the Chinese rigs are Chinese designed and manufactured.
Chinese - ASICminer Co.
Chinese - Baikal Miner
Chinese - BitMain Technologies Holding Co.
Chinese - Canaan Inc.
Chinese - Cynosure Technologies Co. Ltd.
Chinese - Halong Mining
Chinese - INNOSILICON Technology Ltd.
Chinese - Shenzhen MicroBT Electronics Technology Co. Ltd.
Chinese - EBANG
Dutch (sort of) - Bitfury Group Ltd.
American - Advanced Micro Devices Inc.
Market Share:
