How China Can Kill Bitcoin
Evergrande is being called Chinas Lehman moment and overnight the PBC closed the loop on their clampdown on crypto with a total ban on virtual currency transactions. China could launch a Goldfinger attack where mining pools apply their combined hash power to control or in a worst-case scenario kill the Bitcoin system.
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This week the Peoples Bank of China said it had no value.
How china can kill bitcoin. Why The West Cant Ban Bitcoin The Way China Did Bugle Call America First to Make America Great Again supporting Civil Liberties Election Integrity Bill of Rights and Religious Freedoms that will MAGA. Why The West Cant Ban Bitcoin The Way China Did. Even China Cant Kill Bitcoin.
How China Can Kill Bitcoin with Stephen Leeb. Other ways that the Chinese government could use to attack bitcoin as a result of mining range from the pure censorship in which Chinese mining pools could simply announce that they will not mine on chains containing transactions from their list of censored addresses to the union of forces to control and completely kill the ecosystem by attacking all its elements which is known as a Goldfinger attack. And yet its so NOT dead.
For those paying attention however China isnt just moving against crypto theyve been. This may be due to Sichuans rainy season which through hydroelectric power generators produces more energy than the region can use. The price of bitcoin has plunged sharply after a crackdown by China.
A bank cant trade bitcoin 3 anyone else may trade bitcoin under the condition that 1 any internet site obey the standard internet rules ie. Chinas central bank on Friday said all financial transactions involving cryptocurrencies were illegal. The well-liked thing moves to where it cant be stopped.
Evergrande is being called Chinas Lehman moment and overnight the PBC closed the loop on their clampdown on crypto with a total ban on virtual currency transactions. China bails out Evergrande or rather is liquidated by ChinaCCP who go on to own the company. Bitcoin has been declared dead more than 400 times by pundits and critics.
It is true no central banker likes Bitcoin BTC. But more importantly this counterargument only really applies to the BRUTE FORCE attack not necessarily CHINAs pool attack. They can then use crypto and bonds to spike Bitcoin and the USD and potentially other fiat.
They cant run away cant dodge or stop the bullet all they can do is try to push the barrel little further so they can live little longer. For those paying attention however China isnt just moving against crypto theyve been. Bitcoin and other cryptocurrencies are not legal tenders and have no actual value.
And while there has been a lot of speculation about the various things that could allegedly kill Bitcoin todays guest brings up a scenario that we found interesting. 1 for the purpose of Chinese law bitcoin is considered a virtual commodity and not a currency. Take the 20-something Wenatchee man well call Benny he didnt want to be identified who last July bought three mining servers set them up in his house one in the master bedroom and two in the living room and began mining Ethereum bitcoins closest cryptocurrency rival.
This has happened with prohibition gambling the war on drugs and digital piracy. Only a complete dictatorship of the proletariat can kill Bitcoin. 2 banks and other regulated financial institutions are forbidden from conducting bitcoin services ie.
Evergrande is being called Chinas Lehman moment and overnight the PBC closed the loop on their clampdown on crypto. Bitcoin mining companies are officially prohibited but are tolerated in the Sichuan province during the wet seasons when hydropower stations generate more electricity than is required utilizing the excess energy thanks to East Asias plum rain a CoinTelegraph report explained. China may only want to destroy Bitcoins confidence not actually steal anything.
Censorship and that 2 sites collect the real identity of bitcoin traders to enforce anti-money. As Ethereum climbed from 165 in July to nearly 1200 in January Benny had not only repaid his. Bitcoin is like a 20 gauge shotgun that was designed to kill those regimes pointing against their forehead and Bitcoiners have the trigger in their hand.
Only a complete dictatorship of the proletariat can kill Bitcoin. So just by performing at 51 attack and performing a deep-chain reorg the message will be sent that China can destroy Bitcoin at any time. Now its happening.
Evergrande is being called Chinas Lehman moment and overnight the PBC closed the loop on their clampdown on crypto with a total ban on virtual currency transactions. China could resort to this form of attack if it feels that Bitcoin poses an ideological opposition to communist policy and could weaken or destroy it to make a statement. Only a complete dictatorship of the proletariat can kill Bitcoin.
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