So we know China basically halted Bitcoin, the thing that is super sus to me is the timing. They obviously could of done this at ANY time in history. They did do it, like a week after a few South American countries decide to legalize Bitcoin (or started considering it), essentially throwing the switch to OFF. It cannot be argued that getting as much mining as possible out of China is great for crypto in the long run. Maybe that is why they never banned it before.
Then again their "digital Yuan" is the most centralized crypto ever, of course they can't let people be free from complete monetary control. Their systems will allow them to see and track every transaction made to an amazing degree. These are the same guys who have a country wide surveillance system that identifies it citizens BY THE WAY THEY WALK. https://nypost.com/2018/11/06/chinas-latest-recognition-technology-can-id-people-by-how-they-walk/
Hopefully all the mining operations move to South America honestly. They could really use a decentralized currency more than anyone. Might get some jobs or some new towns out of it too. A new kind of "mining town" if you get the reference.
China ran an estimated 65% of the Bitcoin network, and supposedly 90% of that is offline. https://www.cnbc.com/2021/06/21/bitcoin-btc-price-drops-on-china-crypto-mining-crackdown.html
So, a new challenger has appeared. No one can compete with the government. If they can just ban your operation there's no competing with "turning off the system, and putting in a single player game". If the world starts to move to digital currencies at the state level, and bans any crypto that doesn't align, that would be the only thing that could really threaten the crypto space. Hopefully the people of the world don't bend over and take that level of corruption, but I always hear morons say "well if you have nothing to hide..." as if that's the point. The point of monitoring everything everyone says, does, and buys is controlling what everyone says, does, and buys. If you think otherwise you are being naive, pardon the actual French.
The title of my post begs a question, is China sending a message to South America, are they sending a message to the world? Is it coincidence? Maybe. I guess it's just as likely that all of these world events happened within a week, but I for one, am always trying to find a deeper connection. If the Federal Reserve tries to make the world reserve currency a digital dollar, incoming VAT taxes for sure. Taxes based on race, gender, and political opinions. Maybe too tinfoil hatty for some, I understand. It's all been written about and theorized for years, so it's not like it's a new concept or something I'm tripping about all by myself. Future atm seems bright still, the far future though, who knows. HODLing and waiting for more positive news.
Basically if the USA took a stance of "We will never be like China and attempt to ban cryptos." I would sleep like a baby, but that's highly doubtful. We have been trying to falsely associate crypto with crime and other such no-no's since it's inception, which is very sus in itself.
TLDR; china is sus a/f, be wary of other countries trying to follow in their footsteps.
Edited for typos.
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