this post was submitted on 20 Aug 2023
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Yes, because it is even more wrong. One of the most mobile industries in the world that seeks cheap power concentrates where that cheap power is available. China ban bitcoin, miners moved away. Miners can always simply move somewhere else. That already happened and you don't even know it.
Ok, so you ignored what I said.
China could have seized all mining equipment just by deciding to nationalize the industry instead of banning it, boom, 51%+ of the hashrate in the hands of the Chinese government. What were Bitcoin maximalists saying at the time? Fuck dick, as long as the price goes up, who cares about the tech behind it?
Yes, and the sky could fall on our heads.
It didn't happen, and it can't happen any more.
They always knew miners are super mobile.
"It can't happen anymore"
Except they Chinese hashrate went back up even though mining is still illegal... Which begs the question... Did the miners really move out of China or did they simply hide the fact that they're in China?
So mining is already illegal and law enforcement can't even find them, and you think that's centralization? Hahaha
Not what I said 🤷
You started this whole thread with mining is centralized
I never said law enforcement can't find them.