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  • Bitcoin and China vs US

     zeu updated 1 year, 4 months ago 2 Members · 4 Posts
  • zeu

    Member
    July 19, 2020 at 11:14 am

    Just reflecting on the most recent webinar and the open letter to Dalio regarding Bitcoin.

    Most bitcoin mining is happening in China based on open sources hence the network is mostly in China.

    If we were to separate divide the world as part of the new cold war along the debt value, it seems that BRIC countries would be in one camp and Western in the other. Possible exception India being more aligned with the West.

    Interestingly, Russia has been investing heavily in technology and closing down their internet, as well as increasing surveillance of citizens through technology. Brazil is also investing heavily in Blockchain.

    Still processing the whole issue at the moment, but if the West were to reset with precious metals and commodities going up, Bitcoin should soar as well. But how would geographical control of China over Bitcoin play out, any thoughts?

    I understand it is decentralised etc. but Russia already showed internet can be heavily censored and it doesn’t have to be China who censors it but it could be US for anything that comes out of China.

  • zeu

    Member
    July 19, 2020 at 11:16 am

    I am still bullish crypto, but only those currencies that have foundations in the west, i.e. ethereum, tezos, chainlink etc

  • Brian

    Administrator
    July 19, 2020 at 3:27 pm

    Zeu,

    It’s a myth that the Bitcoin network is in China. It is a fully decentralized network. There are nodes design for mining and nodes for the network. They could be both. Bitcoin itself is not ruled by mining ( https://en.bitcoin.it/wiki/Bitcoin_is_not_ruled_by_miners) Only 1% of the nodes are in China. Definition of a node (https://en.bitcoin.it/wiki/Full_node)

    Bitcoin Network Map
    https://bitnodes.io/

    Top 6 countries with their respective number of reachable nodes.

    1. NA 23.91%
    2. The United States 18.37%
    3. Germany 17.20 %
    4. France 5.63%

    5. Netherlands 4.06%
    6. Canda 2.86%

    Now Mining

    China controls much less Bitcoin (BTC) mining power than people think, according to a new survey.

    Released on July 16 by asset manager Fidelity and crypto research firm BitOoda, the survey reveals that China is actually responsible for around 50% of Bitcoin mining — not 65%.”

    US-Mining has double in the last 2 years from 7% to 14 %. Expect that to continue.
    https://cointelegraph.com/news/china-controls-50-of-bitcoin-mining-while-us-hits-14-new-survey

    • This reply was modified 1 year, 4 months ago by  Brian.
    • zeu

      Member
      July 26, 2020 at 2:21 am

      Thanks Brian! Really appreciate the research!

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