Billy Sangster

Stuff out of my brain

Bitcoin Truths

Apparently the recent surge in Bitcoin had been due primarily to an extensive uptake in China, mainly due to the current and prevailing weakness of the Yuan.

In a recent interview with Gabriel Vine, Vinay Gupta puts across (quite rudely and forcibly, it must be said) his opinion that because now two thirds of the Bitcoin mining pools are resident in China that Bitcoin is now broken.

He has a valid point here, in that because China is run by an authoritarian regime, at any point the government could decide, theoretically, to order a roll-back of the blockchain. All it would take was a transaction to occur that wasn’t deemed to be in the interest of the government.

With all that’s happening in China just now, I wonder how strong the authoritarian regime is and if it’s in any way being threatened by the upsurge in capitalism in the country? I mean, who would have thought it possible to have Chinese billionaires?