ok, I’ll let you in on some secrets – from a long time bitcoiner..

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ok here's the deal: people are coming to bitcoin in hordes right now, the china news seem bad, really bad – china might ban bitcoin, right? and they host most of the mining, right? well guess what, bitcoin is nationality-agnostic. what does that mean? it does not give a f. about nations. it's like I am religion agnostic, it means I don't give a f. about religions. I don't know if there is a god or not, and I don't care, as my daily routines don't depend on the existence of some man in the sky who watches every step of my moves and interacts if he feels like. silly idea btw.

anyways, what does it mean when bitcoin seemingly loses a big player? the biggest player? it means that the mining rewards spreads more evenly over the rest of the players. what does this mean for you? it means no more china news!

so you think china can ban bitcoin again if they ban it now? no they can't and whatever they do they lost all street cred in bitcoin land now. they have become a laughing stock if they really turn the back on bitcoin. the thing is fellas, you don't just turn the back on bitcoin, if you try to, it turns its back on you. you are either in and part of it, serving its purpose of decentralization, or you are getting shut out, this is how it is designed.

so if you are new and worried what these china things might mean, well, it means nothing, or maybe it means something good for bitcoin, as bitcoin can only really thrive in an utmost decentralized environment, and to be honest, chinese miners supplying such a major amount of bitcoin hash-rate was bad from the start, it was just no big deal because incentives prevented chinese bitcoiners from attacking the network, forcing a POW change.

if this sounds too complicated to you, let me outline the bottom line for you:

bitcoin needs decentralization. if all miners flock to one country this means (temporary) trouble for bitcoin. this is a situation we had and most likely won't have anymore in the foreseeable future. what does this mean for every bitcoiner? it means that you can sell the idea of bitcoin being a decentralized trustless permissionless value transfer system, where no single player holds the masterkeys.

bitcoin is all about distributed-ness, on an utmost level, so if you see other nations ramping up bitcoin mining, other nations than china, then this is essentially a buy signal, as this is healthy for bitcoin.

there are some more detailled infos on why china as a player in mining, is centralized so much, but google it and research it and you will find lots of reasons why the mining playing field will level out, and this is really good for bitcoin

so just keep calm and hodl on, china fud is temporary and some jamie dimon wasted a lot of credibility for nothing with his fud. one can and will not regulate bitcoin, ever.

if people tell you the price will go to 2k levels again, then it is because they sold and hope to buy in cheaper, this is very normal, I occasionally fud a little for fun too when I gambled away a little btc – but I always regret it so far, as selling/shorting bitcoin is just the riskiest thing one can do in all financial markets so far.

that being said, never invest more than you are willing to lose, bitcoin is and remains experimental and some unknown bug might damage or maybe even kill it – but the more time passes since its inception, and the more good work is being done by a load of developers, the less likely this becomes.

TLDR – don't make your trading or bitcoin holding decisions dependent on news events or single entities' press releases. bitcoin's value proposition does not depend on news or state actors being pro-bitcoin. bitcoin depends on levels of decentralization, block propagation and a few other very technical parameters, you should buy or sell whether any of these get into trouble, not for some FUD or news 🙂 that being said, the china news will mean something very good for bitcoin: more mining decentralization

submitted by /u/naturecollision
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247 Bitcoin

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