How China Took Center Stage in Bitcoin’s Civil WarSourceAt the time of the meeting, held at the Grand Hyatt hotel, over 70 percent of the transactions on the Bitcoin network were going through just four Chinese companies, known as Bitcoin mining pools — and most flowed through just two of those companies. That gives them what amounts to veto power over any changes to the Bitcoin software and technology.
What would stop China from hiring their own devs and then let everyone follow in that direction since they control almost everything in the Bitcoin mining space, from ASIC production to mining itself. I think there's a power shift here to one side (China) happening and this is very concerning.
He said the American companies failed to understand the power dynamics in the room that day. “It was almost like imperialistic Westerners coming to China and telling us what to do,” Mr. Lee said in an interview last week. “There has been a history on this. The Chinese people have long memories.”
This kind of attitude is an impediment to Bitcoin's development. That comment just shows that China would rather have a "Bitcoin Civil War" than bow down to the "imperialistic westerners". And rightly so, but cool heads and a compromise is a better solution for everyone. I think Bitcoin is going to be ruined due to politics and hidden agendas from both sides. But the good part is we could all learn something from it.
What are your thoughts on the issue?