China is banning exchanges according to the news.
Rumors are Bitcoin Mining will also be banned not long after.
Why is Bitcoin so weak, it is because due to the economic nature of PoW coins,
Mining always becomes centralized by a few big players to a few locations.
The problem being China controls ~70% of the BTC mining.
So either just a official having the power turned off or the military blowing it up with a missile.
Ends your Bitcoin Mining career.
If you are lucky , they let you just leave with your ASICS unharmed.
Now you have the added expense of finding another cost effective locations and paying the shipping costs and setup costs. But here is your big problem, those few weeks it takes you to move and get setup in another country, just a week or two with 70% of the mining has removed may cause a death spiral.
Basically the blockchain freezes up since their is not enough PoW to find the next block.
In less than a week , this will destroy all faith in BTC and cause a price collapse like no one has ever seen before, probably never to recover.
Verses
A Energy Efficient Proof of Stake Network, like
ZEITChina passes a law outlawing all Crypto coins,
As a ZEIT user all you have to do is setup a VPS in a
ZEIT friendly country,
download and install our blockchain snapshot and viola , you are completely operational within a few hours.
*Even if China did destroy your laptop , as long as you had an offsite hidden backup copy of your wallet, you are good to go. *Compare the time and money required to move a warehouse full of ASICS and find them a new home,
verses the time to setup a VPS online in another country.
Plus ZEIT Difficulty adjusts every block, BTC Difficulty adjusts every two weeks,
which is why
ZEIT never has to worry about a death spiral.
FYI:
Consider if China was really unfriendly and removed all ASICS as contraband and destroyed them.
Where as Moving
ZEIT out of China, is impossible to stop as you could do it through the Internet or flash drives or even book ciphers.
FYI2:
China may go after ETH/ETC GPU miners at the same time they go after BTC & LTC ASICS Miners.
