[2017-09-27] It's Political: Why China Hates Bitcoin and Loves the Blockchain

[sheld0n]

The crypto community is once again reeling from a Chinese crackdown and trying to read the tea leaves on Beijing's next move.
China's policymaking is far from transparent, so one can only speculate how long the new restrictions on bitcoin exchanges and token sales might last.
Still, if we view China's actions in the context of its broader geopolitical intentions, we can at least gain a useful picture of what's at stake and the longer-term challenges and opportunities they create for the cryptocurrency and blockchain industry.
Coindesk

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[pitham1]

It is not China. Different governments and even banks love the blockchain. The Chinese definitely don't like things they cannot control. It will be interesting to see if they try to stop miners.

[btc_angela]

It is not China. Different governments and even banks love the blockchain. The Chinese definitely don't like things they cannot control. It will be interesting to see if they try to stop miners.

I'm expecting that the mining industry would be the next target. However, we never heard anything from them so its safe so assume that they are still weighing options if they really need to clamp down on the mining operations as there will be huge impact to the ecosystem because they control 60% or more of this industry.

I don't know why the sudden hate on bitcoin by the Chinese government, but its clear now that there are economic and political reasons behind it. But then again, we need to move forward and look at it at the brighter side and consider it a misfortune for them, but will lead a good and lasting results for the market.