the way i saw china's move was basically, Great, now bitcoin might be worth mining again, if 75% of the world's miners are going out of business.
of course, they 'claim' they are all just moving to brazil, but i am really not sure that accurately describes what is happening to all of china's miners.
@Pat Hartman there are similar activities for many cryptocurrencies, although each crypto that gets invented, the people always claim it's special because of this-and-that which makes it 'drastically' different (supposedly each one thinks it's going to change the world). Their grand-opening webpages read like the most grandiose statements you've ever heard - worthy of, perhaps, the type of speech warranted by the guy who invented the smartphone, or the microwave. Some of them were invented by notable people, however, like Chia invented by the guy who (supposedly) invented BitTorrent.
In my estimation, about 80% of all crypto's, everyone knows they're going to come to nothing (including their inventors), and isn't bothered by that - like a stock-tip-blog pumping and dumping a stock, the idea is just that the crypto goes from .000001 to .00001, a few people make a million dollars, then it is never seen again. Most people put Safemoon, for example, in that category - although arguably it might have risen above that, but for every Safemoon that
might be legit, there are 20 that are just total garbage, they even have a term for them: sh*tcoins. Many people don't realize that there are many thousands of crypto's. 99% of them are garbage. Picking one early which will become successful is like a lottery game, but....IMO, it's worth throwing $25 at many of them, and just waiting 10 years in case it goes from .0000001 to .01 and you make 2.5 mil....(IF you can stomach the knowledge that your $25 is likely going to make 5 people rich in a worthless scheme).
I
have seen some pretty interesting ones, like internet computer that claims it's going to replace the internet and make everything faster.
I tried to set up a machine to mine Chia for a while, but it took so long to set up (plotting) (actually I was still in Synching mode, not even plotting yet), that I realized it was useless UNLESS i was going to invest about $1500 in equipment, which I didn't feel like doing. Or rather, my wife did not agree with me investing into such guesswork (don't blame her). Like I said, every crypto has their claim to "this is what makes us drastically different" - Chia caught my eye, as its secret sauce for mining is utilizing bits of harddrive space, RATHER than computing power. I thought since space is cheap this might be feasible, but it was more complex than I thought to set it all up just so...
It was pretty exciting to imagine getting a $3200 reward (2 Chia's) whenever my rig struck gold, but then again, I'm too optimistic sometimes...I also get excited when I buy a $5 scratcher at Safeway. Worse yet, I get excited
again when I find out I've won five dollars...........
www.thestar.com.my
China's action, while reprehensible, highlights that all technologies have an Achilles' Heal. Examples include the hacking of the Colonial Pipeline, in Texas the windmills froze, in California power shortages are occurring because traditional power sources are being shut-down without adequate replacement.
