Why so many of us are saying the China ban is ‘good news’

A lot of people don't understand why many of us are saying the China ban is 'good news'.

You need to understand one thing. This was 100% guaranteed to happen! Most of us are entirely shocked that China ever let things get as far as they did; but we are hardly shocked that it has happened now.

When bitcoin is tiny, it is not perceived as a significant threat. As it grows ever larger, it becomes a larger and larger threat to the powers that be.

As bitcoin continues to grow, it will begin to threaten entire national currencies. You don't think there will be a backlash? There will be.

It will threaten numerous multi-trillion dollar businesses, they will (and already are) fighting back.

This is a war people.

If you didn't realize that getting into it, well you didn't understand exactly what we are trying to do.

The China ban was inevitable. However, there are consequences, most of them pretty damned positive.

Many people in the bitcoin community lost the plot. They have been claiming that there is no risk to raising the blocksize. They have been claiming that individual nodes on the network serve no purpose and are parasitic. They have argued that all bitcoin mining and nodes should happen in massive data-centers with huge pipes capable of processing gigabyte sized blocks.

This is all insane.

When LukeJr talks about lowering the blocksize, this is because he 'gets it'. He gets the threat.

Now that bitcoin is banned in China, we can refocus our efforts to route around that ban.

We still want the Chinese people to be able to use bitcoin. And we will find ways that they can do so. If they have to sync to the blockchain via satellite and broadcast transactions over radio mesh networks, they will still be able to use it. If they need decentralized exchanges and the ability to store and transmit their wealth, we will make sure that they can.

This ban is a wake-up call to the portion of the community that got fat, lazy, and complacent. Those who lost the plot and forgot exactly what it is that we are fighting for!

There is a war at hand, and we will win it. By keeping the bitcoin network resilient and censorship resistant.

submitted by /u/jratcliff63367
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Bitcoin

Warning: many will get burned.

So many posts about complete newbs getting a whiff of the rally off the news and trying to buy. This is a noticeable rally, and there are various reasons for it, but it won't go on forever. Profit taking and a correction may be steep and fast or gradual and protracted but it's pretty much expected.

Newbs will buy at this price, watch their brand new asset's value tumble and sell near the bottom locking in a sizable loss. The effects of that common scenario are very discouraging. Especially so for some of these buyers in risk-on mode going in debt to buy not having experienced months long troughs. They need to be cautioned in here, not egged on to buy buy buy.

submitted by /u/stupidx
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Bitcoin

Moore's law predicted that electric circuits would double in # of transistors every 18 months. This exponential growth has held for 50+ years and applies to many tech scenarios. Bitcoin is doubling in price every ~8 months since the Genesis Block. This gr

Bitcoin