2 economists just eviscerated bitcoin, saying it should be trading at $20

Bitcoin reached its lowest point in more than two months Thursday, but two economists still think the cryptocurrency is trading at a massive premium. The now-famous digital currency, which captured the attention of the public when it soared beyond $ 19,000 in mid-December, fell below $ 8,700 a coin …
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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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