rich93
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November 08, 2016, 08:01:34 PM

All governments hate Bitcoin (the public chain). They are only pretending to be complacent or supportive of it, to keep us off guard and get a foot in the door and get Intel.  Meanwhile behind the scenes they are secretly working on breaking it like the Enigma machine and are devising laws against it. Clinton vs Trump doesn't really make a difference, especially if it's China who breaks the code.

China doesn't want to break the code, it has a surplus of electricity it can't use from hydroelectric dams and such like. It's using that cheap electric to mine Bitcoins which get dumped abroad. Bitcoin is subsidizing all those giant electricity generating state projects, it's helping to pay their startup costs.
I don't think the Chinese government is involved in mining Bitcoin and the amount of money to be made by mining is very insignificant, compared the country at large and theoretical threat of Bitcoin to capItal controls, surveillance, and the economy if it were to become larger

But a significant fraction of the miners are in China, and they all pay tax to the Chinese government. They also spend most of the money they get from mining on the Chinese government's cheap electricity. All the money they get from dumping Bitcoins abroad probably gets sent straight back to China to pay their electricity bills with.