While America is busy dealing with one of the strongest hurricane to hit its shores in generations, while North Korea is far more busy sending rockets over Japan, China seems to be more concerned with whether the young can buy or sell some piece of code online called bitcoin, eth, or whatever else.
The communist party appears to want an iron grip and seems to have gone further than any imagined, seemingly ordering local authorities to close crypto exchanges according to unconfirmed reports.
Why, we can’t quite comprehend at this stage. They have a big political event next month as the Economist details. Far fetched, perhaps, to find any connection, but it may well be the current rulers want to show themselves as strongmen.
Yet, strongmen don’t ban soft-cheese, or the even less harmful direct investment in entrepreneurial companies through Initial Coin Offerings, or maths itself through the code known as bitcoin.
The current ruler, who tries to bid for leadership of the free world when his people remain unfree, riled against protectionism. Yet China has banned Google, Facebook, Twitter and even French cheese.
They have instituted capital controls while devaluing their currency, benefiting their country at the expense of others in a currency war reminiscent of 19oos.
While in public they speak of a peaceful rise, their media does not appear to be very kind to America in particular, leading the Chinese to name “U.S. power and influence as the top international threat facing the country.” Not terrorism, but the land of the free is a threat to the Chinese people, somehow.
No wonder they want to ban what they might think is a western invention, but such zero sum games are intentionally avoided by truly peace intending nations because it courts a response.
Bitcoiners could, for example, ban China in turn. In particular, their mining industry. Why should a country that clearly appears to be hostile to this space be accommodated at all?
Why should they be free to deny us their market while we willingly open ours and pay their citizens $2 billion dollars a year for a security level that is in many ways far too high because a 51% attack doesn’t really make sense.
Does whoever rule China really think they can just play with a $150 billion market as they please? Did it not pass their thought that they might actually awaken the cream of the western public to their protectionist behavior?
If the country wants to isolate itself from our cheese or our bitcoin, then they can go back to being an island as we in turn might think of denying them our money for their miners.
All the greatest respect for the people of China themselves and their entrepreneurial spirit, but as a new generation carves its freedom space, we might think twice before allowing authoritarian regimes to benefit at our expense.
The Chinese government should cease its hostilities towards this space, or it may give us collectively no choice but to be hostile in response.