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The Chinese government wants to restrict Bitcoin and its use in China. Oh, for a good reason. People are using Bitcoin to bypass government restrictions, to jump over the financial walls it puts up, and to have more financial freedom and send their money in and out of the country. China isn't very happy about this because they want to control it, they want to have a certain manipulation of it by nationalists and blah blah blah, and they're going to want to control it.
You ask how? How? Because you see, I'll put the article in the description for you guys from Zeroe. And it's interesting for you to see how Bitcoin has followed the devaluation of the Chinese currency in the last year or two. So, as it devalued, people went to Bitcoin because, well, if the government is manipulating my currency, I'm going to use a better currency, right?
That's why currencies end up winning or losing, living or dying. You tend to use a better currency than a worse currency because why would you use a worse currency? Why would you do that, right? So, if you have a currency with more freedom, a Moa, a currency with less government tracking, which is good...
The easiest currency to beat the government with, and a government that's actually tracking this isn't like Brazil, which is a farce. Certain people go to Bitcoin, so there's a certain relationship between the two currencies, and as the renminbi devalued, people went to Bitcoin, perhaps as a store of value, etc.
Does that mean the renminbi controls the value of Bitcoin? No, not necessarily. You have other factors, but there's probably a relationship. And the Chinese government likes this? No, they don't like it. They're trying to restrict it. There are certain barriers. You can only take $ 50,000 a year out of China.
The idea is to keep the money there. They have all the problems of illegal banks within China. So, they withdrew, to show you how states work. They withdrew, basically recently. This has been happening for about three or four years; it's not new. It took about three or four years for them to withdraw.
Things got really strong in the last year and a half. So now they're saying, "Hmm, this is a problem, let's attack this." So until they reach some conclusion, it will take a year or two. I imagine, and then... Okay, so let's do something else, another year there, so you still have years left for Bitcoin to improve and escape even further from Chinese control, huh?
And then this regulation will fail, they'll have to move on to something else, right? Because China tried to ban it, Russia tried to ban it, prohibit it, and then it failed, because of course it failed. What are you going to do, my friend? No, let's put a control on how many bitcoins you can send per year to other people.
How are you going to monitor that? How, champion? How? No, we're going to put a Bitcoin network across the country where the person sends Bitcoin, ah, we're going to monitor the transactions. What they can realistically do is seize and execute Bitcoin and blow up the mining operations inside China because several Bitcoin mining operations are within Chinese territory.
They can go in there and arrest everyone, legal, and that will be annoying for the Bitcoin system for a while. And then mining operations in other countries will start to get stronger. As there are fewer people mining, there will be more people wanting to get into mining because now it's supply and demand, right?
So half the market has been excluded, then... It's a great opportunity to get in and for these other mining companies to adapt, so it might be really boring for 2 or 3 years, okay? And then, and then they'll... and even then, okay? No, okay, you regulated Bitcoin, great, Dash, right? It's easy to switch to Dash, there are Dashes out there, the system is much more private, there's much more privacy, much more secrecy, everything, and it's easy to change your Bitcoin mining to Dash, operate like that, you can do that.
Okay, people switch to that, in fact, a good part of the system is even better, and there are billions of other coins. You can go to eum, although I don't think Ethereum would attract that much attention. They can go to some other system like V Cash, Litecoin maybe, I don't know, I think Litecoin does n't make as much sense anymore today, but they can go to Dash, which I think is very cool.
You know, that's what I keep talking about regarding the two speeds: you have the speed of the algorithm, basically the speed at which you can create technologies and structures that make the state ridiculous or useless or inefficient or incapable of monitoring you, right? It's the speed at which you run from the state and the speed at which the state runs after you.
As long as the speed at which the State is chasing you is greater than the speed at which you are fleeing from the State, it will always catch you. But that's just me trying to make graphs, like the graph dance. Let's make a GIF with this now, I'm thinking about it. But anyway, as long as the speed of the State is greater than your speed, you're screwed.
Now, the speed at which people flee from the State has increased a lot. Can the Chinese state adapt to the speed at which Bitcoin is developing? No, no. So, this news came out and the price of Bitcoin dropped from 40 to 710, basically today while I'm recording this. But that's the big thing because people always think, like, "Oh no, it's all over, it's the Apocalypse, man, tomorrow is a new day, and in a year, two, three, things will change and the market will adapt." And so what?
They can't adapt to the same speed at which these systems develop, and eventually they will lose the race, just like they lost the race against Torrent, for example. Anyway, that's it for this video. Link in the description. Bye.
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