Insights

China’s Ban Hasn’t Stopped 145 Nodes

After a recent Bitcoin ban in China, and Alibaba restricting miner purchases, the communist country still has at the very least 145 Bitcoin nodes still online. These nodes are fighting the powers that be, and perhaps putting those running them in the cross-hairs of the CCP. The data comes from Bitrawr.com about the nodes. 

After the September 24 nationwide ban of Bitcoin and cryptocurrencies the People’s Bank of China (PBoC) put out a statement outlining the restriction of BTC usage stating a concern over the “economic and financial order”. The PBoC (like every institution in China), is indistinguishable from the CCP, and it is calling prominent financial institutions to prevent Chinese citizens from trading the asset. The move to restrict is less about what Bitcoin is, and more about what it represents. What Cryptocurrencies represent is a way to escape governmental control of money and banking. This is the true threat of BTC. The spark that gave birth to Bitcoin was the financial crash of 2008. The Chinese government is facing the start of their very own 2008 moment and this time Bitcoin is available as an escape vehicle… and that has the CCP terrified.  

If the people of China can, they should take advantage of that escape vehicle before they suffer possible “bail ins” like what happened in Cypress Greece where bank accounts over a certain number had a percentage of their funds confiscated by the government.   

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