This article is shocking
https://www.reddit.com/r/btc/comments/45fp4x/people_in_china_are_not_very_interested_in_this/
We're doomed when people who in no way share any of the values of bitcoin run the miners.......
i think we need to give the Chinese miners a little more credit than Bobby Lee seems to give.
for one, i see Bitmain coming around with their public statements. second, they've never cheated outright in terms of a 51% coordinated attack. in that sense, they've been good stewards of the protocol. the only semi-shady thing, which the protocol facilitates, is stratum mining or SPV mining. which actually, as some have said, is a protective good strategy to perhaps avoid bloat blocks and compensate for jacked mempools that we've seen more and more of b/c of the failed core dev 1MB limit. third, given hired gun Friedberg's article of this morning, i'm beginning to be a bit more thankful that we have hashpower stashed away in the Mongolian jungles away from any US bombing runs and the long arm of the US legal system.
in essence, i see them eventually coming around as the July halvening looms. they will have to as they desperately will need all the tx fee volume that bigger Bitcoin blocks can generate. and that means growing the user and merchant base worldwide. there's too much money to be had for miners in general and Chinese miners specifically. i seriously doubt SW will activate before a 2MB HF at this point. and that will be good. b/c maybe we won't need the risky SW at all.
finally, if Chinese want to make money fast, what better way than with Bitcoin? look at the enormous returns of the last 7yrs. nothing else compares. and if miners can understand and follow all the free mkt concepts elucidated over the years in this thread, they can turn themselves into the new banking system stewards (as simple auditors of course). with that will come even greater riches. we've only just begun this journey.
