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Comment by Stevvo | Hacker News Reader

Before the AI bubble, Bitmain was only worth ~$1 billion. Now they are worth ~15, because they make chips for AI also. Either way, you could buy bitmain for the budget mentioned in the attack if it were for sale. Or bitmain could pull off the attack, if indeed they do "control ... all the major mining pools" as the article alleges.

But who ultimately controls Bitmain? The Chinese state.

So, by extension, bitcoin is controlled by the CCP.

What a shitshow. Crypto needs to move on from bitcoin already, pick something better... anything better. There are so many options, and bitcoin is the worst of all of them.

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Too many people have a vested interest in keeping Bitcoin going for as long as possible, sadly. It's going to take a massive black swan of some kind to shake their faith.

Heck, they can embed CSAM into the Bitcoin blockchain and that won't stop anyone from using it, because above all else, line must go up.

Like it or not in the end it will just be BTC. China will stop exporting Bitcoin mining tech. Nation States will dump money into proprietary BTC mining tech and keep it to themselves just like military tech. The US needs to see this reality and focus on domestic BTC mining tech like the future depends on it.

why? the easy solution is to let china monopolize bitcoin mining, and the value of bitcoin crashes. then the USD will stand unopposed and the chinese will end up with a bunch of useless equipmemt

It comes down to semiconductor manufacturing, not ASIC design. Taiwan, Korea, USA are still on top.

LOL. The Sam Altman plan. Or the US could just put Bitcoin on the Entities List and forbid any US citizen and any US owned entity from investing or trading Bitcoin and Bitcoin derived financial instruments, probably force 25% or more of the Bitcoin money to pull out, crater Bitcoin value, and not perpetuate this atrocity against nature and humanity.

"Democratizing finance" my a**.

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