China's Banning of Bitcoin Mining maybe bigger Blunder than the sinking of the Treasure Fleet?
China's Control Problem
China once had the greatest navy in the World called the treasure fleet in the 1400’s, which was far superior than any other navy at the time. The merchants controlling this navy become wealthy and the Chinese emperor became paranoid of the merchants new found wealth and had the treasure fleet burned to the ground. This caused China to turn inward and cost the Chinese economy dearly. Did China just make the same mistake by banning Bitcoin mining when it controlled nearly 75% of all mining? Now America is the leading Bitcoin miner and has seized from China’s misstep. Only time will tell if China will reverse this policy and compete in the global Bitcoin mining race.