China has banned all cryptocurrencies. For mainland Chinese it is now officially illegal to mine and trade crypto from my understanding. As a Communist country I understand why they are banning crypto. There will be harsh punishments for those who won’t follow the law for sure. It’s all about control.
Anyway, how will this effect Chia? I can already see the price falling, probably a lot of Chinese holders are selling their coins and the equipment. Some might want to leave China but it is not that easy to leave… you need permission from the Government. Anyway, they will be forced to stop all activities. Can we see the Network drop by as much as 20-30%? What do you think?
This is a good time to take advantage. I’d like to know your thoughts on how to make the best of this. What do you plant to do? Would you purchase the coin or would you buy the equipment which I’m sure will be available to purchase on Aliexpress and such.
In any case, expect the prices to drop more before it goes up again. Best thing to do right now is to wait a bit.