Comments by "shazmosushi" (@shazmosushi) on "TSMC’s Crypto Customers" video.

  1. It's very interesting that more than 50% of bitcoin mining happens in China (I've seen some estimates that are closer to 75%), by enterprising private individuals but ultimately under the jurisdiction of the government like everything else in China. While mining obviously generates bitcoin, any transaction on bitcoin forfeits a transaction fee that is transferred to whichever miner verifies the transaction first. Effectively all bitcoin transactions transfers a small amount of wealth to China: buying bitcoin means you're buying into an ecosystem controlled by China, the same as if you bought a Huawei phone. Additionally, in blockchain based systems you just need to control more than 50% of the mining to be able to reverse transactions so it's conceivable that China could one day do a "51% attack".
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