| If you mine a Bitcoin and don't spend it, you are making the remaining Bitcoins more valuable (in theory). You have reduced the overall supply. With Bitcoin, the maximum number of Bitcoins that will ever exist is fixed. It doesn't really matter who mines them. Of course at the moment, indeed, new Bitcoins are mined all the time, but the timeline for the future is clear. Whether it is a good thing, I don't know. There are a lot of weird aspects about it. As for China - sure, some miners will accumulate a lot of BTC. But they can only affect the price by selling or not selling it. If they wouldn't mine the BTC, somebody else would. It doesn't really give them that much more power, except for monetary power. It's probably true that right now there are several people or entities who could crash the Bitcoin price by simply selling off all their BTC. That's not very reassuring. On the other hand, such a crash could also be a chance to distribute BTC more evenly. It would actually be in the interest of the rich BTC people, too, as it would lead to more adaption and hence more value and stability. Distribution is a hard problem. There are several problems with crypto, but they are also interesting, and smart people are trying to solve them. At least it is fun, even if it is unclear if it will be worthwhile in the end. |