Welcome back to another narrative watch. What's going on, guys? It is Monday, October 28th, 2019, and we are still racing to catch up with ourselves around last week's craziness.

So obviously last week we had Mark Zuckerberg testify about Libra in front of the House Financial Services Committee.

And then hours later, it felt like a day later we had

Chinese President Xi Jinping talk about blockchain in explicit terms setting off a whole new race and really that's kind of where I want to pick this up is the China narrative 2019 edition right so I saw this tweet from Arthur Hayes this morning,

old Bitcoin narrative 2013, 2017, China. New narrative 2019 to question mark, China. History doesn't

repeat itself, but it sure does rhyme. So that's obviously from Bitmec CEO Arthur Hayes. So what is the new China narrative? I think that's the really

important thing, right? And so let's go back, you know, in some ways, the China narrative before,

I think is almost two parts. One is the specifics around mining, right? China's role in mining

has always been a centerpiece and a central battle.

So you have this article here from June 2016 from Nathaniel Popper at the New York Times,

how China took center stage in Bitcoin Civil War. And obviously, this gets into things like Bitmain and

Roger Verr and BCH and all that stuff, right? So that was a lot of China before had to do with mining.

Then China 2017 bans all exchanges and

moves, everything moves to OTC trading.

And it's kind of, it's there, but it's less obvious

what the China narrative is in some ways.

It's behind the scenes.

However, at the same time,

during that time, during that 2017, 2018 period, we see the rise of vaults in this whole

different category of Asian investor in Asian exchange that are really pushing the paces of

innovation in the space as it relates to the specifics of how people are buying and trading, right?

So I think in some ways that China

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