China Bans Bitcoin Executives from Leaving Country, Miners “Preparing for Worst” • Hacker News Board

Re: China Bans Bitcoin Executives from Leaving Country, Miners “Preparing for Worst”

#101

Post by ShabbosGoy » Wed, Sep 20, 2017, 6:04 AM UTC

rblatz wrote: post #92

ShabbosGoy wrote: post #80

Earlier quoted context omitted.

ICOs are a perfectly valid way to raise money. In fact, as long as you don't raise more than the cap specified by Reg CF ($1,070,000), it's no different than crowdfunding. I predict that future startups will probably have a small ICO that is covered under Reg CF, and then a bigger token sale under Reg A.

Why would someone do that? Seems like a solution in search of a problem.

What do you think is easier to accomplish?

A technical white paper that doesn't bs with buzzwords, or a business plan filled with marketing fluff?

Think about it. You could spend hours working on a business plan that nobody will ever read. With the ICO route, you can reach an audience like never before.

Re: China Bans Bitcoin Executives from Leaving Country, Miners “Preparing for Worst”

#102

Post by kobeya » Wed, Sep 20, 2017, 6:06 AM UTC

tehwebguy wrote: post #61

acjohnson55 wrote: post #21

What's interesting to me is that no amount of bad news appears to affect the price of BTC. I'm not a professional or amateur trader (I've got no position on BTC at all) but the price fluctuations really seem dominated by sentiment over any sort of fundamentals.

Well it crashed hard when rumors got serious, like $4k to $3300, but came back within like a week

It crashed from $5k.

Re: China Bans Bitcoin Executives from Leaving Country, Miners “Preparing for Worst”

#103

Post by kobeya » Wed, Sep 20, 2017, 6:12 AM UTC

dogruck wrote: post #64

adamnemecek wrote: post #2

Is it just me or has China been doing some crazy regulatory stuff recently. Idk if there's an overall mosaic I'm missing or if these are unrelated.

Why is it "crazy"? They are a sovereign nation.

That gives them the right to do crazy things. That doesn’t stop it from being crazy.

Re: China Bans Bitcoin Executives from Leaving Country, Miners “Preparing for Worst”

#104

Post by kobeya » Wed, Sep 20, 2017, 6:14 AM UTC

bjshepard wrote: post #35

strathmeyer wrote: post #29

Earlier quoted context omitted.

For a totalitarian country, yes.

In almost any category conceivable (police presence on the streets, incarceration weights, bureaucratic oversight), the PRC is significantly more libertarian than the US. It is true that the CIA has invested a tremendous amount of energy and money into political issues designed to delegitimize the CCP -- Tibet, Falun Gong, and Taiwan. Liberalizing speech around these topics would likely be more efficient counterstrat…

Libertarianism depends on the rule of law. A central party system where the government always has total authority and is exempt from even the rules it sets is kinda the opposite of libertarian.

Re: China Bans Bitcoin Executives from Leaving Country, Miners “Preparing for Worst”

#105

Post by dfischer » Wed, Sep 20, 2017, 6:16 AM UTC

nayuki wrote: post #95

JumpCrisscross wrote: post #56

Earlier quoted context omitted.

> It's a 24/7 market; the price responds a lot faster than other markets Weighted by volume or capital flow, most markets are 24/7.

Could you explain what this statement means?

How much people are trading in value at a given time period.

Re: China Bans Bitcoin Executives from Leaving Country, Miners “Preparing for Worst”

#106

Post by vinchuco » Wed, Sep 20, 2017, 6:17 AM UTC

acjohnson55 wrote: post #21

What's interesting to me is that no amount of bad news appears to affect the price of BTC. I'm not a professional or amateur trader (I've got no position on BTC at all) but the price fluctuations really seem dominated by sentiment over any sort of fundamentals.

> no amount of bad news appears to affect the price

> price fluctuations seem dominated by sentiment

Are these not two contradictory statements?

Re: China Bans Bitcoin Executives from Leaving Country, Miners “Preparing for Worst”

#107

Post by kobeya » Wed, Sep 20, 2017, 6:17 AM UTC

mirimir wrote: post #52

acjohnson55 wrote: post #14

Earlier quoted context omitted.

Has China ever not been a totalitarian state?

There was some democracy in the late 1800s to early 1900s. But it didn't gel with the Confucian ethos. Stephenson's Diamond Age is actually pretty informative.

This is incorrect. There was no period of Chinese democracy during that time.

Re: China Bans Bitcoin Executives from Leaving Country, Miners “Preparing for Worst”

#108

Post by deepGem » Wed, Sep 20, 2017, 6:18 AM UTC

Flammy wrote: post #96

deepGem wrote: post #72

Earlier quoted context omitted.

The situation is very similar in India. You can't just convert INR to USD freely. There's a limit of $250,000 per person per year. I don't know if anyone mines bitcoins in India (because of horrendously expensive power), but if they did, they'll be subject to similar scrutiny.

Just pointing it out... you don't need to mine the coins in the country to assist Indians (or anyone) in converting their currency to USD beyond the normal limits. So the price of power to mine the coins doesn't really have much to do with it.

How do you mean. So how can I buy bitcoins that aren't mined in India using INR. I probably will have to convert INR to USD by buying USD in India and then buy BTC using USD. No ? Some Indian BTC exchanges might be wrapping these transactions under the hood. No ?

Re: China Bans Bitcoin Executives from Leaving Country, Miners “Preparing for Worst”

#109

Post by kobeya » Wed, Sep 20, 2017, 6:18 AM UTC

tinfins wrote: post #22

CodeWriter23 wrote: post #19

Earlier quoted context omitted.

This is more totalitarian than crushing a citizen in a public square with a tank?

Tank man wasn't crushed, FYI.

We don’t know what happened to Tank Man, FYI.

Re: China Bans Bitcoin Executives from Leaving Country, Miners “Preparing for Worst”

#110

Post by voidz » Wed, Sep 20, 2017, 6:19 AM UTC

kobeya wrote: post #102

tehwebguy wrote: post #61

Earlier quoted context omitted.

Well it crashed hard when rumors got serious, like $4k to $3300, but came back within like a week

It crashed from $5k.

So, no crash to speak of at all. Crash is when it devalues to a lot less than what we're seeing now.