231–240 of 270 posts
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The stats don't really matter, because the market is designed to equilibrate the price: it costs 7.5 million to mine 7.5 million's worth (in expectation, net present value and all that), and always will. If you're worried about reducing your variance you can join a pool rather than mining directly.
But over what time period?
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But over what time period?
There was an article posted a few weeks ago about a large Chinese mine that was doing $200K/day.
Not that it really matters! It's not like I have a few mil hanging around looking for something to do...
So the PBOC is taking further steps to plug the leak. Not unexpected. China has exchange controls. Internal yuan cannot be easily converted to euros or dollars. There are limits on capital outflows. The controls are leaky; the classic leak is to send all your relatives to Hong Kong loaded up with the maximum allowed amount of yuan in cash. The current limit is about $50K/year/person. Small leaks are thus tolerated. B…
> Why China has tight exchange controls is beyond the scope of this discussion. What's a good resource on this?
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My guess is food safety. Not quite real food safety, but also not made up. Some European cheeses are not available in here Australia because of regulations about how dairy products have to be processed (Pasteurisation I guess). Not only might that logic work in China too, but the culture is less tolerant of a food-stuff what is after all curdled milk with a fungal infection. (And we in the west get grossed out by chi…
Isn't cheese from raw milk also banned in the US? Think this was a topic then EU and US discussed a free-trade deal. Raw milk products are certainly not as safe as pasteurised products but many people are willing to take the risk to enjoy the product.
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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 ?
You can buy bitcion offline. You meet in person with someone and hand them cash and they give you an address. wouldn't do it for huge sums because of the risk, but it is a common thing in the US at least.
You can however buy computers and power using INR quite easily. The government won't know what you are doing with your computers and power.
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Bitcoin is irrelevant, compared to still-tolerated and massively-more voluminous alternatives, for capital controls. This is a red herring. At one point all crypto had reached $160B in market cap. Not small at all and risked getting much larger. Lesson #1: if China wants something done they will do it. No courts, no public discussion, nothing. Don't be surprised if these execs end up in jail.
It's refreshing that a country can act this quickly even if we don't agree with the action. In many countries this would require several meeting of understanding, a dozen committees forming sub-committees, accusations of corruptions and biased interest and several related court cases, and endless other shit. IMO it's actually a very smart move, to ensure a fair and complete dissolution, and if those execs dont have t…
Despite the horrors history will offer up, we as a species continue to fail to comprehend the danger of a government unrestrained by its populace. We somehow think that we will create a government that can "move fast" but not abuse its capability to do so while we are proven wrong time and time again. Thus, limited governments ever suspect by their populace are necessary to ensure opinions as illustrated above do not come to bear...
Really? It's a "communist" country. If anything, what's surprising is that it took China this long to start cracking down on Bitcoin.
So the PBOC is taking further steps to plug the leak. Not unexpected. China has exchange controls. Internal yuan cannot be easily converted to euros or dollars. There are limits on capital outflows. The controls are leaky; the classic leak is to send all your relatives to Hong Kong loaded up with the maximum allowed amount of yuan in cash. The current limit is about $50K/year/person. Small leaks are thus tolerated. B…
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It does seem to have some effect. Bitcoin "crashed" last week quite a few pecentage points (see https://coinmarketcap.com/currencies/bitcoin/#charts click 1M or 3M and see September 15th). Like stocks though, it is always hard to pinpoint why , because it's a market with lots of different opinions.
Wouldn't sentiment based fluctuations smooth out over the maturity of the instrument. Bitcoin is an infant compared to stocks... so volatility will be 100% based on youth/ignorance/fear of what is happening with said insturment
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Agree. HN has a sizeable left-leaning and pro-state/pro-fiat population.
Not sure about the readership,though. But I think you're right with regards to the discussion - you only hear one side a lot which makes it appear that there is only one side which is the majority. But it's really not the case, however: opposing views are being bashed or brigaded to the point where expressing such views has become unsafe or too much effort. So instead of real discussion, people who are not left-leani…