I hope we see more Bitcoin mining bans elsewhere. I definitely like digital currencies, but mined currencies need to go.
What’s a digital currency without mining, and how does it differ from regular fiat money today?
China’s Bitcoin miners flee Inner Mongolia ahead of crypto mining ban
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Re: China’s Bitcoin miners flee Inner Mongolia ahead of crypto mining ban
#12I hope we see more Bitcoin mining bans elsewhere. I definitely like digital currencies, but mined currencies need to go.
What’s a digital currency without mining, and how does it differ from regular fiat money today?
Presumably he's talking about proof of stake. It's not a prefect replacement for proof of work, but it's also less centralized than the current fiat system.
Re: China’s Bitcoin miners flee Inner Mongolia ahead of crypto mining ban
#13I hope we see more Bitcoin mining bans elsewhere. I definitely like digital currencies, but mined currencies need to go.
What’s a digital currency without mining, and how does it differ from regular fiat money today?
people on HN like to whine about the environment. they love the statistic that bitcoin uses more energy than argentina. ask them 6 months ago (when bitcoin still used the same amount of energy as argentina) and they will tell you how much they love btc and decentralization.
Re: China’s Bitcoin miners flee Inner Mongolia ahead of crypto mining ban
#14I suspect this has more to do with Chinese internal politics ("We're tired of spending money on industries in Inner Mongolia that aren't part of the national industrial plan or whatever we're calling it this week") than anything to do with the environment. They still added a lot of coal plants last year. They just want to spend the resulting power on something other than businesses in Inner Mongolia.
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Re: China’s Bitcoin miners flee Inner Mongolia ahead of crypto mining ban
#15I hope we see more Bitcoin mining bans elsewhere. I definitely like digital currencies, but mined currencies need to go.
What’s a digital currency without mining, and how does it differ from regular fiat money today?
I don't think there is any difference. When the Federal Reserve purchases securities in the markets, they do it by just "creating" money. I think they literally just type in a number into a computer and use those newly created funds.
You could do this in any centrally digitally managed currency too. You could probably do it with a blockchain currency too if you get enough people to agree to the change.
Of course, if you don't like this, there's always the gold standard.....
Re: China’s Bitcoin miners flee Inner Mongolia ahead of crypto mining ban
#16I hope we see more Bitcoin mining bans elsewhere. I definitely like digital currencies, but mined currencies need to go.
What’s a digital currency without mining, and how does it differ from regular fiat money today?
> What’s a digital currency without mining...
I take it GP meant mining without gigantic electricity consumption: so not proof-of-stake but proof-of-work
> ... and how does it differ from regular fiat money today?
There was a discussion here a few days ago where people were trying to determine how many swiss bills were circulating... Someone commented on the irony, in a thread hating on cryptocurrencies, that anyone at anytime can know exactly how many, say, Bitcoin or Ethereum do actually exists.
There are other difference between government issued money and cryptocurrencies: for example some cryptocurrencies have a fixed, carved in stone, supply curve and so you can know beforehand exactly how many are going to be mined each year.
This is quite different, for example, from Venezuela's bolivar: Maduro just announced that 1 000 0000 bolivian bills were going to be printed now.
Re: China’s Bitcoin miners flee Inner Mongolia ahead of crypto mining ban
#17Earlier quoted context omitted.
What’s a digital currency without mining, and how does it differ from regular fiat money today?
people on HN like to whine about the environment. they love the statistic that bitcoin uses more energy than argentina. ask them 6 months ago (when bitcoin still used the same amount of energy as argentina) and they will tell you how much they love btc and decentralization.
It's almost as if people's thoughts can change and evolve.
I honestly wonder when and how changing your mind became a bad thing.
Show me someone whose thoughts or ideas don't evolve and I'll show you someone who's wasting their life.
Re: China’s Bitcoin miners flee Inner Mongolia ahead of crypto mining ban
#18I’m not shocked to see this. I’m bullish on bitcoin overall, but at this point I believe the Geo-political risk caused by the insane power requirements of current day mining are the biggest danger to bitcoin as a whole. Obviously the network and operate fine with less power, but if that reduction in hash rate occurs because most of the world has banned mining, you can imagine a situation where the remaining miners ca…
As someone living in the European Union I'd be extremely surprised if bitcoin isn't taxed/regulated to death within 1-2 years here. The recent price increase will attract the attention of governments sceptical of assets they don't understand (they don't understand it, but they want a piece of it), and they will get loud support from the environmentalists who are alarmed by the reports making the rounds ("more power t…
This seems unlikely. Big mining operations are already structured as corporations and taxed on their profits. Electricity is already heavily taxed in many countries in the EU. As long as it doesn't pose a threat to the electricity net there is no reason to single out bitcoin for energy use, it's not like the energy is different.
Re: China’s Bitcoin miners flee Inner Mongolia ahead of crypto mining ban
#19It's worth noting that this is about coal-fueled mining operations that constitute only about 10% of mining operations in China.
Re: China’s Bitcoin miners flee Inner Mongolia ahead of crypto mining ban
#20Earlier quoted context omitted.
What’s a digital currency without mining, and how does it differ from regular fiat money today?
I don't think there is any difference. When the Federal Reserve purchases securities in the markets, they do it by just "creating" money. I think they literally just type in a number into a computer and use those newly created funds. You could do this in any centrally digitally managed currency too. You could probably do it with a blockchain currency too if you get enough people to agree to the change. Of course, if…
>I don't think there is any difference. [...]
> You could probably do it with a blockchain currency too if you get enough people to agree to the change.
That's a huge difference. The fed can print money whenever they want, whereas with bitcoin they need to convince a supermajority of the miners and users, otherwise they end up with a forked chain like bitcoin cash/gold/sv.