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Bye-bye, Bitcoin: It's time to ban cryptocurrencies

thehill.com

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Re: Bye-bye, Bitcoin: It's time to ban cryptocurrencies

#41

Post by Jasper_ »

jrm4 wrote: post #34
Jasper_ wrote: post #33

Earlier quoted context omitted.

> though estimates seem to be ~50-70% of BTC energy use is from renewables Bullshit. When one coal mine in a remote region of China flooded, the Bitcoin hash rate measurably dropped by 30%. Keep in mind this was just one coal mine. Not all of China's production. https://fortune.com/2021/04/20/bitcoin-mining-coal-china-env... > it's more apt to call it Web 3.0 than cryptocurrency at this point. I've said this so many…

Not even that there is absence of evidence -- but absence of evidence is not evidence of absence. Moreover, your cherrypicking of "Internet-type" inventions that develop very quickly are definitely outliers. By contrast, the answering machine was invented in the 1930's, and didn't take off until 50ish years later. It's absurdly and ignorantly early to declare "crypto has no utility."

You mean the answering machine didn't take off until after the wars and great depression ended, suburban life started becoming the default for large groups of people, and they were starting to be away from home for long periods of time, and that before then it saw only limited use by the fairly small numbers of people who were away from their home for long periods of time?

Well now I'm convinced. Guess I better buy tickets to El Salvador because clearly crypto is going to the mooooon.

Re: Bye-bye, Bitcoin: It's time to ban cryptocurrencies

#42

Post by trident5000 »

jrm4 wrote: post #34
Jasper_ wrote: post #33

Earlier quoted context omitted.

> though estimates seem to be ~50-70% of BTC energy use is from renewables Bullshit. When one coal mine in a remote region of China flooded, the Bitcoin hash rate measurably dropped by 30%. Keep in mind this was just one coal mine. Not all of China's production. https://fortune.com/2021/04/20/bitcoin-mining-coal-china-env... > it's more apt to call it Web 3.0 than cryptocurrency at this point. I've said this so many…

Not even that there is absence of evidence -- but absence of evidence is not evidence of absence. Moreover, your cherrypicking of "Internet-type" inventions that develop very quickly are definitely outliers. By contrast, the answering machine was invented in the 1930's, and didn't take off until 50ish years later. It's absurdly and ignorantly early to declare "crypto has no utility."

You're on HN. Crypto isnt liked because it might steal jobs/shake up the status quo. More threads will be posted as user adoption continues and especially when price rises.

Last temper tantrum was like 6 months ago so its probably about that time.

Re: Bye-bye, Bitcoin: It's time to ban cryptocurrencies

#43

Post by itake »

Jasper_ wrote: post #33
nscalf wrote: post #12

This is some of the worst junk writing I've seen on the hill. Some pretty wrong things in here, like insinuating that the only value of crypto is to criminals, and all but saying that the reason there are hackings to things like critical infrastructure is because crypto exists, which is just silly. Then it flags bitcoin as an environmental hazard, though estimates seem to be ~50-70% of BTC energy use is from renewabl…

> though estimates seem to be ~50-70% of BTC energy use is from renewables Bullshit. When one coal mine in a remote region of China flooded, the Bitcoin hash rate measurably dropped by 30%. Keep in mind this was just one coal mine. Not all of China's production. https://fortune.com/2021/04/20/bitcoin-mining-coal-china-env... > it's more apt to call it Web 3.0 than cryptocurrency at this point. I've said this so many…

> I've said this so many times: But what does it doooooo??? Name one project that isn't "speculation" or "loans" built on cryptocurrency that has seen any uptick or utility. NFTs sure ain't it. DAOs sure ain't it. Supply chain tracking sure ain't it.

In developing nations where the residents do not have access to regulated and "safe" investment vehicles like stock exchanges, where can they invest their saves? Physical bullion that can get stolen or damaged? Cash (and then real estate)?

Re: Bye-bye, Bitcoin: It's time to ban cryptocurrencies

#44

Post by lancemurdock »

RodgerTheGreat wrote: post #16
carlosdp wrote: post #10

The only way you are going to "ban" cryptocurrencies is if you shut down the internet, and even that doesn't really go all the way, so good luck with that...

You can make it illegal for legitimate financial institutions to perform transactions related to cryptocurrency, crippling or outright destroying many of its applications. Sucking all the air out of the room is sufficient to address the negative externalities.

this would indeed be a serious blow to current price of crypto. Many projects would die and tons of liquidity would leave. Liken to a mass extinction event. But like all gov attempts to ban something, there would still be a cohort who believe in the product and keep it alive. And over time, from the ashes, the value would grow again

Re: Bye-bye, Bitcoin: It's time to ban cryptocurrencies

#45

Post by [deleted] »

anonorant58327 wrote: post #36
Jasper_ wrote: post #33

Earlier quoted context omitted.

> though estimates seem to be ~50-70% of BTC energy use is from renewables Bullshit. When one coal mine in a remote region of China flooded, the Bitcoin hash rate measurably dropped by 30%. Keep in mind this was just one coal mine. Not all of China's production. https://fortune.com/2021/04/20/bitcoin-mining-coal-china-env... > it's more apt to call it Web 3.0 than cryptocurrency at this point. I've said this so many…

> I've said this so many times: But what does it doooooo??? It lets me transact value online without sacrificing my privacy.

[deleted]

Re: Bye-bye, Bitcoin: It's time to ban cryptocurrencies

#46

Post by jlmorton »

nscalf wrote: post #12

This is some of the worst junk writing I've seen on the hill. Some pretty wrong things in here, like insinuating that the only value of crypto is to criminals, and all but saying that the reason there are hackings to things like critical infrastructure is because crypto exists, which is just silly. Then it flags bitcoin as an environmental hazard, though estimates seem to be ~50-70% of BTC energy use is from renewabl…

> and all but saying that the reason there are hackings to things like critical infrastructure is because crypto exists

Just to play devil's advocate, how do you imagine ransomware would work outside of crypto?

There had been a few toy ransomware attacks before Bitcoin, but the regulated payment industry ultimately prevented any major ransomware industry from developing.

Bitcoin has changed all of that. Since the release of CryptoLocker, the industry has exploded into a multi-billion dollar racket.

From my perspective, this industry did not and cannot exist absent cryptocurrency.

I don't think this is cause to shutdown crypto convertibility, but it also can't be dismissed out of hand.

Re: Bye-bye, Bitcoin: It's time to ban cryptocurrencies

#47

Post by lmohseni »

itake wrote: post #43
Jasper_ wrote: post #33

Earlier quoted context omitted.

> though estimates seem to be ~50-70% of BTC energy use is from renewables Bullshit. When one coal mine in a remote region of China flooded, the Bitcoin hash rate measurably dropped by 30%. Keep in mind this was just one coal mine. Not all of China's production. https://fortune.com/2021/04/20/bitcoin-mining-coal-china-env... > it's more apt to call it Web 3.0 than cryptocurrency at this point. I've said this so many…

> I've said this so many times: But what does it doooooo??? Name one project that isn't "speculation" or "loans" built on cryptocurrency that has seen any uptick or utility. NFTs sure ain't it. DAOs sure ain't it. Supply chain tracking sure ain't it. In developing nations where the residents do not have access to regulated and "safe" investment vehicles like stock exchanges, where can they invest their saves? Physica…

Those are all much better options than a Ponzi scheme/ financial bubble.

Re: Bye-bye, Bitcoin: It's time to ban cryptocurrencies

#49

Post by Jasper_ »

itake wrote: post #43
Jasper_ wrote: post #33

Earlier quoted context omitted.

> though estimates seem to be ~50-70% of BTC energy use is from renewables Bullshit. When one coal mine in a remote region of China flooded, the Bitcoin hash rate measurably dropped by 30%. Keep in mind this was just one coal mine. Not all of China's production. https://fortune.com/2021/04/20/bitcoin-mining-coal-china-env... > it's more apt to call it Web 3.0 than cryptocurrency at this point. I've said this so many…

> I've said this so many times: But what does it doooooo??? Name one project that isn't "speculation" or "loans" built on cryptocurrency that has seen any uptick or utility. NFTs sure ain't it. DAOs sure ain't it. Supply chain tracking sure ain't it. In developing nations where the residents do not have access to regulated and "safe" investment vehicles like stock exchanges, where can they invest their saves? Physica…

Cryptocurrency does not help with this. Also, I asked people to name a project that isn't speculation or loans.

Re: Bye-bye, Bitcoin: It's time to ban cryptocurrencies

#50

Post by dandanua »

itake wrote: post #43
Jasper_ wrote: post #33

Earlier quoted context omitted.

> though estimates seem to be ~50-70% of BTC energy use is from renewables Bullshit. When one coal mine in a remote region of China flooded, the Bitcoin hash rate measurably dropped by 30%. Keep in mind this was just one coal mine. Not all of China's production. https://fortune.com/2021/04/20/bitcoin-mining-coal-china-env... > it's more apt to call it Web 3.0 than cryptocurrency at this point. I've said this so many…

> I've said this so many times: But what does it doooooo??? Name one project that isn't "speculation" or "loans" built on cryptocurrency that has seen any uptick or utility. NFTs sure ain't it. DAOs sure ain't it. Supply chain tracking sure ain't it. In developing nations where the residents do not have access to regulated and "safe" investment vehicles like stock exchanges, where can they invest their saves? Physica…

So, you're proposing that poor nations should invest in this financial pyramid. Great idea!
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