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China declares cryptocurrency deals ‘illegal’

dailybusinessgroup.co.uk

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Re: China declares cryptocurrency deals ‘illegal’

#41

Post by jeremyjh »

noxer wrote: post #36
Factorium wrote: post #17

Earlier quoted context omitted.

Europe is currently facing electricity and chip shortages. Banning crypto in the EU would be an acceptable measure for addressing that.

Only PoW cryptos need extensive electricity and hardware. Its completely absurd to ban crypto. Thats like if you would ban all motorized vehicles to get rid of coal blasting diesel trucks without catalytic converter. Needless to say that its also technically impossible to ban crypto. Its like banning torrents or even harder and we all know torrent was attacked heavily in the past but it did not go away.

If its banned then not only can government shutdown large mining operations but government resources can be spent on 51% attacks to discredit them.

Re: China declares cryptocurrency deals ‘illegal’

#42

Post by atatatat »

epgui wrote: post #23
flenserboy wrote: post #16

Earlier quoted context omitted.

So you'd rather a system where TPTB get to fudge the books as they see fit, impose taxes via intentional inflation, and keep tabs on your every transaction? Interesting.

That’s not exactly how it works.

Regardless of law, intent, etc, this is how it functionally ends up happening, a nonzero amount of the time.

Re: China declares cryptocurrency deals ‘illegal’

#43

Post by mypastself »

holoduke wrote: post #14

I hope the rest of world follows. There is nothing more volatile than a decentralised crypto currency. The amount of people making a profit from it is less than 5% and energy consumption is beyond acceptable. Crypto as a tech to serve something different is totally fine of course.

There is plenty of profit being made from selling hardware and software services in the space.

Also, are you suggesting banning all assets whose volatility crosses a certain threshold?

As for energy consumption, does this also apply to Proof of Stake networks?

Re: China declares cryptocurrency deals ‘illegal’

#44

Post by floatboth »

holoduke wrote: post #14

I hope the rest of world follows. There is nothing more volatile than a decentralised crypto currency. The amount of people making a profit from it is less than 5% and energy consumption is beyond acceptable. Crypto as a tech to serve something different is totally fine of course.

There's pretty much nothing different to serve with bitcoin-style "public blockchain" tech. Nothing needs to be trustless, and nothing would securely work as trustless without currency-style incentives (why namecoin is a coin, etc.). (And "private blockchain" is just a term based on marketing hype tied to bitcoin, there's no new tech there, that fundamentally just means incorporating the same concepts as Git.)

https://www.youtube.com/watch?v=xCHab0dNnj4

Re: China declares cryptocurrency deals ‘illegal’

#45

Post by mettamage »

1cvmask wrote: post #10

This seems to me the same as their old pronouncements. Nothing new as in newsworthy. Maybe they are doing this as a reminder of their older announcements? Sort of like "I told you so!"

A friend of mine that works in the industry as a business developer for Chinese blockchain firms since 2017 said the exact same thing!

My market perspective:

"Everything is priced in."

Apparently, not in the crypto markets. Old news is new news, apparently.

Policy perspective:

The more DeFi becomes a thing, the less a policy like this will matter. It will still matter a lot, but it will pack less of a punch due to decentralized services.

My overall perspective:

If crypto still feels as speculative (in terms of trading crypto) 10 years later, then I feel the experiment to find a good use-case has ran for long enough.

Re: China declares cryptocurrency deals ‘illegal’

#46

Post by docflabby »

tjansen wrote: post #40
Factorium wrote: post #17

Earlier quoted context omitted.

Europe is currently facing electricity and chip shortages. Banning crypto in the EU would be an acceptable measure for addressing that.

Does anyone mine in Europe? I can't imagine that, considering the cost of electricity here.

Not Crypto just Fifa, more profitable...

https://kotaku.com/ps4-crypto-warehouse-was-actually-farming...

Re: China declares cryptocurrency deals ‘illegal’

#48

Post by hgibbs »

holoduke wrote: post #14

I hope the rest of world follows. There is nothing more volatile than a decentralised crypto currency. The amount of people making a profit from it is less than 5% and energy consumption is beyond acceptable. Crypto as a tech to serve something different is totally fine of course.

Is what you say less true of traditional exchanges? Maybe it is, but I haven't seen someone crunch the numbers - I'd be happy to read a comparison to that effect.

Re: China declares cryptocurrency deals ‘illegal’

#49

Post by sobellian »

johanneskanybal wrote: post #25
holoduke wrote: post #14

I hope the rest of world follows. There is nothing more volatile than a decentralised crypto currency. The amount of people making a profit from it is less than 5% and energy consumption is beyond acceptable. Crypto as a tech to serve something different is totally fine of course.

It's ok to not like crypto but how about sticking to the truth? * There's many things much more volatile than crypto, the biggest markets being vix if you're a hedgefund and pretty much all derivates like options if you're a gambling man. btc in particular is only 2x from many traditional markets: https://charts.woobull.com/bitcoin-volatility-vs-other-asset... * The second part of only 5% making a profit is made up a…

One might disagree on what exactly is a comparable resource. A digital currency could just as well store everyone's balance in a giant SQL database. In exchange for utter centralization the energy consumption drops to essentially zero. IIUC a PoS coin will also have much smaller energy consumption. So we have a situation where a collection of people are using huge, huge amounts of energy to speculate not only on digital assets, but on decentralized PoW digital assets.

Re: China declares cryptocurrency deals ‘illegal’

#50

Post by noxer »

holoduke wrote: post #14

I hope the rest of world follows. There is nothing more volatile than a decentralised crypto currency. The amount of people making a profit from it is less than 5% and energy consumption is beyond acceptable. Crypto as a tech to serve something different is totally fine of course.

Only PoW cryptos need extensive electricity and hardware. Dont make crypto just bitcoins. If you really want to help make a dent in the energy consumption then people need to move away from PoW coins not from crypto in general.
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