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China declares cryptocurrency deals ‘illegal’

dailybusinessgroup.co.uk

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Re: China declares cryptocurrency deals ‘illegal’

#101

Post by cortic »

avianlyric wrote: post #77
Offpics wrote: post #66

Earlier quoted context omitted.

You should educate yourself. Energy consumption is an old myth and cryptocurrency pushes a lot of innovations in this field. There is a great documentary on this https://www.youtube.com/watch?v=b-7dMVcVWgc .

Energy is a zero sum game. Every watt you use for crypto mining is a watt not used for something more productive. Every watt of renewable power generated to power a crypto miner, is a watt not being used to reduce the use of non-renewables in the wider energy grid. I don’t care if your crypto gear is hooked up to a dedicated hydro plant, I care that the hydroplant is not connected to the wider grid and shutting down…

So you are against investment in renewables. That is not as progressive as you think.

Re: China declares cryptocurrency deals ‘illegal’

#102

Post by ceilingcorner »

Graffur wrote: post #74
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.

Yours is the top comment on this thread and it's a bit surprising. When you say less than 5%, what are you talk about? Can you point to any sources that back that up?

HN has a well known hatred for anything crypto. I’m not really sure why, to be honest. Very odd that an authoritarian action by an extremely centralized government is being applauded on here.

Re: China declares cryptocurrency deals ‘illegal’

#103

Post by Jensson »

tgtweak wrote: post #47

For those of you keeping track, this is about the 20th time China has declared to have banned Bitcoin or crypto. The only thing they've done is demonstrated that crypto is a threat to their all-reaching power grab and that they are mostly powerless to control it.

They banned crypto mining before, but did they really ban crypto transactions before? This seems like the last step to make crypto coins 100% illegal in China.

Re: China declares cryptocurrency deals ‘illegal’

#104

Post by api »

alexgmcm wrote: post #97
noxer wrote: post #36

Earlier quoted context omitted.

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.

Just ban the fiat exchanges. The hardcore crypto types would carry on using it but like 95% would give up - that's sufficient.

Oddly enough besides the hard-core aficionados and techies that would mostly leave the criminals, who would operate street level informal exchange systems.

Re: China declares cryptocurrency deals ‘illegal’

#105

Post by Jensson »

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!"

They banned crypto mining before, but did they really ban crypto transactions before?

Re: China declares cryptocurrency deals ‘illegal’

#106

Post by npteljes »

dougmwne wrote: post #68
tgtweak wrote: post #47

For those of you keeping track, this is about the 20th time China has declared to have banned Bitcoin or crypto. The only thing they've done is demonstrated that crypto is a threat to their all-reaching power grab and that they are mostly powerless to control it.

This is a country rounding up a whole population of a religious minority and sending them to reeducation camps. A country that mobilized over a billion people to almost completely control covid. You are vastly underestimating the CCP, as most Westerns continue to do.

>A country that mobilized over a billion people to almost completely control covid.

What do you mean by completely control covid? What intended result have they managed to arrive at?

Re: China declares cryptocurrency deals ‘illegal’

#107

Post by scrose »

selfhoster11 wrote: post #94
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.

I am not fine with having every one of my transactions being 100% transparent to my government. Because that's the only alternative to Bitcoin^W cryptocurrency, given that real cash is on its deathbed for some reason. Bitcoin may very transparent, but other currencies like Monero are much better in that regard. As to why >100% transparency is a desirable property, see recent regime changes and imagine how easy it wou…

Huh? Bitcoin records every transaction you make on a public ledger that anyone in the world can view. Anyone who knows your wallet address can track your purchases

Re: China declares cryptocurrency deals ‘illegal’

#108

Post by nickthemagicman »

FabHK wrote: post #71
trident5000 wrote: post #39

Earlier quoted context omitted.

Define volatile. The only currency that has stood the test of time is gold, a private currency. Every fiat currency in history has failed. Probably because heads of state like to print it to solve their short term problems essentially robbing everyone with an inflation tax. I dont call that stable or just. I work and save and expect my currency to hold up and not be abused which is not happening currently. Edit: HN m…

> Every fiat currency in history has failed. That's funny. The extant fiat currencies haven't failed. So, the only ones that have failed... are the failed ones. And those have failed, 100%, indeed.

What's the percentage of failed to non-failed? Are we pushing close to 100% ?

Re: China declares cryptocurrency deals ‘illegal’

#109

Post by vgalin »

jeremyjh wrote: post #41
noxer wrote: post #36

Earlier quoted context omitted.

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.

Performing 51% attacks in the hope of discrediting an asset would be a waste of resources. Such an attack on the Bitcoin ecosystem would nowadays cost several billion in hardware and electricity, and all the community has to do in order to repair the damage would be a hark fork. 51% attacks happened in the past and most of them had little to no impact on major assets.

Re: China declares cryptocurrency deals ‘illegal’

#110

Post by jhgb »

baybal2 wrote: post #72
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.

Why not to ban steelmaking first? Steel manufacturing requires tons of electricity, and it is already impossible in EU without enormous subsidies. It's an industry surviving entirely on life support.

Steelmaking is useful; you can build stuff out of steel.
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