Other than white listing and black listing transactions by the miners and exchanges, and governments declaring it illegal, Bitcoin is 100% censorship resistant.
China declares cryptocurrency deals ‘illegal’
111–120 of 699 posts
Re: China declares cryptocurrency deals ‘illegal’
#112I 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 won't downplay the environmental consequences of PoW, but the actual reason so many governments are speeding the push against crypto might be related to a future of high inflation and high gov debt. It would be the perfect storm for mainstream crypto adoption.
I sincerely think the main motivation is to protect people from losing too much when the bubble pops.
Re: China declares cryptocurrency deals ‘illegal’
#113Earlier quoted context omitted.
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.
You have not been looking hard if you haven't the crypto fawns here.
Re: China declares cryptocurrency deals ‘illegal’
#114Earlier quoted context omitted.
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?
Only those that challenge existing economic power structures.
> challenge existing economic power structures
That's quite a polite way of saying "facilitate tax evasion".
Re: China declares cryptocurrency deals ‘illegal’
#115I 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?
Maybe if he meant less than 5% of miners make money. I could potentially believe this, given the competitive nature of mining.
However, as an investment, as of right now, there is only a span of a few months where if you bought Bitcoin you would not be in the green right now.
Re: China declares cryptocurrency deals ‘illegal’
#116I 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…
I'd say that cash transactions are less transparent than BTC's public ledger.
Re: China declares cryptocurrency deals ‘illegal’
#117Earlier quoted context omitted.
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?
Only those that challenge existing economic power structures.
I’m giving the parent comment the benefit of the doubt that they’re not an agent working to preserve the current financial system, at least not deliberately. Especially since their sentiment is so frequently expressed on these boards, it is bordering on consensus.
Re: China declares cryptocurrency deals ‘illegal’
#118Earlier quoted context omitted.
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.
You have not been looking hard if you haven't the crypto fawns here.
No, actually this has been a known thing for years. There have even been topics asking why HN hates crypto so much, which appear every six months or so.
Re: China declares cryptocurrency deals ‘illegal’
#119For 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.
That doesn't sound as reassuring as you think it does.
Re: China declares cryptocurrency deals ‘illegal’
#120I 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'm not a cryptophile, cryptobug or whatever crypto nuts are called, however I do like to see HN turning so extremely negative on crypto. A few years ago such negative sentiment about crypto was rare on HN, now it's common.
Why is that interesting? Because popular sentiment (in the comments) on HN is very frequently wrong. HN is a tremendous resource for contrarian purposes.