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China declares cryptocurrency deals ‘illegal’

dailybusinessgroup.co.uk

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Re: China declares cryptocurrency deals ‘illegal’

#241

Post by MillenialMan »

pyrale wrote: post #144
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.

> Needless to say that its also technically impossible to ban crypto. No one wants to ban crypto. The goal is to ban financial institutions that handle fiat from trading with institutions that handle crypto. From there, if people want to accept funny money as payment for pizzas, it's up to them really.

Drugs are the thing people have a strong incentive to accept crypto for, not pizzas.

All black markets have an incentive to use it - including state actors (e.g. weapons deals). Getting caught laundering Monero is preferable to getting caught selling missiles to the Saudis.

Re: China declares cryptocurrency deals ‘illegal’

#242

Post by ryanlol »

ddorian43 wrote: post #100
jhgb wrote: post #84

Earlier quoted context omitted.

I thought this "asset" was supposed to replace cash. Why would you "sell it for cash"? Other than an equivalent for selling US dollars for Euros.

> I thought this "asset" was supposed to replace cash. When you can buy food, house/rent and the doctor accepts bitcoins it will become cash.

That’s great, the concierge company I work with handles all of these things and accepts bitcoin.

Re: China declares cryptocurrency deals ‘illegal’

#243

Post by dougmwne »

MickerNews wrote: post #231
dougmwne wrote: post #68

Earlier quoted context omitted.

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.

That's a ridiculous and obvious lie. This kind of absurd nonsense can only be founded on bigotry.

I am a bigot for reading Wikipedia?

https://en.m.wikipedia.org/wiki/Xinjiang_internment_camps

Re: China declares cryptocurrency deals ‘illegal’

#244

Post by xxs »

gilrain wrote: post #214
pskiba wrote: post #115

Earlier quoted context omitted.

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.

You’re only in the green if you sell.

...and there is liquidity to do so

Re: China declares cryptocurrency deals ‘illegal’

#245

Post by roenxi »

dragonwriter wrote: post #223
pskiba wrote: post #198

Earlier quoted context omitted.

> The reason why we have inflation and debt is to keep the value of our currencies stable A stable currency would have an inflation rate of 0%. Inflation does not cause currency stability, it decreases the value of the currency. By definition, its value is changing.

> A stable currency would have an inflation rate of 0% Sure, and if the government had centralized control of all prices, it could mandate that. Since it doesn't (even those that assert that power don't have it in practice), what it seeks to do, as far as stability, is try to acheive low short-term price volatility, and as it turns out, experience shows that low-to-moderate inflation helps with that.

The M1 [0] tracks physical currency in the economy. It would appear there is a rather large amount of literal money printing afoot. So while a sharp turn to dictatorship could stabilise the currency, there are probably less extreme measures the US government could take to keep inflation at 0%. 75% of (physical, not the important ones in bank accounts) dollars literally appeared after 2016.

The M1 isn't the measure that matters - but it is a fact that large amounts of money are appearing from somewhere and that is probably the most significant factor in the currency losing value. Price controls are an overreaction, there are easier ways to make the currency more stable.

[0] https://tradingeconomics.com/united-states/money-supply-m1

Re: China declares cryptocurrency deals ‘illegal’

#246

Post by koonsolo »

ceilingcorner wrote: post #102
Graffur wrote: post #74

Earlier 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.

The gains I get from cryptocurrency investing outweigh the downvotes on my posts ;).

Re: China declares cryptocurrency deals ‘illegal’

#247

Post by BobbyJo »

ceilingcorner wrote: post #220
BobbyJo wrote: post #153

Earlier quoted context omitted.

Even bad people can do good things. It's not strange at all that we can applaud an action of an authoritarian regime. Xi is an evil dictator, but I think this particular action is positive for the world.

So authoritarian action is okay if it’s against bad things? We are in for a scary future, enabled by the attitudes in this thread.

> So authoritarian action is okay if it’s against bad things?

You're adding context that isn't really being discussed. If the discussion is 'Should we support actions by Xi, as an authoritarian, even if we agree with them?', then I'd say no. We shouldn't support actions by Authoritarian regimes.

That's not what discussed here. The discussion here is 'Is this action net positive or net negative?'. I believe it is net positive.

I can acknowledge the beneficial aspects of an action independent of it's executor. Bringing the executor into the conversation changes the topic. Think of it like discussing rocketry advancements in the 20th century. Nazis played a big role, but you can talk about how awesome rockets are without invoking them.

Re: China declares cryptocurrency deals ‘illegal’

#248

Post by MillenialMan »

dmytrish wrote: post #211
Pmop wrote: post #180

Earlier quoted context omitted.

You probably live in the first world and had never to worry about inflation or politicians/bureaucrats just straight destroying the fiat currency and your wealth in the process. That's why crypto sounds so "wasteful" to you. BTW, if we give the government the power to judge what is a waste of energy and what's not, I can assure you life would be 100% more miserable, to everyone.

Crypto"currencies" are not the only way to store value when an official currency is failing: people who want their savings preserved can get USD, EUR, gold. Crypto *is* volatile and wasteful compared to any of those.

All of those things can be tracked and confiscated - crypto is a lot harder. It's volatile, but it's significantly more secure against state actors.

Re: China declares cryptocurrency deals ‘illegal’

#249

Post by azth »

dmytrish wrote: post #211
Pmop wrote: post #180

Earlier quoted context omitted.

You probably live in the first world and had never to worry about inflation or politicians/bureaucrats just straight destroying the fiat currency and your wealth in the process. That's why crypto sounds so "wasteful" to you. BTW, if we give the government the power to judge what is a waste of energy and what's not, I can assure you life would be 100% more miserable, to everyone.

Crypto"currencies" are not the only way to store value when an official currency is failing: people who want their savings preserved can get USD, EUR, gold. Crypto *is* volatile and wasteful compared to any of those.

Inflation already affecting USD. All fiat currencies are inherently inflationary. Thanks but no thanks.

Re: China declares cryptocurrency deals ‘illegal’

#250

Post by yxhuvud »

anfilt wrote: post #80

While not a fan of PoW for evironmental reasons. For instance El Salvador made bit-coin legal tender there... So china has out lawed what an other country has declared legal tender... Might make transactions between those 2 countries interesting....

No, because El Salvador still accepts dollars.
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