China declares cryptocurrency deals ‘illegal’

Post by plebianRube » Fri, Sep 24, 2021, 2:15 PM UTC

UncleMeat wrote: post #189

netcan wrote: post #95

Earlier quoted context omitted.

Bitcoin wanted to be the world's currency, with a techno goldbug understanding of what money is. That shades a lot of what we think of as crypto. There are a lot of different versions of the idea though. A lot of variety exists in crypto now, and very little is deterministic. I don't want to rule out the positive possibilities, and outlawing is broad brush. The PCB grunted at crypto here. We can do That said, the var…

> with a techno goldbug understanding of what money is I think this isn't emphasized enough. With existing fiat money I have some degree of democratic control over monetary policy. With BTC, critical monetary policy was set by one person and if that monetary policy ever changes it will be decided by a combination of engineers and mining conglomerates. Given how critical these policies are and how ideologically focuse…

Post by barrenko » Fri, Sep 24, 2021, 2:15 PM UTC

worrycue wrote: post #232

pid-1 wrote: post #59

Earlier quoted context omitted.

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.

Current inflation is due to the government “creating money” for the COVID-19 stimulus, the fact that governments can even do that is what’s so good about fiat currency. Bailouts are another benefit. Governments can at will dull or even prevent financial contagion thus preventing another Great Depression. All this has a cost in the form of inflation until the money is reabsorbed of course but it’s better than economic…

Post by firecall » Fri, Sep 24, 2021, 2:16 PM UTC

pid-1 wrote: post #59

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 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.

Post by Invictus0 » Fri, Sep 24, 2021, 2:17 PM UTC

Post by ulzeraj » Fri, Sep 24, 2021, 2:18 PM UTC

mn678 wrote: post #131

pid-1 wrote: post #59

Earlier quoted context omitted.

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.

Nonsense. Why would any sane person move a large part of their assets into something as volatile as crypto? If you want to protect yourself against inflation, buy real estate or equities if your time horizon is long enough. Even fixed income once rates are a bit better. But for the average person please stay clear of crypto!