China bans your crypto as illegal, while preparing their own national crypto chain(s). Sweden too right? US Fed in the mix with their own plans. "big thieves hate little thieves"
China declares cryptocurrency deals ‘illegal’
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Re: China declares cryptocurrency deals ‘illegal’
#292Earlier quoted context omitted.
>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?
They have almost 0 community spread. A fact which many in the west respond to by saying that they’re faking their numbers, which completely ignores all of the counter measures they’ve taken. I have colleagues in China, and the Chinese lockdowns literally looked like a Zombie movie. It’s not surprising they were able to contain spread.
I think they do both. I mean, the gross misreporting of the numbers, AND the harsh lockdown measures.
Re: China declares cryptocurrency deals ‘illegal’
#293I 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.
Europe is currently facing electricity and chip shortages. Banning crypto in the EU would be an acceptable measure for addressing that.
Because we live in times of unprecedented institutional failure, not building reliable power sources and there is zero non-wishful thinking ahead.
Re: China declares cryptocurrency deals ‘illegal’
#294Earlier quoted context omitted.
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.
Only PoW cryptocurrencies can be fairly distributed and avoid wealth concentration (although many fail to do so by concentrating most of emission in just the first few years).
You are alluding to PoS i assume. I never really understood that argument. How is wealth getting concentrated when the relative distribution of coins stays exactly the same?
Re: China declares cryptocurrency deals ‘illegal’
#295How is this actually enforceable? Anyone with internet and power can mine. Could they firewall the entire bootstrap IP list for Bitcoin mining?
They don't have to block Bitcoin through technical means; they just have to (figuratively) hit a sufficient number of violators with a $5 wrench. [1]
Re: China declares cryptocurrency deals ‘illegal’
#296Earlier 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.
Because they didn't buy. And because they're very smart, there must have been a reason why they didn't buy, so they find one. So next time, next opportunity, they can't buy, or they would have been Wrong about it before.
Stop it! Break the cycle! Changing your mind says nothing bad about you. Let the past go, and think it through today, as if you saw it for the first time.
Re: China declares cryptocurrency deals ‘illegal’
#297How is this actually enforceable? Anyone with internet and power can mine. Could they firewall the entire bootstrap IP list for Bitcoin mining?
I imagine the physical footprint of large-scale mining operations will make it easy to find miners. And as Chinese companies looking to operate on the internet need to acquire a license from the Government, they're probably less likely to risk their whole business for crypto payments/trading.
Re: China declares cryptocurrency deals ‘illegal’
#298> A statement posted on the Central Bank’s website today says that “virtual currency does not have the same legal status as legal currency.” China has "banned Bitcoin" dozens of times over the last decade. I mean, this is an ancient and well-known meme involving a certain South Park clip after all. Maybe this time is for real, but all of these media announcements have one thing in common. They always conflate the con…
> China has "banned Bitcoin" dozens of times over the last decade This is a false narrative pushed by the Bitcoin cult. It's supposed to create an impression that nothing has changed, so the price should not change.
or it's completely factual?
2013: https://www.bloomberg.com/news/articles/2013-12-05/china-s-p...
2015: https://archive.is/Higoz
2017: https://www.reuters.com/article/us-bitcoin-china-idUSKCN1BJ1...
2018: https://www.businessinsider.com/china-eliminates-all-cryptoc...
2021: https://archive.is/s7nbw
"China Has Banned Bitcoin 13 Times Since 2012":
https://finance.yahoo.com/news/china-great-bitcoin-mining-mi...
Re: China declares cryptocurrency deals ‘illegal’
#299Earlier 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…
Honestly, this is more of an argument against Excel and most office jobs.
Btw. we have truck driver and plumber shortages.
Re: China declares cryptocurrency deals ‘illegal’
#300This is interesting timing given what has been happening related to Evergrande. It is possible that the government is worried about money being moved out of the country, and cryptocurrency is one way of doing that.
How would crypto help with moving money out of a country if mining is banned?