Will we observe a significant hash-rate dive in near future?
China declares cryptocurrency deals ‘illegal’
341–350 of 699 posts
Re: China declares cryptocurrency deals ‘illegal’
#342hopefully more ocuntries will follow so that we finally get rid of POW
If every country in the world AND the UN "banned" cryptocurrencies, there would still be POW.
Re: China declares cryptocurrency deals ‘illegal’
#343China 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"
I wonder how China intends to enforce this ban. I assume they will be looking at power usage and breaking down doors but that really will only work for POW coins. So that leads me to wonder what they plan to do, technically speaking, to ban all crypto mining. Seems like a fruitless effort.
A plan for enforcement isn't really a prerequisite for regulation. It's especially not a prerequisite when there's no limit to the regulator's capacity to investigate and escalate penalties, should existing measures fall short.
Re: China declares cryptocurrency deals ‘illegal’
#344I 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.
What do you actually want Western nations to ban? The purchase and sale of digital currencies?? What if a nation adopts Bitcoin as its national currency? You can no longer buy and sell another nation's currency? What if you want to visit that country? (The what ifs will not end at these few examples.)
I don't clearly see what you would actually propose banning. My opinion is it's technology, an idea, and that shouldn't be banned.
Re: China declares cryptocurrency deals ‘illegal’
#345Re: China declares cryptocurrency deals ‘illegal’
#346Earlier quoted context omitted.
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.
Yes, and they should be, in order to deter and punish crime.
who defines what a crime is? Isn't it the same government that at some point decides to confiscate your assets?
Re: China declares cryptocurrency deals ‘illegal’
#347Earlier quoted context omitted.
They’re likely referring to the digital yuan project which is very real and is already being tested in certain parts of china.
The digital yuan is not a cryptocurrency, furthermore, digital money is not cryptocurrency.
What defines cryptocurrency then?
Not saying your wrong, but I'm curious.
Re: China declares cryptocurrency deals ‘illegal’
#348Earlier quoted context omitted.
The digital yuan is not a cryptocurrency, furthermore, digital money is not cryptocurrency.
What defines cryptocurrency then? Not saying your wrong, but I'm curious.
I'm not sure there's an "official" definition, but generally crypto(currencies) are referring to currencies that are setup on a blockchain, or distributed ledger. In addition validator models, such as proof-of-stake and proof-of-work are used to validate and maintain the ledger.
A digital currency does not require a distributed ledger, nor does it require a validator model as it is not distributed or trustless to begin with as it's inherently centralized and backed by a government and existing monetary infrastructure usually.
In other words, digital money is nothing like cryptocurrencies.
Re: China declares cryptocurrency deals ‘illegal’
#349Excellent news for the climate.
It's a thunderous dunk while your team is down 40 in the 4th. A loud, but small, short term win.
"Excellent news" would be the halting of state subsidies for coal mining, and introduction of a carbon tax.
Re: China declares cryptocurrency deals ‘illegal’
#350> 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.
You are not paying attention.
https://old.reddit.com/r/Bitcoin/search?q=china+ban+bitcoin&...