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China declares cryptocurrency deals ‘illegal’

dailybusinessgroup.co.uk

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Re: China declares cryptocurrency deals ‘illegal’

#421

Post by fouric »

barrenko wrote: post #277
blacksqr wrote: post #251

Earlier quoted context omitted.

There is a huge difference between moderate inflation and ruinous hyperinflation. For example, before last year Australia had gone almost 30 years without a recession [0], in large part because their central bank's inflation target is a few points higher than the US's hard 2% ceiling. This gives their bank more flexibility in controlling the money supply. That kind of stability is more beneficial to the middle class…

Not sure why you're so downvoted.

"Please don't comment about the voting on comments. It never does any good, and it makes boring reading."[1]

And if you're going to break the guidelines and comment on voting anyway, the very least that you could do is also add some value to the discussion, e.g. add some thoughts/elaboration/support for the points made.

[1]https://news.ycombinator.com/newsguidelines.html

Re: China declares cryptocurrency deals ‘illegal’

#422

Post by kureikain »

jkilpatr wrote: post #347
endisneigh wrote: post #332

Earlier 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 think the term referrer to cryptography aspect of the currency.

In a blockchain system, you can generate transaction off-chain(as in, no need for internet access), then you signed it with your private key, and send to a node in the chain. The nodes can verifiy/confim using your public key. The wallet address is a result of hashing your public key.

Compare with a digital currency, you most likely need an account and some sort of credential that managed by the company which issues the currency.

Re: China declares cryptocurrency deals ‘illegal’

#423

Post by TheGigaChad »

thirdvect0r wrote: post #399
nightski wrote: post #336

Wow, imagine living in a country where the legal financial assets you own can be turned criminal where accessing them is punished with hard labor. Sounds like a dystopian nightmare.

Imagine living in a country that allows you to destroy the environment for a fake currency. Your worldview is ridiculous.

Imagine if you are a soyboy nocoiner. Oh way, just go to the mirror and you will see one.

Re: China declares cryptocurrency deals ‘illegal’

#424

Post by mgh2 »

hutzlibu wrote: post #372
RobertoG wrote: post #213

Earlier quoted context omitted.

You should look more into the real causes of inflation in your country, because they are probably not what you think Even without knowing what country you are from, I would bet that inflation is because imports and exports imbalances and nothing to do with "printing too much money". And anyway, if the problem is storing value, why you don't buy gold or dollars, yens or something like that?

"And anyway, if the problem is storing value, why you don't buy gold or dollars, yens or something like that?" Those are the traditional means and are usually banned or strongly regulated, if the states money is at stake.

Where are you from? What were your options before crypto?

Re: China declares cryptocurrency deals ‘illegal’

#425

Post by A4ET8a8uTh0 »

nightski wrote: post #336

Wow, imagine living in a country where the legal financial assets you own can be turned criminal where accessing them is punished with hard labor. Sounds like a dystopian nightmare.

Eh.. I don't want to diminish the impact of Chinese action, but US not so long ago banned owning gold ( https://en.wikipedia.org/wiki/Gold_Reserve_Act ) by individuals. It is only recently that this got relaxed. Government can and do whatever the populace will bear.

Re: China declares cryptocurrency deals ‘illegal’

#426

Post by cormacrelf »

earthscienceman wrote: post #406
wcoenen wrote: post #339

I'm not sure why the title of the article focuses on mining. China had already banned mining. This was very visible as a drop in the hash rate over the summer[1]. What has been announced now (by the Chinese central bank and a bunch of regulators) is that all crypto related transactions will be banned. [1] http://bitcoin.sipa.be/

There's a lot of vague language in these types of threads. What does "banned" mean? Does that mean illegal and punishable by death? Or does that mean, connections to identified crypto computing resources will be blocked by the great firewall?

Apart from the missing actual news (it's now also trading), what's not to understand? Banned by a government means illegal. Trading cryptocurrencies is now illegal there. Who cares how they enforce it? They will enforce it.

https://news.yahoo.com/chinas-central-bank-rules-crypto-0944...

Re: China declares cryptocurrency deals ‘illegal’

#427

Post by lottin »

DethNinja wrote: post #368
nightski wrote: post #336

Wow, imagine living in a country where the legal financial assets you own can be turned criminal where accessing them is punished with hard labor. Sounds like a dystopian nightmare.

Coming soon to a country nearby you… Plebs cannot be allowed to have access to sound money, otherwise financial parasites can’t exists.

Are you sure you got this right? Keep in mind that the only way to make money with bitcoin is literally by taking it away from other "investors".

Re: China declares cryptocurrency deals ‘illegal’

#428

Post by shadowgovt »

Wow, this I did not see coming.

I kind of assumed BTC mining was going to be owned by Chinese nationals within a couple years, at which point the government would nationalize it and BTC would no longer, in practice, have the promise of a distributed store of truth.

Egg on my face.

Re: China declares cryptocurrency deals ‘illegal’

#429

Post by fouric »

slg wrote: post #404
thirdvect0r wrote: post #399

Earlier quoted context omitted.

Imagine living in a country that allows you to destroy the environment for a fake currency. Your worldview is ridiculous.

This is an overly aggressive tone that will cause knee-jerk pushback, but there is an argument that it is exactly the thing we should expect of our government, to correct for externalities. This is effectively not that different than a company dumping chemical in the local river rather than disposing of them properly. They are encroaching on my rights to a livable planet for their own personal financial gain.

The GP comment falsely implies that PoW is the only kind of cryptocurrency (and, well, the obnoxious and anti-intellectual tone).

There are many reasons to dislike crypto in general, but "it destroys the environment" only applies to PoW-based systems and not crypto in general.

Also, you should read the guidelines: "Please don't comment about the voting on comments. It never does any good, and it makes boring reading."[1]

[1] https://news.ycombinator.com/newsguidelines.html

Re: China declares cryptocurrency deals ‘illegal’

#430

Post by carnitine »

monological wrote: post #415
thirdvect0r wrote: post #399

Earlier quoted context omitted.

Imagine living in a country that allows you to destroy the environment for a fake currency. Your worldview is ridiculous.

How do you think the dollar keeps its value? Do you understand that the reason it has value is because it’s backed by the US military, which provides peace and stability for industry to consume a vast amount of energy to produce goods that get shipped around using fossil fuel? Have you calculated the total energy expenditure of the entire US financial system, direct and indirect, and then compare it to proof-of-work…

I don’t get it. All of that energy expenditure not only backs the dollar, but as you say also provides goods, services and a high standard of living to millions of people. The energy expenditure of Bitcoin only backs Bitcoin.
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