China declares cryptocurrency deals ‘illegal’ • Hacker News Board

Re: China declares cryptocurrency deals ‘illegal’

#561

Post by gfodor » Fri, Sep 24, 2021, 5:27 PM UTC

jollybean wrote: post #554

gfodor wrote: post #541

Earlier quoted context omitted.

Your opinion is duly noted, my opinion is that your opinion has little bearing on what the price of BTC will be if the purchasing power of a dollar drops quickly. My prediction is that demand for it will surge and so the price will go up somewhat inversely. I'll note that you're not taking the counter position, just stating why that would be a "very bad idea" for people to demand it. I'm guessing you've been saying t…

You talk exactly like an MLM salesperson. Do you have a seminar I can register for? ... But seriously, people will speculate on things and bubbles will happen in all assets, some are more resilient than others. While the future is never easy to know, your predictions can be dismissed out of hand because we definitely have some 'hard parameters' we have to deal with. BTC is definitely an outlet for illegal activity an…

Why resort to personal attacks?

You can dismiss my predictions all you want, they're still predictions. Maybe instead of just dismissing them, state your own.

Re: China declares cryptocurrency deals ‘illegal’

#562

Post by salawat » Fri, Sep 24, 2021, 5:31 PM UTC

UncleMeat wrote: post #547

plebianRube wrote: post #530

Earlier quoted context omitted.

You claim you're tired of insisting you don't know anythig, yet you beleive you have no democratic say in BTC monetary policy. You don't know what you don't know.

I do not get a vote in BTC monetary policy by virtue of being a human. I'd get a vote according to my hash rate if I bought a mining rig. That isn't democracy.

That's not a vote on monetary policy. A vote on monetary policy is forking the algorithm and changing the nature of the cap.

Bitcoin and cryptocurrency es is a bunch of tech bros assuming they can run or set up a better monetary system than everyone else...

...without realizing that transaction media are an extremely powerful political and diplomatic tool, integral to maintaining national security, and will get stomped relatively quickly given enough time for governments to wrap their head around it.

Re: China declares cryptocurrency deals ‘illegal’

#563

Post by seaourfreed » Fri, Sep 24, 2021, 5:37 PM UTC

The real news: Massive problems in China's real estate markets, bad banking loans and more are uncovered. People in China are greatly moving to crypto and also moving money out of China. China works to trap them in the problems of the legacy financial system.

Re: China declares cryptocurrency deals ‘illegal’

#564

Post by [deleted] » Fri, Sep 24, 2021, 5:38 PM UTC

dnautics wrote: post #464

toomuchtodo wrote: post #454

Earlier quoted context omitted.

What do you propose as a solution for central banks and monetary policy attempting to operate in structural stagnation [1]? Do you believe digital tulips will maintain their value as real productivity declines due to demographics? Physical cash can be inflated with relatively the same ease as a CBDC through QE. You're seeking a level of control and authority of monetary policy only accessible to nation states. We agr…

Technology may not solve problems at the people layer but it can certainly be a forcing factor for reform. You don't think, for example, airplane tech has had an impact on immigration law?

[deleted]

Re: China declares cryptocurrency deals ‘illegal’

#565

Post by yawaworht1978 » Fri, Sep 24, 2021, 5:38 PM UTC

plebianRube wrote: post #224

thow-58d4e8b wrote: post #160

Earlier quoted context omitted.

To underline how preposterous the whole PoW is - BTC is mined by hardware that consumes 2000-3000W each, all the while vast majority of these machines never mine a single block

Technically half true, they share the processing load of guessing the next valid block, and then share the profit when the one piece of hardware finally guessed it.

I do not remember when a Chinese ASIC miner ever shared something while I was mining with a laptop.

Network shares the load but winner takes it all, i thought.

Re: China declares cryptocurrency deals ‘illegal’

#566

Post by thehappypm » Fri, Sep 24, 2021, 5:39 PM UTC

bitxbitxbitcoin wrote: post #342

lousken wrote: post #325

hopefully 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.

Sure, but if no American, Canadian, European, Chinese, Japanese, etc person is willing to use it, then what's the point?

Re: China declares cryptocurrency deals ‘illegal’

#567

Post by gremloni » Fri, Sep 24, 2021, 5:51 PM UTC

arcticbull wrote: post #416

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 civilized country that can't bring itself to ban a massive distributed Ponzi scheme with huge environmental consequences. Bitcoin alone uses about 1/10th as much energy as the entire world's concrete production. Even if it were to transition entirely to renewable energy it also generates as much e-waste as an entire first-world country. These things actually have huge meaningful state security ris…

Imagine lumping all cryptocurrency into proof of work.

Re: China declares cryptocurrency deals ‘illegal’

#568

Post by rtkwe » Fri, Sep 24, 2021, 5:53 PM UTC

monological wrote: post #487

rtkwe wrote: post #481

Earlier quoted context omitted.

That energy isn’t a fundamental requirement of the dollar as a currency though it’s a function of it but isn’t required. BTC on the other hand requires constant energy to process a fraction of the transactions.

Oh it’s not fundamental? What do you think would happen to the value of the dollar if the military didn’t exist and the US was invaded by a foreign county. Connect the dots.

If we’re going down that route, it’s more accurate to say the military impacts are actually protecting (and impacts assignable to) the economic activity itself not the particular currency it happens to take place in (because they take place in many currencies and affect the prices in a huge net that’s impossible to untangle). So the lack of military ecological costs to BTC are more of a figment of it’s place as largely a speculative asset and small slice of the economic pie, if it were to ‘win’ and become a principal currency it has all the same issues as the dollar or any other currency…

And for calling it fundamental, yes BTC requires burning lots of energy to have a transaction. Even if it goes so that day to day most transactions are lightning based you still have to burn that energy continuously to provide the security for new links in the network.

Re: China declares cryptocurrency deals ‘illegal’

#569

Post by MickerNews » Fri, Sep 24, 2021, 5:58 PM UTC

dougmwne wrote: post #243

MickerNews wrote: post #231

Earlier quoted context omitted.

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

You're a bigot for pretending to believe such obvious bullshit.

Re: China declares cryptocurrency deals ‘illegal’

#570

Post by dnautics » Fri, Sep 24, 2021, 5:58 PM UTC

nightski wrote: post #542

arcticbull wrote: post #495

Earlier quoted context omitted.

Yes, because if you dont pay taxes you go to prison. Not going to prison is in high demand!

Technically you don't go to prison. You go to prison for lying about what you owe or cheating. But if you don't pay you generally settle with the IRS and get put on a payment plan or something similar. I know people who have been through this process.

There's also plenty of people who (legally) dont pay taxes.