Looks like something serious is cooking around Chinese economy.
It seems to be part of an overall move to curb people from becoming too rich in China.
Which kind of economic model is that?
China declares cryptocurrency deals ‘illegal’
581–590 of 699 posts
Re: China declares cryptocurrency deals ‘illegal’
#582Earlier quoted context omitted.
> 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...
2017 and 2018 articles are actually consequent steps: 2017 - ban internal exchanges, 2018 - ban external exchanges from offering services in China.
Re: China declares cryptocurrency deals ‘illegal’
#583Earlier quoted context omitted.
Energy is fungible. Unless those renewable-generated watts were unable to be used for other things, then all marginal use of energy uses emitting sources, since we are not yet at 100% green energy. There are a few exceptions where mining is done on grids that are at 100% green energy, but this is not the norm.
Sure in theory. In reality not all energy is fungible because not all power generating systems in the world are connected. If I stand up a geo-thermal farm to run my crypto mining operation that power would not have been available to the grid anyway because the economic incentive to build the power station was crypto, not selling it to the grid.
These cases exist, but they are not the dominant form of mining. If all mining was done in such circumstances (and the energy source couldn't be connected to a useful grid) then people wouldn't be as upset.
Re: China declares cryptocurrency deals ‘illegal’
#584Earlier quoted context omitted.
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.
Like I said, you don't know what you don't know.
Then share. I assure you that I am capable of understanding.
Re: China declares cryptocurrency deals ‘illegal’
#585Earlier quoted context omitted.
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 stomp…
You can fork the algorithm if you have a sustained >50% hash rate. I suspect that with BTC this will never happen in a meaningful way since something as basic as block sizes caused an insurmountable rift in the community.
Re: China declares cryptocurrency deals ‘illegal’
#586Earlier quoted context omitted.
Kind of like when you accuse anyone pointing out the holes in your argument of being ignorant or apparently unconcerned by atrocities? At this point, anyone promoting blockchains for things which they are known to be unsuitable does need to establish that they are acting in good faith and do not have financial conflicts of interest.
> Kind of like when you accuse anyone pointing out the holes in your argument of being ignorant or apparently unconcerned by atrocities? Yes! This is exactly the kind of behavior you did in your previous post. I'm glad you acknowledge it. Of course, I did not do what you state here, since I wasn't actually responding to anyone nor were there any "holes in my argument" since I didn't even make an argument being refute…
So where I see “It’s only if you are privileged (or, arguably, ignorant) to not consider…” in your comment, that was written by someone else?
Re: China declares cryptocurrency deals ‘illegal’
#587Earlier quoted context omitted.
A lot of the hardline pro-law FUD here is, I am pretty sure, astroturf. Same with all the comments that were pro-Apple in the phone scanning threads.
Absolutely not. Read the profiles of those people, it's clear that they have an ideology that is anti-crypto and they're just reacting honestly. People can disagree with you without being literally paid to do it.
I'm not classifying them as shills because they disagree with me, but because most people I talk to are pro-crypto (at least in theory) and anti-think-of-the-children. Those profiles could be elaborate constructions. It seems kind of likely, of all the tech people I know none of them think those things.
Re: China declares cryptocurrency deals ‘illegal’
#588Earlier quoted context omitted.
Europe is currently facing electricity and chip shortages. Banning crypto in the EU would be an acceptable measure for addressing that.
Does anyone mine in Europe? I can't imagine that, considering the cost of electricity here.
This is just anecdotal, but some people run their GPU for mining during Winter since its 'free heat'. This basically renders the GPU into a space heater, which is 3x-4x less efficient than a heat pump.
Additionally, some individuals steal electricity (eg. from their workplace, or if they have electricity included in their rental contract). Cryptocurrencies have thus conveniently enabled a form of electricity theft and fraud previously impossible for the individual.
Re: China declares cryptocurrency deals ‘illegal’
#589Earlier quoted context omitted.
> It is not necessary for crypto PoW to be powered by CO2 emitting fuels. It can be powered with renewables. That's completely irrelevant for the correlation. Renewables are theta-bound by fossil fuels, and fossil fuels are theta-bound by renewables. Only at zero emissions for a source this would stop being true. This is first semester math.
> Only at zero emissions for a source this would stop being true There are plenty of crypto operations that have their own, renewable power sources that operate in a closed zero emission fashion.
> renewable power sources that operate in a closed zero emission fashion
If you mean operational emissions, then this is a trivial statement. If you mean total emissions, then this is a wrong statement, unless these people manufactured their own generators using zero emissions in the process.
Re: China declares cryptocurrency deals ‘illegal’
#590Earlier quoted context omitted.
> Kind of like when you accuse anyone pointing out the holes in your argument of being ignorant or apparently unconcerned by atrocities? Yes! This is exactly the kind of behavior you did in your previous post. I'm glad you acknowledge it. Of course, I did not do what you state here, since I wasn't actually responding to anyone nor were there any "holes in my argument" since I didn't even make an argument being refute…
So where I see “It’s only if you are privileged (or, arguably, ignorant) to not consider…” in your comment, that was written by someone else?
No, I wrote that, but it wasn't responding to anyone. I was making a general point that failing to consider counterfactuals regarding such technology is an error. You seem to think I was responding to someone who "pointed out holes" in an argument I made. You're imagining this entirely. It's a cool hallucination though, I wonder why you're having it. As best I can tell its utility rests entirely on it giving you an opening to accuse me of hypocrisy for pointing out your presumption of bad faith and malevolence in others. Look at how far you've managed to take us afield using it! Neato.