China wants an orderly exit from Bitcoin mining
1–10 of 94 posts
Re: China wants an orderly exit from Bitcoin mining
#2I am personally of the opinion that China swiftly killing off its cryptocurrency mining industry overnight would be to the great benefit of humanity. The sheer amount of electricity it wastes is an environmental disaster.
Re: China wants an orderly exit from Bitcoin mining
#3I am personally of the opinion that China swiftly killing off its cryptocurrency mining industry overnight would be to the great benefit of humanity. The sheer amount of electricity it wastes is an environmental disaster.
Let alone the psychological damage to the society that any kind of speculation and a flood of "get-rich-fast" schemes incur.
Strict measures are not always bad. If China did not handle the SARS epidemic years ago the way they did, things could have been more similar to the Ebola epidemic.
Re: China wants an orderly exit from Bitcoin mining
#4It's things like this that really make the west seem backwards. Did you know the average Chinese citizen has more representation in their government than the average US citizen cf. https://aeon.co/ideas/one-way-the-us-and-the-eu-are-less-dem...?
Re: China wants an orderly exit from Bitcoin mining
#5Maybe these operations will incorporate solar + battery storage into their systems if they want to stay alive... Be less efficient and less productive, but be legal, environmentally and socially responsible (sucking this much power from the public system is not responsible), and still profit.
Re: China wants an orderly exit from Bitcoin mining
#6I am personally of the opinion that China swiftly killing off its cryptocurrency mining industry overnight would be to the great benefit of humanity. The sheer amount of electricity it wastes is an environmental disaster.
Agreed. Shutting down participation in the planet's largest pyramid scheme doesn't have a lot of downside.
Re: China wants an orderly exit from Bitcoin mining
#7Maybe these operations will incorporate solar + battery storage into their systems if they want to stay alive... Be less efficient and less productive, but be legal, environmentally and socially responsible (sucking this much power from the public system is not responsible), and still profit.
Citibank uses more electricity.
Have you seen the electricity foot print for livestock?
Going vegetarian would allow us to live longer, cause less methane/co2 release and allow us to do Democratic banking.
Bitcoin (Cash) is The most efficient banking system in the world. (Large blocks will scale to trillions of tx/sec)
Re: China wants an orderly exit from Bitcoin mining
#8Not gonna happen, they just wanted to stop it and get a piece of the pie. Mining will resume in China
Re: China wants an orderly exit from Bitcoin mining
#9I am personally of the opinion that China swiftly killing off its cryptocurrency mining industry overnight would be to the great benefit of humanity. The sheer amount of electricity it wastes is an environmental disaster.
Agreed, China's excessive state power can be at least of good use for this case.
Re: China wants an orderly exit from Bitcoin mining
#10It's things like this that really make the west seem backwards. Did you know the average Chinese citizen has more representation in their government than the average US citizen cf. https://aeon.co/ideas/one-way-the-us-and-the-eu-are-less-dem... ?
Comparing China's National People's Congress to the US Congress is ludicrous. The NPC holds one annual session lasting less than 2 weeks, and passes legislations often with 99% Yeas. Every Chinese knows that the NPC is largely a show and holds no real power despite what the constitution says. Wikipedia summarizes it pretty well [1]:
> In theory, the NPC is the highest organ of state power in China, and all four PRC constitutions have vested it with great lawmaking powers. However, in practice it usually acts as a rubber stamp for decisions already made by the state's executive organs and the Communist Party of China.
[1] https://en.wikipedia.org/wiki/National_People's_Congress