They probably want to install the digital yuan, so better get rid of the competition
https://en.m.wikipedia.org/wiki/Digital_renminbi
China declares cryptocurrency deals ‘illegal’
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Re: China declares cryptocurrency deals ‘illegal’
#22This is about the 19th time they do this since I follow the crypt news.
Its irrelevant, the people there are under the control of he CCP and no crypt could help them escape.
Re: China declares cryptocurrency deals ‘illegal’
#23I 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.
So you'd rather a system where TPTB get to fudge the books as they see fit, impose taxes via intentional inflation, and keep tabs on your every transaction? Interesting.
That’s not exactly how it works.
Re: China declares cryptocurrency deals ‘illegal’
#24Re: China declares cryptocurrency deals ‘illegal’
#25I 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.
It's ok to not like crypto but how about sticking to the truth?
* There's many things much more volatile than crypto, the biggest markets being vix if you're a hedgefund and pretty much all derivates like options if you're a gambling man. btc in particular is only 2x from many traditional markets: https://charts.woobull.com/bitcoin-volatility-vs-other-asset...
* The second part of only 5% making a profit is made up and makes no sense. There's not a lot of days since it's inception where you could buy and hold some btc and it wouldn't be more worth later on. Sure if you fomo at a local top and panic sell the bottom you can get burned but it's an easy trade my guess would be more like 80% but like your number it's also just made up.
* Energy consumption you need to put it into relation of comparable resources, of course if you're determined it's worthless it's hard to justify any cost even if it's minor in comparison but that's a personal opinion of yours and many disagree.
Re: China declares cryptocurrency deals ‘illegal’
#26Re: China declares cryptocurrency deals ‘illegal’
#27I 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.
Please educate yourself harder before making these ignorant statements, unless you have a motive behind
Instead of downvoting I decided to write this comment.
I don't agree with the sentiment of the parent either, but:
* Assume the best interpretation of a comment [1].
* Keep it on topic
* Don't attack the person, also not implicitly (e.g. "please educate yourself", don't say that)
Reread: https://news.ycombinator.com/newsguidelines.html
One can claim many things about the parent comment. But it's all directed to the topic at hand.
Cheers!
[1] The best interpretation I can come up with is: yes the energy issue with crypto/bitcoin are an actual problem to solve. Yes, using crypto might be a good use-case in certain situations. While I don't believe the profit claim (there's no source), I can't disprove it either. So it poses an interesting question as to whether that's true.
Re: China declares cryptocurrency deals ‘illegal’
#28I 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.
So don't use it duh
That's right, but those who are invested in crypto really want everyone to invest too.
Re: China declares cryptocurrency deals ‘illegal’
#29I 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.
Europe is currently facing electricity and chip shortages. Banning crypto in the EU would be an acceptable measure for addressing that.
Or banning useless iot devices in cars fridges and toasters would be an even more acceptable measure.
BTW the chip shortage has nothing todo with mining, but if you believe that lie Nvidia and AMD tells you since 5 years...well then that's to bad.
Re: China declares cryptocurrency deals ‘illegal’
#30Alternate headline: China says today is a good day to invest in crypto.