Other than white listing and black listing transactions by the miners and exchanges, and governments declaring it illegal, Bitcoin is 100% censorship resistant.
Bitcoin isn't, but Monero is.
China declares cryptocurrency deals ‘illegal’
261–270 of 699 posts
Re: China declares cryptocurrency deals ‘illegal’
#262Earlier quoted context omitted.
Only PoW cryptos need extensive electricity and hardware. Its completely absurd to ban crypto. Thats like if you would ban all motorized vehicles to get rid of coal blasting diesel trucks without catalytic converter. Needless to say that its also technically impossible to ban crypto. Its like banning torrents or even harder and we all know torrent was attacked heavily in the past but it did not go away.
Just ban the fiat exchanges. The hardcore crypto types would carry on using it but like 95% would give up - that's sufficient.
On the whole world? Good luck with that. Name one thing the whole world has agreed on and is successfully enforced everywhere.
Re: China declares cryptocurrency deals ‘illegal’
#263Excellent news for the climate.
Re: China declares cryptocurrency deals ‘illegal’
#264Earlier quoted context omitted.
Clearly he thinks that investments in renewables are a good thing, since those would also "reduce the use of non-renewables in the wider energy grid". So I'm puzzled why you'd think what you just wrote.
"Every watt of renewable power generated to power a crypto miner," IS investment in renewable energy.. which he would rather was not invested in renewable energy. I don't see any other way to interpret that, unless you think that paying monies for renewables is somehow not 'investing' in renewables.
> "Every watt of renewable power generated to power a crypto miner," IS investment in renewable energy
Yes, that is true...
> which he would rather was not invested in renewable energy
...no, he would have used the generated electricity for something more useful, NOT make it so that it isn't generated in the first place.
Re: China declares cryptocurrency deals ‘illegal’
#265Earlier quoted context omitted.
I can live on land. I can't live on a string. You also ignore the premise being put forth, that Bitcoin as a currency still isn't ideal. You don't think "long term investment" with currency so much as short to medium term. Like, will bread and milk cost 10x as much next week? "Stop thinking investment and start thinking survival" might be a good way to put it.
The original comment was about protecting yourself against inflation. Not sure how your comment is related.
Ah. I got subthreads confused.
Re: China declares cryptocurrency deals ‘illegal’
#266Earlier quoted context omitted.
Except gold is not a currency. It's a commodity. Gold coins used to be a currency in certain times and places. Insofar as they're not recognized anymore, at least where I live, they've actually failed.
I believe the Canadian maple series of gold and silver coins have some face value, and you can spend them like that if you wish. 1oz gold = 50CAD FV, and 1oz Silver = 5CAD if I'm not mistaken. However when you try to bring them across borders they are evaluated at their numanistic value.
Sure, there are countries where noble metal coins are still currency. That doesn't mean that this proves that "gold as currency has stood the test of time".
Re: China declares cryptocurrency deals ‘illegal’
#267China bans your crypto as illegal, while preparing their own national crypto chain(s). Sweden too right? US Fed in the mix with their own plans.
"big thieves hate little thieves"
Re: China declares cryptocurrency deals ‘illegal’
#268Earlier quoted context omitted.
Current inflation is due to the government “creating money” for the COVID-19 stimulus, the fact that governments can even do that is what’s so good about fiat currency. Bailouts are another benefit. Governments can at will dull or even prevent financial contagion thus preventing another Great Depression. All this has a cost in the form of inflation until the money is reabsorbed of course but it’s better than economic…
All fair. But there is no free lunch. The burden of the proof always lies with the person or the entity trying to sell something. The government failed to sell QE and bailouts to the population, the government further failed to sell inflation target at 2% to the population. Had government not failed in selling these concepts we'd not have bitcoin. Government as always can't sell. Otherwise it won't be government.
>The government failed to sell QE and bailouts to the population
I recall a recent vote where someone was elected president by a significant majority running on just this platform.
Re: China declares cryptocurrency deals ‘illegal’
#269Earlier quoted context omitted.
> A stable currency would have an inflation rate of 0% Sure, and if the government had centralized control of all prices, it could mandate that. Since it doesn't (even those that assert that power don't have it in practice), what it seeks to do, as far as stability, is try to acheive low short-term price volatility, and as it turns out, experience shows that low-to-moderate inflation helps with that.
The M1 [0] tracks physical currency in the economy. It would appear there is a rather large amount of literal money printing afoot. So while a sharp turn to dictatorship could stabilise the currency, there are probably less extreme measures the US government could take to keep inflation at 0%. 75% of (physical, not the important ones in bank accounts) dollars literally appeared after 2016. The M1 isn't the measure th…
> The M1 [0] tracks physical currency in the economy.
No it doesn't. M1 also includes demand deposit accounts (checking and savings accounts), among other things that aren't physical currency.
Re: China declares cryptocurrency deals ‘illegal’
#270Earlier quoted context omitted.
For China specifically, the reason to hate crypto currency is because it's a system where they don't have control. It's the same reason they are cracking down on the tech sector and Hong Kong. The CCP does not like having competitors for power or even something they don't have control over.
> The CCP does not like having competitors for power or even something they don't have control over. The CCP is a bunch of unambitious individuals. Everything that causes troubles to the CCP means troubles for Xi and the possibility that his "president for life" title might be revoked, creating room for somebody else to ascend. From a game theory standpoint it is better to be at the helm of a slightly less relevant o…
If you fail on your bid for power in an NGO the chance of you being disappeared is very low.