Wonder if this will free up Graphics cards for gamers or if the mines will move country?
Bsckground There is a severe shortage of gaming GPUs Geforce 30xx. Possibly semi conductor shortage / crypto mining.
China declares cryptocurrency deals ‘illegal’
321–330 of 699 posts
Re: China declares cryptocurrency deals ‘illegal’
#322And the anti-cryptocurrency sentiment I've seen all over HN --- which appeared suddenly a few months ago --- is totally organic, right? I'm sick and tired of everything being a narrative manipulation op.
HN's anti-crypto silliness goes back to the very early days of bitcoin.
Re: China declares cryptocurrency deals ‘illegal’
#323China 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"
I wonder how China intends to enforce this ban. I assume they will be looking at power usage and breaking down doors but that really will only work for POW coins. So that leads me to wonder what they plan to do, technically speaking, to ban all crypto mining. Seems like a fruitless effort.
The Chinese government is experienced in internet traffic monitoring and filtering.
Re: China declares cryptocurrency deals ‘illegal’
#324Earlier quoted context omitted.
I've noticed this quite a bit, and I don't understand it. People keep writing articles and saying things amounting to 'it just won't last forever'. But the reason is, because it just won't, totalitarian governments don't last. Why wouldn't it? Strong central government. Clear economic and social goals with the ends justifying whatever unethical means. A complacent middle and upper class satiated by enough new wealth…
Nothing wrong with the fundamentals of your argument, but growth can’t be unlimited. Eventually it’s starts slowing down, then those complacent middle class will start being less complacent and start demanding more freedom. I think it’s reasonable to say the CCP will keep their grip on power for as long as they can continue delivering wealth to the middle class, and lifting those in poverty into the middle class. Wha…
> ongoing crisis with Everglade
What is this? "Everglade" is a common enough word that I can't find anything besides mentions of the wetlands in Florida.
Re: China declares cryptocurrency deals ‘illegal’
#325hopefully more ocuntries will follow so that we finally get rid of POW
Re: China declares cryptocurrency deals ‘illegal’
#326China 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"
[deleted]
Re: China declares cryptocurrency deals ‘illegal’
#327Earlier quoted context omitted.
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.
I don't think Biden campaigned for unlimited QE and unlimited bailouts
In any event even if this was true an ambitious organization such as the government can't be satisfied with 52% confidence in its financial planning
Re: China declares cryptocurrency deals ‘illegal’
#328hopefully more ocuntries will follow so that we finally get rid of POW
I for one, only like money that there is no proof it was worked for.
Re: China declares cryptocurrency deals ‘illegal’
#329Earlier quoted context omitted.
> The reason why we have inflation and debt is to keep the value of our currencies stable. I'm not following. By definition, inflation is what happens when the price of a currency is not stable. > Remember: Currency is not an investment. A good currency has a stable value over time; otherwise it's very difficult to conduct commerce Agreed. But in countries with high inflation, such as mine, you will lose money if all…
There is a huge difference between moderate inflation and ruinous hyperinflation. For example, before last year Australia had gone almost 30 years without a recession [0], in large part because their central bank's inflation target is a few points higher than the US's hard 2% ceiling. This gives their bank more flexibility in controlling the money supply. That kind of stability is more beneficial to the middle class…
> For example, before last year Australia had gone almost 30 years without a recession [0], in large part because their central bank's inflation target is a few points higher than the US's hard 2% ceiling.
Australia has gone 30 years without recession because we're supplying commodities like iron into the most miraculously productive miracle in all of recorded history, aka mainland China. And because we've got one of the highest rates of net migration in the developed world.
On a per capita basis Australia has had recessions, and it is a stretch to say that our inflation target did anything relative to all the other countries that have inflation targets.
Re: China declares cryptocurrency deals ‘illegal’
#330China 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"
China, nor the USA nor Sweden is creating a cryptocurrency. How is such nonsense on the top? No wonder misinformation is running amok.