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China declares cryptocurrency deals ‘illegal’

dailybusinessgroup.co.uk

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Re: China declares cryptocurrency deals ‘illegal’

#371

Post by [deleted] »

delecti wrote: post #324
avianlyric wrote: post #85

Earlier quoted context omitted.

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.

[deleted]

Re: China declares cryptocurrency deals ‘illegal’

#372

Post by hutzlibu »

RobertoG wrote: post #213
pid-1 wrote: post #179

Earlier 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…

You should look more into the real causes of inflation in your country, because they are probably not what you think Even without knowing what country you are from, I would bet that inflation is because imports and exports imbalances and nothing to do with "printing too much money". And anyway, if the problem is storing value, why you don't buy gold or dollars, yens or something like that?

"And anyway, if the problem is storing value, why you don't buy gold or dollars, yens or something like that?"

Those are the traditional means and are usually banned or strongly regulated, if the states money is at stake.

Re: China declares cryptocurrency deals ‘illegal’

#373

Post by poontang1 »

Factorium wrote: post #17
holoduke wrote: post #14

I 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.

It would not. Hardly anyone mines in Europe. Ironically power shortages are due to ESG initiatives that phased out power stations using fossil fuels and left unreliable power sources of wind and solar

Re: China declares cryptocurrency deals ‘illegal’

#374

Post by Torwald »

adrianN wrote: post #263

Excellent news for the climate.

The idea that crypto mining is bad for the climate is short-sighted. It is based on the wrong assumption of a static universe.

But this world is not static. Let's say for example, all goverments would become more strict in taxing energy consumption. (Presumably to help save the climate.)

Now at some point there is a market incentive to develop mining techniques that optimize for less energy consumption above all else. This would lead to better technologies and thus environment friendly mining techniques.

So this would mean that two factors in this world have changed. Namely taxation on energy and energy consumption while mining crypto.

But this goes further. What if the usage of crypto enables reduction in carbon imprint in other sectors? This could be a possible development.

And so on. The world is always changing.

Re: China declares cryptocurrency deals ‘illegal’

#376

Post by plokiju »

marcosdumay wrote: post #205
pskiba wrote: post #115

Earlier quoted context omitted.

Maybe if he meant less than 5% of miners make money. I could potentially believe this, given the competitive nature of mining. However, as an investment, as of right now, there is only a span of a few months where if you bought Bitcoin you would not be in the green right now.

Every bubble does that all the time until it bursts. Did people find a useful reason to buy Bitcoin already? Something that creates value, instead of hopping to sell higher for the next sucker?

Crypto != Bitcoin. There’s a lot of exciting innovation happening in defi and other areas. The argument that crypto is only used for trading is well out of date

Re: China declares cryptocurrency deals ‘illegal’

#378

Post by pjerem »

jkilpatr wrote: post #347
endisneigh wrote: post #332

Earlier quoted context omitted.

The digital yuan is not a cryptocurrency, furthermore, digital money is not cryptocurrency.

What defines cryptocurrency then? Not saying your wrong, but I'm curious.

Cryptocurrency is a distributed ledger over a blockchain. The real question is what is a digital money ?

Digital money is the digital equivalent to cash. It's money that is emitted by the central bank in digital form that you really own, not a debt that a bank somehow owes you.

Cryptocurrency or not, central bank application or other, it's all implementation detail. The important definition is : it's money you can own but that you can't touch.

Re: China declares cryptocurrency deals ‘illegal’

#379

Post by [deleted] »

FabHK wrote: post #191
OJFord wrote: post #156

Earlier quoted context omitted.

I'm not saying I agree, but GP didn't say the converse - the framing was 'cash is going ['on its deathbed'], and I'm not happy with the mainstream replacements'.

You're right. Even then, I'd say one should agitate for non-traceable digital central bank cash.

[deleted]

Re: China declares cryptocurrency deals ‘illegal’

#380

Post by ddorian43 »

GDC7 wrote: post #218
enkid wrote: post #136

Earlier 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…

Plenty of money in NGO. You just don't get it directly in your wage.
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