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CPB director: The Netherlands must ban Bitcoin and other cryptocurrencies

netherlandsnewslive.com

81–90 of 210 posts

Re: CPB director: The Netherlands must ban Bitcoin and other cryptocurrencies

#81
post #50

Earlier quoted context omitted.

I'm gonna go out on a limb here and say maybe we should in general ban things that are a certain amount less energy efficient (say, 5x more wasteful) than the best technology we've achieved for a similar purpose so far. And progressively tax anything that's moderately more wasteful (say, 2x-5x). It's bad enough that we have cars on roads that are twice as wasteful as they could be, let alone a transaction processing…

No, please don't tax something because it is wasteful or not, but tax something based on how much resources it uses. In fact, tax the resource usage not the activity. Even an extremely efficient car uses a ton of energy to move around. New cars often have engines in the multiple hundred kW range, which is insane compared to any other appliance you own. If fossil fuels were taxed properly, that would discourage using/…

> No, please don't tax something because it is wasteful or not, but tax something based on how much resources it uses.

"Wasteful" = "using more resources than it genuinely needs". We're saying very, very similar things here. I don't find the difference between them significant enough to be worth arguing about honestly. I'm just suggesting an alternative that I think might be more viable, but if we go with your proposal, that's enough progress to make me happy.

Re: CPB director: The Netherlands must ban Bitcoin and other cryptocurrencies

#82

A bit unrelated, but this submission was top 3 on HN and suddenly seems removed from the /news page?

This isn't the first time I've seen negative articles about cryptocurrencies suddenly drop down the rankings on this site:

https://news.ycombinator.com/item?id=27215572

Re: CPB director: The Netherlands must ban Bitcoin and other cryptocurrencies

#83
post #20

Earlier quoted context omitted.

Good luck banning internet access. Even if you ban crypto exchanges and money transfers to them, you cannot ban a single entity called Bitcoin Co, nor you can ban individuals from possessing it. You could potentially ban crypto miners from using the electrical energy, but that doesn't ban Bitcoin either. Any other ideas? :)

> Any other ideas? :) Yeah, make it illegal.

What you think banning means

Re: CPB director: The Netherlands must ban Bitcoin and other cryptocurrencies

#84
post #76

Earlier quoted context omitted.

Ban knifes! The biggest enabler of stabbings!

Because the cost/benefit ratio of Bitcoin is even on the same planet as that of knives?

Yeah, but they are talking about crypto not bitcoin. It's like banning knives because one type use to stab

Re: CPB director: The Netherlands must ban Bitcoin and other cryptocurrencies

#85
post #83

Earlier quoted context omitted.

> Any other ideas? :) Yeah, make it illegal.

What you think banning means

Merely banning exchanges or mining != making Bitcoin usage illegal in general (including buying/selling/transfer/etc.)

Re: CPB director: The Netherlands must ban Bitcoin and other cryptocurrencies

#86
post #52

Earlier quoted context omitted.

> Cryptocurrency is no the enabler of ransomware. Ransomware was prevalent before cryptocurrencies. This meme really needs to die. It's driving me more and more insane every time I read it. Ransomware may have existed previously but it was nowhere nearly as prevalent before cryptocurrencies came around. It is not a mere coincidence of the cosmos that almost every single darn time (I think literally 98% of the time, a…

I've been in security for ages, ransomware was there but has evolved since then. Two other reasons can explain the increase in ransomware, that merely correlate with the rise of cryptocurrencies: 1) The innovation of encrypting files hadn't occurred to ransomware operators yet. 2) The value of computer systems, and data, itself increased. Massively increasing the likelihood of victims paying the ransom. Before crypto…

The law enforcement would be able to trace the payment trough Western Union. Especially a million and more transactions. The money laundering regulations apply to money transfers.

Re: CPB director: The Netherlands must ban Bitcoin and other cryptocurrencies

#87
post #84

Earlier quoted context omitted.

Because the cost/benefit ratio of Bitcoin is even on the same planet as that of knives?

Yeah, but they are talking about crypto not bitcoin. It's like banning knives because one type use to stab

Replace Bitcoin with cryptocurrencies in my comment.

Re: CPB director: The Netherlands must ban Bitcoin and other cryptocurrencies

#88
post #75
post #30

Earlier quoted context omitted.

money printing is done by handing it to banks at zero interest and flooded on the stock exchanges. The rich get richer and the poor can buy less with the same money since wages are the last thing to raise (while the rich buy up houses and commodities with their free money). Inflation is a tax on the poor and elderly. Literally since VAT is percentage-wise levied on relatively more expensive consumer goods and if wage…

Okay, and how do cryptocurrencies fix this? Mining is supposed to be increasingly cost prohibitive so in an ideal world it would eventually cease to have a meaningful impact on currency supply within practical timeframes. Assuming economic growth holds, this would mean constant deflation (i.e. value of the currency continually increases as its supply remains quasi constant while the overall economy increases). Since…

that "would" in your shift argument is already reality, that's the lightning network, which transmits bitcoin off-chain for pennies, but in a decentralized way, because it utilizes existing bitcoin balances on lightning nodes for it. There is still no bank, BUT there is a more centralized "arbiter", yes. So your argument does hold about the trustlessness, though not entirely the centralization.

The one thing that's central in this debate is to understand that current currencies are built to be inflationary, which causes the need for constant economic growth. Bitcoin is not. The "bitcoin fixes it" meme is hopeful utopianism, I grant you that, but bitcoin would not carry this growth mandate in its bowels that state currencies do.

Re: CPB director: The Netherlands must ban Bitcoin and other cryptocurrencies

#89

A bit unrelated, but this submission was top 3 on HN and suddenly seems removed from the /news page?

This isn't the first time I've seen negative articles about cryptocurrencies suddenly drop down the rankings on this site: https://news.ycombinator.com/item?id=27215572

To bad, would love to see more discussions on this.

Re: CPB director: The Netherlands must ban Bitcoin and other cryptocurrencies

#90
post #4

Everyone needs to ban Bitcoin... and likely other cryptocurrencies. Not only are they by far the biggest enablers of ransomware (which we're supposedly taking seriously now), but Bitcoin emissions alone could push global warming above 2°C. [1] Bitcoin already consumes 0.55% of energy produced globally. [2] [1] https://www.nature.com/articles/s41558-018-0321-8 [2] https://hbr.org/2021/05/how-much-energy-does-bitcoin-a…

Another option is to also regulate it into oblivion.
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