China is taking a stand against cryptocurrencies & their value is now dropping

HotSauceMaven · May 19, 2021

I might be getting this mixed up with something else, but isn't this old news?

I had thought Bitcoin was banned from financial institutions in China back in 2017. Doesn't China also have a digital Yuan in the pipeline as well? Also, didn't the Chinese courts rule that Bitcoin and Ethereum are legal property protected by law? Some clarification on this would be helpful.

Thatonedice1 · May 19, 2021

Trey said:
How is reiterating not trading or accepting certain cryptocurrencies specifically authoritarian?

Because in America Capital is synonymous with Freedom.

Garrett 2U said:
Go to the statement, CTRL+F 'environment', you'll find zero results. This ban is to maintain control over a limited marketplace, nothing else.

And this is why nothing of monetary, fiscal, or infrastructural change can happen in this country now. Cause government increasing it's sphere of influence into anything is authoritarian to some of y'all. "China wants to control a limited market!" Does it look like I give two shits? If the US banned crypto tomorrow for environmental reasons I wouldn't care. This is just speculative gambling built on nothing but memes. Letting rich people that already have the money to loose 10k on Bitcoin the chance to get richer. All while using the excuse of "Its lifting poor people out of poverty" without printing a damn receipt.

Hu3 · May 19, 2021

justiceiro said:
Yeah, it's the present.

didn't know 2008 was the present. 🙄🙄

brawndolicious · May 19, 2021

Linus815 said:
This is not true.

Mining is generally lighter on the GPU.

That is not correct when looking at a 24 hour period. Miners do undervolt the GPU and probably run it at like 80% of the max power draw to get the most hash/KWh but they run it constantly.

It's like driving at 60 miles per hour for 24 hours vs 80 miles per hour for 3 hours. There's a lot more energy being used by these currencies without achieving anything.

The thing I don't get with crypto currencies is why any legitimate business or payment processor would ever want to use them? If you're a business and you accept crypto coins, you pretty much have to immediately turn them into real currency to avoid the volatility. So every purchase turns into two transactions. I just don't get what problem it solves.

AtomicShroom · May 19, 2021

Buzz said:
It's not about bitcoin, it's about how gaming also contributes to global warming. You can't just turn around and say that crypto is harming the environment while gaming is not.

It's not even comparable. These mining operations are running 24/7. Gamers aren't running their GPUs at max capacity 24/7. Not even close.

Ikuu · May 19, 2021

Thatonedice1 said:
Cause government increasing it's sphere of influence into anything is authoritarian to some of y'all.

But that is why they've done this, they have their own cryptocurrency initiative. It also looks like they haven't banned the mining of it, so nothing is going to change regarding the environmental impact of Bitcoin.

Hu3 · May 19, 2021

maximumzero said:
Now add in Dogecoin, Etherium, Whatthefuckbucks, tincanmoney, and whatever other nonsense crypto currency popped up in the last femtosecond as well.

yep. Comparisons aren't even funny.

Deleted member 4614 · May 19, 2021

Garrett 2U said:
Go to the statement, CTRL+F 'environment', you'll find zero results. This ban is to maintain control over a limited marketplace, nothing else.

The climate doesn't really care why people stopped polluting. We need every positive development we can get.

brawndolicious · May 19, 2021

SapientWolf said:
The GPU supply issue isn't due to crypto. It's because corporations are too tightfisted to keep a surplus of semiconductors and it'll take years to increase production capacity.

And Bitcoin already bounced back like 30% in an hour, so that was one of those buy the dip moments.

That probably is just a dead cat bounce. I think the same thing happened shortly after the initial crash in January 2018 but then it continued falling down afterwards.

Deleted member 721 · May 19, 2021

countries that have a bad currency, use american dollar usualy or they can use another currency, you still use american dollar in paraguay, brazil also used dollar for a time, its not like crypto is giving a solution for a problem that didnt have a answer, i also think its easier for the local govermnent to try a way to recover and stabilize the economy with a foreign currency than with crypto, so i think this argument is trying to give a fake image to this

Trafalgar Law · May 19, 2021

So essentially China was already like this ?

Wishbone Ash · May 19, 2021

hobblygobbly said:
lmao off @ people saying "good", other countries should do the "same"

you clearly have zero understanding as to why the CCP is doing this lol

they aren't taking a "stand" at all. nothing here is good. they definitely not doing it because of the environment (again, this ban won't affect that at all any way, Chinese mining farms will continue)

they doing it because crypto in general has been used to circumvent CCP censorship and control in the financial/banking sector and how the CCP can control the financial/banking sector for how they want - CCP manipulation here is very well known. the CCP uses the banking/financial sector as an instrument of authoritarian control over the population. crypto was an avenue of freedom not to get fucked over financially by the CCP because you were critical, but mostly provided an avenue for businesses, NGOs, humanitarian organisations, etc that did not conform to party lines. however things have been banned for a long time, they're simply widening it

This. They don't give a single fuck about anything outside of what crypto does to their grasp on their people and economy. As we speak China is doubling down on mining and the CCP are scooping up the dip.

scottbeowulf · May 19, 2021

Buzz said:
It's not about bitcoin, it's about how gaming also contributes to global warming. You can't just turn around and say that crypto is harming the environment while gaming is not.

Nobody saying gaming isn't. But it's like comparing my mom driving around her Accord to someone driving a Viper and redlining it all day every day.

Ikuu · May 19, 2021

Plumbob said:
The climate doesn't really care why people stopped polluting. We need every positive development we can get.

This isn't going to stop people mining, as long as it's profitable they'll continue.

DrowsyJungle · May 19, 2021

I'm not really understanding positive sentiment towards Chinese policies or stance. Folks need to dig a bit to understand how suppressed people are there. I also hate to be the bearer of bad news but cryptocurrency is here to stay.

Renna Hazel · May 19, 2021

I'm cool with this since I barely had any money invested when it dropped. Seems like a good time to buy more. People thinking this will kill crypto are pretty naive.

Joseph Joestar · May 19, 2021

tacocat said:
I dunno what you're arguing. Nobody needs crypto. It holds zero intrinsic value. If wealthy people want to use it as some sort of investment i could care less. If people want to keep a certain percentage of their portfolio in crypto go for it. There is no government that can shut it down. There is no bank that holds onto your funds. If you don't understand the fundamental structure of crypto (the blockchain) you wont understand that.

Good luck with you coins when the interaction with any exchange website is banned or every exchange website is closed.

VariantX · May 19, 2021

I don't disagree with the sentiment at all that the environmental issues are absolutely not why this is happening

tacocat · May 19, 2021

Schlorgan said:
If it has zero value, why should it exist? Just as a drain on resources with no benefits because rich people want to play with fake money?

It has nothing to do with rich people. It just exists as software. Anyone can run the software. If rich people want to buy it there is nothing in the software that disallows it. If rich folks want to buy a bunch of GPUs and mine it there isn't anything you can do about that. If you're asking why it should exist? Thats a philosophical question thats hard to answer. Originally it was intended as a decentralized currency - outside of the control of a bank or government. To that end it is successful. I don't think there is any right or wrong of whether or not it should exist. Depends on your own world view. Personally, I think its great. Not only is the cryptography behind it incredibly cool (As a comp sci graduate I studied cryptography a lot) and it provides regular people with a currency that cannot be controlled by any single institution. The fact that any country is 'banning' it is a sign that its accomplishing what it intended to do.

Sha_96 · May 19, 2021

Good, this earth doesn't need more pointless thing polluting it and I can't wait for the US and other countries to take major stances against this

JahIthBer · May 19, 2021

Wishbone Ash said:
This. They don't give a single fuck about anything outside of what crypto does to their grasp on their people and economy. As we speak China is doubling down on mining and the CCP are scooping up the dip.

I don't know what the CCP are doing, but Tesla are 100% buying the dip, the fake news they "leaked" to the press about selling off their BTC should get Musk thrown in prison, but it won't.

Thatonedice1 · May 19, 2021

Ikuu said:
But that is why they've done this, they have their own cryptocurrency initiative. It also looks like they haven't banned the mining of it, so nothing is going to change regarding the environmental impact of Bitcoin.

Ok this might be me showing my lack of technical knowledge on the topic but from what I understand is that "mining" is the gpu's of all these decentralized computers constantly updating the ledgers of these cryptocurrency's. That's what the blockchain is. Decentralized computers all running algorithms to update a public ledger. So if instead of all these decentralized computers running up God knows how much power for God knows how many currencies you instead have 1 currency in 1 country controlled by 1 bank that won't need as much power. Atleast in my mind that's what I'm thinking. I'm not a technical person so I'm probably talking out my ass.

Nali · May 19, 2021

Really ought to go further with regulations, but keeping financial institutions from touching the stuff at least stops it from being directly conflated with actual currency.

senj · May 19, 2021

Zygozenith said:
There are many keywords you can use, but usually 'stock' and 'trading' will give the most relevant results. Platforms like Udemy (and many others) will offer these courses. I'm not going to recommend more specific than this (anyone who's reading this please don't ask deeper).

I'll leave this at saying that I would not recommend that anybody gamble their money on "techniques" gained through day-trading courses they found through google.

Coi · May 19, 2021

Hasseigaku said:
1. Not all people (or even most) are against mining because of a lack of cheap graphic cards.
2. Trying to handwave away criticism by saying there are other problems is whataboutism, and an attempt to deflect criticism. And as a corollary to this, a lot of the environmental problems we have to handle are way thornier and complex than is the case with crypto. Making enough food without animal protein or using fossil fuels is way more complicated than just saying "don't do that." Except in edge cases, crypto is not important to peoples lives and livelihood as fossil fuels are, and as currently used do way more harm than good.

It's not whataboutism. I think that if you are against Bitcoin because the energy power used while you drive your gas-fueled car eating hamburgers and chicken nuggets it's cynical. That's it and that's the reality of a huge portion of the USA (and the world.)

Dolce · May 19, 2021

DrowsyJungle said:
I'm not really understanding positive sentiment towards Chinese policies or stance. Folks need to dig a bit to understand how suppressed people are there. I also hate to be the bearer of bad news but cryptocurrency is here to stay.

Praising positive actions while condemning negative is generally the best way to go. A positive action or policy is still a positive action or policy.

Burying negative or not condemning negative policies, or using positive to overlook negative is the real problem. But in the past, leaders like Obama and Biden both have, I believe, pointed towards positive actions taken by countries like Cuba. Because positive steps are important.

aisback · May 19, 2021

Good. I'm glad it's going down.

EloKa · May 19, 2021

Buzz said:
It's not about bitcoin, it's about how gaming also contributes to global warming. You can't just turn around and say that crypto is harming the environment while gaming is not.

Everything contributes to some degree to global warming. The question is "how much does something contribute" and in the case of bitcoin the answer is "so friggin much that it is not sustainable". Gaming isn't good for the environment either but bitcoin and its investors are killing our planet for quick personal financial gains.

SpaceCrystal · May 19, 2021

This is good news.

DaciaJC · May 19, 2021

Good. Crypto can get fucked.

Sei · May 19, 2021

Hopefully I can buy a new GPU by the end of the year.

TerremotoDePorta · May 19, 2021

DrowsyJungle said:
I'm not really understanding positive sentiment towards Chinese policies or stance. Folks need to dig a bit to understand how suppressed people are there.

"Even a Broken Clock Is Right Twice a Day" and all that. Just because the CCP is an autoritharian regime that pressures people into, say, denying the Tiananmen Square massacre (amongst lots and lots of other BAD stuff), doesn't mean that they can't do "good" at all.

metal · May 19, 2021

Good, I think. I used to like the idea of crypto but after learning about the impact it has on the environment I'm not on board anymore.

Edit: I know china isn't doing this for the environment. I'm just glad that crypto is falling and I hope the US and other world powers go after crypto as well regardless of their reasoning.

Deleted member 26039 · May 19, 2021

Coi said:
People eating meat in overdramatic quantities is harmful and we all know that. It wasn't like that 30 years ago, but now it is and that industry needs regulation asap. And we need to change that industry, just like we need to make crypto more eco-friendly. Crypto is going that way and I'm sure that new projects will have this in mind. Ethereum is making a huge step and we all are waiting for the best.
I'm not a Bitcoin holder and I've never been because I don't like the lack of a bigger project behind. But I'm I huge fan and supporter of projects like Ethereum, Matic, or Cardano. That kind of project revived my love for the internet in some way because I'm exhausted from today's internet full of restrictions, censorship, and control.
And I don't want to start a fight, but at the same time, I think that people in the USA have way bigger issues related to the environment than Bitcoin mining. I mean, they are transitioning from a president who denied climate change. Isn't that a joke? Auto criticism is good and doesn't necessarily mean a fight, but reading here the "FUCK BTC GIVE ME BACK MY VGAs" it's weird when crypto is allowing some potential big projects for our future world.

I guess this is an American point of view, but what censorship has happened? We arguably had internet companies allowing for a fucking facist inssurection. We are beyond the point of the 90s where the idea of a free and open internet was going to bring about democracy. That obviously hasn't happened and has really just helped propagate conspiracies.

Apathy · May 19, 2021

Good, send the prices straight to hell

Dodongo · May 19, 2021

Lot of people in this thread are going to be disappointed if they think crypto is now dead. That cat is never going completely back in the bag.

This isn't going to help GPU availability either. No one is using GPUs to mine bitcoin these days.

Absolute0 · May 19, 2021

Oh please god let it die.

Zelus · May 19, 2021

Good!

BassForever · May 19, 2021

Good, please let this be the beginning of the end of this nonsense

tacocat · May 19, 2021

Joseph Joestar said:
Good luck with you coins when the interaction with any exchange website is banned or every exchange website is closed.

Thats not how crypto works. You don't have to go to an exchange to get it. You can mine it yourself if you want some. You can buy/sell it on craigslist if you want to. If some government shuts down exchanges and BTC or ETH or some shitcoin falls in price I could care less. There are plenty of countries that have no problems hosting servers that USA or China have banned. Also TOR exists. Crypto was here before any wall street dbags got involved. Crypto was here before the evening news talked about it. Crypto was here before Governments were paying any attention to it. It's not going anywhere.

I don't invest a lot of money into any coins. I use it when I need it and I'm a big fan of the tech. Any leftovers I have from transactions I just use the next time I need it. If the value goes up, awesome but I don't buy it for my retirement fund.

Sandersson · May 19, 2021

Hu3 said:
On the face of it, the question about energy use is a fair one. According to the Cambridge Center for Alternative Finance (CCAF), Bitcoin currently consumes around 110 Terawatt Hours per year — 0.55% of global electricity production, or roughly equivalent to the annual energy draw of small countries like Malaysia or Sweden. This certainly sounds like a lot of energy. But how much energy should a monetary system consume.

https://hbr.org/2021/05/how-much-energy-does-bitcoin-actually-consume

so yeah. You can keep your rhetoric.

I would imagine the amount transactions and real world usage is way bigger than say Bitcoin's.

Ciao · May 19, 2021

Are you all seriously thinking crypo is dead because of that? As expected from gaming side.

Jaymageck · May 19, 2021

Best news in a while

MetalicSand · May 19, 2021

Renna Hazel said:
I'm cool with this since I barely had any money invested when it dropped. Seems like a good time to buy more. People thinking this will kill crypto are pretty naive.

Yeah the praise to this is lol. Itll be back up by July. Time to buy more.

nekkid · May 19, 2021

Not entirely sure the title is tonally accurate.

Piggus · May 19, 2021

Dodongo said:
Lot of people in this thread are going to be disappointed if they think crypto is now dead. That cat is never going completely back in the bag.

This isn't going to help GPU availability either. No one is using GPUs to mine bitcoin these days.

This lol. It's pretty irritating though given so many people here have successfully used it to get a leg up during a shitty economy, yet so many more are eager to see their fellow community members lose lots of money. Super bizarre reactions to this here.

SpaceCrystal · May 19, 2021

B'z-chan said:
Awesome, now can we do the same across the world?

This.

Mukrab · May 19, 2021

Shoshi said:
Good! Tax evading bullshit fake money

How would one even evade crypto taxes in 2021? You're gonna have to cash out and they'll know.

xMM4nsonx · May 19, 2021

Gamer's perception always be good on this, since maybe the GPU market will be finally come back to normal. But let me tell you, crypto is like blue chips in the '80s. China ban is great and other goverments need to do the same. There's no regulation in EU and US and people like Elon Musk manipulate market like this 24/7.

mentok15 · May 19, 2021

Well I'm happy I don't have any crypto anymore. And someone I don't like has a decent amount in it so I'm happy in a bad way.

So would this be a good time to buy to make a quick buck?

China is taking a stand against cryptocurrencies & their value is now dropping

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