YES! Now the US needs to follow. Fuck that crypto shit. Fucking up the environment for what? A meme Dogecoin?
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China is taking a stand against cryptocurrencies & their value is now dropping
- Thread starter Samiya
- Start date
You know, the country.
And that country too.
There's so many countries where the fake money is good, actually.
Well, "right" since they are doing it to tighten control over their citizens, circumvent sanctions on it and other countries by the Western governments, and basicay undermine value of $, €, and £, but still, crypto does suck.
I've stated that I doubt that the average joe (aka "everyone") is using crypto for the daily needs. And you reply that you're in a (investor?) group with 100k others in your country. I don't see how that includes basically everyone and how you could ... let's say ... buy bread with your investment.
Random note: we have such a huge "investor" group in germany and literally everyone is making fun of them for beeing stupid. Komm in die Gruppe! AMG Bruda!
People in developing countries have access to phones and use them to trade crypto. They use it to transfer money abroad, to bypass high fees and corrupt exchanges. They use it to trade local goods.
It is incredibly common in Africa, Southeast Asia, and Latin America
These are the countries where cryptocurrency use is most common
Remittances and peer-to-peer phone payments are two reasons behind rising use - particularly in developing economies.
www.weforum.org
1/3 of Nigerians use crypto
20% of the Philippines and Vietnam
16% of Turkey and Peru
11% Switzerland
Yes and no. In very, very simplified terms, our Central Bank has reserves in USD and every time someone makes a transaction in dollars, the Central Bank has to cover that transaction with its own reserves. Now, like any textbook populist government, nationalism is king and having your own currency is the best way to show that. Thing is, populist governments are extremely corrupt and they also like to generate a dependency on the state itself. Last I checked: 18% of the population works for the government (and many of those also collect some or multiple forms of welfare) and about 40% are in poverty or below the poverty line. That leaves about 5.8 million people that pay actual taxes (quite a bit less than that actually, but the post is already long as is) on a country with a population just shy of 45 million people.
This is obviously unsustainable, so the only way the government can keep the machine going is to print money. The more you print the less your money is worth and the higher the prices of goods become (we don't manufacture anything, so we rely on importing goods that are valued in USD). Since this cycle has repeated itself for almost a century, no one in argentina with a functioning brain cell would ever put its savings on Pesos. So people put their savings in USD further eating into the reserves and the only way to stop that bleeding is to limit the amount of foreign currency people can buy at the expense of their salaries.
People in developing countries have access to phones and use them to trade crypto. They use it to transfer money abroad, to bypass high fees and corrupt exchanges. They use it to trade local goods.
It is incredibly common in Africa, Southeast Asia, and Latin America
These are the countries where cryptocurrency use is most common
Remittances and peer-to-peer phone payments are two reasons behind rising use - particularly in developing economies.
1/3 of Nigerians use crypto
20% of the Philippines and Vietnam
16% of Turkey and Peru
11% Switzerland
But internet forum person told me it was a lie and that the barrier of entry is to high for anyone in developing nations to use...
Made up stuff like that is always so bizarre to me. Why not just Google it? There's plenty of reasons to have issue with blockchain, but just making wild assumptions and refusing to even CHECK and see whether the stuff you are pulling out of your rear is even CLOSE to reality is bizarre.
What do you mean? It was down to 30k USD and is now at 38k USD.
People in developing countries have access to phones and use them to trade crypto. They use it to transfer money abroad, to bypass high fees and corrupt exchanges. They use it to trade local goods.
It is incredibly common in Africa, Southeast Asia, and Latin America
These are the countries where cryptocurrency use is most common
Remittances and peer-to-peer phone payments are two reasons behind rising use - particularly in developing economies.
1/3 of Nigerians use crypto
20% of the Philippines and Vietnam
16% of Turkey and Peru
11% Switzerland
In the case of Peru, even if the percentage is high, the total quantity is still low. During the first two months of 2021, the total transactions were for about 16 million dollars (Peru's GNP is about 226 billion).
:quality(75)/cloudfront-us-east-1.images.arcpublishing.com/elcomercio/GBF6XE3XIJFJPIDK66O6IDHLNQ.jpg)
Criptomonedas en Perú: ¿Cuáles son las más usadas aparte del Bitcoin y Ethereum?
Existen divisas digitales que van desde los US$ 0.63 hasta los US$ 319y que han resultado también atractivas entre los inversionistas peruanos.
gestion.pe
Oh, I didn't noticed it dropped to 30k earlier today. Guess they're buying the dip.
If you mean the digital RMB, it is not, to my knowledge a cryptocurrency.
Here is how I would rank China's motives, in order of descending importance to them:
1. Don't allow people to openly challenge the power of the state.
2. Avoid economic risk if crypto prices crash by limiting their scope in the economy.
3. Enforce their capital controls.
4. They recognize that this is way for rich countries to effectively export pollution to China due to the high amount of mining power located there.
5. Massive importance of crypto to criminal organizations.
6. Concern over global climate effects.
How dare gamers on a gaming forum want to buy gaming cards to play their games on!
I specifically bought a (relatively inexpensive) gaming laptop, so that if me or my wife have a GPU failure, we can at least keep playing *something*. I don't think you'll be able to buy a GPU at MSRP for at least the next year - possibly 2. If Chia ever takes off, SSDs and platter drives will become just as scarce. It makes you wonder what as of yet unexploited computer component cryptocurrency creators will figure out how to drive the price up of next.
My PC is a decade old and I finally had the funds to build a new one. Of course, when the market crashed I lost those funds. I don't mine and only invest in POS coins, not POW.
Regardless of your opinion on crypto, the response by this community has been horrible. We are not able to see past our own biases to examine the crisis taking place.
The PRC is blocking their citizens from accessing their invested capital, and we are 🍻 applauding 🎉 them.
It is shameful.
The PRC is blocking their citizens from accessing their invested capital, and we are 🍻 applauding 🎉 them.
It is shameful.
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Great news. Shits been outta check for far too long. Normally era threads that begin with "China is doing ____" usually have me against the governments decision but I view this as a great move.
China gives negative three shits about harm to the environment. At any given time there are a multitude of environmental catastrophes within their borders.
It's one of the reasons China is such an economic powerhouse, they were willing to take the massive environmental hits necessary for say, rare metal mining.
China Wrestles with the Toxic Aftermath of Rare Earth Mining
China has been a major source of rare earth metals used in high-tech products, from smartphones to wind turbines. As cleanup of these mining sites begins, experts argue that global companies that have benefited from access to these metals should help foot the bill.
e360.yale.edu
It's actually a very interesting case study of unfettered harm to the environment.
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People on a gaming forum want to buy gaming hardware to play the latest games with? Weird imo
Cardano Developer IOHK Strikes Partnership With Ethiopian Government - Decrypt
The partnership between IOHK and the Ethiopian government will see a blockchain-based identity solution rolled out to schools nationwide.
decrypt.co
🤷♂️ i've had a 1080 since 2017, you don't need the latest gpu to just play games. unfortunate to those who are just trying to enter pc gaming though.
Also for people who missed it, see the latest eth blog post:
blog.ethereum.org
Basically GPU mining will have a massive reduction before the end of this year regardless of the health of the Crypto market. There should be a bunch more GPUs available by then.
A country's worth of power, no more!
TL;DR: Ethereum will use at least ~99.95% less energy post merge. Ethereum will be completing the transition to Proof-of-Stake in the upcoming months, which brings a myriad of improvements that have been theorized for years. But now that the Beacon chain has been running for a few months, we can...
blog.ethereum.org
Basically GPU mining will have a massive reduction before the end of this year regardless of the health of the Crypto market. There should be a bunch more GPUs available by then.
A fundamental currency feature is the guarantee of the liquidation of contracts within national jurisdictions, whether the parties want it or not. The State, through justice and ultimately force, guarantees this liquidation. Crypto transactions and all other assets that do not have this feature are not currencies.
I am quoting this again because after that i thought some more about it and also reading what the person wrote that you quoted, i am guessing that it was referring to that crypo doesnt really have much usage outside of being used as currencies and NFTs? If so, i see that point. I didnt mention this in my initial reply, so i just wanted to add this to be sure that i dont misunderstand anything :)
Yea, agreed. Moved away from proof of work stuff to stuff that is either stakeable or moving toward it. I don't know how we'll overcome the bitcoin problem, but at least most everything else can be different.
Hope this guy decided against going all in on Crypto: https://www.resetera.com/threads/i-want-to-go-all-in-on-crypto.420824/
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Yeah, currenies and NTFs seems to be the main usage for blockchain technology indeed. And its also true that crypto in general as a currency is way too volatile in its current state as you mention, indeed. Crypto needs to stabilize itself a lot for it to be useful as currency, no doubt about that (there are already some cryptos thats called "stablecoin" that basically never fluxuate in value (maybe they fluxuate less than 1% up or down), but i'm not sure how useful this, and i think these "stablecoins" also have some issues that needs to be resolved for it to be a good way to use as a currency, if i'm not mistaken).
About NFTs, I dont think that the goal with NFTs is aiming to destroy or limit access to real-world physical art. The idea behind NFTs, at least from how i understand it, is mostly a way to make it easier to ensure ownership of some digital content. This can be basically anything, like art, music, videos and games (i'm not sure if NFTs are limited to any digital media at least, but someone please correct me if i'm wrong) :) Some artists also only work with digital medium, so NFTs can have its benefits in this regards, in my opinion.
NFTs can also be "abused" (or what i shall call it) though, thats also true. Like the recenty example where they "transferred/converted" an original physical Banksy painting from 2006 over to a NFT by burning the physical painting, making the original painting digital only. Personally, i believe that this was done more as a stunt to put focus on NFTs. I think its understandable if people dont like this though. Personally, i wouldnt mind to have the physical copy of the painting as well.
(As a side note, this isnt the first Banksy painting that gets destroyed in some way. Banksy shredded another of his picture a few years ago as well: https://www.youtube.com/watch?v=eXKE0nAMmg4 | This might actually have made the picture more valuable, because shredding the picture adds a even more interesting story around it :) Maybe you already know about this, but i just mentioned it more as a general thing :)).
So it is true that NFTs can limit access to real-world physical arts as you mention, but i dont think this is the primary goal of NFTs. I think this is completely up to what the creator and/or owner decides to do. An owner of a NFT can easily deside to make physical copies of something if he/she wants that, while still maintaining ownership of the original digital content.
EDIT: I am sorry for the relatively late edit, but i just wanted to add one thing, and that is that i hope that not many owners decide to limit the possibilty to make physical copies of something because i like physical media as well, i agree with that :)
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