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originally posted by: swanne
a reply to: EmmanuelGoldstein
If China has 65% of all bitcoins, then by definition the rest of the world will only be able to mine less than 35%.
This means that the minute you accept Bitcoin payments, China can literally buy anything from you, increasing its wealth even more. It could buy politicians. Hell, it could buy politicians to rob you from your house. Maybe it'll buy politicians to take more of your rights away. Do you understand the point I am making? The bigger picture?
originally posted by: AugustusMasonicus
originally posted by: Ksihkehe
There are really only a few right now that are established enough and fast enough to meet the needs of the Fed. They'll have almost instant liquidity when it's done, globally.
They'll also have even more control than they do now, which is scary. The likelihood of it being tied to an NFT "identity" eventually is also quite high. That will tie virtually every record of your life in a digital Social Security NFT. I'm not kidding.
We just added a new engineer to the service line team that's working the implementation who's an expert in cryptos and she said something very similar to what you posted. We all joke that we've turned into 'The Man'. Dark humor...
originally posted by: Ksihkehe
I'm guessing your company was already in bed with the man and if you're integrating something this early you were probably raising his kids. Unless this is just the ISO messaging it means you're integrating something I'm not aware of yet.
originally posted by: swanne
I keep seeing people jumping into the bandwagon.
At first I myself thought it was a good idea. Decentralised, a value that keeps rising (and therefore promises a return), etc. But then I realised something after coming across this bit of news:
China has intensified its stranglehold on cryptocurrency mining and trade. China mined two-thirds of the world's bitcoins in 2020; in other words, until last year, Chinese bitcoin mining accounted for around 65 percent of global mining.
economictimes.indiatimes.com...
It's not just that source, other sources are confirming the "deed". China mined two-third of all Bitcoins ever.
Do you realise what this means?
The moment you begin accepting Bitcoin, Ethereum, or any "crypto" that can be mined, as a form of payment, then you will be giving China tremendous purchasing power over you... again.
I'm just saying. We need to stick to currencies that cannot be mined, only earned.
Nothing else needs to be added here. Bitcoin is simply a store of value, a deflationary asset. Ethereum on the other hand may have regulations slapped against it if governments feel threatened by it. Bitcoin is volatile, but it’s not going anywhere. Tether may in trouble as well as long been knowned or at least speculated to be backed by Chinese commercial paper. If say Evergrandes demise was a huge contagion and they are backed by junk bonds I could see the # coins going away, but that is also good for bitcoin.
originally posted by: tanstaafl
originally posted by: swanne
It's not just that source, other sources are confirming the "deed". China mined two-third of all Bitcoins ever.
So what? Or are you suggesting that it was the CCP that mined them? It wasn't, it was private miners, and as proof, if all of these mining operations were CCP owned/operated, they would not be shutting them all down.
From your own source, one of the largest (Bit Digital) was a New York based firm that was simply taking advantage of the cheap hydro electricity in China from all of their crappy dams.
Do you realise what this means?
The moment you begin accepting Bitcoin, Ethereum, or any "crypto" that can be mined, as a form of payment, then you will be giving China tremendous purchasing power over you... again.
There is a lot wrong in that comment.
First, bitcoin is not a currency, and is there are two characteristics that make it very different from any of the other #-coins that like to call themselves 'crypto currencies' but aren't..
Bitcoin is a crypto asset. It is property. So says the IRS and every other government regulator/wonk that has discussed this, including/especially in the recent Congressional hearings about it.
All of the others are considered securities.
This is an incredibly important distinction that you really have to grok completely before you can speak intelligently about the subject.
I'm just saying. We need to stick to currencies that cannot be mined, only earned.
I will and am.
Bitcoin will not be banned, because it is not a threat to any country's monetary sovereignty, because it is not a currency, and doesn't want to be a currency.
originally posted by: macaronicaesar
Bitcoin is volatile, but it’s not going anywhere.