[TechSpot] China declares all cryptocurrency transactions illegal, Bitcoin price plummets

[lexluthermiester]

China declares all cryptocurrency transactions illegal, Bitcoin price plummets | TechSpot

I would not call that plummets

It did, just rebounded slightly and has now taken another dip..

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Select the 7day or 30day chart and you will see it. Almost every single coin has tanked since the China full ban announcement..

 

[trog100]

crypto negative news generates lots of comment on this forum.. crypto positive news generates next to none..

i have my own thoughts on the why of this but its definitley a fact..

the current bitcoin price is at 43K it was at 44K before this news was announced.. all in all the world seems to think this is a none event.. i am inclined to agree..

trog

 

[Space Lynx]

Bitcoin mining company buys Pennsylvania power plant to meet electricity needs

Mining the top cryptocurrencies such as Bitcoin or Ethereum requires vast amounts of power. A single Bitcoin transaction, including the resources needed to mine the coin and...

www.techspot.com

A holding company in Pennsylvania recently purchased the financially challenged Scrubgrass power plant. The plant currently produces enough power for 1,800 Bitcoin miners, with output increases planned to support more than 20,000 miners by 2022.

The failure of the Democrats to take action while they are in power speaks volumes. China truly is the new superpower, even if part of their rhetoric isn't about climate change, part of it is... no reason first world nations of the world shouldn't follow the lead on China on this one. 1800 miners to 20,000.... truly truly sad... this the 5th power plant this year... truly pathetic species we are, I never thought I'd see the day I'd agree China is leading the way on something so vastly important.

the silence from the Democrats is loudest thing I ever heard in my life.


Also, to those of you who say China does not care about climate change, due to the rhetoric you hear over the news, etc. Keep in mind China has a very very ancient history. They still do care about environment in ways we probably don't even understand, see below about Chinese Aesthetics:


The ancient Chinese thought system and cultural practice of Feng Shui (風水): a
way to negotiate how the natural environment and human constructions can
cohabit without destructing each other.

China often builds this way, its just we don't see that part of China in the news, due to the narrative our media tries to play, like they do with all topics sadly. There are many examples of Feng Shui in modern China.

Also the concept: jiaoganhexie (交感和谐) – a state of total harmony and mutual dependence

We might call this concept symbiosis in English, but I think the Chinese equivalent is like an even greater idea of symbiosis, but I may be wrong on my understanding of it.

 

[lexluthermiester]

Bitcoin mining company buys Pennsylvania power plant to meet electricity needs

Mining the top cryptocurrencies such as Bitcoin or Ethereum requires vast amounts of power. A single Bitcoin transaction, including the resources needed to mine the coin and...

www.techspot.com

A holding company in Pennsylvania recently purchased the financially challenged Scrubgrass power plant. The plant currently produces enough power for 1,800 Bitcoin miners, with output increases planned to support more than 20,000 miners by 2022.

The failure of the Democrats to take action while they are in power speaks volumes. China truly is the new superpower, even if part of their rhetoric isn't about climate change, part of it is... no reason first world nations of the world shouldn't follow the lead on China on this one. 1800 miners to 20,000.... truly truly sad... this the 5th power plant this year... truly pathetic species we are, I never thought I'd see the day I'd agree China is leading the way on something so vastly important.

the silence from the Democrats is loudest thing I ever heard in my life.


Also, to those of you who say China does not care about climate change, due to the rhetoric you hear over the news, etc. Keep in mind China has a very very ancient history. They still do care about environment in ways we probably don't even understand, see below about Chinese Aesthetics:


The ancient Chinese thought system and cultural practice of Feng Shui (風水): a
way to negotiate how the natural environment and human constructions can
cohabit without destructing each other.

China often builds this way, its just we don't see that part of China in the news, due to the narrative our media tries to play, like they do with all topics sadly. There are many examples of Feng Shui in modern China.

Also the concept: jiaoganhexie (交感和谐) – a state of total harmony and mutual dependence

We might call this concept symbiosis in English, but I think the Chinese equivalent is like an even greater idea of symbiosis, but I may be wrong on my understanding of it.

This is when we know we have a serious problem.

 

[ThaiTaffy]

Bitcoin mining company buys Pennsylvania power plant to meet electricity needs

Mining the top cryptocurrencies such as Bitcoin or Ethereum requires vast amounts of power. A single Bitcoin transaction, including the resources needed to mine the coin and...

www.techspot.com

A holding company in Pennsylvania recently purchased the financially challenged Scrubgrass power plant. The plant currently produces enough power for 1,800 Bitcoin miners, with output increases planned to support more than 20,000 miners by 2022.

The failure of the Democrats to take action while they are in power speaks volumes. China truly is the new superpower, even if part of their rhetoric isn't about climate change, part of it is... no reason first world nations of the world shouldn't follow the lead on China on this one. 1800 miners to 20,000.... truly truly sad... this the 5th power plant this year... truly pathetic species we are, I never thought I'd see the day I'd agree China is leading the way on something so vastly important.

the silence from the Democrats is loudest thing I ever heard in my life.


Also, to those of you who say China does not care about climate change, due to the rhetoric you hear over the news, etc. Keep in mind China has a very very ancient history. They still do care about environment in ways we probably don't even understand, see below about Chinese Aesthetics:


The ancient Chinese thought system and cultural practice of Feng Shui (風水): a
way to negotiate how the natural environment and human constructions can
cohabit without destructing each other.

China often builds this way, its just we don't see that part of China in the news, due to the narrative our media tries to play, like they do with all topics sadly. There are many examples of Feng Shui in modern China.

Also the concept: jiaoganhexie (交感和谐) – a state of total harmony and mutual dependence

We might call this concept symbiosis in English, but I think the Chinese equivalent is like an even greater idea of symbiosis, but I may be wrong on my understanding of it.

As I said in my earlier post they do care about the environment, their own from what I see as a neighbor to China is everyone else can go suck eggs.

 

[ThrashZone]

This is when we know we have a serious problem.

Hi,
Jokes on them feds were going to shut it down anyway soon lol

 

[Space Lynx]

Hi,
Jokes on them feds were going to shut it down anyway soon lol

How do you know this? I hope you are correct, but how do you know?

 

[ThrashZone]

How do you know this? I hope you are correct, but how do you know?

Hi,
Coal is on the lib hit list pocahontas will have fun with this purchase lol

 

[R-T-B]

I'm quite pleased with their ending of cryptocrap.

From 2013. Yeash you guys are suckers.

Hi,
Coal is on the lib hit list pocahontas will have fun with this purchase lol

Yeah that's not a policy citation.

 

[chrcoluk]

Mining cant die soon enough, its not just expensive GPUs been the problem, but the UK now has a energy crisis with rampant inflation on Electricity.

 

[erocker]

So, it looks like this has done nothing. It's still up for the year and on a slight downward trend for the month but relatively flat.

 

[Space Lynx]

So, it looks like this has done nothing. It's still up for the year and on a slight downward trend for the month but relatively flat.

Yes, we all already came to this conclusion. Because western governments are so corrupt and actually don't care about energy grids or climate change they won't join China in this ban.

Let's just say climate change isn't real, and have another thought.

@ThrashZone Let's say I agree with you and climate change isn't real, its no secret that coal plants can cause asthma issues, and environmental issues in real time, and it is a worrying trend to see yet another coal plant being fired up, as I said number 5 within a year this time in state of PA and they intend to ramp up production to go from 1800 BTC miners to 20k BTC miners. During the industrial revolution there were loads and loads of issues with pollution across the world, until we got it sorted, this is honestly a worrying trend in the wrong direction. I will however agree with you though, that the Dems should have allowed the Canada oil pipeline to be built, for national security reasons, but I also think alongside that national security of having that oil pipeline we should also slowly be building or incentivizing climate change RnD technology, we don't spend enough on proper high level RnD anymore.

 

[lexluthermiester]

So, it looks like this has done nothing. It's still up for the year and on a slight downward trend for the month but relatively flat.

Where are you looking? Last 30 days have been a steady downward slope..

 

[R-T-B]

Mining cant die soon enough, its not just expensive GPUs been the problem, but the UK now has a energy crisis with rampant inflation on Electricity.

Which means probably everyone stopped mining there. Economics.

Where are you looking? Last 30 days have been a steady downward slope..
View attachment 218332

5.5% on ethereum ain't much.

 

[Space Lynx]

I honestly wouldn't mind crypto if it didn't require so much energy or it was tied to folding at home /wcg etc projects (yes I know this was attempted and it failed, but I mean like hypothetically early on the person who invented BTC, I wish they had used their genius to figure it out early on). Instead of wasted energy proof of work, at least we would be having a win win situation. @trog100 Do you at least agree with me on this?

 

[xcescxa]

Title makes this sound like a joke.

 

[The red spirit]

When the words stop working...legislation is just around the corner.

To be honest, quite a few countries nowadays suffer from overconsumption than underconsumption. And some people lost their jobs, careers, some became disabled. You really can't blame them for going to crypto and doing other things to stay afloat.

 

[R-T-B]

yes I know this was attempted and it failed,

It hasn't failed. It just isn't as big. "Failed" would mean GRIDcoin and such were gone. They aren't.

They aren't as valuable as bitcoin, but, is that what it's about?

Sadly, of course it is.

To be honest, quite a few countries nowadays suffer from overconsumption than underconsumption. And some people lost their jobs, careers, some became disabled. You really can't blame them for going to crypto and doing other things to stay afloat.

People who lost their jobs aren't setting up big mining farms. They probably make up a massive minority of miners.

 

[The red spirit]

People who lost their jobs aren't setting up big mining farms. They probably make up a massive minority of miners.

You can't really know. Perhaps not a farm, but they can take out savings and rent industrial space and buy cards, I wouldn't be surprised if some fools go into debt right now just to get those sweet mining dollars. Honestly, all this mining shit that we hear today isn't really an investment, but as long as people feel it is, they continue doing it. In reality it's a lot like day trading and those two are almost gambling. There was a significant stock dip recently and those who bought at lower prices, they could cash out 40% capital increase. That's not an awful gamble, knowing that historically poor times mean stock price dips and usually quick rebounds. Still, those who invest long term, they weren't really negatively affected. And if you need quick cash, investing is a bad idea, but when people are desperate and some are in panic, they don't think straight.

 

[OneMoar]

well that lasted about 30 seconds its already rebounded to pre-china-in-bullpen levels

 

[R-T-B]

well that lasted about 30 seconds its already rebounded to pre-china-in-bullpen levels

It's because as I said, no real money is in China anymore. They can't ban something for the third time and expect a serious movement. It's become "boy who cried wolf" for them. It doesn't matter if they've extended the scope, or dedicated the peoples uber-elite special police unit to the task: no one cares anymore.

 

[Chomiq]

Where are you looking? Last 30 days have been a steady downward slope..
View attachment 218332

I guess it's all a matter of perspective:

 

[Vayra86]

Bitcoin mining company buys Pennsylvania power plant to meet electricity needs

Mining the top cryptocurrencies such as Bitcoin or Ethereum requires vast amounts of power. A single Bitcoin transaction, including the resources needed to mine the coin and...

www.techspot.com

A holding company in Pennsylvania recently purchased the financially challenged Scrubgrass power plant. The plant currently produces enough power for 1,800 Bitcoin miners, with output increases planned to support more than 20,000 miners by 2022.

The failure of the Democrats to take action while they are in power speaks volumes. China truly is the new superpower, even if part of their rhetoric isn't about climate change, part of it is... no reason first world nations of the world shouldn't follow the lead on China on this one. 1800 miners to 20,000.... truly truly sad... this the 5th power plant this year... truly pathetic species we are, I never thought I'd see the day I'd agree China is leading the way on something so vastly important.

the silence from the Democrats is loudest thing I ever heard in my life.


Also, to those of you who say China does not care about climate change, due to the rhetoric you hear over the news, etc. Keep in mind China has a very very ancient history. They still do care about environment in ways we probably don't even understand, see below about Chinese Aesthetics:


The ancient Chinese thought system and cultural practice of Feng Shui (風水): a
way to negotiate how the natural environment and human constructions can
cohabit without destructing each other.

China often builds this way, its just we don't see that part of China in the news, due to the narrative our media tries to play, like they do with all topics sadly. There are many examples of Feng Shui in modern China.

Also the concept: jiaoganhexie (交感和谐) – a state of total harmony and mutual dependence

We might call this concept symbiosis in English, but I think the Chinese equivalent is like an even greater idea of symbiosis, but I may be wrong on my understanding of it.

China has one fundamental problem. It is a totalitarian state and regime. And history repeats - every single one of those that went for unbridled growth, failed when they became very successful. This could also be the case for the US - but there is one fundamental difference there, it is not a totalitarian state, but a relatively open one, making it a more flexible one. What you're seeing with China right now is Xi front and center, the puppet becomes the master which erodes the effectiveness of the system. Its happening on daily basis now, and it started the very moment Xi Jinping started clamping down on things - from Hong Kong to chip industry to 5G... every single move is getting hard counters from the international community, however delayed they might be. And many things also start falling apart: the illusion of cheap and infinite Chinese labor, the stability of supply lines failing, Evergrande, etc etc etc.

Another fundamental problem with states like China is the apparatus and its quirks that are keen to develop major problems that will only come to light when the shit has royally hit the fan. Case in point: the early news surrounding Covid and how China didn't warn anyone until it was way too late. The reflex was to contain the problem and pretend nothing happened. Try that in an open democracy.

Who you 'are' as a state and people defines a lot going forward as it always has. The values you choose to support, all of that, is probably a more powerful force than repression and guns - especially in a newborn internet society of snowflakes, where power is exercised through market share and 'influence' is the buzz you can generate. Chances are the world is soon too connected to even justify shooting.

 

[joemama]

They probably ban cryto because of the recent electricity shortage

 

[dorsetknob]

crypto negative news generates lots of comment on this forum.. crypto positive news generates next to none..

You can put lipstick on a pig and take it out on a date but its still a pig