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China bans Bitcoin
Posted by: freeradical
Date: September 24, 2021 11:01AM
This will be interesting. El Salvador recently took the exact other approach by mandating its use. IMHO both approaches are wrong.
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Re: China bans Bitcoin
Posted by: macphanatic
Date: September 24, 2021 11:09AM
The official currency of El Salvador used to be the US dollar. Making the move to Bitcoin probably makes sense for the country.

China did the opposite as Bitcoin negatively impacts China's ability to control economic factors.
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Re: China bans Bitcoin
Posted by: jonny
Date: September 24, 2021 12:31PM
The US should ban it! I have yet to see a cogent explanation of why bitcoin is not an “alternative currency“ which is illegal in the United States.
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Re: China bans Bitcoin
Posted by: pdq
Date: September 24, 2021 03:44PM
^ this.

I have yet to hear of a legitimate reason for its existence that doesn’t have societal downsides (tax avoidance, wild speculation, untraceable payments for ransomware or illegal stuff, etc).

It’s like gold-bug-ism crossed with tulip mania.
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Re: China bans Bitcoin
Posted by: numbered
Date: September 24, 2021 03:50PM
Quote
pdq
It’s like gold-bug-ism crossed with tulip mania.

You obviously have not spent enough time with libertarian bros screaming about fiat money!

I thought the best anti case came from Nicholas Weaver at Berkeley who said that the cryptos were enabling ransomware attacks. Without it, the bad guys would have no way to get paid. I forget the number but he pointed out how much mass/volume cash is and the issues with getting that to Russia.
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Re: China bans Bitcoin
Posted by: d4
Date: September 24, 2021 04:10PM
I don't know of one person who has ever used Bitcoin to purchase something. Sure, i know a few people who are invested in Bitcoin. I even know someone who mines for Bitcoin with a suped up, custom PC. But spending Bitcoin as currency to purchase goods or services? *crickets*



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Re: China bans Bitcoin
Posted by: sekker
Date: September 24, 2021 04:58PM
I know of no such 'cryptocurrency' that is true money, it's all some sort of capital asset that you can buy and sell. Really is more 'cryptostock'.

As a form of stock, it's not illegal at all.

However, buying and selling a tangible asset falls under all sorts of standard rules - like income tax!
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Re: China bans Bitcoin
Posted by: pdq
Date: September 24, 2021 05:20PM
Quote
sekker
I know of no such 'cryptocurrency' that is true money, it's all some sort of capital asset that you can buy and sell. Really is more 'cryptostock'.

Except that stock, y'know, is bought and sold based on an assumption of the underlying entity producing profits, now or in the future.

Like I said above, this is more like tulip (bulb) mania.
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Re: China bans Bitcoin
Posted by: Carnos Jax
Date: September 24, 2021 09:49PM
We've got 10% of our portfolio in bit, eth & dog (not directly, but rather via investment trusts). Not concerned with today's news in the long run. Acknowledgeably agreed there's a risk of crypto being banned by the U.S. and most governments, and that's one reason why we only put 10% into it. Already up over 30% from our initial investment however.
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Re: China bans Bitcoin
Posted by: sekker
Date: September 26, 2021 07:36AM
Too much manipulation of cryptocurrency for me to put $$ into it.
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