News Compute North CEO: Bitcoin Will Take a Year to Recover From China Crackdown

Blitz Hacker

Honorable
Jul 17, 2015
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China's move over the crypto currency was because the government could not keep control of the currency and is pushing their own state based crypto. This had little to do with 'waste' or fraud and abuse.. And thinking there's no waste/fraud/abuse in fiat currency is simply just wrong. The cost for a decentralized world currency is little, especially moving to renewable sources of energy. Most of the comments I see that are anti crypto are usually people bias one way or another (can't get a gpu for their gaming rig) etc, which mostly is due to the semi conductor shortages. (mining and scalping doesn't help either but putting it solely on the shoulders of miners is irresponsible and naive)
 

Kamen Rider Blade

Distinguished
Dec 2, 2013
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Death to CryptoCurrency!

All Countries need to Strictly Regulate the way CryptoCurrency is powered and what hardware it's allowed to be used on.

Any power consumption that is from the Public Electrical Grid should be banned.

It needs to be run on Green Solar Power and on it's own private Grid using Solar Panels that nobody wants (China made Solar Panels effectively).

And all hardware that CyrptoCurrency is run on should be everybody's trash PC hardware components that they don't want anymore, nothing even remotely new/recent within the last decade that somebody can use.
 

Giroro

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Jan 22, 2015
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There isn't really any compelling reason why the Bitcoin bubble would (or should) ever recover.

On a long enough timeframe, the value of bitcoin and most crypto can only possibly converge to zero. It's unknown whether that will take a year or a thousand years (My guess is within 5-10 years, some smart researcher with access to a quantum computer owns the whole network for the lulz, but that's far from the only way to make bitcoin worthless).
In the meantime, any short term gains are just noise in the margins.
 

AtrociKitty

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Apr 23, 2020
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Other countries need to follow China's lead here and toss the cryptocurrencies out of their territories. This money game needs to come to an end. Attempting to move cryptocurrencies over to renewable energy sources doesn't stop the waste, fraud, and abuse.
Regardless of how you feel about crypto, a lot of people now have a lot of real money invested. From your average person to institutional investors, portfolio exposure to crypto is at an all-time high. Why should the government have the right and ability to outlaw someone's wealth? If crypto fails on its own, then those investments will naturally fail, too. But hoping for state actors to make an asset class illegal is malicious and short-sighted at best.
 
Reactions: barryv88

barryv88

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I HODL the most valuable asset on the planet today. It's the ultimate solution to financial freedom and getting to an earlier retirement. Hell, even a small "benefit of the doubt" amount can get you there if only you get started.
I will watch as the mainstream media continue their drivel, blinded by their arrogance, persuading people out of crypto, not knowing that the world adoption rate of crypto keeps rising every year, at a greater pace.
When the automobile industry fired up in the early 1900's, it could never be stopped or turned back. So will crypto continue onward.
 
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daworstplaya

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Oct 30, 2009
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This sooner this fake money backed by nothing, produces nothing, provides no service dies, the better it is for everyone. If people put in real money to buy fake money and they lose it when it loses all value then it's a risk they took and their own fault.
 
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barryv88

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Automobiles were actually useful for something. They were not just a less-efficient version of something that already exists.
Pure BS. And you know it. The amount of development that went into crypto over the last 12+ years simply won't reverse and vanish. The world adoption rates increase every year. Please educate yourself.
 
Pure BS. And you know it. The amount of development that went into crypto over the last 12+ years simply won't reverse and vanish. The world adoption rates increase every year. Please educate yourself.
Adoption rates don't imply usefulness. The only reason cryptocurrencies have become popular to mine or invest in is because people are hoping to get rich quick with minimal effort on their part. As far as an actual currency system goes, their value tends to be hugely unstable and entirely speculative in nature, transactions are far less efficient compared to other digital transactions, they lack protections against fraud, and hardly any businesses accept them as a form of payment. And as they gain more public attention, governments are increasingly looking into ways to ban or otherwise regulate them. Some cryptocurrencies will probably stick around in some form, but those expecting the recent gold rush to last are probably expecting a bit much.
 

watzupken

Respectable
Mar 16, 2020
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China's move over the crypto currency was because the government could not keep control of the currency and is pushing their own state based crypto. This had little to do with 'waste' or fraud and abuse.. And thinking there's no waste/fraud/abuse in fiat currency is simply just wrong. The cost for a decentralized world currency is little, especially moving to renewable sources of energy. Most of the comments I see that are anti crypto are usually people bias one way or another (can't get a gpu for their gaming rig) etc, which mostly is due to the semi conductor shortages. (mining and scalping doesn't help either but putting it solely on the shoulders of miners is irresponsible and naive)
In my opinion, a lot of people who "support" cryptocurrencies don't support it because of its benefits. Rather, they love crypto because it allows them to profit without putting much effort like they do for fiat money. Basically setup some hardware, and let the hardware do the hardwork. Put that into fiat money's perspective, it is like someone trying to print counterfeit notes, which is hard to pass and obviously illegal. When you talk about decentralized world currency, does it actually impact you in such a big way?
 

barryv88

Distinguished
May 11, 2010
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Adoption rates don't imply usefulness. The only reason cryptocurrencies have become popular to mine or invest in is because people are hoping to get rich quick with minimal effort on their part. As far as an actual currency system goes, their value tends to be hugely unstable and entirely speculative in nature, transactions are far less efficient compared to other digital transactions, they lack protections against fraud, and hardly any businesses accept them as a form of payment. And as they gain more public attention, governments are increasingly looking into ways to ban or otherwise regulate them. Some cryptocurrencies will probably stick around in some form, but those expecting the recent gold rush to last are probably expecting a bit much.
-Adoption rate means growth overall. No matter how you look at it. That means continuous interest, continuous development. Deal with it.
-Anyone that wants to get rich in anything in life will either be incredibly lucky or most likely fail. That accounts to everything in life, not just crypto.
-Value of crypto will always be volatile. Thats why hodling long term in the best performing coins (like the ones listed on greyscale) is the safest choice. The last 10 years showed BTC becoming the best performing asset in the world.
-Transactions. Yea there are many cryptos like Solana that can do 50 000 t/sec. Visa is piloting transaction settlement in stablecoins on the Ethereum blockchain. Mastercard uses Ethereum's network too. The whole world runs on crypto.
-Regulation. Not necessarily a good or bad thing. It all depends how far mankind wants to go in respecting that one word that stands out - decentralization.

View: https://twitter.com/charliebilello/status/1370722188739891202/photo/1

Look at 2011 - 2021 cumulative/annualized.
 

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