News Inner Mongolia Bans Cryptocurrency Mining

[Admin]

Inner Mongolia recently banned cryptocurrency mining to aid its efforts to reduce its energy consumption in 2021.

Inner Mongolia Bans Cryptocurrency Mining : Read more

 

[Krotow]

Good riddance. Now rinse and repeat worldwide.

 

[chalabam]

Inner Mongolia will be poorer, and will watch how the rest of the world gets richer.

This is like mining a limited ammount of gold. At the end only some countries will get the purchasing power, and Inner Mongolia will not be one of those.

Then they will blame capitalism.

 

[daworstplaya]

Good riddance. Now rinse and repeat worldwide.

Agreed, crypocurrencies (aka ponzi schemes) need to die and die quickly. Complete waste of electricity.

 

[CooliPi]

Ponzi schemes like central banking need to die and die quickly. Complete waste of Earth.

 

[Co BIY]

Central Banks are bad because they sometimes poorly manage the money supply and the value fluctuates so much it ( 4%/year?) that it creates economic hardships.

But Crypto is good because it keeps wildly fluctuating in value (400%) for no underlying reason and is useless as currency.

Central Banks are bad because they are under the influence of large governments and sometimes pressured to take actions that may favor some interests over others.

Crypto Currencies are dominated by the originators some of them completely Anonymous and untraceable. The mysterious Satoshi Nakamoto owns 5% of all bitcoin and that is good. Just clues in the blockchain that the founders had transferred value could crash the whole scheme.

It is entertaining though!

 

[CooliPi]

Central Banks are bad because they sometimes poorly manage the money supply and the value fluctuates so much it ( 4%/year?) that it creates economic hardships.

But Crypto is good because it keeps wildly fluctuating in value (400%) for no underlying reason and is useless as currency.

Central Banks are bad because they are under the influence of large governments and sometimes pressured to take actions that may favor some interests over others.

Crypto Currencies are dominated by the originators some of them completely Anonymous and untraceable. The mysterious Satoshi Nakamoto owns 5% of all bitcoin and that is good. Just clues in the blockchain that the founders had transferred value could crash the whole scheme.

It is entertaining though!

I was referring to the fact that central banks AND (mainly) commercial banks create money out of debt. So, more than 80% of new money is created by commetcial banks. They buy the economy.

Neither nowadays banking system nor cryptocurrencies can stop itself from needing more resources. So, any of them would eventually consume all the resources.

Energy efficiency of cryptocurrencies is tragic, not usable as coins. Only as some speculative stuff.

But don't holf your breath, the same applies to banking. Both are ponzi schemes.

While cryptocurrencies would eventually eat all the energy we produce, private money creatinon (referred to above as central banking) will eat all of the land, resources, energy.

Central banking (i.e. private money creation) was practically forbid by U.S. constitution if I remember correctly. But as we can see, it means nothing. In the U.SA. , since 1913 it creates ever increasing amount of debt, essentially transferring wealth to those who own the printing machines (those who can create debt).

 

[watzupken]

Inner Mongolia will be poorer, and will watch how the rest of the world gets richer.

This is like mining a limited ammount of gold. At the end only some countries will get the purchasing power, and Inner Mongolia will not be one of those.

Then they will blame capitalism.

I think in reality only a few miners will get richer, and those miners may not even be a Mongolian. They are mostly just capitalizing on their cheap power to set up mining stores there. So not sure how will Mongolia get richer though. By selling cheap power to miners?

 

[cryoburner]

This is like mining a limited ammount of gold. At the end only some countries will get the purchasing power, and Inner Mongolia will not be one of those.

Except cryptocurrencies are not actually limited. Any given currency might be, but as soon as one becomes unprofitable to mine, the miners will just move on to another. Launching a new cryptocurrency takes little effort, so they are practically limitless in supply. At least until the bubble bursts and those left holding onto them who didn't cash out early end up losing lots of money. Those who did, on the other hand, can be happy that they profited from what will likely amount to a scam at the expense of others. It's largely just a speculative market with no particularly useful product behind it, after all. Maybe a few will manage to stabilize and survive in the long term, albeit with heavy government oversight controlling them, removing their main selling point, but most are destined to fail as an actual currency system.