News Report: China Discovered More Cryptocurrency Miners Stealing Electricity

[Admin]

China has reportedly discovered illicit cryptocurrency miners stealing electricity from government organizations.

Report: China Discovered More Cryptocurrency Miners Stealing Electricity : Read more

 

[BILL1957]

Not so sure I would want to risk the punishment stage by from stealing from the communist government of China!
Probably a little more than a smack on the wrist and warning to not do it again.

 

[daworstplaya]

The perps are probably organ donors now.

 

[TinyFatMan]

It is very amusing to note that since the destruction of the USSR, thanks to the greatest American spy, Michael Gorbachev, the media, all belonging, directly or indirectly, to the United States of America, the new "evil», the "Black Beast" is now China.

More beautiful American propaganda. As if in the United States of America, we weren't doing the same thing considering that this "country" (this big multinational) has for goal only to make always more money and whatever the consequences on the life of all form and natural wealth.

Greed is the second major mental illness, the first being lying. But since it is the rich who decide everything, who control everything, greed will never be considered a disease of the mind. Quite the contrary. In this unique world, the Capitalist, everything is done for the money.
Now if the human species were just a little smarter (its maximum is 1/10), say 1.5 / 10, they wouldn't need the money and there wouldn't be rich or poor.

But OK. Let’s continue in this wonderful world to “think” about only one thing: Money.
God of all humans.

 

[derekullo]

Just name each mining computer UncleSam###

So that when the Chinese authorities find it you can say the US did it.

 

[Grobe]

. . . . . the new "evil», the "Black Beast" is now China.

More beautiful American propaganda.

It's not just "American propaganda", because also in Europe the China regime isn't exactly very popular.

 

[USAFRet]

More beautiful American propaganda

Well, the USA NEED an "evil" country to point its finger at saying, "see how they steal territory? See how they bully weaker countries? See how they invest in weapons and military? See how they control their population? See how evil they are?!" All the while, doing exactly the same thing, and worse, for much longer.

OK....lets leave the political sniping out of this.

Continuance may result in things you do not want.

 

[DalaiLamar]

It's not just "American propaganda", because also in Europe the China regime isn't exactly very popular.

Made worse by their communism's success.

 

[InvalidError]

When power outage are costing your country 10+% of its manufacturing output and your country is still suspected of mining nearly 50% of all crypto worldwide despite all of the bans that have been implemented so far as more coal mines get shut down by floods and collapses further threatening the country's energy supply, you can expect the crackdowns to intensify.

I imagine it is only a matter of time until the CCP elevates the severity of all crypto-related penalties to further discourage any involvement with it.

With so many countries competing with China for coal, coke, natural gas, etc., prices are skyrocketing all around and pressure to crack down on crypto to reduce fossil fuel imports will increase worldwide.

The next couple of years may suck.

 

[Krotow]

With so many countries competing with China for coal, coke, natural gas, etc., prices are skyrocketing all around and pressure to crack down on crypto to reduce fossil fuel imports will increase worldwide.

The next couple of years may suck.

Countries who are happy to use China as their manufacturing ground, should seriously rethink their long-term strategies. Ir already kicked back in form of semiconductor shortages. But that is only a tip of iceberg. Common West must regain their manufacturing independency and manufacture their goods by themselves without giving their jobs away to someone else.

 

[Soaptrail]

Countries who are happy to use China as their manufacturing ground, should seriously rethink their long-term strategies. Ir already kicked back in form of semiconductor shortages. But that is only a tip of iceberg. Common West must regain their manufacturing independency and manufacture their goods by themselves without giving their jobs away to someone else.

It is not that simple with China so far has a majority of rare earth metals. So while manufacturing can move back to the US somehow those rare earth metals need to being imported to allow manufacturing. I get the feeling China is more will to let rare earth metals be export in finished products than as raw materials.

 

[korekan]

capitalism need v2.

 

[InvalidError]

capitalism need v2.

Capitalism at least as it currently exist is probably doomed by automation ending hundreds of millions of low to medium skill jobs worldwide over the next 20 years.

Countries who are happy to use China as their manufacturing ground, should seriously rethink their long-term strategies. Ir already kicked back in form of semiconductor shortages.

Part of the reason for China's current economic collapse is the ton of foreign companies leaving the country either to avoid US tariffs or because the CCP is screwing them over by refusing to approve expansions and lease renewals, effectively forcing companies to leave. Entire families sinking their savings in real-estate investments by buying shoddily built condos that don't even get completed before crumbling (the Evergrande and 200+ other Chinese builders' pending bankruptcies) isn't helping either as real-estate taxes account for upward of 60% of the governments' income.

China appears all set to go to hell in a handbasket. The UK is in a very precarious state too. I'm sure there are many more smaller countries that relied too heavily on imports to fill in internal deficiencies just barely hanging on.

 

[digitalgriffin]

Not so sure I would want to risk the punishment stage by from stealing from the communist government of China!
Probably a little more than a smack on the wrist and warning to not do it again.

Well your public citizen score will determine what public services you can use. Minor infraction? No public transit for you.

But the worst offenders often end up in jail. And it's amazing how many Chinese prisoners become organ donors and die in jail of mysterious reasons. This is not conspiracy theory.

Basically you don't want to go to jail in China

 

[digitalgriffin]

It is very amusing to note that since the destruction of the USSR, thanks to the greatest American spy, Michael Gorbachev, the media, all belonging, directly or indirectly, to the United States of America, the new "evil», the "Black Beast" is now China.

More beautiful American propaganda. As if in the United States of America, we weren't doing the same thing considering that this "country" (this big multinational) has for goal only to make always more money and whatever the consequences on the life of all form and natural wealth.

Greed is the second major mental illness, the first being lying. But since it is the rich who decide everything, who control everything, greed will never be considered a disease of the mind. Quite the contrary. In this unique world, the Capitalist, everything is done for the money.
Now if the human species were just a little smarter (its maximum is 1/10), say 1.5 / 10, they wouldn't need the money and there wouldn't be rich or poor.

But OK. Let’s continue in this wonderful world to “think” about only one thing: Money.
God of all humans.

I do okay with my life. I did ok by doing the following:

1. Going to college for 7 years where I worked and studied at the same time to pay my own bills. This includes internships and summer school. I took no time off. i worked midnight shifts at factory temp jobs for $1 more per hour.
2. I saved 20% or more of my pay since my 20's
3. I paid for my own house.
4. I learned not to carry debt
5. I watch my investments carefully and daily. I invested in google, NVIDIA, ATI, and Amazon IPOs. I took those risk. (Albiet small ones)
6. I switched jobs when I felt I was unfairly treated

I donate to 5 charities every year:
Hope for Haiti
Child Fund International where we sponsor more than 1 child
Saint Judes
And two local houses
Local foodbanks

That doesn't include Salvation Army donations or toys for tots every Christmas.

Now I'm not going to be stupid enough to say how much I'm worth. Likely not what you are thinking.

But at what point do I become rich and greedy?

When I have
$100,000
$1,000,000
$10,000,000
$100,000,000?

Just because someone has money doesn't mean they are rich and greedy.

 

[digitalgriffin]

Capitalism at least as it currently exist is probably doomed by automation ending hundreds of millions of low to medium skill jobs worldwide over the next 20 years.


Part of the reason for China's current economic collapse is the ton of foreign companies leaving the country either to avoid US tariffs or because the CCP is screwing them over by refusing to approve expansions and lease renewals, effectively forcing companies to leave. Entire families sinking their savings in real-estate investments by buying shoddily built condos that don't even get completed before crumbling (the Evergrande and 200+ other Chinese builders' pending bankruptcies) isn't helping either as real-estate taxes account for upward of 60% of the governments' income.

China appears all set to go to hell in a handbasket. The UK is in a very precarious state too. I'm sure there are many more smaller countries that relied too heavily on imports to fill in internal deficiencies just barely hanging on.

Krotow is quite correct. Back in 2007 when the housing market collapsed, China had a serious serious problem. They don't have a social security like programs to help the unemployed. And large global companies were laying off in the millions. This created a huge crisis in China.

To counter act this, the Chinese gov't says "You can't fire more than X% of your workforce unless we give you approval." And if it gets bad enough the Chinese Govt reserves the right to usurp your Chinese offices and take control of them.

But China is also a hotbed of industrial espionage. And it does run rampant and unchecked. Trying to get China to crack down on fakes on amazon/eBay/Alibaba is actually a huge issue. They don't because it promotes their personal economic growth. This is part of China's independence policy which is basically "F the world if it benefits us"

Chinas collapse right now is because of evergrande and other builders Ponzi like schemes for growth. China's rules on leveraging was a death sentence to them the moment they signed them. Right now only US bonds by these builders are being defaulted. Chinese bonds are being paid.

Looking at investment strategy houses right now say the Chinese gov't is taking a more staunch position against capitalism and the power of people like Jack Ma gain from it. Wealth allows defiance from the gov't. So it is believed China wants all these businesses to fail so they can take them over. Real estate is a SIGNIFICANTLY HUGE portion of their economy and this collapse will likely start the recession. American institutions including large banks are invested heavily in them. We are talking potential of defaullts on billions in unpaid debt.

Anybody who invest in China right now is a fool.

 

[digitalgriffin]

Capitalism at least as it currently exist is probably doomed by automation ending hundreds of millions of low to medium skill jobs worldwide over the next 20 years.


Part of the reason for China's current economic collapse is the ton of foreign companies leaving the country either to avoid US tariffs or because the CCP is screwing them over by refusing to approve expansions and lease renewals, effectively forcing companies to leave. Entire families sinking their savings in real-estate investments by buying shoddily built condos that don't even get completed before crumbling (the Evergrande and 200+ other Chinese builders' pending bankruptcies) isn't helping either as real-estate taxes account for upward of 60% of the governments' income.

China appears all set to go to hell in a handbasket. The UK is in a very precarious state too. I'm sure there are many more smaller countries that relied too heavily on imports to fill in internal deficiencies just barely hanging on.

Supplies are picking back up. The problem is there aren't enough truck drivers or dock workers on both sides to handle the increased logistical flow. We quite literally have dozens (possibly hundreds) of container ships sitting off California coast right now just waiting to be unloaded. It's all quite baffling as a long shoreman is a good union job that makes $70K/year + overtime, reetirement, and medical benefits. That's a good paying gig for someone with a HS education.

 

[InvalidError]

It's all quite baffling as a long shoreman is a good union job that makes $70K/year + overtime, reetirement, and medical benefits. That's a good paying gig for someone with a HS education.

70k$ may sound good at first but in the SF area, that barely covers your rent if you want to live close to your job on the shore and have something larger than a shoe box to call home. I had a phone interview with Qualcomm shortly after I graduated and ended up declining the offer after looking at living costs since Qualcomm wouldn't commit to anything over the phone, didn't want to risk my limited savings on a maybe..

 

[digitalgriffin]

70k$ may sound good at first but in the SF area, that barely covers your rent if you want to live close to your job on the shore and have something larger than a shoe box to call home. I had a phone interview with Qualcomm shortly after I graduated and ended up declining the offer after looking at living costs since Qualcomm wouldn't commit to anything over the phone, didn't want to risk my limited savings on a maybe..

I did the same with Amazon and Microsoft in Washington. With the cost of living it' s not worth it, especially when you are older and have a family.

That said, Longshoreman make about the same up and down the coast of Cali. You don't have to live in the SF area.

I will agree with you that Cali is a pretty crap state in terms of cost of living though. It's ironic that the most liberal states (Cali, New York, New Jersey, Maryland) are among the wealthiest but also have the greatest dichotomy of prosperity. And even the "well off" in those states technically don't do as well as "moderate wealth" in more rural states. You cited yourself how a living in San Fran with a $200K income will get you a shoebox apartment.

Where I used to work in Columbia Maryland at a scientific research company, I made okay coin. The housing within 15 minutes was all $1,000,000+ for a small small catalog rancher house from the 1950's (Second wealthiest county in the USA based on average incomes)

You make $50K in Lousianna, Tennesee or Kentucky and you are living pretty ok with a descent sized home and cost of living.

I'm not trying to start a politics debate. But it is one of those things that makes you scratch your head.