China says it wants to eliminate bitcoin mining

China seems to want control of everything

What government doesn’t? And given the fact that bitcoin is a serious enabler of criminal operations, they have all the more reason to do so.

Not that I’ entirely against bitcoin, it’s just that the people who promote it always seem like they’re trying too hard to dismiss any negative points, like the power consumption necessary to support bitcoins or the fact that it really isn’t as secure as it’s made out to be.

The power of govt to tax is thwarted by bitcoin. Bitcoin is like the Swiss banks - user info is secure. Crypto or other digital currencies, uncontrolled by any govt, may be the future global currency that surpasses the devalued dollar, pound, etc.

All of this is jus plain wrong, just repeating the propaganda anti-bitcoin.

sourpussToday 09:21 am JST

What government doesn’t? And given the fact that bitcoin is a serious enabler of criminal operations, they have all the more reason to do so.

Cash is the best enabler for criminal operations, USD in particular. It's really easy to pay for your drugs, weapons or hide from revenue department through cash, it's virtually untraceable. Bitcoin is actually traceable, you can identify all the transactions from a source to a destination, and it's there forever.

Not that I’ entirely against bitcoin, it’s just that the people who promote it always seem like they’re trying too hard to dismiss any negative points, like the power consumption necessary to support bitcoins

Also doesn't make any sense, not much power is required to support bitcoin, one computer is enough to support everything. Nothing in comparison to for example, 2 banks and Visa required to do a credit card transaction.

or the fact that it really isn’t as secure as it’s made out to be.

As far as I know no security flaw has been found yet, can you enlighten me ?

And you wonder how those Government officials were getting Money out of China undetected ?

Banks employ lots of humans.

Just three humans can run 1,000 bitcoin mining rigs inside a warehouse sucking megawatts of power, forcing other industries and residential customers to subsidize the additional power infrastructure necessary.

I've read that Quebec has set industrial power rates based on clear "good" for the community, related to jobs. Crypto currency mining is billed 2x the normal rate. Some states in the USA have done something similar.

Of course, if I lived in a college dorm where I didn't have to pay for power, then I'd run 10 BC mining rigs, until the college kicked me out. Cheaper money always attracts people. Above US$5000 for each BC, and mining return is about a 5% gain over the cost of power here.

As BC goes up, better buy any new computers, RAM, and videocards ASAP. A year ago, everything was 2x the current pricing.

Cash is the best enabler for criminal operations, USD in particular. It's really easy to pay for your drugs, weapons or hide from revenue department through cash, it's virtually untraceable.

Not necessarily. Cash is hard to launder or even obtain in the first place. Also, it needs to be exchanged face to face. A drug dealer can set up a reasonable operation taking orders on the dark web for bitcoin and distribute the drugs separately. Far harder to monitor. Bitcoin has been a boon for criminals and speculators. It is almost never used for ordinary transactions and does not pass the standard economic tests as a form of "money".

Ah_soToday 01:26 am JST

Bitcoin has been a boon for criminals and speculators. It is almost never used for ordinary transactions

And this is based on your feelings ?

The UN estimates that between 800B and 2T USD is washed annually. In 2018 Europol estimated that 3% to 4% of that is washed through crypto currency ...

I would say it's time to take the USD down to stop crime.

and does not pass the standard economic tests as a form of "money".

I also like that one, what are those economic tests ?

Here’s bitcoin being stolen:

https://news.yahoo.com/south-korean-police-confiscate-server-135507033.html

https://www.theguardian.com/technology/2017/dec/07/bitcoin-64m-cryptocurrency-stolen-hack-attack-marketplace-nicehash-passwords

https://www.forbes.com/sites/laurashin/2016/12/20/hackers-have-stolen-millions-of-dollars-in-bitcoin-using-only-phone-numbers/#1850caf938ba

Half of Bitcoin transactions used for crime:

https://coinidol.com/crime-scene-over-half-of-bitcoin-transactions-used-for-illegal-purposes/