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China Wants To Ban Bitcoin Mining
China's state planner wants to eliminate bitcoin mining in the country, according to a draft list of industrial activities the agency is seeking to stop in a sign of growing government pressure on the cryptocurrency sector. From a report: China is the world's largest market for computer hardware designed to mine bitcoin and other cryptocurrencies, even though such activities previously fell under a regulatory grey area. The National Development and Reform Commission (NDRC) said on Monday it was seeking public opinions on a revised list of industries it wants to encourage, restrict or eliminate. The list was first published in 2011. The draft for a revised list added cryptocurrency mining, including that of bitcoin, to more than 450 activities the NDRC said should be phased out as they did not adhere to relevant laws and regulations, were unsafe, wasted resources or polluted the environment. It did not stipulate a target date or plan for how to eliminate bitcoin mining, meaning that such activities should be phased out immediately, the document said. The public has until May 7 to comment on the draft.
As all things are
were unsafe, wasted resources or polluted the environment
its wasteful with little to no merit of any kind
Bitcoin mining has pushed the development of hardware in china to smaller and smaller feature sizes, even more than GPUs and CPUs. They are shooting themselves in the feet and allowing the next generation of hardware to be run (and eventually designed) elsewhere. This is China giving up the lead in high tech for a few years - we better take this chance and run with it, we probably won't get another chance like this.
GENERATION 26: The first time you see this, copy it into your sig on any forum and add 1 to the generation.
China also wants to ban free thought, so what else is new?
Having to ban something is a sign that your society is poorly organized.
If a society were built around markets and voluntary interaction, then the price of power (including the price of pollution management, etc.) for any particular user would find equilibrium at some point that is profitable for everyone—or, of course, the price would clearly indicate that it is totally unprofitable, and thus the activity would cease.
Central planning is a sign of incompetence, folks. Naturally, that's why central planning always fails, or entails extreme violence (which is the last resort of the incompetent).
All that wastes power, computing cycles, and e-waste. A perfect Chinese scheme against the west.
It isn't "mining"....
"China Wants To Ban Bitcoin Mining, Launch Its Own Fiat-backed Token Currency"
If China bans bitcoin mining, how will they then prop up North Korea?
-- Tigger warning: This post may contain tiggers! --
It's a waste of energy. 100% of people who made money on BTC mining did so by stealing electricity. From their employer, from subsidized service, from unwitting victims.
"Yeah, it's at 5k now. Yes, again. Look, we're going to need some more China FUD, just like last time."
Externalities are an example of The Tragedy of the Commons, which shows that resources must be managed by an owner.
* Authoritarians say property should be owned by the State, by violently imposed decree.
* Libertarians say property should be owned by The People, by voluntary trade.
There is no regulation greater than that of the Free Market, where bankruptcy is actually bankruptcy. You can have rules or rulers, but not both; the future is law by contracts, not law by decree.
...should be phased out as they did not adhere to relevant laws and regulations, were unsafe, wasted resources or polluted the environment.
Unsafe? What happened? A bitcoin rig fell over and crushed someone?
Good job, Wong, you get a Good Party point. A few thousand more and you can import a middle class American brand of chicken tendie, and pretend you're living the life.
The entire purpose of cryptocurrency is to undermine the state. There is literally no other value add to the blockchainist (pseudo) decentralization model of electronic currency.
the most impressive feat of Bitcoin is that it's managed to use a misdirection story about 'technology' (plus some good old fashioned corruption) to prevent china - of all nations - from recognizing its true and intended purpose for so long.
Decentralization: the brief interval between the decline of one centralized regime and rise of another.
* Your implication is that governmental paper-pushers and gun-toters are some kind of unearthly, transhuman, angelic beings formed of finer clay than the rest of us; who are these Intelligent Designers? I think your position here is absurd.
* You're implying that we need a violently imposed monopoly to save society from a voluntarily grown monopoly; that's an outright absurdity.
In contrast, Capitalism embraces the fact that Men are Not Angels; it seeks to exploit their self-interest for the benefit of everyone else. Capitalism rejects Intelligent Design in favor of Evolution by Variation and Selection, the most robust and humane form of which is a market of voluntary interaction, where "voluntary" is defined by contracts negotiated in advance, and whose enforcement is necessarily specified in each contract and is therefore, by definition, also voluntary. Neither negotiation nor enforcement is magical; it does not require some transhuman entity or quasi-religiously revered monopoly; it doesn't require sacred symbols or annual pageants or hymns or the playing of an anthem while holding one's hand over one's heart, or the placing of a hand atop an ancient text; it is just a service like any other, and must itself necessarily be subjected to the same iterative, evolutionary process of the market. It is this Separation of Powers that protects society from Tyranny.
Yawn. You incels are so boring. No wonder no chicks will fck you:
Americans have their fair share of authoritarianism.
The entire purpose of cryptocurrency is to undermine the state. There is literally no other value add to the blockchainist (pseudo) decentralization model of electronic currency.
Actually, bitcoin has undermine itself.
Bitcoin is not decentralized and has not been for years. The underlying theory of bitcoin is that a diverse and decentralized population of users maintain the blockchain. Bitcoin has neither diversity nor decentralization. Bitcoin is not diverse as it is dominated by the manufacturers and owners of expensive and specialized mining hardware, ASICs. Bitcoin is not decentralized as 70%+ of the ASIC miners are in a single country, China, dependent upon inexpensive government control power. Bitcoin has deviated from its core design that was supposed to ensure security.
yes, that's what the (pseudo) is there to indicate
Decentralization: the brief interval between the decline of one centralized regime and rise of another.
This is good for Bitcoin
It might be. It could force bitcoin to move from proof-of-work to proof-of-stake or some other scheme that distributes maintenance of the blockchain (and does not waste energy). Right now mining is not decentralizing.
Bitcoin is not decentralized and has not been for years. The underlying theory of bitcoin is that a diverse and decentralized population of users maintain the blockchain via their ordinary computers. Bitcoin has neither diversity nor decentralization. Bitcoin is not diverse as it is dominated by the manufacturers and owners of expensive and specialized mining hardware, ASICs. Bitcoin is not decentralized as 70%+ of the miners are in a single country, China, and low cost government controlled power. Bitcoin has deviated from its core design that was supposed to ensure security. Bitcoin is vulnerable to government manipulation as it exists at the moment.
If China follow through with a mining ban and bitcoin evolves, moves back towards its design, they yeah, that would be good. If not and it dies and some other blockchain based non-proof-of-work coin becomes dominant that too is good.
You can build a centralized system on a fundamentally decentralized foundation (for the sake of efficiency), but you cannot build a decentralized system on a fundamentally centralized system.
Bitcoin is fundamentally decentralized; any centralization is transient: When that centralization becomes corrupt, it will be interpreted as damage and routed around.
"as they did not adhere to relevant laws and regulations, were unsafe, wasted resources or polluted the environment"
IMHO:
Cryptocurrencies are definitely unmatched when it comes to wasting electricity (& all resources used to produce that electricity)!!!
Plus, they definitely encourage people of public to do many kinds of crime, like stealing electricity in anyway possible & financial crimes!!!
ALL cryptocurrencies are just scams & their mining & trade should/must be banned by all countries!!!
Ah, China! Remember these are the people that once banned the letter "N"? Maybe they'll back off. Bitcoin is just a fun computer game you can play with your kids. It's a great way to learn about money.
When that centralization becomes corrupt, it will be interpreted as damage and routed around.
No it will not. That corruption will become part of the immutable blockchain. Blockchain security will be proven false and the coin fails.
I wouldn't use craigslist for anything, especially not guaging interest or use of anything. They have a history of censorship - ask switter
GENERATION 26: The first time you see this, copy it into your sig on any forum and add 1 to the generation.
It's rare to see, but in this case the Chinese government is doing something right.
At this stage the only difference these mining rigs are making to the world is making it warmer.
"Nine times out of ten, starting a fire is not the best way to solve the problem." - my wife
That's the funniest thing I heard all day.
Slashdot should ban a whole variety of folks.
They never will because this site promotes warez- racisim- grudgers and stupid fucks
As they say- it's the users that make a the site.
Just stopped by to rub your nose in that
China wants to ban the PRIVATE mining of all crypto. State sponsored mining, where the government is the beneficiary, is still perfectly welcome.
Recall Bitmain is majority owned by the Chinese government.
Comments like this are direct evidence of government-sponsored troll campaigns. Looks like they use bots for the initial spread-pattern, I'm sure an actual human will follow up to "debunk" me.
All I ask is that readers passing through ask themselves why someone would post this shit unless they had an agenda to undermine that which cannot be undermined.
A government is a monopoly that decrees its income at the point of a gun; politicians are people who buy votes with other people's money, and are universally regarded as silver-tongued liars. Whence come the moral angels in your government that will better choose right and wrong than you and me and the millions of other participants of the market?
Apple uses slave labor to build its locked-down devices, so I don't buy their products. Meanwhile, it doesn't matter that I disagree with the bomb-dropping my government does; I'm forced at gunpoint to pay for it.
So... what could your point possibly be?
Government is better than the market at deciding what's right and wrong? What are you smoking?! Whatever it is, you'd better be careful, because your government might lock you up in a cage for possessing it, or even kill you.
FTFY.
The theory of Bitcoin is much narrower:
* if you achieve diverse and decentralized in the real world, you're in a good place
* mechanisms exist within Bitcoin to encourage (but not guarantee) this outcome
Unpacking Suitcase Words — 2009
"Diversity" is just such a word: there's a potentially unlimited number of columns in the spreadsheet where diversity could collapse. (If there's a thing, there's diversity of the thing—or not.)
Diversity and performance culture rarely go hand in hand. Have you looked at F1 lately? Apart from the decals and colouration, only an aficionado can even tell the cars apart.
Diversity culture, as practiced in 1001 Arabian Nights.
If you didn't see the ASIC overlords looming on the horizon right out of the starting gate: wake up Little Susie, your recognizance is shot.
All I ask is that readers passing through ask themselves why someone would post this shit unless they had an agenda to undermine that which cannot be undermined.
All I ask is that people understand bitcoin's current flaws, ie failure to live up to its own security model and hence open itself to government (China) manipulations. To understand these current flaws before betting on bitcoin. In other words to make an informed decision rather than blindly accept the words of the zealots that all will be fine.
Nice to see the Huawei apologies are still running wild /sigh
"Huawei caught spying on Pakistan's CCTV network"
An exposure by the BBC's flagship current affair documentary, but hey, let the idiocracy run rampant.
https://www.bbc.co.uk/iplayer/...
That really is a strange decision. Bitcoin is a great income opportunity for a huge amount of people why would they ban it? I know a lot of people who use crypto signals, pump and dump crypto groups, trading robots and make huge amounts of money.