Chinese Economics Thread

T

Tyler

Captain
Registered Member
dfrtyhgj said:
Bitcoin will be banned world wide. There really is no choice. Even then, they won't be able to stop commodities from becoming the new currency. The West is on it's way out. It's all over actually. But it will still take some time to play out.
Click to expand...
It looks like biden is looking into bitcoin investment. As the yankees move into bitcoin, the upcoming deflation of the bubble will damage the US economy.
 
G

gelgoog

Lieutenant General
Registered Member
Bitcoin is shit. The more hashrate you have the more coin you mine. If you have enough hashrate to crowd enough people you can change the transaction record and do all kinds of weird shit. When the US controls who gets and who doesn't get to use advanced lithography this is a dangerous situation to be in if you aren't them. Whoever can make the highest performance lowest power chips will be dominant. Whoever has the cheapest energy will be dominant. This benefits the US. It is also a huge waste of energy. The whole thing also depends on cryptography. And guess who are the world's best leaders on cryptography who have been working on these kinds of problems for decades? Who have made the standards for most cryptographic algorithms? Your buddy the NSA. I would stay the hell out of crypto.
 
A

ansy1968

Brigadier
Registered Member
gelgoog said:
Bitcoin is shit. The more hashrate you have the more coin you mine. If you have enough hashrate to crowd enough people you can change the transaction record and do all kinds of weird shit. When the US controls who gets and who doesn't get to use advanced lithography this is a dangerous situation to be in if you aren't them. Whoever can make the highest performance lowest power chips will be dominant. Whoever has the cheapest energy will be dominant. This benefits the US. It is also a huge waste of energy. The whole thing also depends on cryptography. And guess who are the world's best leaders on cryptography who have been working on these kinds of problems for decades? Who have made the standards for most cryptographic algorithms? Your buddy the NSA. I would stay the hell out of crypto.
Click to expand...
@gelgoog yup follow what the Chinese does, there is a reason why the CCP sent its official to the US to study? Know the enemy and know thyself.
 
B

BlackWindMnt

Captain
Registered Member
gelgoog said:
Bitcoin is shit. The more hashrate you have the more coin you mine. If you have enough hashrate to crowd enough people you can change the transaction record and do all kinds of weird shit. When the US controls who gets and who doesn't get to use advanced lithography this is a dangerous situation to be in if you aren't them. Whoever can make the highest performance lowest power chips will be dominant. Whoever has the cheapest energy will be dominant. This benefits the US. It is also a huge waste of energy. The whole thing also depends on cryptography. And guess who are the world's best leaders on cryptography who have been working on these kinds of problems for decades? Who have made the standards for most cryptographic algorithms? Your buddy the NSA. I would stay the hell out of crypto.
Click to expand...
If they US changes the transaction record hard forks will happen, the US might be interesting in bitcoin because they are convincing people that bitcoin will fix it. But the ledger is public information so everything can be tracked, hell unless you mine your own bitcoin or have a stash of "unmarked" bitcoins its pretty much impossible to have privacy on the bitcoin or other crypto ledgers with all the "know your customers" processes people have to go through..

I do agree China was smart to ban bitcoin because 19 of the 21 million bitcoins have already been mined why waste engineering talent and energy for those last 2 million when you could actually use the talent to increase your productive forces and then sell stuff for whatever fiat, commodities or crypto.
 
siegecrossbow

siegecrossbow

General
Staff member
Super Moderator
BlackWindMnt said:
If they US changes the transaction record hard forks will happen, the US might be interesting in bitcoin because they are convincing people that bitcoin will fix it. But the ledger is public information so everything can be tracked, hell unless you mine your own bitcoin or have a stash of "unmarked" bitcoins its pretty much impossible to have privacy on the bitcoin or other crypto ledgers with all the "know your customers" processes people have to go through..

I do agree China was smart to ban bitcoin because 19 of the 21 million bitcoins have already been mined why waste engineering talent and energy for those last 2 million when you could actually use the talent to increase your productive forces and then sell stuff for whatever fiat, commodities or crypto.
Click to expand...

More important thing is energy. Oil and gas prices are skyrocketing and people are trading non-renewable resources for digital trinkets that require continuous energy upkeep.
 
T

Tyler

Captain
Registered Member
gelgoog said:
Bitcoin is shit. The more hashrate you have the more coin you mine. If you have enough hashrate to crowd enough people you can change the transaction record and do all kinds of weird shit. When the US controls who gets and who doesn't get to use advanced lithography this is a dangerous situation to be in if you aren't them. Whoever can make the highest performance lowest power chips will be dominant. Whoever has the cheapest energy will be dominant. This benefits the US. It is also a huge waste of energy. The whole thing also depends on cryptography. And guess who are the world's best leaders on cryptography who have been working on these kinds of problems for decades? Who have made the standards for most cryptographic algorithms? Your buddy the NSA. I would stay the hell out of crypto.
Click to expand...
Very soon China will have the highest performance and lowest cost power chips.
 
You must log in or register to reply here.
Top