Don't use Bitcoin... or any crypto that relies on mining, actually.

You dont get it. All crypto is is an encrypted ledger that says how much everyone has. All China gets are the bounties for mining/encrypting the ledger. You can mine it if you want. Anyone can. The value on the ledger cannot be changed by China, they cannot control anything. Whatever you hold, is going to stay on the ledger. They cannot seize or devalue your funds.

This technology is going to be used for all types of things, like social media, because of the fact no one can alter or actually own a blockchain out in the wild. It is owned by the people who use it. Doesnt matter what countries they are spread across or what governments dont like it, thats the point.

While govs can devalue your currency because they can print more money while your savings sit in the bank and become worth less, they have no power over crypto besides trying to outlaw it. Since that wont work, they are now mining it. Other countries will follow. As fiat values go down due to inflation, crypto is going to stay strong and increase in value because the good ones like bitcoin cannot be manipulated.

It is your old school paper ledger all businesses kept in the past, crossed with cryptography. Because it is encrypted, people all around the world can have copies of it, but cannot change the actual data.

I personally am an IT Security expert and have been trained in cryptography extensively. I promise you, it works, and China mining it is nothing to freak out about. It solidifies it.

originally posted by: swanne
a reply to: EmmanuelGoldstein

If China has 65% of all bitcoins, then by definition the rest of the world will only be able to mine less than 35%.

This means that the minute you accept Bitcoin payments, China can literally buy anything from you, increasing its wealth even more. It could buy politicians. Hell, it could buy politicians to rob you from your house. Maybe it'll buy politicians to take more of your rights away. Do you understand the point I am making? The bigger picture?

Thats not how it works. You really need to learn more about this subject.

originally posted by: AugustusMasonicus

originally posted by: Ksihkehe
There are really only a few right now that are established enough and fast enough to meet the needs of the Fed. They'll have almost instant liquidity when it's done, globally.

They'll also have even more control than they do now, which is scary. The likelihood of it being tied to an NFT "identity" eventually is also quite high. That will tie virtually every record of your life in a digital Social Security NFT. I'm not kidding.

We just added a new engineer to the service line team that's working the implementation who's an expert in cryptos and she said something very similar to what you posted. We all joke that we've turned into 'The Man'. Dark humor...

Sounds like she's a brilliant woman and a fine example for others.

I'm guessing your company was already in bed with the man and if you're integrating something this early you were probably raising his kids. Unless this is just the ISO messaging it means you're integrating something I'm not aware of yet.

a reply to: TrollMagnet

Explain to me why BTC will remain strong. It has no use. It is not capable of handling a significant number of transactions and there is no way to cash it out without going through the banking system. If the government wants it eliminated they simply make the banks stop accepting deposits from crypto exchanges, make it a crime to accept it as payment, and it's effectively dead except on the black market. That means there is no reason to hold it except as speculation. What will keep BTC afloat now is hype and the fact that Wall St. is involved with ETFs and holdings.

There is no value on the ledger for China to manipulate. The ledger is a record of transactions. The value is determined by what somebody will pay for it, which is now in the hands of the market. Price manipulation is done the old fashioned way for BTC, market dominance and psychology.

BTC is vulnerable to a 51% attack, with increasing viability as more mining is consolidated into fewer large operations. ETH was rolled back after an attack before. If it can done to protect the network it can be done to harm it.

originally posted by: Ksihkehe
I'm guessing your company was already in bed with the man and if you're integrating something this early you were probably raising his kids. Unless this is just the ISO messaging it means you're integrating something I'm not aware of yet.

The company has a long standing relationship with the government, it's hard to be more specific because it's a well known name.

a reply to: AugustusMasonicus

I just went and reread your original comment and FedNow is the ISO 20022 integration I was talking about. I'd guess that's the main role for the crypto expert right now, Ripple Messaging integration.

My guess is she'll be working on fedcoin's ledger integration next.

a reply to: Ksihkehe

Yes, we're doing the ISO part with them and the banks.

Most of the Chinese miners sold their bitcoin in may when China banned it for the jillionth time.
A lot of those miners moved to different countries to set up again.

It's not the government of China mining crypto. It's the people.

The peoples money. If you're not in it yet you're gonna get left in the dust. As you should for choosing to support fiat currency, staying ignorant, and not having enough insight to see the direction things are heading.

a reply to: swanne

Check you private messages.

Hacking is a global problem blaming the countries instead of the individuals would be a mistake... all hacking is black hat no matter what the reason for data mining may be construed as.

Teaching more people to do it saying it has a good intention doesn't mean all those people learning will keep whatever good intention it is.

a reply to: swanne

GL I been saying that for ages and just get called a liar. Mining is legit lending them a super computer, or equivalent of 2,000 nukes worth power and energy to solve whatever they want.. including how to take over the world. Idiots don't realize that is how they hacked into our power grid, and made huge technological advances over the past 10yrs. Because they have been in short rigging millions of engines to power 1 or a series of super computers. Even NASA doesn't have the amount of power china gets from lending a portion or all of your machines power to it.

And it's all done in the form of "mining". Prove me wrong I dare you. You won't be able to, it doesn't take billions of computers to write receipts on coin transfer.

Especially when a calculator from the early 80s was capable of actually printing it. So ask yourself what they are REALLY doing with the borrowed power that your getting micro-paid for.

originally posted by: swanne
I keep seeing people jumping into the bandwagon.

At first I myself thought it was a good idea. Decentralised, a value that keeps rising (and therefore promises a return), etc. But then I realised something after coming across this bit of news:

China has intensified its stranglehold on cryptocurrency mining and trade. China mined two-thirds of the world's bitcoins in 2020; in other words, until last year, Chinese bitcoin mining accounted for around 65 percent of global mining.

economictimes.indiatimes.com...

It's not just that source, other sources are confirming the "deed". China mined two-third of all Bitcoins ever.

Do you realise what this means?

The moment you begin accepting Bitcoin, Ethereum, or any "crypto" that can be mined, as a form of payment, then you will be giving China tremendous purchasing power over you... again.

I'm just saying. We need to stick to currencies that cannot be mined, only earned.

This post is nonsense imo. Actually China has banned a bunch of mining facilities which is great for bitcoin. Bring it home where clean renewables will be the way. Bitcoin is here to stay.

originally posted by: tanstaafl

originally posted by: swanne
It's not just that source, other sources are confirming the "deed". China mined two-third of all Bitcoins ever.

So what? Or are you suggesting that it was the CCP that mined them? It wasn't, it was private miners, and as proof, if all of these mining operations were CCP owned/operated, they would not be shutting them all down.

From your own source, one of the largest (Bit Digital) was a New York based firm that was simply taking advantage of the cheap hydro electricity in China from all of their crappy dams.

Do you realise what this means?

The moment you begin accepting Bitcoin, Ethereum, or any "crypto" that can be mined, as a form of payment, then you will be giving China tremendous purchasing power over you... again.

There is a lot wrong in that comment.

First, bitcoin is not a currency, and is there are two characteristics that make it very different from any of the other #-coins that like to call themselves 'crypto currencies' but aren't..

Bitcoin is a crypto asset. It is property. So says the IRS and every other government regulator/wonk that has discussed this, including/especially in the recent Congressional hearings about it.

All of the others are considered securities.

This is an incredibly important distinction that you really have to grok completely before you can speak intelligently about the subject.

I'm just saying. We need to stick to currencies that cannot be mined, only earned.

I will and am.

Bitcoin will not be banned, because it is not a threat to any country's monetary sovereignty, because it is not a currency, and doesn't want to be a currency.

Nothing else needs to be added here. Bitcoin is simply a store of value, a deflationary asset. Ethereum on the other hand may have regulations slapped against it if governments feel threatened by it. Bitcoin is volatile, but it’s not going anywhere. Tether may in trouble as well as long been knowned or at least speculated to be backed by Chinese commercial paper. If say Evergrandes demise was a huge contagion and they are backed by junk bonds I could see the # coins going away, but that is also good for bitcoin.

originally posted by: macaronicaesar
Bitcoin is volatile, but it’s not going anywhere.

I beg to differ...

To quote the NOT drug-dealer/addict Mr Saylor:

"Bitcoin is the superior asset and it’s going up forever Laura. Forever."

:

a reply to: BlackArrow

Precisely.

One has to be a fool to believe that they are not utilizing the full potential of the system. "Solving math formulas"... Why?

I stopped bitcoin mining when it became apparent that none of the coins were, like, ever going to have my likeness on them. Ended up with a cargo container full of bitcoins on the back lot, but I don't think of myself as rich. Nope. I was never in it for the money. The bitcoins were just a way to keep score.