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Crypto currency endeavours

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odysseus2000
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Re: Crypto currency endeavours

#406660

Postby odysseus2000 » April 24th, 2021, 3:15 pm

Suadi's put complete ban on crypto currencies:

https://twitter.com/FirstSquawk/status/ ... 02755?s=20

The more this kind of stuff, the more I like Crypto!

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NotSure
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Re: Crypto currency endeavours

#406676

Postby NotSure » April 24th, 2021, 4:59 pm

odysseus2000 wrote:Suadi's put complete ban on crypto currencies:

https://twitter.com/FirstSquawk/status/ ... 02755?s=20

The more this kind of stuff, the more I like Crypto!

Regards,


Since SA banned Bitcoin about 3 years ago, I guess that retrospectively, you could argue it was bullish - BTC has gone up since then :?

https://www.express.co.uk/news/world/1002951/bitcoin-news-saudi-arabia-cryptocurrency-ban

odysseus2000
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Re: Crypto currency endeavours

#445193

Postby odysseus2000 » September 25th, 2021, 9:15 am

China completely bans Crypto and gers aggressive in shutting down miners:

https://news.sky.com/story/china-announ ... s-12416476

Interesting. Assuming this all goes ahead then something like 1/2 of all mining will potentially stop, suggesting that bit coin transactions will be much delayed.

After the Saudi's banned crypto they rallied and now we have a big crypto mining communist country following suit. One of the arguments put forward is that crypto is using too much energy and this is hurting China's attempts to reduce Co2 emissions. Kind of think this will be short term negative for Crypto but longer term bullish as it illustrates how totalitarian states do not like the financial freedom that crypto bring.

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JohnB
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Re: Crypto currency endeavours

#445215

Postby JohnB » September 25th, 2021, 10:35 am

Whichever country the miners decamp to (Iceland?) that government will come under environmental pressure to ban them. Its obviously easier for China to do this with its Great Firewall, but it is likely to drive mining underground, like pot growing.

odysseus2000
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Re: Crypto currency endeavours

#445229

Postby odysseus2000 » September 25th, 2021, 11:33 am

JohnB wrote:Whichever country the miners decamp to (Iceland?) that government will come under environmental pressure to ban them. Its obviously easier for China to do this with its Great Firewall, but it is likely to drive mining underground, like pot growing.


If mining goes to Iceland, the CO2 argument goes away as Iceland has greatly abundant geothermal power that produces no extra CO2.

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JohnB
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Re: Crypto currency endeavours

#445231

Postby JohnB » September 25th, 2021, 11:37 am

Iceland's power is better used for running other webservices. Iceland already had a partial bitcoin ban in November 2020 https://www.bitcoinovo.com/2020/11/30/c ... n-iceland/

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Re: Crypto currency endeavours

#445254

Postby SteMiS » September 25th, 2021, 1:08 pm

odysseus2000 wrote:China completely bans Crypto and gers aggressive in shutting down miners:

https://news.sky.com/story/china-announ ... s-12416476

Interesting. Assuming this all goes ahead then something like 1/2 of all mining will potentially stop, suggesting that bit coin transactions will be much delayed.

I don't think that's true. If the hash rate falls then all that happens is that the puzzle becomes easier to maintain a 10 minute solution time for each block. What it should do however is increase the profitability of miners such as Argo Blockchain.


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