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It Seems China is Shutting Down its Blockchain Economy Anonymous 09/18/2017 (Mon) 13:19:41 [Preview] No. 11176

>[...] it might have been the start of something more ambitious: a coordinated campaign to shut down use of cryptocurrency in the Middle Kingdom.
>The full extent of the Chinese crackdown isn't clear yet, in part because key decisions have only been communicated privately to Chinese Bitcoin exchanges.
>But a couple of Bitcoin exchanges have now announced that they are shutting down.
>And leaked documents suggest that the rest will be required to do so before the end of the month.


Anonymous 09/18/2017 (Mon) 13:44:27 [Preview] No. 11178 del
There's multiple cyprtocurrenecies at this point, so would be no point besides making the next one popular.

Anonymous 09/18/2017 (Mon) 13:49:40 [Preview] No. 11180 del
But this destabilize the cryptocurrency concept (ideology, for some) and shows that, even if it's decentralized, you can inhibit it's use in a country.

Anonymous 09/18/2017 (Mon) 15:34:38 [Preview] No. 11181 del
>Shutting Down its Blockchain Economy
is a little clickbaity. AFAICT, they're not making it illegal to own or trade cryptocurrencies for goods and services, they're shutting down the BTC <-> RMB exchanges.

Granted, for normies, that'll put a damper on things. But for people who want to use Bitcoin as it was originally intended--as a currency in its own right, and not just as an investment to generate more fiat currency--this will be an interesting test.

Of course, this won't stop small, informal exchanges of BTC or other cryptocurrencies. It also won't stop Chinese citizens looking outside of China for dealing in cryptocurrency. The Great Firewall is powerful, but it's not omnipotent, and China is no longer a closed society. When I was in Japan a while back, I noticed that in addition to Japanese and English, a lot of the major train lines made their announcements in Mandarin, as well. Why? There's a growing Chinese middle class, and they travel extensively outside of China, and they like to spend, spend, spend.

Anonymous 09/18/2017 (Mon) 17:13:25 [Preview] No. 11185 del
Not really, they can't stop cryptocurrency being used, only being bought and sold. Cryptocurrencies should be utilised like local coin in a digital market place.

Anonymous 09/18/2017 (Mon) 17:34:40 [Preview] No. 11187 del
If people can't buy bitcoin, they have two options only: minering it themselves or stop using.
Besides that, China is the biggest country that create bitcoin, it's very probable that people will start to exchange bitcoin to their coutries money if Chine stop producing it, and the BTC value will get really down. The investors "self-fulfilling prophecy":

Maybe that's the plan of China, use the fearmongering of prohibition to destroy possible investors buying BTC.
The obvious solution would be switching to other cryptocoin that is easy to produce with a normal computer, but this transition between BTC to other coin could open the possibility to some corporation push their own coin. If I'm right, we should expect a Apple or Microsoft's new cryptocoin next months. Else, I'm just a faggot without economics knowledge.

Anonymous 09/18/2017 (Mon) 18:02:03 [Preview] No. 11188 del
Why would anyone use cryptocurrency other than money laundering or pure speculation?
Its rate change so much it's super risky... Moreover, it's absolutely not anonymous, so bitcoin, right now, is totaly useless in term of exchange. Regular currencies are far better alternative right now.

Anonymous 09/18/2017 (Mon) 18:43:46 [Preview] No. 11189 del
Yeah let's keep using US Dollar.

Anonymous 09/18/2017 (Mon) 18:51:18 [Preview] No. 11190 del
>it's absolutely not anonymous

You're conflating cryptocurrencies in general with Bitcoin. There are other cryptocurrencies, and some do provide for anonymous transactions by design.

Bitcoin is not anonymous by design, but it can be used anonymously in many cases.

Anonymous 09/18/2017 (Mon) 22:07:08 [Preview] No. 11196 del
>Let's take everything wrong with paper money, and make it worst into an electronic money that isn't based on nothing

The problem about today's currencies is the fact that they's based on debt and trust. The problem is that fact that they allows speculation. The problem is the moneraty creation power given to the banks, the "ex nihilo" monetary creation. The problem, it's private central bank managing the currency of a nation. The problem, it's the private BIS who manage every central bank like they want.
The only think that change with a crypto currency is that every transaction is traceable.

You're right, but the future world currency will certainly not be anonymous. (((They))) want to make the cash disappear to be able to track everyone's transaction. Anonymity will be more and more complicated to achieve.

Why not, like our grand fathers, and great grand father, simply buy bullets and gold?
That's that simple. If you're not rich, then gold, bullets and food cans is the best savings you could ever make.
If you want to invest and make money in the market, then hyper speculation on cryptos is the way to go.
Now, for everyday exchanges, yeah, euros/dollars are certainly the way to go. Certainly not cryptos with its monstrous volatility.

Anonymous 09/19/2017 (Tue) 05:28:17 [Preview] No. 11200 del
>Why would anyone use cryptocurrency other than money laundering or pure speculation?

Because cryptocurrency is an electronic form of payment that competes with Visa/Mastercard/Paypal. If someone buys your game via the Humble Widget with bitcoin or you buy a comnputer off Newegg with bitcoin, Visa/Mastercard/Paypal don't get a cut.

That's huge, and is reason alone for hundreds of millions of people to use it once it becomes convenient/widespread enough and is why there will be big money behind paid resistance to it.

Anonymous 09/19/2017 (Tue) 14:31:56 [Preview] No. 11201 del
>The problem is the monetary creation power given to [anyone], the "ex nihilo" monetary creation
The only thing that does is prevent hoarding and even more egregious speculation. Do you want even more egregious speculation, (((anon)))?

>The only think that change with a crypto currency is that every transaction is traceable.
What transaction isn't? Are you talking about conning people out of some pocket money, (((anon)))?

Anonymous 09/19/2017 (Tue) 16:01:39 [Preview] No. 11202 del
(68.97 KB 758x506 gopnik-of-future.jpg)
>What transaction isn't? Are you talking about conning people out of some pocket money, (((anon)))?

You can't have any anonymity if you don't have any way to make anonymous exchanges. You can do anonymous exchange right now, with paper money. Paper money allow "black" market, markets out of any state control. For exemple, you buying something for you friend is anonymous, and is de facto in the "black market". It allows anyone to work without the need of any contract.
It's the most basic need. With every transaction being traceable, you're done. You're just done. If they decide to deny you the right to possess a bank account, then you'll not being able to even buy from the most basic store. The whole economy will be controlled and monitored. But I guess that you trust your government and you bank to not do any arm against you, isn't it ((((((((anon))))))))?
Saying that it profits the criminals is monstrously retarded, since the biggest criminals are the banks, and the companies not paying taxes by using tax heavens. It's not the little faggot drug dealer. Moreover, since it's the state that control the drug traffic, don't count on the fact that they'll track them through bitcoin transaction. Police don't have enough people anyway to do this job. That's why it's actually the banks who try to detect credit card fraud (under ~1000/2000 euros), and not the police.

>The only thing that does is prevent hoarding and even more egregious speculation.
What? You're talking about monetary creation? That's the process that build paper money, that makes it remain on pure debt. The dollars paper money you have in your pocket is a debt upon the central bank. The money who's on your bank account is a debt on the bank. Nothing have any value, and it allows bank to create money out of nowhere. Well, not from nowhere, but from continuous inflation. Bitcoin will not solve anything. I pretty much think that it'll worsten the problem. I highly think that today's crypto will not be the future crypto used in global market (when the world will have only one global market). Maybe the blockchain will be private. Maybe they want a decentralised money to make it detached from any nation (since every nation will disapear, it's pretty logic) in apparence, but totaly controlled by the one setting it up.
The whole economy is immoral. Bitcoin will not, but confirm everything that has been destroyed since the founding of modernity.
You truly must be a redditor level faggot using his little mac to think that bictoin is a good thing. That's the same kind of guy who find it totaly normal to implant an RFID chip in their hand, or soon a neurolace. They're the one finding totaly normal to buy modern car which are connected to the manufacturer, manufacturer that can control the car, lock it, stop it etc...

Anonymous 09/19/2017 (Tue) 16:37:54 [Preview] No. 11203 del
Not the same guy, but:
>If they decide to deny you the right to possess a bank account, then you'll not being able to even buy from the most basic store.
You really don't know how bitcoin works. You don't need and "bank account". See TREZOR, for example:

>That's the same kind of guy who find it totaly normal to implant an RFID chip in their hand, or soon a neurolace.
Oh, so you're one of these "mark of the beats" people? I expected more from you...

Anonymous 09/19/2017 (Tue) 16:40:00 [Preview] No. 11204 del
<You don't need and "bank account"
> You don't need a "bank account"*
<"mark of the beats"
>"mark of the beast"

Anonymous 09/19/2017 (Tue) 16:44:28 [Preview] No. 11205 del
"I" expected more of you. Don't tell me you're the common hn user, not risking to go in any direction that is not approved by the official good thinking institution.
About the RFID, no, I don't think that it's particulary what is reffered to be the mark of the beast. I think that it's nearly nothing, especially when you look at the neurolace, and what are the tech possibilities that would be available in the close future. Honestly, the private corps already know everything about everyone. All i'm saying is that it's a very very dark future that is being releaved as the days advance. And it's certainly technology which is the conductor. It's like always: a trade between yourself, a piece of your soul and your privacy, for more comfort, social acceptance etc..

Moreover, you haven't read my post to the end: I'm saying that the future crypto currency will be far more controlled than what it is now. Every bank are testing their own crypto.
Don't think that banks will diseapear with the founding of a global market based on an unique cryptocurrency.

Anonymous 09/22/2017 (Fri) 16:06:36 [Preview] No. 11260 del
Cryptocurrency does amaze me, I think it has potential (that is, *IF* continually allowed to).

However, I do see in the near future one of two things playing out on a global scale: either 1) governments will step in, intervene and take full control over it with new regulations and laws, thus undermining the whole freedom/anonymous concept ... OR 2) governments will just shut it all down, like they have begun to in China. And this will lead to arrests and raids if exchanges don't conform.

That being said, invest wisely and DO diversify! Do not hold all your eggs in one basket. Make sure you have plenty of basic essentials needed to survive stocked up (the prepper mindset), have some physical gold or silver coins to barter with, guns/ammo/mags won't hurt for self-defense (if you can get them), if you can buy some property away from a major city I highly recommend it if you are up to that line of work, make sure you minimize your debts too. Try to become as self-sufficient as possible.

We all know that governments are planning to steal our wealth via the banks. We need to be planning ahead of time, to mitigate how much they can steal. And it is possible but you have to diversify your investments and holdings. Don't just trust one entity to protect your wealth - it is mostly up to you. When SHTF you have what you can physically hold onto and that's pretty much it.

Check some great prepping tips here: https://archive.fo/dr3NH

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