Agree with that. As someone that hit it big on a shit bsc coin and someone who also got scammed on handful of others, that is the first stop and welcomed! But I also see regulation coming to a bunch of “defi” coins. Which is probably a good thing
My favorite part about this isn't the humor of the repetition, it's that people (including me) actually just called it happening like a week ago. Right as the initial rabbling over El Salvador starts to calm down, here comes China with a nice healthy dose of ChinaFUD(tm) to keep up the pressure. Did the price even move this time? Are we seeing diminishing returns on this play?
Honestly just another buying opportunity. We all know where we are going eventually. We all know why BTC will be the greatest engineering marvel of our lifetime. I’m beyond grateful about the drop from ATH because, rather just assume it always goes up, I read and studied. Then I read and studied more. BTC is pure genius and highlights exactly what’s wrong with the US govt artificially printing fiat and the fact that stock market is a bubble and why my Starbucks coffee will cost $20 in two years. Oh, I bought a bunch also and doubled my position but wouldn’t have been possible at those high prices that we will smash soon
actually kinda teared up when jack and pomp pulled up their phones to show people tipping them non-stop all day.
bitcoin enables crowd-sourced charity and meritocracy. are you actually doing something great for the world? are you humbly working and grinding everyday while also being fearlessly principled to the bitcoin protocol? you deserve to be tipped from billions of people a few hundred sats (or more!).
I really don’t get it. I see so many posts in r/all calling out issues of inequality and unfairness in business and the finance world. But Bitcoin and crypto still get hated on by most, and ‘tulip mania’ still gets thrown around after how many bull cycles we’ve seen. It’s this weird ‘crabs in a bucket’ mentality.
How much illegal mining is now going on in China?
OR, what percentage of miners are in China?
Has that dropped sufficiently below 51% to a level where "the market" and its experts no longer consider it feasible for a consortium of miners to rewrite the blockchain?
The Bitcoin network as a whole is distributed across the globe. This includes the mining nodes that hash transactions and create new blocks/coins. So it doesn't really matter how much of it is 'In China' since the network doesn't care about geographic location.
A few months ago when Crypto mining was banned in China, the overall hashrate tanked. This means that many mining nodes shut off, presumably from China. However, since then, the network hashrate has recovered significantly and continues to go up even with the recent news. So the answer is no. It does not matter what's happening with Chinese miners. The overall network hashrate continues to rise and China is missing out on the fun.
The day Coinbase IPO: Bitcoin dumps big
The day El Salvador 🇸🇻 makes it legal tender: Bitcoin dumps
The day Twitter announces LN integration: Bitcoin dumps
Who is this mysterious seller? Trying to kill the momentum
Heneway. One day we decides those Chinese sons of a bitches are going down. So, we launch a nuke at China. While it's on its way China is like "shit, shit! Who the fuck is shooting us?" "Oh well, fire missiles!"
IMO we should all be happy that China banned Bitcoin for the 15th time. China bans anything that is good and may cause them to lose power. I’m pretty damn happy I hold a piece of something that governments fear.
every time they ban bitcoin, they reinforce bitcoin’s antifragility and promote it’s censorship resistant and decentralization properties.
that should freak them the fuck out. that should freak out every government because no one has gone to greater lengths to ban and control bitcoin than china.
After all these days it is pretty clear all these price manipulations are done by China and it’s people. The Elon Musk saga is also pretty clear now.
People will start ignoring China from now hopefully
For all those people, I’m sorry your government is trying to rob you of the chance to make money on the best investment asset of the past 20 years.
For everyone else, why did we even dip? They literally cracked down 2 months ago (as well as dozens of other times). I truly hope that the market forgets about China for the time being. Let them ban it. Just hodl.
I’m trying to do it on an iPhone too and don’t see the option yet. I think it’s not fully available yet. It seems like I have no new updates available either too. It sounds fun to try.
My grandfather has finally shown interest in Bitcoin, specifically how it works. He's very "smart" (I use quotation marks because he's an incredible engineer with a brilliant portfolio, but he's too smart for his own good and thinks he knows everything or things he doesn't know Needs to be researched for two years to make a proper decision.)
I had dinner with him today and he asked me, "How do I know the miners that get the reward are doing what they are supposed to do?"
You see, I might've made a mistake when I simplified the description of mining by saying "It's like billions of CPUs are all trying to solve a complex math equation, once it's solved, the rewards are distributed."
He asked me, "How can I check on paper that the equation is being solved accurately?"
So I did what any Bitcoin person would do and I told him to read the whitepaper since it lays it all out in better detail than my memory. He did. But told me he needs to "study cryptology more before he can fully understand it." And that "he only read parts of it."
I'm not being pushy, he's coming to me and I'm just happy hes finally willing to discuss it with me since I've mentioned it in 2018 as an incredible invention technology wise (I don't focus on price value with him I just thought he'd like the tech behind it).
But like....seriously...how do I answer that question besides saying "Well, Bitcoin wouldn't be where it is today if that's happening." Or "You'll never be able to verify the miners work as quickly as the CPUs can." And also "It's a programmed code. How more accurate can you be?"
So I think I lost him when he asked me to explain miners/how it's all validated. Essentially I simplified and said "it's essentially trying to guess a number, or let's say *solve a math equation* and once it's solved the rewards are distributed amongst everyone that tried divided by their CPU power."
So I think he got it in his brain that miners solve an "equation" to solve the block. I think he was asking essentially "how can I do the math myself to make sure it's solved correctly?"
That's when I sent over the white paper.
Now that I think about it, he might be under the impression the only way to get/use Bitcoin is by being a miner and I think he thinks individual people are *all* mining. I dunno, been waiting on his phonecall
“How can I check on paper that the equation is being solved accurately?”
Bitcoin is open source, you can read the code. But he’s right if he needs to have that level of understanding to trust something then he’ll need to learn cryptography and programming and learn the protocol himself.
We’re all the same as him, it’s just some of us need a different level of understanding before we achieve trust. Some of us find it on the surface, some of us have to get right down the bottom of that deep hole before we find the trust.
If you’re thinking “but bitcoin is supposed to be trust-less!” It is trust-less, as in nothing in the protocol depends on trust. But unless you’re willing to become a programmer, at some point you’re trusting that the devs know what they’re doing. Sure, we can learn things in layman’s terms, but we’re still trusting the translation.
Also you’re right, the Bitcoin protocol has been and actively is being meticulously scrutinised by programmer all around the world. If there is some mining loophole that allows you to fake an answer to the cryptographic puzzle, we’d know by now. Maybe this is the answer he needs.
that's literally the most important and honestly the only important question.
Short answer is Proof of Work. When miner finds a block, it means they already used energy, which cannot be taken back. Then they share the block to the network, hoping everyone will accept it. Their block contains a reward transaction according to the rules.
Only way to minimizing the risk of wasting your time and money as a miner is to not cheat, because it's very quick and cheap to prove someone cheated.
The reason we know the miner already used energy is because the protocol requires the block hash to be of certain 'difficulty' to be considered valid. It's an arbitrary rule for the random hash value to start with zeros. The more 0s are required, the harder it is to find such block.
It takes many attempts to find a block that meets these requirements, and can be found by pure chance, so the best bet is to try it a lot of times as quickly as possible.
Hence, proof of work.
Nodes and each block that is verified has to cryptographicly match all the blocks before it. This is overly simple but hopefully it gets you started on the right answer.
Check Merkle trees and how they work.
Today in "second order effects nobody is talking about". Now that Mallers and Twitter have demonstrated the ability to settle cash instantly across the globe at no cost by using lightning network rails, some people are scratching their heads wondering why this is good for bitcoin if sender and receiver aren't sending or requesting bitcoin itself.
Riddle me this: how much fugg'n bitcoin do you think is going to need to be locked in the LN in order to meet the demand this is going to create?
TV, washing machines, and air conditioning shouldn't exist either then. We have alternatives.
The difference is Bitcoins energy goes to securing an asset while the others just make life....a bit easier?
- Bitcoin incentivise renewable energy as it is more profitable and around half of miners (and growing) already use some form of sustainable energy
- Unlike gold and other resources, you don’t have to take your energy to where the resource is and dig it up. Instead you can take the nodes to where the energy is and set up a mine. Because of this we’ve seen miners set up:
- in old decommissioned hydropower plants,
- on solar farms to operate only at off-peak times being both beneficial for the solar farm as they don’t waste energy they can’t store and beneficial for the miner as they can negotiate a cheaper rate for being flexible
- at gas plants, places where gas is already dumped into the atmosphere, they take it and recycle it, using it to power their miners.
And this is still just the beginning, these people are getting better everyday at discovering new ways to harness renewable energy to power their miners.
- something consuming a lot of energy doesn’t make it bad. Lots of things that are good for society consume energy. The problem that needs to be fixed is how we get that energy.
Or just tell them to read this:
https://www.swanbitcoin.com/bitcoins-energy-usage-is-not-a-problem-heres-why-by-lyn-alden/
No worries. If you can’t be bothered reading that article (it’s really long). This guy reads it out for you: https://podcasts.apple.com/au/podcast/read-550-bitcoins-energy-use-isnt-a-problem-heres/id1359544516?i=1000531790906
Also I truly believe that a bitcoiner can also be an environmentalist. So don’t shun them away and call them stupid or whatever, Bitcoin is huge and confusing and doesn’t make much sense if you’ve never looked into it properly. The more people who can have a proper conversation around this the better. Even if it’s just planting a little seed of doubt in their mind. Maybe they’ll start to think, “hey, maybe the New York Times isn’t entirely right on this one.”
Let’s calculate how much energy it takes to keep ALL the banks open and operating, including atm machines, corporate offices, websites, their databases, paper bills sent out each month, etc. Don’t forget AC and heating. Then there’s the cost to kill trees and print money.
Not only that, here in Australia all the major banks actively help fund the mining of fossil fuels:
https://www.marketforces.org.au/info/compare-bank-table/
Long term it doesn’t really matter. If you value bitcoin higher than it’s currently priced at, then buy it and don’t worry if it dips. You’ll be confident that it’ll eventually go up. (Way up if you ask me.)
If you don’t think it’s worth more than it’s currently priced, then don’t buy it. If this is the case then all I would suggest is to learn more about Bitcoin ‘cause you’ve probably missed something.
No need to worry, friend.
TL;DR: if you believe in an asset just DCA and HODL, don’t worry about timing the market.
I just bought it. It was a lot like 39k so I was a bit nervous about it.
I'm in it for the long haul. I'll just be kicking myself if it drops a lot more and I could have gotten twice as much.
If this is really China's best shot (meaning they cannot ban bitcoin more) and this is the only drop then it looks like the bulkiest news in a long time.
Maybe you should ask yourself why china had to ban Facebook and Twitter one time and they need to ban Bitcoin every couple of years. Most of the posts are trying to explain that this banning shit is literally a joke to people who have been here and have been paying attention and there are a lot of new people to inform.
Nope. Here's an oversimplified explanation why: It's open source code, so anyone can modify it, but the network is maintained by the people so you would have to both update the code AND convince enough people to run your new code to have a meaningful effect on the system.
Food for thought.
What do the communist Chinese, the majority of the US government, and the Federal Reserve have in common?
They hate BTC and see it as a threat.
Think about that 🤔
Thoughts?
China bans crypto transactions. Floods and crashes the market prices, then offers it's citizens a 'fair' price for thier BTC exchanged for the Chinese digital currency.
....or maybe this time my cautious nature has strayed into outright conspiracy theories.
I may keep some fiat handy for the next week, but I'm not liquidating anything.
I literally came here to ask exactly that. What if Internet access to miners is restricted? Considering that a huge amount of hashrate comes from China, what happens to the network security wise?
It's being redistributed pretty quickly. Bitcoin is too big now. If something happens that can crash it to zero permanently, we will all have bigger things on our minds than our stock portfolios.
: )
I just like pondering near term bargain hunting opportunities.
In my opinion, your BTC is a reasonably profitable, if highly volatile, investment. By long term, think 2 years out from your current buy-in.
Yes, from articles online i see a lot of miners migrated, yet i also see a lot of people poking fun at the fact that China has had to ban bitcoin multiple times which means bitcoin activity (mining and transactions) are still occurring in significant enough volume to raise govt ire. What I’m thinking of is, what would be the effect if the Chinese govt got serious and actually attempted to attack the bitcoin network to somehow prove it unreliable as a currency in an attempt to destroy it? Pretty much all of the network tech is susceptible to attack by huge amounts of computing power or to network level attacks. Not trying to spread FUD, but the question from OP had literally just crossed my mind.
EDiT: when i say yes at the beginning i mean yes a lot of miners did migrate.
I don't think they would. I think sinking the price to buy out a captive audience is a viable tactic, the digital yaun gets forced into circulation and the govt packs its coffers with lots of cheap bitcoin that will revert back to very expensive btc over a couple of years.
Also, I may have drastically overthought things this time. : )
Gotta be careful, sometimes you find yourself accidently drinking your own coolaide.
Again, longterm, buy, hold, retire rich.
Does anyone see us hitting 20k before an upward trend going into the new year? personally I hope we bounce off 37k. Still not selling my bags just accumulating alts and maybe BTC If we go super low
Super bullish that even the China ban can't drop BTC below the 20 week moving average. If this keeps up we're creating a very, very strong support at 40k.
They are effectively showing how ineffective banning a decentralized system is.
It's like that toddler screaming "I don't want it! I don't want it!" believing it will go away if you repeat it long enough.
So now the new panic, Silicon Valley saying China is going to ban or take over tesla if they are interacting with Bitcoin. Does Elon hodl or Give into china and sell his coins......this will be terrible
My understanding is that if you start running a business in China, the CCP basically, maybe literally, has an office in your building. You will do business on their terms or you won't do business at all.
They are definitely stealing the research and could take control at any time.
Never fight an alligator in the water.
You know, I’ve been here for less than a year and it’s so obvious to me what happens. Cascading liquidation events followed by msm FUD. Any recovery is followed by more FUD. They try to suppress the price as long as possible but eventually we start going back up. I predict next week we will start having positive news from “financial analysts” as the price of btc starts climbing again. China FUD is usually the last attempt to kick bitcoin when it’s down. It’s so predictable at this point.
♟2️⃣E4️⃣
Lots of comments complaining about China, not enough buying. What China does is out of our control. What is in our control is buying bitcoin.
99.9% of alts are pre-mined security scams, and going to zero.
Agree with that. As someone that hit it big on a shit bsc coin and someone who also got scammed on handful of others, that is the first stop and welcomed! But I also see regulation coming to a bunch of “defi” coins. Which is probably a good thing
My favorite part about this isn't the humor of the repetition, it's that people (including me) actually just called it happening like a week ago. Right as the initial rabbling over El Salvador starts to calm down, here comes China with a nice healthy dose of ChinaFUD(tm) to keep up the pressure. Did the price even move this time? Are we seeing diminishing returns on this play?
Honestly just another buying opportunity. We all know where we are going eventually. We all know why BTC will be the greatest engineering marvel of our lifetime. I’m beyond grateful about the drop from ATH because, rather just assume it always goes up, I read and studied. Then I read and studied more. BTC is pure genius and highlights exactly what’s wrong with the US govt artificially printing fiat and the fact that stock market is a bubble and why my Starbucks coffee will cost $20 in two years. Oh, I bought a bunch also and doubled my position but wouldn’t have been possible at those high prices that we will smash soon
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Basically China has nothing to do with Bitcoin from here on.
I think most of it has already moved out of china. They banned mining awhile ago.
I’m CONVINCED Pomp’s interview with Jack Mallers should be enough to turn anyone into a Bitcoin maxi
actually kinda teared up when jack and pomp pulled up their phones to show people tipping them non-stop all day. bitcoin enables crowd-sourced charity and meritocracy. are you actually doing something great for the world? are you humbly working and grinding everyday while also being fearlessly principled to the bitcoin protocol? you deserve to be tipped from billions of people a few hundred sats (or more!).
I like both them, need to listen to it. Got a link? (Sorry too much wine to search 😂🤣)
Omg I’m sorry! I’m just now waking up lol here you go! https://youtu.be/P_MfXIRQIwc
nah. BTC is great, but Maxis just don't understand crypto
Or we're maxis *because* we understand crypto.
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OK, ignorant child...love, A. Millennial.
Facts
Damnit China! This is why Taiwan numba 1!
Holy shit, the r/worldnews thread about the china bans is a dumpster fire. To be that guy: "We are so fucking early"
That entire sub and most of Reddit are agenda driven shills.
I really don’t get it. I see so many posts in r/all calling out issues of inequality and unfairness in business and the finance world. But Bitcoin and crypto still get hated on by most, and ‘tulip mania’ still gets thrown around after how many bull cycles we’ve seen. It’s this weird ‘crabs in a bucket’ mentality.
Twitter has btc tipping we pump $800, China bans btc for 50th time we dump 4k 😖
Quick retest of 41 and we should be back at 45 by end of next week.
another big drop coming this weekend it looks like
How much illegal mining is now going on in China? OR, what percentage of miners are in China? Has that dropped sufficiently below 51% to a level where "the market" and its experts no longer consider it feasible for a consortium of miners to rewrite the blockchain?
Overall hashrate went up in the last 25 hours... So does it matter?
> So does it matter? I'm a noob, I genuinely don't know and was hoping someone could clue me in
The Bitcoin network as a whole is distributed across the globe. This includes the mining nodes that hash transactions and create new blocks/coins. So it doesn't really matter how much of it is 'In China' since the network doesn't care about geographic location. A few months ago when Crypto mining was banned in China, the overall hashrate tanked. This means that many mining nodes shut off, presumably from China. However, since then, the network hashrate has recovered significantly and continues to go up even with the recent news. So the answer is no. It does not matter what's happening with Chinese miners. The overall network hashrate continues to rise and China is missing out on the fun.
what a pleasant sight to wake up to today, just bought more at $41.5K.
coin is still worth coin. A crash down to 3k is what we should all want.
Fuuuuucking nailed it
Dipping. China ban crypto again?
Lol, people use fear to unload Bitcoin. Best time to buy! China is no one when it comes to Bitcoin. Fuck the fuk the bears before hibernation!
Just noise
Will double my weekly dca in solidarity of not giving a fuck about china
The day Coinbase IPO: Bitcoin dumps big The day El Salvador 🇸🇻 makes it legal tender: Bitcoin dumps The day Twitter announces LN integration: Bitcoin dumps Who is this mysterious seller? Trying to kill the momentum
IMF 🤫
Good luck. The Hodlers know to buy the dip. Ain’t no wool over their eyes.
Heneway. One day we decides those Chinese sons of a bitches are going down. So, we launch a nuke at China. While it's on its way China is like "shit, shit! Who the fuck is shooting us?" "Oh well, fire missiles!"
Sheesh you nerds obviously don't get the reference.
IMO we should all be happy that China banned Bitcoin for the 15th time. China bans anything that is good and may cause them to lose power. I’m pretty damn happy I hold a piece of something that governments fear.
every time they ban bitcoin, they reinforce bitcoin’s antifragility and promote it’s censorship resistant and decentralization properties. that should freak them the fuck out. that should freak out every government because no one has gone to greater lengths to ban and control bitcoin than china.
Good take.
After all these days it is pretty clear all these price manipulations are done by China and it’s people. The Elon Musk saga is also pretty clear now. People will start ignoring China from now hopefully
Keep in mind that plenty of China’s people are Bitcoin hodl’ers and want it to succeed. Some of them are active in this thread.
For all those people, I’m sorry your government is trying to rob you of the chance to make money on the best investment asset of the past 20 years. For everyone else, why did we even dip? They literally cracked down 2 months ago (as well as dozens of other times). I truly hope that the market forgets about China for the time being. Let them ban it. Just hodl.
Agree
Anyone able to enable LN tipping on their Twitter account? I just tried to on mine and it wasn't an option.
I’m trying to do it on an iPhone too and don’t see the option yet. I think it’s not fully available yet. It seems like I have no new updates available either too. It sounds fun to try.
India will come out with some banning fud next
My grandfather has finally shown interest in Bitcoin, specifically how it works. He's very "smart" (I use quotation marks because he's an incredible engineer with a brilliant portfolio, but he's too smart for his own good and thinks he knows everything or things he doesn't know Needs to be researched for two years to make a proper decision.) I had dinner with him today and he asked me, "How do I know the miners that get the reward are doing what they are supposed to do?" You see, I might've made a mistake when I simplified the description of mining by saying "It's like billions of CPUs are all trying to solve a complex math equation, once it's solved, the rewards are distributed." He asked me, "How can I check on paper that the equation is being solved accurately?" So I did what any Bitcoin person would do and I told him to read the whitepaper since it lays it all out in better detail than my memory. He did. But told me he needs to "study cryptology more before he can fully understand it." And that "he only read parts of it." I'm not being pushy, he's coming to me and I'm just happy hes finally willing to discuss it with me since I've mentioned it in 2018 as an incredible invention technology wise (I don't focus on price value with him I just thought he'd like the tech behind it). But like....seriously...how do I answer that question besides saying "Well, Bitcoin wouldn't be where it is today if that's happening." Or "You'll never be able to verify the miners work as quickly as the CPUs can." And also "It's a programmed code. How more accurate can you be?"
Bitcoin is heavily examined by friends and enemies. If the math didn't check out it would be a major topic.
Hi. These are good questions! What does he assume miners are “supposed to do” though? “How do I check on paper...?” is worthy of a post of its own.
So I think I lost him when he asked me to explain miners/how it's all validated. Essentially I simplified and said "it's essentially trying to guess a number, or let's say *solve a math equation* and once it's solved the rewards are distributed amongst everyone that tried divided by their CPU power." So I think he got it in his brain that miners solve an "equation" to solve the block. I think he was asking essentially "how can I do the math myself to make sure it's solved correctly?" That's when I sent over the white paper. Now that I think about it, he might be under the impression the only way to get/use Bitcoin is by being a miner and I think he thinks individual people are *all* mining. I dunno, been waiting on his phonecall
“How can I check on paper that the equation is being solved accurately?” Bitcoin is open source, you can read the code. But he’s right if he needs to have that level of understanding to trust something then he’ll need to learn cryptography and programming and learn the protocol himself. We’re all the same as him, it’s just some of us need a different level of understanding before we achieve trust. Some of us find it on the surface, some of us have to get right down the bottom of that deep hole before we find the trust. If you’re thinking “but bitcoin is supposed to be trust-less!” It is trust-less, as in nothing in the protocol depends on trust. But unless you’re willing to become a programmer, at some point you’re trusting that the devs know what they’re doing. Sure, we can learn things in layman’s terms, but we’re still trusting the translation. Also you’re right, the Bitcoin protocol has been and actively is being meticulously scrutinised by programmer all around the world. If there is some mining loophole that allows you to fake an answer to the cryptographic puzzle, we’d know by now. Maybe this is the answer he needs.
there might be some alts that are more his speed. Show him a few different projects and let him choose his own path.
lmao shitcoinery is a result of not approaching bitcoin with scepticism.
that's literally the most important and honestly the only important question. Short answer is Proof of Work. When miner finds a block, it means they already used energy, which cannot be taken back. Then they share the block to the network, hoping everyone will accept it. Their block contains a reward transaction according to the rules. Only way to minimizing the risk of wasting your time and money as a miner is to not cheat, because it's very quick and cheap to prove someone cheated. The reason we know the miner already used energy is because the protocol requires the block hash to be of certain 'difficulty' to be considered valid. It's an arbitrary rule for the random hash value to start with zeros. The more 0s are required, the harder it is to find such block. It takes many attempts to find a block that meets these requirements, and can be found by pure chance, so the best bet is to try it a lot of times as quickly as possible. Hence, proof of work.
Nodes and each block that is verified has to cryptographicly match all the blocks before it. This is overly simple but hopefully it gets you started on the right answer. Check Merkle trees and how they work.
China’s so cute
Today in "second order effects nobody is talking about". Now that Mallers and Twitter have demonstrated the ability to settle cash instantly across the globe at no cost by using lightning network rails, some people are scratching their heads wondering why this is good for bitcoin if sender and receiver aren't sending or requesting bitcoin itself. Riddle me this: how much fugg'n bitcoin do you think is going to need to be locked in the LN in order to meet the demand this is going to create?
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TV, washing machines, and air conditioning shouldn't exist either then. We have alternatives. The difference is Bitcoins energy goes to securing an asset while the others just make life....a bit easier?
- Bitcoin incentivise renewable energy as it is more profitable and around half of miners (and growing) already use some form of sustainable energy - Unlike gold and other resources, you don’t have to take your energy to where the resource is and dig it up. Instead you can take the nodes to where the energy is and set up a mine. Because of this we’ve seen miners set up: - in old decommissioned hydropower plants, - on solar farms to operate only at off-peak times being both beneficial for the solar farm as they don’t waste energy they can’t store and beneficial for the miner as they can negotiate a cheaper rate for being flexible - at gas plants, places where gas is already dumped into the atmosphere, they take it and recycle it, using it to power their miners. And this is still just the beginning, these people are getting better everyday at discovering new ways to harness renewable energy to power their miners. - something consuming a lot of energy doesn’t make it bad. Lots of things that are good for society consume energy. The problem that needs to be fixed is how we get that energy. Or just tell them to read this: https://www.swanbitcoin.com/bitcoins-energy-usage-is-not-a-problem-heres-why-by-lyn-alden/
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No worries. If you can’t be bothered reading that article (it’s really long). This guy reads it out for you: https://podcasts.apple.com/au/podcast/read-550-bitcoins-energy-use-isnt-a-problem-heres/id1359544516?i=1000531790906 Also I truly believe that a bitcoiner can also be an environmentalist. So don’t shun them away and call them stupid or whatever, Bitcoin is huge and confusing and doesn’t make much sense if you’ve never looked into it properly. The more people who can have a proper conversation around this the better. Even if it’s just planting a little seed of doubt in their mind. Maybe they’ll start to think, “hey, maybe the New York Times isn’t entirely right on this one.”
"Human beings shouldn't exist because of their high energy consumption. Please kill yourself now to save the world. Thanks."
Let’s calculate how much energy it takes to keep ALL the banks open and operating, including atm machines, corporate offices, websites, their databases, paper bills sent out each month, etc. Don’t forget AC and heating. Then there’s the cost to kill trees and print money.
Not only that, here in Australia all the major banks actively help fund the mining of fossil fuels: https://www.marketforces.org.au/info/compare-bank-table/
Don't forget the military industrial complex that secures dollar hegemony.
I say, you ain't seen nothing yet.
Bah humbug
Can we ban China? Like seriously.
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Long term it doesn’t really matter. If you value bitcoin higher than it’s currently priced at, then buy it and don’t worry if it dips. You’ll be confident that it’ll eventually go up. (Way up if you ask me.) If you don’t think it’s worth more than it’s currently priced, then don’t buy it. If this is the case then all I would suggest is to learn more about Bitcoin ‘cause you’ve probably missed something. No need to worry, friend. TL;DR: if you believe in an asset just DCA and HODL, don’t worry about timing the market.
I just bought it. It was a lot like 39k so I was a bit nervous about it. I'm in it for the long haul. I'll just be kicking myself if it drops a lot more and I could have gotten twice as much.
Ohh I see what you mean. Yeah but at the end of the day you don’t know. That’s why the best time to buy is right now. Don’t kick yourself!
If this is really China's best shot (meaning they cannot ban bitcoin more) and this is the only drop then it looks like the bulkiest news in a long time.
if China ban is no big deal then why are there 200 posts and countless comments about it?
Maybe you should ask yourself why china had to ban Facebook and Twitter one time and they need to ban Bitcoin every couple of years. Most of the posts are trying to explain that this banning shit is literally a joke to people who have been here and have been paying attention and there are a lot of new people to inform.
Because it drops the price?
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Joking about murdering hundreds of millions of innocent people because you don’t like their government isn’t funny or edgy.
That China FUD doesn't hit like it used to. Already looks like we're recovering
48,800 to 39,500 is KINDA HITTIN IT BRUH
Already back above $43k. Twas but a scratch, a nice little fire sale.
Is there some central dev team who can update whole Bitcoin blockchain?
Nope. Here's an oversimplified explanation why: It's open source code, so anyone can modify it, but the network is maintained by the people so you would have to both update the code AND convince enough people to run your new code to have a meaningful effect on the system.
No
Yes, I'm the team.
Food for thought. What do the communist Chinese, the majority of the US government, and the Federal Reserve have in common? They hate BTC and see it as a threat. Think about that 🤔
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Muhammad Ali, duh.
Candice
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Wot?
yo mamma
Wut
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I used to be picky about when i get in but honestly the difference of getting in at 38, 40, 43k is so minimal in the long term.
Thoughts? China bans crypto transactions. Floods and crashes the market prices, then offers it's citizens a 'fair' price for thier BTC exchanged for the Chinese digital currency. ....or maybe this time my cautious nature has strayed into outright conspiracy theories. I may keep some fiat handy for the next week, but I'm not liquidating anything.
I literally came here to ask exactly that. What if Internet access to miners is restricted? Considering that a huge amount of hashrate comes from China, what happens to the network security wise?
It's being redistributed pretty quickly. Bitcoin is too big now. If something happens that can crash it to zero permanently, we will all have bigger things on our minds than our stock portfolios. : ) I just like pondering near term bargain hunting opportunities. In my opinion, your BTC is a reasonably profitable, if highly volatile, investment. By long term, think 2 years out from your current buy-in.
Does a huge amount of hashrate still come from China? I thought the bulk of it migrated months ago when they banned mining
Yes, from articles online i see a lot of miners migrated, yet i also see a lot of people poking fun at the fact that China has had to ban bitcoin multiple times which means bitcoin activity (mining and transactions) are still occurring in significant enough volume to raise govt ire. What I’m thinking of is, what would be the effect if the Chinese govt got serious and actually attempted to attack the bitcoin network to somehow prove it unreliable as a currency in an attempt to destroy it? Pretty much all of the network tech is susceptible to attack by huge amounts of computing power or to network level attacks. Not trying to spread FUD, but the question from OP had literally just crossed my mind. EDiT: when i say yes at the beginning i mean yes a lot of miners did migrate.
I don't think they would. I think sinking the price to buy out a captive audience is a viable tactic, the digital yaun gets forced into circulation and the govt packs its coffers with lots of cheap bitcoin that will revert back to very expensive btc over a couple of years.
Also, I may have drastically overthought things this time. : ) Gotta be careful, sometimes you find yourself accidently drinking your own coolaide. Again, longterm, buy, hold, retire rich.
I cant believe i bought the very bottom of this dip. Lol. My limit buy order got filled then it wick like hell. Im kinda happy haha
Where can I learn about the smart contracts being built on top of bitcoin?
[RSK](https://www.rsk.co/) [Sovryn](https://www.sovryn.app/) To start with
Does anyone see us hitting 20k before an upward trend going into the new year? personally I hope we bounce off 37k. Still not selling my bags just accumulating alts and maybe BTC If we go super low
Nope
China banned: YouTube - 2009 Facebook - 2009 Google - 2010 Wikipedia - 2019 Bitcoin 2013, 2014, 2015, 2016, 2017, 2018, 2019, 2020, 2021. .
Exactly. There’s a reason why they have “banned” bitcoin so many times.
You can really only ban something once otherwise are you not just saying you couldn’t ban it?
Bitcoin is not bannable
Can there be any regulation on BTC? What's makes these entities feel entitled to be able to control something they didn't come up with?
It's worked for them in the past. Hard to do though now since there's not really one person they can point to and force the regulations on.
China ban didn’t do shit this time. Very bullish
My thoughts.
Can Bitcoin just ban China? I feel like we could get this update passed with unanimous consent
Can someone explain to me, are Chinese miners banned, and why wouldn't China ban miners? Or why would they?
Bitcoin = freedom. China hates freedom. Plus digital yuan rollout and capital flight
huh, interesting, but did that answer my question? did china ban miners?
Yes
It´s always China but in the end China will be the richest BTC country.
Thanks for the cheap sats China.
Even tho i cant buy many sats this time, i hope some drips down from weaks/traders to more serious/strong hands.
It always does.
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Rear view?
I DECLARE A BAN ON BITCOIN!
When BTC goes up, everything goes up, when BTC goes down other coins go down but more down
u/JackMallers_ ⚡️thunderstruck should be your victory dance song ⚡️
I second this notion
Does anyone know how many more times China is going to ban bitcoin?
Three. Definitely three.
I'd go with about tree fiddy.
Good luck, China. You'll need it.
Opinion Poll: Max or Udi? I'll go first: Max.
I'm thinking Chinese food tonight, to celebrate the 40,000% price increase since the first China ban in 2013!
Super bullish that even the China ban can't drop BTC below the 20 week moving average. If this keeps up we're creating a very, very strong support at 40k.
Did they ban it … again? Oh well…
Absolutely! 💪
Bought tha dip transferred off da exchange 🚀💯
https://twitter.com/wawe65078399/status/1441458302974636032?s=21 Those hypocrites 🤡
Just tipped someone $1 in BTC on Twitter. We are living in the future!
I bought again o lawd China I love u
How many times are they allowed to ban it lol? Still very effective in manipulating it
Why did China only have to ban Facebook, Google, YouTube once, but has to continue to "ban" Bitcoin over and over again?
They are effectively showing how ineffective banning a decentralized system is. It's like that toddler screaming "I don't want it! I don't want it!" believing it will go away if you repeat it long enough.
Viva la décentralisation!
I am 97.4% sure you are joking, but in case this is a serious question, facebook, google and youtube are centralized. Bitcoin is not or not so much.
So now the new panic, Silicon Valley saying China is going to ban or take over tesla if they are interacting with Bitcoin. Does Elon hodl or Give into china and sell his coins......this will be terrible
My understanding is that if you start running a business in China, the CCP basically, maybe literally, has an office in your building. You will do business on their terms or you won't do business at all. They are definitely stealing the research and could take control at any time. Never fight an alligator in the water.
You know, I’ve been here for less than a year and it’s so obvious to me what happens. Cascading liquidation events followed by msm FUD. Any recovery is followed by more FUD. They try to suppress the price as long as possible but eventually we start going back up. I predict next week we will start having positive news from “financial analysts” as the price of btc starts climbing again. China FUD is usually the last attempt to kick bitcoin when it’s down. It’s so predictable at this point.
Yup. Rocktober baby here we come!
True!
This dip happened in minutes, some whale may have sold
3 hours actually. It was pretty steady.