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Is this ban China-wide, or just Sichuan?
Because if JUST Sichuan had a London's worth of electricity from bitcoin mining, then holy fuck that's a lot
manifesting an absolutely cursed take that this is further proof of genocide because theyre denying the uighurs the right to mine their own currency t ofgain independnoasiefnhoasfdignsdofg (last of my neurons die)
Globaltimes has a lot of Indian hate followers. That's to be expected. Their twitter is no different.
Finance bubble speculation is the only thing that's real in our economy
I dunno who it was anymore in the torrent of podcasts I listen to but I still remember the sentence "It's a weird time to be a marxist, we're the only ones concerned with actual productivity of huge enterprises now."
The sheer contempt I hold for bitcoin freaks grows every time I see these absolutely bizarre numbers
Enough power to run london purely to create your own v-bucks
There is something so fucking petty about the wests hate of China.
Oh my god, where's the reddit thread with people seething, I gotta see it.
Things banned in China:
- The letter ‘N’
They hate China because Xi won't allow them to use their favorite word
China didn't declare Christmas a federal holiday (because most Chinese people aren't christian/don't care about the birth of christ) which is basically genocide. It's a holiday in Hong Kong and Macau but obviously that's not good enough
If you're pissing off bitcoin cultists, you're doing something right.
electricity supply issues with heatwaves (Texas, California)
libertarians have more issues than weather
:shrek: looking forward to a wonderful future for crypto hounds
This might be a stupid question but isn't prices supposed to go up when supply decreases?
Or are crypto bros so emotional that anything bad happening to their cult will send them into an irrational panic?
China banning the mining isn’t decreasing the supply, it’s just slowing down the rate by which the supply (in circulation) increases and hence the rate at which the value of the coin increases
This is only true for the very short term. I'll copy a comment I made yesterday
The amount of coins being made will be more or less the same. Block difficulty is adjusted every 2016 blocks (around 14 days) based on the time it took to mine the last 2016 blocks so that on average it takes the whole network 10 minutes on average to mine a block. New coins are made each time a block is mined.
The only way it reduces the amount of coins being mined is if the processing power dedicated to mining has a sharp drop well before the difficulty update, taking a longer amount of time to update difficulty. Even a 50% drop in processing power right after the difficulty update would only double the time until the next difficulty update (to 28 days), and then the update would make it far easier to mine a block, to bring the average mining time back to 10 min/block
I think it's very hard to know how much is being traded for national currencies, although I thing you can get accurate measures on how many bitcoins have been in all addresses for an extended period of time
at which point bitcoin can neither inflate nor deflate, it can only be traded,
Bitcoin can be lost, right? So Bitcoin can only deflate once mining stops, if I understand that correctly.
