China crypto crackdown sees mining businesses end operations, crashes Bitcoin price

[arrowflash]

What exactly is stopping anyone from becoming a miner?

I don't understand why you're so obsessed with mining like it's all there is to crypto, since I don't even mention mining in my original comment you replied to, and there's lots of crypto that don't depend on mining. So I don't get your angle here.

 

[Watzupken]

In my opinion, the main driver for people loving cryptocurrencies is because of the profit they make from it, and not because they think crypto is the future. For example, if Musk thinks that crypto is the future and he knows that he can move the market, by exchanging all his fiat money to crypto will see crypto value take off like a rocket, at least for a period of time. For many, cryptocurrency is easy money, where you invest in some machines that will then passively generate extra income. Or they invest in it and hope that it will appreciate drastically due to its crazy volatility. So while they claim how good cryptocurrencies are, those are not the main reasons why they are so into crypto.

 

[NightAntilli]

I don't understand why you're so obsessed with mining like it's all there is to crypto, since I don't even mention mining in my original comment you replied to, and there's lots of crypto that don't depend on mining. So I don't get your angle here.

I'm not obsessed with mining, but... You mentioned that only the rich get richer with crypto, yet mining is a way to gain increasing profits which is freely available to anyone that wants to join whichever crypto they want to mine. Crypto is the only way in existence to get out of the traditional financial system created by the rich and profit from it.

There indeed is a lot more to crypto, but... Mining promotes distribution of wealth more than staking, because with staking there is an incentive for hoarding coins, while with mining there is an incentive to sell coins to cover the cost, meaning the wealth will inevitably be somewhat distributed.

 

[Bobbydpue]

There's nothing stopping anyone from becoming a miner.

Crypto has created a large group of wealthy people, and most of them are new wealthy people. The old farts don't understand the tech, and the main reason for all the FUD is the old wealthy people trying to maintain their power.

Cost and getting equipment is stopping people from becoming wealthy from mining. A person with $2000 isn't going to become wealthy mining etherium for 12 months. It takes a person with liquid assets and an inside track to video card suppliers.

Also the term "crypto" was used to mean cryptography decades before cryptocurrencies became a way to make money and people started to use the word to mean cryptocurrencies.

Crypto needs regulation in every country, capital gains taxes have to be collected, transactions over $10k need to be reported, mining operations bigger than hobby scale are businesses and need to be regulated as such etc.

The whole point of cryptocurrencies is that it isn't regulated that's the whole point.

 

[NightAntilli]

Cost and getting equipment is stopping people from becoming wealthy from mining. A person with $2000 isn't going to become wealthy mining etherium for 12 months. It takes a person with liquid assets and an inside track to video card suppliers.

There are many other coins to mine. You can mine XMR on any CPU and be profitable. You can mine Ravencoin, which is still ASIC resistant, unlike Bitcoin, Ethereum, Litecoin etc.

Also the term "crypto" was used to mean cryptography decades before cryptocurrencies became a way to make money and people started to use the word to mean cryptocurrencies.

Language changes over time.

 

[terzaerian]

It's not crypto that we want to burn. It is the stupid inefficient mining aspect we want eradicated.

Let's assume that, by magic, all cryptos became proof of stake tomorrow and mining stopped everywhere. In that environment, I would bet my entire stock of bags that the conversation will inevitably gravitate towards which crypto is using the most resources in this new landscape (whether in terms of blockchain size and storage, bandwidth used, etc) or in terms of wealth disparities. Because POS cryptos favor whales; they have more to stake and consequently have more to earn.

Look at CHIAcoin: the entire reason that project got off the ground was to create a green, low-power alternative to POW coins, but the first thing journalists here and elsewhere starting b*tching about was how it kills SSDs and stoking panic about how it's going to cause an SSD shortage.

The "inefficiency" of mining has, from the gaming side, always been insincere concern trolling by people that would not come out on top if the energy and resource usage of gaming was itemized and judged the way POW cryptos are, and by people that are trying to destroy crypto as a technology, probably because their own wealth depends on the masses continuing to baselessly "trust" fiat and the dying dollar.

Your goalposts are always going to shift and it's futile to chase them.

 

[ron baer]

If they crack down on Bitcoin, Monero will simply take over, since that one is pretty much completely untraceable if you run your own node. No more farms though, because that would make it obvious that there's something going on there.

monero and zcash ftw

 

[Austinturner]

The whole point of cryptocurrencies is that it isn't regulated that's the whole point.

Then no one should be surprised when the mining and trading of crypto currencies becomes illegal.