This is a horrible news for the workers and people building the nation.
The people who profit from crypto schemes are neither workers nor do they build the nation
I feel like crypto is a great concept because one the face of it it gives power back to the people by having a decentralsied banking system. Although I feel that the reason that china wants to crack down on it is because they are not able to regulate it as they are worth their own currency so it takes power away from the Government. Also China is known for its totalitarianism.
They are cracking down on BTC because of how disastrous it is for the climate since they pledged to get to zero carbon emissions by 2060, not because of some orwellian fairy tale.
I'd like to say a couple of unpopular things here, though I hope you all appreciate the diversity of thought and engage in discussion with me.
Firstly, it only makes sense that the Chinese government is banning bitcoin, though I'd highlight the wastage of electricity is a secondary goal. Case in point, China still fervently engages and expands its production of electricity via coal. Instead, the goal is to better balance the gridlines where most crypto mines are; more importantly, nurturing the right environment to disrupt USD throughout the New Belt Road necessitates their crypto usage be tamed. Don't get it confused.
With their crypto do you mean the digital renmibi or what?
the digital renmibi is not crypto, but that's indeed what i'm making reference to.
Bitcoin in particular is a horrific piece of technology because it uses absurd amounts of energy. Also, not sure how China is totalitarian. Last I checked the government there does a far better job representing the interests of the people than vast majority of western nations.
China are quite brutal when it comes to respecting the rights of their citizens, they spy on their own citizens and anyone not praising their Government is sent to prison or 're-education camps'. Granted we in the West also have intel agencies spying on us
[citation needed]
Are you seriously just going to peddle Zenz propaganda here?
You don't think that China spy on their citizens and abuse the rights of their own citizens?
I certainly don't think China spies on their citizens any more than the west does. Meanwhile, US is the country that has 20% of world's prison population despite for accounting for only 4% overall population. And of course, US uses prisoners as literal slave labor. US also fails to provide basic necessities for life, such as healthcare, and has killed over 600k people during this pandemic. That's what actual abuse of citizen rights looks like.
you truly are mistaken in calling crypto decentralised, for it follows the same chi-squared pattern of distribution we loathe true capitalism for. nonetheless, i appreciate some of your ideas.