China says it wants to eliminate bitcoin mining

BUTTCOIN CRASHING TO $0 WITH NO SURVIVORS

Thank you China, really, REALLY tired of this scam, they're the only ones who have the power to kill it.

China, as well as mining does an awful lot of buying BTC too, I am quite comfortable this will drop BTC to the lowest it's been in a very, very long time and I couldn't be happier.

What profit? It's done and it has been for quite some time. Maybe someone with mining farms could still be making a profit, but with the state of it all right now, it isn't very wise to even attempt that.
/thread

This.
Fucking boomers. I bet you think gold is the best store of value.

>I bet you think gold is the best store of value.
How much value will your crypto shit have with no electricity and no Internet?

What profit for US miners? How many people with mining farms do you know? And anyone with that amount of computing power wouldn't be retarded enough to waste it all on what's basically internet monopoly money.
>I bet you think gold is the best store of value.
There's nothing to think, it is true.
investopedia.com/terms/s/storeofvalue.asp
forbes.com/sites/oliviergarret/2018/05/17/3-life-stories-that-prove-precious-metals-are-the-best-store-of-value/amp/

scams belong on

based

ITT: newfags don't understand difficulty adjustments

Yeah, yeah, that's how your online monopoly money works. Explain this genius .

>t. buttblasted idiot who made fun of bitcoin when Jow Forums first started talking about it and missed every single bullrun

>implying implications
>avoiding questions
I see you know what you're talking about.

I still make fun of it. All you niggas billionaires yet?

>communism
loool, China has more of the American dream than America.

Attached: 1539119973850.jpg (1920x1080, 509K)

Less competitor = more value.

less supply, same demand would mean the price goes up

Except supply would spike and be more localized since it would become half as difficult to obtain

gold has intrinsic value as rare metal used in the industry.
memecoin is literally a tulip mania.

No, it's worse. Tulips are pretty flowers, buttcoins are just ones and zeroes.

if I invested 200k when I heard about it from Jow Forums in 2009 i would be a billionare today

>dude ones and zeroes lmao
>dude reductionism lmao

usd fiat is literally just paper that other people accept for goods and services. at bitcoin is decentralized and has finite supply, usd is not. also hauling gold everywhere to pay for things is heavy and easily stolen

>finite supply
Sounds like bad planning
>usd fiat is just paper
Currency is a symbol of production value. We trade currency as a measure of value owed from prior work. Currency is a system of debt resolution.

Bitcoin's intrinsic value is the electricity and hardware needed to produce a tangible unit within the chain. Only secondarily is the authentication process providing value, and since the supply is limited, someone who holds a blockchain majority/monopoly gets to siphon a disproportionate majority of transaction fees (when all BTC are mined)

Bitcoin and thus most if not all crypto is not an answer to fiat, usery, fractional reserve, or disproportionate wealth accumulation. It is simply a hashed data processing program that runs on top of these natural human behaviors.

Take your teenage-tier knowledge of finance back to Jow Forums you nigger.

Hasn't pretty much all bitcoin related business already fled China due to previous crackdowns?

Finite supply = deflation. Deflation = depression & recession.

Nigger, there is literally a fucking ARMY behind US Dollar willing to destroy anyone threatening it. Behind crypto there is shit and only shit.

>dude ones and zeroes lmao
>dude reductionism lmao
Well, how many bitcoins are you carrying in your pockets genius?

Coolbeans.
How many BTC have you transferred out to currency, investments, tangible assets?

>also hauling gold everywhere to pay for things is heavy and easily stolen
Is this Jow Forums on economics? Jesus Christ, you don't carry around gold as means of payment - you sometimes buy it as a store of value and a precaution. I mean, how many stores have you been to that accept solid gold? Do you people even think about anything?

>Coolbeans
What?!
>How many BTC have you transferred out to currency, investments, tangible assets?
None, because I haven't ever attempted it and also because I'm not interested in being charged and dragged through courts for fraud and Ponzi scheme operations.

Eh, I misread the comment chain. That was meant for whoever would argue for crypto investment.

China FUD #165465