China's Ban on Bitcoin Follows a Pattern Frequently Used by Beijing

Re:China's Ban on Bitcoin Follows a Pattern Frequently Used ... by lhorie on Tuesday July 13, 2021 @01:29PM (#27823673)

There were news recently about Fidelity expanding crypto-related staff by some 70%. I hear crypto is also growing in popularity in Central/South America (the El Salvador Bitcoin move, Brazil's Mercado raising money w/ Softbank, etc). Though, full disclosure, I'm not familiar enough w/ the space to tell whether that offsets whatever is happening in China.

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Re:China's Ban on Bitcoin Follows a Pattern Frequently Used ... by jpmattia on Tuesday July 13, 2021 @02:01PM (#27824066)

> There were news recently about Fidelity expanding crypto-related staff by some 70%.

You got me curious: 70% corresponds to 100 people. The article is here: https://news.yahoo.com/fidelity-digital-assets-plans-70-1850...

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Re:China's Ban on Bitcoin Follows a Pattern Frequently Used ... by lhorie on Tuesday July 13, 2021 @02:56PM (#27824764)

I'd think in terms of how much it costs to hire these people and what Fidelity's profit-per-employee rate is, as that should in theory give an idea of a lower bound for how much they expect to earn from crypto. One would expect trading volume to be several to hundreds of thousands times that amount, assuming fees similar to Coinbase/Kraken/et al.

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Re:China's Ban on Bitcoin Follows a Pattern Frequently Used ... by EliRivers on Tuesday July 13, 2021 @01:35PM (#27823733)

No, that's bad! The article makes it clear that China banning bitcoin and bitcoin mining is good, so other countries making more use of it must be bad.

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Re:China's Ban on Bitcoin Follows a Pattern Frequently Used ... by lhorie on Tuesday July 13, 2021 @01:43PM (#27823823)

Are you hijacking the topic to rehash the well-known tirade about energy usage? The article says less mining being concentrated in China means more decentralization (which is "good" as far as the philosophy of cryptocurrencies goes)

Also, just a reminder that not all crypto is PoW. Nano, for example, claims to be extremely energy efficient.

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Re:China's Ban on Bitcoin Follows a Pattern Frequently Used ... by oefrha on Tuesday July 13, 2021 @01:38PM (#27823774)

From guidelines:

> Don’t be snarky.

You should have known this after being here for a decade.

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Re:China's Ban on Bitcoin Follows a Pattern Frequently Used ... by EliRivers on Tuesday July 13, 2021 @01:41PM (#27823806)

Take a guess; did I, in fact, already know that? There's another thread around here somewhere in which I am deliberately impolite to someone.

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