Comments by "" (@tomk3732) on "China shuts crypto mining projects in Southwest" video.

Bitcoin is same as tulips. It will pass and be worth nothing. Well, tulips at least had some intrinistic value. Bitcoin has none. Blockchain can be used with anything, not just Bitcoin.
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@skyak4493 Its a pile of dodge coins!
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Why would anyone use bitcoin if you can use electronic CAD? Electronic CAD would be accepted everywhere, would have no transaction fees, would be fully secured / traceable. There is no need to mine CAD unless you go to work and call that "mining". Yep, electronic CAD is so much more then Bitcoin, why anyone would want to use it. I am for banning bitcoin in Canada.
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@dvsxavier It should be banned as it is damaging to humanity. Bitcoin (together with other similar crypto) itself now is responsible for over 2% of global green house emissions and these numbers are growing every day. This does not even account for energy / materials etc. needed to produce mining hardware. It is similar to deforestation - even if you like it, it should still be banned for the good of everyone.
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@dvsxavier A communist would see crypto as a tool of socialism on the way to pure communism which does not require any money.
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@dvsxavier And that energy from hydro dams could never ever be used for something other then crypto? Now that crypto is gone that energy is wasted? No. It ofsets energy produced form coal. China is building dozens of coal plants. By removing crypto it will not need to build many more coal plants.
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@dvsxavier which is a big problem. Who is going to pay taxes?
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@dvsxavier So what that emissions are down in the US? How does it invalidate energy use by crypto?
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Rest of the world should follow China! We need to stop this waste of resources on some digital bits. Imagine how much real energy is used for imaginary things. Fiat currency printing is cheap and electronic versions are free.
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@misterlabourse1389 Its not the bitcoin its the block chain algorithm that is the deal. Bitcoin is of no value. The block chain and similar class of algorithms are the value. Bitcoin will be in history books as early adaptation of the algorithm but it will not be in any wide use.
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@rishabdhar6900 Well, it did happen before in human history - see tulips. Yep, people paid more for a black tulip bulb then for a nice house. At time when richest person in Europe (or on Earth) was worth about 100 nice homes someone paid more for a tulip then a house. So richest person == 100 tulips. The driver is greed. People buy bitcoin not b/c it is of any use but b/c they hope it will go up. Its a giant ponzai scheme. The more pp buy it the more it goes up. Same as your virtual house - it has no value - it was bought in hopes it will increase in value. The main problem with bitcoin are as follows: 1. a lot of value is placed into investments that do not better humanity - i.e. imagine 200B invested in say battery technology vs. bitcoin - that $ would lead to better batteries and not just sit as digital "currency". 2. a lot of energy wasted on mining & electronics. All this energy used just to mine bits that sit - see 1 above. Imagine if that money was used to build schools! We could send millions of people to school!
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@misterlabourse1389 Bitcoin is a market Ponzi scheme. The more people get into it the higher the price goes. The people that benefit from it are rising the price of the bitcoin by getting more and more pp into it to rise demand while scooping $ from the top. This is also why BT and other crypto are moving in value vs. USD so much. The main difference here is no clear "owner" of the scheme and clear benefactor. The other difference is clear warning that returns are not guaranteed. I understand blockchain very well as I did work in cryptography. Blockchain is just tech that among other things is used to record BT transactions. Its just a ledger. It ensures BT transactions are quite secure from tampering. It has not much to do with BT valuation or BT existence etc.
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