Originally published at: Bitcoin price plunges | Boing Boing
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Interesting move indeed…
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This generation’s version of Confederate money?
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Please, please, US and europe follow suit. Bitcoin is an environmental disaster, and it is not the tool for “currency for the people”, it’s just a mechanism for big financial institutions to claim they can avoid regulation while profiting from extortion and crime. Banning bitcoin and bitcoin mining will not eliminate it, but it will reduce the environmental impact dramatically and might actually return it to the promised decentralized network.
Some criticisms of government monetary policy are certainly valid, for instance when regulations on criminal activity cause more harm than good. But bitcoin is not the answer.
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Drumming up sympathy for people throwing their money away into Bitcoin is a hard push considering the multiple times it has been sullied [bitcoin] in the media.
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Maybe best to stick with a means of exchange that allows some chance of capturing and redistributing a small fraction of the wealth that’s aggressively being funneled upward 24/7.
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I’d rather invest in tulips. At least when the market crashes they still look pretty in my garden.
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I think that a better analogy is the “wildcat banking” era. Wildcat banking - Wikipedia.
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My server farm keeps me warm during the long winter nights. It’s been a great investment.
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I’m going to start Ponzi-coin. Who’s in?
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Been there.
Unfortunately, our air-conditioning bills here in Texas were stratospheric, so after our cost-benefit analysis, we went with SiteGround for a web host. And when servers get hot, they stop working, so not using the air-conditioning wasn’t an option for us.
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I’m a novice on this topic but my gut feeling is the the only reason they might ban it is to give a digital dollar a chance. I expect it would have the inverse benefits and negatives of today’s free range crypto still be shit for the environment and bad for the everyday user in new awful ways.
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“New AND Improved!!”
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ach du leiber! mein dunning-krugerrands!
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If bitcoin is great for doing mostly sketchy stuff. A federal digital dollar will be great for tracking every dollar you spend and suppressing minorities. And the only thing worse than using it is when the government bans you.
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Does this mean that PC video game enthusiasts will soon be able to upgrade their graphics cards without having to sleep on the curb in front of Micro Center?!?
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Who could have seen that coming?
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Saying “banning bitcoin” is same thing as saying “banning the internet” It’s NOT going to happen. Bitcoin is here to stay. The crash today was healthy and expected and a great way to wash out a lot of the meme coins. Smart money bought the dip and watched it climb right back up. 
Confetti money perhaps?
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