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[–] totes_magotes 1 points 26 points (+27|-1) ago 

Sounds like a lawsuit waiting to happen.

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[–] WitnesstheSalt [S] 0 points 2 points (+2|-0) ago 

The city has the legal precedent of being able to issue business licences and limit them based on their own civic planning. Same as saying "no strip clubs by the playground."

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[–] Turn_Coat 0 points 4 points (+4|-0) ago 

If you're paying for electricity to run your computer though... I don't think the city is allowed to dictate what programs you're permitted to have switched on.

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[–] mostlyfriendly 4 points 16 points (+20|-4) ago  (edited ago)

This is such an amazing example of why socialism doesn't work. This is just a small scale, but the exact same thing happens at the national level with absolutely terrible consequences.

  1. Be a government
  2. Distort the market price for a good or service (artificially low cost electricity in this case)
  3. Watch as people modify their behavior based on said distortion.
  4. Crisis!
  5. "Clearly, the people are wrong." ... we need the government to fix the people.
  6. Further distort the market thru additional regulations.
  7. Repeat as needed. Or until societal breakdown due to government overbearance and corruption.

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[–] memememema 1 points 8 points (+9|-1) ago 

electricity isnt artifically low its artificially high.

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[–] belphegorsprime 0 points 3 points (+3|-0) ago 

This depends on how you quantify the externalities of production, and to what extent the producer bears that cost.

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[–] armday2day 1 points 0 points (+1|-1) ago 

What do you think the market price would be? Im only asking for relative terms here.

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[–] fuckingmockies 0 points 4 points (+4|-0) ago 

> browsing Voat

> checking out some cool posts

> stumble across this post that I'm replying to

> is...is he making a list because he can't greentext?

> mfw you just have to press source on this commemt to learn how to do it

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[–] prairie 0 points 1 points (+1|-0) ago 

Thanks, I didn't realize Voat had this feature.

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[–] analfaveto 0 points 2 points (+2|-0) ago 

Reminds me of a quote by Ronald Reagan regarding socialist governments. It was something like this:

*If it moves, tax it. If it keeps moving, regulate it. If it stops moving, subsidize it."

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[–] i_scream_trucks 0 points 1 points (+1|-0) ago 

No. Stop fucking blaming everyone but people taking the piss out of a good thing. Straight up. We are all doing that shit.

There is absolute truth to the saying 'This is why we cant have nice things'

Because every time something good comes about that lots of people benefit from you get maggots taking the piss. Every. Fucking. Time.

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[–] mostlyfriendly 0 points 0 points (+0|-0) ago  (edited ago)

Because every time something good comes about that lots of people benefit from you get maggots taking the piss. Every. Fucking. Time.

There will always be these 'maggots' of society. I don't know how to get rid of them. I think that we both agree these maggots always exist just strengthens my point. Government induced distortions create moral hazards and will be abused every time.

I really only see 2 ways to neutralize these maggots: a totalitarian dictatorship or a limited government solution.

Further, I feel I must 'correct' your comment slightly:

Because every time something good from the socialist state comes about that lots of people benefit from you get maggots taking the piss. Every. Fucking. Time.

Good will happen without moral hazard. But, that rarely correlates with a socialist state created 'good'.

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[–] Kill-Commies 4 points 13 points (+17|-4) ago 

All these people trying to treat bitcoin like a "life savings account" are going to be shocked when they find out bitcoin isn't at all immune to government regulation.

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[–] talmoridor-x 3 points 5 points (+8|-3) ago 

Decentralized internet, power, and exchanges, m8

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[–] ColaEuphoria 1 points 9 points (+10|-1) ago  (edited ago)

and exchanges

Bullshit. They can/probably WILL make exchanges illegal. The only way to thwart that would be to actually use Bitcoins for their original intended purpose: AS MONEY AND NOT A FUCKING INVESTMENT PLATFORM.

Paying for things with Bitcoin instead of mining the shit out of them and exchanging for dollars? What an idea! Hopefully it'll cut out the mine-for-profit cancers that are driving GPU prices through the roof.

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[–] Charlez6 0 points 1 points (+1|-0) ago 

Nothing would justify Bitcoin more than having governments (try to) ban it.

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[–] i_scream_trucks 0 points 0 points (+0|-0) ago 

Or. You know. When they realise their money is long gone and they have nothing of value.

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[–] irelandLost 12 points 7 points (+19|-12) ago 

Bitcoin is to the modern world what tulips were to the dutch in the 17th century. No inherent value + excess demand = inevitable crash.

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[–] HappyMealBullshit 3 points 18 points (+21|-3) ago 

Saying cryptocurrency has no inherent value is just wrong. The entire silk road style/dark net economy runs off of cryptocurrency and without it it would be impossible. Offering users a completely anonymous way to buy things online is most certainly valuable.

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[–] GoatyMcGoatface 0 points 2 points (+2|-0) ago 

DAE le bitcoin = tulips hurr durr

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[–] armday2day 6 points 0 points (+6|-6) ago 

Can cryptos guarantee a value greater than zero, in any time frame?

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[–] Wargasm 2 points -2 points (+0|-2) ago  (edited ago)

Cryptocurrency is doomed to fail because of the lack of ability to force you to take it (it doesn't have the backing of a state).

If you go to buy something at a store and they won't take your dollars, you call the police and they come down and force the seller to take your cash; if you try to do that with a cryptocurrency the police will laugh at you.

EDIT: edited for clarity.

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[–] bluefascist 1 points 7 points (+8|-1) ago 

false.

this example gets brought up continuously and is completely specious.

the tulip bubble happened over a number of months. cryptocurrencies have been around for years and will continue to have bubbles over time.

Eventually I expect them to stabilize when we start seeing trillions instead of billions in them.

No inherent value

False. Cryptocurrencies allow for secure transactions without trust. This is superior to banks because I no longer need to pay a jew banker. Now I can pay the decentralized network to process my transactions securely without trust.

I know you don't understand what secure transactions without trust means, and why those things have inherent value.

It's because you were dumb enough to compare crypto to flowers.

grade A stupid.

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[–] toobaditworks 0 points 2 points (+2|-0) ago  (edited ago)

Tulips were decentralized form of currency that threatened the bankers hold on debt slavery? Way to parrot JP Morgan. lol

That fuck only said that to drive down the price so he could buy some for cheap like bankers always do.

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[–] talmoridor-x 0 points 2 points (+2|-0) ago  (edited ago)

There's no such thing as inherent value. Any commodity only has the value that people give it. Gold is lusterious and rare; cryptos have a limited supply and the aspect of anonymity. Maybe once mining asteroids for gold becomes cheap, gold will become worthless, and once computers will be capable of breaking any kind of cryptography, so will cryptocurrency.

But until DEXs become popular and internet/power are widely sold on decentralized networks, crypto will become worthless and prone to gov regulation

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[–] irelandLost 1 points -1 points (+0|-1) ago 

What? Of course there's such thing as inherent value. Copper and silver have an inherent value due to their industrial uses for example. Gold is certainly a strange one in that its value is based solely on its rarity, but that doesn't mean the concept of inherent value is wrong.

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[–] TheKobold 0 points 3 points (+3|-0) ago  (edited ago)

They didn't ban it they are just not allowing new crypto mining business' to come in and raise the cost of power until 2019. Because the people of the town were tired of these power consuming companies sucking down all their cheap power and raising the cost.

A town actually cares about its people for once and you idiots tear into it.

Nice fucking click bait.

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[–] prairie 0 points 2 points (+2|-0) ago 

Crypto mining Mathematical research.

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[–] talmoridor-x 0 points 0 points (+0|-0) ago 

They'll try to ban that too

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[–] robertok33 0 points 1 points (+1|-0) ago 

same thing happened in pakistan, crypto currency has been banned, but what is the reason behind this

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[–] dukey 0 points 1 points (+1|-0) ago 

Why does mining bitcoin take so much power?

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[–] uvulectomy 0 points 6 points (+6|-0) ago  (edited ago)

The system is designed so that the complexity of the calculations required to "mine" a coin increases as more coins are mined. So the more complex the calculations, the more computing power you have to throw at it to get the same mining rate.

In the beginning, a decent gaming rig could mine a fair amount of coins/partial coins in a given day. Now that same rate requires an entire datacenter.

I've seen reports saying that a datacenter using 50 megawatts will be "entry-level" in the not too distant future.

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[–] bagano1 1 points 0 points (+1|-1) ago 

I don't understand. What's the racket behind the whole thing? Almost seems like a Bond movie. Maybe it's crowd-sourced computer resources for someone's master plan.

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[–] WitnesstheSalt [S] 0 points 0 points (+0|-0) ago 

It doesn't when it's one shitty rig chugging away in the basement. It's when you've got a legion of high end engines grinding away in a server room freezer 24/7 that it gets pricey.

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