I seems that the CCP is getting fed up with the BTC miners who, according to this article, are considering decamping to the US. https://www.washingtonpost.com/world/asia_pacific/bitcoin-mining-china-crypto-america/2021/06/17/0a39c3a8-c903-11eb-8708-64991f2acf28_story.html
The official narrative is that the CCP is kicking out miners to burnish its somewhat questionable reputation for leading the world away from use of coal.
More likely is that the CCP has recognised that decentralised finance is an existential threat to their particularly loathsome brand of socialism. They are smart enough to see that it’s too late for a 51% attack. Turfing out their miners and censoring discussion of cryptocurrency on social media are essential precursors to general prohibition of DeFi in communist China.
Of course, we have plenty of neo-totalitarians in the West who will look with envy at such a prohibition. But our feeble western governments lack the moral courage to machine-gun their own citizens, let alone to kill Bitcoin.
Is Bitcoin a “bubble” or a disruptive technology as important as the Otto cycle and TCP/IP? Maybe it’s both; a bull market in which one doesn’t have a position often looks like a bubble.
Second: M3 in Eurozone has a long term growth rate of 5-6% p.a. and a last year growth rate of 10%. That is far less than the growth of btc in circulation over the last 10 years.
EUR and BTC money supply charts. I wonder if anyone can spot the difference 
Just a thought, prompted by the first graph: what is the qualitative moral difference between the European Union stealing money from poor people by exponential money supply growth with 0.5% negative interest on deposits and its pan-European predecessor stealing gold tooth fillings from slave workers?
Euro supply in 1984?
The name Euro wasn’t even adopted until 1995, and it wasn’t in circulation until 1999.
There was an ECU (European economic unit) prior to it, but it’s not the same currency.
dublinpilot wrote:
There was an ECU (European economic unit) prior to it, but it’s not the same currency.
That’s a matter of definition. When the Euro was introduced its value was set equal to that of the ECU. But it’s true that the ECU wasn’t a real currency.
Jacko wrote:
EUR and BTC money supply charts.
Nice trick! So let’s check what we actually see – and no, I’m not picking on the fact that getting M3 data from Eurozone pre-Euro is a pretty difficult thing (and a shaky one) or that you compare M3 for EUR with M1 for BTC
If we look at the timeframe that is actually comparable – so 2009 to today – you might realize that in that timeframe the “money stealing European Union” has less than doubled M3 (+75%) while the money protecting bitcoin community in the very same timeframe has increased the number of BTC by a factor of more than 9! So 800% vs. 75% inflation in the same timeframe – who is taking away money?
So for those people who do not own a crystal ball and therefore do not have foresight in what happens in the next ten years and therefore are limited at judging the past, it’s pretty clear that M3 stability for EUR has been much bigger than for BTC
Airborne_Again wrote:
That’s a matter of definition. When the Euro was introduced its value was set equal to that of the ECU. But it’s true that the ECU wasn’t a real currency.
That’s right – but the composition of the currency basket that established the ECU has been changed (the last time) in 1989 so pre 1989 data for Eurozone M3 needs very significant explanation and some deep thoughts on what it actually means.
Calculation Eurozone M3 in USD at historic exchange rates might be the far better way to look back longer times.
https://mol.im/a/9722317
Can anyone explain this?
Maoraigh wrote:
Can anyone explain this?
“I put all my paper bills in a shady person’s house, and now they are gone. I don’t understand why. Please help me.”
Or ‘I gave somebody else the keys to the safe where I keep all my money, and its location, and now it is gone’.
