Legalization. In Ukraine and now Laos - page 4.

amishmanish

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Quote from: Potato Chips on September 16, 2021, 11:46:48 PM

A good start would be to stay away from news sites with misleading headlines. I recommend coindesk, here is their take on this: Laos Authorizes Six Companies to Start Crypto Mining which fits better as there's no enough info to support the "to legalize" claim.

I don't think any of these mainstream crypto publications are trustworthy enough. They are just sources of news and one should make ones own conclusion. Coindesk regularly publishes articles for HYIP tokens too whose sole purpose is to find a new buyer. Even in case of the original article, the headline was misleading but the article clearly mentions that they have selectively authorized 6 companies for trading and mining.

What makes me happy about this stuff is though the other information that they have formed groups to study and find ways for incorporating Bitcoin. It is heartening that this is a financial decision in which smaller, less powerful nations don't necessarily have to take the lead of the bigger countries. They are in fact leading the path which is difficult but promising. Hoping for the best for the people there.

Potato Chips

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Quote from: hd49728 on September 16, 2021, 09:32:58 AM

I am suspicious on the word legalize. It can be used inaccurately and I think we will need more time to see it is really a legalization or just a fake news, a misleading term using on media.

A good start would be to stay away from news sites with misleading headlines. I recommend coindesk, here is their take on this: Laos Authorizes Six Companies to Start Crypto Mining which fits better as there's no enough info to support the "to legalize" claim.

Darker45

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It is weird that an approval is already given sans official policies on Bitcoin mining and trading. It is hard to start building up structures and then operate while the regulations are still in the process of being drafted. If I were an investor in Bitcoin mining, I'd rather wait for the regulations to come out as officially approved before I begin spending money. It is hard to be investing big on something while on trial. Anything could happen next. There's actually no need to take such unnecessary risks.

cotton ball

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this is just a matter of time, we have to be patient, because later in 3 or 4 years later other countries will legalize bitcoin, because El Salvador's steps to legalize bitcoin, have affected many other countries, now many Asian countries want to legalize bitcoin..we see what happens next..

Bazley

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A smart government can seize this opportunity. This will drive employment and increase income. The most important thing is to let more people know about bitcoin. It is hoped that more and more countries will legalize mining.

bittraffic

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Quote from: kanayaTabitha on September 16, 2021, 09:33:59 PM

Legalize and banning news keeps appearing every day, i don't whether it's true or just a pump and dump news.
Just like we heard about legalize and banning crypto in china that always successfull to make the market move. Anyways, whatever the news out there. Crypto has already experienced a fairly rapid increase in terms of technology and price.
So it's just a matter of time for people around the world to realize it and use it as their main transaction money.

The media embedded the word legalize as if it's really good though. The freedom fighters like it's all the time some go to the extent of shouting "Legalize Marijuana!"
But governments are starting to use that term as well to lay hold of us.

Laos is also a perfect country to start Bitcoin adoption just like El Salvador. It's the small countries that are easy to experiment with especially with just a 7M population.

kanayaTabitha

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Legalize and banning news keeps appearing every day, i don't whether it's true or just a pump and dump news.
Just like we heard about legalize and banning crypto in china that always successfull to make the market move. Anyways, whatever the news out there. Crypto has already experienced a fairly rapid increase in terms of technology and price.
So it's just a matter of time for people around the world to realize it and use it as their main transaction money.

Nunoluck

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For me it is good to see good news about bitcoin although sometimes some just a misleading. As long as it is not a fake news then I think it is okay. Every news that made by any media has value, it is means it worth of money. If we pay some media to advertise bitcoin then we will spend a lot of money. In my point of view, that is free advertisements about bitcoin and it is good. If bitcoin exchanges or minning are banned from a country I Think at the first place government should not prevent any bitcoin minners activity because basically they just running a device, just the same like we running a laptop for work, play game and etc. It will not harm people. That's my opinion. Laos can take this opportunity to attracts investors to invest in their country and help their economy.

noorman0

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[Nope]No hype delivers more than hope

It is a country that borders directly with China geographically. The reasons for legalizing bitcoin mining make more sense to welcome the transfer of large mining companies that were forcibly closed from their neighboring countries. Of course, this is a decent income opportunity for the state in addition to their main economic income as an agricultural country.

DaveF

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Quote from: cryptomaniac_xxx on September 16, 2021, 05:13:03 PM

I doubt that other Southeast Asian countries can follow because majority of nation around that region, the electricity is not that cheap. There are even some countries in SEA who doesn't have adequate electricity, so I'm surprised that Laos has such abundance of it, while it's neighbors suffers from some black outs.

Hydro power is great and cheap if you have the water / terrain that it works in.
And if people are close enough that you don't need massive infrastructure to get the power from the dams / generation facilities to them.

Just a few miles up or down stream can make all the difference.

Saw an interesting show on one of the science TV channels a few years ago about it.

As for the legalization, to me it looks more like acceptance.
Legalization means that at one point it was illegal, this is more of we know it's there and are now passing laws about it.

-Dave

cryptomaniac_xxx

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Quote from: ?? on ??

Even if the electricity is cheap, there's still the fact that it's probably not popular and from what I remember, Laos has a small population to really impact the market big time. Man, I do hope though that other Southeast Asian countries will follow what Laos did because I feel like the protection of the law should be experienced by the crypto community.

I doubt that other Southeast Asian countries can follow because majority of nation around that region, the electricity is not that cheap. There are even some countries in SEA who doesn't have adequate electricity, so I'm surprised that Laos has such abundance of it, while it's neighbors suffers from some black outs.

stompix

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Quote from: Haunebu on September 16, 2021, 01:09:19 PM

Bitcoin mining is actually harming the environment which is why they aren't entirely wrong in this case. This is why energy-efficient miners have become popular in recent times.

There is no such thing happening.

A car becomes more efficient when it drives on less gas so all the cars in a country will consume less gas.
With cars, no matter how cheap gas gets you won't be driving 10 cars at the same time because gas is 10 times cheaper.
Miners with a better J/TH efficiency will not make the network consume less energy, they will just increase the hashrate for the same amount of energy spent, but if the reward goes up 100 times, miners will add 100 times more miners.

The energy consumption is dictated by only one thing, the price of bitcoin, that doubles, so will the hash rate once enough miners are purchased, the price goes to 10$, the whole network will consume less energy than a merry-go-round.

Haunebu

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Quote from: ?? on ??

because I feel like the protection of the law should be experienced by the crypto community.

Nonsense. BTC was developed to put the power back into the people's hands which is why I disagree with you here. Government acceptance of BTC and other popular cryptocurrencies is beneficial for the crypto market, but not essential.

Quote from: DeathAngel on September 16, 2021, 10:27:00 AM

One by one & then they will all come. In 20 years any country refusing to adapt & adopt bitcoin will be left behind.
It’s only a matter of time, we must be patient.

Over-optimistic. After 20 years, more countries would have probably embraced BTC, but many other countries like China etc would probably not change their negative perception of BTC.

Quote from: Slow death on September 16, 2021, 12:19:18 PM

"bitcoin mining is causing pollution", these non-governmental organizations that fight for the environment manage to exaggerate and create nonsense theories, hope they don't create headaches in LAOS

Bitcoin mining is actually harming the environment which is why they aren't entirely wrong in this case. This is why energy efficient miners have become popular in recent times.

stompix

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Quote from: avikz on September 16, 2021, 09:52:25 AM

So the government is trying to play smart by utilizing their cheap electric resources to bitcoin mining and earn tax revenue from it. Completely makes sense!

Why?

Quote from: hd49728 on September 16, 2021, 09:32:58 AM

Laos has cheap electricity price, you can check the chart: https://www.globalpetrolprices.com/electricity_prices/

Those averages mean nothing.
The US for example has 16 cents in that table, yet Marathon is running on 2.8 cents per kWh.

Slow death

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Quote from: zaesvlas on September 16, 2021, 12:02:09 PM

And have they already begun to do something at the legislative level in Ukraine, or are they just plans so far?

from what I can see they have only authorized certain companies to mine and trade bitcoin while they are taking steps towards legalization.

Quote from: https://bitcoinmagazine.com/culture/asian-nation-laos-to-legalize-bitcoin-mining-and-trading

ASIAN NATION LAOS TO LEGALIZE BITCOIN MINING AND TRADING

The Southeast Asian nation of Laos changed its official policy, authorizing six companies to trade and mine Bitcoin while the government begins to draft regulations about its use.

That's a good thing, it's good to know that many countries don't follow paths like China, but I hope that in a few months we don't hear things like: "bitcoin mining is causing pollution", these non-governmental organizations that fight for the environment manage to exaggerate and create nonsense theories, hope they don't create headaches in LAOS

zaesvlas

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And have they already begun to do something at the legislative level in Ukraine, or are they just plans so far?

hugeblack

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Few countries consider Bitcoin an illegal asset and I find them right because it will cost a lot of effort and waste a lot of money that could be obtained from taxes if Bitcoin is classified as an asset.
Also, most countries in which Bitcoin is considered illegal have not recorded many cases in which people have been arrested because they own Bitcoin.
What will make a difference is the classification of bitcoin as a currency alongside the country's official currency.

pergola

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Quote from: ?? on ??

Even if the electricity is cheap, there's still the fact that it's probably not popular and from what I remember, Laos has a small population to really impact the market big time. Man, I do hope though that other Southeast Asian countries will follow what Laos did because I feel like the protection of the law should be experienced by the crypto community.

Laos has a few large hydropower plants and they may have a surplus of electric power. They just have a draft of the law on cryptocurrencies. To be issued they need a lot of time. As far as I know, Vietnam, Thailand and countries in Southeast Asia are doing research on legal documents to manage cryptocurrencies.

ShowOff

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Not all online media will contain accurate information because they also have their own goals to reap a lot of benefits from increasing site traffic. For the legality of bitcoin "trading and mining" I think it would be good information as evidence that the government has considered access to users even though it is restricted in the context of "mining and trading". Indonesia has legalized "trade", but I don't know exactly how mining works but it doesn't seem to be banned. I hope it can help bitcoin fundamentally.

Kelvinid

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Quote from: hd49728 on September 16, 2021, 09:32:58 AM

Asian nation Laos to legalize Bitcoin mining and trading

I am suspicious on the word legalize. It can be used inaccurately and I think we will need more time to see it is really a legalization or just a fake news, a misleading term using on media.

I mean terms like ban, legalize can be used and misled by social media and whales.

They simply predicting what will happen next even it wasn't officially announced by the lawmakers. That is certainly misleading.
Social media are too fast to collect data which I don't think that it was reliable enough to make a statement and publish it online, I think it should not be the thing to do as people will think that it was legal already if they will not read the content of the news.

Of course, this could get some attention, and think that it was officially legalized. But I'd never think this could uplift the market situation and brings a positive response once they know it was fake news, it might give them the reason to ignore it.

Topic: Legalization. In Ukraine and now Laos - page 4. (Read 581 times)