{"id":546886,"date":"2023-02-02T17:30:00","date_gmt":"2023-02-02T14:30:00","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/community-mocks-charlie-munger-for-his-obsession-with-chinas-bitcoin-ban\/"},"modified":"2023-02-02T17:30:00","modified_gmt":"2023-02-02T14:30:00","slug":"community-mocks-charlie-munger-for-his-obsession-with-chinas-bitcoin-ban","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/community-mocks-charlie-munger-for-his-obsession-with-chinas-bitcoin-ban\/","title":{"rendered":"# Community mocks Charlie Munger for his obsession with China\u2019s Bitcoin ban"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_85 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a3ee343919e2\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #dd3333;color:#dd3333\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #dd3333;color:#dd3333\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a3ee343919e2\" checked aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-1'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/buradabiliyorum.com\/en\/community-mocks-charlie-munger-for-his-obsession-with-chinas-bitcoin-ban\/#%E2%80%9D_Community_mocks_Charlie_Munger_for_his_obsession_with_Chinas_Bitcoin_ban_%E2%80%9C\" >&#8221; Community mocks Charlie Munger for his obsession with China\u2019s Bitcoin ban &#8220;<\/a><\/li><\/ul><\/nav><\/div>\n<h1><span class=\"ez-toc-section\" id=\"%E2%80%9D_Community_mocks_Charlie_Munger_for_his_obsession_with_Chinas_Bitcoin_ban_%E2%80%9C\"><\/span>&#8221; Community mocks Charlie Munger for his obsession with China\u2019s Bitcoin ban &#8220;<span class=\"ez-toc-section-end\"><\/span><\/h1>\n<p><img decoding=\"async\" src=\"https:\/\/images.cointelegraph.com\/images\/840_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjMtMDIvNzU5ZmFkOGYtZmM3ZC00ZGM3LWI4MTEtZTY1YmQxODBjYTY4LmpwZw==.jpg\" \/><\/p>\n<div class=\"post-content\" data-v-5a4050f8>The cryptocurrency community has ridiculed well-known Bitcoin (BTC) critic Charlie Munger,\u00a0vice chairman of Berkshire Hathaway, for calling the United States to follow in the footsteps of China and ban crypto.<\/p>\n<p>In an op-ed article in The Wall Street Journal, the 99-year-old investment veteran has once again <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.wsj.com\/amp\/articles\/why-america-should-ban-crypto-regulation-economy-finance-china-england-trading-currency-securities-commodity-gamble-11675287477\">slammed<\/a> crypto, calling a cryptocurrency a \u201cgambling contract with a nearly 100% edge for the house.\u201d<\/p>\n<p>Munger also said that a cryptocurrency is \u201cnot a currency, not a commodity, and not a security,\u201d adding that \u201cobviously\u201d the U.S. should enact a new federal law that would ban crypto.<\/p>\n<p>According to Munger, the best way to <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/download-scripts-themes-apps\/\" data-internallinksmanager029f6b8e52c=\"9\" title=\"Download Scripts &amp; Themes &amp; Apps\" target=\"_blank\" rel=\"noopener\">app<\/a>roach crypto is to follow the example of China, which put a blanket ban on crypto in September 2021. The Berkshire Hathaway vice chairman stated:<\/p>\n<blockquote><p>\u201cWhat should the U.S. do after a ban of cryptocurrencies is in place? Well, one more action might make sense: Thank the Chinese communist leader for his splendid example of uncommon sense.\u201d<\/p><\/blockquote>\n<p>The community was quick to react to Munger\u2019s latest anti-crypto arguments, with many expressing bewilderment about how measures like China\u2019s crypto ban stack up with the United States\u2019 proclamations that it supports freedom.<\/p>\n<p>\u201cThe battle lines are being drawn. Freedom or tyranny. Non-custodial wallets are the hill we can\u2019t surrender,\u201d <em>NFT APE<\/em> author Adam McBride <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/adamamcbride\/status\/1621030255850061824?s=20&amp;t=7Pp9S3AXrkWGn0n7zBmXuA\">wrote<\/a> on <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/social-mediaa\/\" data-internallinksmanager029f6b8e52c=\"1\" title=\"Social Media\" target=\"_blank\" rel=\"noopener\">Twitter<\/a>.<\/p>\n<p>Others also mocked Munger for not understanding that crypto is virtually unbannable. Indeed, even after \u201cbanning\u201d crypto in 2021, China has continued to be the second-largest Bitcoin miner in the world, and\u00a0possessing crypto is apparently still legal. Moreover, the idea of lifting the crypto ban has been floating around in China for a while.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">It\u2019s sad that Charlie munger believes he\u2019s doing something by calling for a ban. Doesn\u2019t understand it\u2019s math and can\u2019t be banned. Old age deteriorates critical thinking skills.<\/p>\n<p>\u2014 941 (@level941) <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/level941\/status\/1621127862177697793?ref_src=twsrc%5Etfw\">February 2, 2023<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>Given that Munger called cryptocurrency a \u201cgambling contract,\u201d it\u2019s worth noting that gambling is legal under U.S. federal law, despite people losing significant money from it.<\/p>\n<p><strong><em>Related: <\/em><\/strong><strong><em>EU lawmakers vote for more restrictive capital requirements on banks holding crypto<\/em><\/strong><\/p>\n<p>According to data from the American Gaming Association, U.S. casinos and mobile gaming apps hit a record $54.93 billion in <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.forbes.com\/sites\/willyakowicz\/2023\/01\/13\/us-set-gambling-record-in-2022-with-more-than-549-billion-in-revenue\/?sh=512f178d67cc\">revenue<\/a> during the first 11 months of 2022. The revenues came at the cost of Americans <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.visiontimes.com\/2022\/05\/27\/americans-lost-more-gambling-q1-2022-than-ever.html\">losing<\/a> more money on gambling than ever before by the first quarter of 2022.<\/p>\n<p>Many European countries also allow at least some gambling, with about 420,000 British gamblers <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.theguardian.com\/society\/2022\/jun\/09\/gambling-losses-online-gaming-deprived-areas-uk-study\" data-amp=\"https:\/\/amp-theguardian-com.cdn.ampproject.org\/c\/s\/amp.theguardian.com\/society\/2022\/jun\/09\/gambling-losses-online-gaming-deprived-areas-uk-study\">losing<\/a> more than $2,000 per year.<\/p>\n<p>Despite casinos causing significant losses for investors, Europe and the U.S. have not followed in the footsteps of China, which banned\u00a0most forms of gambling back in 1949.<\/p>\n<p><template data-name=\"subscription_form\" data-type=\"markets_outlook\"><\/template><\/div>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. Follow us on\u00a0<span style=\"color: #ff0000;\"><a style=\"color: #ff0000;\" href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMLG0nwswvr63Aw\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\">For forums sites go to <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/forum.buradabiliyorum.com\/\" target=\"_blank\" rel=\"noopener\">Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong>\n<\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">News<\/a> articles, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/general\/\" target=\"_blank\" rel=\"noopener\">General category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"https:\/\/cointelegraph.com\/news\/community-mocks-charlie-munger-for-his-obsession-with-china-s-bitcoin-ban\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8221; Community mocks Charlie Munger for his obsession with China\u2019s Bitcoin ban &#8220; The cryptocurrency community has ridiculed well-known Bitcoin (BTC) critic Charlie Munger,\u00a0vice chairman of Berkshire Hathaway, for calling the United States to follow in the footsteps of China and ban crypto. In an op-ed article in The Wall Street Journal, the 99-year-old investment&#8230;<\/p>\n","protected":false},"author":1,"featured_media":546887,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/s3.cointelegraph.com\/uploads\/2023-02\/759fad8f-fc7d-4dc7-b811-e65bd180ca68.jpg","fifu_image_alt":"","footnotes":""},"categories":[1],"tags":[74862,70758,4973,76558,70934,67874],"class_list":["post-546886","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general","tag-bitcoin","tag-berkshire-hathaway","tag-china","tag-freedom","tag-regulation","tag-united-states"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/546886","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=546886"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/546886\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/546887"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=546886"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=546886"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=546886"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}