China just made all transactions in bitcoin/crypto illegal+unenforceable

ringdany

Maybe crypto can be used as a technological automated record-keeper, but its role as a medium of exchange in China seems more doomed than ever. I think, a few months ago, China banned the mining of crypto.  Suspect the reason for this is that the use of cypto reduces the government's ability to control the money supply, at a time when the economy is heading for cyclical difficulty:

https://www.bloomberg.com/news/articles/2021-09-24/china-deems-all-crypto-related-transactions-illegal-in-crackdown?utm_source=url_link&cmpid=socialflow-twitter-business&utm_content=politics&utm_medium=social&utm_campaign=socialflow-organic&cmpid%3D=socialflow-twitter-politics

https://www.bbc.com/news/technology-58678907

Nothing to stop mmos using crypto tech, but you cannot have any of those transactions happening in China. (which is kind of ridiculous. because it implies if you ever bought or sold crypto, and then travelled to China, you might just be pulled aisde by police and locked up)

Vrika

ringdany said:

Maybe crypto can be used as a technological automated record-keeper, but its role as a medium of exchange in CHina seems more doomed than ever. I htink, a few months ago, China banned the minig of crypto.  SUspect the reason for this is that the use of cypto reduces the government's ability to control the oney supply, at a time when the economy is heading for cyclical difficulty:

The reasons for China banning crypto include:
 -They make money every time they print their own currency, but not when someone other prints crypto currency
 -Cryptocurrency is easier to use for criminal activities than real currency. Cracking down on it has some effect against crime
 -Crypto uses a lot of electronics, and there's currently shortage
 -Crypto uses huge amounts of electricity. China is somewhat limited on electricity, and they're also trying to reduce pollution. Limiting crypto is effective way to both make sure that there's enough electricity for other uses and reduce pollution while they're at it
 -Crypto industry is unstable with the potential to both rise and fall very rapidly. China doesn't like that kind of economic uncertainty

Ultimately only Chinese government knows which of those reasons mattered for them and how much. But they've got plenty of reasons why they might want to ban crypto.

Slapshot1188

Vrika said:

ringdany said:

Maybe crypto can be used as a technological automated record-keeper, but its role as a medium of exchange in CHina seems more doomed than ever. I htink, a few months ago, China banned the minig of crypto.  SUspect the reason for this is that the use of cypto reduces the government's ability to control the oney supply, at a time when the economy is heading for cyclical difficulty:

The reasons for China banning crypto include:
 -They make money every time they print their own currency, but not when someone other prints crypto currency
 -Cryptocurrency is easier to use for criminal activities than real currency. Cracking down on it has some effect against crime
 -Crypto uses a lot of electronics, and there's currently shortage
 -Crypto uses huge amounts of electricity. China is somewhat limited on electricity, and they're also trying to reduce pollution. Limiting crypto is effective way to both make sure that there's enough electricity for other uses and reduce pollution while they're at it
 -Crypto industry is unstable with the potential to both rise and fall very rapidly. China doesn't like that kind of economic uncertainty

Ultimately only Chinese government knows which of those reasons mattered for them and how much. But they've got plenty of reasons why they might want to ban crypto.

Aren't they pushing their own digital Yuan?  My guess is that this is related. Ban the options so it increases adoption of their own alternative.

lahnmir

Slapshot1188 said:

Vrika said:

ringdany said:

Maybe crypto can be used as a technological automated record-keeper, but its role as a medium of exchange in CHina seems more doomed than ever. I htink, a few months ago, China banned the minig of crypto.  SUspect the reason for this is that the use of cypto reduces the government's ability to control the oney supply, at a time when the economy is heading for cyclical difficulty:

The reasons for China banning crypto include:
 -They make money every time they print their own currency, but not when someone other prints crypto currency
 -Cryptocurrency is easier to use for criminal activities than real currency. Cracking down on it has some effect against crime
 -Crypto uses a lot of electronics, and there's currently shortage
 -Crypto uses huge amounts of electricity. China is somewhat limited on electricity, and they're also trying to reduce pollution. Limiting crypto is effective way to both make sure that there's enough electricity for other uses and reduce pollution while they're at it
 -Crypto industry is unstable with the potential to both rise and fall very rapidly. China doesn't like that kind of economic uncertainty

Ultimately only Chinese government knows which of those reasons mattered for them and how much. But they've got plenty of reasons why they might want to ban crypto.

Aren't they pushing their own digital Yuan?  My guess is that this is related. Ban the options so it increases adoption of their own alternative.

That is pretty much the sole reason. Can’t control something or it is interfering with their own plans? China bans it.

/Cheers,
Lahnmir

bcbully

Fake news literrally. 

"As can be seen above Bloomberg said, without linking to a source, “the Chinese central bank says all cryptocurrency-related transactions are illegal.”
https://www.trustnodes.com/2021/09/24/bloomberg-publishes-fake-news-on-bitcoin-as-china-prints-100-billion

Actual tweet from 3 weeks ago which said whats been being said for 5 years

https://twitter.com/bigmagicdao/status/1441328777393426433

Media is lining up FUD news stories with actual technicals. Today was a perfect Fibonacci retrace from tuesday, as expected. Mondays drop was a rejected attempt at golden cross. Things don't always go up. When rejected from a range they fall to next support and bounce. 


Here's one quote "China says bitcoin and crypto currencies are not Fiat currency" lmfao no shit!

From someone who lives in China - China is a communist country. Every so often they must make strong statements against things that my carry risk. It is their duty to keep their poplulation safe. Information is filterd through the government." "Watch it you're going to far." Later things back to normal. rinse and repeat.

Slapshot1188

https://www.cnbc.com/2021/09/24/china-central-bank-vows-harsh-crackdown-on-cryptocurrency-industry.html

But maybe "Molly" is who I should believe...  Let me think on it a bit.

bcbully

Slapshot1188 said:

https://www.cnbc.com/2021/09/24/china-central-bank-vows-harsh-crackdown-on-cryptocurrency-industry.html

But maybe "Molly" is who I should believe...  Let me think on it a bit.

Up to you man. I just showed you their "source". There were no staement made by the Chinese goverment or change of polcy. This happens 4-5 times per year. It's a joke to those inside crypto. 

Edit Oh and tust no one here watches cnbc and msnbc more than me lol. All day everyday except friday. i love to listen to the story, consider motives and watch narritives trends. At this point CNBC thinks its a joke 

bcbully

Iselin

Such a fucking weird but inevitable religion lol.

bcbully

Iselin said:

Such a fucking weird but inevitable religion lol.

Same age old "religion" wealth and money, different views and methods. Call it the schism.

Slapshot1188

bcbully said:

Iselin said:

Such a fucking weird but inevitable religion lol.

Same age old "religion" wealth and money, different views and methods. Call it the schism.

Just don't be the guy left at the end holding the bag.  I treat it just like I do Casino money.   I hit it nice at the start.  Cashed out my initial investment plus a bit... let the rest ride.. currently 4-5 times what I put in, but I treat it like monopoly money until I cash it out, and if the bottom falls out I had some fun checking my accounts each day.

bcbully

Slapshot1188 said:

bcbully said:

Iselin said:

Such a fucking weird but inevitable religion lol.

Same age old "religion" wealth and money, different views and methods. Call it the schism.

Just don't be the guy left at the end holding the bag.  I treat it just like I do Casino money.   I hit it nice at the start.  Cashed out my initial investment plus a bit... let the rest ride.. currently 4-5 times what I put in, but I treat it like monopoly money until I cash it out, and if the bottom falls out I had some fun checking my accounts each day.

Slap eeeh, hard to believe just because of who you are and what you've said recently. Hey I could be wrong though, but I doubt it 

Gratz though fr fr if true. Swear i heard Kramer on CNBC say the exact samething back in may, but w/e.

Scot

China has effectively banned CC, you are sticking your head in the sand if you think otherwise, this is on multiple respectable news services.

You can't applaud when El Salvador makes it legal tender and then pretend this has not happened mate.

bcbully

Scot said:

China has effectively banned CC, you are sticking your head in the sand if you think otherwise, this is on multiple respectable news services.

You can't applaud when El Salvador makes it legal tender and then pretend this has not happened mate.

You would sell all today then huh?

Do you understand the entire use case of bitcoin is to be a currency that is global, independent of government and censorship resistant. Bitcoin does not care about anyones policy.

Look at the economic capital of the world, New York, Bitcoin is still illegal since the start. The country and the world moved on without it.

Everyone knows how to destroy bitcoin. 51% attack. If it could be done it would have been.

Scot

bcbully said:

Scot said:

China has effectively banned CC, you are sticking your head in the sand if you think otherwise, this is on multiple respectable news services.

You can't applaud when El Salvador makes it legal tender and then pretend this has not happened mate.

You would sell all today then huh?

Do you understand the entire use case of bitcoin is to be a currency that is global, independent of government and censorship resistant. Bitcoin does not care about anyones policy.

Look at the economic capital of the world, New York, Bitcoin is still illegal since the start. The country and the world moved on without it.

Everyone knows how to destroy bitcoin. 51% attack. If it could be done it would have been.

I am not saying anything about selling, I am saying go on holiday to El Salvador and spend your money there.

immoralthang

I look at this as a discount on more crypto. Thanks Winnie the Xi! 

Anyone who thinks China banning crypto for environmental reasons is a moron. This is the same country whose government lied about Covid and genocide. Why should they be trusted on anything?

Taiwan is a country and Epstein didn’t kill himself. Peace! ✌️ 

Slapshot1188

immoralthang said:

I look at this as a discount on more crypto. Thanks Winnie the Xi! 

Anyone who thinks China banning crypto for environmental reasons is a moron. This is the same country whose government lied about Covid and genocide. Why should they be trusted on anything?

Taiwan is a country and Epstein didn’t kill himself. Peace! ✌️ 

I do not believe it has anything to do with environmental reasons.  It has to do with their Digital Yuan.

cameltosis

Whilst dips like this are always a bit worrying for my investments, ultimately I do not think that any cryptocurrency is reliant on the Chinese market and so this will be just another short term dip, same as we seem to get at least once a month.

HJ-Navarre

Um.. Yay China!  Can we finally buy graphics cards for gaming, now, please?

Theocritus

China bans it because the Chinese government doesn't control it...isn't it as simple as that?

lahnmir

For anyone in doubt about the motives:

China bans Facebook -> Creates Weibo
China bans Youtube -> Creates Youku
China bans Google -> Creates Baidu
China bans Whatsapp -> Creates WeChat
China bans Bitcoin -> Creates …… yes, e-yuan

/Cheers,
Lahnmir

Kyleran

lahnmir said:

For anyone in doubt about the motives:

China bans Facebook -> Creates Weibo
China bans Youtube -> Creates Youku
China bans Google -> Creates Baidu
China bans Whatsapp -> Creates WeChat
China bans Bitcoin -> Creates …… yes, e-yuan

/Cheers,
Lahnmir

As George Orwell predicted in 1984, controlling all thought is paramount to government maintaining world order, China is just following the blueprint is all.

achesoma

China been "banning" crypto for the past 4 years. Nothing but financial market manipulation. Same as it ever was. It's fine by me. $ETH below $3k is a bargain.

Sylvinstar

Kyleran said:

lahnmir said:

For anyone in doubt about the motives:

China bans Facebook -> Creates Weibo
China bans Youtube -> Creates Youku
China bans Google -> Creates Baidu
China bans Whatsapp -> Creates WeChat
China bans Bitcoin -> Creates …… yes, e-yuan

/Cheers,
Lahnmir

As George Orwell predicted in 1984, controlling all thought is paramount to government maintaining world order, China is just following the blueprint is all.

Agreed.  And they aren't the only one that follows this blueprint...

Scot

One for you to consider:

In the earliest days of coinage kings did not create the coins, precious metals were stamped with the signet of someone who was respected, it created more trust in the weight and purity of the metal. At some stage the chieftain/king saw the value in this and took on the mantle of sole currency supplier.

Current cryptocurrency could be at this stage, a now proven concept that has "kings" eyeing the landscape. What will happen if every country decides to issue its own crypto, there are a few who already had one before China? Will the "independents" be able to survive when most countries have their own crypto?

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