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

laserit

bcbully said:

laserit said:

bcbully said:

hmmmmm 

https://twitter.com/danheld/status/1445021545143939074

The guy is totally correct.

What do you think these crooks do with the crypto they’ve scammed and ransomed?

Why convert it into fiat of course.

Nice way to launder, these days as well.

Crooks as in The United States Securites and Exchange Commision, or The New Your Stock Exchage? Greyscale Maybe? Ohhh you talking about the Governor of Wyoming, or was it the Mayor of Miami? Senator Toomey?

I know, iknow you talking about Ernest and Youg, Morgan Stanley and Microsoft.

Noooo, PYAPAL!

Twitter maybe?




#DYOR

There are crooks everywhere my friend.

Buddies Twitter statement is like saying the sky is blue.

bcbully

66.5k 


about 35% since china ban.

All these banks and news cast screamed FUD then bought the dip. #DYOR

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Lithuanian

China did wise. So-called "cryptocurrency" is mostly used by mafia and in illegal schemes (guns, explosives, hiring assasins). Why enforce using it and in-directly support mobs?
Salvador may wish to become criminals' paradise. Their right to choose. China (probably) does not want to become criminals' paradise and it's their right to choose.

maskedweasel

Lithuanian said:

China did wise. So-called "cryptocurrency" is mostly used by mafia and in illegal schemes (guns, explosives, hiring assasins). Why enforce using it and in-directly support mobs?
Salvador may wish to become criminals' paradise. Their right to choose. China (probably) does not want to become criminals' paradise and it's their right to choose.

China banned decentralized unregulated crypto currency in favor of their own government run digital yuan. 

The point was to make sure china didn't have to compete with a decentralized value store they couldn't control, because how else could they control their citizens finances? The criminality of cryptocurrency had nothing to do with it.

Like any kind of currency, it will be used for legitimate and illegitimate reasons. On the one hand, crypto currency is easier to trace than actual fiat currency, since every transaction and wallet is tracked, but the downside is that it's far more convenient to use internationally, which makes it the preferred payment option for a lot of illegal transactions. 

Jamar870

I wonder where "cryptocurrenices" would be if they could not be converted to a "fiat currency"? Also all these digital "assets" (Bitcoin, Etherum, NFTs, etc.. ) are based on greater fool and China IS wise in banning such transactions. I posit that the only reason said "assets" increased in "value" is because of the "fools" who believe the proposition that they can find a greater fool to which they can sell their "asset" before the bottom drops out from under them.