Posted on 04/16/2021 4:58:01 PM PDT by aMorePerfectUnion
China hadn’t banned Bitcoin. Unless it happened in the last ten minutes. Please don’t say shit like that without citing a source.
Binance has been involved with some sketchy stuff. I would stick to Coinbase and use CB Pro. Good rates. Fast transactions. And when you sell, you get your money fast.
I am too. Although, I have been skimming some every month to roll into other things. Diversification is still a good concept. But I think we should see a good summer.
Earlier this month, the People’s Bank of China (PBOC) which is the central regulatory authority that regulates financial institutions and drafts the monetary policy of the country, issued a statement that “it would block access to all domestic and foreign cryptocurrency exchanges and ICO websites.”
As per the news, China aims to clamp down on “all cryptocurrency trading with a ban on foreign exchanges.”
China has recently been issuing regular advisories and taking steps to deter the use of cryptocurrency in the country....
https://www.investopedia.com/news/bitcoin-banned-china/
Oh, and Turkey this week banned crypto’s, seven other nations ( the ones developing their own sovereign crypto’s) have announced plans to do the same. Do you really think a nation that is developing it’s own crypto will allow competition?
Agree
The trend to discourage, ban and seize crypto is gaining speed from all sovereign nations. The US crypto Fedcoin, now in the Senate committee, is watching closely on how to push ours through.PBOC ( People Bank of China) has studied backing their digital Yuan by gold...US .Treasury is getting scared, very scared....in the end, NO government will tolerate a competing crypto.
If crypto was only coins, perhaps. But it is far, far, far beyond that.
…entire businesses are now built on the Ethereum blockchain - and others.
Decentralized Autonomous Organizations (DAO) are being formed entirely on the blockchain.
And states like Texas and Wyoming are passing legislation to give them physical cover.
It is happening faster and to a greater degree than most realize.
If those short-sighted nations don’t want to be dealt into the future, their call.
I don’t really understand cryptocurrency, but I believe that one of the defining characteristics is that the supply is artificially finite, at least for BitCoin.
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Crypto is the move to a cashless society. The US crypto ( Fedcoin) is in the Senate Comittee now, with a planned roll out soon? It is/ will not be finite. It will be created as needed, ( much like the USD) which is why a dozen countries are now developing it. Our Treasury briefs have stated they are watching closely China, as they have it in place, it will be instated country wide ( cashless) and backed by gold in less than two years.
DO recall Biblical prophecy.....
To answer your question, Bitcoin is NOT money. “ Money” must be stable in value...and....keep in mind a recent high profile criminal trial ( no link) resulted in .gov being able to recoup the Bitcoin ( Treasury was able to hack into it to recover the “ illegal money”.
There will be a lot of “ knashing of teeth” when all the crypto’s are banned by Fedcoin. Our development of Fedcoin has already discussed plans how to implement Fedcoin, forcibly....and it is not even developed yet!
Three top universities have been given more than $20 million to study the implementation of Fedcoin.....three years ago, much put into our upcoming cashless society.
https://www.btcnn.com/fed-introduces-new-cryptocurrency-fedcoin-heres-why-its-our-next-nightmare/
Much on the internet on our planned cashless ( crypto currency), seek it out.
More from Ron Paul about Fedcoin.
That was friggin 2019. That was a lifetime ago. I think Bitcoin has “recovered” from that, don’t ya think?
It has value because:
The Government cannot easily confiscate it.
It is virtually immune from theft and is safe to self-custody using a hardware wallet.
You can cross borders and take your wealth with you since the wealth is in the cloud.
It is immune from confiscation through inflation since the fixed supply of 21 million bitcoin is inviolable in the code.
You can pass it to your heirs silently.
You can buy things anonymously through privacy coins such as Monero.
etc.etc.etc.
Yet China allows it’s citizens to have 70+% of the Bitcoin “mining” hash rate...they just don’t the want the direct competition to the “Digital Yuan”...force the citizens to exchange mined BTC for the digital Yuan on govt. exchanges then the CCP uses the BTC as a weapon against the US “reserve currency” status.
its about the equivalent of 90 trillion US dollars.
Everyone will sell for the right price.
It’s just another way for the Fed to inject money into the economy.
And you don’t need to buy it all. Just more than half.
I get that it can be convent. But why does it have value? As far as I can tell, it only has value if you find someone that believes it has value. Granted the US dollar exist based on a belief, but the US government is standing behind it. Not that that means what it once did, but we all agree it has value.
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