Posted on 09/24/2021 6:16:27 AM PDT by dynachrome
China's central bank has announced that all transactions of crypto-currencies are illegal, effectively banning digital tokens such as Bitcoin.
"Virtual currency-related business activities are illegal financial activities," the People's Bank of China said, warning it "seriously endangers the safety of people's assets".
China is one of the world's largest crypto-currency markets.
Fluctuations there often impact the global price of crypto-currencies.
The price of Bitcoin fell by more than $2,000 (£1,460) in the wake of the Chinese announcement.
It is the latest in China's national crackdown on what it sees as a volatile, speculative investment at best - and a way to launder money at worst.
(Excerpt) Read more at bbc.com ...
Well, well. No further comment.
I sometimes think that China will come out with a currency backed by a basketful of hard resources — some gold, some silver, some copper, some oil, whatever.
That would, I think, become the world’s reserve currency and blow away all fiat systems that are essentially nothing more than IOUs. Maybe China is starting the game by blowing up cryptocurrencies which are pretty obviously nothing more than IOUs.
I wonder if evergrande owns a bunch of bitcoin?
Bitcoin is down almost 6%.
That could make mining a little easier. Or at least ease the demand for mining equipment.
It seems like Xi has been trying to destroy his own economy for months now.
Xi play, I believe, is taxes and control.
He wants the Yen to be the world currency. He needs the tax revenue and control for the economy. Bitcoin is controlled by the Chinese, but not completely.
This is one thing that the Communist Chinese have gotten right, but for the wrong reasons. Cryptocurrency is beyond the power of any one nation to control, because it is a “pretend gold”, and the Communists despise it for the same reason they despise allowing gold itself. Nobody, in a Socialist regime of any kind, is permitted to accumulate independent resources as a medium of exchange, but to use only the government-issued currency, which is first of all subject to whatever manipulations the governing authorities choose to apply. But cryptocurrency itself is subject to the whims, not of any one government, but to a shadowy group of investors, who then manipulate the value of that cryptocurrency for their own purposes. The value of cryptocurrency can vary from day to day, because of its very scarcity, which is always maintained, then a very few large transactions into or out of that cryptocurrency have an altogether disproportionate effect on the value.
Even more dicey than the stock market.
If Winnie the Pooh has to choose between the Economy and the Party’s grip on power. He will choose the Party every time.
All of Xi’s moves in the past year or two are focused on eliminating potential challenges to the Party’s (and Xi’s) control of the state.
From the Uygher’s to Fan BingBing, to Hong Kong, to Jack Ma there must be no challenges to the Party.
Bitcoin isn’t controlled by the Party, so it is gone with the stroke of a pen.
And if you are Chinese, and you can find a way to innocently exit the country with nothing in your pockets, your Bitcoin awaits you when you land.
To keep private money from leaving the jail they call China.
How long until our government does the same?
That would almost certainly fail. You should study up on Gresham’s law. You’ve got currency markets exactly backward.
I’ve been stubborn about accepting crypto-currencies, and now Xi is going to push me over the edge of belief.
If the CCP is against them, then there’s definitely something of value there.
How long until our government does the same?
Just what I was thinking. Some speculators said it was only a matter of time
Says the leader of the country with the greatest number of hackers and geeks in the world.
Good luck with that.
In a way we do. Have you seen page 1 of 1040?
They couldnt figure it out. If you cant figure it out, then you cant control it and being commies, something you cant control defeats the nature of communism. I have Korean buds who freely trade on their “crypto nasdaqs” (their words) and the Sokor gubmint’ couldnt keep up until now. Funny that it’s mostly based in Korea.
Historically Deep State is more apt to use our intelligence services and computer hacking abilities for back door control and profit. In effect clandestinely taking them over.
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