China Declares All Cryptocurrency Transactions Illegal

BBC ^ | 9-24-21 | BBC

[Starboard]

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.

*************

An idea whose time has come.

[rb22982]

You really think 1) people would trust China that it would truly be back by whatever just because they said so 2) ever let people redeem for gold/silver/etc? After this year, it is even less likely than at any point in 20 years that the Yuan becomes the global reserve currency.

[KingofZion]

100% correct. Chicoms want total control over every aspect of your life. Bitcoin is out of their reach and difficult to confiscate. It is easy to trace (there is a permanent recorded chain) but you can’t control it.

[jimmygrace]

OK coders, it’s a golden opportunity to start mining crypto. I believe a large swath of miners were from China...

[I want the USA back]

"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."

You hit the nail on the head.

[bagadonutz]

Graham’s Law: Bad money drives out good money. Crypto isn’t used widely for payments. People are hoarding it and using it for foreign transactions. For everyday transactions - they are using the funny money Yuan just like we use the funny money dollar. Xi wants the Yuan to be a global currency but it is a commie pipe dream.

[silent majority rising]

Maybe that is where the Deep State wants the US as well. The theory being that if you cannot control it, you need to destroy it, right? That is why they want to be aware of ALL banking transactions (not just $600 or more). Because they can come back at any time in the future and do an audit, whether a person has done anything or not.

[bagadonutz]

Profitable bit coin mining is getting more difficult as BTC is nearing is maximum supply. The new way is staking pools for ETH and other Alt coins.

[cba123]

You mean the Yuan?

:)

[sergeantdave]

The real headline:

For the Seventh Time, China Declares All Cryptocurrency Transactions Illegal