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(Some Guy)   China declares all cryptocurrency transactions illegal. This will crash well   (fox44news.com) divider line
    More: Followup, Republic of China, Bank, China's central bank, Crime, People's Republic of China, Economics, Money, Federal Reserve System  
•       •       •

604 clicks; posted to Business » on 24 Sep 2021 at 12:25 PM (3 weeks ago)   |   Favorite    |   share:  Share on Twitter share via Email Share on Facebook



38 Comments     (+0 »)
View Voting Results: Smartest and Funniest
 
2021-09-24 12:29:08 PM  
They like to track stuff.
 
2021-09-24 12:39:05 PM  
I'll believe it when used RTX 3xxx cards are being sold at every street corner for dirt cheap.
 
2021-09-24 12:39:32 PM  
They are desperate to keep money from leaving the country before the impending Evergrande fiasco.  There's a crash coming, but it's got nothing to do with crypto.
 
2021-09-24 12:40:17 PM  

edmo: They like to track stuff.


Fark user imageView Full Size


I like to watch.
 
2021-09-24 12:48:40 PM  
And nothing of value was lost.
 
2021-09-24 12:50:53 PM  
I'm sure this douchelord will keep Bitcoin's value aloft with El Salvador's massive spending power

Fark user imageView Full Size
 
2021-09-24 12:54:12 PM  
All crypto laws going forward regardless to the country...  applicable to the billions of littles, have to manipulate that market for the powers that be and their billionaire friends.

You're a fool if you don't think the Goldmans of the world haven't already infiltrated that market for their benefit.
 
2021-09-24 12:58:35 PM  
i.kym-cdn.comView Full Size


/F Tulip speculation
 
2021-09-24 12:59:09 PM  
its also technically illegal in the USA, its in the constitution.
 
2021-09-24 1:05:20 PM  
beaten to grumpy cat but I agree
 
2021-09-24 1:23:32 PM  
One of the few policies in China I agree with.  One of the few.
 
2021-09-24 1:29:09 PM  

Killer Cars: I'm sure this douchelord will keep Bitcoin's value aloft with El Salvador's massive spending power

[Fark user image 768x432]


You're just jealous because you're not wearing a backwards Polo hat!
 
2021-09-24 1:34:35 PM  
Contrary thought:

1) This will increase the value of Bitcoin.  Making something illegal rarely, if ever, makes it cheaper. There is no practical way for Chinese authorities to stamp out Bitcoin usage.  Creative individuals will quickly find ways to circumvent these laws.

2) Bitcoin must be useful if China is afraid of it.

3) If these people have already converted their money to Bitcoin, they are free to leave.
 
2021-09-24 1:37:50 PM  

rightClick: All crypto laws going forward regardless to the country...  applicable to the billions of littles, have to manipulate that market for the powers that be and their billionaire friends.

You're a fool if you don't think the Goldmans of the world haven't already infiltrated that market for their benefit.


Goldman is not that smart. They rely on one of their own being Treasury Secretary and getting inside information from the Federal Reserve and Congress. And of course, a bailout when they really screw up.

In fact, they are quite lazy.
 
2021-09-24 1:38:38 PM  

HempHead: Contrary thought:

1) This will increase the value of Bitcoin.  Making something illegal rarely, if ever, makes it cheaper. There is no practical way for Chinese authorities to stamp out Bitcoin usage.  Creative individuals will quickly find ways to circumvent these laws.

2) Bitcoin must be useful if China is afraid of it.

3) If these people have already converted their money to Bitcoin, they are free to leave.


China has practical ways of stamping usage, starting with 're-education' and ending with a bullet. As long as family or friends are in China, China will always have leverage.

China is also not beyond guilt by association.
 
2021-09-24 1:44:41 PM  
Finally, I'll be able to build my goddamned gaming rig!
 
2021-09-24 1:45:13 PM  

pheelix: I'll believe it when used RTX 3xxx cards are being sold at every street corner for dirt cheap.


This, and I can't friggin' wait.
 
2021-09-24 1:57:31 PM  
So the entierly predictable has finally come to pass i see.

China "we are the fook in control of ____."
Crypto "We're a thing to be like ___, but explicitly to not be contorted by you."
=
and anyone not real clear on what the future holds, just ain't all that bright really.
 
2021-09-24 1:58:16 PM  

HempHead: Contrary thought:

1) This will increase the value of Bitcoin.  Making something illegal rarely, if ever, makes it cheaper. There is no practical way for Chinese authorities to stamp out Bitcoin usage.  Creative individuals will quickly find ways to circumvent these laws.

2) Bitcoin must be useful if China is afraid of it.

3) If these people have already converted their money to Bitcoin, they are free to leave.


China is working on its own version and they don't want competition.

They do have practical ways of stamping out its usage when they're a whole lot less concerned about civil rights and do a whole lot more monitoring. The people happy to accept bitcoin as payment before for everyday items (and not contraband) are going to find it too hot to deal with, reducing its value.

That last part has been Bitcoin's biggest problem. The overwhelmingly vast portion of its value comes from trading and speculation, its practical use as a currency for people to actually transact for goods and services is severely limited by who will accept it and how easy it is to transact in. China can make doing so completely untenable for anything but people who were already willing to risk insane penalties for stuff like drugs.

Likewise, if people have converted their cash to bitcoin, that may just leave them hamstrung, and China has a whole lot of tools to keep people from leaving.
 
hej
2021-09-24 1:58:47 PM  

pheelix: I'll believe it when used RTX 3xxx cards are being sold at every street corner for dirt cheap.


Illegal in China isn't the same as illegal world wide.
 
2021-09-24 2:09:57 PM  

hej: pheelix: I'll believe it when used RTX 3xxx cards are being sold at every street corner for dirt cheap.

Illegal in China isn't the same as illegal world wide.


60% of all circulating bitcoin was mined in China.
 
2021-09-24 2:10:35 PM  
This only marks the 48th time they have banned it.

/lol
 
2021-09-24 3:11:33 PM  

tobcc: its also technically illegal in the USA, its in the constitution.


Legitimate financial transactions don't end up in pregnancy.
 
2021-09-24 3:20:13 PM  
Making sure there is no competition for their Digital yuan
 
2021-09-24 3:35:00 PM  

zbtop: HempHead: Contrary thought:

1) This will increase the value of Bitcoin.  Making something illegal rarely, if ever, makes it cheaper. There is no practical way for Chinese authorities to stamp out Bitcoin usage.  Creative individuals will quickly find ways to circumvent these laws.

2) Bitcoin must be useful if China is afraid of it.

3) If these people have already converted their money to Bitcoin, they are free to leave.

China is working on its own version and they don't want competition.

They do have practical ways of stamping out its usage when they're a whole lot less concerned about civil rights and do a whole lot more monitoring. The people happy to accept bitcoin as payment before for everyday items (and not contraband) are going to find it too hot to deal with, reducing its value.

That last part has been Bitcoin's biggest problem. The overwhelmingly vast portion of its value comes from trading and speculation, its practical use as a currency for people to actually transact for goods and services is severely limited by who will accept it and how easy it is to transact in. China can make doing so completely untenable for anything but people who were already willing to risk insane penalties for stuff like drugs.

Likewise, if people have converted their cash to bitcoin, that may just leave them hamstrung, and China has a whole lot of tools to keep people from leaving.


China is one of the most corrupt nations on the planet. A simple bribe will get the local police to turn a blind eye.
 
2021-09-24 3:35:38 PM  

kkinnison: Making sure there is no competition for their Digital yuan


The digital dollar is the real competition for the digital yuan.
 
2021-09-24 3:36:19 PM  

tobcc: its also technically illegal in the USA, its in the constitution.


How so?  Private currencies are perfectly legal.
 
2021-09-24 3:46:17 PM  

Glockenspiel Hero: tobcc: its also technically illegal in the USA, its in the constitution.

How so?  Private currencies are perfectly legal.


He thinks only gold is legal tender I bet.
 
2021-09-24 4:09:21 PM  

NuclearPenguins: And nothing of value was lost.


Bitcoin is used all over the world.

China is not the world
 
2021-09-24 4:40:50 PM  
Pfft.  China?  Small fries, who cares?  It's not like they're a global economic powerhouse like El Salvador.
 
2021-09-24 5:17:05 PM  
China has bans crypto like 4 times a year.  This is barely news anymore and the market has mostly recovered already (well, 4% swing, but that's just a day ending in 'y' in crypto).

It is pretty suspect that they usually 'ban crypto' hours before the monthly CME futures close. There is usually a pump or dump the last Friday of every month.  Its usually a dump, since the media picks up on clickbait headlines more readily than positive news which is usually technical jargon.

Anyways, its a pretty decent time to buy at the moment.  Supply is drying up on exchanges and Q4 is typically the best time of the year for crypto in general. I'll be picking up some this weekend.
 
2021-09-24 5:29:04 PM  

Glockenspiel Hero: tobcc: its also technically illegal in the USA, its in the constitution.

How so?  Private currencies are perfectly legal.


First they came for my Dave and Busters skeeball tickets
 
2021-09-24 6:26:02 PM  

lincoln65: Glockenspiel Hero: tobcc: its also technically illegal in the USA, its in the constitution.

How so?  Private currencies are perfectly legal.

First they came for my Dave and Busters skeeball tickets


You'll take my Pepsi Points from my cold dead hands.

Fark user imageView Full Size
 
2021-09-24 6:30:07 PM  

rightClick: All crypto laws going forward regardless to the country...  applicable to the billions of littles, have to manipulate that market for the powers that be and their billionaire friends.

You're a fool if you don't think the Goldmans of the world haven't already infiltrated that market for their benefit.


I thought etherium was founded (or at least financially backed) by big Wall Street banks.  Probably hedging their bets, but I'm sure they were in the bubbles early and will mostly be out (or their money out far before client's) before the crash.

FormlessOne: hej: pheelix: I'll believe it when used RTX 3xxx cards are being sold at every street corner for dirt cheap.

Illegal in China isn't the same as illegal world wide.

60% of all circulating bitcoin was mined in China.


The assumption was that >60% of all bitcoin ASICS were produced in China, and that they had cheap electricity.  Then the miners simply picked up an moved.  https://spectrum.ieee.org/cry​pto-minin​g

It isn't like they confiscated all the mining rigs and turned around and sold them on alibaba to gamers.  Granted, you don't just call somebody up and buy a few thousand racks worth of space in a datacenter (for your own custom hardware, AWS presumably does that and supplies x86 servers).  But it isn't impossible.  They may have "shut down" 60% of the miners (which meant that 40% were getting all the mining profit), but in a few weeks the rest were back online.
 
2021-09-24 7:05:23 PM  
Other things banned in China:
Reddit
Quora
Wikipedia
Dropbox
Spotify
Soundcloud
Gmail
Whatsapp
Telegram
Skype
BBC
Medium
Erotic Banana Eating
Time Travel

/ I thought the last 2 were made up
// They are not.
 
2021-09-24 7:21:20 PM  

HempHead: rightClick: All crypto laws going forward regardless to the country...  applicable to the billions of littles, have to manipulate that market for the powers that be and their billionaire friends.

You're a fool if you don't think the Goldmans of the world haven't already infiltrated that market for their benefit.

Goldman is not that smart. They rely on one of their own being Treasury Secretary and getting inside information from the Federal Reserve and Congress. And of course, a bailout when they really screw up.



And bribery, don't forget bribery.

Goldman Sachs fined $2.9 billion to resolve 1MDB bribery scheme - The Washington Post
 
2021-09-24 9:58:20 PM  

TedCruz'sCrazyDad: China is one of the most corrupt nations on the planet. A simple bribe will get the local police to turn a blind eye.


The local police aren't involved in serious money crimes.
 
2021-09-24 10:35:18 PM  

NuclearPenguins: And nothing of value was lost.


This. And I prefer my currency to be backed up with military force btw.
 
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