[TechSpot] China declares all cryptocurrency transactions illegal, Bitcoin price plummets

[Space Lynx]

China declares all cryptocurrency transactions illegal, Bitcoin price plummets

The People's Bank of China on its website wrote that all cryptocurrencies, including Bitcoin and Tether, are not fiat currency and cannot be circulated on the market....

www.techspot.com

Source ^

Elsewhere, China's economic planning agency said it is urgent that the country root out crypto mining and the crackdown is essential in its efforts to meet carbon goals.

It's nice to see some countries still care about climate change.

It will only take a few more countries of the 1st world level of market power to declare the same thing for BTC and all crypto to be at less $5 a coin within two weeks. Sadly, there is too much corruption in most 1st world governments, so this will never happen. @lexluthermiester

edit:

Old coal plant is now mining bitcoin for a utility company

Bitcoin is breathing new life into another ailing power plant.

arstechnica.com

Added this just because... yeah... what a pathetic existence... humans = capable of so much, yet so little.

 

[Sybaris_Caesar]

China declares all cryptocurrency transactions illegal, Bitcoin price plummets

The People's Bank of China on its website wrote that all cryptocurrencies, including Bitcoin and Tether, are not fiat currency and cannot be circulated on the market....

www.techspot.com

Source ^

Elsewhere, China's economic planning agency said it is urgent that the country root out crypto mining and the crackdown is essential in its efforts to meet carbon goals.

It's nice to see some countries still care about climate change.

It will only take a few more countries of the 1st world level of market power to declare the same thing for BTC and all crypto to be at less $5 a coin within two weeks. Sadly, there is too much corruption in most 1st world governments, so this will never happen. @lexluthermiester

Lol. Everybody in this forum who I've interacted with can attest that I'm one of the biggest China-hater in the forums. But even I will admit that it’s just fancy talk to keep the population in control rather than the magnanimous goal of fighting climate change. Otherwise I don’t give a rat's arse about chinese and miners and specifically chinese miners either way. So carry on being tough guy on your citizens, CCP.

 

[mtcn77]

It is ironic that china was the country with the most mining activity, though.

 

[nguyen]

Sweet, waiting for cheap used Ampere GPU flooding the market any moment now.....

 

[ThaiTaffy]

They only care about their climate as far as I can tell, I live on the Mekong Delta upstream in China they have started fitting hydro electric dams over the last decade. Downstream in other countries the fishing industry has been destroyed and they have massive droughts.

 

[Ferrum Master]

Downstream in other countries the fishing industry has been destroyed and they have massive droughts.

I think that was not a coincidence mate... it was a design plan.

 

[ThaiTaffy]

As I said they care about their own climate

Don't think Thailand is high on their friends list at the moment either due to its US relationship and the fact we told the world about Covid

 

[Sybaris_Caesar]

As I said they care about their own climate

Don't think Thailand is high on their friends list at the moment either due to its US relationship and the fact we told the world about Covid

Ehh... You guys are getting closer to China lol. Since U.S. publicly likes to show they don't like military junta or more specifically military junta they didn't approve off. But otherwise there's no friends in geopolitics so let's not expect even allied nations to be benevolent towards each other.

 

[ThaiTaffy]

Though I can promise you China will offload their gpu's here, prices are insane. I'm seeing 3090s going anywhere between £6000-£8000

 

[Ferrum Master]

I'm seeing 3090s going anywhere between £6000-£8000

They can choke on them, just ignore till they get EOL anyways.

 

[ThaiTaffy]

Ehh... You guys are getting closer to China lol. Since U.S. publicly likes to show they don't like military junta or more specifically military junta they didn't approve off. But otherwise there's no friends in geopolitics so let's not expect even allied nations to be benevolent towards each other.

It's whatever people perceive the big CIA blacksite that was in the news a few years ago which everyone claimed didn't exist is down the road from me you can't tell me the junta allowing them to run that didn't earn brownie points. Also Americans here get alot more privileges than any other nation.

 

[Sybaris_Caesar]

It's whatever people perceive the big CIA blacksite that was in the news a few years ago which everyone claimed didn't exist is down the road from me you can't tell me the junta allowing them to run that didn't earn brownie points. Also Americans here get alot more privileges than any other nation.

Fair enough. I won't claim to know more than someone who lives there.

 

[ThaiTaffy]

Anyway back to topic, now it's just waiting to see if over the next few weeks the 2nd hand market is flooded with gpu's or the mining outfits just pack up and move somewhere else if they can with the pandemic going on.

Fair enough. I won't claim to know more than someone who lives there.

I'm not that interested in the whole geo politics thing but one example as a British expat I need to jump through alot of hoops and pay alot to start a business here where as an American can just start one like any other Thai citizen.

 

[TheoneandonlyMrK]

I thought China were making they're own crypto currency though, or is that now not happening.

As for cryptos death, yeah but no, I doubt even China could end it.

 

[ThaiTaffy]

I thought China were making they're own crypto currency though, or is that now not happening.

As for cryptos death, yeah but no, I doubt even China could end it.

That's the big point this all boils down to them not being able to regulate or control something they want to make their own crypto to have control they can't control the current currencies so it's easier to ban them under the pretext of saving the planet.

 

[TheoneandonlyMrK]

That's the big point this all boils down to them not being able to regulate or control something they want to make their own crypto to have control they can't control the current currencies so it's easier to ban them under the pretext of saving the planet.

So as I thought then, Ty.

Also, surely there's a lot of hodlrs in China that are now about to break the law to get they're savings back in fiat currency.
And BTC dropped to 30K in the UK from 36.

That's a normal fluctuation here.

 

[Space Lynx]

I appreciate the Love boys! @nguyen @Khonjel

Here is to hoping our species figures out a way to be civil and honorable before the animal side fully takes over... this is a start.

 

[Chomiq]

It is ironic that china was the country with the most mining activity, though.

Nowadays in China it's called data research and storage:

China Intensifies Hunt for Cryptocurrency Miners in Hiding

China’s campaign against the cryptocurrency industry is now targeting miners who tried to disguise themselves as data researchers and storage facilities to stay in business, according to people with knowledge of the situation.

www.bloomberg.com

China’s campaign against the cryptocurrency industry is now targeting miners who tried to disguise themselves as data researchers and storage facilities to stay in business, according to people with knowledge of the situation.

Concern over the country’s power supplies for the upcoming winter season is one reason for the urgency, they said.

Ps.
Why do we need another thread if we have one for Crypto Market Trend discussion?

 

[Vya Domus]

Seems like the China news are having a lesser and lesser effect on prices, this is arguably the first actual "crypto ban" amidst the frequent China related FUD in last few years. Prices dropped a lot less than I would have expected.

 

[Liquid Cool]

When the words stop working...legislation is just around the corner.

From my perspective. In China, the cryptocurrencies have served their purpose.

Best,

Liquid Cool

 

[Rithsom]

Seems like the China news are having a lesser and lesser effect on prices, this is arguably the first actual "crypto ban" amidst the frequent China related FUD in last few years. Prices dropped a lot less than I would have expected.

It is still too early to tell. But yes, we've seen China try to destroy crypto before.

In order for crypto to really drop to nothing, we would need to see all of the developed countries with big economies ban it. Countries like the USA, Germany, Japan, etc.

 

[neatfeatguy]

I guess folks like me, that have no interest in taking part in crypto (yet I can't say I'm against it or for it, either), to see how things continue to turn out. Interesting to see China on the frontline of this, but then again, they either have some underlying agenda or just hate what they can't control.

 

[lexluthermiester]

China declares all cryptocurrency transactions illegal, Bitcoin price plummets

The People's Bank of China on its website wrote that all cryptocurrencies, including Bitcoin and Tether, are not fiat currency and cannot be circulated on the market....

www.techspot.com

Source ^

Elsewhere, China's economic planning agency said it is urgent that the country root out crypto mining and the crackdown is essential in its efforts to meet carbon goals.

It's nice to see some countries still care about climate change.

It will only take a few more countries of the 1st world level of market power to declare the same thing for BTC and all crypto to be at less $5 a coin within two weeks. Sadly, there is too much corruption in most 1st world governments, so this will never happen. @lexluthermiester

I'm at a loss. I thought this would have happened sooner if it was going to happen at all. However, given the reasons they've stated for making this all-out ban, the US and EU might actually join them.

 

[ThrashZone]

Hi,
Yep taxing it to death like other things guess wouldn't be fast enough lol

 

[Space Lynx]

I'm at a loss. I thought this would have happened sooner if it was going to happen at all. However, given the reasons they've stated for making this all-out ban, the US and EU might actually join them.

yep the EU and USA are going to look like fools at the next Paris Climate gathering progress update, when China gets up the podium and calls them out on it. lol