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

[Melvis]

Well done China, if only other countries had the balls to follow suit!

Show those greedy bastards!

 

[lexluthermiester]

BTW, Techspot is citing Reuters;

China's top regulators ban crypto trading and mining, sending bitcoin tumbling

China's most powerful regulators on Friday intensified a crackdown on cryptocurrencies with a blanket ban on all crypto transactions and mining, hitting bitcoin and other major coins and pressuring crypto and blockchain-related stocks.

www.reuters.com

And they do their homework. This is for real folks.
(I state this for the people who are going to claim this is old news being rehashed. This is a preemptive STHU!)

 

[R0H1T]

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

Not ironic at all, they'll unban them when the plebs start making more profits (using mining?) for the kleptocrats!

Well done China, if only other countries had the balls to follow suit!

Show those greedy bastards!

Well done? You realize they've done this probably about a dozen times already?

China Reiterates Crypto Bans From 2013 and 2017

Regulators cite the dangers of speculative trading.

www.coindesk.com

Then undone it, I bet when mining or some other stuff in cryptoland makes more sense they'll unban it.

 

[freeagent]

A small part of me was hoping to double my money on my GPU purchase.. dammit. This might throw a wrench into things a bit. I really wanted that 3080Ti

 

[Chomiq]

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.

Oh they do have an agenda, it's called:

China’s e-currency is the world’s first sovereign digital currency

China is creating a digital yuan in an attempt to make their currency stronger and more global.

business.cornell.edu

 

[xkm1948]

BTW, Techspot is citing Rueters;

China's top regulators ban crypto trading and mining, sending bitcoin tumbling

China's most powerful regulators on Friday intensified a crackdown on cryptocurrencies with a blanket ban on all crypto transactions and mining, hitting bitcoin and other major coins and pressuring crypto and blockchain-related stocks.

www.reuters.com

And they do their homework. This is for real folks.
(I state this for the people who are going to claim this is old news being rehashed. This is a preemptive STHU!)

I would consider a PRC based news source as primary source. SCMP IMO has better credibility when it comes to East Asia related news.

 

[GLD]

I want a new GPU at MSRP, as many of other hard working people do. I hope the rest of the world follow's China and flushes crypto.

 

[Space Lynx]

I would consider a PRC based news source as primary source. SCMP IMO has better credibility when it comes to East Asia related news.

Reuters is about as good as it gets imo.

@lexluthermiester ty for the info

 

[defaultluser]

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

Even worse for this sales crackdown in the country is the fact that Ether is moving to Proof of Stake in December

The top two GPU compute demands will suddenly be taking a Permanent Holiday

 

[dhklopp]

Again. Yawn!

 

[xkm1948]

Reuters is about as good as it gets imo.

@lexluthermiester ty for the info

I trust translation tool plus whatever the native sources. I don't like 2nd hand info. Lots of things are lost or added in between primary source and 2ndary news agencies. Not particular to Reutuers but to journalism as a whole when it involves news from a vastly different language system

 

[Space Lynx]

I trust translation tool plus whatever the native sources. I don't like 2nd hand info. Lots of things are lost or added in between primary source and 2ndary news agencies. Not particular to Reutuers but to journalism as a whole when it involves news from a vastly different language system

Your argumentation is fair and I agree with it on the surface. Reuters is about as trusting and objective as it gets these days though.

 

[xkm1948]

Your argumentation is fair and I agree with it on the surface. Reuters is about as trusting and objective as it gets these days though.

Browsing some top PRC news site,, like sina and baidu, it does appear to be the case with translation

央行：虚拟货币不具有与法定货币等同的法律地位

央行：虚拟货币不具有与法定货币等同的法律地位

news-sina-com-cn.translate.goog

Notice on Further Preventing and Disposing of the Risk of Hype in Virtual Currency Trading

So previously it was clamping down on mining. This time is more focused on exchange and exchanging platforms

 

[the54thvoid]

Like a few have said, this has nothing to do with carbon emissions. China has a very complex political philosophy but ultimately, Xi, at the top, is the only person that matters. And he has presided over a failed attempt to make capitalism work for communism. This was reported recently by a well-versed journalist, his point being that Xi thought moderating the political system to allow capitalist growth would have that fabled and bullshit 'trickle-down' effect. It didn't - lo and behold, Chinese wealth is the same as Western wealth, only a few have the highest levels and this does not fit well with the model of communism Xi is after (though to be fair, under Xi, . Crypto-mining has allowed a few major players in China to hold vast wealth, and in mining, there is no trickle down. No chain of stores from which to employ more people to sell more goods to then put back into the system. No, Crypto wealth is the antitheses of 'shared' wealth. Commodity based capitalism (of physical purchases) is where 'trickle-down' occurs. But as technology advances, it pushes the balance to fewer and fewer players with more and more wealth.

This is why China is cracking down on crypto. They're also targetting many other private wealth owners. People who have exorbitant wealth that don't benefit the rest. Just like the west. The irony.

Xi won't take China back to Communist era economics - he knows they'll fail, but he is already making his move on the wealthy elite. And of course, yes, he is one of them.

Related article from SCMP:

Can Xi’s fight against inequality and corruption end China’s ‘Gilded Age’?

America’s Gilded Age provides a historical lens for assessing Xi’s actions and suggests China’s current problems do not spell doom. Xi is trying to start China’s Progressive Era by command and control, though no government has yet overcome the side effects of capitalism by decree.

www.scmp.com

 

[thesmokingman]

Xi is bringing China back to 1999.

 

[Deleted member 24505]

People who have exorbitant wealth that don't benefit the rest. Isn't this the western model? Football players getting payed a million a match, F1 drivers a million+ a race. Places like Beverley hills in America, or Chelsea in London, Greed is society's driving force.

Glad China have done this, looking forward to buying a cheap fucked, hammered mining card now yaaay

 

[Space Lynx]

Like a few have said, this has nothing to do with carbon emissions. China has a very complex political philosophy but ultimately, Xi, at the top, is the only person that matters. And he has presided over a failed attempt to make capitalism work for communism. This was reported recently by a well-versed journalist, his point being that Xi thought moderating the political system to allow capitalist growth would have that fabled and bullshit 'trickle-down' effect. It didn't - lo and behold, Chinese wealth is the same as Western wealth, only a few have the highest levels and this does not fit well with the model of communism Xi is after (though to be fair, under Xi, . Crypto-mining has allowed a few major players in China to hold vast wealth, and in mining, there is no trickle down. No chain of stores from which to employ more people to sell more goods to then put back into the system. No, Crypto wealth is the antitheses of 'shared' wealth. Commodity based capitalism (of physical purchases) is where 'trickle-down' occurs. But as technology advances, it pushes the balance to fewer and fewer players with more and more wealth.

This is why China is cracking down on crypto. They're also targetting many other private wealth owners. People who have exorbitant wealth that don't benefit the rest. Just like the west. The irony.

Xi won't take China back to Communist era economics - he knows they'll fail, but he is already making his move on the wealthy elite. And of course, yes, he is one of them.

Related article from SCMP:

Can Xi’s fight against inequality and corruption end China’s ‘Gilded Age’?

America’s Gilded Age provides a historical lens for assessing Xi’s actions and suggests China’s current problems do not spell doom. Xi is trying to start China’s Progressive Era by command and control, though no government has yet overcome the side effects of capitalism by decree.

www.scmp.com

Of course it is the real reason, but it doesn't matter, the Common Man and the Herds read the headlines only, not the article itself.

China will now have grounds to call out other first world nations for not also banning it in the name of climate change, it is a win win for China, and for climate change. So meh

People who have exorbitant wealth that don't benefit the rest. Isn't this the western model? Football players getting payed a million a match, F1 drivers a million+ a race. Greed is society's driving force.

Glad China have done this, looking forward to buying a cheap fucked, hammered mining card now yaaay

a million a match? thats poor people money. quarterbacks get like 10 million a match these days. lol

 

[Deleted member 24505]

a million a match? thats poor people money. quarterbacks get like 10 million a match these days. lol

It was an example, but yeah, no one deserves that much pay, not an astronaut or brain surgeon. Wages should scale, the more they benefit society the more pay, but that's probably in some far future world where we are nought but dust

 

[xtreemchaos]

ive nothing against mining apart from the GPU shortage and power use . but Well Done China !. i hope more states follow.

 

[R0H1T]

Isn't this the western model?

That's the human (capitalistic) model, it isn't limited just to the West! Heck China is on track to make "their model" a case study in how grift works & honesty never pays for scholars to study decades or even centuries down the road.

 

[windwhirl]

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

Tax doesn't work that way in countries like the USA, where one might argue it's confiscatory and get the courts to back you up and nullify a law

 

[Space Lynx]

That's the human (capitalistic) model, it isn't limited just to the West! Heck China is on track to make "their model" a case study in how grift works & honesty never pays for scholars to study decades or even centuries down the road.

I'm pretty sure America has the worse model for scholars, get in 20 years of debt because you like to read books, with compounding interest. But in America you can go max out your credit cards in sex toys, then file bankruptcy, and start your life over in 7 years once your credit score starts to get back to normal in year 7. But god forbid you read books in America! (they won't let you file bankruptcy if your humanities degree ended up not working out, even though they spent all of middle and high school brainwashing you to major in it)

 

[R0H1T]

I'm pretty sure America has the worse model for scholars,

Nah, pretty sure social credit score (system) is worse

And a near 24*7 surveillance system which could put NSA to shame!

lynx29 looks like you post got deleted (or moderated?) any way here's my response ~ That's all fun & games, but wait till you like that Winnie the Pooh video

 

[lexluthermiester]

I would consider a PRC based news source as primary source. SCMP IMO has better credibility when it comes to East Asia related news.

While I will not disagree, for the english speaking world Reuters is an excellent source of reliable information. They also have some of the best translators in the world working for them. It's one of the few news sources I actually have faith in.

 

[Metroid]

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

The interesting thing is that you dont even need to buy a second hand gpu, reason the new gpus are expensive is because second hand market is also expensive, meaning, as soon as the second hand crashes hard, retail will also crash hard, so you will buy a new gpu below msrp.