China has banned bitcoin and other crypto.

[HomebrewingNeko]

GPUs in China are happy with the new notice stating that Cryptocurrency is banned there. Yesterday, September 24, the People's Bank of China put out a notice stating that they and 10 other agencies are clamping down on cryptocurrency. They stated that virtual currencies "do not have the same legal status as legal tender and cannot be used as legal tender".

Our country's regulatory policy on virtual currencies is clear and consistent. The "Notice" once again emphasizes the issuance, use of encryption technology, distributed accounts or similar technologies by non-monetary authorities, Virtual currencies that exist in digital form and other characteristics, such as Bitcoin, Ethereum, etc., including so-called stable currencies such as TEDA, do not have the same legal status as legal tender and cannot be used as legal tender. For the currency to circulate in the market. The "Notice" clearly states that virtual currency exchange, buying and selling virtual currencies as a central counterparty, providing operational services for virtual currency transactions, and token issuance and financing All virtual currency-related businesses such as capital and virtual currency derivatives trading are illegal financial activities, which are strictly prohibited and resolutely banned in accordance with the law.

Bitcoin prices fell 5% at the announcement, and Etherium fell 9%.

Source

 

[Deleted member 568468]

No fucking way that nuclear wasteland called PRC done something right for the first time

And here I thought I would never live up to this moment.

 

[emmanu888]

Think the market over there is going to be flooded with used GPU's?

At least gamers over there are probably going to have an easier time finding new GPU's right?

 

[Bladexdsl]

face it the only reason it's doing so well is because a lot of criminal organizations are using it for nefarious activities. The sooner the rest of the world adopts this ban the better

 

[tech3475]

I'll admit I mined a bit for a laugh, feel sorry for the person I know who got some as a serious investment.

 

[KingVamp]

People are using these to help poor people, so no. I can't agree that this is a good thing.

 

[Deleted member 546149]

Oh well, in like 10 years they'll allow it when everyone uses it

 

[CeeDee]

good. fuck cryptocurrency. all my homies hate cryptocurrency

 

[Deleted member 546149]

good. fuck cryptocurrency. all my homies hate cryptocurrency

Let's see how that'll last in the future

 

[Phrankles]

China's communist party can't control and manipulate bitcoin like it can their own curreny or the USD. This is exactly why we NEED bitcoin in the first place.

 

[The Catboy]

I really hope this actually helps properly decentralize bitcoin mining. Mining was never supposed to be isolated just one major reason and that was causing a lot of problems for crypto. I hope this ends up being more a victory for decentralization than a harm to crypto overall

 

[bazamuffin]

Bent as fuck country doesn't like like other people being bent. Hypocrisy much?

 

[AirForce]

It was obviously

 

[Stealphie]

Let's see how that'll last in the future

This aged like milk

 

[Deleted member 546149]

This aged like milk

Yeah fair every crypto besides stablecoins are dead

 

[LainaGabranth]

Good. Crypto belongs six feet under along with every other MLM scheme.

 

[FAST6191]

Yeah fair every crypto besides stablecoins are dead

If you think stablecoins are not zombies I have a bridge to sell you.
Video if you want one.

Short version though is none are backed conventionally by reliable assets, any that are claiming to be backed are doing so with utter junk bonds worth maybe 60% of face value at very best (also known as useless) and "algorithmic" works as well as printing money ever does (see also the US right now, and any other place people printed lots of money).

Good. Crypto belongs six feet under along with every other MLM scheme.

Crypto would not be a MLM/ponzi scheme by my reading. Overhyped and overvalued, greater fool in action, most certainly at least on any kind of sensible timeline. There are however great use cases for it that the more general financial systems seemed unwilling or incapable of performing -- rapid international transactions, more anonymous than some methods, dodging unwarranted interventions, smart contracts are good stuff suitable for everything from ownership ledgers to escrow to things that would be conventionally too time consuming/expensive to do.

 

[LainaGabranth]

Crypto would not be a MLM/ponzi scheme by my reading. Overhyped and overvalued, greater fool in action, most certainly at least on any kind of sensible timeline. There are however great use cases for it that the more general financial systems seemed unwilling or incapable of performing -- rapid international transactions, more anonymous than some methods, dodging unwarranted interventions, smart contracts are good stuff suitable for everything from ownership ledgers to escrow to things that would be conventionally too time consuming/expensive to do.

Here's a video by someone who's documented MLMs pretty extensively throughout her career. It has absolutely all the hallmark signs of one. There is no utility to crypto that doesn't come without significant harm and negative consequences for society at large.

It also especially functions exactly like a MLM. Especially NFTs and the like.

 

[FAST6191]

There is no utility to crypto that doesn't come without significant harm and negative consequences for society at large.

Same for cryptography, anonymous email... all other things people like to get the foolish and ignorant of technology scared about.

 

[LainaGabranth]

Same for cryptography, anonymous email... all other things people like to get the foolish and ignorant of technology scared about.

I hate to break it to you champ but those were things with actual uses. There's nothing crypto can do that fiat can't already do with retooling. There's no real innovation behind crypto and there's never really going to be. Decentralizing something that so inherently requires centralization like currency is a recipe for disaster. One only needs to look at the myriad of failing coins to see that.