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Saturday, September 25, 2021

The move reinforces China's tough stance, the strongest to date from a major economy against the use of digital currencies

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Some have been saying that this announcement was just a rehash of what had been announced earlier in September.

I really wonder if China released this announcement to try to pull attention away from the Evergrande fiasco that is bad and looks to be getting much worse?



#1 | Posted by LampLighter at 2021-09-25 03:17 PM | Reply

Goodbye bitcoin your MLM statues is about to become obvious.

#2 | Posted by Tor at 2021-09-25 04:05 PM | Reply

#1 I think the announcement might be in response to the Evergrande collapse. China has currency controls. Bitcoin and other crypto currencies are good for getting past currency controls. This ban is intended to stop the flight of capital from China.

China is also introducing its own digital currency, so it doesn't want competition that it doesn't totally control.

There is also a small chance that China uses force to implement a 51% attack on bitcoin and drain the dormant and whale accounts/addresses. Then they can gradually sell off coins to people that don't see the inevitable collapse.

#3 | Posted by bored at 2021-09-25 04:45 PM | Reply

China declaring it illegal goes to show it is effective as a currency beyond government's ability to regulate.

Since they can't work within the paradigm, their only option is to ban it.

#4 | Posted by snoofy at 2021-09-25 04:47 PM | Reply

"This ban is intended to stop the flight of capital from China."

Probably. I think they're hoping to catch all the hands in the cookie jar.

#5 | Posted by snoofy at 2021-09-25 04:49 PM | Reply

China declaring it illegal goes to show it is effective as a currency beyond government's ability to regulate.

Banning it isn't regulating?

#6 | Posted by REDIAL at 2021-09-25 04:56 PM | Reply

China declaring it illegal goes to show it is effective as a currency beyond government's ability to regulate.

Since they can't work within the paradigm, their only option is to ban it.

#4 | Posted by snoofy

Effective currencies don't crash or spike based on celebrity tweets.

Bitcoin is a scam and is horrible for climate change.

#7 | Posted by SpeakSoftly at 2021-09-25 05:03 PM | Reply

#7

Up 400% in a year is a heck of a crash I don't know how I will ever recover my retirement money. Maybe I'll get lucky and all my investments will "crash" the way bitcoin has over the past 12 months.

#8 | Posted by TaoWarrior at 2021-09-25 06:09 PM | Reply

#7 True, but I wish I feel for the scam 5 years ago. Sometimes it pays to be gullible or spot a trend the gullible will love. SAMO.

#9 | Posted by bored at 2021-09-25 06:11 PM | Reply

Crypto currencies are currencies fraudsters love. There are legal and sensible uses for some, but none that I value.

#10 | Posted by bored at 2021-09-25 06:16 PM | Reply

Maybe I'll get lucky and all my investments will "crash" the way bitcoin has over the past 12 months.

#8 | POSTED BY TAOWARRIOR

I bet you could get some chinese Bitcoin mining equipment cheep cheep cheep right now.

#11 | Posted by donnerboy at 2021-09-25 06:49 PM | Reply

Bitcoin is a scam and is horrible for climate change.
#7 | POSTED BY SPEAKSOFTLY

It's not a scam, but it is pretty inefficient.

#12 | Posted by snoofy at 2021-09-25 08:43 PM | Reply

"Effective currencies don't crash or spike based on celebrity tweets."

It only needs to be effective for the time you're wanting to spend money without the government seeing it. It's not a thing you need to stuff under your mattress.

#13 | Posted by snoofy at 2021-09-25 08:47 PM | Reply

#7 | POSTED BY SPEAKSOFTLY

Do you think blockchain technology is a scam?

#14 | Posted by rstybeach11 at 2021-09-25 09:22 PM | Reply

Sometimes it pays to be gullible or spot a trend the gullible will love. SAMO.
#9 | POSTED BY BORED

I bought in $1,200 in Sept. 2020. I'm now up $8,000 in just under a year. I've been paying attention to the movement since 2015 when Silk Road was still in operation (I was a crim theory major in graduate school). Blockchain is now being used in the education system for student records.

Crypto's impact on monetary transactions is yet to be fully investigated, yet blockchain technology is here to stay.

FTR, had I bought $1,200 in BitCoin in 2015 when it was $215 per coin, I'd be at almost $240K.

What a scam, eh?

#15 | Posted by rstybeach11 at 2021-09-25 09:29 PM | Reply

*$362K at it's peak earlier this year.

#16 | Posted by rstybeach11 at 2021-09-25 09:31 PM | Reply

Do you think blockchain technology is a scam?

#14 | Posted by rstybeach11

Separate issue no.

But bitcoin just burns a bunch of carbon for no gain except a bunch of people agreeing to create a bubble and rake in money for doing no work. Your profit is the society's pain.

#17 | Posted by SpeakSoftly at 2021-09-25 09:49 PM | Reply

Up 400% in a year is a heck of a crash I don't know how I will ever recover my retirement money. Maybe I'll get lucky and all my investments will "crash" the way bitcoin has over the past 12 months.

#8 | Posted by TaoWarrior

Congrats you found a way to make money doing no work and ruining the planet.

#18 | Posted by SpeakSoftly at 2021-09-25 09:51 PM | Reply

Your profit is the society's pain.
#17 | POSTED BY SPEAKSOFTLY

And Jesus wept.

#19 | Posted by rstybeach11 at 2021-09-25 10:03 PM | Reply

FTR, had I bought $1,200 in BitCoin in 2015 when it was $215 per coin, I'd be at almost $240K.

What a scam, eh?

#15 | Posted by rstybeach11

And what would that have contributed to the world? Beside a bunch more carbon in the air?

#20 | Posted by SpeakSoftly at 2021-09-25 10:05 PM | Reply

"But bitcoin just burns a bunch of carbon for no gain except a bunch of people agreeing to create a bubble and rake in money for doing no work."

That's pretty much been true since the industrial revolution.

#21 | Posted by snoofy at 2021-09-25 10:06 PM | Reply

#20 | POSTED BY SPEAKSOFTLY

Innovation.

#22 | Posted by rstybeach11 at 2021-09-25 10:10 PM | Reply

#15 Like I said I wish I fell for the scam 5 years ago. I would sell now.
Blockchain is great for applications that benefit from a transparent distributed database with multi-stakeholder authority. There are tons of uses for that.
PoW blockchain can work as a value store, but doesn't scale as a currency.
Bitcoin could become digital gold, but unlike gold, it is possible to create competitors to bitcoin, the moat is weak.

I am very happy to trust my bank in exchange for some protection from fraud and loss.
The half-life of banks is about a century, it seems about 2 decades for bitcoin wallets.

#23 | Posted by bored at 2021-09-26 01:13 AM | Reply

#23

My retirement is in about 2 decades so bitcoin seems pretty perfect by that measure :)

I'm not heavy in Bitcoin I think last I checked it was about 1.5% of my portfolio which is a pretty small portfolio to start with. Yes it's volatile but the long term trend has been up, a lot, which is why it is in my portfolio.

If you say that it's killing the planet so you don't want to invest that makes sense ethical investing is a thing, however to say not to invest because it is a scam is to not understand the technology or the goal. Crypto certainly can be a scam (Cardano anyone) but bitcoin is not.

Of course the shared delusion that a piece of a block chain is worth 42k could evaporate at any moment but a meteor could hit Cupertino at any moment also life is not without risk.

#24 | Posted by TaoWarrior at 2021-09-26 06:26 AM | Reply

I mined a little bit on my video card a few winters ago in San Diego.

If I'm going to run an electric heater, it might as well pay me back.

Earlier this year I randomly got a refund check from the IRS. I figured, what the hell, put it in crypto, keep in there until I have to pay the IRS next year. Two days later was the big market crash. But I think it's mostly recovered by now. Either way it's only a couple hundred bucks. We're not talking a life changing amount of money.

#25 | Posted by snoofy at 2021-09-26 09:42 AM | Reply

#24 Maybe scam isn't the right word, but bitcoin is a speculative bubble and fraudster's dream.
China can destroy bitcoin anytime it wants to, and China might want to.
If you share your private key with any service, your bitcoin can be stolen.

Meanwhile key your keys safe and make sure your heirs know how to get them. About %20 percent of all bitcoins have been lost forever in a decade. That loss rate may continue.

Owning bitcoin only makes sense if you are sure it will grow rapidly and you keep your keys very safe, and you trust China.

#26 | Posted by bored at 2021-09-26 09:56 AM | Reply

and you trust China.

#26 | POSTED BY BORED

And I trust the Chinese government as far as I can throw them.

#27 | Posted by donnerboy at 2021-09-26 11:52 AM | Reply

Innovation.

#22 | Posted by rstybeach11

Ruining the climate for personal profit is innovation?

It's of the oldest crimes in the book.

#28 | Posted by SpeakSoftly at 2021-09-26 02:08 PM | Reply

If you say that it's killing the planet so you don't want to invest that makes sense
#24 | Posted by TaoWarrior

But not to you. You're perfectly willing to make that deal.

#29 | Posted by SpeakSoftly at 2021-09-26 02:09 PM | Reply

Air can be so fickle.

#30 | Posted by RightisTrite at 2021-09-26 10:26 PM | Reply

I rather appreciate how Bitcoin's value is so tied up in energy.

Energy is the real currency of Capitalism.

#31 | Posted by snoofy at 2021-09-26 10:43 PM | Reply

Bitcoin mining company buys Pennsylvania power plant to meet electricity needs

www.techspot.com

#32 | Posted by snoofy at 2021-09-26 11:12 PM | Reply | Newsworthy 1

Bitcoin mining company buys Pennsylvania power plant to meet electricity needs

www.techspot.com

#32 | Posted by snoofy

Read this all you greedy ------- planet destroying bitcoin investors:

"the plant will burn Pennsylvania's waste coal to power on-site mining hardware located in shipping containers next to the plant. Waste coal is the residual material left over following coal mining operations; it can be particularly harmful to the environment by leaching metals such as aluminum, iron, and manganese into the soil and surrounding water sources."

But yay you got 400% returns. So ---- everyone else right?

#33 | Posted by SpeakSoftly at 2021-09-27 12:29 PM | Reply

"But yay you got 400% returns. So ---- everyone else right?"

New to Capitalism?

#34 | Posted by snoofy at 2021-09-27 12:30 PM | Reply

Umm...what Bitcoin price fall are they talking about? Bitcoin dropped 5% and rebounded already. 5% is what we call any day of the week.

#35 | Posted by Sycophant at 2021-09-27 12:36 PM | Reply

New to Capitalism?

#34 | Posted by snoofy

New to "liberals" being willing to basically burn mass amounts carbon for zero benefit to anyone but themselves.

#36 | Posted by SpeakSoftly at 2021-09-27 01:03 PM | Reply

Value is based on perception. Always has been. With the exception of food, shelter and oxygen, nothing is of intrinsic value to the human animal. (Sorry Ray.)

#37 | Posted by moder8 at 2021-09-27 01:14 PM | Reply

With the exception of food, shelter and oxygen, nothing is of intrinsic value to the human animal. (Sorry Ray.)

#37 | Posted by moder8
And burning extra carbon for no reason threatens all those things.

#38 | Posted by SpeakSoftly at 2021-09-27 01:21 PM | Reply

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