China declares all crypto transactions illegal

MrGuvernment

Fully [H]
Joined
Aug 3, 2004
Messages
20,299
.......................

HOWEVER: Cryptos are underground, deregulated currencies. One of the reasons you haven't seen nations adopt them legitimately is because of their anonymity, aka: The significant opportunity to engage in Money Laundering.

China's statement makes using the currency illegal, including transferring it (which would imply converting it to another currency). As long as its tolerated in the rest of the world, you're just going to be a Outlaw in china if you're mining..and subsequently transferring those funds to convert them unless I'm misreading.

All those cards flooding the market will be bought-up my miners in other countries, sadly...

Several counties in the last weeks have legalised Bitcoin and made it an official currency to be used.

PayPal is offering purchases via Crypto, many businesses now, it is already "legit" in so many ways.

Agree, most countries wont adopt them until they can control them. But other countries will use other crypto that offer a level of control, RippleNet / XRP for example or even Solana (not decentralized)
 
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drop point

[H]ard|Gawd
Joined
Nov 7, 2020
Messages
1,848
Told my cryptobros a few years back it just takes one govt to start doing this on this scale (and with this size govt) to cause some massive issues to crypto.

As long as GPUs are cheaper and the kosher banks are worried still I don't mind.
Bring it on. In the end it makes Bitcoin stronger.

Bitcoin will soon be trading at a premium in China.
 

noko

Supreme [H]ardness
Joined
Apr 14, 2010
Messages
6,644
So all the wealth generated by Crypto and invested in China will move to other countries, good job China!. Also, if more financial institutions adopt Crypto including Paypal, Cirrus and following:
  • Revolut
  • Ally Bank
  • Goldman Sachs
  • JPMorgan
  • Unifimoney
  • Quontic Bank
  • Signature Bank
  • Silvergate Capital
  • USAA
  • Vast Bank
Appears China will be isolating themselves from the financial world.

https://investorjunkie.com/banking/banks-offering-crypto/

Also at the same time China will offer to the world their digital Crypto which will be utter tracking ware, exclusion list, account holds if they don't like you -> no thanks! Many others may see it that way as well.
 

drop point

[H]ard|Gawd
Joined
Nov 7, 2020
Messages
1,848
Someone smart will build a China-coin to domain name purchase that refunds to external submarine swap lightning wallet to p2wpkh wallet.
 

Lakados

Supreme [H]ardness
Joined
Feb 3, 2014
Messages
4,715
Not true, China already has less than 50% of the BTC nethash, and this was measured before the mass mining exodus earlier this year. Im sure its even less now.

https://www.jbs.cam.ac.uk/insight/2021/new-data-reveals-timeline-of-chinas-bitcoin-mining-exodus/
That 50% still uses some 86 Terrawatt hours, which is the equivalent of a small country. In retrospect, Texas's power draw over the last 2 years has increased by almost that much as miners move from China to the US...
 
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