Topic: [2021-06-02] Here’s How China’s Crypto FUD Will Play Out (Read 195 times)
@pixie85. I am not quite certain if this, however, all the actions that China has been doing this year might be related to the Chinese Communist Party’s 100 year anniversary. The stricter policies imposed were not targetted towards bitcoin and the cryptospace. Bitcoin and the cryptospace were only victims of this. The skeptical me thinks that those policies might be only imposed temporarily because the government wanted to protect citizens and protect the environment so that they can create nice speeches on the 100 year anniversary celebration on July 1 hehe.
I dont think China fake news will decrease the price of market,in my opinion its just to refill their wallets of bitcoin and just sell after they release positive news and the price explode
I feel like they want to discourage people from using crypto and make them use chinese centralized cryptocurrency. It's not like this was something unexpected. We all knew it was going to happen.
The price did react because miners were forced to sell their saved up coins to be able to flee china and buy or rent places abroad. Nothing to worry about
I dont think China fake news will decrease the price of market,in my opinion its just to refill their wallets of bitcoin and just sell after they release positive news and the price explode
Chinese miners have begun transporting their mining rigs outside of China confirmed by a Chinese logistics firm. They are on their way to Maryland, USA.
Source https://mobile.twitter.com/onlyyoontv/status/1406911193126785026
This is not fud anymore. Chinese mining pools have seen large hashrate reductions while miners are presently moving to other countries.
https://explorer.btc.com/
The People’s Bank of China, the Chinese central bank has summoned some of its largest bank and ordered them to stop service on any account that connects to the cryptospace in any manner.
Source http://www.pbc.gov.cn/goutongjiaoliu/113456/113469/4273265/index.html
https://m.cls.cn/detail/773439
It appears that VPN services will be very profitable in China hehehehe.
Source https://mobile.twitter.com/onlyyoontv/status/1406911193126785026
This is not fud anymore. Chinese mining pools have seen large hashrate reductions while miners are presently moving to other countries.
https://explorer.btc.com/
The People’s Bank of China, the Chinese central bank has summoned some of its largest bank and ordered them to stop service on any account that connects to the cryptospace in any manner.
Source http://www.pbc.gov.cn/goutongjiaoliu/113456/113469/4273265/index.html
https://m.cls.cn/detail/773439
It appears that VPN services will be very profitable in China hehehehe.
News update.
It appears that biggest miners based in China would preferably turn off their mining farms and mine somewhere else. According to some comments in social media, bitcoin miners were not banned, however, they were told to follow new guidelines under Beijing’s new policy for carbon neutrality.
The video in this tweet shows a mining farm turning off.
https://mobile.twitter.com/btcinchina/status/1406258072717201413?s=12
Also, according to WuBlockchain, Jihan Wu does not anymore set up his mining farms in China and has also been telling the Chinese mining community not to underestimate Beijing’s new pursuit for carbon neutrality. However, small and medium sized miners continue to operate in China.
It appears that biggest miners based in China would preferably turn off their mining farms and mine somewhere else. According to some comments in social media, bitcoin miners were not banned, however, they were told to follow new guidelines under Beijing’s new policy for carbon neutrality.
The video in this tweet shows a mining farm turning off.
https://mobile.twitter.com/btcinchina/status/1406258072717201413?s=12
Also, according to WuBlockchain, Jihan Wu does not anymore set up his mining farms in China and has also been telling the Chinese mining community not to underestimate Beijing’s new pursuit for carbon neutrality. However, small and medium sized miners continue to operate in China.
@stomachgrowls. What is there to reverse? They did not ban the cryptospace or cryptocoin mining. Also, their stance on leveraged trading and on the cryptoshills of Weibo is part of a much bigger policy against financial scams and gambling in the country. This is not targetted only towards the cryptospace.
News update.
It is becoming clearer that Beijing will have new policies in place to regulate the cryptospace, however, it might concentrate only on prevention trading on leverage, prevention of advertisement and prevention of environmental harm of mining.
From all news reports, Chinese exchanges have banned Chinese citizens from leveraged trading, Weibo deactivated accounts of influencers who shill all cryptocoins including bitcoin and Chinese miners have either stopped operations or moved outside of China.
This is not a ban but it might slow down the presence of the cryptospace in China.
They can do all they want but I wont be surprised that one day these things will just be removed or reversed out just like into their decisions in the pastIt is becoming clearer that Beijing will have new policies in place to regulate the cryptospace, however, it might concentrate only on prevention trading on leverage, prevention of advertisement and prevention of environmental harm of mining.
From all news reports, Chinese exchanges have banned Chinese citizens from leveraged trading, Weibo deactivated accounts of influencers who shill all cryptocoins including bitcoin and Chinese miners have either stopped operations or moved outside of China.
This is not a ban but it might slow down the presence of the cryptospace in China.
which it is always subject to change and also cryptomarket doesnt only rely nor rotate or move because of China.
Yes, they do play a big part but doesnt mean that once they do make out some changes it would already be over. Miners could move out into other place or countries on where mining isnt prohibited as simple as that.
Some of those changes were actually minding about their citizens protection towards getting wrecked specially with leverage but talking about environmental aspects is just really bullshit to talk about.
News update.
It is becoming clearer that Beijing will have new policies in place to regulate the cryptospace, however, it might concentrate only on prevention trading on leverage, prevention of advertisement and prevention of environmental harm of mining.
From all news reports, Chinese exchanges have banned Chinese citizens from leveraged trading, Weibo deactivated accounts of influencers who shill all cryptocoins including bitcoin and Chinese miners have either stopped operations or moved outside of China.
This is not a ban but it might slow down the presence of the cryptospace in China.
It is becoming clearer that Beijing will have new policies in place to regulate the cryptospace, however, it might concentrate only on prevention trading on leverage, prevention of advertisement and prevention of environmental harm of mining.
From all news reports, Chinese exchanges have banned Chinese citizens from leveraged trading, Weibo deactivated accounts of influencers who shill all cryptocoins including bitcoin and Chinese miners have either stopped operations or moved outside of China.
This is not a ban but it might slow down the presence of the cryptospace in China.
News update!
There is no news update hehehe. Beijing did not announce any clear policy changes or issued new rules on cryptomining, trading or banning their citizens from using exchanges.
However, why is the Chinese government turning to fud instead of using all of its power to ban the cryptospace? I speculate they know that to regulate it strictly is impossible to enforce and they also know not doing anything will also be a problem. It appears they cannot do anything but fud. Which also makes it appear that they cryptospace might win.
There is no news update hehehe. Beijing did not announce any clear policy changes or issued new rules on cryptomining, trading or banning their citizens from using exchanges.
However, why is the Chinese government turning to fud instead of using all of its power to ban the cryptospace? I speculate they know that to regulate it strictly is impossible to enforce and they also know not doing anything will also be a problem. It appears they cannot do anything but fud. Which also makes it appear that they cryptospace might win.
oh my god why always china made the news on this earth little bit out of topic it not just economic war between US and china there's south china sea and now is crypto are they trying made a war 
~
There are news here and there about N Korea hackers being actually on govt payroll.
There are news here and there about N Korea hackers stealing Bitcoin from whatever they can hack - exchanges, users, whatever.
Only a small correlation is necessary to understand that N Korea does have interest in Bitcoin.
From this point to actually using the Bitcoins they may have for anything - from market manipulation to avoiding sanctions - is not such a big step.
That's a new for me, North Korea being involved bitcoin market. Given how they are struggling with getting foreign currency for the growth of their economy given that they have a really heavy sanction from a lot of international bodies. But I do expect that North Korea is going to play a big role if they decide to get in.
There are news here and there about N Korea hackers being actually on govt payroll.
There are news here and there about N Korea hackers stealing Bitcoin from whatever they can hack - exchanges, users, whatever.
Only a small correlation is necessary to understand that N Korea does have interest in Bitcoin.
From this point to actually using the Bitcoins they may have for anything - from market manipulation to avoiding sanctions - is not such a big step.
I also think that the most likely is "big thunder little rain".
Of course, they will do other actions (or announcements) when it will suit them. I expect that China and N Korea be some of the biggest whales and manipulators of the market too.
That's a new for me, North Korea being involved bitcoin market. Given how they are struggling with getting foreign currency for the growth of their economy given that they have a really heavy sanction from a lot of international bodies. But I do expect that North Korea is going to play a big role if they decide to get in. Of course, they will do other actions (or announcements) when it will suit them. I expect that China and N Korea be some of the biggest whales and manipulators of the market too.
It appears there might not be any new policies and rules issued on how to regulate mining in Sichuan. However this is on the local level only. The conference in Sichuan also appears to have no significance on policy issuance from Beijing on a national level.
In any case, let us wait for news from Beijing if they have policy changes and issuance on mining and trading. They usually announce it on Friday afternoon.
In any case, let us wait for news from Beijing if they have policy changes and issuance on mining and trading. They usually announce it on Friday afternoon.
I have no idea....
In fact, the Chinese government's actions are not the first time that cryptocurrency shocks have made the market weak.
whether it's a security or manipulative for the market in sheep's clothing, but...!!! this is a horn that might test crypto's defensive capabilities for the future
You are right, it's not the first time crypto market been down and China's manipulative fud is really something that will test how will the crypto space reacts to their propaganda. Only weak hands will be easily taken by their propaganda but if we think about it thoroughly there are other potential countries that could help to adopt Bitcoin quickly and might as well start their mining company about Bitcoin. In fact, the Chinese government's actions are not the first time that cryptocurrency shocks have made the market weak.
whether it's a security or manipulative for the market in sheep's clothing, but...!!! this is a horn that might test crypto's defensive capabilities for the future
I have no idea....
In fact, the Chinese government's actions are not the first time that cryptocurrency shocks have made the market weak.
whether it's a security or manipulative for the market in sheep's clothing, but...!!! this is a horn that might test crypto's defensive capabilities for the future
In fact, the Chinese government's actions are not the first time that cryptocurrency shocks have made the market weak.
whether it's a security or manipulative for the market in sheep's clothing, but...!!! this is a horn that might test crypto's defensive capabilities for the future
It also appears that China’s policies might also be targeted towards financial scams in China created through the cryptospace and traded through Defi. This article is in mandarin, you need Google translate.
The trading platform mentioned by the technical staff is called uniswap, which is an overseas trading website and one of the trading platforms with the most active users in the world.
The essence of this type of token issuance financing activities is the illegal issuance of securities, suspected of illegal operations and financial fraud. But these are only the tip of the iceberg of the risks of virtual currency transactions.
Many criminals use virtual digital currency to launder money or transfer illegal funds, which may disrupt the country's economic order. There are even some criminals committing fraud under the banner of blockchain.
Source https://baijiahao.baidu.com/s?id=1701449853689797034&wfr=spider&for=pc
Also, according to some people in social media from China, the meeting with miners and local officials in Sichuan were very good. Miners might be welcome to stay but they might operate under new policies.
The trading platform mentioned by the technical staff is called uniswap, which is an overseas trading website and one of the trading platforms with the most active users in the world.
The essence of this type of token issuance financing activities is the illegal issuance of securities, suspected of illegal operations and financial fraud. But these are only the tip of the iceberg of the risks of virtual currency transactions.
Many criminals use virtual digital currency to launder money or transfer illegal funds, which may disrupt the country's economic order. There are even some criminals committing fraud under the banner of blockchain.
Source https://baijiahao.baidu.com/s?id=1701449853689797034&wfr=spider&for=pc
Also, according to some people in social media from China, the meeting with miners and local officials in Sichuan were very good. Miners might be welcome to stay but they might operate under new policies.
I also think that the most likely is "big thunder little rain".
Of course, they will do other actions (or announcements) when it will suit them. I expect that China and N Korea be some of the biggest whales and manipulators of the market too.
Of course, they will do other actions (or announcements) when it will suit them. I expect that China and N Korea be some of the biggest whales and manipulators of the market too.
I agree. Crypto threatens the totalitarians in the long run, but they can manipulate and use crypto in the short term.
Quote
"to achieve carbon neutrality by 2060. "
And that is laughable. It is the typical political response: yes, sure, of course, we will do something, it is just it will be 4 decades from now so it will be someone else's problem to actually do anything meaningful.
I have to say for a somewhat well thought out article, the part about bitcoin being a blocker for carbon neutrality is just stupid too. There has been discussion ad nauseam about it and that just shows a shallow understanding of the issue.
I also think that the most likely is "big thunder little rain".
Of course, they will do other actions (or announcements) when it will suit them. I expect that China and N Korea be some of the biggest whales and manipulators of the market too.
Of course, they will do other actions (or announcements) when it will suit them. I expect that China and N Korea be some of the biggest whales and manipulators of the market too.
Very interesting article and analysis also because I like it a lot when people tend to make comparison with the past as it signals a great and intelligent mind.
I would say that I find the Big Thunder, Little Rain scenario more likely. It would crazy not to find a way to profit from this huge crypto market considering the amount of companies floating around China.
I would say that I find the Big Thunder, Little Rain scenario more likely. It would crazy not to find a way to profit from this huge crypto market considering the amount of companies floating around China.
The writer of this article also writes for Decrypt and has worked for Consensys. She also appears to be closely following the development of the whole cryptospace in China.
This article is fudless and more of a speculation on what might occur in the next few months regarding mining in China, on exchanges offering leveraged positions for speculative investments, financial fraud and the future of the cryptospace in China after the policy changes.
For hundreds of years preceding the early 20th century, China’s emperors banned international trade and cloistered the country from the rest of the world. The so-called “closed-door” policy (闭关锁国) was partly a response to the Opium Wars with the British, who had been ruthlessly peddling the drug throughout the previous century and had addicted as many as 12 million people in the country.
Though crypto is hardly as addictive as opium, the current regime in China appears to be treating it with similar contempt. Last week, He Liu, the Vice Premier who also leads the State Council, explicitly denounced crypto mining and trading as a financial risk that would destabilize the country’s economy.
As a result, large crypto mining firms halted operations and began to look for new homes abroad. Huobi and OKEx, two of the largest exchanges that serve investors in China, also suspended pool mining and leveraged trading activities there.
Is this the beginning of the “Crypto Wars” in China? Or is it just another example of the FUD that tends to waylay every crypto bull run? This week’s da bing examines both Liu’s statement and reaction from the local crypto community and proposes three plausible scenarios for how it all will play out.
Read in full https://shuyao.substack.com/p/heres-how-chinas-crypto-fud-will
This article is fudless and more of a speculation on what might occur in the next few months regarding mining in China, on exchanges offering leveraged positions for speculative investments, financial fraud and the future of the cryptospace in China after the policy changes.
For hundreds of years preceding the early 20th century, China’s emperors banned international trade and cloistered the country from the rest of the world. The so-called “closed-door” policy (闭关锁国) was partly a response to the Opium Wars with the British, who had been ruthlessly peddling the drug throughout the previous century and had addicted as many as 12 million people in the country.
Though crypto is hardly as addictive as opium, the current regime in China appears to be treating it with similar contempt. Last week, He Liu, the Vice Premier who also leads the State Council, explicitly denounced crypto mining and trading as a financial risk that would destabilize the country’s economy.
As a result, large crypto mining firms halted operations and began to look for new homes abroad. Huobi and OKEx, two of the largest exchanges that serve investors in China, also suspended pool mining and leveraged trading activities there.
Is this the beginning of the “Crypto Wars” in China? Or is it just another example of the FUD that tends to waylay every crypto bull run? This week’s da bing examines both Liu’s statement and reaction from the local crypto community and proposes three plausible scenarios for how it all will play out.
Read in full https://shuyao.substack.com/p/heres-how-chinas-crypto-fud-will
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