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Topic: [2021-09-24] China Says All Crypto-Related Transactions Are Illegal (Read 783 times)

legendary
Activity: 3010
Merit: 1460
Simple comes from China.  So how do you explain to me that mining has returned to China?  Again very simple, don't think that there are small miners with some asic but rather think that the government itself is involved in mining and favors some huge mining pool otherwise how do you explain that 20%?
That's a possibility [direct involvement of the government or even the corrupt officials that accept bribes], but I think most of this percentage belongs to the actual miners that have underground farms and from the following year-old article, you can see some of their ways for remaining under the radar: Inside China’s underground crypto mining operation, where people are risking it all to make bitcoin [refer to "Running an illegal crypto mine" and "Techniques to stay undetected" sections]

The Chinese people are also very corrupt. It would not be very shocking if there are Chinese politicians on a local government level who are being bribed by operators of underground mining farms. Mining bitcoin illegaly would also certainly make their mining operations cheaper than if they went through the legal process if the ban did not take place. The effect of the ban was also very positive for Chinese underground miners. It helped them destroy their competition hehehe.
full member
Activity: 2142
Merit: 183
China’s central bank said all cryptocurrency-related transactions are illegal and must be banned, sending the strongest signal yet on its determination to crack down on the industry. All cryptocurrencies, including Bitcoin and Tether, are not fiat currency and cannot be circulated on the market, the People’s Bank of China said on its website. All crypto-related transactions, including services provided by offshore exchanges to domestic residents, are illicit financial activities, the PBOC said in the statement.

These statements of the People's Bank of China were made more than a year ago, but since then nothing significant has changed in relation to the cryptocurrency in this country. In China, such statements have been made constantly over the past five years, to which the cryptocurrency market no longer reacts as violently as it did at first. The Central Bank of China is not a legislature, and its statements have never been translated into its regulations. The main thing is that in China there are no laws yet that would prohibit the circulation of cryptocurrency.
full member
Activity: 1120
Merit: 151
Catalog Websites
the Chinese government is an government that doesn't care about its people at all, besides that everything they can't control or violate their rules is illegal.  their efforts to make things difficult for bitcoin miners operating in their country seem to be quite successful, but the Chinese people are smart in this regard, those who like bitcoin and crypto can still transact with crypto, as long as a VPN is available then there are no obstacles whatsoever that affect.
legendary
Activity: 2968
Merit: 3406
Crypto Swap Exchange
Simple comes from China.  So how do you explain to me that mining has returned to China?  Again very simple, don't think that there are small miners with some asic but rather think that the government itself is involved in mining and favors some huge mining pool otherwise how do you explain that 20%?
That's a possibility [direct involvement of the government or even the corrupt officials that accept bribes], but I think most of this percentage belongs to the actual miners that have underground farms and from the following year-old article, you can see some of their ways for remaining under the radar: Inside China’s underground crypto mining operation, where people are risking it all to make bitcoin [refer to "Running an illegal crypto mine" and "Techniques to stay undetected" sections]
hero member
Activity: 490
Merit: 620
Pizza Maker 2023 | Bitcoinbeer.events
Well, when they banned Bitcoin mining a couple of months ago, the market hardly reacted to the news. The Chinese miners just relocated to "Bitcoin friendly" countries or they sold their mining hardware to people in "Bitcoin friendly" countries.

Bitcoin is borderless.... you simply send Fiat to a contact or friend in another country and they buy bitcoins for you. When you gathered enough bitcoins, you simply go on a Bitcoin holiday in the "Bitcoin friendly" country or you relocate there.

Bitcoin are for people who can think out of the box... not for people who want to be slaves.  Wink

But be careful because china has banned mining and all the miners have gone to bitcoin friendly countries as you say but currently the hashrate for a good 20% is given guess where?  Simple comes from China.  So how do you explain to me that mining has returned to China?  Again very simple, don't think that there are small miners with some asic but rather think that the government itself is involved in mining and favors some huge mining pool otherwise how do you explain that 20%?
legendary
Activity: 3514
Merit: 1963
Leading Crypto Sports Betting & Casino Platform
Well, when they banned Bitcoin mining a couple of months ago, the market hardly reacted to the news. The Chinese miners just relocated to "Bitcoin friendly" countries or they sold their mining hardware to people in "Bitcoin friendly" countries.

Bitcoin is borderless.... you simply send Fiat to a contact or friend in another country and they buy bitcoins for you. When you gathered enough bitcoins, you simply go on a Bitcoin holiday in the "Bitcoin friendly" country or you relocate there.

Bitcoin are for people who can think out of the box... not for people who want to be slaves.  Wink
legendary
Activity: 4130
Merit: 1307
Communist China will of course defy any decentralized platforms, be it monetary, assets, social media, games and entertainment. Communist China does not want anything that it cannot control.

In the past, the Chinese government banned F4, a popular Taiwanese boy band and series actors at the same time because it may influence its huge population. I also read before that they banned popular manga whose origins are from rival Japan, the Chinese government wants its own artists to produce their own comics. So, how much more on bitcoin, especially upon realizing that many of its citizens are mining and investing in fully decentralized digital money? The world is becoming more modernized and open, and any communists and autocratic governments won't last further if they are not to crack down on decentralized platforms and stuff that can open the minds of its population. 

Precisely.  Anything that takes power from the Chinese communist party will be opposed and that means that anything that is decentralized is attacked.

It is similar around the world today, whether it be the socialists, fascists or communists in the US Democrat party who can't tolerate dissent or similar people anywhere.
legendary
Activity: 2968
Merit: 3406
Crypto Swap Exchange
China did issue their country's CBDC but apparently, it failed and they attacked bitcoin and crypto because of it.
The way I see things from the outside is still a bit early to label their digital yuan as a failure [don't get me wrong, I'd love for it to fail] and AFAICR, they've been attacking Bitcoin prior to the creation of their CBDC.
full member
Activity: 1638
Merit: 167
Buzz App - Spin wheel, farm rewards
did the Chinese state forbid bitcoin in their country to make the price of bitcoin go down and then they buy it when the bitcoin price was cheap but that's just an assumption from a stupid person who actually banned bitcoin in their country to save the economy in their country.
it's been a few years but china is always trying to bring down bitcoin,, their strong reason for sure is that they don't like bitcoin because they can't control it, they're afraid it will make the citizens they've been watching over so they can no longer watch over it. China did issue their country's CBDC but apparently, it failed and they attacked bitcoin and crypto because of it.
hero member
Activity: 1862
Merit: 601
The Martian Child
Communist China will of course defy any decentralized platforms, be it monetary, assets, social media, games and entertainment. Communist China does not want anything that it cannot control.

In the past, the Chinese government banned F4, a popular Taiwanese boy band and series actors at the same time because it may influence its huge population. I also read before that they banned popular manga whose origins are from rival Japan, the Chinese government wants its own artists to produce their own comics. So, how much more on bitcoin, especially upon realizing that many of its citizens are mining and investing in fully decentralized digital money? The world is becoming more modernized and open, and any communists and autocratic governments won't last further if they are not to crack down on decentralized platforms and stuff that can open the minds of its population. 
sr. member
Activity: 2352
Merit: 245
A question that a lot of Chinese users have been asking is whether cryptocurrency possession is punishable (i.e illegal) or not. The statements and directives doesn't explicitly refer to possession of cryptocurrency, but my understanding is that it also comes under the ambit. Is the regime going to prosecute someone just for the possession of some codes? I don't think that they will go that far, even if it is illegal. The message that I get is that as long as the user doesn't move his coins, he's going to be OK.
In China, loud statements have been made for a long time about the partial or complete prohibition of cryptocurrency. But she still goes there, although her conversion in this country has fallen significantly. Indeed, everything will depend on the severity of the punishment established at the legislative level for the use of cryptocurrency. In the meantime, China is showing flexibility and waiting in this matter. Perhaps they are watching how other states will react to the cryptocurrency. But in general, one thing is clear: the Chinese government is not happy with cryptocurrencies.
full member
Activity: 1176
Merit: 100
Next Generation Web3 Casino
did the Chinese state forbid bitcoin in their country to make the price of bitcoin go down and then they buy it when the bitcoin price was cheap but that's just an assumption from a stupid person who actually banned bitcoin in their country to save the economy in their country.
member
Activity: 318
Merit: 10
Every day, the Chinese government is increasing the pressure on the digital asset industry. Bitcoin is not subject to outside control and does not suit the government. Already now, all transactions with cryptocurrency are illegal. But the goal of these actions is the sustainable development of the country's economy and transparency in the financial sector. Is it bad?
legendary
Activity: 4130
Merit: 1307
@cr1776. Which was why I argued against if China was a failing country. It is not failing for the reason you have already said. Economies that need China’s manufacturing industry have nowhere else to go. There is India which might become the next emerging economy to compete in GDP against the first world, however, India is risky.

I wasn't arguing with you, just adding my own $0.02.  :-)   People will talk a good game, but they expect someone else to actually pay for whatever it is.

The people who are private jetting around the world with multiple huge homes while arguing that "global warming" (or climate change) is a huge problem.   The people (Warren Buffett and Bill Gates for example) who are saying "taxes should be higher" and yet not voluntarily paying more AND then using things like private foundations to shelter their wealth.

They all talk a lot but actually do the opposite of what they want everyone else to do.  They are insincere, lying, hypocrites who are using things like taxes and climate issues to attempt to control other people and curtail liberty.
newbie
Activity: 378
Merit: 0
This all is fales  information because if it is illegal than all country should band for using criptocurrency and there will not be the market and we will not be able to trade so since there is happening the crises in market in 2008 so that the bitcoin has came to control it and it has developed on.but those who are using it in illegal way they should band as we know each and every things have advantage and disadvantages so lets see what happen
legendary
Activity: 3010
Merit: 1460
@cr1776. Which was why I argued against if China was a failing country. It is not failing for the reason you have already said. Economies that need China’s manufacturing industry have nowhere else to go. There is India which might become the next emerging economy to compete in GDP against the first world, however, India is risky.
legendary
Activity: 4130
Merit: 1307
You are right, but people rarely put their money where their mouth is. Low prices from China seem to trump things like clamping down in Hong Kong, threatening Taiwan, the plight of the Uyghurs, and lack of basic freedoms. Just look at a lot of the big tech companies that assemble there. People couldn't afford a $2000 base iPhone assembled by unionized workers in Detroit.

Tim Cook talks a good game, but the $ win. Not to pick on Apple, they are one of many.


@vm1990. If China is a failng country then the whole world should look for another country where they can depend for manufacturing the products they need to keep their own economies running smoothly hehehe. I speculate that India might be this country.

In any case, this article argues that Defi might be bullish for Chinese developers who want to create projects in the cryptospace. It appears what bitcoin maximalists called a scam found an important use case.



The latest China "ban" was not entirely new, but had some new details. Now Chinese crypto projects are going underground—and it's all good for decentralization.

Crypto builders still in China need to remain 100% anonymous now, which is difficult and not always possible. They must look abroad, and adjust the way their organization is structured, marketing messages delivered, and more importantly, how their project's expectations are met.

“We are gradually shutting down Chinese business, which is honestly fine," one DeFi founder told me, asking to remain anonymous. "Most of our users are international anyways."

The golden days of building crypto empires by feeding off China’s large consumer base are over. But the latest ban is a catalyst to crypto’s decentralization. It's bullish for DeFi, and for decentralized mindsets.


Source https://decrypt.co/82243/china-bans-bitcoin-again-bullish-for-defi
legendary
Activity: 3010
Merit: 1460
@vm1990. If China is a failng country then the whole world should look for another country where they can depend for manufacturing the products they need to keep their own economies running smoothly hehehe. I speculate that India might be this country.

In any case, this article argues that Defi might be bullish for Chinese developers who want to create projects in the cryptospace. It appears what bitcoin maximalists called a scam found an important use case.



The latest China "ban" was not entirely new, but had some new details. Now Chinese crypto projects are going underground—and it's all good for decentralization.

Crypto builders still in China need to remain 100% anonymous now, which is difficult and not always possible. They must look abroad, and adjust the way their organization is structured, marketing messages delivered, and more importantly, how their project's expectations are met.

“We are gradually shutting down Chinese business, which is honestly fine," one DeFi founder told me, asking to remain anonymous. "Most of our users are international anyways."

The golden days of building crypto empires by feeding off China’s large consumer base are over. But the latest ban is a catalyst to crypto’s decentralization. It's bullish for DeFi, and for decentralized mindsets.


Source https://decrypt.co/82243/china-bans-bitcoin-again-bullish-for-defi
legendary
Activity: 1540
Merit: 1002
i got a theory behind this. people invest millions in china into crypto most bad years china bans cyrpto so Chinese people sell in for fiat currency suddenly china's got lots of extra money to prop up there faked growth figures and attract millions from stupid inverters.

china is actually a failing country but news is controlled and so are government figures. its also THE most corrupt country and nothing like how communism is suppose to work
hv_
legendary
Activity: 2534
Merit: 1055
Clean Code and Scale
Better stay on TCP/IP transparency = uncrypted level with the original Bitcoin protocol. Problem solved
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