Topic: CHINA Banning bitcoin: PBOC Says All Crypto-Related Transactions Are Illegal - page 6. (Read 897 times)

old news yet still affects the market even when china couldn't control crypto. 

don't you think the chinese had enjoyed this banning of cryptocurrency all the time, it makes them look very important to the industry when they could make users panic sell. such a bit loss from the cap every time they do this.

This appears to fit everything I said over the past 2 years about left wing politics being anti crypto.

With the demographic most likely to support bitcoin and cryptocurrencies being the political right.

I would be curious to know if the USSR had the same mentality of restricting innovation and progress that china does now. And whether that regressive mentality factored in to the USSR's economic implosion. They say history sometimes repeats itself, due to people being determined to never learn from it. Might it be accurate to say that china is USSR 2.0 and the conflict between it and the rest of the world resembles something like a sequel to the cold war?

Unfortunately, this announcement comes hot on the heels of south korea announcing tougher regulation and tax hikes on crypto. We need good news in the cryptosphere to negate the bad news.

Not too much to fear, if we look at the price:


https://twitter.com/geenty/status/1441403448562388994?s=20

Even if it's true, it will be a problem for China, not for bitcoin, or for bitcoiners, even the Chinese ones.

The market's obvious negative influence on bad news, I just feel that they have a contradiction in their actions. Perhaps in the near future we will receive some more bad news from them, another view of this FUD of China I think it is a collection move , I personally still have take a closer look at the present that the market is moving in a positive direction and news like this only adds to the challenge of confidence for many, and don't be too alarmed by these things.

China banning bitcoin is basically old news. They've been doing this for years now, and there will come a time wherein the world will no longer react on what's happening in that country when it comes to cryptocurrencies. Sure this may well be another FUD, but PBOC has been firm on their stance for years re: bitcoin and crypto. It's just that they are not enforcing what they are saying, and all of these statements exist only as statements for the government doesn't really do anything to prevent transactions or the mining activities from happening in the country.

Also what more funnier here is our local media posted the fud on their social media channel without verifying the news, provably it could add up the fire but I'm sure people will get used to this news since there is clarification circulating so maybe we can expect that the dump happening right now is for short time only.





Hopefully the circulating post about another old Chinese fuds will clear out the minds of those people who get easily wiped by manipulators.

It's an official document, there is nothing uncertain about it.
The uncertainty is if they will ever enforce it, that's where the doubts might be  


About this, I think there are major differences between the mining ban and the cryptocurrency trading ban.

The ban on financial activities, usage etc, etc is understandable if we bring the digital yuan and the total control the CCP wants in the picture.
The mining ban I think was caused by different factors.

We had a mining accident back in April in Xinjiang, that caused a spiraling effect on coal production, then powerplants shut down and affected energy usage in all the region. Faced with that threat and combined with the economical war with Australia that has seen a coal import ban which has sent prices for coal skyrocketing and threatening other industries might have forced them to cut any non-essential industry or one that can be used as a weapon (like the steel one) from the power grid.

So this mining ban might not be directly targeted at crypto, unlike the trading one.
https://www.bloomberg.com/news/articles/2021-09-23/china-s-power-cuts-widen-amid-shortages-and-climate-push


So this notice might be just the product of a far more complex situation, where different measures that have not really been aimed at cryptos in general, all ended up hitting bitcoin and altcoins. Don't know how to react to this, the bright side might be that we finally see crypto becoming a thing of the global economy, with both good and bad implications coming with it.

In all fairness, I am a little bit less prone to dismiss this news as FUD.
Last time, when we read about China banning bitcoin mining, we were surprised when we discovered the news was actually true.
This time it might be the same thing.
Of course, this is going to be an epochal error for China, and also of course the blip in the price is absolutely irrelevant in the greater scheme of things.

It's from different institutions, that was a notice sent from the PBOC and this one is from China Securities Regulatory Commission to them , I don't know much about the steps laws and regulations have to pass in order to become enforceable in China but I think there is still a step since it's a law and it involves penalties and punishments within the justice system it must be approved by either the NPC or the State Council, neither one is either addressed or mentioned in both papers.

https://mp.weixin.qq.com/s/4QWsmCyksuDGQO8eKiixwA
http://www.pbc.gov.cn/goutongjiaoliu/113456/113469/4348521/index.html

That said we might see another wave of letters and yet no real enforcement in real life, as usual.

This all reminds me on those funny south park cartoon editing for Chinese ban of Bitcoin, but it is nothing more than standard weekend price manipulation.
Good thing about this is that power of Chinese fud is getting weaker and weaker every time, until the time when it will die totally.
https://www.youtube.com/watch?v=S3zlqHdmPQs

Glad to see this clarification so that all holders assumptions will be cleared up and they will not take those fuds they try to spread right now, also this is reminder that we shouldn't get panic easily and verify the information spreading so that this will not cost us any amount for creating bad decisions towards that news. This also shows that whales are desperate to accumulate at more cheaper price so its good to kill their acts and make them feel that this time they will not succeed on what they are planning to do.

It looks like an addition was made to the original (Sep 3) part.
The addition is:

---

I don't see this as a good reason for the dump. It's more like somebody released the FUD dogs because he got scared that Twitter moves from yesterday have the potential to make the price explode during the week-end.

Apparently it is old news:


https://twitter.com/bigmagicdao/status/1441328777393426433

Announced on Sep 15th and posted online today.

Bloomberg news:

China banning bitcoin, again:


Filippone QuickTake:

• China banning bitcoin, again
• The less Bitcoin has to do with China, the better
• When something is useful and enacting freedom, immediately a dictatorial government will try to stop it
• This is going to be an historic error for China, as it was banning bitcoin mining
• If bitcoin wants to be the best and hardes Store of Value in history of mankind, then it has to withstand this kind of attacks
• Futures are not to blame here, as today expiry has already happened.