China makes crypto illegal - long term effects?

[ExtraSlow]

Wasn't sure if this fit into another thread.
https://www.bloomberg.com/news/artic...l-in-crackdown

China is the world's largest controlled economy, so what does this mean for the long term future of crypto? What does it even mean for crypto users inside China? Will they just find a workaround? Anyone have stats for the percentage of global transactions that occur in China? Will the high level of state surveillance of Chinese citizens mean this can be enforced tightly?

Lotta questions.

[Tik-Tok]

Haven't they said this before?

[suntan]

No way is the UN going to let China take over the Congo unless we start using E-coins.




too obscure?

[Buster]

I think we should make this a China economy and politics mega thread

[riander5]

Reduce bitcoin exposure if it worries you, start accumulating ETH, and LINK

[msommers]

In my mind, this is better for what BTC actually represents, which is a decentralized currency. Miners have for months now been moving out of China to neighbouring countries but most surprising to me was Texas!

As for transaction percentages per county, a simple search will lead you here:

https://www.statista.com/statistics/...ng-by-country/

[ExtraSlow]

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I think we should make this a China economy and politics mega thread

Seconded.

[killramos]

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Reduce bitcoin exposure if it worries you, start accumulating ETH, and LINK

If china has banned crypto transactions. What does diversifying into another form of crypto transaction accomplish?

[Chandler_Racing]

The title should read China bans crypto for the 10th time.

[sabad66]

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If china has banned crypto transactions. What does diversifying into another form of crypto transaction accomplish?

Apparently eth still has strong demand because NFTs use its network. Without Chinese investors bitcoin is a lot less attractive
https://www.forbes.com/sites/billyba...h=5ac6d9e7213f

[killramos]

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Apparently eth still has strong demand because NFTs use its network. Without Chinese investors bitcoin is a lot less attractive
https://www.forbes.com/sites/billyba...h=5ac6d9e7213f

The Chinese do love a good money laundering schtick

[suntan]

I guess Vancouver housing prices are going to go even higher then.

[riander5]

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If china has banned crypto transactions. What does diversifying into another form of crypto transaction accomplish?

China 'banning' crypto will affect mostly just PoW coins, so shift to PoS coins if you are worried (eth soon to be PoS.. maybe)

[spike98]

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China 'banning' crypto will affect mostly just PoW coins, so shift to PoS coins if you are worried (eth soon to be PoS.. maybe)

The started with mining a month ago and all of the mining operations just moved to different countries. PoS or other systems are still considered "illegal". Its all forms of crypto. That said, it would be incurably hard to crack down entirely given the anonymity and decentralized nature of most of them.

[ExtraSlow]

China has reasonably tight control of all network infrastructure 8nside the country. ISP's and cell networks all are subject to some level of oversight by the ccp.

[Xtrema]

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The Chinese do love a good money laundering schtick

Nothing new.

https://www.cnn.com/2019/12/19/busin...-us/index.html

Only accelerated harder after Xi pushed for Common Prosperity. Evergrande boss pushed $8B out of China this whole default saga started.

Now they are pushing for casinos in Macau to gamble in yuan instead of HKD.

On crypto, didn't the market just shrug it off this latest and final Chinese move? The Chinese wants to world to switch away from USD to yuan, having a decentralized options that's gaining acceptance all over the world is last they want.

[ercchry]

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Nothing new.

https://www.cnn.com/2019/12/19/busin...-us/index.html

Only accelerated harder after Xi pushed for Common Propensity. Evergrande boss pushed $8B out of China this whole default saga started.

Now they are pushing for casinos in Macau to gamble in yuan instead of HKD.

On crypto, didn't the market just shrug it off this latest and final Chinese move? The Chinese wants to world to switch away from USD to yuan, having a decentralized options that's gaining acceptance all over the world is last they want.

Yeah, we saw a slight dip earlier this month when this was news.. the most recent FUD aligns very well with the sept BTC contracts that expired last Friday… that had a very heavy Call skew

[Xtrema]

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Yeah, we saw a slight dip earlier this month when this was news.. the most recent FUD aligns very well with the sept BTC contracts that expired last Friday… that had a very heavy Call skew

CCP buy the dip to save Evergrande?

[killramos]

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China 'banning' crypto will affect mostly just PoW coins, so shift to PoS coins if you are worried (eth soon to be PoS.. maybe)

Sounds like a great system designed to delude stupid people into setting their money on fire.

[riander5]

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Sounds like a great system designed to delude stupid people into setting their money on fire.

Haha, I used to think so too. There are many use cases for some of the top alts though (top 10), its not all shit out there. And anyone who's been in since november or before is now likely up 10-100x so im not sure how much money they've set on fire. Im not saying to go buy the next safemooncoin (although a friend of mine knows a gal who turned 3k into 3million USD from that....)