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China has basically shut down not only Bitcoin mining within China but also shut down any type of Bitcoin transactions. You have to believe a lot of Chinese own Bitcoins. They can’t use them for transactions, they can’t liquidate back into yuan. They are stuck with a useless, worthless bunch of electrons!
Beijing even summoned officials from its largest banks and Alipay (BABA) to reiterate a ban on providing crypto services, a day after cracking down on mining operations in Sichuan. “It basically says now OTC transactions are not legitimate… we are not allowed by the banks to transfer money for cryptocurrency purchases and sales,” said Bobby Lee, formerly CEO of BTC China, China’s first Bitcoin exchange.
I think the Communists will have even less success outlawing cryptos today than they did outlawing US dollars in the past. All they will do is cut themselves off from a big chunk of economic activity that will now be unreported, untaxed and secret. What’s funny is that cryptos are the best example of a “people’s currency”; owned and operated entirely by the owners and independent of 3rd parties like banks or governments. If there’s one thing communists hate (and fear), it’s anything they can’t control.
But they DO control it. The only thing that goes on in China that the govt. doesn’t control, is the one thing they can’t control (at least not yet) and that is what people think. You are saying Chinese can still use crypto because they want to not be controlled by their govt. That may be what they would like but the govt has just prevented them from doing so. You can’t transfer money to nor from a wallet. No exchange can conduct transactions. This isn’t like the US where people do what they want. In China you try to do something the govt. doesn’t allow you to and you end up seized, jailed, disappeared or dead.
“This isn’t like the US where people do what they want.”
Not yet, anyhow.
But I see handwriting.
Yes, I believe you are saying that the handwriting is on the wall for the US and I would agree if the Dems and deep staters get their way. Election audit ramifications and next years election is crucial. Either the fraud gets identified, corrected and overwhelmed in next years election or we are probably doomed going forward if the deep state and Dems somehow stay in control.