All coins down massively and they just keep falling, is this the end of cryptocurrency forever?
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Something to do with China but I've not seen what or even if it's just speculation. Doesn't help that regular US markets are taking a beating today too.
>Be Chinese
>Go into local wet market for my bat soup.
>Shopkeep says he won't take my BitCoins.
>Use cell phone to sell a fraction of a Satoshi for yuans and deposit it in my bank account.
>Pay for my bat soup using yuans.
>Shopkeep buys a fraction of a Satoshi using the yuans that are now in his bank account.
>Everyone is now following China's new law that crypto can't be used as currency.
I'm not seeing how this really changes anything except giving mild irritation to people.
Temporarily crashes the price of crypto so the party members can buy more crypto.
This.
They're not being used as currency or conducting business in virtual currency. The law is followed.
If I buy a Rolex watch, need to pay a carpenter, so I go to a pawn shop, sell the Rolex watch, pay the carpenter, who then just so happens to go to that same pawn shop and buy that same Rolex, I still paid him in non-Rolex currency, even though the net end result was a Rolex changing hands.
Nothing in the law prohibits the ownership or collection of cryptocurrency as a souvenir item or curiosity, only "China announced that financial and payment institutions are banned from pricing or conducting business in virtual currencies. The People’s Bank of China also reportedly said virtual currencies can’t be used as a form of payment because they aren’t real currencies." No financial or payment institution priced or conducted business in virtual currency, a private reseller did. And no payment was made directly. The law was followed perfectly.
It's funny because of how much they have their hands in the crypto mining space. Not that Communist government wouldn't be hypocritical. They just want their subjects to not be free to use unregulated funds.
It’s not real currency translates to we can’t devalue it like we do our own and manipulate markets if it becomes the preferred currency of the people.
Bognadof, Elon has said he's going to sell.
Domp et. then load ze China FUD.