Crypto shitting so hard that GME apes are (optimistically?) speculating that hedge funds are selling them off to get liquidity for the incoming short squeeze.
China started cracking down on Bitcoin last month.
Elon Musk realised that Bitcoin was on route to cause an electricity shortage if its growth continued.
It's not the end of crypto at all, but it is the end of any hope of BTC hitting 100k by the end of the year like pundits claimed it would. If you didn't sell last month, good luck getting your money back.
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.
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.
That is an extremely stupid series of words. The government does not need their own crypto because they can just run a normal payment processor that is literally a thousand times better than cryptocurrency. The reason why cryptocurrency is shit is because you have zero standards for who can read and manage the ledger; if you don't authorise Chinese military intelligence, the mafia and the rest of the world's degenerates to approve transactions you don't need to waste so many resources to try to keep them honest.
The situation is beyond insane. I bought a used GTX 1070 as a stopgap in 2018 when they were already a couple years old. They now sell for twice what I paid over two and a half years later.
Wild West currency. It's not regulated, so one would expect there to be crazy highs and lows, especially with all the competing parties actively in it.
It's on sale.
Don't Buy Bitcoin. It's Going To Crash!!!
Crypto shitting so hard that GME apes are (optimistically?) speculating that hedge funds are selling them off to get liquidity for the incoming short squeeze.
That group comes off as nothing more than people with a gambling problem anymore. How much they stretch to justify their actions.
Short sellers have lost almost a billion this week alone.
Melvin has "closed their short" about a hundred times so far lol
Is there an official paperwork link somewhere?
Where did you hear that? The media?
China started cracking down on Bitcoin last month.
Elon Musk realised that Bitcoin was on route to cause an electricity shortage if its growth continued.
It's not the end of crypto at all, but it is the end of any hope of BTC hitting 100k by the end of the year like pundits claimed it would. If you didn't sell last month, good luck getting your money back.
nuh uh based elon crashed the gpu market for the boys
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.
That is an extremely stupid series of words. The government does not need their own crypto because they can just run a normal payment processor that is literally a thousand times better than cryptocurrency. The reason why cryptocurrency is shit is because you have zero standards for who can read and manage the ledger; if you don't authorise Chinese military intelligence, the mafia and the rest of the world's degenerates to approve transactions you don't need to waste so many resources to try to keep them honest.
I wish so I could get a better GPU for cheap
The situation is beyond insane. I bought a used GTX 1070 as a stopgap in 2018 when they were already a couple years old. They now sell for twice what I paid over two and a half years later.
Government endorsement is pretty important. It means your creditors are required to accept payment in USD. Bitcoin maybe refused by anyone.
The US dollar is equally make believe. It only has value because people agree it does. No different than crypto
cryptos will always be a turbulent zone. is probably in their nature.
Wild West currency. It's not regulated, so one would expect there to be crazy highs and lows, especially with all the competing parties actively in it.
Related: what shape-shifting lizard is currently dressed up as elon musk
If you're talking about the article that was posted a while back, no. A single Chinese state banned mining crypto, not the entire country.
Yeah it's over, you can send your BTC to me as it's totally worthless now.
It was in another bubble, and it popped. I'm sure there'll be more.
Don't Buy Bitcoin. It's Going To Crash!!!
China is crashing the market so they can buy it up at lower prices.
Already going up again
edit: And down again kek
Doomp eet.
It got FUDed hard.
Government is finally targeting Crypto and people are panicking. https://www.wsj.com/articles/biden-irs-plan-would-double-agency-staffing-target-cryptocurrency-11621526401