Bitcoin (CRYPTO: BTC) and other cryptocurrencies "are not legal tenders and have no actual value support," according to Deputy Director of the Financial Consumer Rights Protection Bureau of the People’s Bank of China (PBoC) Yin Youping. What Happened: According to a report by local news outlet People's Daily Online, Youping said that cryptocurrencies are purely speculative assets. He also advised the public to increase its risk awareness and stay away from the crypto market to "protect their poc
  • ☆ Yσɠƚԋσʂ ☆OP
    52·
    3 years ago

    Bitcoin in particular is a horrific piece of technology because it uses absurd amounts of energy. Also, not sure how China is totalitarian. Last I checked the government there does a far better job representing the interests of the people than vast majority of western nations.

              • ☆ Yσɠƚԋσʂ ☆OP
                71·
                3 years ago

                I certainly don’t think China spies on their citizens any more than the west does. Meanwhile, US is the country that has 20% of world’s prison population despite for accounting for only 4% overall population. And of course, US uses prisoners as literal slave labor. US also fails to provide basic necessities for life, such as healthcare, and has killed over 600k people during this pandemic. That’s what actual abuse of citizen rights looks like.