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
    • ghost_laptop
      5·
      3 years ago

      They are cracking down on BTC because of how disastrous it is for the climate since they pledged to get to zero carbon emissions by 2060, not because of some orwellian fairy tale.

      • relativecogniscience
        3·
        3 years ago

        I’d like to say a couple of unpopular things here, though I hope you all appreciate the diversity of thought and engage in discussion with me.

        Firstly, it only makes sense that the Chinese government is banning bitcoin, though I’d highlight the wastage of electricity is a secondary goal. Case in point, China still fervently engages and expands its production of electricity via coal. Instead, the goal is to better balance the gridlines where most crypto mines are; more importantly, nurturing the right environment to disrupt USD throughout the New Belt Road necessitates their crypto usage be tamed. Don’t get it confused.

    • ☆ 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.

    • relativecogniscience
      31·
      3 years ago

      you truly are mistaken in calling crypto decentralised, for it follows the same chi-squared pattern of distribution we loathe true capitalism for. nonetheless, i appreciate some of your ideas.