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China makes all crypto transactions illegal

Charmonium

Diamond Member
May 15, 2015
6,081
515
126

China's central bank has doubled down on its moves to crush cryptocurrency and announced that all transactions involving cryptocurrencies are illegal, effectively signaling an outright ban.
People’s Bank of China said in an announcement on Friday services offering transactions, trading, token issuance, and derivatives for cryptocurrencies are “all illegal financial activities and are strictly prohibited.” They added that overseas virtual currency exchanges that provide services to Chinese residents through the Internet were also engaging in illegal financial activity.
The announcement, written in Chinese, is currently not mentioned on the English language version of the website.
Cryptocurrency markets have been struggling in recent weeks and this announcement triggered another downturn, with the price of Bitcoin falling by more than $2,000 (£1,460) in the wake of the news, while other leading cryptocurrencies like Ether, EOS, Litecoin, and Dash all saw significant losses.
 
  • Wow
Reactions: Ajay and Captante

ultimatebob

Lifer
Jul 1, 2001
24,407
1,944
126
Wasn't Bitcoin already illegal in China? Does this mean that it is double plus super illegal now? :)

I mean, this isn't really news. China hates crypto that they don't control. Everyone knows this. If the price of crypto goes down because of this, it means that the sellers haven't been paying attention to the news for the past year or so.
 

Charmonium

Diamond Member
May 15, 2015
6,081
515
126
Once major economies have their own digital currencies, transferring in and out of these via a sort of liason crypto (XLM is my fave) is going to be cake. You've been able to do this with XLM since the beginning but there was never enough action in most of the currency pairs. I haven't been following them very closely but they seem to be one of the few truly decentralized coins that actually works with transactions clearing in seconds not hours.

But I'm sure folks here will give me all of the reasons that I'm full of shit.

And . . . . go!
 

Charmonium

Diamond Member
May 15, 2015
6,081
515
126
sweet, i applaud them

Also just started this up

At the risk of going off-off-topic, what is the deal with thorium reactors. We've been talking about those for at least the past 50 years. Finally someone is actually going to try to commercialize this?

Should I be happy or sad?
 

KMFJD

Lifer
Aug 11, 2005
23,288
25,950
136
At the risk of going off-off-topic, what is the deal with thorium reactors. We've been talking about those for at least the past 50 years. Finally someone is actually going to try to commercialize this?

Should I be happy or sad?



does a good job of explaining it (?) , why it hasn't advanced any i have no idea, it's always been 20 years in the future
 

IronWing

No Lifer
Jul 20, 2001
63,071
16,567
136
Edward Teller was pushing thorium reactors back in the 1990s. His idea was to build a passive reactor underground in its own sarcophagus. A secondary loop would bring the heat to the surface. The reactor would be pre-loaded with all the fuel it would need. Once built, no human would ever touch the reactor again. When the power levels peter out at end of life, seal the tubes to the surface and walk away. It wasn't a bad idea except that, being Edward Teller, he had be his own worst enemy and suggested that reactors were safe enough to build under every large city.
 

Ajay

Diamond Member
Jan 8, 2001
9,923
4,193
136
It wasn't a bad idea except that, being Edward Teller, he had be his own worst enemy and suggested that reactors were safe enough to build under every large city.
That guy was the most brilliant idiot ever.
 

kage69

Lifer
Jul 17, 2003
19,547
13,220
136
Bravo China, it's nice to see you get it right. Crypto supports crime and is bad for the planet. The news about no new coal plants abroad was also welcome news, well done. When does that become law for domestic development?

Now if we could just get you to stop the genocide with Chinese characteristics, being assholes in the SCS. Yeahhh...that'd be great.
 

Torn Mind

Diamond Member
Nov 25, 2012
6,852
986
126
In the context of China, most things in rebellion of their government is a good thing. So the matter what we’re they losing that they had to cause them to change their policy.
 

Muse

Lifer
Jul 11, 2001
31,800
4,169
126
does a good job of explaining it (?) , why it hasn't advanced any i have no idea, it's always been 20 years in the future
[Re: thorium reactors] Based on that chart, one would wonder. Obviously there must be a serious hurdle if not a show stopper.
 

quikah

Diamond Member
Apr 7, 2003
3,519
336
126
[Re: thorium reactors] Based on that chart, one would wonder. Obviously there must be a serious hurdle if not a show stopper.
The catch is that it is all theoretical. Only China and India have done any recent R&D on it. Everyone else devoted their time on LWR instead. The weapon production is why all the research went into "traditional" nuclear reactors in the west.
 
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Reactions: Muse

crashtech

Diamond Member
Jan 4, 2013
9,921
1,675
126
If the CCP is against something, then it's almost certainly something good, free, and fair. You can tell the good little authoritarians by how much they align with or are silent about the evil CCP.
 
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Reactions: VirtualLarry

kage69

Lifer
Jul 17, 2003
19,547
13,220
136
If the CCP is against something, then it's almost certainly something good, free, and fair. You can tell the good little authoritarians by how much they align with or are silent about the evil CCP.
Sorry but that's simplistic and naive, to the point of absurdity.

I'm one of Beijing's biggest critics here on this forum, yet here I am applauding the decision. So much for that hypothesis.
 

crashtech

Diamond Member
Jan 4, 2013
9,921
1,675
126
So absurd you needed to take time out to deny it.

I'll always (yes, simplistically and naively) oppose those who like to stick their noses into other people's business. I don't give a shit about crypto, but to the extent people want to engage in it and it takes power away from those who love to wield it, I'm for it. The more statists oppose it, the more in favor of it I am.
 

MrSquished

Lifer
Jan 14, 2013
12,857
9,649
136
Sorry but that's simplistic and naive, to the point of absurdity.

I'm one of Beijing's biggest critics here on this forum, yet here I am applauding the decision. So much for that hypothesis.
I disagree with most of Chinese policy, but I too can say things like building really good transit infrastructure such as high speed rail is excellent policy that we should emulate.
 

IronWing

No Lifer
Jul 20, 2001
63,071
16,567
136
So absurd you needed to take time out to deny it.

I'll always (yes, simplistically and naively) oppose those who like to stick their noses into other people's business. I don't give a shit about crypto, but to the extent people want to engage in it and it takes power away from those who love to wield it, I'm for it. The more statists oppose it, the more in favor of it I am.
You'll have to explain how crypto "takes power away from those who love to wield it."
 

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