China makes all crypto transactions illegal

[ultimatebob]

I'm actually glad that China outlawed Bitcoin mining. It's a huge waste of electricity, and Bitcoin is never going to upgrade to proof of stake unless they're forced to.

Blocking the cryptocurrency completely feels more like a Communist power grab to me. They're probably going to be releasing their own state run crypto soon, and they don't anybody messing with their master plan of tracking everyone's monetary transactions.

 

[crashtech]

You'll have to explain how crypto "takes power away from those who love to wield it."

It's self-evident. I'm not here to educate anyone, simply to express my opinion.

 

[Meghan54]

It's self-evident. I'm not here to educate anyone, simply to express my opinion.

So, in other words you got nothing, eh?

 

[Shmee]

I feel sorry for the Chinese people. I may buy their coins though

 

[sdifox]

I feel sorry for the Chinese people. I may buy their coins though

But the transaction is illegal xd

 

[Shmee]

Hmm, that is a great point. By now it is kinda too late for any hodlers to sell, unless they are out of the country of course. I could see the comeback of things like buy local bitcoin from this possibly, if travelers were to sell their wallets when visiting another country where it was allowed.