China's Massive Crackdown

in Project HOPE3 years ago

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Although Bitcoins creator remains anonymous, his creations have continued to pave way for the evolution of finance in the world. Created in 2008 by Satoshi Nakamoto who suddenly disappeared barely 3 years after creating it, Bitcoin which was once valueless is now trading at $43,000 (as at September 27, 2021). Satoshi who published it's whitepaper on cryptography mailing list detailing all what Bitcoin could and would do through Blockchain technology. His aim at that time was to pull control of currency from the big men of finance and into the hands of the common man , an aim that hasn't sat well with most government till date. Today there are over 6000 cryptocurrencies in existence with Bitcoin leading the army but still facing opposition by the government and big men which it was created to fight against.

A major player on Bitcoins opposition party is China which has unveiled a complete ban on all crypto transactions and mining in it's country for the umpteenth time this year. Although not quite shocking to many because early this year we witnessed a major crackdown on miners in it's community which caused Bitcoin to plunge real deep than anyone would have expected. The recent move has caused another plunge but thankfully not as bad as it's predecessor. The China's Central People's Bank of China has announced earlier this week that it was illegal to facilitate cryptocurrency trading and it has severe punishment in place for defaulters even those working for foreign platforms from within it's borders in an effort to push the sector out completely at all cost. China unlike El Salvador doesn't accept cryptocurrencies as legal tenders and it's banking system has been barred from offering crypto related services. An interesting development that has caused Chinese exchanges to relocate overseas ( like OkEx, Huobi and others) which shows that investors will simply find away around the entire pressure.

Many argue that with time China's frequent barks might eventually have no effect on the market since it is technologically impossible to shut it down due to the kind of technology that keeps it running. It is important that people understand China's effort to cut off crypto relations didn't start recently, it had started in 2013 and as the year goes by they have taken more stringent approaches to cut it off from it's economy. While some might say it is all in an effort to push it's digital currency"Yuan" into the limelight, many argue that this isn't the way to go about it. The recent efforts has only affected the markets volatility a bit and with over 106 million people trading crypto according to Business Insider Africa it is obvious that it is only a matter of time before China's bark have no effect. Many analyst have advised that governments take regulatory steps rather than prohibitory steps because cryptocurrencies aren't one to be defeated easily anytime soon especially for the fact that they are creating millionaires among common men.

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Hello @valchiz

I may be wrong, but whenever the price action develops and days before making a correction or a rebound as the case may be, this kind of news appears, therefore, I think this is part of a very manipulated theatre to give the impression that the BTC price is affected, it is my way of seeing this news but as I said I may be wrong.

Best regards, be well.

As long as bitcoin and the rest of cryptocurrencies continue to be attacked means that we are getting excellent progress achievements, because the goal of some governments is that we are not independent with the adoption of cryptocurrencies.

Greetings friend and thanks for this post.

 3 years ago 

Dear @valchiz

A major player on Bitcoins opposition party is China which has unveiled a complete ban on all crypto transactions and mining

Hot topic.

We've surely experienced loads of FUD within crypto markets this month. Especially coming from China. First it was "evergrande" and now that heavy crackdown on crypto transactions.

All media channels and youtubers keep talking about those topics. And markets hardly reacted.

It's hard not to have an impression that it is well organized media campaign, which has a purpose to bring panic into the market and crash it. Bad news usually "travel" in packs. And oftern those bad news are OLD. And it's only purpose is to shake out remaining of "weak hands".

It's also hard not to notice, that this crackdown didn't make much damage. Impact has been very limited. Even year ago, those news would most likely create huge wave of panic. Not this time. Any conclusions?

I wonder if you would agree with my point of view, or would you see things from different angle?

Cheers, Piotr

China is every were in the news , for the crypto ban , then mining ban. Then exchange ban.etc

Today alibaba has stop mining equipment sales on its plateform but as per my thinking china is cutting his own economy. We have seen the real state crises then electricity crises. Chinese economy is going down sooner or later.

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