BitCoin is trading down as much as 8 percent as news breaks that China has banned BitCoin.
According to reports, China’s central bank has declared all financial transactions involving BitCoin illegal, citing “widespread, disrupting economic and financial order, giving rise to money laundering, illegal fund-raising, fraud, pyramid schemes and other illegal and criminal activities.”
By June, China had already arrested more than 1,000 people who’d allegedly used criminal profits to buy cryptocurrency.
Stocks related to cryptocurrencies have also fallen.
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Dread Lord of LowEnd Content at LowEndBox
I'm raindog308, techno polymath and long-time LowEndTalk community Administrator. My technical interests include all things Unix, perl, python, golang, shell scripting, vintage operating systems such as MVS, and relational database systems such as Oracle, PostgreSQL, and MySQL.
I also enjoy using LEBs! I have an empire of little guys for VPNs, larger guys for apps, and big guys for databases and storage. When I'm not in front a screen I'm into German Shepherd dogs, quality knives, target shooting, theology, tabletop roleplaying games, and forest hiking.
I enjoy writing technical articles here on LowEndBox to help people get more out of their systems. You can find me on LowEndTalk @raindog308
I also enjoy using LEBs! I have an empire of little guys for VPNs, larger guys for apps, and big guys for databases and storage. When I'm not in front a screen I'm into German Shepherd dogs, quality knives, target shooting, theology, tabletop roleplaying games, and forest hiking.
I enjoy writing technical articles here on LowEndBox to help people get more out of their systems. You can find me on LowEndTalk @raindog308
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good message
yeah about that. still using crypto here in Shenzhen. crypto mining has never been this popular in china. I would distrust news sources like this as they are not what is actually happening. there are numerous crypto exchanges in china and they are government supported. You can pay for near anything in crypto through wechat. The GPU shortage proves there is no ban. They are building more power stations specifically for mining.
Distrust news sources like…the New York Times, CNBC, Slate, Business Insider, pretty much every major news source?