China Apparently Just Banned Bitcoin

Andrew Anglin
Daily Stormer
September 4, 2017

Look, the main thing I know about bitcoin is just that I made a shitton of money from it.

I don’t know all that much else.

I also don’t read Mandarin.

So I don’t know if China just banned bitcoin or not.

But that’s what these guys are saying.

Business Insider:

China’s crackdown on “initial coin offerings” may be much wider than first thought, potentially making all cryptocurrency trading illegal.

The People’s Bank of China (PBoC) on Monday outlawed ICOs, a method of raising money by issuing new digital currencies. The trend has become hugely popular, with over $1.5 billion raised using this method in 2017 alone.

However, the wording of the PBoC edict also suggested that trading and usage of all cryptocurrencies, including bitcoin, is now illegal in China.

The PBoC said that virtual currencies that are “not issued by the monetary authorities… do not have legal status equivalent to money, and can not and should not be circulated as a currency in the market use.”

The PBoC added that “any so-called tokens financing trading platform shall not engage in the exchange of legal currency and tokens.” It even goes so far as to ban platforms from “provid[ing] pricing, information, [and] intermediary services.”

Wow, it’s illegal to look up the price.

Hardcore.

Adam Efrima, the operations director of trading platform eToro in China, described the ruling as a “huge deal,” saying: “It’s bigger than most people think it is.”

Efrima, who first alerted Business Insider to the far reaching nature of the PBoC ruling, said: “I don’t think the Chinese government are against blockchain and high-level blockchain development, I think what they’re trying to do is take down scammers.”

But he added: “Cryptocurrency related exchanging and trading activities are officially forbidden. If you interpret the law literally then you cannot engage in any crypto exchange — crypto-to-crypto or crypto-to-fiat.”

So, presumably this would be bad for the market, if it were actually enforced.

It is the Chinese that have driven up the cost of BTC over the last year.

But I have no idea – maybe China banning it will somehow make it go up.

I do know a thing or two about China. Many moons ago, I spent a good deal of time there. And for an absolute certainty, no Chinese law is enforced absolutely. Probably more than half of Chinese laws are not enforced at all, and simply exist because maybe at some point they might decide to enforce them against someone.

There is a stereotype of China as an orderly society. That is basically sort of true, but the reason is because Chinese people are naturally docile, non-confrontational and like being told what to do and doing it – not because they have orderly systems of order. In fact, for all of the talk about a rigid and oppressive society, China as a society is ordered chaos, driven by an extremely positive work ethic and the liking to do what they’re told thing.

None of the cryptocurrency stuff makes sense to me, and I believe very strongly that it doesn’t really make sense to anyone else either. I have had a lot of long talks with a lot of business-smart people about cryptocurrency, and most of them say no one can predict anything that is going to happen in this market, other than it’s going up in the long run, indefinitely. Conversely, people who bullshitted me about other things claimed to be able to predict crypto markets.

Right now, if someone asked me, I would say: if BTC ever goes below $3000 again, pour money into it. As much as you can.

I think there are going to be emerging currencies that people can make a lot of money on soon as well, but again: there is no way to predict any of that.

ALSO

Please send us bitcoin.

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And get in it yourself.

I strongly advise this.

We will publish a detailed guide soon. Or maybe steal someone else’s.