China has banned all cryptocurrencies. For mainland Chinese it is now officially illegal to mine and trade crypto from my understanding. As a Communist country I understand why they are banning crypto. There will be harsh punishments for those who won’t follow the law for sure. It’s all about control.
Anyway, how will this effect Chia? I can already see the price falling, probably a lot of Chinese holders are selling their coins and the equipment. Some might want to leave China but it is not that easy to leave… you need permission from the Government. Anyway, they will be forced to stop all activities. Can we see the Network drop by as much as 20-30%? What do you think?
This is a good time to take advantage. I’d like to know your thoughts on how to make the best of this. What do you plant to do? Would you purchase the coin or would you buy the equipment which I’m sure will be available to purchase on Aliexpress and such.
In any case, expect the prices to drop more before it goes up again. Best thing to do right now is to wait a bit.
This mostly seems to be piss poor reporting from the international media.
Chinese central bank published some answers to journalist questions about an already published Notice (sept 15th) from the central government concerning Crypto currencies and posted the answers on their website today.
So this is what I’ve seen and that’s why I think we will see a drop in netspace size:
“While it doesn’t outlaw crypto mining completely, it orders local authorities to clamp down on illegal mining activities and prescribes a gradual phase out of the industry. Mining is to be deemed an “outdated” industry. No new projects are allowed. Existing ones will be given time to exit.”
I dont think they care what size the farm is.
I suspect its to keep ppl using the national currency.
It’s not hard to detect mining/ farming traffic over the interwebs, and its a heavy surveillance country
From what I read today, all Crypto will be cracked down in China as China spins up their own Crypto coin. This is a good thing for the rest of us (long term) as we buy the dip and keep farming away. Buying XCH at 180 USD was a bargain IMHO.
Trying to stop crypto is like trying to shut down the internet. It can be done but will never happen. So all the stuff happening right now is FUD. I am selling my Chia rig but not because I doubt Chia, I just want to make the best of this dip and buy something else I believe in more. Simple as that
We live in a golden period. If you’re lucky or smart to invest in the right thing, you’ll make a fortune. The banks will fall eventually and we will become the banks. This is one of the greatest money movements in history. That’s what I believe at least.
China had already officially banned cryptocurrency, since 2019, they’re just reiterating what they had previously declared. FUD news! Also, this has nothing to do with them being a Communist country, it’s to stop capital outflow.
It has everything to do with them being a Communist country. I used to live in one… their motives are always noble but it’s never like that if it makes sense
That was my first reaction to, and the title is still nonsense. But behind it seems to be a bit more serious.
I’m seeing that this is really a new step where enforcement has been stepped up with a intra-organisations cooperation.
Also the definitions have been broadend to include more stuff.
It seems that anyone offering crypto exchange services in China will now be subject to legal measures.
It’s nothing really new, but definately seems a new step in their crackdown.
But if there is one thing I know about Chinese business operators, is that they will ways find a way to work around the rules. They’re used to it.
Living in a Communist country means you don’t have the same rights. I don’t think you understand what they do in China to people who don’t follow the rules. One day you can simply disappear and that’s it. There is no mass media to investigate your disappearance and if the family does samething, the same will happen to them.
If the Chinese government says something, you have to listen or you end up dead or worse… in a labour camp. That’s the Communist way of handling things. You don’t try to go around them… ever
BUT if you have government ties then you might be allowed to operate. Nothing goes around them
WOW it was down to 120! This is all the Chinese selling their earnings… nothing to do with Chia! Buy Buy Buy!!! It’s not over yet… they will keep on selling next week, this will last until the end of the month I think
If you’re a long time holder… you shouldn’t. You just feel like you could of done better with your money but it is still a good investment. There are some opportunities right now that make you feel like you want to have some money to invest. Now is the time when new millionaires are born
