When was it a fraction of a cent in 2021? Edit: Jan 2021 was five months ago, a couple of weeks?
China Banned Crypto
- Thread starter Nobert
- Start date
Back to ET after many busy months. I lost some money today in crypto but overall I've made some. China will ban all crypto to prepare ground for their digital currency. BTC and a few others like ETH will probably remain speculative digital assets in many countries except China and India but regulations will be enacted to limit their use. I was hoping for better but now I see risks increasing.
Yes, possibly if crypto goes through too much volatility, Western governments will step in and curb it somehow. They are more likely to do it after it has fallen rather than being toppish imo.
Rich Chinese use BTC to smuggle money out of China. These rich Chinese don't trust the government and transfer their money out of China. I think the limit for transfering money out of China is $50K per year. Read it somewhere. For these billionaires $50 K per year is problematic.
Does China have separate grids hooked up for fossil plants and renewable? Or did they somehow figure out a way to detect if the KWh being used by miners is from a coal plant or hydro plant? Magic detectors!
That tweet from @Sprout left me like -
Tweets :
,,According to our sources"
,,ONLY mining based on energy from coal - is banned"
Source :
Meanwhile Chinese media :
Can't find anything about coal grid etc.
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Everyone uses crypto to smuggle money out of China. In 2019 alone (before the big crypto boom even!), nearly $50 billion in the form of cryptocurrencies left China. I can't imagine what it has been like for the past year.