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China will likely ban all bitcoin mining soon
Bitcoin took investors on another rollercoaster ride over the weekend after a top regulator in China announced a crackdown on mining, a new tack in the country's ongoing fight against the cryptocurrency.
The government will "crack down on bitcoin mining and trading behavior and resolutely prevent the transfer of individual risks to the society," said the statement, which was issued by the Financial Stability and Development Committee of the State Council, the country's cabinet equivalent. The committee is chaired by Vice Premier Liu He, who acts as President Xi Jinping's top representative on economic and financial matters.
"The wording of the statement did not leave much leeway for cryptocurrency mining," Li Yi, chief research fellow at the Shanghai Academy of Social Sciences, told the South China Morning Post. "When all mining activities are banned in China, it will be a turning point for the fate of bitcoin, as a large chunk of its processing power is taken out of the picture."
Also at Notebookcheck.
(Score: 2) by FatPhil on Tuesday May 25 2021, @03:36PM (4 children)
Trade is so vital in both directions neither country wants their currency to plunge relative to the other, so there's basically a mexican standoff, but nothing that's officially keeping things in balance. Trump's petty trade spats - it's on, I did a great thing, it's off, I did a great thing, it's on again, I did a great thing again, it's off again, I did a great thing again, ... - did move that detente towards entente, and they stopped looking like they were tracking each other. From a Chinese viewpoint the official line would be that the US dollar was basically set to the Chinese Yuan, they would find your wording bizarre and not representing the reality that they see. The offshore yuan did deviate from the official yuan for a while (its market price where it was tradeable was not its official price), so one might say that they did go their own way several times.
It's complicated.
The thing to remember about this game is that China's holding all the chips...
Great minds discuss ideas; average minds discuss events; small minds discuss people; the smallest discuss themselves
(Score: 3, Funny) by chromas on Tuesday May 25 2021, @09:58PM
https://i.imgflip.com/4ry0sd.jpg [imgflip.com]
(Score: 0) by Anonymous Coward on Tuesday May 25 2021, @10:48PM (1 child)
No, the yuan is actually pegged to the dollar. This is the whole reason people complain about price manipulation.
(Score: 2) by FatPhil on Wednesday May 26 2021, @06:36AM
However, what proportion of the time is it actually within this bound?
If the answer is "not very often" is it *actually* pegged? Is the teetotal man who's always pissed really teetotal?
And then there's the issue of the offshore Yuan, as I mentioned before.
I'm viewing things through the eyes of ERMII, and Yuan/USD does not satisfy the ECB's definition of being successfully pegged.
Great minds discuss ideas; average minds discuss events; small minds discuss people; the smallest discuss themselves
(Score: 0) by Anonymous Coward on Wednesday May 26 2021, @08:18PM
> The thing to remember about this game is that China's holding all the chips...
What are you talking about specifically? China seems fucked to me. It's going to sink with rising sea levels, it's a polluted shithole, the people (I presume they're human) know the leaders are corrupt. Ageing population. They can pretend it's not happening and watch broadcast propaganda for only so long.