China Outlaws Bitcoin | Hacker News Reader

China Outlaws Bitcoin

reuters.com

China has denounced crypto currencies once or twice a year since the inception of the concept. Considering they’re at the precipices of their own cryptocurrency it’s no surprise. They’re right on schedule with their denouncement.

It seems like they're preparing for total independence on all fronts in preparation for major aggression. They're extracting raw natural resources and stockpiling at a record rate, shutting down foreign business dependencies, further isolating their own people from the world at every opportunity.

This looks to me like preparation to move on Taiwan and expand on other "disputed" territory. They may suspect that the Biden admin will allow it.

>preparing for total independence on all fronts

I don't think this is possible, especially given China's energy and food import needs.

But looking at the fragility of being to dependent on globalization and the negatives that come with it (look at deindustrialization of US and what it did to jobs and economic prosperity for huge portions of country, and even COVID and supply chain disruptions and shortages) China can simply determine becoming more self-sufficient is better for them long term even apart from war and expansionist motivations.

With the current Evergrande crisis, China is proving that it doesn't need to be dependent on globalization for the economy to be fragile. I think that China is more concerned about the effect that US sanctions could have on their economy, such as the US preventing chips from being sold to one of China's largest tech companies (which happened when US banned chip sales to Huawei).

They succeeded in a global bio Terror event via Covid and everyone just rolled over… today the lungs, tomorrow the world.

I imagine this is to block desperate exfiltration of wealth before yuan devaluation during anticipated financial turmoil from real estate defaults...

"You mine bitcoin? Right to jail, right away. You try to buy bitcoin? Also jail. You try to sell bitcoin? Believe it or not, jail. We have the best traders in the world... because of jail"

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