Did China just legalize Bitcoin, clarify regulation, for its free market use?

[semaforo]

   Thanks for the contribution.

[dc0ded]

Hey "No" voters, China still hasn't made it illegal to trade Bitcoin as a commodity. They haven't ruled that exchanges can't have bank accounts and thus users can still continue to send RMB in and out of exchanges.

Third party payment providers are not banks and they are not allowed to interact with exchanges, because the Central Bank can't track identities as efficiently through them as they can through the state-owned banks.

So how can you vote "No" given to "Did China just legalize Bitcoin, clarify regulation, for its free market use?" when I made it clear that "for its free market use" should be taken to mean as commodity and not as a legal tender.

Also I have documented that everything that is not legal tender is never currency in any country on earth, because capital gains and/or VAT taxes are due on changes in the value of non-legal tender when using them as a medium-of-exchange.

So what is in your tiny brains "No" voters? Are you just too lazy or stoopid or lacking the ability to do logic?

P.S. I suspect the "No"  vote is composed of those who don't like what I have to say in other threads. Because I point out how stupid they are. This is an emotional vote, and they are entirely ignoring the logic of the question. These people deserve to perish.

I find your comment very helpful in understanding the Chinese stand on bitcoin. Thanks a lot for your valuable contribution.

[cowandtea]

Thanks, I am less panic after reading this thread but still....

[AnonyMint]

The whole media thing is possibly so the institutions and rich can buy in.

As if Baidu didn't know it is volatile. As if the richest man in China (Baidu) doesn't have a connection to the central bank and doesn't know whats coming. So they pumped it up to suck in all the non-professionals, sell into the runup, then crash it and buy back in low. Wash, rinse, repeat.

So expect it to go lower, because some want it to go lower and many of you can panic. This is how the professionals take money from the non-professionals. All markets are manipulated always in the sense that masses have incomplete access and understanding of information. There has never been an exception in the history of the world.

We must realize that the elite in China want to get richer. They have interests which even compete against their own cohesiveness, i.e. some who have this access (perhaps a subsection of the ruling elite) can probably convince themselves collectively they are doing the best they can to control Bitcoin to maintain their control over money while also organizing a manipulation to take more money from the masses.

[AnonyMint]

Edit made to upthread comment.

Why is China ground zero for mining when the ROI is not greater than holding BTC itself?

Because it is the way to get BTC without giving your identity and to side-step capital controls. You can sell these coins privately at a premium to those who need to circumvent capital controls. An underground economy develops. Yet who has access to those with ASICs farms which suck immense electricity? The elite! So they get to skirt the new law while the masses get sucked into AML and KYC.

Now imagine a CPU-only altcoin comes along with very strong anonymity. Checkmate to China's elite. Very good for China's masses.

It is coming soon.