OF THE
TIMES
The statement also highlighted the risks of cryptocurrency trading, saying virtual currencies "are not supported by real value", their prices are easily manipulated , and trading contracts are not protected by Chinese law .Translation: We cannot control what citizens do, we cannot tax them, and we cannot crack it. So we ban it.
The domain name "bitcoin.org" was registered on 18 August 2008.[20] On 31 October 2008, a link to a paper authored by Satoshi Nakamoto titled Bitcoin: A Peer-to-Peer Electronic Cash System[4] was posted to a cryptography mailing list.[21] Nakamoto implemented the bitcoin software as open-source code and released it in January 2009.[22][23][14] Nakamoto's identity remains unknown.[13]
On 3 January 2009, the bitcoin network was created when Nakamoto mined the starting block of the chain, known as the genesis block.[24][25] Embedded in the coinbase of this block was the text "The Times 03/Jan/2009 Chancellor on brink of second bailout for banks".[14] This note references a headline published by The Times and has been interpreted as both a timestamp and a comment on the instability caused by fractional-reserve banking.[26]:18They can't control it. They can only pump billions in and take it out all of a sudden. But with so many regular people using it the floor of the dips are rising. I doubt it will reach $10,000 again and I definitely doubt it will reach $1000 again. I think the floors of thee dips will continue to rise over time.
China is right, and it may be that an outright ban will provide it with some protection from those who would seek to destabilize their economy through financial speculation and manipulation.I'm going to rant a little bit because I'm retired and bored. Now let me just say that this is a very naïve take on Chinese political motivations from someone who I don't think understands the realities of Chinese politics. I'm not trying to be insulting here. I don't expect anyone who has not had to deal with Chinese politics/business in one way or another to understand it. I've had limited exposure than others, but I still get it, nonetheless. You wont get any of these political realities from the Chinese state run media, or from the Western media, who use China as a bogeyman that they can shape and mold at their whim. But it seems to be a common light-switch brain thing wherein you think, "if the West is bad then the East must be good." Sorry, but it doesn't work that way. The elites are all in bed together, in one form or another. Just ask Hunter Biden.
Taiwan (traditional Chinese: 臺灣/台灣; simplified Chinese: 台湾; pinyin: Táiwān),[II] officially the Republic of China (ROC), [f] is a country in East Asia.[16][17] Neighbouring countries include the People's Republic of China (PRC) to the northwest, Japan to the northeast, and the Philippines to the south. The main island of Taiwan has an area of 35,808 square kilometres (13,826 sq mi), with mountain ranges dominating the eastern two-thirds and plains in the western third, where its highly urbanised population is concentrated. The capital is Taipei, which, along with New Taipei and Keelung, forms the largest metropolitan area of Taiwan. Other major cities include Kaohsiung, Taichung, Tainan and Taoyuan. With 23.57 million inhabitants, Taiwan is among the most densely populated countries.Notice the last sentence:
Austronesian-speaking ancestors of Taiwanese indigenous peoples settled the island around 6,000 years ago. In the 17th century, large-scale Han Chinese immigration to western Taiwan began under a Dutch colony and continued under the Kingdom of Tungning. The island was annexed in 1683 by the Qing dynasty of China, and ceded to the Empire of Japan in 1895. The Republic of China, which had overthrown the Qing in 1911, took control of Taiwan on behalf of the World War II Allies following the surrender of Japan in 1945. The resumption of the Chinese Civil War resulted in the ROC's loss of mainland China to forces of the Chinese Communist Party (CCP) and retreat to Taiwan in 1949. Its effective jurisdiction has since been limited to Taiwan and numerous smaller islands.
Its effective jurisdiction has since been limited to Taiwan and numerous smaller islands.It says "effective jurisdiction" because the editors don't want to tell you the truth that it actually claims to be the legitimate government of Mainland China and Mongolia.
Comment: China is right, and it may be that an outright ban will provide it with some protection from those who would seek to destabilize their economy through financial speculation and manipulation. The West, that is still - amongst other things - reeling from the banking crash of 2008, clearly isn't in a position to criticize: