China's central bank just declined accepting Bitcoin as a currency. This is a huge blow to BTC because China has a huge stake in the crytop markets. What could this mean for the future of BTC? Time will tell. It's going to be interesting how low BTC goes because I would deduce that when it stops, it means that the support from the rest of the world has begun(Including those in China that will hold).
This is going to be a interesting ride,
- Citizen
"Bitcoin does not have the fundamental attributes needed to be a currency as it is a string of code generated by complex algorithms...But I do not deny that virtual currencies have technical value and are a type of asset," - Sheng Songcheng
https://www.reuters.com/article/us-china-bitcoin-idUSKBN19S0BS
https://cointelegraph.com/news/chinas-central-bank-not-backing-bitcoin-as-currency
(Image Source)
That's actually fantastic news mate, if they do not consider it a currency, they can not treat it as a taxable commodity. The same as if they expect us to pay tax on our crypto trading then they need to accept it as payment ;)
I consider this a +1 to the community and a -1 for the establishment :)
You got some good points. It will be interesting to see China's next move in that because they could still tax it which would be more chaotic. Not sure about Chinese law but it would be interesting to see if they tax assets.
What is also fantastic news is that this will allow me to pick up some more BTC on sale (^:
I hear that, its almost a buyers market for BTC, but I'm not concerned by the taxation, I wont be volunteering for the liability, and if they want to push the matter they can fund my 3 meals a day, 4 walls + roof and my entertainment by locking me up, they will not be given anything of mine, other than my contempt :)
That's the great power behind BTC, it allows us to take our wealth entirely "off-grid". Not that I advise doing anything illegal. But, I believe it's important for central banks and nations to know that we the people can take our money back and disappear if things go array. More and more are also understanding debt and learning that it is inevitably unsustainable. These things are weapons in our hands, and I'll be damned if someone is trying to take what I need to defend myself with.
Don't forget to post about your prison escape :P
Haha I'm English, why would I want to escape if they are funding my existence...
I'm not like most people who just accept what they are told, I never asked to be placed on this hell hole of a rock, and I don't particularly want to be here with the current systems we are expected to live and work by, It's just a shame I don't have what it takes to end myself.
I will never respect any terrorist masquerading as a government agent, I wasn't built for that, and Teresa May royally shot her self in the foot with the quote of the century "in England we are policed by consent", its just a shame that the masses don't have a clue how that consent is extracted by use of the legal name :/
Funny how that works, I want to visit England some day and here you want to leave it. To agree with you though, I wouldn't be staying lol because I don't agree with some of their laws but that is just a personal gripe.
"I will never respect any terrorist masquerading as a government agent" - @lordtricky
I mean, do I need to say more? What you said is perfect and true. We as the people need to understand the difference though! The war of information continues!
There are no laws here mate, only the age old gravity, thermodynamics and the laws of motion. Everything else is legislated rubbish, which requires our consent before it is given the force of law. If only the masses would learn how to not extend their authority to these agents of the state.
don't be afraid of visiting due to legislation mate, but do be afraid of confrontation with trained terrorists who know how to extract an extension of authority, they have to "go wise" as they put it, if you tell them in no uncertain terms they have not been given an extension of authority they usually run away with heir tails between their legs lol.