Musk trolling like a boss: NO MOAR BTC!

[Luziyca]

Why now? The environmental effects of cryptocurrency mining have been known for some time now.

Exactly.

If I were in charge, I'd ban cryptocurrencies outright: the only things people use them for are criminal scams or NFT bullshit.

[An Alan Smithee Nation]

Never understood the fascination with cryptocurrency that inherently has far less value than people ascribe to it. It's like astrology for white guys. *shrugs*

Its advantage is that governments can't track it, and it avoids using dollars as a medium of exchange

I am a little cynical about the idea that governments can't track it. Not that they would shout about it if they can.

https://www.bellingcat.com/resources/ho ... g-mueller/

https://www.bellingcat.com/resources/ho ... ocurrency/

[Ethel mermania]

Its advantage is that governments can't track it, and it avoids using dollars as a medium of exchange

I am a little cynical about the idea that governments can't track it. Not that they would shout about it if they can.

https://www.bellingcat.com/resources/ho ... g-mueller/

https://www.bellingcat.com/resources/ho ... ocurrency/

Control would have been a better choice of word on my part.

What hooks the government has into it, I have no idea.

[Countesia]

I don't know how crypto works and at this point, i'm scared to learn. I remember when it was just bitcoin

[Tsaivao]

I don't know how crypto works and at this point, i'm scared to learn. I remember when it was just bitcoin

Basically it's speculation that my nothing will get more nothing-y and accure more value because the nothing that I put my something into will make more somethings. But the risk that the slightest perturbance will turn all my somethings into nothing.

Oh, also, blockchain.

If it sounds like a scam to you, it's because it is.

[Anarcho-Pepeism]

Never understood the fascination with cryptocurrency that inherently has far less value than people ascribe to it. It's like astrology for white guys. *shrugs*

Its advantage is that governments can't track it, and it avoids using dollars as a medium of exchange

I agree with the latter, not too sure about the former. EU countries require an ID verification before being able to buy/sell on central exchanges.

Control would have been a better choice of word on my part.

What hooks the government has into it, I have no idea.

This however, is very true. Govt, at least the central banks, don't have control over it.

I don't know how crypto works and at this point, i'm scared to learn. I remember when it was just bitcoin

Knowledge never hurts.

[Kowani]

Bitcoin continues to collapse as China cracks down on crypto

The price of Bitcoin has fallen below $34,000 (£24,030) for the first time in three months, after China imposed fresh curbs on crypto-currencies.

Beijing on Tuesday banned financial institutions and payment companies from providing services related to cryptocurrency transactions.

It also warned investors against speculative crypto trading.

It follows falls in Bitcoin of over 10% last week after carmaker Tesla said it would no longer accept the currency.

On Monday the crypto-currency was down 22%, a fall of about $6,000 in the last 24 hours.

Meanwhile, other digital coins such as Ethereum and Dogecoin lost as much as 25% and 29% respectively. Crypto-currency trading has been illegal in China since 2019 in order to curb money laundering. But people are still able to trade in currencies like Bitcoin online which has concerned Beijing.

On Tuesday, three state-backed organisations, including the National Internet Finance Association of China, the China Banking Association and the Payment and Clearing Association of China issued a warning on social media.

They said consumers would have no protection if they were to incur any losses from crypto-currency investment transactions.

They added that recent wild swings in crypto-currency prices "seriously violate people's asset safety" and are disrupting the "normal economic and financial order".

Neil Wilson of Markets.com said: "China has for some time been putting pressure on the crypto space, but this marks an intensification - other countries might follow now as central banks make strides towards their own digital currencies.

"Until now western regulators have been pretty relaxed about Bitcoin, but this might change soon."

[Ethel mermania]

Bitcoin continues to collapse as China cracks down on crypto

The price of Bitcoin has fallen below $34,000 (£24,030) for the first time in three months, after China imposed fresh curbs on crypto-currencies.

Beijing on Tuesday banned financial institutions and payment companies from providing services related to cryptocurrency transactions.

It also warned investors against speculative crypto trading.

It follows falls in Bitcoin of over 10% last week after carmaker Tesla said it would no longer accept the currency.

On Monday the crypto-currency was down 22%, a fall of about $6,000 in the last 24 hours.

Meanwhile, other digital coins such as Ethereum and Dogecoin lost as much as 25% and 29% respectively. Crypto-currency trading has been illegal in China since 2019 in order to curb money laundering. But people are still able to trade in currencies like Bitcoin online which has concerned Beijing.

On Tuesday, three state-backed organisations, including the National Internet Finance Association of China, the China Banking Association and the Payment and Clearing Association of China issued a warning on social media.

They said consumers would have no protection if they were to incur any losses from crypto-currency investment transactions.

They added that recent wild swings in crypto-currency prices "seriously violate people's asset safety" and are disrupting the "normal economic and financial order".

Neil Wilson of Markets.com said: "China has for some time been putting pressure on the crypto space, but this marks an intensification - other countries might follow now as central banks make strides towards their own digital currencies.

"Until now western regulators have been pretty relaxed about Bitcoin, but this might change soon."

(Image)

Essentially kicking the private guys out.

[Anarcho-Pepeism]

Bitcoin continues to collapse as China cracks down on crypto

The price of Bitcoin has fallen below $34,000 (£24,030) for the first time in three months, after China imposed fresh curbs on crypto-currencies.

Beijing on Tuesday banned financial institutions and payment companies from providing services related to cryptocurrency transactions.

It also warned investors against speculative crypto trading.

It follows falls in Bitcoin of over 10% last week after carmaker Tesla said it would no longer accept the currency.

On Monday the crypto-currency was down 22%, a fall of about $6,000 in the last 24 hours.

Meanwhile, other digital coins such as Ethereum and Dogecoin lost as much as 25% and 29% respectively. Crypto-currency trading has been illegal in China since 2019 in order to curb money laundering. But people are still able to trade in currencies like Bitcoin online which has concerned Beijing.

On Tuesday, three state-backed organisations, including the National Internet Finance Association of China, the China Banking Association and the Payment and Clearing Association of China issued a warning on social media.

They said consumers would have no protection if they were to incur any losses from crypto-currency investment transactions.

They added that recent wild swings in crypto-currency prices "seriously violate people's asset safety" and are disrupting the "normal economic and financial order".

Neil Wilson of Markets.com said: "China has for some time been putting pressure on the crypto space, but this marks an intensification - other countries might follow now as central banks make strides towards their own digital currencies.

"Until now western regulators have been pretty relaxed about Bitcoin, but this might change soon."

(Image)

The collapse from 42k to 30k at lowest this midday was absolutely insane. BTC crabbed back to 38k but I suspect the downward trend will remain. Atleast I sold in time.

[Destyntine]

The collapse from 42k to 30k at lowest this midday was absolutely insane. BTC crabbed back to 38k but I suspect the downward trend will remain. Atleast I sold in time.

I never thought watching a constantly moving line would be so entertaining, that rapid dip and the stories that followed were insane!

I wonder what will happen to those who wagered in at the BTC peak of 60k and now are sitting at a huge loss...