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Bitcoin is tanking following a reiteration from China's central bank that financial institutions cannot provide cryptocurrency services.

In a statement published online, the People's Bank of China warned against institutions and businesses from engaging in any form of virtual currency transactions.

Bitcoin is tanking following a reiteration from China's central bank that financial institutions cannot provide cryptocurrency services. In a statement published online, the People's Bank of China warned against institutions and businesses from engaging in any form of virtual currency transactions.

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[–] [deleted] • 3 pts

The CCP already banned Bitcoin for personal use years ago when some anti-CCP material was embedded on its blockchain.

https://i.ibb.co/Sytnxr7/Tank-Man-On-BTCblockchain.jpg

The ability to embed uncurated information is its Achilles heel:

https://poal.co/s/CryptoCurrency/331880

[–] • 2 pts

That's true thanks

[–] [deleted] • 2 pts

You are welcome. The Anti-CCP information being embedded was the result of one person suggesting it to both regular Bitcoiners and Chinese dissidents (who actually embedded lengthy messages exposing CCP crimes such as the Tiananmen Square Massacre). I happen to know exactly who was behind this ;-)

[–] • 2 pts

Nothing new from China's side, just a reiteration as you state (is my understanding).

BTC was already hurting from Elon's BS.

I'm sure it will rebound, but who knows how far it will drop. Doesn't seem to have any support. Dropped below 40k, ouch. Next stop 30k?

[–] • 1 pt

Brother, some of us mentioned this would happen about a month ago.

[–] • 1 pt

That's right Brother I put out a post about it a few weeks ago.

[–] • 1 pt

I remember Brother as did I, and we both received a lot of flack from these so called " Experts"

[–] • 1 pt

Lol yes exactly.

[–] • 1 pt

People can't get out fast enough, so much hurt is on the way. Looks like Musk was the smart one when he sold some. Probably sold more than he is telling us. But I have to say, it doesn't feel like this is the end of BC yet, so this could be a great buying opportunity. Same for other cryptos that are down right now.

[–] • 0 pt

Can you explain this to me. If they investigated in bitcoin and made tons of money why wouldn't they sell high and make the money? Can't it be sold?

[–] • 0 pt

sure you can sell, if your brokers website hasn't crashed. with everyone trying to preserve profits and trying to sell, many will be out of luck. Look how fast it crashed.

[–] • 0 pt

Thanks.

[–] • 1 pt

It is interdasting the CCP pushing an e-yuan which i understand as their "own" type of cryptocurrency. I did not did too much deeper on how that relates to the yuan-their basic unit of currency. Heh, the glowing reports i read of the e-yuan were glowing all right. The authors were Chinese. Now this. They suddenly attack bitcoin. Hmmmmm.

Anyone i have spoken with i simply say it is a risky venture. Just be prepared to win...or lose. Can you afford to lose what you put in it? Yeah, some folks making bank, but often they are folks who can sustain a loss. Some regular working fellow might not absorb such losses as well. It's a gamble. I do believe that it is more speculation than it is investment.

I know very little about this and that may be evident. But that is what i have gleaned so far. I sorta wished i got in it in the early stages. Now it really IS a crapshoot.

[–] • 1 pt

I think its more interesting when you ponder the Tesla China relationship and how all of a sudden Elon goes 180 on BTC as soon as his company comes under pressure from Chinese authorities.

It's all connected and its all a game to keep the average person slaving to keep an unfair system alive.

Nothing of our modern society can be saved if we are to have a prosperous future.

[–] • 1 pt

I dont know if it needs to be salvaged or tear down and start again.

It appears to be an all out tear everything down fight.

Like the one percent think that would make them safe.

Heh. Fat chance. Cant steamroll US like some second world or third world country. We still have the means to resist tyranny.

The whole economic picture is def being flipped upside down.

Which is their intent.

You say correctly that it certainly is all connected. But we are not defeated, yet! We do have American ingenuity to see us through this storm.

Folks lookin' to make some "easy money" might find it aint so easy.

[–] • 0 pt

Time to buy.

[–] • 0 pt

No thanks.....Big institutional investors are dumping bitcoin and going back into gold, JPMorgan says........https://www.cnbc.com/2021/05/19/big-institutional-investors-are-dumping-bitcoin-and-going-back-into-gold-jpmorgan-says.html

[–] • 0 pt

Who cares. They sold sup prime loans as AAA investments, you're going to believe those jews?

[–] • 0 pt

Sweet! I'm gonna get me some crypto pretty soon.