China gets tough with trading and mining cryptocurrencies

[HEXUS]

Crackdown has a big impact on values of BTC, ETH, as well as driving GPU prices down.

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[Yoyoyo69]

And this is just the beginning, the price has much further to go. More crackdowns to come too.

[LSG501]

If this brings graphics card prices and supply back down to 'normal' then I'm all for it lol.

[ShreddedWheat]

It isn't a sustainable solution and needs to be killed off!!

[RoadhawK]

Doge down to .16, time to buy lol

[Corky34]

Just in the last 24hr ETH is down roughly 14.5% and BTC is down almost %12, in fact all Crypto seems to be falling, with any luck the bubble is about to burst and we'll see a return to normal.

Does anyone know what China's crackdown involves? Are they raiding farms and confiscating the hardware or something?

[kalniel]

Does anyone know what China's crackdown involves? Are they raiding farms and confiscating the hardware or something?

Lots of things. They made mining illegal, then they went after the power suppliers, the latest approach is targeting banks and payment companies.

[Iota]

Does anyone know what China's crackdown involves?

Making people caught disappear? I certainly wouldn't want to be on the wrong side of it.

[Corky34]

Lots of things. They made mining illegal, then they went after the power suppliers, the latest approach is targeting banks and payment companies.

Got to say that seems a bit weak in terms of repercussions for doing something illegal, especially as, i thought, Crypto sort of avoids traditional banks and payment companies.

Not saying it's nothing BTW, it just seems those sort of things could be circumvented or worked around without much loss.

[kalniel]

Got to say that seems a bit weak in terms of repercussions for doing something illegal, especially as, i thought, Crypto sort of avoids traditional banks and payment companies.

Not saying it's nothing BTW, it just seems those sort of things could be circumvented or worked around without much loss.

Well I don't know what the repercussions actually are - I sort of get the impression that the authorities don't always spell it out, instead they maybe let it be known that they disapprove of something and then sort out the repercussions as best suits their purposes later.

As for circumvention.. if your electricity supplier suddenly won't give you more than enough to run a few light bulbs then your only circumvention is to buy and run a generator - and you can bet they are being clamped down on at the moment as well. Then likewise if you suddenly can't actually convert your mining spoils into usable currency (and can't use it to pay for anything) then that also puts a bit of a damper on things. Something we'd consider circumventable in the west isn't quite the same when you don't have access to a free market/internet.

Of course, it'll just move out of China, and then the authorities might consider how they can get in back in a manner they can control/profit from.

[mikeo]

As this is China we are talking about... they could well be shipping people off to "re-education" camps!!

[Ciber]

China has been 'banning' cryptocurrencies for years. This is FUD, not news.