China is against crypto because they are afraid of capital flight in all forms whether that be crypto, international real estate and stocks or other investments outside the purview of the CCP. They want their people to have their wealth in yuan because they can easily control it, and wealthy Chinese people know this which is why they find ways around China’s restrictive investment regulations.
Evergrande was selling homes that did not exist, those mortgages were bundled by the bank and loaned back to other realtors. The realtors would lease land from the government, get loans and then spend the money on other things besides the projects. This has been going on for years and now the banks are out of money and no houses were built. Now the people want their money and homes built. The government said no, the money is not protected by CCP
They definitely have the ingredients for a meltdown given how much of their economy is tied to construction projects that are deeply speculative and generally underwater. But the CCP isn't exactly going to go with the rip off the band-aid solution here AT ALL, so it'll be bailoutpalooza. Maybe that will be a mistake in the long-run and the average schmuck will have to pay for the excess, but it'll at least keep things relatively stable.
The reason why you're not hearing about the atrocities is due to the CCP censorship. YouTube bends to the knee of CCP and many videos showing the truth were taken down by YouTube because of CCP complaining. I have been speaking about this since last year when evergrande exploded. First it was realtors scamming customers, then the banks got in and started to steal the customers money. The nut kicker is the money stolen is not protected by the CCP. Then the customers wanted their money and homes to be built. They said no. Closed ATMs and rolled out tanks. It's a mess. Housing crisis, banking crisis, and human rights violations so CCP poohbear can feel good about himself
People have been declaring China's economy on the brink of collapse for years. Just enter "China economic collapse 201X" and you'll find constant That doesn't mean things are going great, and I think China is going to enter a period of stagnation, but I wouldn't look for some kind of sudden collapse. The CCP will backstop whatever they need to, regardless of the long-term pain to avoid that.
But the issue is that by going into war causes the country to go into war-time economics where the dynamics change and a lot of the fat on the economy is trimmed. Everything and everyone becomes singularly focused on production. Things like rationing and frugal living become a lot more tolerable from the perspective of society. It’s also one way to kick the can down the road in terms of borrowing money. It won’t alleviate the insane amount of debt in the Chinese system rather it’ll further exasperate it, but an opportunity is created to kick that can further which ccp is currently seemingly becoming more and more incapable of doing so. The reason I think the war won’t happen is because of the severe tactical choke points like the malacca straits and first island chain. The belt and road system is currently not at the capacity to counteract such blockades. Although China is still continuing to shore up its allies across Asia and the Middle East so that if anything does happen they have a strong axis across the Asian plains as the Pacific region will be more supportive of the US. China is also still not at a place to truly challenge the US in the Pacific if the US is supported thoroughly by many of its allies. They may gamble that they will not receive the support that they need. This is helped by Russia’s precarious position and being put in a position where they have no choice but to side with China. This friendship has greatly galvanised the CCP’s will for a Cold War. They got the ally that they needed to not be secluded and starved in a drawn-out conflicts And with expanding economic, environmental, and demographic issues, a cool down period of 30-40 years is needed for the economic factors in China to reset. Maybe there will still be continued military growth for the next 8-10 years as CCP reallocates funding to this sector at all costs similarly to countries like Pakistan have done in the past. So the next 4-5 years might be a good last opportunity to make a move if the economic downturn of the next 2 years isn’t extremely severe (let’s say ‘extremely severe’ in this case means something at a similar level to Japan’s lost generation). So there are too many factors at play as to what decisions Xi makes but the dice is still up in the air. And Pelosi’s trip has really put CCP in a position where they have to respond or look weak while also having a How far things escalate further beyond that and where places like India fall in the picture and whether EU can meet the call of the US or has to instead be bogged down countering Russia will only be known once we’re amidst the war.
Sorry to burst the bubble on this sub, but BTC is still being treated as high beta risky asset and grouped with growth stocks. A financial collapse in China will ensure all institutions dump BTC like trash Luckily, if you know anything about CCP they rather execute everyone who knows too much, or openly oppose their policies, than letting Chinese real estate falls
I don't think bank run will be much of an issue. More likely that CCP can mitigate that. But the possible fallout from defaults may be harder as a lot of it is tied to foreign investments. If China fails to pay its bonds to the likes of Blackrock, then a bank run will be the last of our worries. Most G7 countries are going to feel the hit. If there's even a war in Taiwan, it's just going to be an excuse. Pensions around the world are going to get decimated and China is mostly likely going to be the trigger.
The CCP is the *perfect* example of why central planning is doomed to failure. It is a broken and dangerous model, period. The US Federal Reserve is another example of failed and dangerous central planning. Bitcoin is an amazing solution that is the antithesis of central planning. It’s a system that is going to help the world so much in the next decade. My hope is that humans can figure out more decentralized / distributed / immutable systems that can take the place of centralized systems.
you should be scared too, one of the main reasons US has upper hand in this world is the USD, just to give quick example, Europe is buys gas from Russia, so what do they use? Euros?Ruble? Nope USD. Germany is paying more for gas because the gas price shot up + it pays more because Euro lost its value over the dollar. Its a double whammy. World didn’t start using USD as the main currency by accident and this gives crazy advantage to US, so yeah unless you live outside of it I would not cheer for downfall of USD, you know the saying “be careful what you wish for”. Ps if anyone is REALLY scared of bitcoin or crypto in general then its CCP.
Banning all citizens from using a privacy tool is something the CCP would do. It is absolute affront to a free society. Any legislator who supports this, or supports the Treasury officials behind this, should be voted out. Unlike in China under the CCP, people in the US have the right to free speech, and I encourage you to use it.
The banks and the CCP are co-conspirators [https://www.ft.com/content/eac99fd9-0c30-4141-821a-45348f61c113](https://www.ft.com/content/eac99fd9-0c30-4141-821a-45348f61c113) >HSBC has become the first foreign lender to install a Chinese Communist party committee within its investment banking subsidiary in the country, a move that underlines the tension facing the bank as it tries to navigate between Beijing and the west. [https://www.reuters.com/world/china/hsbc-confirms-staff-china-unit-set-up-branch-chinas-communist-party-2022-07-21/](https://www.reuters.com/world/china/hsbc-confirms-staff-china-unit-set-up-branch-chinas-communist-party-2022-07-21/)
We're generations away from that. CCP probably has the best propaganda system on the planet. MANY people willingly buy into the Communism narrative. That was there was massive focus on anti-corruption and reigning in big tech, to win public trust again.
China doesn't like Bitcoin for one simple reason: it can't control it, or even impose mass surveillance on its population. Under these conditions, the CCP considers the risk too great. Anything that can bring freedom to the people must be fought for Xi Jinping and the CCP. Beijing has to keep its hands on everything.
>Are you one of those foreign-born chinese thirsty for some ethnic identity? I was born in China. > if there’s no CCP the mainland would become prosperous even faster, just like Taiwan did. That's true, because Mao destroyed the country. But Taiwan didn't become "prosperous" because of "democracy". Taiwan became prosperous because the US needed a puppet to counter communism. India is a much closer comparison with China in terms of population size and all. India was actually richer than China in the early 80s, but look at the two now. Now because of the fast growth, there are a lot of social problems today, and it's extremely cut-throat with horrible office politics. There are lots of bad things about China, but it's none of the things western media talks about. Those are 90% lies, 9% exaggerations and 1% distorted truths because they dont' understand the difference between western and eastern culture.
In the case of ethereum, the cost of purchasing 51% of the stake (which isn't even on the market) would cost multiple times the price of buying the hash rate. You can't just look at the market cap and imagine buying 51% at the current price. That's not possible. Even trying to borrow large amounts OTC would create an equivalent buy pressure and push the price up with every purchase. A 51% attack would cost more than it's total current market cap, $200B, at a minimum. Compare that to what would happen if the CCP decided to ramp up miner production and confiscate every miner produced. Nobody would be able to add hash rate but them. They could certainly buy 51% of the hash rate for less than $50 billion. All of the miners combined are only making $20M per day in rewards. Subtract energy costs, and you realize that this $7B/year (revenue) industry would not produce enough profit to be anywhere near as valuable as its stake is. Further, the CCP would have no energy cost basis to maintaining an attack. And that's only the beginning of why POS is significantly more secure than POW. Think about what happens to the successful 51% attacker on POW. They need only maintain the attack for a few days before the professional miners are forced to shut down, because the 51% attack keeps anyone else from getting rewards to pay their energy bill. Every day, the hash rate required to maintain the attack will decrease. The network nodes will eventually fork to a new chain to undue the attacker's blocks, but guess what, the attacker can attack forks faster than they can be organized. The chain would be ruined, and the attacker could resell their mining equipment to cover much of their costs and very likely could short enough coin to turn a profit. Now compare that POS. Ignoring that many POS chains require 67% to write bad blocks, the nodes of a successfully attacked POS chain would immediately organize a fork, and remove the attacker's stake. Yes, they'd probably want to rollback the attacker's blocks, and their chain would suffer a reputational hit, but the attack would be over immediately. The attacker's stake could be blacklisted or even deleted if the consensus of nodes agree to it. There would be no way for an attacker to recoup that much cost (impossible to borrow and short anything close to that much) or attack the chain again without starting over from scratch.
Are you one of those foreign-born chinese thirsty for some ethnic identity? One of my best friend is an expat Chinese from the labor class and he curses CCP with every of his living breath. He always says China is prosperous because the hard working ethic of the Chinese people, if there’s no CCP the mainland would become prosperous even faster, just like Taiwan did.
this is the brainwashed propaganda bullshit I'm talking about. You guys are completely brainwashed by false information to hate on people you know nothing about. The CCP is bad, but it's not worse than the shitty american government. If I could topple one of them, I'd topple the american government first.
Because she can This is the difference between China and free countries. Even though the US President and his Cabinet are constrained against recognition of Taiwan, members of Congress are independent of the President's administration. This distinction is fundamental, but too subtle for authoritarians. The CCP politicans, as intelligent as they are, can not understand why the US President isn't the boss
Well yes, the independent and democratic country of Taiwan has never once been legally ruled by the CCP It would be like the United States claiming Newfoundland as American just because it’s close and British Royalists fled there after independence.
It’s overhyped US Congress routinely visits the independent country of Taiwan and CCP talks shit about it literally every year for the past decade (probably longer) But media in the US for some reason saw they got good ratings with Putin’s doomsday remarks a few months ago so they are going back to the same fear playbook to get ratings. It’s a big nothing
I don't know why mainstream media, even business specific media, isn't covering this more. It's getting really bad over there. China has the power and tools to deal with contagion, but the question is, does the CCP have the minds to deal with it?
As long as media goes along no one is the wiser. Lol. How come we don't hear anything about Chinese CCP buying all the fertile land in mid America to create our dependence on their food supply. This will make our reliance on foreign oil feel like a walk in the park by comparison. Shouldn't this be #1 national security concern?!
To add to point two...the market doesn't care about bad news, it cares about unexpected bad (or good) news. If the market cumulatively expects an (1 = world is over, 100 = best thing possible for the company) outcome of 20 on the 1-100 scale, and the outcome is actually 30, a rally will happen because the 20 is priced in while the 30 isn't. It's the reason why BABA being fined a couple billion $ by the CCP caused the stock to rally - market was thinking the CCP had significantly worse interventions and was going to severely dampen the business, while all it did was slap them with a fine that - for them - wasn't much.
CCP can't let the housing market collapse or the people will revolt and they have the control to make sure it doesn't happen by essentially banning property sales should they need too. I wouldn't rely on anything positive or negative happening with China, it's just too difficult to say which way it will go when you have a single party controlled government.
There is literally **no** way I'd ever touch a CBDC unless I or my family would die with using it. I'd leave the country, go off the grid, or figure something out (if no other way to buy things existed, and people would *definitely* find ways). Any country relying on a CBDC would basically be as screwed as the people living under the CCP, which can turn your "health code" on your phone red if you do anything wrong and completely screw you, It would turn any citizens into slaves.
What? Because I'm calling out your less-informed responses, that makes me a tankie? lol Or do you think everyone that studies Chinese is somehow pro-CCP? Nice pivot though. Moving away from the fact you make blanket assessments by making a blanket assessment about me.
Oh "pm" = precious metals ? Fall for what crap, CCP in China is 100% definitely blocking people from their bank accounts dude :) And using their Army to intimidate people there - with tanks It sounds like people there got brutally scammed, like someone ran off with their money, and there's no word on how they as victims will get restitution, so obviously they are upset, and it seems like the local government would prefer to intimidate with tanks rather than swing the legal situation into action.
We don't call them "bank run" anymore. Check out the Big Short (movie) and many others.... BTW, you know what's good too? **The Men Who Stole The World.** Great documentary done by us. Not by men in tanks! Google it. Keep drinking that KoolAid while they keep financially raping and starving us. You are here on Bitcoin because deep down you KNOW! Satoshi knew. You aren't here to support democrats/republicans/ CCP, Fat Boy KIM, Trudeau, Euro socialism etc etc. They are ALL bad and YOU know it! We ALL know it!
It's obviously real to some extent. I would not trust any of the context around the video right now, but we've seen that riots broke out on the 11th elsewhere due to the crisis, so the idea that the military is interested in making a show of force doesn't seem hard to buy. And then from the Western perspective, the CCP has a track record of a certain amount of gaslighting about the use of tanks in public spaces... I'm not saying that there isn't more to this, just that it's hard to know exactly how seriously to take news out of China.
There’s a banking crisis happening in China due to a number of reasons, one of which is that the bank owners apparently stole and spent their depositors’ money on hookers and blow and collapsing real estate and whatnot. And it’s gone. Now the depositors want their money back and are starting to riot, so the CCP sends in the tanks to quell the rioting.
>If I have money in these banks, I will be withdrawing everything. Not worth risking your life savings for a negligible interest. They're preventing people from withdrawing. They're saying people's savings are now CCP investment funds which means people's money now belongs to the CCP
Coin Bureau covered bank runs yesterday. First I thought old news, but then he broke it all down well, and I thought, oh shit, that sounds like celcius etc. Plus he also mentioned that CCP had altered peoples' digital vaccination passes (turned them green to red) when going to protesting areas, then back to green when they returned to their home area.
Oh no. Who could have possibly seen an open simultaneous embrace of all the worst parts of communism and fascism in an authoritarian regime might backfire like this. Good thing they have the "true democracy" of a single party system to save them. They actually keep voting for the CCP... it's like being in the Spanish inquisition and still openly loving the local church...