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Many prominent American policymakers, including the President and the Vice President, have become friends with a donor to Rep. Brad Sherman's campaign who has worked with the Chinese state to influence American elections.
In 2018, one of the largest donors to Rep. Brad Sherman’s campaign was a bank director who had spent large sums of money to build political influence among American politicians and who led a US-registered non-for-profit that “signed a MOU of friendly cooperation” with a Chinese state entity alleged by the US State Department [...]
The post A Large Donor to Anti-Bitcoin Rep. Brad Sherman Coordinates With China’s “Magic Weapon” to Influence US Politicians, Including President Biden and Vice President Harris appeared first on Crypto Breaking News.
The new project will use blockchain technology and smart contracts to develop core game systems in the Eve ecosystem.
The post Eve Online Developer ‘CCP Games’ Enters Web3 Space, Secures $40M Funding for Blockchain Game Launch appeared first on BitPinas.
A crypto bill that industry advocates previously said would “kill DeFi” has seen an updated draft released online, with one commentator saying the U.S. is “finally getting their act together.”
China has used its Economic Daily media outlet to signal that further regulatory action may be taken toward stablecoins in the wake of the collapse of Terra’s algorithmic stablecoin.
A former member of the Chinese Communist Party’s (CCP) advisory body has been expelled from the party in what appears to be the first full-blown sanction of an official who has touched Beijing’s nerve against cryptocurrency mining. (Read More)
Bitcoin entrepreneur John Carvalho might be on to something. In a recent episode of the Tales from the Crypt podcast, he posed his theory on why did China shot itself in the foot by banning Bitcoin mining early in the year. We at NewsBTC have been racking our brains trying to come up with possible reasons for the bizarre decision. Are they making way for their CBDC? Is the CPC cutting the wings of Chinese Billionaires in all areas? Were they already losing the hashpower battle? Is China having energy problems? Is this an ESG issue? Were they closing the exit ramps before the Evergrande collapse? Is Bitcoin just too dangerous? Why would they retire from a billion Dollar business that they controlled? Why? WHY? It has been a long time since I last joined TFTC to chat. I had a great time discussing misc Bitcoin and "good morning tweet" topics. Check it out! https://t.co/TVbOEjHWFD — John Carvalho (@BitcoinErrorLog) November 2, 2021 The interviewee summarizes our position with one phrase, “I refuse to believe that China is stupid.” According to Carvalho, they’ve made too much money in the mining business alone, and they also control the ASICs manufacturers. Not only that, mining machines inflate the value of chips. And they control that business too, alongside Taiwan and South Korea. Why would they shoot the goose that laid the golden eggs? It just doesn’t make sense… unless… Carvalho’s Mind Blowin Theory Warning: the following text is full of speculation and assumptions. “I can easily be wrong,” was one of the first things Carvalho said. He doesn’t have any proof that this is what’s happening and neither does NewsBTC. Let’s take it as a thought exercise. This is how Carvalho would “play the game,” though. And if he could come up with that plan, so did the CCP leaders. According to Carvalho, every cycle China manipulates the Bitcoin price to get more BTC. They sell, use the collateral to short Bitcoin, and reaccumulate when the bear market arrives. This time, though, China was facing a more mature and sophisticated market. Their FUD techniques were not working. People weren’t falling for their tricks. So, they had to turn it up a few notches. The main ASIC manufacturer, the Chinese company Bitmain, had a new generation of miners ready. So, the CCP “decided to create a demand for the aftermaket and combine it with the FUD.” As they usually do, they sold their Bitcoin and made their shorts. Then, China banned Bitcoin mining and the whole country turned off the ASICs. The world perceived the ban as real, just “look at the hashrate.” This is the first time this happens. Then, China sold a small portion of its ASICs to the USA. According to the latest stats, the USA now provides the biggest percentage of Bitcoin’s hashrate… or does it? “Everybody has this narrative where China has stupidly left mining and giving it to the US,” Carvalho said unconvinced. A few months after the China ban, American mining companies are suddenly on everyone’s radars. But, is this really what’s going on? If The Theory Holds Up, China Will Come Back To The Mining Game This is price manipulation on another scale. China figured out a way to get more Bitcoin both against traders and against buyers of ASICs in other countries. They got rid of the old equipment, and Bitmain will provide new machines soon enough. Then, China’ll buy back their Bitcoin and turn their next-gen ASICs on. According to Carvalho, maybe they already did, and they’re just not signing blocks or signing their blocks differently. If this is true, they’ll unban Bitcoin mining soon enough, and spin a “the resurrection of Asian mining” narrative. The Tales From The Crypt host, Marty Bent, is not convinced. He argues that we have to separate CCP from the individual Chinese miners. It’s worth noting that Bitcoin mining is Bent’s field of expertise. He is himself a miner and is involved with some major Bitcoin mining companies. According to Bent, there definitely have been mining farms that operated in mainland China and moved to the US. And sizable operations, at that. He thinks that maybe the Chinese didn’t move all the hashrate to the U.S., but they definitely moved “a material ammount.” He also believes that, even after the ban, there’s definitely hashrate still in China. According to Carvalho, there’s anecdotal evidence that contradicts the theory, but it’s only anecdotal. “We don’t have enough information about China,” he says. Bent agrees and adds that, due to the permissionless nature of the Bitcoin network, we can never truly know what’s happening. However, “foreign buyers are getting access to new gen miners.” At least to the preorders. Take that for what it’s worth. BTC price chart for 11/08/2021 on Bittrex | Source: BTC/USD on TradingView.com Conclusion And Other China Theories According to Carvalho, using web traffic measuring tools, you could check that traffic to the Chinese mining pools is roughly the same as before the ban. The signing of blocks is manipulatable. “The only reason we know who mines what is because they say they mined it,” he says. What does this mean? Are the Chinese already mining? Is there an increase in unsigned blocks? Or are they just signing them as non-Chinese entities? They could’ve been planning this for a long time, setting the pieces in place. The TFTC host poses an alternative theory. This one’s based on his conversation with Edwar Evenson from Braiins, who lived in China. According to Evenson, this year marked the 100th anniversary of the CCP, and the theme of the celebration is “harmony.” And, sadly, they consider Bitcoin mining as unharmonious. That’s the reason they banned it. Once the anniversary passes, they’ll quietly allow it back. Maybe, but according to Carvalho, the Chinese quietly returning to mining is exactly what would happen if any of the two theories are true. He admits that, to confirm his theory, serious research that he can’t perform needs to be done. So, he leaves it open to the public to step up and do it. NewsBTC did its part by publishing this article. It’s your turn now. Featured Image by panayota from Pixabay - Charts by TradingView
It's that time of the month again as the Chinese Central Bank or the People's Bank of China (PBOC) has once again loaded the China FUD and declared all crypto-related transactions as illegal on Sep 24. A circular issued and available on the official website titled "Notice on Further Preventing and Disposing of the Risk of Speculation in Virtual Currency Trading" states that Bitcoin and another virtual currency trading "is prevalent" and "disrupting the economic and financial order".
China FUD: What Specifically Happened?The China FUD launched in the form of news reporters inquiring the central bank administration regarding their policy on crypto-assets trading. PBOC has accused cryptocurrencies of money laundering, illegal fundraising, fraud, pyramid schemes, and other illegal activities. The circular reconfirms the obvious that cryptocurrencies aren't legal tenders and they are risky. It has prohibited the financial institutions inside the mainland from providing any services related to digital currencies and asked them to wind up any such existing operation.
Apparently, it also contains a warning to overseas companies providing any such services in China. To wrap it up, the PBOC has declared its resolve to strengthen coordination between different departments and develop new mechanisms for cracking down on the cryptocurrency industry. It remains unclear as to how effective it's going to be as Bitcoin mining already got a ban in China and it has been already known that the crypto industry isn't viewed favorably. However, that doesn't usually stop the China FUD from propping up every once in a while.
Post-Recent China FUD Market Situation - CoinGeckoAll blockchain explorers are functioning as usual and there are no reports of any crypto transactions failing after the recent China FUD. On the trading front also, all top ten crypto-assets by market capitalization are holding pretty well showing less than 3% depreciation, after the news first broke a couple of hours ago. It appears that the China FUD has lost its appeal and the sway on the markets that it once had.
china fud crypto tx ban© Cryptoticker
The post China FUD: People’s Bank Declares Crypto Transactions Banned appeared first on CryptoTicker.
Marty Bent, the co-founder of Bitcoin mining firm Great American Mining, is glad to be hodling Bitcoin as uncertainty hangs over the legacy financial system
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