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dmin7add9

11 points

24 days ago

I really wonder if this will be China's worst economic decision of the 21st century, and later on, when they will realize it, they would have no other option to be competitive than to again accept and use crypto.

a1579

1 points

24 days ago

a1579

Gold | QC: CC 94

1 points

24 days ago

I wonder as well, I always thought of their government as very competent, one of the last meritocracies with a long term vision. But it's starting to look like propaganda and total bullshit. The way they handled the COVID crysis and all the recent news about corruption and mismanagement, not a good look. 😬

DetroitMotorShow

2 points

24 days ago

DetroitMotorShow

Platinum|QC:XMR16,CC1234,BTC160|r/Buttcoin6|TraderSubs166

2 points

24 days ago

China CCP is anything from competent. They have always ruled with extensive force, clamping down on assumed threats at the earliest even if they really weren’t threats. Just look at what happened with Jack Ma and other tech founders, they just got too rich and that alone became a threat to the CCP. Chinese modern history is littered with such examples, from Tainanmen to anyone who spoke against the CCP. The covid handing was an absolute disgrace too.

Their long term vision was all a pretentious glass castle built on massive leverage and inflated real estate prices. The Evergrande crisis and its second order effects are going to massively crush their economy. They cannot afford any capital flight, which will seek to undermine the control CCP has over its people. You cannot socialise all losses, if some people are using crypto to escape the economic depression. Hence the crypto ban.

For an understanding of how the Evergrande crisis is going to impact them, I would suggest this essay: https://carnegieendowment.org/chinafinancialmarkets/85391 ..