Busybody commie bureaucrats in China are unintentionally showing a love like obsession with bitcoin following news they are to ban it again, after they already banned it.
They banned crypto-exchanges last year, and earlier this year they effectively announced a ban-not-ban on bitcoin mining. But now they’re banning exchanges again. Reuters says:
“A senior Chinese central banker says authorities should ban centralized trading of virtual currencies as well as individuals and businesses that provide related services, an internal memo from a government meeting seen by Reuters showed.”
“Should ban centralized trading?” Is that before or after they closed centralized trading platforms? Or have they forgotten? Although maybe they’re playing reverse psychology. Maybe in reality they want everyone to keep on crypto trading while they pretend they’re banning it.
PBOC Vice Governor Pan Gongsheng apparently said “the financial work conference clearly called for limiting ‘innovations.’”
Right, can’t argue with that one. Who wants innovation anyway, back to the cave age China. Maybe try closing your borders again because that worked great last time:
“Authorities should also block domestic and foreign websites and close mobile apps that provide centralized virtual currency trading services to Chinese users, and sanction platforms that provide virtual currency payment services, Pan said” according to reuters.
Should we tell him guys about this peer to peer currency system that moves from peer, you know individual, to peer, without requiring any third party?
Or should we hush hush in case they announce a ban of peers next. With Pan saying something like: “Pseudo-financial innovations that have no relationship with the real economy should not be supported.”
The real economy, where prices endlessly rise due to continuous money printing and monetary mismanagement ending in a crash that sometime, like in 2008, bankrupts countries.
Yeah, who wants scientific innovation through the invention of code to address those real problems of the economy with its intellectual foundations based on Nobel Prize in Economics winners, like Hayek.
Never change China and keep on banning bitcoin. Then, hopefully, one day you’ll have enough innovation to comprehend you’ve already banned it about one thousand times until perhaps you realize, oh, but, you can’t ban it.
You see, innovation is not just a word. It’s an actual thing. You know cars, they don’t work by magic. Bitcoin doesn’t either. They both work by science. And if you want to ban maths and tell everyone you’ve banned maths, and keep telling everyone you’re banning maths every two months, then maybe one day you’ll realize you’re just deluded.
So next time you announce again you’re banning bitcoin, spend about two seconds wondering whether you’ve already banned it, and since you have, ask how come you have to ban it again.
Then, once maybe something clicks, get some innovation and understand just what exactly you’re banning, at which point hopefully you’ll shut up about banning what you can not ban.
Unless you are so adverse to innovation that you triple down and announce a ban of peers, in which case we look forward to announcing you’ve won the Darwin award.
Although we do suspect it is far more likely sometime in the future we’ll announce you’ve unbanned bitcoin because after banning it for a millionth time you finally realized you can’t actually ban it.