Bitcoin and its “pseudo technology” go to 0! China’s wake-up call

Bitcoin is bad (it seems) – Unless you’ve just arrived in the cryptosphere, there’s no need to remember how much the inability to control Bitcoin (BTC) is hated by the Chinese One Party (CCP). The latter swears by the e yuan (e-CNY), the Chinese version of a central bank digital currency (MNBC). The CCP media therefore remain denigrate Bitcoin and decentralized crypto assets, to avoid overshadowing their own MNBC.

Bitcoin: “nothing more than a series of digital codes”

The Chinaat least his government – has been trying for years divest bitcoin and his companions from his land (so far failed† From banishment crypto exchange/funding (ICO) platforms as early as 2017/2018, on theban crypto mining activities (late 2021), the Chinese Communist Party is making every effort to against adoption from the king of cryptos.

The latest projection comes from the national news agency Economic Newspaper, the (let’s be polite) news channel of the CCP. Notably, as reported by the South China Morning Post, the propaganda body (oops, we missed it this time) isn’t completely out with Bitcoin.

“Bitcoin is nothing more than a series of digital codes, and the profit comes mainly from buying low and selling high. (…) In the future, when investor confidence plummets, or when sovereign countries declare Bitcoin illegal, it will return to its original value, which is totally zero. †

Economic Newspaper

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Challenge: quote a single currency fiat which has not been depreciated over time

This last statement is very unfortunate, because it is a paraphrase of this famous quote from Voltaire on currencies fiat issued by the States:

“A fiat currency [ndlr : comme le dollar ou le yuan], based solely on trust in the government printing it, always eventually returns to its intrinsic value, which is zero. †

Voltaire

However, there is nothing surprising here. Indeed, a month ago – and exactly as United States Secretary of the Treasury Janet Yellen -, the Economic Daily had already jumped on the stablecoin disaster UST from Terra (LUNA) to take advantage of this, or rather, to shoot the ambulance.

Coming back to his latest publication on Bitcoin, it also does not lack the information body (let’s get back to it) of the Single Party blame about western countries:

† [Les États-Unis/pays occidentaux] helped create a market [crypto] with high leverage, which is full of pseudo-technological manipulations and concepts. †

Economic Newspaper

However, there is also no shortage of Asian (or even Chinese) crypto exchanges that offer leverage… The South China Morning Post, based in hong kong and so much more neutralresponded to the words of their fellow journalists (we didn’t say “propagandists”) from the Economic Daily:

“Still, we know that cryptocurrency enthusiasts across the country have found solutions to get around the restrictions. They remain active in hiding. †

South China Morning Mail

We didn’t say it! As you will understand, the cat and mouse game will go on and on, between Chinese crypto enthusiasts and their authoritarian government. Meanwhile, countries are beginning to realize, such as the Britain, that crypto hypersurveillance is vain and draconian† And their ban even more, because the universality of Bitcoin allows it by its very nature to resist censorship

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