back to article Tencent's WeChat wants no more talk of cryptocurrency and NFTs

China's ban on cryptocurrency mining – and general dislike of any form of blockchain-based assets – has seen web giant Tencent clamp down on discussion of the subjects on its massive WeChat and Weixin messaging platforms. News of Tencent's policy can be found in recent amendments to its terms of service which last week added a …

  1. Pascal Monett Silver badge

    "Beijing believes crypto is a dangerously unruly innovation, and mining it is a waste of resources"

    I completely agree.

    But I wouldn't stop people from talking about it.

    Then again, my name is not Xi Pooh.

    1. jmch Silver badge

      Re: "Beijing believes crypto is a dangerously unruly innovation..."

      "Beijing believes crypto is a dangerously unruly innovation..."

      Every government in the world believes that the type of crypto that can be held in an anonymous wallet and therefore is as unidentifiable as cash* is a dangerously unruly innovation. That's why they're inventing different types of crypto that are traceable to the ultimate beneficial owner.

      "...and mining it is a waste of resources"

      Yes, for 'proof of work' cryptocurrencies like bitcoin. Other cryptocurrencies with different approaches consume little to no resources. To be honest I REALLY don't think this issue is a priority to Beijing compared to the first, very real one, of them wanting to be able to trace every transaction made in China.

      *The very nature of a blockchain transaction means that every single transaction is public. EG in bitcoin, everyone knows which wallet transferred how much to which other wallet and when, and what coins were mined by whom. It follows that the ID of all existing wallets, and the exact value of every wallet is also public knowledge. The anonymity only comes from not having a name tied to a wallet ID. Any major exchange nowadays will insist on tying a name to every wallet they hold in custody, so you can pay for stuff with bitcoin anonymously, but you can't convert significant amounts of it into fiat currency anonymously.

      1. Anonymous Coward
        Anonymous Coward

        Re: "Beijing believes crypto is a dangerously unruly innovation..."

        > but you can't convert significant amounts of it into fiat currency anonymously

        You can just purchase other coins which are anonymous though [most only exist for that pupose - and by extension short-term abstract speculation] which makes your laundry very simple - also the whole point and true terror (for Govs /Central Banks) is that fiat currency is irrelevant in a crypto economy.

        1. Ian Johnston Silver badge

          Re: "Beijing believes crypto is a dangerously unruly innovation..."

          Meanwhile Bitcoin is down to a 1/3 of its peak, exchanges are closing daily and disgruntled crypto hodlers are screaming for regulation. So basically it's as much of a threat to anything as any other libertarian fantasy, or a baby hedgehog.

          1. Anonymous Coward
            Anonymous Coward

            Re: "Beijing believes crypto is a dangerously unruly innovation..."

            >Meanwhile Bitcoin is down to a 1/3 of its peak, exchanges are closing daily and disgruntled crypto hodlers are screaming for regulation.

            The biggest holders bought at mid-four figures and long since made a return - a third of them (BTC/ETH) are major funds and banks, it isn't possible for them to make a loss.

        2. DS999 Silver badge

          Re: "Beijing believes crypto is a dangerously unruly innovation..."

          also the whole point and true terror (for Govs /Central Banks) is that fiat currency is irrelevant in a crypto economy

          Only idiot cryptobros believe that. In the real world, everyone knows there is no chance that crypto "currency" will expand beyond crime, scams, and speculation.

        3. martinusher Silver badge

          Re: "Beijing believes crypto is a dangerously unruly innovation..."

          What people have discovered is that regardless of vibrant ecosystem around crypto its still just an unregulated security of no intrinsic market value. A number of them have also found out to their cost that transactions of any sort generates a "taxable event" and (certainly in the US) the IRS wants to get paid in cash on the barrel, not in depreciated paper.

          The technology might be novel but underneath its the same old/same old and all often it seems its the same old Ponzi scheme.

    2. veti Silver badge

      Re: "Beijing believes crypto is a dangerously unruly innovation,... "

      They're not stopping people from talking about it, if by "talking about it" you mean something like what we're doing now.

      They're stopping people from giving specific advice on how to do something, such as selling or mining crypto, that is illegal in China.

      For comparison, imagine two users on a British discussion site talking about the best way to buy an untraceable handgun in Liverpool. How long do you think that discussion would be left up?

  2. WhereAmI?
    Unhappy

    "The likes of AliPay and WeChatPay are very widely used within China and have perhaps paved the way for easy acceptance of the Digital Yuan."

    And the eventual banning of WeChatPay and Alipay in favour of the Digital Yuan. Centralised tracing of who's paying who, donchaknow? All in favour of the CCP's Digital Yuan, raise their hands.

    (Not in a good mood today. The shit hit the fan before I'd even got to my desk and it's only ten feet from the door!)

  3. 1752

    All your base are belong to us

    see title

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