Is the chinese government messing with the market? Or just FUD?

I think i get that they want to become more energy efficient with mining but are they just setting this up for the digital yuan or are they going to start promoting the already established coin conflux? It would be nice if they started implementing the ability to spend the currency over there instead of changing it to fiat. I mean i see that a company in malta will now be accepting payment for rent using ADA. I’m mining in North America and just want to know if there are any practical use in conflux’s native country.

In China, crypto assets are not likely to be used as fiat money, but as an asset to be able to be protected. Of course they can be exchanged, but they cannot be speculated.
Currently the animals are crazy and have an impact on many ordinary people, so the government is adopting a policy of suppression to prevent greater financial risks. This does have a big impact on the market.
On the other hand, the public chain technology represented by conflux is supported by the state.

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China’s bitcoin regulation this time is roughly divided into two parts, one is to crack down on mining. The second is to guard against financial risks, that is, financial problems related to bitcoin.
The reason for the supervision of mining is that the power needed by large mines mainly comes from places rich in thermal power, but the energy consumption of thermal power is large, which is contrary to the recent national policies of carbon peak and carbon neutralization. In the transaction supervision, after clearing the transaction risk, it is added that individual investors can buy and sell freely and bear their own profits and losses at the same time.
Although the negative reaction of the secondary market is great, I don’t think it shows that China has a negative perception of cryptocurrency and blockchain technology.
Last year, China listed blockchain technology as the core technology breakthrough, which shows that the high-level hold a very optimistic attitude towards blockchain technology and the will of long-term implementation. China has the ability to become a leader in blockchain technology. Although China missed the opportunity of the first and second industrial revolution, it grasped the opportunity in the third industrial revolution. Now a considerable part of China’s Internet industry has surpassed that of the United States. In the era of Web3.0 represented by blockchain technology, China can not give up. As the representative of China’s core blockchain technology, it is conflux.
The blockchain industry is still a blue ocean. In my opinion, conflux as a public chain is like a shipbuilding base with advanced manufacturing technology. The scale and influence of the base depend on the ship built, that is, conflux ecology. These ships will use the most advanced technology from conflux to enter the blue ocean of blockchain. Let people see the power of coflux.
Although CFX and FC continued to fall in the panic of the secondary market, I am still optimistic about the development of conflux. The team’s expectation is to match conflux with Ethereum. After CFX and FC continue to fall, many investors in the secondary market sneer that the price is very different from Ethereum. But we need to know what the value of a public chain depends on. The value of bitcoin is that it creates blockchain technology, which is equivalent to the consensus of all users of blockchain consensus. It is the totem of consensus. The value of Ethereum lies in that it creates smart contracts, smart contracts bring defi, and defi brings infinite imagination of blockchain. That’s why their prices are so high, because the consensus behind them is so strong.
Now that they have brought subversive revolution, what has conflux brought? I think it’s the unlimited imagination brought by extending smart contracts, extending them to the technology that everyone can use blockchain without threshold. Conflux solves the problems of too low TPS and high transaction cost of Ethereum, and has the ability to greatly improve the blockchain technology. But why can’t CFX and FC go up? This goes back to the analogy of previous shipyards. Every ecology that comes out of conflux is conflux itself. Or in the early stage of development, they may be more representative of conflux than CFX.



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do not forget:
On April 5, 1933, US President Roosevelt ordered the people to hand in all gold coins and gold bars to stop the currency circulation of gold. The Federal Reserve received US$20.67 an ounce of gold from the people, thus quickly accumulating a large amount of gold reserves. The Gold Savings Act passed in 1934 further made private ownership of gold currency illegal, and the Act was not repealed until 1974.