China has been using the same weapon against cryptocurrencies for 12 years, the FUD.

Hello everyone...

Throughout human history there have always been different types of rivalries, for example, the Egyptian empire against the Assyrian empire, the Babylonian empire against the Persian empire, the Roman empire against all the barbarians, the bloodthirsty Catholic church against those who did not join them, the Nazis against the Allies, the Soviet Union against NATO, and more rivalries.

Mainly, there were these rivalries because governments had interests that affected their rivals and they used fear or false news to make everyone panic and despair, for example, the soviet union hated the capitalist block and that is why they spread war and destabilization all over the world, the communist bloc has always had interests to dominate everything it sees, and when in 2009 a new rival appeared because from the very beginning China, one of the most fierce communist countries undertook a battle to the death because the interests of cryptocurrencies did not go with the interests of the Chinese government.

So when bitcoin came out they had already put bans and sanctions so that Chinese citizens would not use cryptocurrencies, of course, this publication is not FUD, it is rather to know the history of cryptocurrencies and how despite more than 10 years of bans, regulations, and persecutions have not yet managed to collapse the entire cryptographic empire, instead they make it stronger and stronger.

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In 2009 China undertook persecution against cryptocurrencies since they emerged, the Ministry of Culture and the Ministry of Commerce of China were responsible for initiating in the Asian nation, when they banned the use of "digital currencies" for the purchase of real-world goods. They thought that this technology was not going to have a major impact so these bans were not so severe.

However, 4 years later, when cryptocurrencies were already more widely used in the world and everyone saw how they could change the economy, China acted more severely and in 2013 started a major attack, as the PBoC prevented Chinese financial institutions from handling BTC transactions and also started a FUD campaign by labeling BTC as a currency with no real meaning, and as it was an early market the FUD spread was successful as bitcoin dropped in price when it was starting to have a significant upside from the adoption that was happening.

One explanation as to why the FUD significantly affected bitcoin with the 2013 ban is that China operated the largest exchange in the world at the time, BTC China or BTCC, so the Chinese government knew where to attack. Then in 2014 in just 2 days the price of bitcoin lost more than 50% of its value and all because of false rumors on social networks.

In Weibo began to spread the news that the Central Bank of China was in the process of stopping all BTC transactions in the country, immediately everyone went into a state of alarm and one of the largest exchanges in China FXBTC announced that it would have to close to avoid being affected with massive losses by the ban, then the price of bitcoin went from $709 to $346 but only 2 months later it had recovered almost all of what it had lost.

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In August 2016, while I was preparing a cup of coffee with chocolate and watching CNN, I saw that they were announcing one of the worst attacks to exchange, it was about Bitfinex that had stolen 119,756 bitcoins, I remember that this was gangrene for the market since governments and politicians used it for months to lose the credibility of cryptocurrencies as a safe investment, when in fact what was not safe was the exchange, however, the fall in the price did not last long and recovered quickly.

2017 was the year when everything was going great, cryptocurrencies were more relevant, steemit was attracting hundreds of thousands every month, the price of the main cryptocurrencies such as bitcoin, ether, litecoin, bitcoin cash, dogecoin among others, reached new record highs and everything was a great feeling of joy, but everything was temporary since the worst attacks against cryptocurrencies were being planned.

And it all started when in September the Chinese government officially banned exchanges from providing services to users within the country and also banned citizens from participating in ICO's, but at that time it had almost no effect on the crypto market as everything was going great. Hell broke loose in January 2018 when lots of FUD started to spread causing fear and discontent among those who had bought bitcoin at $21K, and the whole market collapsed in a matter of days, but by the end of the month prices had recovered slightly showing new opportunities, but after the bloodbath, everyone was asking the same question, why the hell did it fall if what China was doing didn't matter to who was on the other side of the world?

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The year 2019 and 2020 were years plagued with FUD from the Chinese government, for example in 2019 they said they were considering banning mining in the country, also that cryptocurrency trading would be eliminated, and other things that created panic among crypto holders. Then in 2020, it was almost the same thing about eliminating cryptocurrency trading, banning crypto to avoid money laundering, and more crap. But it backfired because when the pandemic started, cryptocurrency prices soared to all-time highs and the anti-crypto measures taken by the PBoC made cryptocurrencies stronger and stronger.

And all this brings us to the present day where they are still printing and spreading FUD by the ton, but the most interesting thing is that it is the same news as always, only now it seems that they are taking action immediately, because in China now, finally after 12 years the PBoC has declared that all cryptocurrency transactions in China are illegal and although to some extent has affected the market, the truth is that it is recovering quickly.

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In conclusion, since china started its war against cryptocurrencies instead of weakening or disappearing them, what it has done is to strengthen the whole market, and little by little all the cracks of the Asian giant are showing and people distrust it and prefer to take refuge in crypto and the same happens in countries like Nigeria and India where the government has tirelessly tried to destroy cryptocurrencies with fud but only manages to strengthen them and make them join more and more.

So if you see them spreading rumors, lies, or sensationalist news about bitcoin or cryptocurrencies, remember that for 12 years they have been doing it to bring down the crypto market but so far they have not succeeded and I don't think they can.

Do not give in to FUD.

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