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Example of a propaganda hit piece. New lies about how remittances are impractical. New attempts to co-opt and obfuscate the term Gresham’s Law, claiming ETF money is the good money driving out the bad. Expect more repetition of these points in coming media pieces.

Example of a propaganda hit piece. New lies about how remittances are impractical. New attempts to co-opt and obfuscate the term Gresham’s Law, claiming ETF money is the good money driving out the bad. Expect more repetition of these points in coming media pieces.



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18 Comments

  1. >since the total number of bitcoin that can ever be produced is supposedly capped at 21 million

    There’s nothing ***supposed*** about it. It’s written into the code, which is completely open-source and transparent. This is in contrast to the other currencies/assets the author is boasting: gold and fiat. At least gold’s supply is restricted by what physically exists on Earth, which we know is limited.

    The digital yuan, or any other fiat for that matter, has completely opaque & arbitrary supply. Governments can and do print at will. So bitcoin’s ***supposed*** supply is by far the most transparent and predictable of any major asset, ever. Somehow the author attempts to paint this transparency as a flaw, which shows their clear bias, and also that they are making a very poor argument in general.

  2. Haha thanks for posting this, it was good for a laugh. South China morning post is state run media courtesy of the CCP. They literally threw every economic concept at the wall in this piece, hoping something will stick and resonate with you. All while pushing their ‘slavery coin’ the digital Yuan.

    If anyone is unsure why the ChiComms banned bitcoin and are so antithetical now, it’s simple, taking more than a small amount of money or wealth out of china is illegal. Bitcoin borderless ecosystem is a huge threat to this policy, which is a cornerstone of their control. They thought banning mining might crash it, now they are panicking that it didn’t work and are throwing out these hail marys

  3. This is a Chinese bitcoin hit piece from the South China Morning Post (Hong Kong newspaper owned by Alibaba).

    I remember a story Simon Dixon once told us (Simon is founder of Bank to the Future and the Bitcoin Capital Fund and spent years out there educating ordinary Chinese people on how bitcoin works).

    He told us how one day he was with a Chinese government official discussing bitcoin when the guy gets a call from high command. He takes a pen and, infront of Simon, makes a big show of drawing a huge cross on a piece of paper on his desk.

    Hangs up the phone, and says to Simon “those were plans for building another 90 coal mines which the government has now outlawed because of the environment. And that, Simon, is why we will win.”

    Judging from similar hitpieces this newspaper is tweeting out with regard to COP26, they are yet to realise, it seems, that the rules have changed and we are no longer in a zero sum game where there are winners and losers.

  4. *The South China Morning Post, with its Sunday edition, the Sunday Morning Post, is a Hong Kong–based English-language newspaper owned by Alibaba Group.*

    This is all a bit reminiscent of when Paul Krugman thought he sounded clever when talking about Metcalfe’s Law with regard to this new thing called the internet and concluded “the internet will have no more effect on global business than the fax machine. People don’t have that much to say to one another!”.

    The West – who gave the invention of computers, the internet *and* Bitcoin to the world – has moved on from that tired old anti crypto narrative, and the people have collectively decided all this is the future.

    Heck, even [Mariah Carey](https://www.google.com/amp/s/www.newsbtc.com/all/mariah-carey-offers-20-bitcoin/amp/) is now pushing for Bitcoin promotion and adoption.

    These kinds of hit pieces coming from folks in China who are ignorant of what’s happening are now about as relevant as those Krugman era hitpieces were during that early internet period.

    TL;DR: [Not this time](https://www.google.com/search?q=nit+this+time+bitcoin+obituary&oq=nit+this+time+Bitcoin+obi&aqs=chrome.1.69i57j33i10i160.11280j0j4&client=ms-android-google&sourceid=chrome-mobile&ie=UTF-8#fpstate=ive&vld=cid:612d1fe3,vid:-hlN2nel5HI,st:0)

  5. They should Stop publishing nonsense that insults the readers intelligence. Bitcoin is fast becoming the most perfect and efficient form of money, though it must inevitably disrupt the current financial system. And if that brings in an era of financial freedom, so be it.

What do you think?

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