Cryptocurrency

Out of context: Reply #291

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  • monNom0

    China controls something like 65-70% of the crypto infrastructure.

    China also has a really big construction company that just defaulted on its $300B debt (about the market cap of Disney or Bank of America), causing the global financial industry to puke in its mouth a bit. They've also been selling 'wealth management products' that it's not really clear if they are included in that $300B.

    I imagine the two are connected somehow. Lots of people borrow to invest, and when one of your investments goes to zero, the others get sold to cover.

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    • That’s how large market trends work in general. A huge industry impact causes other selloffs to cover, etc. Even economy and jobs reports do this.monospaced
    • Last year global pandemic, this year financial meltdown - China is really wildin heregrafician
    • "China controls something like 65-70% of the crypto"
      source?      Krassy
    • ^Here you go Krassy

      https://www.afr.com/…      grafician
    • That's a Murdoch rag, and his current MO is ramping up all negative China rhetoric. Not saying it's not true though...MrT
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