WHITE HOUSE: Executive Order on Addressing the Threat Posed by WeChat
(www.whitehouse.gov)
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If this EO holds water, it's time to short Apple. You can not live in China without Wechat or Tencent services. We're in very bad times, I don't think people understand the potential fallout of this. Tencent in China is not just like Google in the US, Wechat is everything, it's health status verification, official applets, it's how you take public transportation, order food, pay for things online, pay your phone bill, pay for everything (I haven't used cash in China for years, many people won't even take cash anymore because they wouldn't be able to make change), it's even how you pay tax and make customs declarations when importing a package from overseas. Without Wechat, there are cases where you literally wouldn't be able receive a package shipped from the US. That's not even 5% of what Wechat is used for -- it's tied into everything.
Tik Tok is bigger than Twitter with over 100 million US users, that alone is enough to upset a lot of people just before the election, but at least there is some potential way forward with Microsoft. But sanctioning Tencent makes the action against Tik Tok look like an afterthought. This could be very bad.
......... bad? Should we be ruled by a totalitarian ethnostate?
I want to see a better trade policy with China that is more fair, I don't want a scorched earth cold war with China, especially as someone overseas.
I think we all do, but it's pretty clear China has not and will not play fair. They are in it to win it for the ethnostate. Honestly I can't fault them, seems a lot better than our current broken system which rewards traitors for destroying its own people.
The EO bans US individuals from transacting with we-chat. As a US citizen in China, that would destroy my life and potentially leave me in serious dire straits. I wouldn't be able to pay my rent or eat. I would be homeless immediately. Imagine you were traveling in another country and suddenly all the local banks banned Americans and you couldn't use an ATM. If we-chat responds by kicking users who verified through US government ID off their platform it's going to be absolute hell over here. The no transaction policy also applies to Chinese in the US, whose only method of contact with family and friends in China is through Wechat.
This has already set Chinese social media on fire, and it's going to be a huge decoupling between the US and China. It essentially makes life impossible for Americans in China and unpalatable for Chinese in America. This is such bad timing as well because global transportation and borders are shut down due to covid. You can make a policy argument if you think this is a good tactical move by the US, but for my individual interests and many of my friends (many of whom were also Trump supporters), this is some of the most foreboding news we're waking up to in years. Things are going to get very difficult.
I smell the stench of appeasement
Great info and perspective. Thanks for sharing.
That's not going to happen until CCP exists. The playing field is simply not fair with China's CCP in power.
Or very good, it craters the tech world which will eventually pave the way for all the new tech being built during this whole thing to easily take the spotlight.
Anyone else building something and preparing To put google out of business?
If the great satan google went out of business that would make the 2020's worth it. 2020 has been shit so far, but seeing that racist company go down would bring everything back to neutral.
I hear that, and that’s literally my goal for 2030!
I'll put up a prayer for your success
WeHo?
Doesn't Tencent fund a lot of games through Tencent Games?
League of Legends (Riot Games), Fortnite creator Epic Games, Activision-Blizzard, and Path of Exile are funded by Tencent Games in differing percentages.
China ownership kills games. Censorship for the CCP is fucking shit
Yah, if what I think is happening is really happening this is HUGE. This could be the opening salvo of a full on economic war. This could be decoupling happening before our very eyes.
No kidding, this is gonna hit Apple big-time.
You mean good