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Author Topic: China's plan to sideline bitcoin  (Read 18026 times)
rodel caling
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July 10, 2019, 10:39:24 PM
 #61

"technology standart designed and contolled by others" Grin
That's why China will never adopt bitcoin.The fear of using a foreign technology that might put their financial system under foreign control.This proves that the PBOC clerks don't understand how bitcoin/blockchain works.
Anyway,their "chinacoin" project is doomed to fail.


Yeah exactly Agree china is one of the most biggest bitcoin mining provider before. But suddenly it so very surprising government quick it to ban all crypto related transaction and mining. Because china want to create their own digital currency.
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Bitcoin mining is now a specialized and very risky industry, just like gold mining. Amateur miners are unlikely to make much money, and may even lose money. Bitcoin is much more than just mining, though!
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July 10, 2019, 11:45:18 PM
 #62

China back in 2017, before bitcoin reached its maximum of $ 20,000, many times changed its opinion about cryptocurrencies. They like to scare people with their prohibitions, but then, after just a few weeks, everything is canceled. Think about it, China is one of the first countries in the world in the economy. There not fools sit.

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September 13, 2019, 04:59:04 PM
 #63

I think China is on the way of accepting BTC.  I've heard that they want to launch their own cryptocurrency. And i suppose that China is ready to become Bitcoin friendly.
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September 13, 2019, 06:03:43 PM
 #64

Nobody is stupid enough to trust a government released crypto.

If anything they all add value to bitcoin as a decentralized store of wealth.

Check the Petro and see how many people in Venezuela still buy bitcoin... there is a reason....

Petro failed because its fully controlled by the government, even its price is fixed to whatever they feel like, thus repeating the same mistake they did to the (currently) worst fiat on this planet. You can only handle petro in a single State owned web page located in Venezuela, one of the countries with the worst internet connectivity of the hemisphere. And apparently its nodes don't fare any better, rumor says they are located within the same data center.

Nobody can own nodes, nobody can own wallets, nobody can audit the source code (contradicting their own law). It is known they took Dash's code and changed it to suit their whims...

Even though the government wants people to use it, merchants don't bother. Again it needs connectivity, and Venezuela's internet infrastructure is garbage. Most payments are done using debit card (iso7816) using an old fashioned keypad system that uses modem dial up connection to send and verify each transaction...

And each customer makes the pad dial up again, and again. Line busy? too bad, keep trying... I don't think many people here even know what a dial up modem is... They connect at 1200 or 2400 bps, VERY old fashioned, as in 80ies technology...



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Rainbot
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September 13, 2019, 06:31:31 PM
 #65

I think that in the near future, China will be very friendly with Bitcoin because one such force will not be able to escape the popularity of bitcoin.
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September 14, 2019, 04:38:57 AM
 #66

I think that in the near future, China will be very friendly with Bitcoin because one such force will not be able to escape the popularity of bitcoin.

They're to have to at some point, as BTC becomes the global reserve 'gold standard' for honesty, accountabilty and permissionless p2p transactions.
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September 14, 2019, 05:13:22 AM
 #67

The PBOC coin will remain as a shitcoin, which will be hardly used by anyone unless the Chinese government pushes it down the throat of all the citizens. First of all, the Chinese Yuan is one of the most manipulated currencies in the world. Every now and then, the government devalues the currency, and therefore it is foolish to have your savings in the form of CNY. The problem in China is that there are few assets to invest in, which are not manipulated.

Now coming to the PBOC token, it will be a centralized currency similar to Ripple (XRP). The authorities will be able to freeze the funds and seize the tokens from anyone, with flimsy justifications. Worse still, it will be highly susceptible to inflation, as it is pegged against the CNY (during the last one and half years, CNY has lost 10% of its value against the United States Dollar).



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September 14, 2019, 06:52:05 AM
 #68

"technology standart designed and contolled by others" Grin
That's why China will never adopt bitcoin.The fear of using a foreign technology that might put their financial system under foreign control.This proves that the PBOC clerks don't understand how bitcoin/blockchain works.
Anyway,their "chinacoin" project is doomed to fail.

I agree with this statement not only they don't want to adopt foreign technology, but even Facebook is also banned in that country and many more things. I guess they want some exclusive rules with their country and they don't want other counties to influence them on something.
That's why they have this kind of hatred about bitcoin because it has not came from their country.
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September 16, 2019, 01:50:54 PM
 #69

"technology standart designed and contolled by others" Grin
That's why China will never adopt bitcoin.The fear of using a foreign technology that might put their financial system under foreign control.This proves that the PBOC clerks don't understand how bitcoin/blockchain works.
Anyway,their "chinacoin" project is doomed to fail.

I agree with this statement not only they don't want to adopt foreign technology, but even Facebook is also banned in that country and many more things. I guess they want some exclusive rules with their country and they don't want other counties to influence them on something.
That's why they have this kind of hatred about bitcoin because it has not came from their country.
They have hated for another person's project but then they want their own project to be accepted, this is one reason why they are having issue with the united states. No one is even imposing the technology of bitcoin on them, but they should allow people to be the one to choose at their own free will and not impose things on people.

The day they ban whatsapp from their country, I was a bit baffled and I wonder the kind of bondage they do put their citizens! They are not different from north Korea. I have this tablet that I brought from there, till now, everything that I tried to do to get Google play to work on it is to no avail. If they want to create their own stable coin, they are free, but they should at least allow their citizens to have the freedom to choose which one they will be using.
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September 16, 2019, 06:50:17 PM
 #70

"technology standart designed and contolled by others" Grin
That's why China will never adopt bitcoin.The fear of using a foreign technology that might put their financial system under foreign control.This proves that the PBOC clerks don't understand how bitcoin/blockchain works.
Anyway,their "chinacoin" project is doomed to fail.

I agree with this statement not only they don't want to adopt foreign technology, but even Facebook is also banned in that country and many more things. I guess they want some exclusive rules with their country and they don't want other counties to influence them on something.
That's why they have this kind of hatred about bitcoin because it has not came from their country.
They have hated for another person's project but then they want their own project to be accepted, this is one reason why they are having issue with the united states. No one is even imposing the technology of bitcoin on them, but they should allow people to be the one to choose at their own free will and not impose things on people.

The day they ban whatsapp from their country, I was a bit baffled and I wonder the kind of bondage they do put their citizens! They are not different from north Korea. I have this tablet that I brought from there, till now, everything that I tried to do to get Google play to work on it is to no avail. If they want to create their own stable coin, they are free, but they should at least allow their citizens to have the freedom to choose which one they will be using.
Guys, I want something. You paid a little attention to the history of the development of the Chinese economy.  The Chinese government has always supported national industries and businessmen who brought money to their treasury and no one forbade the use of plagiarism and other people's technologies to develop their economy.  There are much more Chinese products around the world than the products of other countries combined.  Based on this, I believe that they will always use even foreign technology for their own benefit.  Even today, almost 70% of the entire Bitcoin Speed ​​Hash is processed by Chinese miners.  Therefore, I cannot be so categorical in this matter.

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October 24, 2019, 08:30:59 AM
 #71

China owns +95% of all crypto's on earth, so they don't care which one wins, they own them all, this is called a fully covered bet, they cannot lose.

bitcoin will fall below ripple in cap in 2019, the writing is on the wall, just like lotus-123, being first doesn't make you a winner forever, just once at the beginning

Hello  btc-room101 !
I would like to speak privately with you.
Is it possible?
If "YES" - send me PM  pls.
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October 24, 2019, 09:30:00 AM
 #72

China owns +95% of all crypto's on earth, so they don't care which one wins, they own them all, this is called a fully covered bet, they cannot lose.

bitcoin will fall below ripple in cap in 2019, the writing is on the wall, just like lotus-123, being first doesn't make you a winner forever, just once at the beginning

Hello  btc-room101 !
I would like to speak privately with you.
Is it possible?
If "YES" - send me PM  pls.
Are you that serious dude?you really need to bump this thread just to ask that Private conversation when you can just simply send Him Pm?i don’t know if this is funny or irritating lol 😂


Anyway to OP’s thread ,I wanna  ask also.

How did you know about that 95% of bitcoin  ownership of China ?just now that I saw something interesting because while they are banning bitcoin and yet they’re holding this huge amount !?

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October 24, 2019, 09:52:36 AM
 #73

I reckon the People's Bank of China's does not appear to understand what the cryptospace is if their plan to sideline bitcoin is to issue a restrictive digital form of fiat. It will only be another token pegged to fiat that is similar to USDT. However, more dangerous.

https://freedomhouse.org/sites/default/files/Getty-protestations-HK.jpg

The People’s Bank of China, the country’s central bank, plans to introduce a digital currency of its own. But unlike the decentralized blockchain-based offerings, this one could give Beijing more control over its financial system. It would enhance the PBOC’s ability to root out risks and crack down on money laundering. It could also give the government an unprecedented window into individuals’ private lives.

The currency would initially replace cash, PBOC Deputy Governor Fan Yifei wrote in an article earlier this year. According to patents registered by the central bank, consumers and businesses would download a mobile wallet and swap their yuan for the digital money, which they could use to make and receive payments. Crucially, the PBOC could also track every time money changes hands. Fan suggested in his article that banks would need to submit daily information on transactions and that there would be caps on transactions by individuals. The PBOC declined to comment.

The project was started by the former governor of China’s central bank, Zhou Xiaochuan, who retired in March. He decided to develop the digital currency in part to protect China from having to adopt a technology standard, like Bitcoin, designed and controlled by others.


Read in full https://www.bloomberg.com/news/articles/2018-12-13/china-s-plan-to-sideline-bitcoin

The plan of China is quite understandable, to replace Bitcoin with its token, thereby gaining control over users and reduce people's involvement in Bitcoin. However, I doubt that the people of China are so stupid to fall into this trap
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October 24, 2019, 01:19:30 PM
 #74

China owns +95% of all crypto's on earth, so they don't care which one wins, they own them all, this is called a fully covered bet, they cannot lose.

bitcoin will fall below ripple in cap in 2019, the writing is on the wall, just like lotus-123, being first doesn't make you a winner forever, just once at the beginning

Hello  btc-room101 !
I would like to speak privately with you.
Is it possible?
If "YES" - send me PM  pls.
Are you that serious dude?you really need to bump this thread just to ask that Private conversation when you can just simply send Him Pm?i don’t know if this is funny or irritating lol 😂


Anyway to OP’s thread ,I wanna  ask also.

How did you know about that 95% of bitcoin  ownership of China ?just now that I saw something interesting because while they are banning bitcoin and yet they’re holding this huge amount !?

He is denied access to receive  PM.
I can’t send him anything
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October 24, 2019, 02:00:45 PM
 #75

"technology standart designed and contolled by others" Grin
That's why China will never adopt bitcoin.The fear of using a foreign technology that might put their financial system under foreign control.This proves that the PBOC clerks don't understand how bitcoin/blockchain works.
Anyway,their "chinacoin" project is doomed to fail.
China want to control their own coin with never giving space for bitcoin become most transaction payment in China, when bitcoin become very popular transaction they banned bitcoin, now they want to create technology become competitor for bitcoin where want to replace bitcoin with their own cryptocurrency and give space for every people with get higher profit later.

 
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Kambal2000
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October 24, 2019, 03:55:43 PM
 #76

"technology standart designed and contolled by others" Grin
That's why China will never adopt bitcoin.The fear of using a foreign technology that might put their financial system under foreign control.This proves that the PBOC clerks don't understand how bitcoin/blockchain works.
Anyway,their "chinacoin" project is doomed to fail.
China want to control their own coin with never giving space for bitcoin become most transaction payment in China, when bitcoin become very popular transaction they banned bitcoin, now they want to create technology become competitor for bitcoin where want to replace bitcoin with their own cryptocurrency and give space for every people with get higher profit later.
I used to think that Bitcoin was created by China, that they intercepted the race for Bitcoin. But it turns out that this is not so. Or maybe China is considering just the second option, as a backup, if they do not win the race for Bitcoin ?!
That was my first impression too and while I am here in forum and doing my research, I found out that they are even against crypto and they banned mining in their country. But, at the back of that we don't know, if they are just doing it to make people panic, so that they can buy more, or that they wanted to do mining only on their own benefit.




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sapnu
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October 24, 2019, 07:11:08 PM
 #77

"technology standart designed and contolled by others" Grin
That's why China will never adopt bitcoin.The fear of using a foreign technology that might put their financial system under foreign control.This proves that the PBOC clerks don't understand how bitcoin/blockchain works.
Anyway,their "chinacoin" project is doomed to fail.
China want to control their own coin with never giving space for bitcoin become most transaction payment in China, when bitcoin become very popular transaction they banned bitcoin, now they want to create technology become competitor for bitcoin where want to replace bitcoin with their own cryptocurrency and give space for every people with get higher profit later.
I used to think that Bitcoin was created by China, that they intercepted the race for Bitcoin. But it turns out that this is not so. Or maybe China is considering just the second option, as a backup, if they do not win the race for Bitcoin ?!
This will be a having a great impact on cryptocurrency maybe more investors will come and get their own bitcoins and then invest it in some upcoming projects, we know that china is a big country. As we continue supporting it and promoting it there is still a lot of help but if that plan is true, it makes a big impact on the market. I know that china banned bitcoin for some reasons but if this happens maybe they want to create their own crypto, I also think that bitcoin originates in china. They banned bitcoin and banned any transaction about cryptocurrency, maybe they want to create their own and compete with other cryptocurrency and that is only based on my own opinion. Maybe they want to create innovated blockchain technology that helps everyone, we cannot tell if it only happens.
7788bitcoin
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October 24, 2019, 07:26:13 PM
 #78

I reckon the People's Bank of China's does not appear to understand what the cryptospace is if their plan to sideline bitcoin is to issue a restrictive digital form of fiat. It will only be another token pegged to fiat that is similar to USDT. However, more dangerous.
You started this thread almost an year ago and the Chinese bank is yet to come up with their coins but the government always have a strong grip on the citizens and they like to control them and with an oppressive government like them they do not like to give any freedom and the bitcoin market gives them the freedom to trade and it is not surprising that they want to take control over that.

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October 24, 2019, 08:16:28 PM
 #79

Personally, I think its too late for the Chinese government to introduce its own cryptocurrency with the aim that this will prevent people from adapting to the use of technologies like Bitcoin. The blockchain technology is been used in every corner of the world. Companies are now using blockchain technology to keep and store their data since it is quite easier to retrieve info at any moment in time. Moreover, bitcoin does not need the approver of any government before people can use it.

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October 25, 2019, 08:49:27 AM
 #80

China has plans, but most likely not for bitcoin, but for its cryptocurrency
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