Bitcoin Forum

Just two days ago, January 29, 2017, People’s Bank of China (PBoC) officially launched a digital currency research institute a day after the celebration of the Chinese Lunar New Year. These were the exact words of the Technical director of Technology PBoC, https://cointelegraph.com/news/china-launches-research-institute-to-study-bitcoin-and-test-blockchain

Today, the 31 January, 2017, we are having this:
http://www.marketwatch.com/story/path-to-bitcoin-etf-still-uncertain-but-may-be-easier-under-trump-2017-01-30?link=sfmw_tw

Looks like the time of Bitcoin and cryptocurrencies have finally arrived? Let's pray!!!

the china exploring blockchain is about hyperledger. not specifically bitcoin..
= non news day concerning bitcoin

the bitcoin ETF is just winklevii speculation/opinion

China is not studying bitcoin but rather blockchain technology. They are planning to create a fiat digital currency using the same technology that bitcoin is using the so called blockchain technology. But I hope I am wrong an they are really examining bitcoin so that it will be integrated into their banking transactions and not only blockchain technology alone.

you are not wrong

http://www.the-blockchain.com/2017/01/05/blockchain-group-hyperledger-expands-china/

This news is similar to the news of of India's top bank exploring blockchain technology, once again they are going after technology not after the coin. Now it is evident that they think by creating a blockchain type technology they can overthrow the popularity of Bitcoin. It was bitcoin that made people use blockchain and not otherwise. When will these people learn and just straight away give credit to Bitcoin and just accept it as a form of currency. I hope China takes a bold step and just accept bitcoin, though a long way but let's hope for Best.

a government cannot control bitcoin.
thus they cant benefit from it.

people/citizens could use bitcoin.. but dont expect bitcoin to become china's "fiat"
also. bitcoin should not even try to let a government control it
also. bitcoin should not even try becoming fiat.
bitcoins utility is being an open option away from government/bank control

otherwise whats the point of bitcoin if it turns into governmentcoin2.0

commercial banks via their 'investment' subsidiaries would become LN hubs.. (they are already highly invested in LN development via blockstream)
but IMF, national banks and front end commercial banks are concentrating on hyperledger.

the LN part is just going to be the gateway of cross chain conversion for people to have low fee's to get back to hyperledger sidechain coin.. but charge people extra to get bitcoin..

yep they will hope to drag people back to hyperledger but create financial penalties for wanting to leave hyperledger.
oop dang it.. i should have warned: 'spoilers'

As long as I can have bitcoin as a way to store value outside of the traditional banking system in a decentralized way im ok with it. I personally never used bitcoin to buy stuff and never will since I don't need it.

Unfortunately its impossible to scale onchain at massive levels so we must search for offchain solutions, but leave the core of the network decentralized so we can at least have guaranteed decentralized gold to store. Sending a bigger fee is worth a decentralized network.

China will not go for Hyperledger, because it's controlled by Western banks. I guess they will develop their own Blockchain technology

and when that is done, they would ban Bitcoin and all other Crypto currencies. Why did they suddenly start to "visit" the Chinese

exchanges, when they left them alone for years? {Capital control} 

From the way I see it, it seems like a threat to bitcoin for me. The reason for that is because the moment they can exploit that move into their banking system, then the advantage of bitcoin over the existing banking system has been leveled and they wont stop there. The next thing they will go into is developing their own crypto currency for the use of the Chinese people and we all know the effects of news from that end can have on bitcoin generally.

Why would the Chinese need a new blockchain when they already have bitcoin? A majority of the miners are there and most of the transactions are Chinese. Can't the Chinese government just confiscate the existing mining farms start their own dev team and just use Bitcoin? Bitcoin could fork and be western bitcoin with no volume and china bitcoin with all the volume.

come on heard of private blockchain?

bitcoin CAN scale onchain..
but you first need to grab the dooms day of "needs 7bill capacity by midnight".. squeeze it, stamp on it and then burn it.
wipte it from your mind. cleanse your soul. and then now you have an open mind
replace that space in your mind with rational natural growth over a couple decades of only rational number of say 5% of world population.. not 100%.

relax 5% is still a big number.. it puts bitcoin in top 5 "nations" of the world.. its just more rational. and not "the new world order single currency by midnight" crappy rhetoric

then you will see the difference

look at october 2016.. china joined the IMF SDR..
ill let you research the rabbit hole from there..

hint

hyperledger is not just one ledger. the IMF audits over them, but then splits off to upto 200 subledgers/smart contract networks/pegged altcoins for each national currency, which then split off to a few more sidechains/smart contract networks for different industries... like a pyramid or upside down tree branching out.

The news keep changing, so we cannot just blindly trust that.
Moreover bitcoin can become an official crypto currency as as far as I have seen
It is the only crypto currency that is by far accepted by many.
Steam , g2a these gaming stuff accept bitcoin and it is very easy to make transactions.
I have made plenty of them on Steam.
I have heard about Starbucks accepting bitcoin but never seen personally.
So the time of bitcoin will come , just wait for it.

the news has never changed actually. it has always been the same, it may have been twisted but not changed.


you and everyone else specially OP should pay more attention to some keywords. and the keyword in articles like this is blockchain and blockchain is referred to the technology not bitcoin itself.
simply put as franky is explaining here, Chinese will make their altcoin using the technology and it has nothing to do with bitcoin.

it may have some small indirect effect as the news of the technology hits the media, and attracts some attention to bitcoin as the decentralized and a better version of their altcoin but nothing more.

This one is quite old news and there are actually many other banks/governments that are also doing research on blockchain technology to upgrade their existing system. The only thing they are interested is the distributed ledger and ecryption of transactions bitcoin have, better not to get surprised if we see centralized crypto from any of this banks/governments.

Yeah, thats been a old news. Several countries have started implementing blockchain into their financial services to make ease of work and have an efficient functioning. Other than this several startups have been progressing through blockchain and lot of recruiters were in search of blockchain developers.

bitcoin is by far the biggest implementation of a blockchain technology, they can't don't study Bitcoin if they are really serious about their studies, even if they want to make something different, they must start from what is already implemented and working, that is Bitcoin

I think not and Bitcoin is not the real topic here but the technology of Blockchain it is very early to assume that bitcoin can take over into a new solidify currency just yet, yes BTC is getting into the higher peak but if you ask me I am not feeling any presence regarding the time has come for bitcoin, No not yet there are many issues that needs to be fix, and I think the real picture for this was that china is making something or can I say copying the same technology of bitcoin (is it safe to say it like this?) Oh well!

I doubt they- the governments would be very willing to give Bitcoin all the credits it deserves, because that would mean shooting themselves in their legs and their local currencies would be worse off. Nevertheless, Bitcoin is already mainstream and there is no way they can deny it or just look the other way. If they do get to wherever they're headed, at the end of the day, it would be Bitcoin against the rest, if it is not Bitcoin, it certainly is not Bitcoin!

What choice do they have? If they react negatively towards Bitcoin, people will just go underground with it. You know the story about

the forbidden fruit, well this applies to Bitcoin too. We have come to far {globally} to be stopped now, and they know this. If they

react now, people will be drawn to Bitcoin, like flies are drawn to shite.  ::)

Did you really get to hear yourself and is that exactly what you think should happen to miners in China? Well if they should do that much, the price of Bitcoin will plummet and confidence in Bitcoin would be lost from many corners and that is sure to affect even you.

It is a new blockchain technology. That should've been highlighted to avoid misunderstanding.
I dont believe they are just going to start or looking forward to do it. They already did start and might have been sampling it already. They just told the media the lies of not having it yet.

China is good at making copies and I think they cant perfect it yet like bitcoin that is why they need more time. Telling people they are just interested in it gives them more time.