Bitcoin Forum

Recently we had a lot of news and rumors from China about exchanges and even bitcoin ban. We all already tired from these kind of stuff. Many of us think China government stupid. But here is the thought appears about China's government is not stupid at all and they've started play their own game. It's not a secret that around 50% (or even more) BTC mining power is situated in China. What if China plans to create their own "Bitcoin" using already existed mining powers? If they do so it would be first strong government's crypto. Does this thought silly or not? Could this be true???

There is a notion that if some phenomenon is impossible to defeat him you need to lead. Maybe the Chinese would go that way. I don't think China is stupid government. It is the only country which has a development plan for the next 100 years. But to win bitcoin would be difficult even for China.

It's not very decentralized if a government controls it. China is not stupid, there is a reason China is the largest exporter in the world, but you need to keep in mind they are also very restrictive on their overseas spending too.

I believe that Bitcoin will not be ban by China. These are only rumors to take the price down and then once the good news come about that they will not ban it the price will go to 7-10k!

I believe a lot of important/influencial people in China own BTC. So this might be a play.

It doesn't make any sense. Mining is only useful in the context of decentralization. Block rewards are supposed to incentivize miners to do proof of work without regard for central authority. If the Chinese government created their own "Bitcoin" then it wouldn't need mining. And miners would be disincentivized from mining the government chain because their rewards could just be confiscated.

In any case, China is planning to release a blockchain currency similar to Tether. It will be linkable to Bank of China accounts. I guess they are hoping they can drive some of that blockchain hype right back to their dirty fiat money. :D

Yeah, I hope so too. BTW most of these people are miners which play their own games with pumps&dumps as well.

It will not be the same with bitcoin. Considering what they did who will trust an invetment with them if they can suddenly close it all.
There is not enough trust if ever they will create one unlike bitcoin who have bern here for a long time and the name is already planted and growing.
It will still be an altcoin even if created in the bitcoin platform.
It might have some value but they can shove it off their a$s

I don't think it's a silly thought, and right now they are either just trying to regulate bitcoin, like many other countries are doing, although in a more smoothly way, or they are preparing for a total Bitcoin ban because they want to launch their own crypto coin. The thing is, that none of those decisions will affect bitcoin. If China does create their own coin, it will be just another alt coin. A very strong one of course, but it will only prove that bitcoin actually can work. Also, it all depends on what the properties of that coin will be, if it's just another centralized currency, then it does not even compete with BTC.

I agree with you, I think a lot of authoritative and solid China people playing this game.

Bitcoin is just passing through a phase, expect that in the not too distant future. Whatever China does or say would have zero influence on bitcoin's value, because even if they ban bitcoin in China, bitcoin has gained a wide adoption, also expect China to come up with her own cryptocurrency.

China has a total control of more than 60% of the bitcoin mining power. I think the outright ban has something to do with the notion that they are afraid of it and make their Yuan unstable, so they think bitcoin as a threat to them financially. If they perceived it that way then there's no used to created their own "Bitcoin" or own crypto currency. And if ever they did, there's no country so far that's been successful in creating their own coin. So I doubt they will take that into consideration.

According to the latest information received, the Chinese government considers the decentralized digital currency a threat to its financial, credit and economic systems. Proceeding from this, it banned the circulation of any decentralized digital currency, including bitcoin, on its territory. Obviously, China will allow the circulation in its country of only that crypto currency, which will completely obey the government. As one of the options - the release of its own centralized digital currency. Therefore, the assumption that China can create its own crypto currency using the existing mining capacity is absolutely real and can be part of China's current plans.

i dont know what everyome says, too much conspiracies lol
china ban ICO's and trading of altcoins and bitcoin because there are a lot of reports regarding scam made by chinese people through this digital money, well the said ban has not been impose as of the moment but chinese altcoins and bitcoin traders has contingent plan already.

I think the PBOC is very interested in blockchain technology but just don't know how to handle it now, so what they did is to prevent it from accessing the financial system completely until they figure it their approach. One of the possibly is to issue a cryptoCNY by the PBOC, which the chinese citizens can exchange their CNY to but subject to a cap. This could still be a risky move as people might use it to convert to foreign exchange and invest in foreign assets.

As you said we have a lot of rumors recently in many websites, social media, articles the question is why?
A lot of people missed the truth about "China's ban". I am also not 100% sure of my source of information, but as i read China only want to stop fraud and money laundering. But why china ban exchanges? Because they haven't got any registration demands etc.... If it is only smart case fot banning exchanges that it bad for crypto, but as I said China propably makes it due to improve quality and decrease crime. What should gratify us.

If they created their own coins,it's mean they need to start from zero again and I believe there won't be a lot of people using it since the government like to create their own rules, if China miners all go away, we still got other countries that want to become miner, I believe the government is not that reckless

its up to them if they want to create another "bitcoin" but I am not sure that their coins will be famous like what bitcoin did. I admitted that they have large company mining in the world but it doesn't mean that they can rule the crypto currency world. there will be many country wants to be the top position in the crypto currency and they giving big support for crypto world and community.

I dont think that your thoughts are stupid, strange things going on in China in the last time! Before a couple of days I heard that miners are now allowed to leave the country.. Really crazy man. Maybe some miner are going to mine BCH in the next time.. But that are just some thoughts...

Did Indian Govt/ officials statement about "Lakshmi" gave you this thought? Then all Govt/ countries will start their own currency and the whole idea of non-regulated currency will die eventually  ;D

I have a feeling the whole banning thing is about Segwit/Segwitx2. The government may try to influence the outcome of upcoming events or use the banning threat to force the community to accept Segwitx2

Just like how China ban Google and Apple before so their companies can dominate their own market. That's why you might consider buying some Chinese crypto such as NEO and Qtum to play with the Chinese market.

I think that be away from market till 30 September will be a wise
Every thing can happen
No one can expect exactly what will happen

It may be true. For some it is silly. For some it is not. For me? I don't f*cking care about china and their plans. So what if they want to create their own bitcoin? So what if they are powerful in their shit games? To hell with china! Go ahead china and leave bitcoin for good!

I highly doubt that. The Segwit and Segwit2x issues may seem fundamentally important to us as bitcoiners, but I don't think the Chinese government cares. What they care about is capital outflows, shadow banking (and AML/KYC controls to combat it), and maybe they want to organize trading and even mining activities under state control.

I'm not sure about the latter, because it means that they are likely really bullish on Bitcoin. Could that really be?! There is talk about a potential "nation-state mining arms race" if the Chinese government enters the game...

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