Bitcoin Forum

http://www.scmp.com/business/commodities/article/2145767/chinas-ministry-industry-and-information-technology-publish

The China Center for Information Industry Development (CIID), the institute responsible for advising on policy in technology, is researching and publishing ratings for 28 coins including BTC, ETH, NEM, XMR and plenty of others.

Anyone care to extemporise on what the implications are of this? Does this mean China is looking into 'rehabilitating' certain projects?

Governments often make investment models and analysis around assets, but in this case, something as controversial as cryptocurrencies in China, where they've banned a ton of exchanges, it's kinda shocking. Why would they "rate blockchains", if they are banning exchanges to rate the currencies whose run under said blockchains?

I guess their barometer to rate a blockchain is one that qualifies them higher the more centralized, controllable and therefore traceable and easier to confiscate for governments, in other words, do what the opposite a government says about a crypto.

Currently nobody cares what china has to say about blockchain industry as they have let us all down too many times, and are now on the last place of blockchain revolution train. It would however be very good for the ecosystem if china would join the bandwagon again

China made themselves irrelevant in blockchain by killing cryptocurrency trading, ICOs and limiting Bitcoin mining. What is their "blockchain ratings" guide supposed to do? Get their relevance back? ::)

I think this people are coming back into cryptocurrencies again and they are trying to actually "rehabilitating certain projects" from all indications.  I have think some time ago that Chinese government always attack bitcoin in other to bring it price down for their citizens to buy at cheap price.

If this actually leads to some sort of regulation regarding cryptocurrency exchanges as well as ICOs, then it can definitely end up being something significant. Regulation is after all, much better than a total restriction on these aforementioned things.

It's too early to tell exactly what the intentions are with this research project, but it's definitely a good sign imho that the Chinese government is even bothering to do these ratings.

The bitcoin price may not be affected in short term, but it could potentially have a profound impact on the prices mid to long term if these ratings and the research done end up helping the Chinese crypto market to exist under a regulated environment.

It could be for rehabilitating but I personally doubt about it since the country has been quite rude in regard to cryptocurrencies. I wonder if it isn't to use as an excuse for...
...later to be able to say "blockchain is great", and finally use the opportunity for the economic side. If the country finally see the positive effect it can have on the national economy

A positive thing for us is it can give a boost to the price :p

https://bitcoinist.com/china-release-cryptocurrency-ratings-ranks-ethereum-1st-bitcoin-13th/

And here they are.

ETH is 1st. BTC 13th. Steem... 2nd?

This is almost as informative as those Weiss ratings which were going to transform the world, in return for a few hundred dollars to read them.

what is this? rating based on most centralized coins? :D
seems like cellard was right all along. I think their constant failure to sink their teeth in bitcoin and control it has failed so they are now moving on to other coins which are already centralized and plan on trying their control there. the release of ASIC for ethereum may have also been because of this. I wouldn't be surprised to find out Bitmain belongs to the government.

It's actually impressive that they had the balls to put Steem in 2nd  ;D.  And the fact that the put Verge and Bitcoin on the same level is just absurd, I doubt anyone would take this list seriously...steem 2nd, IOTA 7th, WAVES 15th? it's like the "experts" behind this research are giving us several reason to completely dismiss this list.

But, rather than saying that cryptos are bad and/or risky, it look like China is taking a different approach towards cryptocurrencies, which I think is good.

Yeah this is pure nonsense.
As if anyone in crypto gives a damn what ratings some institution is giving to a bunch of coins.
That's just another attempt to move the direction in a specific direction, like we know it from the legacy markets.
I doubt this will have an influence on the price of any of those coins to be honest.

Next year's winner will be BCash, or better said BRoger, due to their massive upgrade very recently. 32MB block size is revolutionairy and very impressive when you can't even fill up your blocks with 100KB consistently. :D

It's yet again a sign that the traditional market just sees what it wants to see and starts cherry picking based on that. I am glad that no one here gives one single fuck about these shitty ratings. It's impossible for anyone to tame Bitcoin. Bitcoin is the regulation taming governments and regulators with their shitty standards.

I also don't care about China to potentially re-enter the crypto market (not that they completely left anyway). It has never been a country that contributed to anything other than problems. It's a big market for sure, but what's that worth if you can't rely on it? I'm glad that mining farms there are looking into alternative locations to set up their operations. China shot itself in its foot.

Idk but it could potentially make their citizens mind up and buy whatever is at the top of the rankings (which is ETH). This somehow causes a psychological urge to buy it since it's being endorsed by the government. A subtle, hidden and effective pump in the making, I should say.

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I wouldn't take the list seriously since it's completely bollocks, and knowing the coins on the list, I know that the ones who published it has some interests and are already knee-deep on the top coins. China's relevance in the crypto world only remains at being the sole producer of bitcoin miners and nothing more.

If this is not fake news and it is true, its pretty good in my opinion. Some people keep repeating we don't need legit popularity but I reject this idea. I think those financial rating s may help big time in the long run.

For better or for worse, Bitcoin as it is today is not understood without China... what I mean is, the hashrate is simply too big within Chinese jurisdiction to fully ignore China.

If for some reason, the Chinese government decided to ban Bitcoin mining, it would have an impact on the price and generally on the network, so it's part of the fundamental analysis of Bitcoin. As long as this is the case, they are contributing to strengthening the network, even if the people behind the mining machines have probably malicious intentions (which proves Bitcoin is working as intended, that is, it's actors would have malicious intentions, but still end up supporting the system if they want to be part of it). Of course, these are private companies and not the Chinese government itself, unless one wants to subscribe to the conspiracy theory of Bitmain having ties within the government.

And here is the interesting observation: notice how China has banned a million exchanges and has made it hell in some cases to deal with Bitcoin and crypto in general, but also notice how China is yet to screw up Bitmain... as long as the Chinese government is not directly trying to screw up the Bitmain empire (while making it very difficult for their citizens to deal with Bitcoin) it is safe to assume that some sort of connection exists... such as, the government providing special electricity deals for the mining machines and in return they get a % of mined BTC to build a Bitcoin reserve. This is what any smart government should be doing anyway, specially when most of the mining is happening in your country.

What kind of random number generator did they use? The numbers in that table are truly very random! Hahahaha.

China should be out of blockchain and Bitcoin land for good. There is no place for them here if they continue to ban it but want to have influence on it, instead of completely embracing it.

Agree that ETH is worth first place. BTC is almost useless if we compare it today. Good news, because lots of holders and investors are in China and that can really make rates grow for those in top of the list

you never want to reveal your hand completely in one go. you slowly pretend that nothing is going on but continue your shenanigans in the background. they revealed one of the biggest centralized altcoins in this round and that the first step :D


unless they mean to declare war against bitcoin and use the military with tanks on the streets they will not be able to close down mining operations. it was discussed before, in China mining farms are feeding a lot of people on different levels and at different posts. from normal people to government officials. you can't close down such operations, nobody will let you do it!

I can see how much China is so obsessed with centralization now ;D.
Not like I am surprised anyway as they obviously never liked the sound of decentralization right from the start due to their normal controlling nature of governance. I see this as just a means to get back in their foolish way as they just keep failing and seeing how the space is growing each and every day, it is making them extremely sick to the head to come up with a rating like this.

Well, everyone is entitled to their opinion; this is theirs, and who really cares about anything that comes out from that country anyway?

I get the feeling that they are planning to lift their bans on some exchange, ICOs and probably encourage the use of cryptocurrency; especially bitcoin as Japan did. They might have disliked the idea of decentralization involved in cryptocurrency. Probably, after rating,  they might be easy on bitcoin but place regulations on it usage and investment in their country; guess it won't be as decentralized as it is .

Where are they going to pump it?

I wish we had some tame Chinese people who popped up in this section. I assume they all must be trading away OTC but we never hear a single thing about it. I'd love to know how many people there have hung on versus throwing in the towel, though of course 98% of Chinese volume was the exchanges themselves plus four zitty teens with bots back in the day

It's impossible to say. The main point of importance is that institutional high frequency traders literally demolished the Chinese exchange market back in the days. The average Chinese was using local exchanging services to buy and sell Bitcoin, which pretty much explains why the exchanges ended up with just 10-15,000 BTC daily volumes instead of the usual +1,000,000 they were spitting out. No longer zero trading fees means no more party time for these institutions and so they left. On a daily basis single +10,000 BTC orders were absorbed like it was nothing. I wonder how much the top 3 exchanges were paid to allow high frequency traders to have a good time at cost of the regular trader. ::)

I don't think the Chinese government couldn't care less about the unemployment that getting rid of Bitcoin mining could generate.. given past precedents. China doesn't care about their citizens that much, and I don't think mining creates a lot of jobs, it may create some jobs, but it wouldn't be a disaster.

The question here is, what does China gain from mining Bitcoin and what does it lose? If they are smart, they should understand by now the importance of your country being the leader mining force in the future of finance.. so like I said, I wouldn't be surprised if they eventually ban Bitcoin in China WHILE still allowing mining.

If chinese ministry is working on blockchain ratings, then it must be a sign of the government intending to give green light to cryptocurrency and reintroduce it into the china economic system. This can be a great news for crypto community.

and it's true the Chinese news is making their own coins until they close the other coin access into the country m, they are really very disadvantageous because we know many big bitcoin investors there are starting to move that ultimately impact on the price

If the "future of finance" includes the disruption of their control over the country's financial and banking system then I believe they would say "we don't need that, thank you". Hahaha.

Just like the article said 'Echoes of Weiss' !
It is funny that a lot of people still pay attention to these punks when their own citizens hardly give a damn about what they are even dishing out.

It just seems to me that they are so in love with their controlling nature that as long as it is simply in their way, they just see it as a complete threat and try to see every means to degrade it. Unfortunately, they are losing it and they are as well losing every sense of reasoning that they have, if they ever had any though.