Bitcoin Forum

Just this morning I read the headline from Yahoo Finance call Bitcoin Could Be Chinese ‘Weapon’.
https://finance.yahoo.com/news/paypal-co-founder-bitcoin-investor-215101452.html

We know a lot of bitcoin in China, but if that's true, how can they turn bitcoin into a ‘Weapon’.
How does it affect the world?
And will countries in the future start competing for Bitcoin with each other?

Yan - SnapBots.

Bitcoin can be anything though and if China plans to attack using bitcoin then I don't think that as an individual investor have to worry about it and if the attack was to happen it will not happen anytime soon.

Yeah I think so. But anyway, once bitcoin becomes a national reserve asset like gold, diamonds, dollars ... it can help bitcoin and even the decentralized economy have a particularly important position.

I can't imagine how that would happen, if the meaning of "weapon" was "to control the market", maybe at least Chinese should have more than 50% of  BTC cir supply.

Peter Thiel was not talking about how bitcoin will be a financial weapon for China to be used against the world, he was talking about how it could be a “Chinese financial weapon” used to dethrone the USD’s monetary status. And I do not see this valid according to what I read from the news (https://finance.yahoo.com/news/paypal-co-founder-bitcoin-investor-215101452.html), valid reasons should be given along side. He did not even comment about Chinese CBDC (digital yuan) which some people have being commenting about.

Anyone implying China will control bitcoin are just thinking they know what they are saying, but China can not control bitcoin, even as China mine 65% of newly mined bitcoin, the mined bitcoin is well distributed throughout the world, not congested in China. Also, some countries are becoming more friendly with bitcoin mining, making percentages of miners in China compared to the world to be reducing

You know there are a lot of conspiracy theories going around about China and how they are going to use Bitcoin to sabotage the global economy, but most of those are just sensationalism and the mainstream media, trying to sabotage the Bitcoin experiment.

Let's not forget that the "Fiat" masters have a lot invested in the "Fiat" system and traditional investment options... and they own most of the mainstream media. So they will use whatever weapons they have to spread rumors and misinformation and fear.

Why would China (World's largest Bitcoin Farm) ..sabotage a cash cow? (Mining is also very decentralized, so China is not a monopoly, when it comes to Bitcoin mining)  ::)

I can't imagine how that would happen, if the meaning of "weapon" was "to control the market", maybe at least Chinese should have more than 50% of  BTC cir supply.
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As I know that China is stockpiling much more than 50% Bitcoin

He meant it as a weapon that could be used to dethrone USD and threaten fiat in general, but that's just his opinion so no need to think about it that much.
However, that could also be stopped if the US also participate in the cryptocurrency war instead of letting China stockpiling the crypto alone. But, I don't think it can be used as a weapon to attack an economy as easily as it was pictured by this paypal cofounder.

I'm not really sure how can they used bitcoin to be a financial weapon when they just rank them #7 in the latest CCID release.

https://i.imgur.com/rxQdHl8.png

https://mp.weixin.qq.com/s/ZdJVdv8rNch2sWRPBSUEOA

Likely candidates for me is obviously their Digital Yuan, and turn this into a global currency. But I don't know if this will be successful, if China did have plans to replace the US dollar.

It is difficult to imagine how such a "weapon" can be used. Let's say the Chinese government has started to actively buy bitcoins. And then what? I do not see that other states are interested in purchasing bitcoins. And without such interest, such a weapon will not work.
At the same time, while we see the complete passivity of the Chinese government in relation to both bitcoin and cryptocurrency in general.

China can turn anything into weapon including their cheap toys, microchips or mobile phones and I don't think taking over Bitcoin is a realistic threat but they can fix this easy if they want.
Western counties including United States could create regions with cheaper renewable energy in north and colder regions and make more pools to compete with Chinese pools and create some balance.
Governments can't control all miners even if they want, and that would be a nightmare with restricting and blacklisting some transaction, but they can incentivize regular people to create new pools and reduce influence from China.
It looks to me that PayPal is more concerned what will happen with USD and all other fiat inflating currencies than about weaponizing Bitcoin  ;)

I don't think that China will have such endeavor. It is one of the countries which is thinking totally negatively about Bitcoin. I don't see any reason for the government to change their minds suddenly and try to use Bitcoin as some kind of a weapon. Besides, they are working on their digital yuan right now.

It is unlikely that they are interested in bitcoin. They want to make their digital yuan and promote it.

Bitcoin has an expanding market, investment institutions, large payment services, and banks that have accepted Bitcoin in their systems. China may have many Bitcoin mining factories and it is also possible that they hold a lot of Bitcoin, but they will not be able to use Bitcoin to hurt the US dollar. In China, they have released the National cryptocurrency test and I have not heard they will use Bitcoin for payment.
The hypothesis that Bitcoin is China's weapon is unlikely to follow the current trend.

But you can't be sure about that. That that said weapon is not a literal word meaning weapon to kill people, it is all about financial competition and we know how ambitious they are. Nevertheless, China won't probably talk about that in public, that gonna be their secret.

If that is true, why they ban Bitcoin in the first place. This remained uncertain, or maybe this is just an assumption to create another market drama and change the direction for trend. Because that is really not the thing that we are expected to see in the future.  

I am always disgusted when news about China whose ambition extends to any sector, including bitcoin, which is global in nature, is exploited by trying various ways for the recognition of China as the strongest country.
we just want to be freedom, and bitcoin is not controlled by any country.

I am quoting from the source that the OP meant.
With the words that are written, it is clearly exaggerated.

Thiel, The response to the title is slightly exaggerated as if China has already done it and threatens certain countries with fiat money by scapegoating Bitcoin.

In fact:
By looking at the words in the contents of the title is very different.


I concluded that.
Thiel himself still doubts what he is talking about: it means: 'wondering' in the words issued by Thiel, he himself does not know what he is talking about, here it is very clear that Thiel is just saying what he thinks so far between the US vs China.

Conclusion: Bitcoin currently cannot be controlled by any government, including China, where might Bitcoin be used as a 'weapon' and a threat.
So, the news that the OP publishes here, in my opinion, is a hoax, in other words, it is not clear, it is a lie, and in doubt.

If it is to be that kind of weapon then there's really nothing bad in it for us investors. It's the central banks that should be worried.

I'm a EU citizen and I couldn't care less about USD losing its status. I've never bought anything using USD. I've never even held a dollar bill in my hand.
I try not to play "their" game simply because they don't care about me. All they need me for is to take a loan and deposit my hard earned money in their bank.

Today everyone wants to talk about bitcoin, the newsrooms of Yahoo finance do not escape the rush of the news and in that sense any idea of the editor who in this case is a creator of "paid" content to fill spaces in the submenu "yahoo.finance" just to writing.

Today you have to look for reliable sources and have "criteria" not to give continuity to the game of the editors. This even happens on specialized websites in the crypto world.

Of course, there is a topic of discussion in the OP news, but it is very speculative, ambiguous and repetitive, the context is disguised to make room for the noun in the discussion. Certain news must be missed (this is one).

_____
Many things say made in China, but for now the dollar says made in the U.S. The best weapon the Chinese have is cheap labor.

I don't think it's a real possibility. It's actually close to something that happened in a TV show I've mentioned before (Mr. Robot) with China switching to BTC when the US relied on a centralized currency (not USD, but still). I don't think China is currently controlling Bitcoin, and to use Bitcoin is a weapon, China must be in control of it. Moreover, China isn't even pro-Bitcoin, so it's more of an enemy than an ally for this country. China cares about their own fiat just like the US cares about its fiat, so there's no reason for China to suddenly support a decentralized cryptocurrency even to fight the US economy.

We'll know that China has the highest percentage in the mining of bitcoin which is around the 63%+, this doesn't make or give the China the impetus to comment on using the Bitcoin as their weapon against the rest of the world. Bitcoin is decentralized and no singular entity will ever get the control of this technology but "Bitcoin could be anything in the future, remember this".

What isn't a threat to USD's reserve currency status these days?   :D

I don't see this as anything other than the published musings of a random mogul on what must have been a slow news day.  It doesn't hold water.

the real threat to the US dollar that is going to also dethrone the USD’s monetary status is the US government itself. with the way each of them that take the seat of power start wars with the rest of the world, the way they keep printing money like maniacs  and how they waste trillions of dollars on meaningless adventures on the other side of the world.
and China doesn't need bitcoin to dethrone USD, they've already been doing it by having the world economy by the balls.

A lot of things have been said about Bitcoin, but this one of it being a Chinese weapon is the one I am not going to be believing , since it’s decentralized , I can’t imagine anyone or the Chinese doing anything stupid with Bitcoin, which is what I thought at first when I read this topic and of course I can remember the 51% attack and things like that, but I believe things have already changed and there have been more miners and more of competition.

But when I read the article on Yahoo, I understood that what he was saying was that Bitcoin might a tool that’s used by the Chinese to dethrone the US dollars. Well, I don’t know about that.

This is to much overthinking on some scenario since even other country can us it, also Chinese is not the only country which have huge count of users since the adoption now scattered everywhere. Also stop listening on conspiracy theories regarding on bitcoin since for sure they write that to create more traffic on their article and want to earn money on curiosity of the  people.

I think that almost everything that China is doing is pretty much threatening to the US considering their influence is expanding, like the one now that they are doing African continent. I don't know how bitcoin can be a Chinese weapon but do we really have to worry if it ever was one?

China does have alot of bitcoin but those bitcoins belongs to investors, not the government. And the Chinese are human as same as us so there is no reason to use bitcoin as a weapon. They only care about making more money with cryptocurrency.

Moreover, how can bitcoin becomes a weapon when it is not recognized by the government or any authority? I think people just scare of the China and that is why they make this nonsense article

Personally, I don't like such headlines, as they say only one thing, that someone is already looking for someone to blame. It can be assumed that this kind of information is aimed at discrediting China in this case. And why BTC, for example, cannot be a weapon of America or another country, or why Bitcoin is a weapon in general, and not, for example, a saving circle? In general, as always, someone is trying to divert our attention to unnecessary goals. I believe that Bitcoin is just Bitcoin and it plays a role for everyone.

Nonsense. Absolute rubbish. BTC is meant to be a weapon for the citizens craving for decentralized and anonymous financial transactions which is why it cannot be utilised as a weapon by an particular government.

Whoever wrote that article is an absolute idiot in my opinion. BTC will always favor citizens over the government in any country.

People keep talking that China controls Bitcoin since 2016.So far,there's no valid evidence to prove this claim.
If Bitcoin is a Chinese "financial weapon",then how the Chinese will use it against USA?
Crashing the Bitcoin price,so many US investors will lose their money?This seems like the most obvious way to use BTC as a weapon,but how many big investors have bought BTC-Microstrategy,Tesla and bunch of other companies.Is this enough to cause severe damage to the US economy?Nope,I don't think so.
This is just another clickbait article with no facts and proofs.

I admit that China is very ambitious to dominate the world economy, but making Bitcoin a weapon like it is impossible. Because surely China prefers
to use digital Yuan instead of having to use Bitcoin. Besides, as far as I know, no country can control Bitcoin, let alone turn Bitcoin into a weapon
as it doesn't make sense. I suggest not reading too much conspiracy theory, so it will end up making us think beyond reality.

China have many big mining farms. Someday BTC will be too hard to process and China will be one of the countries that can mine it. At least this is my view on situation.

I don't believe we have any concerns at all, no.  One minute the media are saying China have declared war on Bitcoin, the next minute, the media are saying China will use Bitcoin to take over the world.  It's basically just one mindless, sensationalist figment of their imagination after another.   

China was the one of the most big markets, people and also economy, they have future plans ahead and when you said "weapon" about bitcoins, Do you mean is they can overwhelmed  other countries that holding bitcoins also, well in the near future fiat is gone and china knows about that.

Its a news regarding Paypal and Cryptocurrencies. How could even China be fond of Cryptocurrencies when they are trying to ban it within their country? They are trying to ban it because they do not have the means to control it and Bitcoin did not start in China so using it as a weapon would be far from their decision making. They are studying it to find ways to control it but turning it into a weapon sounds weird specially there are already a lot of Cryptocurrencies but not one of them is used in destruction of anything.

If calling the corona pandemic the chinese virus is racist.

I don't even want to know how offended china is over bitcoin BTC being labeled a chinese weapon.

 :-X

There are now many countries around the world using Bitcoin, but not only China. If many people take advantage of investment in Bitcoin to perform illegal money laundering, Bitcoin becomes a powerful weapon. Bitcoin can directly affect the economy of countries. There may be fierce competition among countries when investing Bitcoin.

Heh, i hope this entices the Chinese politicians a bit in favor of bitcoin, i doubt it tho.

Anyone with "someclue" (obviously not these media outlets) should know bitcoin renders ALL fiat, including dollars AND yuans obsolete. So saying this is a "chinese weapon" is as stupid as it gets. The bitcoin simply does not lose its wealth overtime like all fiat and even some altcoins are designed to do.

If you are scared about bitcoin because nothing you studied in economy explains money not losing its value, study the Austrian School of Economy. Especially if you pretend to be some sort of media covering economy, go ahead and start reading, get a clue of what is to come: https://mises.org

Why would you when you have your currency but then again if for any reason you find yourself in the United States am pretty sure you will be compelled to have dollar in your wallet,  

Between I don't see what is so bad in depositing money in the bank, isn't it for safe keeping! Or would you rather have cash lying around in your apartment with the danger it may bring,

And let's imagine there isn't anything like digital currency (btc) and all you have got is the bank, what would you do? Just curious.

The population of Chinese are into bitcoin investment which in no distance time, they will use bitcoin to eliminate any kind of poverty or economy failure that is affecting the country. Bitcoin is well legalized in China that is giving their citizens access to bitcoin investment, to reduce unemployment in the country. With the strategy the government is putting in place, to give all bitcoin users in the country a secure environment to carry out their bitcoin activities in the country.

This is amazing that China can they turn bitcoin into weapon, bitcoin is a financial weapon only if you direct it for proper direction, when saying that bitcoin can turn to weapon it hard me to understand the scenario but never the less it's something that what discus, every one is here to learn things that are foreign to he or her here, and it's nature of life, bitcoin turning to weapon is something we have to understand the possible way such can happen.

- The Chinese government may not own too much bitcoin but with the economic resources of tax revenue, if they are more ambitious in bitcoin, they will easily achieve the required amount of bitcoin, necessary here means a super big whale, expanding financial warfare, absorbing economy from other countries through bitcoin price controls, many investors went bankrupt due to such manipulations. But perhaps a financial weapon like bitcoin has gotten too much attention from governments, they will always be ready to prevent the invasion of the Chinese government

So far, China and some other states, such as Russia, use the yuan as a financial weapon to counter the US dollar. Today I just read in the news that after international sanctions related to military aggression against Ukraine and the seizure of its territory by military means, Russia invested a lot of its money in the Chinese yuan, but this has so far led to the fact that it has lost about nine billion dollars from for the depreciation of the yuan. However, she has no choice but to continue investing in the yuan.
Let's see how the official appearance of the digitized Chinese yuan will affect the global financial system.

it makes no sense that bitcoin is used as a weapon especially we don't know the person who made bitcoin where it comes from, which is very unclear

I think he mean about dethroning Dollar versus the Chinese Yuan. If he refers to Bitcoin, China should gain huge of amount of Bitcoin or they should commission a mining army to accumulate more BTC’s. But I think thats not the plan, because when it comes to crypto China is not perfect place for it due to its regulations.

In this article they talk about China as one of the best Bitcoin vs FIAT money strategists:




https://i.imgur.com/OLBoihK.png

Source: https://cryptobriefing.com/wnews-bitcoin-threatens-dollar-says-peter-thiel/ (https://cryptobriefing.com/wnews-bitcoin-threatens-dollar-says-peter-thiel/)

Apparently the conflict that exists goes much further than the political one, when one enters the economic field and money is reason enough to fight, everyone wants to defend their interests, some speculations affirm that in a short time the money will be merely digital, El Criptoactivo It is giving a lot to talk about, they are considering it in a very good way and soon there will be more news of this style this April 14, the best is expected.