Bitcoin Forum

Anthony Pompliano has said that if the United States does not accept bitcoin and does not legalize it, the US dollar will fall and lose its value.
As you know, China has been able to be one of the major shareholders of Bitcoin by mining bitcoin, and in this way it wants to go to war with the US dollar. I have even heard that China has started mining bitcoin in other countries as well.
What do you know about this?
Source and continuation of this news:https://cointelegraph.com/news/us-must-embrace-bitcoin-to-counter-chinese-financial-attack-pomp

I am very confused on this matter and need clarity. How is it possible that the same china that prohibits use and transactions in bitcoin is still the same place where over 65% of the world's bitcoin is minned? Someone please explain.
If transactions are still done underground, does this mean that a fair percentage of China's population is involved in the illegal activity of transacting in bitcoin?

No matter how much you try to restrict the caged animal, the animal will try, and escape. China has many restrictions on its citizens, it isn't just Bitcoin. They don't allow certain news sources, social medias or communication platforms. However, their citizens still look for ways to get around it. I know quite a few that use VPNs to get around the social media ban for example, and its exactly the same for Bitcoin. They are likely using VPNs, and connecting their mining gear up, and mining it. Probably, hoping they can make enough money, to move out of the country that's restricting them so much.

Not really sure who started all of this, China vs US and bitcoin in the middle as a tool to destabilised or at least used as a financial weapon by the Chinese to threaten US Dollar. And then now Pomp coming up with the 'solution', which for me is such a good counter that US government should look into it. But in any case, we all know that bitcoin can't be controlled not by powerful countries such as China and the US.

This is pure speculation even though most of the miners are located in China, they are not done by the Chinese governments so how the government is going to take BTC as a tool against China in the economic war?

And again China is already trying to suppress the use of bitcoin among their country itself by creating digital Yuan means they are also trying to stop bitcoin adoption while US regulated it.

For starters the amount of hashrate that is located in China is nowhere near that percentage. The China FUD/exaggeration is nothing new, for many years people have tried to use it as a way to spread fear in bitcoin market and the lie stuck around.
Secondly China has never prohibited using bitcoin ever. There are certain bans such as banks not being allowed to invest in bitcoin, they also shut down centralized exchanges that were laundering money and stuff like that but never banned usage of bitcoin itself.

The story here is no different than the decade old China FUD. It is just the boogeyman strategy again.

USD will not be affected by legalization of crypto or not. Sad truth. Only shilling guys in twitter want to convince you that usd is affected by this

We don't really know if bitcoin can't be controlled by anyone and we don't know a lot about China since they are very secretive of their operations and we never know that they might have some technology that is being developed or already developed to weaponize bitcoin for something.

There is nothing like a China v U.S story, as pooya87 said its the usual boogeyman stories.

China as in the Government if they are mining are only a portion of the mining activity in
China. Most of the mining in China is made up of pools which are individual people and
companies pooling their efforts to mine.

https://www.buybitcoinworldwide.com/mining/china/


This feeds into the article stating China is mining in other countries, only its the other way around.

The only way I can see this story being real is the fact that the chinese authorities allowing
mining to happen.

It seems to me that this post is full with BS:
1.If China has adopted Bitcoin,then why cryptocurrency trading is banned there?
2.If China (the Chinese government) is mining Bitcoin,then why there are rumors of crypto mining being banned there?
3.USA is actually more Bitcoin-friendly than China.That's a fact.
4.China doesn't own Bitcoin.The Bitcoin miners located in China are private companies.They own Bitcoins.
5.Bitcoin isn't illegal in the USA.
6.USA and China have a difficult relationship,but Bitcoin has nothing to do with it right now.BTC is still insignificant.

US DOLLAR currency is one of the biggest currency in the world. But bitcoin could now also be compared since it is also already listed as one of the biggest currency among other currency around the world. But remember that bitcoin is different because it is a decentralized currency. Other than that bitcoin has a variety of use like being an asset for investment purposes and the likes.

So, why US dollar fall when it is completely a different currency?

We do not really know what will going to happen in the future with any of the currency that are present today either bitcoin or US dollar for all will depend on how the countries economic growth. China economy has grown huge and that can probably made China a country to dominate around the world and thus could create chaos especially that China government had already been trying to threat other poor countries especially those countries in debt. I do not know what really will going to happen but hoping that all is well getting harmonous relationships among all countries around the world.

1. Trading is not banned in China. The only thing that is banned is ICOs whether creating them or trading them for obvious reasons (they are all scams).
2. There are a lot of other rumors too like aliens living among us. They don't have to be true ;)
3. A bitcoin friendly country is a country that doesn't have stupidly high tax rates, dumb regulations such as bitlicense, and a lot of privacy invading laws.
5. It also isn't illegal in about 90% of the rest of world!

He's saying it like if Bitcoin is some highly popular currency and payment method and that US is far behind China regarding it. But in reality, overwhelming majority of Bitcoin's use cases is investing, and in this regard the US is way more liberal than China, so it's especially strange to say that the US is losing some sort of race.


This is the plot of a fictional TV show Mr. Robot  ;D ;D ;D

This is misleading as China has been advertised banning/blocking cryptocurrency in their country. And actually, someone spills the tea that China is planning to spend around a 6Billion $ just to shrink Bitcoin’s value by mining empty blocks.

The U.S is actually the one who was accepted Bitcoin to the fullest extent compared to all the countries involved. So I’m not really sure about this thread. You I guess will check articles about it to make sure. Hope this helps.

The U.S. Dollar will fall, and will lose its value, with or without, acceptance or “legalization” of Bitcoin. But what does it matter for Bitcoin if it’s enacted “illegal” by the government. It is censorship-resistant.


Major shareholders? Haha. Bitcoin is not a company, nor controlled by China.

1. Bitcoin trading is not banned in China as far as I know, see the FUD is still effective up to this year, a lot of us still in confusion.
2. That's just rumour, at least another FUD coming from the government itself.
3. USA is on the grey area as far as bitcoin regulations is concern.
4. Yes, but you have to understand that Chinese government has control of it's people. Not even Jack Ma, who is one of the riches can get away when attacking the Chinese government.
5. Yes, see number 3
6. Probably bitcoin is in the middle because it's decentralized and other believes it can be used as a weapon.

OP, further reading for you, and other Bitcoin newbies, https://notgrubles.medium.com/one-does-not-simply-censor-bitcoin-89dc4a32ba2b


Bitcoin simply made it. It would be currently useless to ban it because the government would have to shutdown communication lines/the internet to censor it. IMPOSSIBLE.

What's with the US-China-Bitcoin discussions lately? China using Bitcoin as a weapon against the US was discussed  (https://bitcointalk.org/index.php?topic=5329197.0)just yesterday, and today we have basically the opposite case in which the US should use Bitcoin as a weapon? Bitcoin is quite popular and powerful, but the US and China are two of the world's biggest economies with no other country getting even close to their power. I don't think they need Bitcoin to stay powerful, and neither of their fiat currencies is in immediate danger right now. Moreover, neither is particularly pro-Bitcoin and willing to fully embrace it, so I don't think they'll try to use it as a weapon against each other or that such an attempt would be successful because Bitcoin is quite decentralized for that.

It's can't be controlled by a single entity, even if the mining is concentrated in China. 51% attack? Nah, too much money will be involved, not worth the risk. They might be secretive in other things, medical science, scientific breakthrough and other fields, but I doubt that they have been prioritising bitcoin as a means to destroy the US dollar in the whole market.

I agree with Pompliano. The US must adopt bitcoin because the US dollar may lose its lead. As is normal it is a concern for any crypto enthusiast in the United States.

China has long experience with Bitcoin and has been in the mining business for years. If China takes control by adopting it, China will have everything going for her, the miners, and the bitcoins.

The dollar would suffer the setback that is concern for Pompliano as he has said:

This is too dramatic, however as we know the US and China have a rivalry that is extending to every single aspect of their relationship and bitcoin is without a doubt an economic factor that cannot be ignored anymore, if the US takes measures that are too harsh against it then there is no doubt in my mind that we are going to see China taking the spotlight and this can be dangerous to them as it is the equivalent of ignoring the Internet right before it became mainstream.

What? How would Bitcoin improve the United States’ GDP for a stronger Dollar?



The main reason why most of the mining farms are located in China is because of cheap electricity, and the laws and regulations are more permitting, not because it has state support or it’s state-sponsored. Although state-sponsored mining farms will be a possbility.

It's time for the US to create its own digital currency or fully support BTC so that it can fight the digital yuan.

I don't really care between the war between these two countries because it's not my business and I also don't want to interfere too much with these big countries because they have the principle of living a peaceful life

this is purely an economic war strategy between the US and China, I think they use bitcoin because you are a certain factor, they think that crypto can beat each other. And their choice is bitcoin, so I think this is not pure crypto trading but a digital economic war

You are not affected by anything from the economic battle between these two countries directly, but you will be affected indirectly through several subjects and objects, for example, is the policy carried out by the government in your country, which is most likely the impact of the US-China struggle.
The news and information presented about the US and China could change the policies of countries that have cooperative relations with the US or China. That way, as a good citizen, you will follow the applicable regulations so that your business can still run and survive

things that are commonplace happen in any role, especially in terms of sharing something with the aim of advancing the economy of their country. there will always be intervening with each other, others just see this is a simulation they are doing to show the strength and ability of their country.

I am just like you, whatever happens to these two big countries will not have an impact if they themselves only throw their opinions. all need peace to move the economy so there is no need for this to always be a material to be exaggerated

this theory comes up when someone said that china is weaponizing BTC against USD. anything that will weaken USD i guess will be supported by China but it seems far fetch since BTC is also a threat to China's Digital Yuan. all fiat money is threatened by BTC that is about to dominate. if the US is going to use BTC to attack China, US would have to adopt BTC.


thousands of years ago in the time of Genghis Khan, China had already experienced devaluing their paper money as well just as what US is experiencing right now and it all ends up in war. hopefully if one will not engage. there won't be war.

How can the US counter China using Bitcoin, because as we know Bitcoin cannot be controlled by any country. I'm not sure the US will use Bitcoin
to attack China, but it is really interesting to see the two big nations fight. Both have an obsession with being the strongest country that wants to
dominate the global economy. I hope that the competition between the two countries will not have a negative effect on Bitcoin. Because all I care
about is the future of Bitcoin, I don't mind who will be the winner between China and the US.

the best way to gain some advantage with Bitcoin is to fully adopt it and accept it as a payment method equal to USD. As far as I know China is more restrictive about bitcoin which is not good for China since bitcoin marketcap is growing day by day and soon it can reach 10 trillions and continue climbing. so if USA let people to prove their bitcoins and use it in USA (NOT only for their citizens) to buy real estate and put this money in their economy I think this will be some edge over China. By the way I am not from any of these countries but from Eastern Europe.

The first suggestion that you bring is going to definitely happen, the United States is going to create their own digital cryptocurrency, however most likely it is going to be created with all kind of backdoors that is going to allow the government to do whatever they want with their currency, tell me is that a currency that you want to use? Even stable coins will be a better deal, about your second point that is very doubtful, the US dollar is already the most powerful currency around the world and once any government reaches that kind of dominance what they want more than anything is to not lose it and bitcoin is a threat to it.

It's possible if you saw today world problem. Today China take major control in bitcoin market. If you study 2018 crypto market you saw China banned bitcoin at this time bitcoin price fall down.

the idea of USA and China did not start today as loads of things have been hidden, things like trade wars and co and then it hovers around every challenge China has with the US. but let it be known that China has more control over the Bitcoin network as they happen to have enough percentage of the mining pool situated there.

This will be "IF" the US doesn't legalize or accept BTC. I don't think it wouldn't matter much if the US doesn't have the lead role on it, as long as they are trying to apply and accept that it is the future. If the US wants to stay on top of the financial aspect and blockchain adoption, they need to do it right now. The leaders there have probably other things in mind than this but it's what's happening.

China is competing with the United States in the financial race. That is Bitcoin competition. Bitcoin is considered a Chinese strategic financial weapon before the US, because it has the ability to threaten the identifiers, and especially threatens the dollar. Peter Thien billionaire, Paypal co-founder was also feared for that. Do we wait to see what will happen? Does China overcome the US in the financial race?

Bitcoin is still a hidden number. Nothing can not speak anything. And there is no one if China holds many Bitcoin, China will be able to weaken the dollar. The current USD is still the main transaction currency of the whole world.