Bitcoin Forum

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Currency should not be monopolized
Correspondent :As the revolution decision ,the Chinese government should expand opening financial industry and encourage financial innovation .Meanwhile ,central bank of China has released the notice to prevent bitcoin risk ,meaning that bitcoin should not be used on the financial market ,how do you think ?
Hus hi zhi :Bitcoin is a kind of financial innovation .So as the currency publishing organization ,it’s reasonable for central bank of China to ban bitcoin,But whether to achieve the

aim is unknown .
Central bank of China can deliver its mind to bitcoin ,but it doesn’t have right to ban it .Any administrative monopoly is unjust .
Correspondent :The notice claimed that bitcoin is not published by governments ,so it isn’t currency in a real sense ,how do you think ?
Hu shi zhi :As a kind of innovation ,whether bitcoin will be currency widely need to wait .But the reason from the notice is wrong .

Bitcoin enjoys no inflation.
Correspondent :What advantages does bitcoin enjoy ?
Hu shi zhi :If it is currency ,nobody can change its price easily .And nobody can issue in currency at random .Moreover ,it has no inflation .
Correspondent :Many people may be worried about bitcoin (as currency )is not enough ,how do you think ?
Hu shi zhi :If it is not enough ,people will not choose it to be currency .For example ,people choose gold and silver to be currency rather than diamond in the past .

CNY should learn from bitcoin
Correspondent :How to guarantee CNY status by central bank of China ?
Hu shi zhi :attack strongly is wrong completely .If legal currency inflates constantly ,though bitcoin is gone ,there must be other currency appearing .If the government bans other currency ,people may give up using currency finally .Because nobody is willing to lose their money constantly through inflation .
So if CNY wants to win bitcoin fundamentally ,it should learn from bitcoin .To guarantee its currency status ,government and central bank of China should have self discipline .


Remaks: Due to language difference, sometimes people out of China can’t know what happened in China quickly. so we are here to make effort to change little, we will translate 3-4 bitcoin news in China to English everyday to help people out of China know what happened and what people thinks about bitcoin in China, If somewhere translate not that good, pls PM us so that we can  correct it.
Source http://www.docin.com/p-749631242.html

The appearing of BTC has been causing some problems,such money laundry, crazy speculating, loss money for stolen wallet. It is normally the early stage of innovation! It is adapting to the real situation. One day BTC will be accepted by Chinese government.

Thanks for posting.

One thing I fear is that people see the cost of buying one Bitcoin and think it is way too much. This doesn't matter at all in practical terms, because Bitcoin can be broken down quite a bit. However, I think the psychological issue of scarcity and price is an important factor.

I think that the Chinese government may be so angry because of btc.

They are trying to stop crooks/corrupted officials from moving money out of China.

Bitcoin should make clear its way and set a policy with the govt to have a common understanding and try to setup within the common market of exchange.

Way too much in what kind of factor? If you are refering to money so thats why the bitcoin is divisible, if we start talking about mbtc , people can buy 1 mbtc and thats not very much money.

Not just crooks, there are honest people that are tired of their currency being devalued. The Chinese government is worse than the US and Europe in that regard.

Bitcoin cannot have this type of policy. Since it is not governed by anyone it would not be something it can do.

The only policies that Bitcoin can have are ones that can be validated mathematically