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If the Chinese are smart enough to use Bitcoin they should make money like anyone else will. They would like to destroy the US Dollar but it just isn't going to happen. Bitcoin isn't a replacement. Just another tool to diversify and create wealth from nothing. Only the money doesn't just go to the elite it will go to those that have the coins. It might even save the US from a potential collapse.
If China buys up Bitcoin it is only good for us as it will make Bitcoin more scarce quicker. Many other countries world wide (like India) are using it. Let's say you are working in the US and you want to send money half way around the world to your relatives etc.. The cheapest easiest way is Bitcoin.
If China buys up Bitcoin it is only good for us as it will make Bitcoin more scarce quicker. Many other countries world wide (like India) are using it. Let's say you are working in the US and you want to send money half way around the world to your relatives etc.. The cheapest easiest way is Bitcoin.
I'm sure England thought it would be preposterous that their "sun never sets on our shores" empire would decline and be marginalized, along with the Pound Sterling.
The dollar is on the way out, and someone or something else will replace it on the global stage - this is for certain. The only question is, what and whom - and I think Bitcoin has a damned good chance of being involved in that particular bit of financial calculus.
If the Chinese are using Bitcoin in China for example. It will have the same effect on their own currency. It's not like the US Dollar will be singled out and effected all by itself.
I hope the US government sees this posts and stops panicking. Making fools of themselves. Trying to shut down Bitcoin exchanges.
