BitCoin Stronger than I thought....forced Chinese Govt to act and Gamble

[jubalix]

So with only a $10B mk cap bitcoin is powerful enough to not only command the attention of the Chinese Gov but repeatedly forced them act. Something that was released open source 4 years ago, manages to come this far.

The Chinese Gov are pretty much out of ban options now and they still can't turn off BTC

The Chinese people are going watch BTC go to 10K per coin within the next 1-2 years, then 100K a few years after that. This will break the credibility of the BOC and monetary system/RMB. Probably for the first time in the Party's History there will be a public un cenosorable display of the the central Govt being crushed.

CNY Gov has taken a short view in exchange for long term risk and manged to glue a good % of their populations eyes to BTC. If thee CNY Gov could have attacked BTC itself, then ok maybe they have point. However they have only been able to go after exchanges and banks.

I for one see this as the strongest possible vote in a great future for BTC/CC's

And if this was not enough the pace of evolution going on it the Crypto space is massive, this is going to throw up stronger and stronger solutions, with more usability. The writings on the wall.

The only possible caveat to this is if the CNY gov knows all this and has shaken out the market for cheap coins, but that's still the strongest possible vote of confidence in BTC


Foot note 1
looks like Exchanges are now legal in Denmark.  
Denmark is going to see a dramatic rise in income/funds entrepreneur

Foot note 2
I recall some time ago China tried to ban something else, that didn't work out so well.

[EvilPanda]

You are right, somehow whole world dances to the chinese music.  I'm just watching this with bitterness asking myself who are those selling below $500. You ppl want to commit financial suicide your choice, BTC is clearly worth more.

[cbeast]

Yep. China says they don't fear American aircraft carriers, but they do fear Bitcoin. America has a weapon if they choose to use it.

[AnonyMint]

Yep. China says they don't fear American aircraft carriers, but they do fear Bitcoin. America has a weapon if they choose to use it.

You still like a boy playing with your toys. American versus China is a show to keep you thinking that the elite of the world don't work together.

China hasn't banned anything w.r.t. to Bitcoin that isn't banned in the USA.

This entire media manipulation is to drive the price down so the institutions can buy into Bitcoin before they drive the price skyhigh.

[Mike Christ]

bitcoin too stronk

[Dr Bloggood]

Foot note 2
I recall some time ago China tried to ban something else, that didn't work out so well

This will sound really stupid to you... but what do you mean?

[AnonyMint]

     The real question now is why this move is in China's best interest.

Because they can't stop it. The best they can hope for is to control the identities of whom is trading in Bitcoin, so they maintain some semblance of control. By legalizing it, they pull many into using exchanges and providing identity. At least they get more information about what is going on.

Otherwise they push it into the underground economy that they can't control and they can't get complete information about.

As I made clear upthread, the biggest weakness of Bitcoin is that if most of the users are not anonymous, then anonymity is effectively lost for everyone. Thus getting most users to transact through an exchange and bank account is the most effective strategy for China's elite.

Why is China ground zero for mining when the ROI is not greater than holding BTC itself?

Because it is the way to get BTC without giving your identity and to side-step capital controls. You can sell these coins privately at a premium to those who need to circumvent capital controls. An underground economy develops.

Now imagine a CPU-only altcoin comes along with very strong anonymity. Checkmate to China's elite. Very good for China's masses.

It is coming soon.

[LiteCoinGuy]

So with only a $10B mk cap bitcoin is powerful enough to not only command the attention of the Chinese govt but repeatedly forced them act. Something that was released open source 4 years ago, manages to come this far.

if you see it like this: yes, amazing. nobody even thought of this at the begin of 2013 

world is a big place. bitcoin can go everywhere if it has to but i guess it will find its place all over the world.

[luqash3]

You think bitcoin is stronger than china or other super power’s central banks then really you are living in your own fantasy world. Jubalix come to reality where bitcoin is nothing in front of the big powers like china, USA, UK and Russia etc. These big countries may crush bitcoin forever if they wish to crush it. Stop day dreaming 

[Piper67]

You think bitcoin is stronger than china or other super power’s central banks then really you are living in your own fantasy world. Jubalix come to reality where bitcoin is nothing in front of the big powers like china, USA, UK and Russia etc. These big countries may crush bitcoin forever if they wish to crush it. Stop day dreaming 

Yeah, jubalix, stop dreaming. They'll crush Bitcoin, just like they crushed illegal downloads, drugs, and most importantly, the same way the big powers have always crushed ideas, mostly by burning some books 

[EvilPanda]

You think bitcoin is stronger than china or other super power’s central banks then really you are living in your own fantasy world. Jubalix come to reality where bitcoin is nothing in front of the big powers like china, USA, UK and Russia etc. These big countries may crush bitcoin forever if they wish to crush it. Stop day dreaming 

Yeah, jubalix, stop dreaming. They'll crush Bitcoin, just like they crushed illegal downloads, drugs, and most importantly, the same way the big powers have always crushed ideas, mostly by burning some books 

Yeah, just like they crushed torrents or drug trade, right? Thanks to the power of the state nobody plants weed, nobody pays for sex and nobody has illegal software.