Bitcoin Forum
November 01, 2024, 10:53:24 PM *
News: Latest Bitcoin Core release: 28.0 [Torrent]
 
   Home   Help Search Login Register More  
Pages: « 1 [2]  All
  Print  
Author Topic: China's Central Bank planning Fraud coin  (Read 577 times)
drumamat
Sr. Member
****
Offline Offline

Activity: 1193
Merit: 251


View Profile
August 13, 2019, 08:29:07 PM
 #21

Why do you call it Fraud coin? In my opinion this is a great idea and China is doing the right thing

Why do you think it's a good idea? How do you think would the new "coin" benefit the people of China compared to just using CNY? China having their own coin is just going to increase their surveillance and control, which is almost never a good thing for the people.
I don’t understand why to create her.That's really if you look even from a position of government,then there is no point in creating crypto-yuan,crypto-dollar. Perhaps just the meaning will appear only if the country will impose some sanctions.
amyshek1979
Jr. Member
*
Offline Offline

Activity: 60
Merit: 3


View Profile
August 13, 2019, 08:43:28 PM
 #22

So, I'd say it was predictable. Governments will try to use the blockchain tech and crypto for their own purposes.
Artemis3
Legendary
*
Offline Offline

Activity: 2030
Merit: 1573


CLEAN non GPL infringing code made in Rust lang


View Profile WWW
August 13, 2019, 10:19:57 PM
 #23

The Chinese government is about to issue its own stable coin based on its yuan. I do not see anything bad and fraudulent in this. They have been working on this for the past few years and this decision was accelerated by Facebook's intention to issue a similar stable Libra coin, which would create serious competition for China's financial system. Therefore, the Chinese government is acting quite logically and predictably.

Libra coin does not create serious competition to anyone, only Bitcoin does. Like the Petro, its yet to be seen what they come up with, as i explained before, if its anything even remotely resembling Petro, its garbage, like Libra, due to centralization which makes it worthless unlike Bitcoin that cannot be shutdown.

You could argue the Chinese State is harder to shutdown than Facebook, but you miss the point that, the next party leader may order the coin shutdown and that is that. Here the point is, no one can do that to Bitcoin, not even the core team or Satoshi.

██████
███████
███████
████████
BRAIINS OS+|AUTOTUNING
MINING FIRMWARE
|
Increase hashrate on your Bitcoin ASICs,
improve efficiency as much as 25%, and
get 0% pool fees on Braiins Pool
Saint-loup
Legendary
*
Offline Offline

Activity: 2786
Merit: 2428



View Profile
August 13, 2019, 10:38:51 PM
Last edit: August 13, 2019, 11:36:14 PM by Saint-loup
 #24

U don't seriously think that any coin that the government plans is going for the benefit of people , if you think that then it is completely ignorant , Government is always manipulative and whatever they do .. the think about their own country first , not the individual investors.
This is exactly what we should expect from China ... Whatever coin they are planning to launch , we should be beware of it ever coming in our way .
They might even breach our privacy .. no one knows .

In fact I think it's better for people to use a state crypto currency than using banks. At least with crypto currencies they are their own bank, and they don't need to trust and depend on some commercial and financial establishments. Bankers can start to cry, if it's not bitcoin, it will be another crypto currency, but the end of their world is approaching.

Depends, if not decentralized, as most States like it, then its the State assuming the role of bank, not you. They made sure to do that in Venezuela with the Petro Fraud coin.

For communists following the manifesto, it makes perfect sense. The State is supposed to end all banks and be the only bank...

And i think that's a step backwards, not forwards. If they do copy Bitcoin or straight adopt it, then yes, else, no. If they do copy Bitcoin, you have to carefully inspect what changes they have made, and often, they love to not respect the rules of free open source software (go sue them if you can), so the keep the changes hidden (In Venezuela it even violates a law made by themselves, but they don't care). So assuming they are transparent and release the code and all its changes, we can then make an educated opinion for the new State altcoin and its worthyness.

It always depends, but more often than not, it ends worse. Its best if they just adopt Bitcoin or at lease one of its closest clones.
I don't understand your point. It's the main goal of Bitcoin and all the cryptocurrencies to replace the banks, so why are you saying it's a kind of "communist" plan?  Huh I think being the real owner and master of its funds, is more liberal than communist.
And even if it is a centralized blockchain, if the protocol doesn't allow to seize funds in wallets (like all cryptocurrencies), users remain the only owners of their funds.

For Bitcoin how do you want it to become the money of a 1.5 billion inhabitants country with only 7 transactions per second  Huh

██
██
██
██
██
██
██
██
██
██
██
██
██
... LIVECASINO.io    Play Live Games with up to 20% cashback!...██
██
██
██
██
██
██
██
██
██
██
██
██
timerland
Hero Member
*****
Offline Offline

Activity: 1526
Merit: 596


View Profile
August 13, 2019, 11:13:33 PM
 #25

What is meant by the terms, a fraud coin? It's just their own coin isnt it?

They are playing this pretty smart, especially with their views on decentralization and BTC. It's definitely not good for the crypto community, but them being able to capitalize on the blockchain trades whilst still being able to cancel out decentralization.

This is what I'm more interested in.

Quote
China’s central bank digital currency is “ready” after 5 years of development
5 years of development? That means they've been looking into blockchain technology and have had an idea of making their own coin for a long time. I'm quite surprised with this.

Smiley
mk4
Legendary
*
Offline Offline

Activity: 2912
Merit: 3881


📟 t3rminal.xyz


View Profile WWW
August 14, 2019, 09:11:31 AM
 #26

I don’t understand why to create her.That's really if you look even from a position of government,then there is no point in creating crypto-yuan,crypto-dollar. Perhaps just the meaning will appear only if the country will impose some sanctions.

It's mainly so they they would have more control over the currency, which is really nothing unexpected when talking about such a communist country like China. They most likely want something like Bitcoin, but since they can't control Bitcoin, they create their own coin so they could gain control.

» t3rminal.xyz «
Telegram Alert Bots for Traders
mk4
Legendary
*
Offline Offline

Activity: 2912
Merit: 3881


📟 t3rminal.xyz


View Profile WWW
August 14, 2019, 03:46:30 PM
 #27

Still I don't think creating a state controled coin would help but they probably wan to try all possibilities.

Just for an example: think about them having their own fork of bitcoin, whereas they have 100% of the hashrate and they have 100% of the developers. Yeap, total control over everything, including them having full view of the blockchain because of it being completely transparent(though I'm not sure if China's coin will be transparent). That way, mass surveillance will be a lot easier because they wouldn't need to demand data from payment processors like WechatPay.

» t3rminal.xyz «
Telegram Alert Bots for Traders
anoufal
Newbie
*
Offline Offline

Activity: 100
Merit: 0


View Profile WWW
August 14, 2019, 05:30:40 PM
 #28

Exactly, in China government tends to control everything. Cryptocurrencies are one of areas where they can't establish control and they don't like it. Still I don't think creating a state controled coin would help but they probably wan to try all possibilities.

Perhaps they will succeed. After all, the people of China are happy with any new innovation, even if this area is controlled by the state
Artemis3
Legendary
*
Offline Offline

Activity: 2030
Merit: 1573


CLEAN non GPL infringing code made in Rust lang


View Profile WWW
August 14, 2019, 05:39:03 PM
 #29

In fact I think it's better for people to use a state crypto currency than using banks. At least with crypto currencies they are their own bank, and they don't need to trust and depend on some commercial and financial establishments. Bankers can start to cry, if it's not bitcoin, it will be another crypto currency, but the end of their world is approaching.

Depends, if not decentralized, as most States like it, then its the State assuming the role of bank, not you. They made sure to do that in Venezuela with the Petro Fraud coin.

For communists following the manifesto, it makes perfect sense. The State is supposed to end all banks and be the only bank...

And i think that's a step backwards, not forwards. If they do copy Bitcoin or straight adopt it, then yes, else, no. If they do copy Bitcoin, you have to carefully inspect what changes they have made, and often, they love to not respect the rules of free open source software (go sue them if you can), so the keep the changes hidden (In Venezuela it even violates a law made by themselves, but they don't care). So assuming they are transparent and release the code and all its changes, we can then make an educated opinion for the new State altcoin and its worthyness.

It always depends, but more often than not, it ends worse. Its best if they just adopt Bitcoin or at lease one of its closest clones.
I don't understand your point. It's the main goal of Bitcoin and all the cryptocurrencies to replace the banks, so why are you saying it's a kind of "communist" plan?  Huh I think being the real owner and master of its funds, is more liberal than communist.
And even if it is a centralized blockchain, if the protocol doesn't allow to seize funds in wallets (like all cryptocurrencies), users remain the only owners of their funds.

For Bitcoin how do you want it to become the money of a 1.5 billion inhabitants country with only 7 transactions per second  Huh

It seems you don't understand various things. Bitcoin is decentralized, so this is not about Bitcoin, Bitcoin is perfectly fine, and its not replacing private banks with a state bank. With Bitcoin banks are optional...

The communist part is about centralized coins, this you fail to understand how bad centralized coins are. You think they can't undo your transactions? Yes they can, so its the same as you not owning anything in the first place. There is no such thing as a good centralized crypto, sorry to break your dreams. The whole point of centralization is you are not the master of anything; they are, yes they can seize your funds, freeze them or undo your transfers at anytime, and they don't even need your keys for that (with Petro you don't even get the private keys), they control their blockchain.

This happens to fit quite fine with abolition of private banks in favor of a State Bank, just like the manifesto says. Marxist communism (not anarchist) is all about a giant police State controlling (commanding) things, pretty much a police state, like in fact was tried in several countries of the former soviet bloc; tho they like to call it "a transition period" towards communism, and actually call it the "socialist" stage.

You miss the point where centralization ruins crypto. This is why i clearly said coins like Libra and Petro are utter and absolute garbage. Libra is private owned, and Petro is State owned, so there you get two extremes with the same (failed) result. While Bitcoin is also private owned, its ownership is spread into several many more people, with a bias to those that invested earlier; which makes it very difficult to change without consensus, but not impossible. It is too expensive to try to "attack it", which is the beauty or PoW. While technically possible, you will end spending more money than whatever you planned to obtain by performing the attack in the first place.

See, even if "now" governments see the importance of Bitcoin and try to buy it, most of it is already in the hands of people. And would be it too expensive to attempt to buy half of it to pull a 51% attack.

██████
███████
███████
████████
BRAIINS OS+|AUTOTUNING
MINING FIRMWARE
|
Increase hashrate on your Bitcoin ASICs,
improve efficiency as much as 25%, and
get 0% pool fees on Braiins Pool
Abolaji11
Jr. Member
*
Offline Offline

Activity: 352
Merit: 1


View Profile WWW
August 14, 2019, 08:58:24 PM
 #30

Why do you call that a fraud? From what I read, I think the Chinese government are on point and are doing the right thing to control fraud.
Pages: « 1 [2]  All
  Print  
 
Jump to:  

Powered by MySQL Powered by PHP Powered by SMF 1.1.19 | SMF © 2006-2009, Simple Machines Valid XHTML 1.0! Valid CSS!