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Author Topic: [2017-02-14] It’s Impossible to Kill Bitcoin, Says Former Governor of China’s CB  (Read 737 times)
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February 14, 2017, 05:50:25 PM
 #1

It’s Impossible to Kill Bitcoin, Says Former Governor of China’s Central Bank

L H Li, former Governor of PBoC and a member of the Financial & Economic Committee at China’s People’s Congress, stated in an interview for CCTV, China’s predominant state broadcaster, that it’s impossible to kill bitcoin. According to a translation by Eric Zhao from the Chinese Academy of Science, Li says:
“Bitcoin was built on a platform without national boundaries. If you want to kill bitcoin, it will be an impossible task. So, it will continue to exist. What’s important now is that we should properly regulate it.”

https://www.cryptocoinsnews.com/former-pboc-governor-its-impossible-to-kill-bitcoin/

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February 14, 2017, 07:07:27 PM
 #2

I'd agree with that for the most part. As far as "properly regulate it," the answer is easy: don't.  Doing so just restricts your country's freedom, but of course that is the goal of the communist party.

It’s Impossible to Kill Bitcoin, Says Former Governor of China’s Central Bank

L H Li, former Governor of PBoC and a member of the Financial & Economic Committee at China’s People’s Congress, stated in an interview for CCTV, China’s predominant state broadcaster, that it’s impossible to kill bitcoin. According to a translation by Eric Zhao from the Chinese Academy of Science, Li says:
“Bitcoin was built on a platform without national boundaries. If you want to kill bitcoin, it will be an impossible task. So, it will continue to exist. What’s important now is that we should properly regulate it.”

https://www.cryptocoinsnews.com/former-pboc-governor-its-impossible-to-kill-bitcoin/
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February 14, 2017, 10:05:53 PM
 #3

The governments all over are rattling their brain on how to control bitcoin and with majority of the hash power owned by China and it is good to know that they are finding the fact that it is impossible to kill bitcoin and it is a revolution which cannot be contained.


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February 14, 2017, 10:20:21 PM
 #4

That's why it's so important to spread mining farms and nodes through the entire world instead of focusing a huge percentage just in one single country. In case of a certain county putting a total ban in practice where ISP's have to block all Bitcoin related networking, then it won't cause any serious damage to Bitcoin. This is one of the reasons I believe in this concept. It's basically the same with torrent, no entity will ever be able to kill it. It's basically a big F-Y to the governmental system.

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February 14, 2017, 10:22:30 PM
 #5

They should cut the internet first if they want to "kill" bitcoin because bitcoin is Unstoppable, please.
He said good, no boundaries in bitcoin.

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February 14, 2017, 11:03:57 PM
 #6

That's why it's so important to spread mining farms and nodes through the entire world instead of focusing a huge percentage just in one single country. In case of a certain county putting a total ban in practice where ISP's have to block all Bitcoin related networking, then it won't cause any serious damage to Bitcoin. This is one of the reasons I believe in this concept. It's basically the same with torrent, no entity will ever be able to kill it. It's basically a big F-Y to the governmental system.
Each and everyone is welcome to invest in bitcoin and there is no limitation to it.The people in China invested heavily into bitcoin mining and so they have their benefits but i am not even sure whether they will be getting back their investments worth when everything is said and done because it is a highly risky venture and so is the reason you wont see many individuals investing heavily into it.


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February 15, 2017, 12:53:26 AM
 #7

It isn't impossible to kill Bitcoin. There is a large number of methods that a Bitcoin Attack could happen. If the Governor knew anything about electronics then the Governor would see that Bitcoin could get taken out.

That phrase Impossible is thrown around by the higher ups as if they knew everything about technology, it isn't even funny anymore.

Bitcoin could get broken if the Grid went out. Nobody wanted to say the obvious that it could get broken, they must be really scared of fiat to lie to the public like that. The Chinese Governor should research technology a bit more before opening his mouth.



               
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February 15, 2017, 03:32:43 AM
 #8

It isn't impossible to kill Bitcoin. There is a large number of methods that a Bitcoin Attack could happen. If the Governor knew anything about electronics then the Governor would see that Bitcoin could get taken out.

Bitcoin could get broken if the Grid went out. Nobody wanted to say the obvious that it could get broken, they must be really scared of fiat to lie to the public like that. The Chinese Governor should research technology a bit more before opening his mouth.

Switching of is not a option if you have any clue about tach.
Even if a country is completely switched  off , the network will not fail , people wallets and will be safe.
Ive seen this when the optic fiber of Suriname broke in 2012 , the country was off internet for a whole week , but bitcoin was not effected , they could only not be accessed from Suriname , but did not effect the funds and the network...

the second point a agree , China does not want to stop bitcoin , all fiat will fail pretty soon , if that happens a NEUTRAL (true gold standard) replacement must be in place , to avoid a 3rd world war , this is IMO why most countries let bitcoin happen and develop.
Physical gold marked it to tainted these days.
the numer of btcs is known by everyone and that makes it a better standard as gold.

 

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todaykky
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February 15, 2017, 05:07:17 AM
 #9

 Because of the nature of bitcoin, basically not controlled by any government. Chinese officials admit that bitcoin goods and financial assets attribute, and blocked the currency means of payment property. This is wrong, a fundamental obstacle to the rise of bitcoin economy in China, will make China's economic wave in the world behind the 10 years.



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Kemarit
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February 15, 2017, 06:06:25 AM
 #10

It’s Impossible to Kill Bitcoin, Says Former Governor of China’s Central Bank

L H Li, former Governor of PBoC and a member of the Financial & Economic Committee at China’s People’s Congress, stated in an interview for CCTV, China’s predominant state broadcaster, that it’s impossible to kill bitcoin. According to a translation by Eric Zhao from the Chinese Academy of Science, Li says:
“Bitcoin was built on a platform without national boundaries. If you want to kill bitcoin, it will be an impossible task. So, it will continue to exist. What’s important now is that we should properly regulate it.”

https://www.cryptocoinsnews.com/former-pboc-governor-its-impossible-to-kill-bitcoin/

It makes sense for China to declare this kind of statement regarding bitcoin
Bitcoin mining is thriving in there, so killing bitcoin will affect a lot of Chinese.
I also agree with him saying that “Bitcoin was built on a platform without national boundaries."
Killing it is like killing the Internet, because Internet is global without boundaries.

Karartma1
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February 15, 2017, 07:28:08 AM
 #11

8 years of history and yet always under siege: this is bitcoin. 8 years of non sense for some who don't want to accept the true revolutionary potential of the best intevention after the Internet was born. As I usually say Bitcoin will die many times before its death*.  Wink

*According to Bitcoin Obituaries, Bitcoin has died 120 times
https://99bitcoins.com/bitcoinobituaries/

aarturka
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February 15, 2017, 02:57:43 PM
 #12

I agree with him. As long as at least one man uses Bitcoin it lives. And I can't imagine the situation that every person at once stop using bitcoin. It's feasible to lower its price for some period, but to destroy - never
aso118
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February 16, 2017, 12:49:46 AM
 #13

It isn't impossible to kill Bitcoin. There is a large number of methods that a Bitcoin Attack could happen. If the Governor knew anything about electronics then the Governor would see that Bitcoin could get taken out.

Bitcoin could get broken if the Grid went out. Nobody wanted to say the obvious that it could get broken, they must be really scared of fiat to lie to the public like that. The Chinese Governor should research technology a bit more before opening his mouth.

The governor is talking about a "practical" way of killing Bitcoin. There isn't one.
Bitcoin cannot be wished away by the stroke of a pen. No law is going to work against bitcoin if the people don't oblige by complying.


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February 16, 2017, 02:17:06 AM
 #14

So what do they truly fear? An economic system that is beyond their control. One that is free of regulation, manipulation and government intrusion. That is the natural genesis of the crypto world. Any market moves in the direction of efficiency, this has the potential at least to be the worlds first purely free market system.

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