china Asserts Bitcoin’s Adoption as Actual Currency Would Be Disasterous

[kernighan]

https://cointelegraph.com/news/government-backed-chinese-conference-asserts-bitcoins-adoption-as-actual-currency-would-be-disasterous

nobody care what's he speaking. 

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[Kakmakr]

I think most people would agree that Bitcoin is not ready to be a mainstream reserve currency for a whole country. Bitcoin cannot handle that scale of transactions and cash is still king in most countries. You have no waiting time on Credit cards or cash, so it is still the preferred medium of payment for most countries.

We might see something different when the Lightning Network is implemented, because that will be much faster and the transactions a lot cheaper. < Again, cash transactions are free > 

[mothergodness]

https://cointelegraph.com/news/government-backed-chinese-conference-asserts-bitcoins-adoption-as-actual-currency-would-be-disasterous

nobody care what's he speaking. 

Well, rightly, they are afraid that the national currency against this background will simply die. Therefore, to preserve the stability of the economy and protect people from inflation. they did so.

[jseverson]

Context:

Yao Qian, the Director of the Digital Currency Research Institute of the People's Bank of China, is the representative of the Chinese scholars. In his speech, he pointed out the importance of the state’s endorsement of digital currency and questioned the value of Bitcoin. He believes that a public cryptocurrency like Bitcoin lacks inherent value, which makes it unreliable.

    “The value of a cryptocurrency like Bitcoin primarily comes from the speculation of the market. It will be a disaster if countries recognize Bitcoin as a real currency. The lack of a value anchoring inherently determines that Bitcoin can never be a real currency.”

It's basically still the old argument that Bitcoin has no inherent value, and is thus, wildly unreliable. I agree to some degree, but I also assert that the same can be said about fiat. Fiat currencies have failed before, while Bitcoin is just continuously surging. Honestly though, it doesn't matter to me whenever a country says they're never going to recognize Bitcoin as an official currency. For as long as its use isn't declared illegal, I'm happy. They disparaged Bitcoin but didn't say anything about banning it, so there's that.

[NUFCrichard]

Many complain that the governments of southern Europe can't control their economies properly because they are in the Euro that is largely controlled by Germany/France.
In the past their currency would devalue, and the debt that they had racked up would be worth less. They could also print money so couldn't ever go bust.

That is a problem in western Europe, can you imagine if Zimbabwe and Germany used the same currency? Governments would have to learn to live within their means! They don't want to do that.
Economic policy would basically go out of the window, I guess they couldn't even have a base rate, or inflation other than that decided by Satoshi years ago.

It would probably be a disaster for modern economies, maybe a disaster that needs to happen, but it would be similar to going back on the gold standard.

[odolvlobo]

The lack of a value anchoring inherently determines that Bitcoin can never be a real currency.

That's an odd statement since no other currency (including renminbi) has a value anchor.

[pat4cryptoreal]

Adoption of bitcoin to be the actual currency of any country is disastrous because of the level of fluctuation in price of bitcoin. It is better for both the fiat currency and cryptocurrency to operate together in any country.

[Opquar]

To be fair, isn't Japan the only country to officially recognize Bitcoin as an official currency? I don't think this is a big deal. China has always been against everything that poses even a small risk to them, so it's no surprise.

[jc89]

I think most people would agree that Bitcoin is not ready to be a mainstream reserve currency for a whole country. Bitcoin cannot handle that scale of transactions and cash is still king in most countries. You have no waiting time on Credit cards or cash, so it is still the preferred medium of payment for most countries.

We might see something different when the Lightning Network is implemented, because that will be much faster and the transactions a lot cheaper. < Again, cash transactions are free >  

My observation also. Bitcoin is still young to be implemented as nationwide currency. And implementation will also be based on the country's capability in adapting btc as their currency. Lot's of changes and upgrade that no third world country can afford. Just like here in Philippines, the country has more pressing issues than cryptocurrency implementation. And cash will still be the main medium in every transactions especially if you reside in a town and is miles away from the city to use your btc.

[joseafonso123az]

Well, I believe that in this speculative market, making it the only currency and with more volume and usage might be a mistake, but making it a currency, and using it without destroying fiat, would be a great support for countries that are in financial crisis. 
Saw from this news that the idea of creating state-owned digital currency a topic that is being talked, will make BTC's value even more higher, because that will make BTC look a coin that has a future, and that's why they want their own.

[monkeydominicorobin]

https://cointelegraph.com/news/government-backed-chinese-conference-asserts-bitcoins-adoption-as-actual-currency-would-be-disasterous

nobody care what's he speaking. 

Well they adopted Yuan as a currency. It was disastrous but they are sticking to it. On the bright side they benefited from taxes generated by BITCOIN exchanges that sprouted in Mainland China after the fall of MT. Gox and up until this moment. And they are too ungrateful to recognize that the cash which are  in their possesion were all provided by the Bitcoin Industry. They want NEM and NEO to flourish but they are dragging the father of blockchain technology down the drain. As if they can.

[Denker]

https://cointelegraph.com/news/government-backed-chinese-conference-asserts-bitcoins-adoption-as-actual-currency-would-be-disasterous

nobody care what's he speaking. 

They call it a disaster, they are talking it down and in the background these people are buying as much Bitcoin as they can!! Trust me!!
So anything what China speaks against, is a good investment for you. So buy!!!

[A1exander]

I think most people would agree that Bitcoin is not ready to be a mainstream reserve currency for a whole country. Bitcoin cannot handle that scale of transactions and cash is still king in most countries. You have no waiting time on Credit cards or cash, so it is still the preferred medium of payment for most countries.

We might see something different when the Lightning Network is implemented, because that will be much faster and the transactions a lot cheaper. < Again, cash transactions are free > 

That's right. Currently the performance of bitcoin network is nowhere near the level required for the whole mass of retail transactions. And it is still too volatile to be considered as a purely reserve currency.

[bitbob82]

I think most people would agree that Bitcoin is not ready to be a mainstream reserve currency for a whole country. Bitcoin cannot handle that scale of transactions and cash is still king in most countries. You have no waiting time on Credit cards or cash, so it is still the preferred medium of payment for most countries.

We might see something different when the Lightning Network is implemented, because that will be much faster and the transactions a lot cheaper. < Again, cash transactions are free > 

Nothing is going bad with Japan economy accepting Bitcoin legal currency in the country and everything is going well in direction so why China will suffer with Bitcoin in case of legalizing bitcoin is the country. All panic/fears are based on speculations and no any disaster will happen if China goes parallel with bitcoin in the market. From the beginning mostly Chinese are involved in bitcoin business so how they may offense bitcoin for their selves. 

[Baser]

We should think of it as the legal currency of the world, not the legal currency of an country. Do not humiliate Bitcoin. And do not set a limit. Bitcoin is the currency of the world.   

[pikebu]

https://cointelegraph.com/news/government-backed-chinese-conference-asserts-bitcoins-adoption-as-actual-currency-would-be-disasterous

nobody care what's he speaking. 

Yes bitcoin is not depending on the the Chinese government, they can do anything for bitcoin and makes any opinions
no body care about it, bitcoin is decentralize not depending on the country as China.
Even China Will No Longer Negatively Impact Bitcoin Price, 1% of Global Trading https://t.co/bQCUWYDoww
Bitcoin is free from manipulation of the the country now.

[Kencha77]

https://cointelegraph.com/news/government-backed-chinese-conference-asserts-bitcoins-adoption-as-actual-currency-would-be-disasterous

nobody care what's he speaking. 

They are just afraid because the idea behind bitcoin doesn't suit their current form of government. They will create their own cryptocurrencies within their country to have more control over those currencies, i assure you that