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Author Topic: China-based Altcoins - Concerns  (Read 71 times)
GorillaDental
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November 04, 2017, 01:38:30 PM
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The concern I have for crypto that is based in China keeps going back to the over, reach of the Chinese government and the direction it seems to be heading with technology as a way to control rather than liberate. This is not a slam on a particular coin, as I've owned some at different points.

If you've haven't read about it yet, you can find many recent articles over the last few years. It's modern-day black mirror stuff like this Social Credit System they plan to have that makes me feel really sorry for anyone living there and skeptical about free enterprise...let alone privacy and crypto. Apparently, Alibaba and the uber copycat in China are in on it, too.

Here's one article on it: http://www.wired.co.uk/article/chinese-government-social-credit-score-privacy-invasion

Open to hearing other opinions. No country is perfect, of course...but this takes it to an extreme, what do you think?

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YuurinBee
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November 04, 2017, 01:44:25 PM
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The concern I have for crypto that is based in China keeps going back to the over, reach of the Chinese government and the direction it seems to be heading with technology as a way to control rather than liberate. This is not a slam on a particular coin, as I've owned some at different points.

If you've haven't read about it yet, you can find many recent articles over the last few years. It's modern-day black mirror stuff like this Social Credit System they plan to have that makes me feel really sorry for anyone living there and skeptical about free enterprise...let alone privacy and crypto. Apparently, Alibaba and the uber copycat in China are in on it, too.

Here's one article on it: http://www.wired.co.uk/article/chinese-government-social-credit-score-privacy-invasion

Open to hearing other opinions. No country is perfect, of course...but this takes it to an extreme, what do you think?



China and Vietnam are King of CopyCat - but it also doesn't mean that they don't have good quality products/services/etc. Yes, overall, if you share that something is Chinese, it raises several red flags for me, but it depends on exactly what you are talking about. We have to take in mind that China is the largest country in the world, something like 1.3 billion population - which can dictate a lot and yes, also the politics of China and extreme censorship. I don't trust China overall - but it doesn't mean I don't trust a company that is Chinese, or developer that is Chinese. With that being said...

Which alt coins in particular are you concerned or worried about?

GorillaDental
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November 04, 2017, 03:25:14 PM
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I didn't want to name coins because I didn't want this thread to turn into a typical fanboy xbox vs playstation type debate. There are several interesting coins from China-based orgs right now to be sure. If they were in Japan or Singapore, I'd probably be invested. But, as I have read about the current and coming wave of social monitoring in China, it makes it hard to imagine how free enterprise or privacy-related technologies and talent would actually grow there...They'd either have to be in line and under control of that government or they'd have to hide from it and either way, I think it would compromise the growth...just my thoughts on it, thanks for yours and hope to hear from others!
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