Chinese government IS backing Bitcoin?!?!

[crazy_rabbit]

A good morning read:

http://www.businessweek.com/articles/2013-10-14/chinas-state-press-calls-for-building-a-de-americanized-world

China's state press calls for building a "De-Americanized" world.

Get this though, part of China's proposal is:

Key among its proposals: the creation of a new international reserve currency to replace the present reliance on U.S. dollars, a necessary step to prevent American bumbling from further afflicting the world, the commentary suggests.

Could this be Bitcoin and the thinking behind China's embrace of Bitcoin?

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[Akka]

Could this be Bitcoin and the thinking behind China's embrace of Bitcoin?

Doubt it. Bitcoin IMO has the Potential, but it isn't nearly big enough to even be on the Table.

They are probaly thinking more in the direction of a currency like the Euro only bigger. The Worldo 

[crazy_rabbit]

Could this be Bitcoin and the thinking behind China's embrace of Bitcoin?

Doubt it. Bitcoin IMO has the Potential, but it isn't nearly big enough to even be on the Table.

They are probaly thinking more in the direction of a currency like the Euro only bigger. The Worldo 

Interestingly the article notes that China said the same thing back in 2009:

Back in March 2009, China’s central bank governor, Zhou Xiaochuan, also called for the creation of a new reserve currency, albeit in less heated language. The world needs a new “super-sovereign reserve currency” to replace the current reliance on the dollar, Zhou wrote in a paper published on the People’s Bank of China’s website (Zhou still heads the bank). The goal, he wrote, is to “create an international reserve currency that is disconnected from individual nations and is able to remain stable in the long run.”

A "“super-sovereign reserve currency”". Bitcoin. :-)

[forbun]

2009 is also when Bitcoin launched. 

Coincidence?

China invented every major form of currency. http://www.washingtonsblog.com/2009/09/china-invented-every-single-major-form-of-currency-metal-coins-paper-money-and-fiat-currency-and-seized-gold-six-centuries-before-fdr.html

Wouldn't surprise me if they invented Bitcoin, too.

Maybe Satoshi Nakamoto is Chinese, but chose a Japanese pen name to divert suspicion. Since China and Japan aren't the greatest of friends.

[crazy_rabbit]

2009 is also when Bitcoin launched.  

Coincidence?

Thats the greatest Bitcoin Conspiracy theory yet.

EDIT: and maybe Satoshi is the Central Bank of China.

[SpaceJelly]

2009 is also when Bitcoin launched.  

Coincidence?

Thats the greatest Bitcoin Conspiracy theory yet.

EDIT: and maybe Satoshi is the Central Bank of China.

Wow, if your edit is correct......

[r3wt]

2009 is also when Bitcoin launched.  

Coincidence?

Thats the greatest Bitcoin Conspiracy theory yet.

EDIT: and maybe Satoshi is the Central Bank of China.

holy balls batman!

[klaus]

Doubt it. Bitcoin IMO has the Potential, but it isn't nearly big enough to even be on the Table.

Could you imagine that germany would become the legal pioneer of the world for bitcoin? Me not.

So everything seems possibel for me. bitcoin might be on the table.

[waqas]

Doubt it. Bitcoin IMO has the Potential, but it isn't nearly big enough to even be on the Table.

Could you imagine that germany would become the legal pioneer of the world for bitcoin? Me not.

So everything seems possibel for me. bitcoin might be on the table.

yes many countries now going to legalize this and its very helpful for this currency but still need too much time

[pand70]

People see what they want to see... The article has absolutely nothing to do with bitcoins...

[kik1977]

Could this be Bitcoin and the thinking behind China's embrace of Bitcoin?

Doubt it. Bitcoin IMO has the Potential, but it isn't nearly big enough to even be on the Table.

Not yet!

[Mike Christ]

If you believe China's going to adopt Bitcoin, you've yet to understand exactly what the point of politics is.

China is making its own currency.  China will be in full control of issuing this currency.  China doesn't care for a currency it cannot exploit.

Key among its proposals: the creation of a new international reserve currency to replace the present reliance on U.S. dollars, a necessary step to prevent American bumbling from further afflicting the world, the commentary suggests.

If it so happens that China uses the Bitcoin protocol, I will be the last man alive to use their altcoin.

[hulk]

China would prefer gold then Bitcoin, they always give me the impression that Chinese loves gold.

[Zakryze]

haha shiny shiny gold. North Korea is trying to plunder massive amounts of foreign currency in their "room 39" maybe they tag-team the $ now!
CONSPIRACIES

[David Rabahy]

If/when a single Satoshi now moves out of one of the original addresses then the reaction will be huge.

Is it provably possible to create an address with a private key that is not known?  If so then a seriously stabilizing gesture would be to transfer a significant quantity of the original Bitcoins into it; whatever is not moved can then be assumed to be in play and the valuation/confidence in Bitcoin established correspondingly.  Such a gesture is much easier to recover from now rather than later.

I do not begrudge Satoshi his reward at all; he/she/they should make clear their intent soon rather than leaving the future of their reward in this unknown state.  If their security is ever compromised then they could be coerced at gun point to give up control.

Imagine the capitalization of Bitcoin jumps to $10 or even $100 billion USD and then a transaction comes in touching an original address.  The ensuing panic would be huge.  The exchange rate could drop to half or less in a very short period.

Satoshi, thank you very much; your contribution to the human race is beyond measure.  Please provide a definitive act to settle the position of your original reward.

[Koekiemonster]

If you believe China's going to adopt Bitcoin, you've yet to understand exactly what the point of politics is.

China is making its own currency.  China will be in full control of issuing this currency.  China doesn't care for a currency it cannot exploit.

From the same article:

The goal, he wrote, is to “create an international reserve currency that is disconnected from individual nations and is able to remain stable in the long run.”

So far for full control of this currency as you're saying.

I don't think they're speaking of Bitcoin though, but Bitocin seems to be a good fit.

[theonewhowaskazu]

Since the Chinese are incapable of making their own currency work, and have to constantly deal in USD, if I was the chinese government I wouldn't try to destroy another currency that doesn't just pass that power from the US to another different world power (like the Euro, etc...).

[FeedbackLoop]

China has been arguing for something linked to a basket of standard fiat currencies for international settlements for a while.

Doubt this new development is something other than that.

[wormbog]

Satoshi, thank you very much; your contribution to the human race is beyond measure.  Please provide a definitive act to settle the position of your original reward.

Satoshi told me via PM that his stash is set aside as a reward for whoever invents time travel so he can save his fiancee from a fatal car crash. Details to be made public when the USD exchange rate hits $1000/XBT. You didn't hear it from me.

[cypherdoc]

of course it's not a new argument but then again they've never had such a new tool.