Chinese ministry to publish 'blockchain ratings'

[gentlemand]

China made themselves irrelevant in blockchain by killing cryptocurrency trading, ICOs and limiting Bitcoin mining. What is their "blockchain ratings" guide supposed to do? Get their relevance back?

Idk but it could potentially make their citizens mind up and buy whatever is at the top of the rankings (which is ETH). This somehow causes a psychological urge to buy it since it's being endorsed by the government. A subtle, hidden and effective pump in the making, I should say.

Where are they going to pump it?

I wish we had some tame Chinese people who popped up in this section. I assume they all must be trading away OTC but we never hear a single thing about it. I'd love to know how many people there have hung on versus throwing in the towel, though of course 98% of Chinese volume was the exchanges themselves plus four zitty teens with bots back in the day

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[richardsNY]

I'd love to know how many people there have hung on versus throwing in the towel, though of course 98% of Chinese volume was the exchanges themselves plus four zitty teens with bots back in the day

It's impossible to say. The main point of importance is that institutional high frequency traders literally demolished the Chinese exchange market back in the days. The average Chinese was using local exchanging services to buy and sell Bitcoin, which pretty much explains why the exchanges ended up with just 10-15,000 BTC daily volumes instead of the usual +1,000,000 they were spitting out. No longer zero trading fees means no more party time for these institutions and so they left. On a daily basis single +10,000 BTC orders were absorbed like it was nothing. I wonder how much the top 3 exchanges were paid to allow high frequency traders to have a good time at cost of the regular trader.

[cellard]

unless they mean to declare war against bitcoin and use the military with tanks on the streets they will not be able to close down mining operations. it was discussed before, in China mining farms are feeding a lot of people on different levels and at different posts. from normal people to government officials. you can't close down such operations, nobody will let you do it!

I don't think the Chinese government couldn't care less about the unemployment that getting rid of Bitcoin mining could generate.. given past precedents. China doesn't care about their citizens that much, and I don't think mining creates a lot of jobs, it may create some jobs, but it wouldn't be a disaster.

The question here is, what does China gain from mining Bitcoin and what does it lose? If they are smart, they should understand by now the importance of your country being the leader mining force in the future of finance.. so like I said, I wouldn't be surprised if they eventually ban Bitcoin in China WHILE still allowing mining.

[oseikuf44]

If chinese ministry is working on blockchain ratings, then it must be a sign of the government intending to give green light to cryptocurrency and reintroduce it into the china economic system. This can be a great news for crypto community.

[Tigorss]

and it's true the Chinese news is making their own coins until they close the other coin access into the country m, they are really very disadvantageous because we know many big bitcoin investors there are starting to move that ultimately impact on the price

[Wind_FURY]

unless they mean to declare war against bitcoin and use the military with tanks on the streets they will not be able to close down mining operations. it was discussed before, in China mining farms are feeding a lot of people on different levels and at different posts. from normal people to government officials. you can't close down such operations, nobody will let you do it!

I don't think the Chinese government couldn't care less about the unemployment that getting rid of Bitcoin mining could generate.. given past precedents. China doesn't care about their citizens that much, and I don't think mining creates a lot of jobs, it may create some jobs, but it wouldn't be a disaster.

The question here is, what does China gain from mining Bitcoin and what does it lose? If they are smart, they should understand by now the importance of your country being the leader mining force in the future of finance.. so like I said, I wouldn't be surprised if they eventually ban Bitcoin in China WHILE still allowing mining.

If the "future of finance" includes the disruption of their control over the country's financial and banking system then I believe they would say "we don't need that, thank you". Hahaha.

[wuvdoll]

https://bitcoinist.com/china-release-cryptocurrency-ratings-ranks-ethereum-1st-bitcoin-13th/

And here they are.

ETH is 1st. BTC 13th. Steem... 2nd?

This is almost as informative as those Weiss ratings which were going to transform the world, in return for a few hundred dollars to read them.

What kind of random number generator did they use? The numbers in that table are truly very random! Hahahaha.

China should be out of blockchain and Bitcoin land for good. There is no place for them here if they continue to ban it but want to have influence on it, instead of completely embracing it.

Just like the article said 'Echoes of Weiss' !
It is funny that a lot of people still pay attention to these punks when their own citizens hardly give a damn about what they are even dishing out.

It just seems to me that they are so in love with their controlling nature that as long as it is simply in their way, they just see it as a complete threat and try to see every means to degrade it. Unfortunately, they are losing it and they are as well losing every sense of reasoning that they have, if they ever had any though.