'bitcoin is a ponzi scheme and wont last without china'-south china morning post

[Honeypot]

The South China Morning Post is independent and well respected.  It's not the "party line". Xinhua and People's Daily are the official party line. SCMP criticizes the government of China frequently. They'll mention Falun Gong favorably, and often criticize the "princelings" (sons of older party officials") who are expected to become leaders in China. They're not as independent as they used to be when Rupert Murdoch owned them, though. On business news, they're usually accurate. 

The Hong Kong Economic Journal also considers Bitcoin to be a bubble, one of many in China.  The Pacific Standard says Bitcoin didn't crash after the China crackdown and may survive. They point out that customers spent over $100 million last year on Zynga in-game purchases.

You should be reading all of these to find out what's happening with Bitcoin in China.

That's unfortunately some naive claptrap. No other way to put it. They are wrapped up too much in their own delusions and biases that makes al-jazeera look objective.

Many chinese mention such counter-opinions on their own. EVERYONE criticizes the princelings. To call them independent and well respected is the same as calling al jazeera not pro-muslim, pravda not pro-soviet, CNN not pro-democrat, and FOX not pro-republican.

But you mentioned them as if such superficial reasons dilute the essential biases in articles and 'authors' such as these.

That's unfortunately being way too naive about issues such as these, and a prime character in those who are easily swayed and hoodwinked by such obvious ulterior motives.

Why does this come as any surprise, China is listed in 171st Place with regards to freedom of the press.....tis just par for the course....

http://www.csmonitor.com/World/Global-Issues/2010/1020/Press-Freedom-Index-The-top-10-worst-countries/China

Many people, up to estimated about 30%, most of whom are highly educated (not necessarily intelligent or 'mature' as some would casually throw out), wealthy, and influential fled hong kong before 1999.

Ironically, they go to other countries and start to bitch about how they are proud to be 'chinese' while benefiting from other nations' education systems and employment opportunities. With such great chinese names as 'andy'.

BWAHAHAHAHAHA you can't make this shit up.

Why are you telling me this??... I live in Singapore....I see it everyday.
However, I also chose to leave my country of birth (mostly for economic reasons) and try to benefit in the same way whilst still being mildly patriotic.... i can't see what  you are getting at??

What I am getting at is the validity and complete lack of any substance behind the words of such people. I think it is apt to say you can measure a man's worth by his actions, not words.

This 'author' has much words, but little follow through. Just some very opportunistic attitude with some ignorant ethnic biases and bitchy mentality thrown in to give 'courage' (LOL) as some ignorant chinese called it, no doubt trying to mentally masturbate to the idea of 'standing up for yourself'. All the while their very identity and actions identify them as opportunistic cowards.

I don't know you, and that was a general detail of the fact about what these kinds of people actually did to put themselves in a position to write such articles.

Generalization is a fool's errand, but they need to get their own acts together if they don't want to be generalized.

Respect is a two way street, and these kinds of people who wrote these 'articles' know little more about them then children.


TLDR - author's a bitch and so is this article. If you want a legitimate criticism against bitcoin, examine the issue with some economists without at least overt political and ethnic biases.

[Sitarow]

Bitcoin has other uses than just a store of value.

I feel that the bitcoin protocol can be used for specialized services.

For example, bitcoin network can be used to communicate. The fact is that little can be done to prevent such means of communication.

This can be viewed as a loss of control.

So the authors views may be sincere however "Time" and unbiased history will show how misinformed he is.

[Dodgers]

The South China Morning Post is independent and well respected.  It's not the "party line". Xinhua and People's Daily are the official party line. SCMP criticizes the government of China frequently. They'll mention Falun Gong favorably, and often criticize the "princelings" (sons of older party officials") who are expected to become leaders in China. They're not as independent as they used to be when Rupert Murdoch owned them, though. On business news, they're usually accurate. 

The Hong Kong Economic Journal also considers Bitcoin to be a bubble, one of many in China.  The Pacific Standard says Bitcoin didn't crash after the China crackdown and may survive. They point out that customers spent over $100 million last year on Zynga in-game purchases.

You should be reading all of these to find out what's happening with Bitcoin in China.

That's unfortunately some naive claptrap. No other way to put it. They are wrapped up too much in their own delusions and biases that makes al-jazeera look objective.

Many chinese mention such counter-opinions on their own. EVERYONE criticizes the princelings. To call them independent and well respected is the same as calling al jazeera not pro-muslim, pravda not pro-soviet, CNN not pro-democrat, and FOX not pro-republican.

But you mentioned them as if such superficial reasons dilute the essential biases in articles and 'authors' such as these.

That's unfortunately being way too naive about issues such as these, and a prime character in those who are easily swayed and hoodwinked by such obvious ulterior motives.

Why does this come as any surprise, China is listed in 171st Place with regards to freedom of the press.....tis just par for the course....

http://www.csmonitor.com/World/Global-Issues/2010/1020/Press-Freedom-Index-The-top-10-worst-countries/China

Many people, up to estimated about 30%, most of whom are highly educated (not necessarily intelligent or 'mature' as some would casually throw out), wealthy, and influential fled hong kong before 1999.

Ironically, they go to other countries and start to bitch about how they are proud to be 'chinese' while benefiting from other nations' education systems and employment opportunities. With such great chinese names as 'andy'.

BWAHAHAHAHAHA you can't make this shit up.

Why are you telling me this??... I live in Singapore....I see it everyday.
However, I also chose to leave my country of birth (mostly for economic reasons) and try to benefit in the same way whilst still being mildly patriotic.... i can't see what  you are getting at??

What I am getting at is the validity and complete lack of any substance behind the words of such people. I think it is apt to say you can measure a man's worth by his actions, not words.

This 'author' has much words, but little follow through. Just some very opportunistic attitude with some ignorant ethnic biases and bitchy mentality thrown in to give 'courage' (LOL) as some ignorant chinese called it, no doubt trying to mentally masturbate to the idea of 'standing up for yourself'. All the while their very identity and actions identify them as opportunistic cowards.

I don't know you, and that was a general detail of the fact about what these kinds of people actually did to put themselves in a position to write such articles.

Generalization is a fool's errand, but they need to get their own acts together if they don't want to be generalized.

Respect is a two way street, and these kinds of people who wrote these 'articles' know little more about them then children.


TLDR - author's a bitch and so is this article. If you want a legitimate criticism against bitcoin, examine the issue with some economists without at least overt political and ethnic biases.

Possibly, but by responding to racial bigotry with more of the same, you are just taking yourself down to his level.
Surely you can articulate your objective comments without resorting to this??!

[FandangledGizmo]

I wouldn't worry, the Chinese public can discern what propaganda is quite easily.
In the past though it was very hard to go against the government wishes but Bitcoin makes it easy.
So basically every time they write a negative Bitcoin article or put Bitcoin on the news in China now, they are just giving it more free advertising.


I can already see the comedy show now...

__________________________________________________________________

Chinese government officials are sitting in an office watching a big screen of Bitcoins moving through China on Fiatleak.com.
(Every time it's more than 10 per second it makes the BEEP sound)

Chinese official----------------------------'Find the Bitcoin!'

His soldier races into the village and into people's homes -

- lifting up the mattress---------------- 'Where is the Bitcoin!?'
- rifling through the fridge--------------'Where is the Bitcoin!?'
- putting his head out of the sewer--'Where is the Bitcoin!?'

The Official sees the Bitcoins moving faster on his screen---'Beepy! Beepy! Stop the Beepy!

A soldier is breaking somebodies hardrive and looking through it---'Where is the Bitcoin!?'
The soldier is putting a small torch in someone's ear--------------' Are you remembering the Bitcoin!?'

The Bitcoins are now racing all over the fiatleak screen, the official stamps his feet like a little kid--- 'AHHH!

_______________________________________

[Dodgers]

Bitcoin/Litecoin was like *invented* by a Chinese man  

Dont be ridiculous.... we all know it was created by the NSA  

[jongameson]

Bitcoin/Litecoin was like *invented* by a Chinese man  

Dont be ridiculous.... we all know it was created by the NSA  

if i had the link i'd send you a radio interview WITH satoshi.  he and Clinton were supposed good friends and they both wanted a place to buy and sell drugs so they invented Silk Road?

[Dodgers]

Bitcoin/Litecoin was like *invented* by a Chinese man  

Dont be ridiculous.... we all know it was created by the NSA  

if i had the link i'd send you a radio interview WITH satoshi.  he and Clinton were supposed good friends and they both wanted a place to buy and sell drugs so they invented Silk Road?

Really?....I thought that the proliferation of prostitutes/drugs was a NWO objective to dumb-down/placate the population so they would not resist the Greys when they arrive on Planet X.....

[Lloydie]

Some of the harshest words I've seen coming out of China recently. All though this paper (based in hong kong) isn't government owned by mainland China the owner of this paper has long been "pro beijing" and it has history of firing editors who have said anything deemed negative about the government in mainland china.

No way to prove it, but having experience reading/watching pro beijing news I suspect some of the comments to be 'fake' as well... such as:   Great article, Andy Xie, this is the most intelligent and well informed writing on Bitcoin. "Bitcoin is a bubble that foreigners cooked up and, by all appearances, is designed to rob the credulous Chinese masses" This is the most courageous statement and highly significant.



http://www.scmp.com/comment/insight-opinion/article/1404497/bitcoin-bubble-wont-last-without-beijings-approval

Andy is probably one of the most insightful economists you will ever come across. His comments on bitcoin being a craze in china merits consideration. However, on this issue I believe Andy is wrong for the following reasons:

1. Bitcoin is not just a digital currency. I think he doesn't yet realise that bitcoin is decentralised and effectively unstoppable. So, Andy doesn't understand the technology behind bitcoin, which is unfortunate.

2. Andy doesn't realise that the global growth rate of bitcoins is hovering at around 30% per month. Maybe China will have a short term impact on bitcoin values but in the medium and long term, bitcoin's user base is likely to rise towards 10 million. This relates to point 1, because Andy doesn't understand the technology behind bitcoin.

3. Andy doesn't realise that investment trusts are being setup in the US that will buy and hold bitcoins for the long term, starting in 2014. When bitcoins are sold to the public in this manner, the volatility will subside because speculators are being replaced by long term buy and hold investors.

It is not possible to stop bitcoin. Governments can only slow down the adoption rate a little if they tried really hard. BTFD!

[johnyj]

I've read this guy's article for a decade and he is bearish on everything

[SirWilliam]

"Andy is probably one of the most insightful economists you will ever come across."

I doubt that, I do believe he is probably one of the most insightful economists you will ever come across.

[BTCisthefuture]

Some of the harshest words I've seen coming out of China recently. All though this paper (based in hong kong) isn't government owned by mainland China the owner of this paper has long been "pro beijing" and it has history of firing editors who have said anything deemed negative about the government in mainland china.

No way to prove it, but having experience reading/watching pro beijing news I suspect some of the comments to be 'fake' as well... such as:   Great article, Andy Xie, this is the most intelligent and well informed writing on Bitcoin. "Bitcoin is a bubble that foreigners cooked up and, by all appearances, is designed to rob the credulous Chinese masses" This is the most courageous statement and highly significant.



http://www.scmp.com/comment/insight-opinion/article/1404497/bitcoin-bubble-wont-last-without-beijings-approval

Andy is probably one of the most insightful economists you will ever come across.

Everyone is entitled to their view and opinion, and obviously I don't know the history or background of this guy so I shouldn't judge too hard.  He's certainly way off on bitcoin though and appears to just be pushing predjiduce propaganda..... such as "bitcoin was created by foreigerners to rob Chinese people"..... I'd say not only is that obviously wrong,  it's borderline racist imo. 

Just my two  cents..

[Honeypot]

Some of the harshest words I've seen coming out of China recently. All though this paper (based in hong kong) isn't government owned by mainland China the owner of this paper has long been "pro beijing" and it has history of firing editors who have said anything deemed negative about the government in mainland china.

No way to prove it, but having experience reading/watching pro beijing news I suspect some of the comments to be 'fake' as well... such as:   Great article, Andy Xie, this is the most intelligent and well informed writing on Bitcoin. "Bitcoin is a bubble that foreigners cooked up and, by all appearances, is designed to rob the credulous Chinese masses" This is the most courageous statement and highly significant.



http://www.scmp.com/comment/insight-opinion/article/1404497/bitcoin-bubble-wont-last-without-beijings-approval

Andy is probably one of the most insightful economists you will ever come across.

Everyone is entitled to their view and opinion, and obviously I don't know the history or background of this guy so I shouldn't judge too hard.  He's certainly way off on bitcoin though and appears to just be pushing predjiduce propaganda..... such as "bitcoin was created by foreigerners to rob Chinese people"..... I'd say not only is that obviously wrong,  it's borderline racist imo. 

Just my two  cents..

Exactly. Those who live in a glass house should not throw stone or complain about 'racism'. That's a bitch mentality right there.

No one has the obligation to give even a modicum of respect to such people. They are the offenders, and must change their ways or else the retaliation is perfectly justified - other people have little obligation to think otherwise. Fair's fair.

[Lloydie]

I've read this guy's article for a decade and he is bearish on everything

"Andy is probably one of the most insightful economists you will ever come across."

I doubt that, I do believe he is probably one of the most insightful economists you will ever come across.

That's because Andy believes that China is in an epic property bubble.  I think he is probably right.  Sure, he is wrong on Bitcoin but he does understand that fiat debt based systems are inherently unstable. The problem is that Andy doesn't understand the blockchain and the benefits that the technology confers. He thinks that Bitcoin is some kind of centralised digital currency.  If you read the rest of what I wrote, you'll see that I'm not defending him.  

Economists generally have a poor grasp of the Byzantine Generals' problem.  They don't understand that this longstanding problem has been solved by Bitcoin.  

[BTCisthefuture]

Some of the harshest words I've seen coming out of China recently. All though this paper (based in hong kong) isn't government owned by mainland China the owner of this paper has long been "pro beijing" and it has history of firing editors who have said anything deemed negative about the government in mainland china.

No way to prove it, but having experience reading/watching pro beijing news I suspect some of the comments to be 'fake' as well... such as:   Great article, Andy Xie, this is the most intelligent and well informed writing on Bitcoin. "Bitcoin is a bubble that foreigners cooked up and, by all appearances, is designed to rob the credulous Chinese masses" This is the most courageous statement and highly significant.



http://www.scmp.com/comment/insight-opinion/article/1404497/bitcoin-bubble-wont-last-without-beijings-approval

Andy is probably one of the most insightful economists you will ever come across.

Everyone is entitled to their view and opinion, and obviously I don't know the history or background of this guy so I shouldn't judge too hard.  He's certainly way off on bitcoin though and appears to just be pushing predjiduce propaganda..... such as "bitcoin was created by foreigerners to rob Chinese people"..... I'd say not only is that obviously wrong,  it's borderline racist imo. 

Just my two  cents..

Exactly. Those who live in a glass house should not throw stone or complain about 'racism'. That's a bitch mentality right there.

No one has the obligation to give even a modicum of respect to such people. They are the offenders, and must change their ways or else the retaliation is perfectly justified - other people have little obligation to think otherwise. Fair's fair.

I don't know if people like him realize that it's offensive to say things like that or to have "us vs them" mentalitly but it's something I see often living in China.  Even my own Chinese family (in-laws) still often refer to me as "老外"  (foreigner)  when they are talking about me.  They aren't trying to be rude or anything but they and most Chinese people will always view everyone else an outsider and a foreigner, even if you're family.  You can't walk more than a few minutes around in China without hearing whispers of "foreigner foreigner foreigner" as people walk by.  Again, I don't think they do it on purpose or to be rude but it's certainly a mentality that's part of their upbringing.

Anyway, who cares about that really.  It's just sad to see someone so smart misunderstand bitcoin so much.  It's a shame he has no idea nor talks about any of the technological aspects of bitcoin or how it improves things like microtransactions and international transfers (something you would think many Chinese people would like due to how hard it is to move money out of mainland China).

He is correct on some things though, like China fueling the speculative aspect of bitcoin.  I think he's wrong though that bitcoin can't survive with China.  Bitcoin will continue to grow and gain adoption across the world, whether China is on board or not.  Similar to how things like Facebook, Twitter, Google etc etc can flourish without China being on board.

[ImI]

Could it be possible that Bitcoin was created by a spy agency to undermine the Chinese economy?
Bitcoin has all the nefarious characters of a spy implantation. Under the cloak of secrecy and using massive surveillance and mass indoctrination to create chaos.
Everything seem so farfetched until Snowden came out with the proofs.
Using a massive network of the internet to do harm to the unsuspected Chinese people. If there is something that is so good and easy and makes so much money, would foreigners give it to the Chinese so readily?
So far I can see foreigners trying to rip off Chinese people, nothing is for free for the Chinese.
Why all of the sudden the foreigners are so good to the Chinese with this internet created currency? Wow free money created out of thin air so Chinese people can pay for with real money.
Bitcoin has to be created by an organization with massive networking and internet control power and ability to influence the minds on a massive scale. The only organizations with this capability are foreign spy agencies.

Wearing Tinfoil-Hats seems to be a Chinese thing too....

[guybrushthreepwood]

Some of the harshest words I've seen coming out of China recently. All though this paper (based in hong kong) isn't government owned by mainland China the owner of this paper has long been "pro beijing" and it has history of firing editors who have said anything deemed negative about the government in mainland china.

No way to prove it, but having experience reading/watching pro beijing news I suspect some of the comments to be 'fake' as well... such as:   Great article, Andy Xie, this is the most intelligent and well informed writing on Bitcoin. "Bitcoin is a bubble that foreigners cooked up and, by all appearances, is designed to rob the credulous Chinese masses" This is the most courageous statement and highly significant.



http://www.scmp.com/comment/insight-opinion/article/1404497/bitcoin-bubble-wont-last-without-beijings-approval

Andy is probably one of the most insightful economists you will ever come across.

Everyone is entitled to their view and opinion, and obviously I don't know the history or background of this guy so I shouldn't judge too hard.  He's certainly way off on bitcoin though and appears to just be pushing predjiduce propaganda..... such as "bitcoin was created by foreigerners to rob Chinese people"..... I'd say not only is that obviously wrong,  it's borderline racist imo. 

Just my two  cents..

Exactly. Those who live in a glass house should not throw stone or complain about 'racism'. That's a bitch mentality right there.

No one has the obligation to give even a modicum of respect to such people. They are the offenders, and must change their ways or else the retaliation is perfectly justified - other people have little obligation to think otherwise. Fair's fair.

And nobody has an obligation to respect you or anything you say either. And pretty much nobody does around here.

Your logic of fighting ignorance with ignorance and propaganda with propaganda just makes you look like a hypocritical fool who must not only live in glass house but on a glass planet by the looks of things.

[Lloydie]

Exactly. Those who live in a glass house should not throw stone or complain about 'racism'. That's a bitch mentality right there.

No one has the obligation to give even a modicum of respect to such people. They are the offenders, and must change their ways or else the retaliation is perfectly justified - other people have little obligation to think otherwise. Fair's fair.

This is some very nasty writing. Not good at all.

[guybrushthreepwood]

Exactly. Those who live in a glass house should not throw stone or complain about 'racism'. That's a bitch mentality right there.

No one has the obligation to give even a modicum of respect to such people. They are the offenders, and must change their ways or else the retaliation is perfectly justified - other people have little obligation to think otherwise. Fair's fair.

This is some very nasty writing. Not good at all.

Read the rest of his posts then. That's mild in comparison.

[Lloydie]

Exactly. Those who live in a glass house should not throw stone or complain about 'racism'. That's a bitch mentality right there.

No one has the obligation to give even a modicum of respect to such people. They are the offenders, and must change their ways or else the retaliation is perfectly justified - other people have little obligation to think otherwise. Fair's fair.

This is some very nasty writing. Not good at all.

Read the rest of his posts then. That's mild in comparison.

Yeah. I see what you mean. A lot of hatred and fear of a country he has probably never been to. I just watched 12 years a slave.  This guy's attitude reminds me of the slavemaster. He doesn't seem to think of other people as human beings but more as objects of hatred.

I wonder what kind of shoes, clothes, computer or car he uses? Pretty hard to avoid Asia. Lol.

[guybrushthreepwood]

Exactly. Those who live in a glass house should not throw stone or complain about 'racism'. That's a bitch mentality right there.

No one has the obligation to give even a modicum of respect to such people. They are the offenders, and must change their ways or else the retaliation is perfectly justified - other people have little obligation to think otherwise. Fair's fair.

This is some very nasty writing. Not good at all.

Read the rest of his posts then. That's mild in comparison.

Yeah. I see what you mean. A lot of hatred and fear of a country he has probably never been to. I just watched 12 years a slave.  This guy's attitude reminds me of the slavemaster. He doesn't seem to think of other people as human beings but more as objects of hatred.

I wonder what kind of shoes, clothes, computer or car he uses? Pretty hard to avoid Asia. Lol.

He's probably just a troll to be honest. People like that do not think rationally because they are unable to think outside of any boxes except the one they are trapped in. Must be kinda scary to them.