Kakmakr
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Activity: 3444
Merit: 1957
Leading Crypto Sports Betting & Casino Platform
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July 10, 2019, 06:26:01 AM |
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I'm not surprised, it's a chinese service.
The Chinese are really shooting themselves in the foot on this crypto thing just because they want to protect their Yuan currency. It's even more amusing to note that the same Chinese had the highest number of miners (in the last). With the ongoing trade war with the US, it's only a matter of time before they realize how badly the Yuan is hurt. It's all political games and protection of their sovereignty. The Chinese government wants to control every aspect of their own citizens and that includes the communication platforms where they congregate and share ideas. Andreas predict that WeChat would follow Facebook's example with "Libra", but they will release their own token, which would only be traded within China. <This would also be linked to the Yuan to strengthen their economy and to prevent capital flight.> You might even see a Chinese government coin being released soon, because it gives them a more powerful tool to track people's financial transactions. <More traceable than the Yuan>  |
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It is a common myth that Bitcoin is ruled by a majority of miners. This is not true. Bitcoin miners "vote" on the ordering of transactions, but that's all they do. They can't vote to change the network rules.
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Trangtkhd2709
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July 10, 2019, 11:31:38 AM |
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I think maybe because China's politics affects this issue, it will take a long time for Wechat to expand with cryptocurrency.
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akeegan
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July 10, 2019, 09:45:00 PM |
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China is in essence an extreme version of what could happen if governments reign supreme. This is another reason why we would want a decentralized WhatsApp alternative like the one Elixxir is building
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hv_
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Activity: 2506
Merit: 1055
Clean Code and Scale
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July 12, 2019, 06:08:43 PM |
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Carpe diem - understand the White Paper and mine honest.
Fix real world issues: Check out b-vote.com
The simple way is the genius way - Satoshi's Rules: humana veris _
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adzino
Copper Member
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Activity: 2968
Merit: 574
www.Crypto.Games: Multiple coins, multiple games
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July 12, 2019, 06:13:54 PM |
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Never heard of WeChat. Bitcoin is a global crypto currency. Just one firm/institution/company cannot define the future of crypto currencies. Like I said, never heard of WeChat and guess most of the people here are also clueless about WeChat. I can assure you, this won't hurt the price of crypto currencies. Even if it does, the impact will be temporary.
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akeegan
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July 15, 2019, 10:23:37 PM |
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There will be decentralized alternatives that those who are interested in crypto will move onto. I know Elixxir is going to have a messaging dapp similar to wechat and there might be others in the works
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romero121
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July 17, 2019, 06:14:25 PM |
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More to go, what we have got at present relating to the cryptocurrency network and the social networking applications have got varied usage. Just because few service providers were against the usage of cryptocurrency into their platform doesn't mean it is a bad thing for Cryptocurrency. They might get their native tokens used on their applications same as that kik has got. So, with cryptocurrency it is always the time which make things better.
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Artemis3
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CLEAN non GPL infringing code made in Rust lang
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July 17, 2019, 06:21:41 PM |
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Wechat has an electronic payment system if you are privileged enough to own an account in a Chinese bank.
Of course, crypto is in direct competition to their "service", so its like they are Chinese Paypal of sorts.
Other IMs have adopted their own custom made altcoins, but its more or less the same thing: competitive technologies that aim to do the same: Electronic payments.
And then there is their government stance. Chinese companies have to comply, period. You are not allowed to criticize the Chinese government using the platform wechat either, you'll get banned for it. They probably just added the crypto words to their flag detection system.
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J.P Morgan
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January 09, 2020, 10:00:10 AM |
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Chinese companies are avoiding Cryptocurrency because their government has not legalized Cryptocurrency. From that point of view, WeChat avoids Cryptocurrency. This is just my guess.
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cryp24x
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January 09, 2020, 01:41:18 PM |
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Well, it seems that China is starting to move-away from crypto. There is nothing new about this we have seen China come-in and out of crypto for several times now. It's normal for wechat to ban crypto since wechat is operated in China, and the government is against crypto. Nonetheless, the market will not be affected by it, there are still a lot of social-media and messaging app crypto enthusiasts can use.
There are still tons of platforms which can be use by Crypto Enthusiasts. We should respect their decision and in fact, it's their lost anyway. When then see the effect of having crypto in other platforms and how people will use this religiously, then I think they will open again their application. |
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MarioV
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January 09, 2020, 02:11:15 PM |
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Since the dawn of time with WeChat you can make payments with digital money of centralized entities, which does not correspond to cryptocurrencies based on blockchains. It's logical that this APP is against the crypto world.
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garyrowe
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January 09, 2020, 02:43:00 PM |
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The wechat attitude to Bitcoin and other cryptocurrencies is not new to crypto enthusiasts as businesses such as facebook once kicked against Bitcoin but today they have become strong advocate of digital currencies. Wechat will not be different, soon they will begin their support for Bitcoin. Whether they like it or not, Bitcoin is here to stay |
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GideonGono
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January 09, 2020, 04:24:03 PM |
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Since the dawn of time with WeChat you can make payments with digital money of centralized entities, which does not correspond to cryptocurrencies based on blockchains. It's logical that this APP is against the crypto world.
I think the administrator of the app was not favor for bitcoin so they would not agree by the use of payment and do advertisement by the cryptocurrency. That was okay because that was only one unlike other popular apps who agreed on the use of crypto. |
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bitcoin-shark
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January 09, 2020, 06:56:14 PM |
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actually it is not entirely clear that transactions can only be made with centralized altcoins, which do not seem very useful to me, then it seems also that only Chinese users (from China ip/phone numbers) can open new accounts...
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nomenclatur
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January 12, 2020, 03:16:38 AM |
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WeChat in my country is not very popular, even if they do not allow users to trade crypto would have less impact on crypto forward for community cryptocurrency already very large and also the name of cryptocurrency will never disappear if WeChat forbids even the act of WeChat this will be detrimental to their own because they do not make changes that make the user comfortable.
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airdnasxela
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January 12, 2020, 03:37:59 AM |
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We cannot push every company to accept cryptocurrency. It is already said that WeChat is dominant in China and maybe they're just afraid that accepting cryptocurrency might affect their business in China. Even if WeChat will ban users from trading crypto, it's not a loss for us and in crypto since there's a lot of big companies out there who accepted crypto. Probably they are just being careful with the country where they're doing well.
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Asmonist
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January 12, 2020, 06:40:23 AM |
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I think eventually they will realize that they need crypto also. As then being part of the digital base market, they must or soon realize thay bitcoin is the digital currency they need. There are many chat platforms to choose from and they must be competitive with it as well.
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blckhawk
Sr. Member
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★Bitvest.io★ Play Plinko or Invest!
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January 12, 2020, 06:52:03 AM |
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As far as I know, WeChat already uses CNY/RMB and is widely used by merchants in marketplaces as a platform to pay for goods. And such news doesn't surprise us much, since they must have been adhering to the law and memorandum of their government, which also opposes cryptocurrency. China clearly doesn't like decentralized systems after all.
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aamirsuh
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January 12, 2020, 09:28:42 PM |
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Facebook now has an older audience. People began to show more interest in social media networks such as Instagram or Twitter. They take a little more minimal approach. In this case, Facebook can make another move. Imagine a coin for whatsapp?
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tungaqhd
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January 13, 2020, 04:43:24 AM |
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WeChat is based in China, and we all know that China doesn't support crypto trading, so the China politics might be reason why WeChat ban users from crypto trading. |
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