Hong kong and China war can lead to possible Bitcoin popularity

[ivakar]

in fact this is one country, not two different countries as it is mentioned in the article.
I do not think that any crypto / bitcoin connections to the students, which are doing not exactly legal things , will help boost price of bitcoin.
I think  it can lead to more banning effects instead..  This situation is not good if you ask me, better stay out of it.

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[Sithara007]

in fact this is one country, not two different countries as it is mentioned in the article.

I would regard Hong Kong as a separate nation, although they don't have an army of their own (the defense is looked after by the People's Liberation Army Hong Kong Garrison). They have their own separate currency, flag and national anthem. The relation between China and Hong Kong is similar to the one between the United Kingdom and Australia. Elizabeth II (Queen of the United Kingdom) is the queen of Australia as well. But everyone regard Australia as a separate nation. The same can be said about Canada, New Zealand and more than a dozen Caribbean nations.

Please correct me if I am wrong.

[alyssa85]

Bitcoin is already popular in Hongkong or in China, they are just forbidden to use it before since China is known really in opposing cryptocurrency, due to this war only they decide to have their own cryptocurrency similar to Libra. Since they see how it process and they knew they can have transactions without being traced by any. Hope their war will end soon, it will not benefit their country and their people, they both have same raise so they should learn to understand each others point.

I don't think that the Chinese are forbidden to use Bitcoin. As far as I know, there are a number of cryptocurrency exchanges operating there. However, it is forbidden to exchange fiat to crypto. In China, they can only trade between various cryptocurrencies, and not between crypto and fiat. Earlier there were reports that the authorities were considering a ban on Bitcoin mining (more than 80% of the Bitcoin mining hashpower originates from China). But those plans were recently dropped. And even now, many of the largest Bitcoin mining farms in the world are located in China.

The Chinese closed down all their cryptocurrency exchanges in 2017. However there is still a lot of person to person trading that happens in secret in cafes and bars and so on.

Until Xi Jingping came to power the Chinese were quite content, but I think he has frightened them a bit and they're slowly but surely moving their money abroad.

[yoseph]

in fact this is one country, not two different countries as it is mentioned in the article.

I would regard Hong Kong as a separate nation, although they don't have an army of their own (the defense is looked after by the People's Liberation Army Hong Kong Garrison). They have their own separate currency, flag and national anthem. The relation between China and Hong Kong is similar to the one between the United Kingdom and Australia. Elizabeth II (Queen of the United Kingdom) is the queen of Australia as well. But everyone regard Australia as a separate nation. The same can be said about Canada, New Zealand and more than a dozen Caribbean nations.

Please correct me if I am wrong.

Regardless of all that it seems that the Chinese government have a huge influence in the manner that the Chief Executive of Hong Kong is chosen because the assembly that elects the leader is totally made of Pro Beijing politicians. China would like to exert their total influence on Hong Kong if it wasn't for the international community.

[tetyulfania]

Almost one month China and Hong kong faced war and still not have positive respond for bitcoin, still lower price bitcoin today and hope Hongkong and China better to give freedom for Hong kong.

[JeffBrad12]

Almost one month China and Hong kong faced war and still not have positive respond for bitcoin, still lower price bitcoin today and hope Hongkong and China better to give freedom for Hong kong.

Bitcoin price lowering doesn't mean the popularity is decreasing, the current price dumping is I assume a price manipulation from a big player while the bitcoin popularity in HK might or might not increasing. However, I actually don't see the Hongkong and China right now could affect bitcoin at all.
They just don't have correlation and I don't think just because of some riots people would transfer or convert their money into Bitcoin even the foreign investor I assume will just take back their money through conventional way and there's no need to risk their money to bitcoin and got side effect like volatility and complicated thing they need to face if they really want to use bitcoin as a means of transferring huge sum of money. At best, some minor people will try to use Bitcoin I'd guess they won't take it into that far making so much people transferring money using bitcoin.

[micalith]

In times such as war and economic crysis, people tend to stay away from the governments. In my country, if there is an emergency situation, government can take our money and use it for the emergency such as war. So, if there is a war, in order to avoid this, I buy bitcoin. This is what that is happening in Hong Kong and China. Our psychology is similar, we avoid the risk through decentralized systems such as bitcoin. In any case such as war or crisis, we have a new way to be free fortunately.

[bryant.coleman]

The Chinese closed down all their cryptocurrency exchanges in 2017. However there is still a lot of person to person trading that happens in secret in cafes and bars and so on.

Until Xi Jingping came to power the Chinese were quite content, but I think he has frightened them a bit and they're slowly but surely moving their money abroad.

Xi Jinping is much more authoritarian when compare to his predecessors, such as Hu Jintao and Jiang Zemin. Compared to Xi, Hu was a moderate who tried to resolve the differences with soft power. But ever since Xi came to power, China has taken a very aggressive stance. And this is visible not only in Hong Kong, but in other regions such as South China Sea as well.

But such authoritarian rulers do no good for the economy. The GDP growth rate has slowed down quite a bit ever since 2013 (when Xi was made the president) and the ongoing trade war between China and United States (which has damaged the Chinese economy considerably) can also be partially blamed on the coercive arm-twisting tactics deployed by Xi.

[target]

News all over was that Hongkong residents are buying BTC!

The Chinese closed down all their cryptocurrency exchanges in 2017. However there is still a lot of person to person trading that happens in secret in cafes and bars and so on.

Until Xi Jingping came to power the Chinese were quite content, but I think he has frightened them a bit and they're slowly but surely moving their money abroad.

Xi Jinping is much more authoritarian when compare to his predecessors, such as Hu Jintao and Jiang Zemin. Compared to Xi, Hu was a moderate who tried to resolve the differences with soft power. But ever since Xi came to power, China has taken a very aggressive stance. And this is visible not only in Hong Kong, but in other regions such as South China Sea as well.

But such authoritarian rulers do no good for the economy. The GDP growth rate has slowed down quite a bit ever since 2013 (when Xi was made the president) and the ongoing trade war between China and United States (which has damaged the Chinese economy considerably) can also be partially blamed on the coercive arm-twisting tactics deployed by Xi.

That's a bit exaggerated for a simple problem they are facing right now. They will come up to an agreement with Hongkong for this extraditions but XI will still be the person who will rule Hongkong, it belongs to China. They will probably industrialize the parts of hongkong for GDP growth. If the mainland will commit to aggressive stance, there will be blood on the streets and no government from the outside can intervene and none can even see it on the news. Xi is softest that he allowed all these news to be broadcasts.

[btc78]

Let’s don’t take serious all the hearsay from news agency because only noob will believe on that.remmberhat they all wanna will their news no matter what’s the real score is.no this won’t effect bitcoin and nothing this will do for cryptocurrency.this is only a propaganda or something near just to boost something for their concerns

[ivakar]

I would regard Hong Kong as a separate nation, although they don't have an army of their own (the defense is looked after by the People's Liberation Army Hong Kong Garrison). They have their own separate currency, flag and national anthem. The relation between China and Hong Kong is similar to the one between the United Kingdom and Australia. Elizabeth II (Queen of the United Kingdom) is the queen of Australia as well. But everyone regard Australia as a separate nation. The same can be said about Canada, New Zealand and more than a dozen Caribbean nations.

Please correct me if I am wrong.

no, this is now like one country - two systems.. in some ways Hong Kong is independent, but in other ways it is just a part of China.
so it is not near the same as UK and Australia. and I guess within short time China will include HK completely

but back to the topic )) I think in order to be clear crypto state, bitcoin image should avoided all that political or criminal activities..

[bryant.coleman]

no, this is now like one country - two systems.. in some ways Hong Kong is independent, but in other ways it is just a part of China.
so it is not near the same as UK and Australia. and I guess within short time China will include HK completely

but back to the topic )) I think in order to be clear crypto state, bitcoin image should avoided all that political or criminal activities..

I agree with you. If the Hong Kong protestors use Bitcoin or any other cryptocurrency as a tool to counter the Chinese machinery, then it may provoke China to take a hostile stance against the cryptocurrency. And this is not going to be beneficial for Bitcoin in anyway, as the economy of Hong Kong would look minuscule if we compare it to that of China.

The best strategy for us would be to remain neutral in this issue. If the Hong Kong protestors want to use Bitcoin as a means of financial independence against China, then let them do it at their own risk. The Bitcoin users should not take sides. I am not a big fan of the Chinese regime, but I guess this would be the most practical thing to do right now.

[alyssa85]

According to the following article, trading in bitcoin has spiked in Hong Kong:

https://decrypt.co/9902/bitcoin-trading-spikes-hong-kong-political-crisis-worsens

According to data from CoinDance, Bitcoin trading in Hong Kong reached an all-time high this week when measured in Hong Kong dollars. During the last week, more than $12,294,796 HKD (about $1,567,525 USD) worth of Bitcoin was exchanged in Hong Kong, surpassing the record of $11,666,176 HKD set in late January 2018.

If we express these figures in BTC, the numbers are similarly (yet not equally) impressive. A total of 173 bitcoins were exchanged throughout the week, which is a high not seen since April 2017, when traders moved 196 BTC in one week. That figure, however, pales in comparison to the 1086 BTC that were moved at the end of 2015, long before the rally that led Bitcoin to capture the world' s attention

So something is happening, though it isn't yet affecting the overall price of bitcoin.

[Sithara007]

According to the following article, trading in bitcoin has spiked in Hong Kong:

https://decrypt.co/9902/bitcoin-trading-spikes-hong-kong-political-crisis-worsens

Give some attention to the figures quoted in that article. They are saying that the 7-day volume was less than $2 million. That is very marginal when compared to the global volumes (typically more than $100 billion for the 7-day period). This news is nothing more than a clickbait article. I could not see any major rise in the trade volumes from Hong Kong and from what I have seen in the past, historically political incidents have very minimal impact on the Bitcoin exchange rates and trade volumes.

[eaLiTy]

According to the following article, trading in bitcoin has spiked in Hong Kong:
So something is happening, though it isn't yet affecting the overall price of bitcoin.

There is a trading volume spike in BTCitcoin in Hong Kong and it is mainly because of the political crisis and to have any implication on the market you need to have a much bigger volume, the total transaction is just around 1.4 million USD and as per the reports and that is around 173BTC is being traded and it is not a huge amount to make any changes in the price. The major take away of this change is that people trust BTCitcoin than their local currency.

[Xxmodded]

Hong Kong and China have faced war more than three weeks with big effect for Hong Kong economic, the Hong Kong people want to have their own law and never interrupt by China, but do not have anything effect for bitcoin because both country China and Hong Kong have banned bitcoin last two year and do not re submit for accepting bitcoin back.

[abhiseshakana]

1) Well, it is an Authoritarian country.
2) Makes it, even more, an Authoritarian country.
3) I'm skeptical about this. Considering Hong Kong doesn't agree with the way "mainland" China runs(?) And by the way, it is not for the common good, but for the benefit of a group of people, naming Communists.
4) This is all over the place (meaning, I'm not sure about this).

We can refer to this article to explain point number one.
https://www.businessinsider.sg/economist-intelligence-unit-2017-democracy-index-worst-countries-2018-1/?r=US&IR=T

Compared to other authoritarian countries, China is still better. Although a one-party state, China is also democratic, but democratic in the style of China. Like Western countries, China also adheres to the political trias, namely the division of political tasks between the executive, legislative and judiciary.

The highest power in China is held by the National People's Congress as a legislative body whose delegates are elected from each province. Those chosen as members of the delegation are people who have good character and morals. So to become a delegation requires a long struggle, dedication, proof and achievement.

For the third point, it needs to be understood that from the beginning China and Hong Kong agreed to adopt a two-state system. But over time, due to conflicts of interest of each party a dispute eventually arose, many political dissidents hid in Hong Kong and undermined the Chinese government from Hong Kong. It should be understood that not all Chinese are bad, there are communists who are nationalist and honest, Alibaba founder Jack Ma is also a member of the communist party.

[Sithara007]

We can refer to this article to explain point number one.
https://www.businessinsider.sg/economist-intelligence-unit-2017-democracy-index-worst-countries-2018-1/?r=US&IR=T

Compared to other authoritarian countries, China is still better. Although a one-party state, China is also democratic, but democratic in the style of China. Like Western countries, China also adheres to the political trias, namely the division of political tasks between the executive, legislative and judiciary.

The highest power in China is held by the National People's Congress as a legislative body whose delegates are elected from each province. Those chosen as members of the delegation are people who have good character and morals. So to become a delegation requires a long struggle, dedication, proof and achievement.

For the third point, it needs to be understood that from the beginning China and Hong Kong agreed to adopt a two-state system. But over time, due to conflicts of interest of each party a dispute eventually arose, many political dissidents hid in Hong Kong and undermined the Chinese government from Hong Kong. It should be understood that not all Chinese are bad, there are communists who are nationalist and honest, Alibaba founder Jack Ma is also a member of the communist party.

Even when compared to the democratic countries, China ranks much better. Democracy is suitable only in countries where the population is educated and homogeneous. It won't be successful in countries where the population is illiterate and heterogeneous. My country (India) is being regarded as the largest democracy in the world. But the democracy here is a sham, with most of the politicians corrupt to the core, surviving only on ethnic loyalties.

One thing that I like about China the most is that they have a no-tolerance policy towards the corrupt. Anyone who is caught for a major corruption scandal is directly sent to the firing squad. Now compare this to the situation here, where criminals who had raped and killed little children are enjoying their life in jail on tax payer money, although they were sentenced to death many years back. There is an unofficial moratorium here on death penalty and no one has been executed for the last one decade.

Even the elected government has very little power. Most of their decisions are getting overturned by the judiciary, where most of the judges are appointed on the basis of family connections rather than merit.

[teosanru]

We all know that China doesnt want to be involved on cryptocurrency for some reasons but after whats happening to China and Hong Kong, it seems like bitcoin would be the main option.

The two countries are currently under stress because People in Hong Kong vehemently oppose a proposed bill, which would give authorities the power to deport those suspected of crimes to mainland China.

Hong Kong people obviously engaged in a rally for them to change the leader's mind. With this, the people, most specially rich ones wanted to withdraw all their money in China or makes it anonymous that's why they are eyeing on bitcoin as the main option for transferring of wealth.

We dont want to have this kind of war between people or countries. Even though it will be a good way of boosting bitcoin, i hope it will not end in that way and resolve the problem of both countries. Its still not safe there till now. Lets pray for the people's safety.

Here's the full article
https://bitcoinist.com/hong-kong-protest-china-bitcoin-assets-offshore/

I was reading about this the other day and I feel like this is actually a great thing for bitcoin. In general there two ways practiced by wealthy businesses to launder their money. First are some shell companies in Tax Heavens where their are no taxes on Investments are neither their are any restrictions regarding such money. While second is cash. Due to many inter govt. treaty first one is starting to become a pretty bad idea while the second one was never a good idea in the first place. So best option would be cryptocurrencies. But problem here is that this could lead to a bad image of bitcoin among the General Public as it could be regarded as a money laundering asset which governments might not really like.

[ice098]

I would regard Hong Kong as a separate nation, although they don't have an army of their own (the defense is looked after by the People's Liberation Army Hong Kong Garrison). They have their own separate currency, flag and national anthem. The relation between China and Hong Kong is similar to the one between the United Kingdom and Australia. Elizabeth II (Queen of the United Kingdom) is the queen of Australia as well. But everyone regard Australia as a separate nation. The same can be said about Canada, New Zealand and more than a dozen Caribbean nations.

Please correct me if I am wrong.

no, this is now like one country - two systems.. in some ways Hong Kong is independent, but in other ways it is just a part of China.
so it is not near the same as UK and Australia. and I guess within short time China will include HK completely

but back to the topic )) I think in order to be clear crypto state, bitcoin image should avoided all that political or criminal activities..

Yes, if bitcoin will become part of the issue it will make a bad image for bitcoin. It will only provoke china to ban bitcoin on its country, if bitcoin will be introduce to china in a good manner and it will be legalize to that country, it wi be a benefit for all of us, more and more people will gonna notice bitcoin. I hope bitcoin will be go mainstream in a good image.