China's President Xi Jinping VS Bitcoin

[kayvie]

I guess it will be hard for them to create a cryptocurrency which is better than Bitcoin. As we all know, Btc is well established and has passed all the tests of time which made its foundation strong so if they will create their own coin in the future, they have to go through a lot as well.

true and even if we say that they can manipulate it , it will still be hard for them to to reach what bitcoin has already reached because bitcoin is already recognized globally   .

For now, I guess they will only be adopting Bitcoin. If massive adoption from China will happen, I'm sure that it will bring a positive effect to the market situation.

why will they do that ? why will they join bitcoin if in they want to control or create  coin that can compete with bitcoin but we dont know what china thinks , if they change thier minds maybe theyl be good at bitcoin  .china's presence can indeed bring alot of impact on the price of btc 

Chinese President announced that they are starting to adopt blockchain technology and they will focus on its development. They did not state anything about creating their own crypto for now. They are more focused on blockchain technology and not about bitcoin or even competing with it.

[bitcoinposts]

China positive towards blockchain will defintely help bitcoin market to get more funds in the market and in asia it is already positive for bitcoin and crypto related projects

[Darooghe]

I would like to discuss whether you think this is Xi hidden message to the world that they are able to make a perfect cryptocurrency than Bitcoin?

If China will find some way to make Blockchain authoritarian, that's a danger idea and blockchain become worse for freedom and privacy than any currently existing currency. one great thing about cash is that no one needs to verify it for the most part, but imagine EVERY transaction you do having to be verified digitally. If that authority is coming from the Chinese central bank, all of your transactions are suddenly trackable with no options out. everything you ever buy or sell will be recorded forever and trackable. that is frightening.

But i think Xi is talking about all types of business, for instance healthcare and education, being integrated with Blockchain tech in some way, and i feel like anything that educates the masses on Blockchain tech is good for bitcoin.

[jets567]

I would like to discuss whether you think this is Xi hidden message to the world that they are able to make a perfect cryptocurrency than Bitcoin?

indeed blockchain technology is not only related to cryptocurrencies, but I think Xi has another intention!!

I do not think that their own cryptocurrency will become better than Bitcoin because its just another stablecoin wherein China's government have full control, we already have few stablecoin in the market but Bitcoin still dominates them. I believe that any coin that is created even if its backed by government will not surpass Bitcoin because crypto people loves the fully decentralized system of Bitcoin.

[o48o]

this is the Chinese president's speech about his ambition towards Blockchain technology..


source: https://www.theblockcrypto.com/post/44646/xi-jinping-says-to-let-china-take-the-leading-position-in-blockchain

here I will not discuss Blockchain technology because China is certainly very accepting of the existence of Blockchain technology

I would like to discuss whether you think this is Xi hidden message to the world that they are able to make a perfect cryptocurrency than Bitcoin?

indeed blockchain technology is not only related to cryptocurrencies, but I think Xi has another intention!!

Honestly i don't trust that this has anything to do with real decentralized cryptocurrency like bitcoin. I am glad that the markets did but i am assuming that China wants to build their own government controlled blockchain, and they will not adopt other currencies, reasons for this would go right to political section of this forum, but let's just say because of their track record on the subject.

[Sadlife]

I would like to discuss whether you think this is Xi hidden message to the world that they are able to make a perfect cryptocurrency than Bitcoin?

don't exaggerate the message of Chinese President because for me he was just pointing that they have the guts and will to at least create their coin and they are supporting blockchain things that very rare to come out from chinese government

indeed blockchain technology is not only related to cryptocurrencies, but I think Xi has another intention!!

whatever intention Xi has for sure he will never succeed because EU and US is in the front line and will never let China eat the crypto system

[gabbie2010]

I would like to discuss whether you think this is Xi hidden message to the world that they are able to make a perfect cryptocurrency than Bitcoin?

indeed blockchain technology is not only related to cryptocurrencies, but I think Xi has another intention!!

I do not think that their own cryptocurrency will become better than Bitcoin because its just another stablecoin wherein China's government have full control, we already have few stablecoin in the market but Bitcoin still dominates them. I believe that any coin that is created even if its backed by government will not surpass Bitcoin because crypto people loves the fully decentralized system of Bitcoin.

President XI speech does not necessary mean that china wanted to create there own cryptocurrency but to use or deploy blockchain technology in areas where china feels it will be relevant to their economy of course we have other area or sectors where this technology is very relevant eg chain supplies, medicine, election etc however if they eventually adopt it invariably as bitcoin will become a goldmine as blockchain is the backbone of bitcoin.

[veleten]

would like to thank chairman Xi Jinping ( by the way , he is not a president , he is the head of the Communist party of China , there is  a difference )
for the unexpected 25% price increase , partially due to this statement 
China has been pro0-blockchain since the early days , but its stance on bitcoin has transpired from full acceptance when almost every top mining pool and the mining equipment production
originated in China , to near banning it a couple of years ago where all of the financial institutions were denied operations with bitcoin
I hope that China stays crypto friendly and recognizes the potential of the technology

[eaLiTy]

would like to thank chairman Xi Jinping ( by the way , he is not a president , he is the head of the Communist party of China , there is  a difference )
for the unexpected 25% price increase , partially due to this statement 

Xi Jinping is the head of the Communist party of China as well as the President of the People's Republic of China  and Chairman of the Central Military Commission which means he controls everything in China  . I personally do not feel that the price rally is because Xi Jinping said some positive things about blockchain, it has to do with the future market in my opinion. China can implement the blockchain and reject BTCitcoin, it is not that he was praising the entire market but he view it as a revolution to use in his country to have more control over the financial transaction.

[Lizzie_Girl]

I guess it will be hard for them to create a cryptocurrency which is better than Bitcoin. As we all know, Btc is well established and has passed all the tests of time which made its foundation strong so if they will create their own coin in the future, they have to go through a lot as well.

true and even if we say that they can manipulate it , it will still be hard for them to to reach what bitcoin has already reached because bitcoin is already recognized globally   .

For now, I guess they will only be adopting Bitcoin. If massive adoption from China will happen, I'm sure that it will bring a positive effect to the market situation.

why will they do that ? why will they join bitcoin if in they want to control or create  coin that can compete with bitcoin but we dont know what china thinks , if they change thier minds maybe theyl be good at bitcoin  .china's presence can indeed bring alot of impact on the price of btc 

Chinese President announced that they are starting to adopt blockchain technology and they will focus on its development. They did not state anything about creating their own crypto for now. They are more focused on blockchain technology and not about bitcoin or even competing with it.

Of course they will make their own currency. It's China!! They always need to have control. They can't make their minds up so maybe they want their own currency to replace their people using bitcoin.
It will be much easier for them to control.

China positive towards blockchain will defintely help bitcoin market to get more funds in the market and in asia it is already positive for bitcoin and crypto related projects

Or it will dilute the bitcoin dominance since many Chinese bitcoin holders sell for their new currency if the decision to make one?

[Distinctin]

It is about modernization and technology upgrade help China to accept Bitcoin and crypto back again. Cause the reason why they left crypto before because of lack of market preparation but they have it now and clearly understand that their people also taking advantage of this one. We know China is one of the most promising and developing countries and has to expect that the demand is high as they are one of the huge market utilizers.

[AmoreJaz]

I guess it will be hard for them to create a cryptocurrency which is better than Bitcoin. As we all know, Btc is well established and has passed all the tests of time which made its foundation strong so if they will create their own coin in the future, they have to go through a lot as well.

true and even if we say that they can manipulate it , it will still be hard for them to to reach what bitcoin has already reached because bitcoin is already recognized globally   .

For now, I guess they will only be adopting Bitcoin. If massive adoption from China will happen, I'm sure that it will bring a positive effect to the market situation.

why will they do that ? why will they join bitcoin if in they want to control or create  coin that can compete with bitcoin but we dont know what china thinks , if they change thier minds maybe theyl be good at bitcoin  .china's presence can indeed bring alot of impact on the price of btc 

Chinese President announced that they are starting to adopt blockchain technology and they will focus on its development. They did not state anything about creating their own crypto for now. They are more focused on blockchain technology and not about bitcoin or even competing with it.

Of course they will make their own currency. It's China!! They always need to have control. They can't make their minds up so maybe they want their own currency to replace their people using bitcoin.
It will be much easier for them to control.

China positive towards blockchain will defintely help bitcoin market to get more funds in the market and in asia it is already positive for bitcoin and crypto related projects

Or it will dilute the bitcoin dominance since many Chinese bitcoin holders sell for their new currency if the decision to make one?

control is the right word in here. chinese govt always wants to have control of his people one way or another.
and the pres realised that if they will continue to be strict with crypto and blockchain as was before, they will not move forward.
they want power and so they need to optimise what blockchain tech is offering..
i was thinking that when they had tight regulations with crypto before, they were already scrutinising it and now they realised the benefits of this technology and so with the president's speech...

[error08]

"Take the leading position in the emerging field of blockchain"
Doesn't mean China will create a cryptocurrency to compete with bitcoin, blockchain technology can be useful in many ways such as technological innovation, industrial transformation, innovation programs, and investment. In short, they want to be number 1 in economics using blockchain technology.
Xi said blockchain technology could be applied to many different fields, including finance, education, employment, elderly care, poverty alleviation, health care and food security, infrastructure management and public services.

[diahsw]

if he has other intentions, I think it could be, but if he wants to make another coin better than bitcoin, I think it seems impossible, because you know for yourself how famous bitcoin is now, it takes time for new coins to replace the current position of bitcoin .. !!

[crzy]

China positive towards blockchain will defintely help bitcoin market to get more funds in the market and in asia it is already positive for bitcoin and crypto related projects

This is just a word from China and the impact is already big so what more if more companies and more people will use blockchain and bitcoin, I’m confident we will see big price before the year end and next year it looks like new ATH will be seen. News can move up and down the market, but this is is going to the moon soon.

[bL4nkcode]

I would like to discuss whether you think this is Xi hidden message to the world that they are able to make a perfect cryptocurrency than Bitcoin?

Perfect for the means of Chinese people who are following the communist party but not on to traders/investors/businesses outside the country.

How can merely national digital currency use by its countrymen can be equal to the one used by anyone in the world? Well, just do your own math.

[sikke]

I don't know why people are interpreting this so positively, honestly.

What he is saying is perfectly reasonable in terms of their longer term goals of developing their own national blockchain, and issuing currency on that blockchain. However, that will probably be centrally managed and will have nothing to do with BTC itself.

It's not a case of positive support of BTC. It's a case of promoting local blockchain innovation.

[Eugenar]

if he has other intentions, I think it could be, but if he wants to make another coin better than bitcoin, I think it seems impossible, because you know for yourself how famous bitcoin is now, it takes time for new coins to replace the current position of bitcoin .. !!

It depends, China is a very huge country and bitcoin for them as a whole will not be suitable since it seems like China wants to take advantage of the cryptocurrency, they will create their own crypto that will help them transition their fiats to the best possible digital currency, and that is crypto. In that case, whether they have their own crypto, we can expect that there will still be many Chinese that will buy and accumulate bitcoin. In return, we will all benefit over this by the market price ranging up.

[Hueristic]

this is the Chinese president's speech about his ambition towards Blockchain technology..


source: https://www.theblockcrypto.com/post/44646/xi-jinping-says-to-let-china-take-the-leading-position-in-blockchain

here I will not discuss Blockchain technology because China is certainly very accepting of the existence of Blockchain technology

I would like to discuss whether you think this is Xi hidden message to the world that they are able to make a perfect cryptocurrency than Bitcoin?

indeed blockchain technology is not only related to cryptocurrencies, but I think Xi has another intention!!

First off I didn't see anywhere that he stated they were going to create a bitcoin competitor and as far as leading in blockchain technology then they need to play a little catch up with iBM alone let alone the FOSS community.

[LUCKMCFLY]

~snip~

China for now has no hidden plan, what it has is fear, what they have been planning is to launch a stablecoin like the one that will launch Libra of Facebook , but they have a lot against it, neither China nor another government has fit as well as  like it has done Facebook, that is one of the reasons why they fear they are not successful, they have also made it clear that opening the doors to Blockchain is not opening the doors to Bitcoin, which seems counterproductive, because any stablecoin the people  will change to Bitcoin.

Other things that China fears are that Libra will not have support from the Chinese Yuan, they see this with bad eyes, because they know that the hegemony of the dollar will be present and dominate more, and with Mark's statements that he will seek to increase the US economy , is something that causes more alarm.

China has been dedicated to the investigation of its Cryptocurrency for more than 5 years and is now in a hurry to launch it, long before Libra, even in a statement they have called Blockchain experts to streamline and continue working at full speed. China and no country can bring down the domain of Bitcoin, the more they prohibit it, the more they will want to acquire it, I think that China will have many problems in its local economy by 2020 taking into account the scenario that Libra is launched and Bitcoin bullish.