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Author Topic: China's President Xi Jinping VS Bitcoin  (Read 632 times)
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October 25, 2019, 09:23:12 PM
 #21

China has been evaluating the issue of cryptocurrencies and Blockchain technology quite carefully and it is very clear that they want to take the lead, either with a national cryptocurrency, making services more efficient through Blockchain technology and regulating cryptocurrencies to in order to obtain benefits and security for the users.
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October 25, 2019, 09:24:34 PM
 #22

The blockchain technology he meant is the one that could be closely monitored and operated by the CCP. There's no such thing as anonymity or financial freedom on the Chinese version of blockchain. It's just made for anyone not be be able to use any loophole to erase their tracks. Blockchain for more severe and unhackable surveillance of the citizens.

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October 25, 2019, 09:27:26 PM
 #23

I have an opinion that this is a very thought-out strategy. Now there is a trade war between the US and China, do you think that public recognition of Blockchain could be a step against the US? I mean, the Chinese president wants to show the world that he is better than Trump in everything, and so on, so what is your opinion?
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October 25, 2019, 11:03:20 PM
Last edit: October 26, 2019, 05:47:40 AM by pamsugas
 #24

Before that, China also said that it wanted to make their own crypto based on the price of the yuan, with the blockchain making it easy to track all those transactions. The new bitcoin has recently surged up due to the blockchain is populared  by bitcoin, so the price of bitcoin is increasing.


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October 25, 2019, 11:14:49 PM
Merited by TimeTeller (1)
 #25

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 think it's pretty obvious that his message is heavily laced with confidence and a certain cockiness, he believes that China would easily be able to make the best crypto-currency in the world, and other countries should basically bend a knee and use what they are making for all of us.

It's actually pretty good to see this sort of shift, from countries banning and influencing other countries to ban blockchain technology, to China to basically bragging about the new crypto-currency they've developed, and in a couple years we'll be able to see cryptocurrencies from Japan, Korea, China and maybe even the US battle it out.

I have an opinion that this is a very thought-out strategy. Now there is a trade war between the US and China, do you think that public recognition of Blockchain could be a step against the US? I mean, the Chinese president wants to show the world that he is better than Trump in everything, and so on, so what is your opinion?
It could possibly provoke the US to start creating their own crypto-currency, but I reckon they have their own plans...

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October 25, 2019, 11:22:32 PM
 #26

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 think it's pretty obvious that his message is heavily laced with confidence and a certain cockiness, he believes that China would easily be able to make the best crypto-currency in the world, and other countries should basically bend a knee and use what they are making for all of us.

It's actually pretty good to see this sort of shift, from countries banning and influencing other countries to ban blockchain technology, to China to basically bragging about the new crypto-currency they've developed, and in a couple years we'll be able to see cryptocurrencies from Japan, Korea, China and maybe even the US battle it out.

I have an opinion that this is a very thought-out strategy. Now there is a trade war between the US and China, do you think that public recognition of Blockchain could be a step against the US? I mean, the Chinese president wants to show the world that he is better than Trump in everything, and so on, so what is your opinion?
It could possibly provoke the US to start creating their own crypto-currency, but I reckon they have their own plans...

And with this statement from China's President, we are seeing a good price improvement of bitcoin.
Whatever his intentions are, we are benefiting from it. So not bad at all, right.
And whatever plans they are cooking, without question, the benefits are more on their side.
The mood shift of China towards blockchain is not surprising on my end. Somehow I already grasped the mindset of Chinese people.
You will have that notion also if you directly worked and lived with them. They have different mentality on things.

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October 25, 2019, 11:29:08 PM
 #27

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?
I do not think so. Bitcoin is perfect for me and Bitcoin has dominated the crypto market for more than 10 years. So if China wants to make cryptocurrency better than Bitcoin, the possibility will be very small.

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October 26, 2019, 03:05:03 AM
 #28

The statements of Xi Jinping regarding blockchain and "China [having] more power in setting rules and standards internationally" sounds like they only want to spearhead everything blockchain-related because they want to control everything blockchain-related in the future. This does not only apply to cryptocurrencies but more certainly on technology that peruses the blockchain. They want to be the central authority when it comes to that, and that's no good IMO.

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October 26, 2019, 03:21:48 AM
 #29

I don't see any hidden message with that statement.

I mean we already know that they hate bitcoin already, so it makes sense for him to make a sales pitch about blockchain technology and make it their centerpiece of the new technological evolution. He didn't mentioned about crypto or something, and we all know that any crypto back up by government is not going to be successful in the long run, because (1) taxes, (2) crypto enthusiast hates centralization.

So let it be, we shouldn't look at China vs Bitcoin here, we all know that they have their own agenda and if you think that they can stop bitcoin, then they are wrong.

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October 26, 2019, 03:31:29 AM
 #30

~snip~

I believe through the Chinese President, they are demonstrating that they are economically weak and susceptible to a Stablecoin like Libra, They talk about Blockchain, but NO BITCOIN. They fear for their economy, they are trying by all means to launch their cryptocurrency that will be like a clone of Libra.

They have considered limiting, regulating until eliminating mining activity in the country, it seems to me that the Chinese government should know that people when hearing Blockchain will automatically refer to Bitcoin, the regulations they imposed in 2017 were already an indication that they fear something.

In this article they also talk about it: https://cointelegraph.com/news/breaking-chinas-xi-jinping-urges-accelerated-blockchain-technology-adoption

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October 26, 2019, 03:32:02 AM
 #31

Obviously what the president wants is to lead and dominate in the crypto market. Yes he's positive towards crypto but his goal is to rule it and overpower bitcoin. I don't see this as something good because the government  will be given more power to control everything. The readon why we're here is to avoid the involvement of the government yet the government of China wants to take it.
What he wants is more power to control.

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October 26, 2019, 03:39:42 AM
 #32

Well.. personally I should be thanking Xi Jinping for taking the BTC exchange rates from around $7,400 per coin to the current levels of $9,600 per coin. If the current trends continue, then we can soon expect the $10,000 level to be breached once more. His statement represents a major shift in the government policy towards cryptocurrency and it is going to be mutually beneficial for both the sides.

I am not 100% sure whether his positive attitude towards the Blockchain technology will extend to Bitcoin. But I hope he understands that both are part of the same system. After trying to destroy Bitcoin for the last 5 years, perhaps it is time for China to adopt a better policy. Their attempts to destroy BTC failed miserably. Now they should try coexisting.



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October 26, 2019, 04:09:29 AM
 #33

I'm thinking that he really does not want Bitcoin taking over his country, especially a large percentage of mining rigs are located in his country, and he does not like that. China's a communist type of government and most likely, they are preparing their country to shift from bitcoin to his cryptocurrency. In which I suppose would be centralized, he want surveillance and control over his people. It's like precautionary measure because he knows that cryptography with blockchain technology would soon be the next thing.

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October 26, 2019, 04:51:55 AM
 #34

this is the Chinese president's speech about his ambition towards 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!!
The massive impact of the announcement of president Xi on accepting the blockchain technology in China made a lot of rumors on what would be the reason behind of it. The China already announce that they will become the front liner of the cryptocurrency and as to its they already accept the blockchain technology maybe President Xi realized that the blockchain is one of the best key to improve more their economy, and also there is a statement of Jack Dorsey the founder of twitter that the blockchain technology will be the future so maybe this influenced president Xi to adopt blockchain.



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October 26, 2019, 05:15:14 AM
 #35

What is "blockchain-technology"? Does China's "blockchain technology" have the most important component for everyone to be in consensus without trust, and decentrally? Or is "blockchain technology" just another phrase for "specially celebrated database"?

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October 26, 2019, 05:26:29 AM
 #36

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 think it's pretty obvious that his message is heavily laced with confidence and a certain cockiness, he believes that China would easily be able to make the best crypto-currency in the world, and other countries should basically bend a knee and use what they are making for all of us.

It's actually pretty good to see this sort of shift, from countries banning and influencing other countries to ban blockchain technology, to China to basically bragging about the new crypto-currency they've developed, and in a couple years we'll be able to see cryptocurrencies from Japan, Korea, China and maybe even the US battle it out.

I have an opinion that this is a very thought-out strategy. Now there is a trade war between the US and China, do you think that public recognition of Blockchain could be a step against the US? I mean, the Chinese president wants to show the world that he is better than Trump in everything, and so on, so what is your opinion?
It could possibly provoke the US to start creating their own crypto-currency, but I reckon they have their own plans...

And with this statement from China's President, we are seeing a good price improvement of bitcoin.
Whatever his intentions are, we are benefiting from it. So not bad at all, right.
And whatever plans they are cooking, without question, the benefits are more on their side.
The mood shift of China towards blockchain is not surprising on my end. Somehow I already grasped the mindset of Chinese people.
You will have that notion also if you directly worked and lived with them. They have different mentality on things.

I don't know if we can really attribute the recent price rises to a simple press release or statement from the Chinese president, it's always hard to blame bitcoin price movements on a singular factor, but I really doubt this is one of them.

China's mood and attitudes towards bitcoin and other blockchain technology has gone through a huge change in the recent years - a lot of this can be attributed to the change of mood of Xi Jinping, and him finally understanding the potential blockchain technology has, especially when he is able to control it from the government, is pretty interesting.

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October 26, 2019, 05:39:12 AM
 #37

China may try to create its own high-tech cryptocurrency, there is no doubt about it. But the world community is unlikely to accept it as well as Bitcoin, because China's cryptocurrency will be centralized. The main meaning of bitcoin Is that all participants in the network are equal, the Chinese currency will be based on centralized management. In addition, the scope of blockchain technologies extends far beyond the financial sector. Blockchain can be useful in any sphere of social interaction of people. In this direction, I am sure China will succeed in achieving great success.

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October 26, 2019, 07:48:51 AM
 #38

China may try to create its own high-tech cryptocurrency, there is no doubt about it. But the world community is unlikely to accept it as well as Bitcoin

you shouldn't even link or compare that with bitcoin, there is no reason for it! and i don't get why people insist on doing it.

any altcoin that the Chinese government creates in the future is like the other altcoins that other governments of other countries have already created. for example the Venezuelan government created their own centralized altcoin called Petro a couple of years ago. it has nothing to do with bitcoin and it is a centralized shitcoin!

as for "acceptance", it is a currency that the government is printing. people will accept it just like they have accepted CNY (Chinese fiat currency!).

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October 26, 2019, 10:16:54 AM
 #39

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!!
This message is actually rather unclear and potentially disturbing. It can mean lots of things, I'll try to mention the main ones coming to my mind:
1. Embracing blockchain, not Bitcoin. They can adopt blockchain to store some other kinds of data, sell tickets or organize elections. Blockchain has lots of use cases beyond cryptocurrencies.
2. Embracing the crypto market to establish Chinese dominance there and try to take it all under Chinese control. Then they can impose strict regulations, and others will be likely to follow them since they will be the leading market.
3. Making their own crypto token, fully regulated by the Chinese government and having so many users that Bitcoin will seem a teeny-tiny thing compared to it. Thus they'll have the coolest crypto out there and also become more innovative.

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October 26, 2019, 11:06:00 AM
 #40

Just read an article that China government bought 21 Million Bitcoin, that's why BTC price is increasing heavily. But I don't feel good, it seems China is cooking something dirt in the behind, which is not good for the crypto community. I am not sure, maybe they have s plan to manipulate or control the Bitcoin market. This is possible for a country like China, they can buy the maximum amount of Bitcoin to control it. I hope it won't happen.

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