China's President Xi Jinping VS Bitcoin

[bounceback]

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?

maybe they can make anything with blokchain technology or they want to make their own digital currency so that their country is seen more by other countries but in my opinion if they make something with blockchain technology I think it won't be more perfect than bitcoin because bitcoin is one only highly developed digital currency.

[wack slacker]

Predicting the price of bitcoin is the stupidest thing.  We try to apply really futile price-based price models.  As long as Trump or Xi Jinping speaks up, the market has changed a lot.  Yesterday bitcoin increased by 30%.

[freedomgo]

The President of China makes the right choice. Blockchain is too good technology to ignore. However, the adoption of Blockchain is not the adoption of Bitcoin and it is sad. China realizes that Bitcoin is dangerous, it will deny China from a share of power

Bitcoin is risky but it was bitcoin which originated the blockchain.
We already know that bitcoin is volatile and we know its risky, so if we are still using it regardless of our purpose, that means we understands it.
The statement of Jinping is very inspiring because it finally give light to people that China is pro blockchain and could be pro crypto in the long run.

They realize that if they will not start it now, they will be left behind by other big countries.

But one thing, I like to know if this is the reason why bitcoin has pump today, is there is a relation or is really the main reason?

[Zeke_23]

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?

maybe they can make anything with blokchain technology or they want to make their own digital currency so that their country is seen more by other countries but in my opinion if they make something with blockchain technology I think it won't be more perfect than bitcoin because bitcoin is one only highly developed digital currency.

They see a bright future on blockchain technology. China is now planning to adopt and prioritize the improvement of blockchain as the statement of the Chinese President.
This may become a trigger for other countries to follow the stepping stone made by China, and this may give a huge effect on the market.

[Kyraishi]

Predicting the price of bitcoin is the stupidest thing.  We try to apply really futile price-based price models.  As long as Trump or Xi Jinping speaks up, the market has changed a lot.  Yesterday bitcoin increased by 30%.

It might be stupid and pointless but it's very fun. It's like gambling almost, you never know what is going to happen with the pricing.

The price bump was due to a variety of reasons, not just China showcasing its love for cryptocurrencies and blockchain technology.

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.

Could you link me this? Could possibly explain the huge price pumps, but I'm not sure if they have that money to blow and if they would even do that - they don't see to really care about bitcoin, more blockchain technology.

[CryptoBry]

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!!

China under the leadership of the great President Xi Jinping is now starting to show to the world of the things it is capable of and it is so willing to adopt any technology that can help in its overarching ambition of global domination, one day kicking USA out of its throne. Soon we will see that China is already the center of the blockchain technology and its many applications. Certainly, the possibility of China having its own successful cryptocurrency is part of the package though they are right now very careful with this as they don't want to debit something that will just be receiving a flat response. Up to now, there is no definite say if one day the China market can be opened to Bitcoin again so we will just wait on developments on this issue.

[Sahyadri]

Bitcoin is not perfect!
Bitcoin lacks in many areas which restrict is acceptance as a global currency. It has become more of a store of value.

Xi Jinping made a statement where he said we need to seize the opportunity of blockchain. Whether he is making a cryptocurrency which will be accepted globally? I don't think he meant that. Blockchain has many more use cases than to be used as a global payment system. It can be used in retail to medical industry. Moreover, no one will accept Chinese currency globally. So, his statement didn't mean he is creating a global crypto currency which could compete with bitcoin.

[xiboothrezi]

No government in the world can make a coin that is better than Bitcoin, even if they really wanted to, because you can't just hire people and tell them to create the best cryptocurrency in the world. It takes talent to make a great cryptocurrency, and currently most of the talent is concentrated in Bitcoin. This is why I'm not worried that an altcoin, a company or a government will dethrone Bitcoin, Bitcoin is miles ahead of them all.

Also, governments aren't interested in creating a true cryptocurrency, they want to make centralized shitcoins that are fully under their control - those things can't compete with Bitcoin, they attract totally different people.

that's the important point.  your opinion is very good.  if there is an implied purpose of this statement, whether to form a force, whether to lead the public if they create a rival for bitcoin, that will obviously be difficult.  Bitcoin market capasity is very strong.
and certainly if the ultimate goal is to make cryptocurrency that can be controlled by the government, it is unlikely to be quite popular globally.

[DabsPoorVersion]

Bitcoin is not perfect!
Bitcoin lacks in many areas which restrict is acceptance as a global currency. It has become more of a store of value.

Xi Jinping made a statement where he said we need to seize the opportunity of blockchain. Whether he is making a cryptocurrency which will be accepted globally? I don't think he meant that. Blockchain has many more use cases than to be used as a global payment system. It can be used in retail to medical industry. Moreover, no one will accept Chinese currency globally. So, his statement didn't mean he is creating a global crypto currency which could compete with bitcoin.

He meant to use and prioritize to maximize the possible usage of blockchain technology.
For me, it doesn't mean to compete with bitcoin, but to use and improve blockchain to increase the possible usage and develop it to a new possible use.

[Shasha80]

Hearing the chinese president's speech was clear that China's real intention was not to recognize bitcoin, but instead China
intended to make it cryptocurrency itself is stronger than bitcoin. For me this is not a strange thing, because China has always
been want to become the most powerful country. After successfully controlling the world economy, now China intends to master
cryptocurrency market. But China has not yet understood the power of bitcoin which is impossible to defeat, because of bitcoin
many try to destroy but always fail. The power of bitcoin is in its very strong community to defending the existence of bitcoin.

[Pearls Before Swine]

Blockchain technology can be used for a lot of other things besides cryptocurrencies.  The distributed ledger aspect makes it a perfect system for accurate record keeping of any kind, and it's unfortunate that there haven't been gov'ts or corporations using it for that so far.

Did they not just ban bitcoin mining in China?  That would be a huge mixed message if I'm remembering it right.  But that would be China.  The gov't wants to control everything and give the citizens nothing of value for their own.  That's true of a lot of gov'ts but especially China.

I do wonder if these comments had some effect on the price of bitcoin in the past day.  I'm still thinking it's Bakkt but I could be wrong.  If only we knew where all the buying orders came from...

[target]

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.

Buying all 21M will nearly be impossible for them nor having it in mind when they can just create their own and allow the billions of Chinese people to use it. It would be a lot simpler. Xi may sound cocky to say they will have more power is setting rules internationally but he may mean it literally being the ones who has the biggest economy. Countries who wanted to import products from China may later have to buy the digital yuan before they can make the transaction - this alone will make it more interesting for crypto legalization in different countries.

[pakhitheboss]

Bitcoin has issues that are being worked on, that does not mean you can replace it. If Chinese President is in the process to replace Bitcoin, it will actually take many years to do so. Bitcoin is the reason why Cryptocurrency exsist , it is the currency by the people and  not by the state.

[ufaiz50]

What intention do you mean? I don't want to think badly about the Chinese president who has shown a good step on blockchain technology. China indeed banned bitcoin and why China adopted bitcoin of course to make its own cryptocurrency.

[serjent05]

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?

No government in the world can make a coin that is better than Bitcoin, even if they really wanted to, because you can't just hire people and tell them to create the best cryptocurrency in the world. It takes talent to make a great cryptocurrency, and currently most of the talent is concentrated in Bitcoin. This is why I'm not worried that an altcoin, a company or a government will dethrone Bitcoin, Bitcoin is miles ahead of them all.

Also, governments aren't interested in creating a true cryptocurrency, they want to make centralized shitcoins that are fully under their control - those things can't compete with Bitcoin, they attract totally different people.

Being better is subjective.  In terms of technology, scalability, being a currency, government can easily create a better version than Bitcoin. The only thing that a government cannot beat Bitcoin is its decentralization because the government is against that.


I believe this is a challenge by the China's president to Bitcoin.  They wanted to be the leading country when it comes to blockchain technology so that their influence will be greater in terms of blockchain based technology such as cryptocurrency.  If they have such influence, it will be easy for them to ban/regulate Bitcoin in different countries.

[Oceat]

Bitcoin has issues that are being worked on, that does not mean you can replace it. If Chinese President is in the process to replace Bitcoin, it will actually take many years to do so. Bitcoin is the reason why Cryptocurrency exsist , it is the currency by the people and  not by the state.

I don't think people like it too because probably it will be a centralised cryptocurrency they were making. China banned Bitcoin before and I don't think they will going to accept it as part of the cryptocurrency. China allowed the blockchain only and not the Bitcoin itself but who knows, they might have to unbanned Bitcoin soon but I have a doubt about that.

[Genemind]

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. 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.

[imstillthebest]

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 

[SquallLeonhart]

One reason why I would still maintain my stand on the fact that it would be very much impossible for any government to really build any blockchain technology that is as perfect as bitcoin is because they will all build a coin they can have control over, and any chain they will be able to control fully can be influenced and be compromised, but bitcoin being a chain that is not owned by anyone and no one can even be able to modify it makes it more solid because this is the type of coin that can really guarantee anything that has to do with privacy of user’s data and transaction.

China's own will be great too anyway because when it also comes to technology, they are surely good at it, but some of the things that do come from china are less quality things which is why I believe that china chain system may be compromised.

[matchi2011]

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. 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.

It will also hard for them to convince people outside their country to support the project that they will going to introduced, knowing them who
always seeking for much higher power and authorities in any venue where power can be claim.

Bitcoin is the best alternative, there's no control system and it will continue to enjoy freedom as what it's intended to be. China will ride with the
popularities of blockchain and will do the best that they can to form their own.