Bitcoin Could Be Chinese ‘Weapon’

[YanBitMoney]

Just this morning I read the headline from Yahoo Finance call Bitcoin Could Be Chinese ‘Weapon’.
https://finance.yahoo.com/news/paypal-co-founder-bitcoin-investor-215101452.html

We know a lot of bitcoin in China, but if that's true, how can they turn bitcoin into a ‘Weapon’.
How does it affect the world?
And will countries in the future start competing for Bitcoin with each other?

Yan - SnapBots.

[Lorence.xD]

Bitcoin can be anything though and if China plans to attack using bitcoin then I don't think that as an individual investor have to worry about it and if the attack was to happen it will not happen anytime soon.

[YanBitMoney]

Bitcoin can be anything though and if China plans to attack using bitcoin then I don't think that as an individual investor have to worry about it and if the attack was to happen it will not happen anytime soon.

Yeah I think so. But anyway, once bitcoin becomes a national reserve asset like gold, diamonds, dollars ... it can help bitcoin and even the decentralized economy have a particularly important position.

[Cryptonesia62]

Just this morning I read the headline from Yahoo Finance call Bitcoin Could Be Chinese ‘Weapon’.
https://finance.yahoo.com/news/paypal-co-founder-bitcoin-investor-215101452.html

We know a lot of bitcoin in China, but if that's true, how can they turn bitcoin into a ‘Weapon’.
How does it affect the world?
And will countries in the future start competing for Bitcoin with each other?

Yan - SnapBots.

I can't imagine how that would happen, if the meaning of "weapon" was "to control the market", maybe at least Chinese should have more than 50% of  BTC cir supply.

[Charles-Tim]

We know a lot of bitcoin in China, but if that's true, how can they turn bitcoin into a ‘Weapon’.
How does it affect the world?
And will countries in the future start competing for Bitcoin with each other?

Peter Thiel was not talking about how bitcoin will be a financial weapon for China to be used against the world, he was talking about how it could be a “Chinese financial weapon” used to dethrone the USD’s monetary status. And I do not see this valid according to what I read from the news, valid reasons should be given along side. He did not even comment about Chinese CBDC (digital yuan) which some people have being commenting about.

Anyone implying China will control bitcoin are just thinking they know what they are saying, but China can not control bitcoin, even as China mine 65% of newly mined bitcoin, the mined bitcoin is well distributed throughout the world, not congested in China. Also, some countries are becoming more friendly with bitcoin mining, making percentages of miners in China compared to the world to be reducing

[Kakmakr]

You know there are a lot of conspiracy theories going around about China and how they are going to use Bitcoin to sabotage the global economy, but most of those are just sensationalism and the mainstream media, trying to sabotage the Bitcoin experiment.

Let's not forget that the "Fiat" masters have a lot invested in the "Fiat" system and traditional investment options... and they own most of the mainstream media. So they will use whatever weapons they have to spread rumors and misinformation and fear.

Why would China (World's largest Bitcoin Farm) ..sabotage a cash cow? (Mining is also very decentralized, so China is not a monopoly, when it comes to Bitcoin mining)  

[YanBitMoney]

I can't imagine how that would happen, if the meaning of "weapon" was "to control the market", maybe at least Chinese should have more than 50% of  BTC cir supply.
[/quote]

As I know that China is stockpiling much more than 50% Bitcoin

[TastyChillySauce00]

He meant it as a weapon that could be used to dethrone USD and threaten fiat in general, but that's just his opinion so no need to think about it that much.
However, that could also be stopped if the US also participate in the cryptocurrency war instead of letting China stockpiling the crypto alone. But, I don't think it can be used as a weapon to attack an economy as easily as it was pictured by this paypal cofounder.

[cryptomaniac_xxx]

I'm not really sure how can they used bitcoin to be a financial weapon when they just rank them #7 in the latest CCID release.



https://mp.weixin.qq.com/s/ZdJVdv8rNch2sWRPBSUEOA

Likely candidates for me is obviously their Digital Yuan, and turn this into a global currency. But I don't know if this will be successful, if China did have plans to replace the US dollar.

[Argoo]

He meant it as a weapon that could be used to dethrone USD and threaten fiat in general, but that's just his opinion so no need to think about it that much.
However, that could also be stopped if the US also participate in the cryptocurrency war instead of letting China stockpiling the crypto alone. But, I don't think it can be used as a weapon to attack an economy as easily as it was pictured by this paypal cofounder.

It is difficult to imagine how such a "weapon" can be used. Let's say the Chinese government has started to actively buy bitcoins. And then what? I do not see that other states are interested in purchasing bitcoins. And without such interest, such a weapon will not work.
At the same time, while we see the complete passivity of the Chinese government in relation to both bitcoin and cryptocurrency in general.

[dkbit98]

Just this morning I read the headline from Yahoo Finance call Bitcoin Could Be Chinese ‘Weapon’.
https://finance.yahoo.com/news/paypal-co-founder-bitcoin-investor-215101452.html

We know a lot of bitcoin in China, but if that's true, how can they turn bitcoin into a ‘Weapon’.
How does it affect the world?

China can turn anything into weapon including their cheap toys, microchips or mobile phones and I don't think taking over Bitcoin is a realistic threat but they can fix this easy if they want.
Western counties including United States could create regions with cheaper renewable energy in north and colder regions and make more pools to compete with Chinese pools and create some balance.
Governments can't control all miners even if they want, and that would be a nightmare with restricting and blacklisting some transaction, but they can incentivize regular people to create new pools and reduce influence from China.
It looks to me that PayPal is more concerned what will happen with USD and all other fiat inflating currencies than about weaponizing Bitcoin  

[Reosta_]

I don't think that China will have such endeavor. It is one of the countries which is thinking totally negatively about Bitcoin. I don't see any reason for the government to change their minds suddenly and try to use Bitcoin as some kind of a weapon. Besides, they are working on their digital yuan right now.

[lifeforcepools]

It is unlikely that they are interested in bitcoin. They want to make their digital yuan and promote it.

[int03h]

Bitcoin has an expanding market, investment institutions, large payment services, and banks that have accepted Bitcoin in their systems. China may have many Bitcoin mining factories and it is also possible that they hold a lot of Bitcoin, but they will not be able to use Bitcoin to hurt the US dollar. In China, they have released the National cryptocurrency test and I have not heard they will use Bitcoin for payment.
The hypothesis that Bitcoin is China's weapon is unlikely to follow the current trend.

[Kelvinid]

I don't think that China will have such endeavor. It is one of the countries which is thinking totally negatively about Bitcoin. I don't see any reason for the government to change their minds suddenly and try to use Bitcoin as some kind of a weapon. Besides, they are working on their digital yuan right now.

But you can't be sure about that. That that said weapon is not a literal word meaning weapon to kill people, it is all about financial competition and we know how ambitious they are. Nevertheless, China won't probably talk about that in public, that gonna be their secret.

If that is true, why they ban Bitcoin in the first place. This remained uncertain, or maybe this is just an assumption to create another market drama and change the direction for trend. Because that is really not the thing that we are expected to see in the future.  

[bekti3]

I am always disgusted when news about China whose ambition extends to any sector, including bitcoin, which is global in nature, is exploited by trying various ways for the recognition of China as the strongest country.
we just want to be freedom, and bitcoin is not controlled by any country.

[YOSHIE]

Just this morning I read the headline from Yahoo Finance call Bitcoin Could Be Chinese ‘Weapon’.
https://finance.yahoo.com/news/paypal-co-founder-bitcoin-investor-215101452.html

I am quoting from the source that the OP meant.
With the words that are written, it is clearly exaggerated.

Thiel, The response to the title is slightly exaggerated as if China has already done it and threatens certain countries with fiat money by scapegoating Bitcoin.

In fact:
By looking at the words in the contents of the title is very different.

"Even though I’m a pro-crypto, pro-Bitcoin maximalist person, I do wonder whether if at this point Bitcoin should also be thought of in part as a Chinese financial weapon against the U.S…. it threatens fiat money, but it especially threatens the dollar,” Thiel said during the stream.

I concluded that.
Thiel himself still doubts what he is talking about: it means: 'wondering' in the words issued by Thiel, he himself does not know what he is talking about, here it is very clear that Thiel is just saying what he thinks so far between the US vs China.

Conclusion: Bitcoin currently cannot be controlled by any government, including China, where might Bitcoin be used as a 'weapon' and a threat.
So, the news that the OP publishes here, in my opinion, is a hoax, in other words, it is not clear, it is a lie, and in doubt.

[pixie85]

Thiel opined that, assuming China is long bitcoin, the cryptocurrency could pose a threat to the U.S. dollar’s reserve currency status.

If it is to be that kind of weapon then there's really nothing bad in it for us investors. It's the central banks that should be worried.

I'm a EU citizen and I couldn't care less about USD losing its status. I've never bought anything using USD. I've never even held a dollar bill in my hand.
I try not to play "their" game simply because they don't care about me. All they need me for is to take a loan and deposit my hard earned money in their bank.

[famososMuertos]

Today everyone wants to talk about bitcoin, the newsrooms of Yahoo finance do not escape the rush of the news and in that sense any idea of the editor who in this case is a creator of "paid" content to fill spaces in the submenu "yahoo.finance" just to writing.

Today you have to look for reliable sources and have "criteria" not to give continuity to the game of the editors. This even happens on specialized websites in the crypto world.

Of course, there is a topic of discussion in the OP news, but it is very speculative, ambiguous and repetitive, the context is disguised to make room for the noun in the discussion. Certain news must be missed (this is one).

_____
Many things say made in China, but for now the dollar says made in the U.S. The best weapon the Chinese have is cheap labor.

[kryptqnick]

I don't think it's a real possibility. It's actually close to something that happened in a TV show I've mentioned before (Mr. Robot) with China switching to BTC when the US relied on a centralized currency (not USD, but still). I don't think China is currently controlling Bitcoin, and to use Bitcoin is a weapon, China must be in control of it. Moreover, China isn't even pro-Bitcoin, so it's more of an enemy than an ally for this country. China cares about their own fiat just like the US cares about its fiat, so there's no reason for China to suddenly support a decentralized cryptocurrency even to fight the US economy.