US idea to counter China attack with bitcoin

[mr_ROBOTT]

Anthony Pompliano has said that if the United States does not accept bitcoin and does not legalize it, the US dollar will fall and lose its value.
As you know, China has been able to be one of the major shareholders of Bitcoin by mining bitcoin, and in this way it wants to go to war with the US dollar. I have even heard that China has started mining bitcoin in other countries as well.
What do you know about this?
Source and continuation of this news:https://cointelegraph.com/news/us-must-embrace-bitcoin-to-counter-chinese-financial-attack-pomp

[1715063623]

1715063623

[1715063623]

1715063623

[Rruchi man]

I am very confused on this matter and need clarity. How is it possible that the same china that prohibits use and transactions in bitcoin is still the same place where over 65% of the world's bitcoin is minned? Someone please explain.
If transactions are still done underground, does this mean that a fair percentage of China's population is involved in the illegal activity of transacting in bitcoin?

[Welsh]

I am very confused on this matter and need clarity. How is it possible that the same china that prohibits use and transactions in bitcoin is still the same place where over 65% of the world's bitcoin is minned? Someone please explain.
If transactions are still done underground, does this mean that a fair percentage of China's population is involved in the illegal activity of transacting in bitcoin?

No matter how much you try to restrict the caged animal, the animal will try, and escape. China has many restrictions on its citizens, it isn't just Bitcoin. They don't allow certain news sources, social medias or communication platforms. However, their citizens still look for ways to get around it. I know quite a few that use VPNs to get around the social media ban for example, and its exactly the same for Bitcoin. They are likely using VPNs, and connecting their mining gear up, and mining it. Probably, hoping they can make enough money, to move out of the country that's restricting them so much.

[Baofeng]

Not really sure who started all of this, China vs US and bitcoin in the middle as a tool to destabilised or at least used as a financial weapon by the Chinese to threaten US Dollar. And then now Pomp coming up with the 'solution', which for me is such a good counter that US government should look into it. But in any case, we all know that bitcoin can't be controlled not by powerful countries such as China and the US.

[mersal]

Anthony Pompliano has said that if the United States does not accept bitcoin and does not legalize it, the US dollar will fall and lose its value.
As you know, China has been able to be one of the major shareholders of Bitcoin by mining bitcoin, and in this way it wants to go to war with the US dollar. I have even heard that China has started mining bitcoin in other countries as well.
What do you know about this?
Source and continuation of this news:https://cointelegraph.com/news/us-must-embrace-bitcoin-to-counter-chinese-financial-attack-pomp

This is pure speculation even though most of the miners are located in China, they are not done by the Chinese governments so how the government is going to take BTC as a tool against China in the economic war?

And again China is already trying to suppress the use of bitcoin among their country itself by creating digital Yuan means they are also trying to stop bitcoin adoption while US regulated it.

[pooya87]

I am very confused on this matter and need clarity. How is it possible that the same china that prohibits use and transactions in bitcoin is still the same place where over 65% of the world's bitcoin is minned? Someone please explain.

For starters the amount of hashrate that is located in China is nowhere near that percentage. The China FUD/exaggeration is nothing new, for many years people have tried to use it as a way to spread fear in bitcoin market and the lie stuck around.
Secondly China has never prohibited using bitcoin ever. There are certain bans such as banks not being allowed to invest in bitcoin, they also shut down centralized exchanges that were laundering money and stuff like that but never banned usage of bitcoin itself.

The story here is no different than the decade old China FUD. It is just the boogeyman strategy again.

[Sword555]

USD will not be affected by legalization of crypto or not. Sad truth. Only shilling guys in twitter want to convince you that usd is affected by this

[Lorence.xD]

Not really sure who started all of this, China vs US and bitcoin in the middle as a tool to destabilised or at least used as a financial weapon by the Chinese to threaten US Dollar. And then now Pomp coming up with the 'solution', which for me is such a good counter that US government should look into it. But in any case, we all know that bitcoin can't be controlled not by powerful countries such as China and the US.

We don't really know if bitcoin can't be controlled by anyone and we don't know a lot about China since they are very secretive of their operations and we never know that they might have some technology that is being developed or already developed to weaponize bitcoin for something.

[aoluain]

There is nothing like a China v U.S story, as pooya87 said its the usual boogeyman stories.

China as in the Government if they are mining are only a portion of the mining activity in
China. Most of the mining in China is made up of pools which are individual people and
companies pooling their efforts to mine.

https://www.buybitcoinworldwide.com/mining/china/

The result is that many miners outside of China are attracted to Chinese mining pools due to their size.

This feeds into the article stating China is mining in other countries, only its the other way around.

The only way I can see this story being real is the fact that the chinese authorities allowing
mining to happen.

[davis196]

It seems to me that this post is full with BS:
1.If China has adopted Bitcoin,then why cryptocurrency trading is banned there?
2.If China (the Chinese government) is mining Bitcoin,then why there are rumors of crypto mining being banned there?
3.USA is actually more Bitcoin-friendly than China.That's a fact.
4.China doesn't own Bitcoin.The Bitcoin miners located in China are private companies.They own Bitcoins.
5.Bitcoin isn't illegal in the USA.
6.USA and China have a difficult relationship,but Bitcoin has nothing to do with it right now.BTC is still insignificant.

[rosenbauer02]

US DOLLAR currency is one of the biggest currency in the world. But bitcoin could now also be compared since it is also already listed as one of the biggest currency among other currency around the world. But remember that bitcoin is different because it is a decentralized currency. Other than that bitcoin has a variety of use like being an asset for investment purposes and the likes.

So, why US dollar fall when it is completely a different currency?

We do not really know what will going to happen in the future with any of the currency that are present today either bitcoin or US dollar for all will depend on how the countries economic growth. China economy has grown huge and that can probably made China a country to dominate around the world and thus could create chaos especially that China government had already been trying to threat other poor countries especially those countries in debt. I do not know what really will going to happen but hoping that all is well getting harmonous relationships among all countries around the world.

[pooya87]

It seems to me that this post is full with BS:
1.If China has adopted Bitcoin,then why cryptocurrency trading is banned there?
2.If China (the Chinese government) is mining Bitcoin,then why there are rumors of crypto mining being banned there?
3.USA is actually more Bitcoin-friendly than China.That's a fact.
5.Bitcoin isn't illegal in the USA.

1. Trading is not banned in China. The only thing that is banned is ICOs whether creating them or trading them for obvious reasons (they are all scams).
2. There are a lot of other rumors too like aliens living among us. They don't have to be true
3. A bitcoin friendly country is a country that doesn't have stupidly high tax rates, dumb regulations such as bitlicense, and a lot of privacy invading laws.
5. It also isn't illegal in about 90% of the rest of world!

[hatshepsut93]

Anthony Pompliano has said that if the United States does not accept bitcoin and does not legalize it, the US dollar will fall and lose its value.

He's saying it like if Bitcoin is some highly popular currency and payment method and that US is far behind China regarding it. But in reality, overwhelming majority of Bitcoin's use cases is investing, and in this regard the US is way more liberal than China, so it's especially strange to say that the US is losing some sort of race.

As you know, China has been able to be one of the major shareholders of Bitcoin by mining bitcoin, and in this way it wants to go to war with the US dollar. I have even heard that China has started mining bitcoin in other countries as well.

This is the plot of a fictional TV show Mr. Robot 

[ReiMomo]

This is misleading as China has been advertised banning/blocking cryptocurrency in their country. And actually, someone spills the tea that China is planning to spend around a 6Billion $ just to shrink Bitcoin’s value by mining empty blocks.

The U.S is actually the one who was accepted Bitcoin to the fullest extent compared to all the countries involved. So I’m not really sure about this thread. You I guess will check articles about it to make sure. Hope this helps.

[Wind_FURY]

Anthony Pompliano has said that if the United States does not accept bitcoin and does not legalize it, the US dollar will fall and lose its value.

The U.S. Dollar will fall, and will lose its value, with or without, acceptance or “legalization” of Bitcoin. But what does it matter for Bitcoin if it’s enacted “illegal” by the government. It is censorship-resistant.

As you know, China has been able to be one of the major shareholders of Bitcoin by mining bitcoin, and in this way it wants to go to war with the US dollar. I have even heard that China has started mining bitcoin in other countries as well.
What do you know about this?
Source and continuation of this news:https://cointelegraph.com/news/us-must-embrace-bitcoin-to-counter-chinese-financial-attack-pomp

Major shareholders? Haha. Bitcoin is not a company, nor controlled by China.

[cryptomaniac_xxx]

It seems to me that this post is full with BS:
1.If China has adopted Bitcoin,then why cryptocurrency trading is banned there?
2.If China (the Chinese government) is mining Bitcoin,then why there are rumors of crypto mining being banned there?
3.USA is actually more Bitcoin-friendly than China.That's a fact.
4.China doesn't own Bitcoin.The Bitcoin miners located in China are private companies.They own Bitcoins.
5.Bitcoin isn't illegal in the USA.
6.USA and China have a difficult relationship,but Bitcoin has nothing to do with it right now.BTC is still insignificant.

1. Bitcoin trading is not banned in China as far as I know, see the FUD is still effective up to this year, a lot of us still in confusion.
2. That's just rumour, at least another FUD coming from the government itself.
3. USA is on the grey area as far as bitcoin regulations is concern.
4. Yes, but you have to understand that Chinese government has control of it's people. Not even Jack Ma, who is one of the riches can get away when attacking the Chinese government.
5. Yes, see number 3
6. Probably bitcoin is in the middle because it's decentralized and other believes it can be used as a weapon.

[Wind_FURY]

OP, further reading for you, and other Bitcoin newbies, https://notgrubles.medium.com/one-does-not-simply-censor-bitcoin-89dc4a32ba2b

Being able to effectively censor Bitcoin means monitoring and potentially jamming all means of communication in every nation and jurisdiction. A task so insurmountable, and so tyrannical to engage in, that it is unlikely to be successful. With simple tools, users can hide block hashes and transaction data within images, text documents — practically anything.

Bitcoin simply made it. It would be currently useless to ban it because the government would have to shutdown communication lines/the internet to censor it. IMPOSSIBLE.

[kryptqnick]

What's with the US-China-Bitcoin discussions lately? China using Bitcoin as a weapon against the US was discussed just yesterday, and today we have basically the opposite case in which the US should use Bitcoin as a weapon? Bitcoin is quite popular and powerful, but the US and China are two of the world's biggest economies with no other country getting even close to their power. I don't think they need Bitcoin to stay powerful, and neither of their fiat currencies is in immediate danger right now. Moreover, neither is particularly pro-Bitcoin and willing to fully embrace it, so I don't think they'll try to use it as a weapon against each other or that such an attempt would be successful because Bitcoin is quite decentralized for that.

[Baofeng]

Not really sure who started all of this, China vs US and bitcoin in the middle as a tool to destabilised or at least used as a financial weapon by the Chinese to threaten US Dollar. And then now Pomp coming up with the 'solution', which for me is such a good counter that US government should look into it. But in any case, we all know that bitcoin can't be controlled not by powerful countries such as China and the US.

We don't really know if bitcoin can't be controlled by anyone and we don't know a lot about China since they are very secretive of their operations and we never know that they might have some technology that is being developed or already developed to weaponize bitcoin for something.

It's can't be controlled by a single entity, even if the mining is concentrated in China. 51% attack? Nah, too much money will be involved, not worth the risk. They might be secretive in other things, medical science, scientific breakthrough and other fields, but I doubt that they have been prioritising bitcoin as a means to destroy the US dollar in the whole market.

[verita1]

I agree with Pompliano. The US must adopt bitcoin because the US dollar may lose its lead. As is normal it is a concern for any crypto enthusiast in the United States.

China has long experience with Bitcoin and has been in the mining business for years. If China takes control by adopting it, China will have everything going for her, the miners, and the bitcoins.

The dollar would suffer the setback that is concern for Pompliano as he has said:

"What we need is for the United States to be the leader here. We need to embrace this, so we need to make sure that we use this technology to continue to be a leader on the global stage."

https://cointelegraph.com/news/us-must-embrace-bitcoin-to-counter-chinese-financial-attack-pomp