Is China's support for Bitcoin really a bullish sign?

[ArisingIssues]

You will probably hate on me for this theory.

Why did China come out supporting Bitcoin?

Simple.

They learned they can actually control it.

The recent "blackout" in mining province was a test on how much they can pull off.

With success they caused 40% drop in hashrate and drop in price.

So they might have even bought some at this point.

1) They own some

2) They know they can control it

China's support is actually a really bad sign.

Why am I wrong?

[BrewMaster]

Why am I wrong?

where should i begin

40%? are you crazy. try 10% both in hashrate and price.
control? try different FUD, this is not working because at this point it is the oldest FUD in the book.

[wack slacker]

Trust charts because it allows you to see things that go far beyond good information. Bitcoin has been growing strongly and continuously for many months, it's time for the market to regain equilibrium. Discounts are not bad, this is a chance to have a good position.
China's support for Bitcoin doesn't hurt much as the government has been silently allowing factories to mine Bitcoin for years. The bad news right now is that the US government has quite a high tax on organizations that use cryptocurrencies.

[Rruchi man]

You are not wrong to hold your own idealogy as regards the people's Republic of China. In my opinion, at the moment the market is very volatile, any news as regard crypto from any country or influencial individual really affects the market.

[hatshepsut93]

When you say "support", are you referring to the recent statement that Bitcoin is an "investment alternative"? This is hardly news, China says things about Bitcoin from time to time, ranging from negative to positive, it doesn't mean much. They aren't going to make Bitcoin their reserve asset officially, or recognize it as a currency, so you can't really say that they support Bitcoin.

I think they made this statement to antagonize the US and hope that American investors would dump US dollar, stocks of US companies, US Treasury bonds for Bitcoin.

[yhiaali3]

Although I think that what happened may have been a coincidence and not planned by China, but I do not rule out your theory, there is a hidden political competition between the major countries to control Bitcoin and cryptocurrencies. This was evident in the recent case of Ripple in US courts. Ripple’s lawyers have explicitly said that The Americans politicians let the Communists (they mean China, of course) control the cryptocurrencies.
Through this talk, we can clearly see that there is a hidden political conflict over the cryptocurrency, and there are attempts by major countries to control it.

[stompix]

40%? are you crazy. try 10% both in hashrate and price.

He's far closer with 40% than 10%
94 blocks in the last 24h make it a 34% drop.
So yeah, thinking this as only one province it's highly possible they could kill at time 50% to maybe 60% of the hashrate, doing this on the first day of an epoch and then turning it on for the next then again off would mess up the network pretty bad. As for the price, China doesn't matter there, maybe they could in the past by manipulating numbers on exchanges with fake orders as Okex was used to do but those times are gone.

And for the most important part:

Is China's support for Bitcoin really a bullish sign?

I don't think there are traders left that believe what officials from China say one day carry any weight tomorrow, they have contradicted themselves so many times in the past and have made statements that have never been backed by laws or government measures that right now everything that comes from China is probably taken as a short time price jump in any direction and nothing more.

[ene1980]

I was expecting new theories and now you proudly presents your argument that China is indirectly trying to control bitcoin . In the past the sepculation thread was filled with wild theories about how China is going to implement something and the entire market was driven during that period with the news that comes out from China and with their FUD finally over we were short of theories like these and i am glad you started one  .

[Iranus]

China has always been taking advantage from Bitcoin. They are opportunity seekers, they have never been in favor of Bitcoin. While China has more than 70 percent control over Bitcoin mining, the Chinese government wanted to take control of miners a few years ago, Chinese government has always wanted to regulate Bitcoin. I have never heard of a reputed Chinese company investing in Bitcoin and supporting Bitcoin, where USA companies are so much interested in Bitcoin.

[blockman]

You are not wrong to hold your own idealogy as regards the people's Republic of China. In my opinion, at the moment the market is very volatile, any news as regard crypto from any country or influencial individual really affects the market.

Yes, any news that comes out related to bitcoin can make the market shake whether it would be blackouts in China provinces where miners are affected.
Whether it would be a known investor from the US and tells that bitcoin is a fraud and not a good type of investment. With such news, they can really make the market dip a bit but it will eventually recover.

[bussybuddy]

I have learned that Chinese miners benefit greatly from the geolocation feature that makes mining btc less fuel, and it is clear that in recent years these miners have been mining, cascading is a huge amount of btc.

[Kong Hey Pakboy]

The reason that China supports bitcoin is because it threatens USD as a reserve currency and they are going to use bitcoin not like what OP says but they are going to definitely use it in their financial war against US and China as we know is taking over really fast right now.

[btc-room101]

You will probably hate on me for this theory.

Why did China come out supporting Bitcoin?

Simple.

They learned they can actually control it.

The recent "blackout" in mining province was a test on how much they can pull off.

With success they caused 40% drop in hashrate and drop in price.

So they might have even bought some at this point.

1) They own some

2) They know they can control it

China's support is actually a really bad sign.

Why am I wrong?

Let's see CIA-NSA create bitcoin, and name it after a japanese guy ( 99% of chinese hate japanese, study "rape of nanjing" )

+66% of all btc-mining on earth takes place in China, +90% of all BTC hw on earth is made in china, which means all back-doors to mining is under china control, 51% means that China run's BTC

The problem for BTC community, I call that the geek day-traders ran by COINBASE ( aka IRS USA-Treasury ), is that they're fed a pile of bile 24/7

IMF announced BTC in the 1997 paper, satoshi paper in 2009, doesn't even mention the IMF paper, as satoshis paper was 90% cut&paste of the IMF paper.

Rockefeller created MAO modern China, reset is to flip economic power from west to east, then rinse & repeat. This is how old money keeps the trust funds runnng for generations.

[btc-room101]

The reason that China supports bitcoin is because it threatens USD as a reserve currency and they are going to use bitcoin not like what OP says but they are going to definitely use it in their financial war against US and China as we know is taking over really fast right now.

Or to put another way the reason the NSA-CIA let CHINA run BITCOIN is so that the YUAN would leak out of  CHINA, making it weaker and thus prevent china from becoming an economic super power

Hong-Kong being a british colony (pre 1999 on paper, but still UK hasn't let go on the streets ), and still largely under MI6 control pushes your narrative, but don't worry HK has the CBDC where thailand&hong-kong  ( later all of ASEAN will use this new crypto ) are dry running their own crypto, and china has their own crypto; But don't worry the Chinese gov is quickly 'sanitizing' HK and getting rid of all the UK-US intel propaganda, and broadcasters.

USA is going nutz, cuz the ASIAN CBDC's are going to bypass the NSA-CIA btc scam

Where is BTC in all this? Which one you mean the 21M scam-coins? or the first one released by NSA( NakamotoSAtoshi); BTC was always a field test by NSA to see how long it would take to crack SECP256k1 & SHA256, once they're defeated, then BTC will die; If I were younger I would be working on a super-btc that couldn't be controlled by NSA

The chinese cryptos don't really care, because they're designed to self-destruct, so they violate the entire principal of BTC, which is a store of value.

My beef with BTC old-farts who run the btc-core is their entire narrative is built on lies

BTC is NOT safe
Btc is not private
btc has been hacked millions of times
BTC is tracked more than US cash
BTC is NOT a replacement for gold

I mean every single thing the BTC marketing ppl have pushed down are throats 10+ years now is a LIE.

What can you say, about a real crypto with a real permanent store of value?? I don't know. I see DOGE going astro that is 100% BS, shows you this entire space is about to implode.

Ethereum is no different than BTC, controlled by a few ppl.

All the other 21M scam-coins, are ran also by scammers all over the earth, the only coin I respect is HORIZEN, I thin they have a good heart, and its mostly guy out of US-NAVY intel that put it together, same people who created 4chan, & 8chan; real smart psych ppl, but they have a good grasp on reality, and they don't do what they do for personal gain.

[Kong Hey Pakboy]

The reason that China supports bitcoin is because it threatens USD as a reserve currency and they are going to use bitcoin not like what OP says but they are going to definitely use it in their financial war against US and China as we know is taking over really fast right now.

~

You good bro, you look like you got left behind in the bitcoin hype so you have no choice but to hate bitcoin with all of your being. What is the truth then and why is the truth not yet published, we should have a physical evidence of the truth because if there is none then probably we won't see it come to light and no one will probably believe you.

[btc-room101]

The reason that China supports bitcoin is because it threatens USD as a reserve currency and they are going to use bitcoin not like what OP says but they are going to definitely use it in their financial war against US and China as we know is taking over really fast right now.

~

You good bro, you look like you got left behind in the bitcoin hype so you have no choice but to hate bitcoin with all of your being. What is the truth then and why is the truth not yet published, we should have a physical evidence of the truth because if there is none then probably we won't see it come to light and no one will probably believe you.

R U 'woke' bro, u talk like a woke man

I don't hate anything, I just tell the truth, that BTC is NSA created, SECP256k1&SHA256 are the backbone of BITCOIN, and both were created by NSA

There would be no BTC had it not been created by NSA, there would be no Satoshi had they not had these alogs on the shelf.

Why do you 'woke' people talk about hate, I'm a computation math-physics person, I dont hate any form of math, but I know who funded every crypto on earth, and I have been writing crypto since 1970s'.

U seem to be 'woke' because your entire narrative is 100% built on lies.

The Chinese gov hates bitcoin, that's why they shut down jack-ma, and alipay, and 'ant', did you know that ant owns bitmain, the company that make almost all the miners on earth? Why do you think they took over?? Because they don't want the 'west' to control

The Chinese are just beginning, but they'll replace bitcoin, with the ant/alipay infrastructure with their  own crypto that I have already described.

Lastly, do you have any idea how hard it is to have a conversation with a 'woke' un-educated bot?

[Kong Hey Pakboy]

The reason that China supports bitcoin is because it threatens USD as a reserve currency and they are going to use bitcoin not like what OP says but they are going to definitely use it in their financial war against US and China as we know is taking over really fast right now.

~

You good bro, you look like you got left behind in the bitcoin hype so you have no choice but to hate bitcoin with all of your being. What is the truth then and why is the truth not yet published, we should have a physical evidence of the truth because if there is none then probably we won't see it come to light and no one will probably believe you.

~

Just because someone is questioning you or doesn't align with your belief doesn't mean that you have an excuse to antagonize people, you need to get out more often because that is not how you make people listen to what you are saying, berating them into thinking that you are a smarter one is not the trait of a smart/ intellectual person. You can say all the things and be right but if you are an arrogant with a God complex, no one is going to listen to you.

[OcTradism]

They learned they can actually control it.

Control. Could you explain how China can control Bitcoin and its network, please. You believed they can so you do have your reasons for this thought. Can you share with explanations?

I don't think China or any nations can control Bitcoin. They can create news, policies to manipulate the price in short term but in the long term, none of them can prevent Bitcoin to reach $1 million.

One donator made a price prediction in 2011 that Bitcoin will touch $65,000 that is the price for this year. He is a time traveller. You can predict and become another time traveller.
1 BTC = 65000 USD!

[Kayum10029]

I believe that if China officially supports online virtual currency, it will make a significant contribution to the world of cryptocurrency.  However, being a country with a large population, there will be a big change in the world of cryptocurrency.  If they are approved by the central bank, hopefully Bitcoin will improve by a million dollars this year.

[cabron]

It's getting confusing anymore lol Well almost all country is supporting BTC I guess its time for them to also join.  While there are analyst out there thought they could use BTC against China's economy now it's going to be a bigger population that will consume all the BTC from their own exchange as well. It wouldn't really be surprising to see BTC is on their digital yuan wallet app.