Fake support?

[goaldigger]

What's your belief on these? Are they trying to beat the US to it? Because right now the US is playing dumb with crypto and china sees a better opportunity in crypto, what do you think?how will this end?

This is a good development but let’s not expect too much from China as they are more prone to change their decisions without having any second thoughts. Let’s just see the numbers and how its behaving, take the opportunity to buy cheap coins and take profit when already happy. China is a big market though, let’s just hope that they will become more crypto friendly and avoid changing their thoughts about crypto.

[davis196]

Now china is now taking the biggest approach to embracing web3 and support some crypto projects, since china has banned Bitcoin over 6 times in the past do you think this is another fake move?

Can you mention a few web3 and crypto projects, that were "supported by China"?
China doesn't support anything(by China I mean the Chinese government), maybe some private companies and investors are supporting crypto projects in Hong Kong, but that doesn't mean that the Chinese government supports them. I know that Hong Kong is under the rule of China, but that doesn't mean that Hong Kong doesn't have some sort of autonomy. The basic idea of the Chinese policy is to have certain areas where the government regulations are more liberal(like Hong Kong in the fintech sector and Macao for gambling). I don't know why it is like that. The Chinese communists doesn't always act in a logical manner.

[DrBeer]

China has a very pragmatic approach to making money.
And cryptocurrency is no exception. On the one hand, the totalitarian regime does not allow citizens to freely use uncontrolled and alternative systems of payment or accumulation, "independent currency".
On the other hand, the principle "money does not smell" works - and if the crypto market generates income, then .. Then you can! But not for everyone, but only for state-controlled structures.
I am sure that all mining farms are now in the hands of the state, or proteges of the state have been introduced there.
It's like with Alibaba and its owner Jack Ma - the state said "now you can't do this, now we will do your business", and Jack Ma left China with his family, and disappeared "from the air" for almost half a year.

Your viewpoint on China's crypto gambit sketches a mesmerizing, yet somewhat gloomy, narrative. The back-and-forth between state dominion and the fundamental decentralizing aspect of digital coins presents a riveting puzzle. These government-controlled mining hives, with their eerie undertones, seem lifted straight from a dystopian novella. While the quest for state control pursues consistency and order, it collides with the heart and soul of cryptocurrencies—decentralization.

The episode involving Jack Ma stands as a stark reminder of the possible traps in this pathway. Nonetheless, we must ensure not to overlook the bigger picture and opportunities lurking within. Digging a layer deeper, maybe we're witnessing the birth throes of an innovative economic scheme, one that bridges the gap between the disorder of laissez-faire economics and the strictness of centralized control. As time unspools, it will divulge how this absorbing tale unravels. Until that moment arrives, let's persist in fueling these enlightening exchanges and nurturing our shared wisdom.

The "funny" is that China is just doing "centralized management of decentralized assets"!
Sounds contradictory, but it's true
I repeat once again - China will not deny itself the pleasure of managing another sphere of people's lives, this is embedded in the paradigm of Chinese "capitalist communism"
Considering the change of vector from development to totalitarianism, at least regional imperial ambitions, and attempts not only to declare but also to really try to make oneself the second pole of the world - this is all to be expected. It is difficult for me to guess how the situation will develop, we will just observe the development of the situation.
The only thing I will assume is that the population of China (developed regions and business regions) will not like the "clamping" of rights and opportunities, and total control by the state, after almost 20 years of free development .. What will this lead to? Let's see.

[killerfrost]

(...)

(snip).Cryptocurrencies for them are just a tool used in a big game. Of course, the consequences of various bans and prohibitions on cryptocurrencies are carefully calculated.

We all understand the story that the legal corridor for the use of cryptocurrencies is very limited, I have seen some bans but it is completely meaningless. Some issues are only temporary and unsustainable, the competitive financial game on many fronts among the leading powers is showing a different side to the pace of our development. It's as simple as the fact that our generation everything has been sped up in the process of work so much, in the case of cryptocurrencies, I don't think it's just a tool for countries to compete, in the long run. I envision more economic cohesion and harmony.

[SyndicateLabs]

The US-China war in many different fields, they all want their influence on a global scale, looking at the game in the crypto market, political factors have an impact on the development speed or level. country-by-country access to crypto. Certain policies and political decisions may also affect the crypto market. For example, new regulations on taxes, securities, and currencies could affect the development of the crypto market, the value of cryptocurrencies, and investor sentiment.

In addition, the actions and attitudes of countries and international organizations on cryptocurrencies can affect the popularity and acceptance of cryptocurrencies globally. So political issues can have a big influence on the crypto market.

[Z390]

You know I still feel like China started the Covid and it's all intentional? Maybe I am wrong but I believe they took away some gains in some ways in that covid period, I smell conspiracy theories of a kind but it's ok.

Now if China is fully supporting the blockchain and web3 technology like it's nothing I believe there is more we don't know yet, they must have planned something out already and probably gained something from support, it's China we talking about, they are smart and I don't trust them, don't blame me.

DrBeer made a good point by saying that China is doing centralized management of decentralized assets, Nicely said.

[TelolettOm]

Now china is now taking the biggest approach to embracing web3 and support some crypto projects, since china has banned Bitcoin over 6 times in the past do you think this is another fake move?

Does China already change its regulation related to the ban on crypto? If they don't change it, it is clear that China only plays with us. It is difficult to trust China, they only take advantage of the situation. Not sure what they plan by trying to support some crypto projects, but it won't be a big step to beat the US in crypto field. If China is serious to support crypto again, they won't support some crypto projects only but they will revoke the ban status. Considering this matter, I also doubt if China really begins to support crypto. Although I guess there are many China people who are still involved in crypto, the government seems hard to change the ban. China is not a democratic country, the government doesn't easily accept people's proposals.

[Silberman]

Now china is now taking the biggest approach to embracing web3 and support some crypto projects, since china has banned Bitcoin over 6 times in the past do you think this is another fake move?

Does China already change its regulation related to the ban on crypto? If they don't change it, it is clear that China only plays with us. It is difficult to trust China, they only take advantage of the situation. Not sure what they plan by trying to support some crypto projects, but it won't be a big step to beat the US in crypto field. If China is serious to support crypto again, they won't support some crypto projects only but they will revoke the ban status. Considering this matter, I also doubt if China really begins to support crypto. Although I guess there are many China people who are still involved in crypto, the government seems hard to change the ban. China is not a democratic country, the government doesn't easily accept people's proposals.

China and many other countries are ambivalent about bitcoin because there are things they like about it, but there are also things they hate about it, on the case of China they are seeing the US not being very supportive of bitcoin either, so their politicians are thinking about how to take advantage of this, and relaxing their policies may seem like the right way to do this, after all is not a secret China has been trying to weaken the dollar and they are willing to use any tool they can find to accomplish that goal.

[Sebas.tian]

Things are now looking different for crypto in china right now, I thought china will be the most hateful country on crypto after they destroyed so many asics that belongs to crypto miners in the country and crypto mining was also banned.

Now china is now taking the biggest approach to embracing web3 and support some crypto projects, since china has banned Bitcoin over 6 times in the past do you think this is another fake move?

I don't think, is a fake move for China to support some crypto projects in their countries because they are still looking for ways to eliminate unemployment and to improve their economy pandemic reduced some years ago in their land. Based on the move China government is trying to put in place to give their citizens a standard economy, show that with time their government will unbanned Bitcoin so that crypto miners can start mining to create more opportunities for the youths. I think, China government will like to act like El Salvador government to give his people all the support they need to make Bitcoin and cryptocurrency spread around the country so that the citizens will have the knowledge of Bitcoin and cryptocurrency in the land.

[o48o]

-cut-
I know that Hong Kong is under the rule of China, but that doesn't mean that Hong Kong doesn't have some sort of autonomy. The basic idea of the Chinese policy is to have certain areas where the government regulations are more liberal(like Hong Kong in the fintech sector and Macao for gambling). I don't know why it is like that. The Chinese communists doesn't always act in a logical manner.

Because it was still ruled by British until few years ago and if they had done radical transition of legal and economy issues, it could have broken the whole Hong Kong, or at least the transition wouldn't have been so peaceful. So they try to keep "one country two systems" alive. Sort of. CCP wants to rule but it seems to be back and forth showdown of Hong Kong protests and their suppression. I don't think that anyone in there knows what's going to happen next. CCP and Xi Jinping wants just to show their power from time to time so everyone knows who is in charge.

[bittraffic]

Hongkong is where they usually experiment some rules/changes to be applied and if they see good effect on it, theres a chance the changes will alao be applied all over mainland.

But this may not just a simple,change of mind about crypto because they are deliberately approved the crypto freedom while US is close to banning crypto. This could be part of the dedollarization that China and its gang were cooking.

[redwine49]

It's like with Alibaba and its owner Jack Ma - the state said "now you can't do this, now we will do your business", and Jack Ma left China with his family, and disappeared "from the air" for almost half a year.

is that true? where you can get that information?

It Hongkong and I think that doesn't mean China as a country is ready to adopt webb3 as you claimed, just only a small portion of China that is trying to adopt web3, and if at all China later changes its position about Bitcoin, I don't think they will compensate Bitcoin Mining companies that where destroy then because by law, they were mining without approval and that is a criminal offense that is punishable but I'm not trying justify them for destroying the companies Asic machines, they could have sold it or auction them out to individuals that are outside China to generate revenue.

I think china has it's own digital money, just like crypto and they will build central bank digital currency.
 And i don't think they destroy the companies Asic machines, i think they confiscated the company

[bitgolden]

Things are now looking different for crypto in china right now, I thought china will be the most hateful country on crypto after they destroyed so many asics that belongs to crypto miners in the country and crypto mining was also banned.

Now china is now taking the biggest approach to embracing web3 and support some crypto projects, since china has banned Bitcoin over 6 times in the past do you think this is another fake move?

I know that Hongkong is the soul location that's doing all this crypto thing, do you think that the whole country (china) will benefit from this or this case will be that Hong Kong will be the location for crypto things?

I still think that it is not that bad, I mean it can't be "that" bad, I know that it is looking like China is not doing 100% support right now, but at the very least they are not doing nothing neither, they are doing something about it which should be benefiting us to say the least.

I am not saying that all of china will start investing into bitcoin and trillions will start pouring in, that's not the story here, but at the very least there is a small amount of help and that should be more than enough for all of us to be happy about. Too many people are acting as if this is nothing at all, and it is not, it is not nothing at all and we should be seeing how wonderful it is when the time comes and the price starts to go a lot higher as well.

[Blowon]

well, as usual, they are very good at manipulative economy, so it's only natural that China occupies the position of the No. 2 strongest economy in the world, even a little more than almost beating America. but if they china reopen the legality about crypto project i think crypto will be greener than now because this big country economically will have big impact for crypto trend in the future if that happens.

[summonerrk]

Things are now looking different for crypto in china right now, I thought china will be the most hateful country on crypto after they destroyed so many asics that belongs to crypto miners in the country and crypto mining was also banned.

Now china is now taking the biggest approach to embracing web3 and support some crypto projects, since china has banned Bitcoin over 6 times in the past do you think this is another fake move?

I know that Hongkong is the soul location that's doing all this crypto thing, do you think that the whole country (china) will benefit from this or this case will be that Hong Kong will be the location for crypto things?

What's your belief on these? Are they trying to beat the US to it? Because right now the US is playing dumb with crypto and china sees a better opportunity in crypto, what do you think?how will this end?

They're tricky. And they will do what brings benefits, while something not threatening the existing order in China.

Recently, the Belarusian authorities took an unusual step - they suddenly legalized and even supported cryptocurrencies, abolished taxes on their payments and the like. All miners and cryptomaniacs have come out of the shadows. But the authorities said in advance that this law would cease to apply in two years. It turns out that if you come out of the shadows - at the end of the law, you may be threatened with deanonymization. And then the authorities will know that you are a cryptomaniac.

Perhaps the Chinese government is also doing a multi-pass now, like in chess. It's not clear to me personally yet.

[GeorgeJohn]

China people may have bitcoin in mind and their government is not in support of bitcoin,using Nigeria as illustrations, Nigeria government restricted making a transaction with bitcoin through their banks, and up to date the country is not in support of bitcoin,  but lovers of bitcoin in same country is more larger than government supporters, so China banning mining of cryptocurrency then, should as a result of the government been kicked against the processes of mining of bitcoin, so some countries give order of restrictions of something without knowing the important the stuff. So that's what China did, I will say that they have known the important now.

[Smartvirus]

What's your belief on these? Are they trying to beat the US to it? Because right now the US is playing dumb with crypto and china sees a better opportunity in crypto, what do you think?how will this end?

Well, it's difficult to say or project what a nation might hold for crypto. Most times, the decision resides on the one at the top of its government. With the web3 innovation becoming a thing for investors and prospective customers alike, they've got yo he means for some digital currency opening its realms and what better way to do it than cryptocurrency.
These are things to be thought through as Web3 would be one that ces without borders, boundaries and as such, you don't need no boundary bounded currency like fiat or some exchanger to determine its value.
For all we know, it's genuine what Hong Kong or the Chinese people are doing at the time.

[Huppercase]

well, as usual, they are very good at manipulative economy, so it's only natural that China occupies the position of the No. 2 strongest economy in the world, even a little more than almost beating America. but if they china reopen the legality about crypto project i think crypto will be greener than now because this big country economically will have big impact for crypto trend in the future if that happens.

A country that is rule by arms of government and largely populated will hardly settle for crypto because they know for real that they have influence in the market, if today they announce that they have legalized crypto, many people will be trigger to join the party even the people who have little knowledge about it will want to join and the government will harm its people by this action.

What I think is that, even if they allow a room for crypto adoption, they will want to regulate it to protect the people and the investors because looking at Defi and Cefi, none of them are safe for investors, only few exchanges that has reputation and some long term defi has proven to be worthy of this trust, and if this happen, they will not be too different from the US because we don't need regulation in crypto.

[flyingcarpet]

Things are now looking different for crypto in china right now, I thought china will be the most hateful country on crypto after they destroyed so many asics that belongs to crypto miners in the country and crypto mining was also banned.

Now china is now taking the biggest approach to embracing web3 and support some crypto projects, since china has banned Bitcoin over 6 times in the past do you think this is another fake move?

I know that Hongkong is the soul location that's doing all this crypto thing, do you think that the whole country (china) will benefit from this or this case will be that Hong Kong will be the location for crypto things?

What's your belief on these? Are they trying to beat the US to it? Because right now the US is playing dumb with crypto and china sees a better opportunity in crypto, what do you think?how will this end?

We all know the size of China in the economic field. Instead of asking whether there is a deception here, we should look at whether there is a state that can do the opposite when China takes a decision. This support is false or not, I don't think it's something we can change. Even if it's a lie, they can make it look real. If it is true, things will go as they wish.

A big government will fill the void in crypto and will get ahead of everyone else. It is unclear who this is or when it will happen.

It doesn't matter which country it is if they're going to do useful work for crypto. Bitcoin should move confidently towards its goal.

[Silberman]

Things are now looking different for crypto in china right now, I thought china will be the most hateful country on crypto after they destroyed so many asics that belongs to crypto miners in the country and crypto mining was also banned.

Now china is now taking the biggest approach to embracing web3 and support some crypto projects, since china has banned Bitcoin over 6 times in the past do you think this is another fake move?

I know that Hongkong is the soul location that's doing all this crypto thing, do you think that the whole country (china) will benefit from this or this case will be that Hong Kong will be the location for crypto things?

What's your belief on these? Are they trying to beat the US to it? Because right now the US is playing dumb with crypto and china sees a better opportunity in crypto, what do you think?how will this end?

They're tricky. And they will do what brings benefits, while something not threatening the existing order in China.

Recently, the Belarusian authorities took an unusual step - they suddenly legalized and even supported cryptocurrencies, abolished taxes on their payments and the like. All miners and cryptomaniacs have come out of the shadows. But the authorities said in advance that this law would cease to apply in two years. It turns out that if you come out of the shadows - at the end of the law, you may be threatened with deanonymization. And then the authorities will know that you are a cryptomaniac.

Perhaps the Chinese government is also doing a multi-pass now, like in chess. It's not clear to me personally yet.

This is why we should always be wary of the movements the governments take when it comes to cryptocurrencies, the tactic that you are mentioning is a standard one on their book, this is just a way to find out the people that are hiding from them and make them think they have taken a posture on one direction and then move to the opposite direction, if anything the only thing that surprises me is that they have said this from the beginning instead of trying to hide it in some way or form.