[2014-04-16] China: If Bitcoin remains small, it will be allowed to live

[C. Bergmann]

http://bitcoinblog.de/2014/04/16/china-if-bitcoin-remains-small-it-will-be-allowed-to-live/

On a trip to Saigon, where he is meeting an American businessman, Zhang Weiwu watches mesmerised as April 15th rolls over the Chinese Bitcoin scene – and nothing happens. He feels vindicated in his predictions and speculates further about how the situation will unfold. To help explain, he tells the old Chinese story of a servant who taunts his master with an empty jar; the tale of a nightclub that Disappears without being banned; and the episode of how a Bitcoin exchange threatened the People’s Bank of China. Bitcoin’s future in China, he concludes, will be boring…

[Bit_Happy]

"Just don't make too much noise and we will let you live"
Thank goodness, in the USA we have real freedom. 

[zakoliverz]

why not let Bitcoin remains big?

[lynn_402]

It already is too big to be killed. How presumptuous of them to think they'll be able to control it when it gets even bigger.

[bryant.coleman]

Lets dump China before China dumps us. They are (indirectly) saying that as long as Bitcoin remain at $400-500 levels, they will allow it. Once Bitcoin goes mainstream, then they'll ban it. What sort of crazy logic is this? The Chinese government is just helping the speculators to earn money by issuing meaningless statements every now and then. Let's not play according to their tunes.

[lynn_402]

Lets dump China before China dumps us. They are (indirectly) saying that as long as Bitcoin remain at $400-500 levels, they will allow it. Once Bitcoin goes mainstream, then they'll ban it. What sort of crazy logic is this? The Chinese government is just helping the speculators to earn money by issuing meaningless statements every now and then. Let's not play according to their tunes.

I agree, and I believe day-traders are beginning to realise their hazy regulations means nothing.

The international demand from freer countries will sort this out and make them irrelevent, they are simply reducing growth speed but won't be able to much longer (yesterday's ban announcement barely affected the price)

Also, this seems appropriate: http://www.coindesk.com/ceo-bitcoin-officially-bans-china/

[Bit_Happy]

Lets dump China before China dumps us. They are (indirectly) saying that as long as Bitcoin remain at $400-500 levels, they will allow it. Once Bitcoin goes mainstream, then they'll ban it. What sort of crazy logic is this? The Chinese government is just helping the speculators to earn money by issuing meaningless statements every now and then. Let's not play according to their tunes.

I agree, and I believe day-traders are beginning to realise their hazy regulations means nothing.

The international demand from freer countries will sort this out and make them irrelevent, they are simply reducing growth speed but won't be able to much longer (yesterday's ban announcement barely affected the price)

Also, this seems appropriate: http://www.coindesk.com/ceo-bitcoin-officially-bans-china/

"Disclaimer: This article was posted as part of CoinDesk’s April Fools’ Day coverage.

Following rumours of China’s plans to ban bank transfers to bitcoin exchanges, the CEO of Bitcoin™ has decided to ban China.

The decision was unanimously approved by Bitcoin’s shareholders, the Bitcoin Board of Directors, HaCkerz4BITZ and the Bitcoin Steering Board.

As of 8th April, bitcoin transfers to and from the Glorious People’s Republic of China will no longer by supported by the Bitcoin Network™. The decision will not affect the Republic of China (Taiwan) – unless it gets invaded in the meantime. It is unclear whether or not it will apply to Hong Kong, which is sort of part of China, but really it isn’t – you know?"


lynn_402, I didn't see that originally on April 1st, thanks for the laugh.
Agreed, The longer this drags on the less negative effect China can have.
Their days in "the lead" are over soon.

[notthematrix]

http://bitcoinblog.de/2014/04/16/china-if-bitcoin-remains-small-it-will-be-allowed-to-live/

On a trip to Saigon, where he is meeting an American businessman, Zhang Weiwu watches mesmerised as April 15th rolls over the Chinese Bitcoin scene – and nothing happens. He feels vindicated in his predictions and speculates further about how the situation will unfold. To help explain, he tells the old Chinese story of a servant who taunts his master with an empty jar; the tale of a nightclub that Disappears without being banned; and the episode of how a Bitcoin exchange threatened the People’s Bank of China. Bitcoin’s future in China, he concludes, will be boring…

If it grows not to fast , thats what I think also china can not escape the limit of resources of the earth.
we need a decentralized defaltionairy system to servive  as humans.
why decentralized , because only then everybody will accept it,

[notthematrix]

http://bitcoinblog.de/2014/04/16/china-if-bitcoin-remains-small-it-will-be-allowed-to-live/

On a trip to Saigon, where he is meeting an American businessman, Zhang Weiwu watches mesmerised as April 15th rolls over the Chinese Bitcoin scene – and nothing happens. He feels vindicated in his predictions and speculates further about how the situation will unfold. To help explain, he tells the old Chinese story of a servant who taunts his master with an empty jar; the tale of a nightclub that Disappears without being banned; and the episode of how a Bitcoin exchange threatened the People’s Bank of China. Bitcoin’s future in China, he concludes, will be boring…

If it grows not to fast , thats what I think at max  also china can not escape the limit of resources of the earth.
we need a decentralized defaltionairy system to servive  as humans.
why decentralized , because only then everybody will accept it,

[notthematrix]

It already is too big to be killed. How presumptuous of them to think they'll be able to control it when it gets even bigger.

they dont want to kill it , the system used now is not sustainible.

[Polyrhythm]

I found the article interesting to read, but I feel there was quite a bit of extrapolation going on, regarding the "Chinese tales."

[howardb]

It's not so much that it represents a threat to China's currency, it's the potentially massive effect it could have on the US dollar that worries the Chinese. Remember, China holds a staggering amount of USD denominated debt which is at risk of losing the majority of it's value in a very short time if Bitcoin reaches critical mass (or tipping point if you subscribe to chaos theory).

So IMHO all this Bitcoin FUD being generated by Bejing is designed to slow Bitcoins growth right down whilst it divests itself of US treasuries (Which it has been doing for some time now).

[bryant.coleman]

It's not so much that it represents a threat to China's currency, it's the potentially massive effect it could have on the US dollar that worries the Chinese.

At least in the short term, Bitcoin poses no threat to the US Dollar. On the other hand, I have heard that the Chinese were core concerned about Bitcoins being used for tax evasion and money laundering. Not surprising, when we have stories like this:

http://www.telegraph.co.uk/news/worldnews/asia/china/8581245/Corrupt-officials-funnelled-76bn-out-of-China.html

[cr1776]

It's not so much that it represents a threat to China's currency, it's the potentially massive effect it could have on the US dollar that worries the Chinese.

At least in the short term, Bitcoin poses no threat to the US Dollar. On the other hand, I have heard that the Chinese were core concerned about Bitcoins being used for tax evasion and money laundering. Not surprising, when we have stories like this:

http://www.telegraph.co.uk/news/worldnews/asia/china/8581245/Corrupt-officials-funnelled-76bn-out-of-China.html

Perhaps they should rephrase the title:

"Corrupt Officials try to block capital flows out of China"

 

In a totalitarian regime, undermining the system is a good thing.

[ecrick3]

i'm checking out the chinese forums to see what the chinese people are saying.

[bryant.coleman]

i'm checking out the chinese forums to see what the chinese people are saying.

lol... even the Chinese forums are manipulated by the government. What do you expect from a country which actually censors Google?

[thezerg]

The first rule of Bitcoin when in China is:  YOU DON'T POST ABOUT BITCOIN IN CHINA!!!!

[Bit_Happy]

i'm checking out the chinese forums to see what the chinese people are saying.

lol... even the Chinese forums are manipulated by the government. What do you expect from a country which actually censors Google?

Even the American forums are manipulated by the government. What do you expect from a country which actually expects Google (and Wikipedia) to  "censor" themselves?  ............LOL?

[notthematrix]

i'm checking out the chinese forums to see what the chinese people are saying.

lol... even the Chinese forums are manipulated by the government. What do you expect from a country which actually censors Google?

Even the American forums are manipulated by the government. What do you expect from a country which actually expects Google (and Wikipedia) to  "censor" themselves?  ............LOL?

seeing the government as one body is the most funny and common mistake servants make , its easy but the world is more complex
then most can imagine.
wise people know that control is quite illusionary but this illusion is needed and power is given  by those not wanting to carry responsibility.
most servants would lose anchor if they realized nobody stands above them.

 

[fr33d0miz3r]

in the USA we have real freedom. 

LOL