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Author Topic: [2014 - 04 - 29] Chinese Banks don’t know how to act appropriately, cause Bitcoi  (Read 1054 times)
C. Bergmann
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April 29, 2014, 09:29:39 AM
 #1

Chinese Banks don’t know how to act appropriately, cause Bitcoin is too tiny

http://bitcoinblog.de/2014/04/28/chinese-banks-dont-know-how-to-act-appropriate-cause-bitcoin-is-too-tiny/

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hang Weiwu comments on the latest news from China. He discusses how his last prediction wasn’t completely correct, but also finds the news amusing. Because in China, it’s always an issue of sizes – and this time, something doesn’t fit.
...
But actually the news was amusing. It’s amusing because PBOC criticised the Bank of China and China Merchants Bank for not closing Bitcoin trading accounts. This was an unusual action for a matter as small as Bitcoin, and it reveals an interesting issue about size in China.


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April 29, 2014, 09:41:04 AM
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Really good article. Thanks for posting.
 
C. Bergmann
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April 29, 2014, 10:06:41 AM
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Really good article. Thanks for posting.
 

Thank you, I'm the editor of bitcoinblog.

This is the fourth article from Zhang Weiwu, and everyone is insightful about the chinese crisis.

You find the other three articles here:
http://bitcoinblog.de/2014/04/16/china-if-bitcoin-remains-small-it-will-be-allowed-to-live/
http://bitcoinblog.de/2014/04/12/its-not-a-survivors-game-its-a-losers-game/
http://bitcoinblog.de/2014/04/03/exclusive-truth-and-rumor-and-chinese-perspective-on-the-situation-of-chinese-exchanges/

I would be lucky if you nominate us for the blockchain award in the category "Most insightful journalist" (https://blog.blockchain.com/2014/04/16/the-first-annual-blockchain-awards/ )


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April 29, 2014, 05:54:49 PM
 #4

very good article, but i now wonder whose the master of the PBOC
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April 29, 2014, 09:29:19 PM
 #5

Very interesting article. It does raise an important question. What if the high up official believes that the "small" problem will soon in the future become large enough to be worthy of his intervention and wishes to act in a proactive manner? This may be the dilemma the PBOC faces.

Concerned that blockchain bloat will lead to centralization? Storing less than 4 GB of data once required the budget of a superpower and a warehouse full of punched cards. https://upload.wikimedia.org/wikipedia/commons/8/87/IBM_card_storage.NARA.jpg https://en.wikipedia.org/wiki/Punched_card
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April 29, 2014, 09:40:31 PM
 #6

I thank you for the link to that article.  I think the higher up are playing games because people want to use BTC and banning it would look bad especially if BTC does very well.
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