Topic: [2019-11-12] Bitcoin Presented as ‘First Successful Application of Blockchain’ (Read 325 times)

Recognition doesn't mean acceptance, in my opinion.

They are likely trying to educate the public in terms of cryptocurrencies in general and not just specifically decentralised cryptocurrencies, in order to push their own potential future cryptocoin that is imminent to launch.

This is positive news, but not really anything other than that. It's likely to not have significant repercussions in the future.

It's not an application in and of itself. It's a property that Bitcoin gained throughout the years because people have confidence that in the long run, their purchasing power won't be taken away from them due to fiat inflation. Short term speaking prices can be very volatile of course, but long term speaking there is a strong trend of growth.

People often refer to Gold as the true store of value because it doesn't have gone down a lot, but they forget to zoom out and look at the $1900 peak it reached in 2011. It tanked to $1050 after that. Currently Gold hovers around $1470 which is still far away from its all time high, mainly so when you take into consideration how shit the global economy has to turn in order for Gold to get there.

Ooh, nice.

But SoV is not some electronic blockchain application?

 

Wow glad to heard that news Chinese appreciate the capability of bitcoin including blocchain, the parthnership of bitcoin and blockchain is very important to make fast transfer funds(bitcoin)for every single transaction using blockchain to make easy way to the people.

They aren't against it and I believe what we have been hearing crypto related news in China has been heavily padded or all through out wrong compared to the current situation in China brought to us by main stream crypto news websites that all cared about clickbaity headlines and misleading news. They have been talking about bans in trading yet we see Chinese crypto exchange like Huobi and OkEX with one of the highest daily trading volumes in the crypto market, we have news about bans for crypto mining yet the number one manufacturer of mining rigs, Bitmain, is doing its operations in China. Also they won't really praise Bitcoin or make it into their news if they aren't holding any of their own, they might just be doing this to create some kind of FOMO in the market.

Ok, thanks for the translation, so I summarize the article and more precisely the arguments used.
(Keep in mind the title: " Bitcoin Presented as ‘First Successful Application of Blockchain’)

1) Bitcoin is used a lot in illegal activities such as money laundering.
2) It costs a lot of energy for mining
3) the value is too fluctuating

You expect me to believe it's a favorable article about Bitcoin?

1) has been debunked so many times.
2) the myth
3) more or less but like any currency, asset, etc..

Pure propaganda.

the West has that too, it's just segregated into separate platforms (facebook, airbnb, uber etc). For now.



the West probably has that also. Black markets must be pretty politicized, centralized and controlled, otherwise the price of illegal goods wouldn't be so uniform, price wouldn't rise and fall uniformly, supply wouldn't abruptly stop uniformly.

But as we know this is not the last application and is still to come.

1.2 billion Chinese on this planet and none when you need something translated around here


We're talking about China, the one and only country that has introduced a citizen scorecard .

What the government will deem immoral will become illegal, and probably you will be put on the waiting list for surgery in the last place if you are caught using bitcoin. Probably I'm exaggerating, maybe I'm wrong but I repeat, my belief stands still firm, nothing good came from China and nothing good will ever come for Bitcoin.

 

There is one slight difference between a black market under a communist regime (I've lived in one) and a black market in a western country. The moment the leader thinks his lackeys are pushing the limit, one word, and the entire chain crumbles and all the products disappear till the "negative elements affecting the society" have been removed.
It's a black market, but, since we're on the crypto subject, it's more like a centralized one:P.
No matter the demand, the offer will not appear if it's not in line with the one controlling it.

Also, bitcoin for illegal transactions is a form of power. It attracted many people to buy and hold bitcoin before 2017, I reckon it will certainly attract many Chinese people again.

Xinhua might be marketing for bitcoin without knowing it hehehe.

Can't find the article either, when I googled for xinhaunet, I went to - http://www.xinhuanet.com/english/, and couldn't find the article on the front page or anywhere at all.

Even after a quick search in their own search-bar, I couldn't find anything except some reports on the Bitcoin market?



Was the article possibly deleted by the website? Or did it never exist??

a question of perspective IMO.

There's "illegal" and then there's "immoral". There are many forms of legal transactions that many people would consider immoral, and there are many illegal transactions that many would consider moral. Of course governments must express disapproval; plenty of others hold the opposite opinion, i.e. government sycophants and their corporate cohorts (arguably not much difference between these categories, anyone who's a perennial loser in the corporate rat-race will maintain loyalty out of greed and a lack of courage)


It's easy to underestimate this story IMO, Xinhua is the media outlet closest to the Chinese Communist Party. When all's said and done, the "black" (i.e. "free") market is a boon to government insiders, as they know they can ratchet up prices to many multiples of the profits in the market for legalized goods. Sure, marijuana might be getting the government soft-touch all over the world these days, but there's never going to be enough public support for legalizing meth or child pimping to be able to use your bank account for that kind of trade. But demand will always be there for all kinds of unsavory stuff, and who better to conduct it than those very very bad apples who are nothing like the rest of the government

The tagline: For bleached chicken meat or self-destruct pension plans, there's fiat. For everything else, there's Bitcoin^TM

This is English translation of article published in Chinese state newspaper Xinhua. I used Google Translate but it's still decent translation, except for last paragraph which sounds a bit off.


I think it's not a bad article! It's quite informative for general public and most of it is true. It's not communist propaganda as many of you suggest. Well, it does exaggerate with dark net transactions but honestly, many articles in western mainstream media were the same in 2017. If you ask general public or, say, boomers here in Europe, what is Bitcoin used for, many will tell you that they read it's used for illegal purchases over the internet.
Overall I think such articles are a positive thing because Chinese market is huge and just think how many millions of people more know about Bitcoin because of this article. It's not like Chinese government is trying to hide it. The opposite!

This whole news looks very suspicious to me.

1. http://xh.xhby.net/ is not Xinhua's official website, http://www.xinhuanet.com/ is.

2. Here's Xinhua's official website in English: http://www.news.cn/english/ , and there is no such news there.

3. Why should I trust an article based on a tweet made by a random guy?

Correct me if I'm wrong.

It seems that the Chinese government wants to create a background for the introduction of its official digital currency, so it gives a legislative framework for the definition of the most famous cryptocurrency (Bitcoin) and then described it as used in the dark activities to give its digital coin (an acceptable reasons) "modernity and centralization."

It is a good step and I think a lot of Chinese will discuss before relying on what the government says.

China is full of shit. They hate freedom. Bitcoin empowers that. Result is China no like Bitcoin. China blackmail Bitcoin.

It's not a surprise that they have always had centralized garbage projects up high in their top cryptocurrency rankings list. EOS on the very top of the list, a pile of garbage that has proven to be centralized by reversing transactions of stolen coins. Obviously, it's great that people got their funds back, but that doesn't bode well for anyone seeking absolute censorship resistance.

Yeah, they had to ruin it:


Also the last paragraph (obvious google translate, some terms are 100% wrong)


I'm starting to see the same trend you mentioned in the Chinese press and the few announcements they make.
Blockchain is good, bitcoin is bad, we can make a better one!

Probably by next year, we will see another Chinese ripple or something like that, with a fixed price, controlled addresses linked with government id, chargeback, the possibility of freezing funds, all the good stuff

I stand by my beliefs, nothin good for bitcoin comes from China!

China has always been a very unstable factor in crypto and this is just another example of that. I liked it better to not read so much about China but it seems that we unfortunately are reversing the narrative again.

I hope that it will be positive for crypto in general but I'm not holding my breath as there is always a catch to watch out for. One thing we can however agree on is the block halving as it is an event that will happen with a 100% certainty.

Not many things in life are certain, but the block halving is a fundamental event that we can count on.

Probably right, but the Chinese paper also doesn't talk about Bitcoin in a good way. It clearly says Bitcoin is used on the dark web for illegal activities.
I believe they're trying to justify themselves to use the blockchain technology and their chinacoin, while they were anti-crypto before.
It's like saying "cryptocurrencies are bad but if it's a government, it's a revolution"

Now, the successful application of blockchain technologies is spreading across different spheres of services and not only.

they begin to develop things that distract from their previous arguments, in marketing theory there are also things to change attitudes corrective through reverse educational propaganda. So they did try to form an anomaly to absorb assumptions from what they developed towards the blockchain industry, including exposing bitcoin objectively on an ongoing basis.

I gotta admit, when I skimmed this post and saw the word Xinhua, I was 99 percent certain that it was going to be an article shitting on the aspects of decentralization and Bitcoin. This is confusing...

I agree with you, not sure why this newspaper agency is praising bitcoin as a success, even though, it definitely is.

Could this be directed to them via the Chinese government? Maybe they want to do a 180 on their approach with bitcoin and involve it in the new economy they are building?

What is good for bitcoin is also good for the whole cryptospace. I am happy to see that bitcoin is recognized by Xihua press as a success.

However, the skeptical me is asking what is the government controlled news agency's agenda for reporting this? Why today? The Chinese authorities have always been against bitcoin.


Image from coinroro

Chinese state news agency Xinhua has published a front-page article on bitcoin, the flagship cryptocurrency, presenting it as blockchain technology’s first successful application.

In its article, Xinhua details how bitcoin works and goes in-depth into how public and private keys differ, how new cryptocurrency enters the market, and even touches the halving event. Xinhua points out BTC has a pseudo-anonymous nature, but falsely claims it main use case are darknet market transactions.

Read in full https://www.cryptoglobe.com/latest/2019/11/bitcoin-presented-as-first-successful-application-of-blockchain-to-1-4-billion-people/