Topic: Bitcoin full page on one of South China's most read weekly newspapers. - page 2. (Read 4220 times)

The average Chinese may not have the incentive to use Bitcoin, but the Chinese government most certainly does! This is a massive economy that is artificially keeping its own currency devalued. They are mostly self-sufficient, but not 100% by any means, AND they are investing heavily in parts of the world like Africa and South America. Buying a significant stake of BTC, like, say, 2 or 3 million, would instantly give them a hard currency with which to do these things, and in the process drive up its price, granting them control of a devalued currency at home and a deflationary currency abroad.

I'm not sure if there is anyone in the Chinese government looking at this, but I am sure they have very smart people there (as they do everywhere), and at least one of them must have figured this out.

Incidentally, a currency that is backed by nothing should be a good fit with anyone who has lived in a communist system for any length of time, so that will not be an objection. They will instantly see the value in BTC... It's deflationary, uncounterfeitable and can be transacted instantly with anyone with an Internet connection.

I, for one, certainly hopenthe Chinese executive gives this newspaper article to some of their brightest!

LOL
I guess you pretty much summed up the western world's sinophobia

I'm not so sure if the average Chinese has a very high incentive to use Bitcoin - as far as I understand, China's own currency politics is very sound. The large USD stockpilers on the other hand might probably be looking for some alternatives pretty soon...

There is much less control and many fewer restrictions here that actually effect the average users than the media back home would have you believe. The ones in place are generally speaking aimed at porn and political/religious stuff. I've been mining from here for a couple of months now as have several friends of mine and none of us has yet to encounter anything.

I'm fairly certain the government here will never take a "real" position on any of this they'll just want to get in on the mining.
Should the government here ever decide to take a position on this issue I'll post it here immediately. One of the funny things about government positions here is that they vary greatly from province to province so I can at best speak for what's happening in NE China.

China as a whole involving itself in Bitcoins would give an INSANE boost to the BTC economy, there are over 35 million USD millionaires in this country alone and most of them are looking for new and interesting ways to spin a profit.

Btw Nefario there is an all evil malevolent army of uber commie zombie-hackers here waiting to "take on" more than "take over" the world atm they're at unofficial war with Korea over some comments about the ancestry of former "glorious leaders". If they start mining the the trouble with Ddos and issues like that will skyrocket.

So right now this news article is probably the first anyone in the government here has heard about it (probably the first most people have heard about it). What will happen is the Central Bank of China will assert it's right to control currency inside the country and ban the acceptance of bitcoin for goods or services.

On a more practical level the bitcoin website is likely to be blocked.

There will be plenty of Chinese people using bitcoin once it catches on, despite a government ban.

There shouldn't be any vanishing as a result of bitcoin use.

Does anyone know how the government in China looks at bitcoin yet. Will be see people mysteriously 'vanish' when they're caught mining by the secret police? Will bitcoin.org and other sites be blocked? Perhaps chinese residents getting into bitcoin should take their precautions? I am just saying, the Chinese government is know for having strict control and we all know about 'the great firewall of china'.  Apart from these issues, China surely is a huge market!

You know, most Chinese are human, mostly average. It's not like there's an army of uber communazi's here waiting to take over the world only to be held back by their lack of English.

Nice to see. Good post..

Ok based on something like this, I'd say we're going to see a HUGE increase in network hashing capability.

One major problem with that it will probably be massive amounts of messed up stuff and botnet traffic to pools. As the average computer users here has 0 comprehension of stuff like security and following instructions to the letter. These normal users are in STARK contrast to a large group of Chinese users with fantastic tech skills but 0 language skills.

This could be a good chance for someone to make a BTC or two by doing a Chinese language GUI for GUIMINER or something similar.


 

Women.. Hehe.


Sounds like a good man for the bitcoin community.

Blog: http://themonetaryfuture.blogspot.com/
Twitter: http://twitter.com/#!/jonmatonis

According to his twitter:



Apparently he was thinking of ideas like bitcoin before bitcoin were made:

http://everyjoe.com/work/the-essentials-of-digital-cash-with-jon-matonis-162/

Nice...thx for posting this.

Article is here:

http://www.infzm.com/content/61130


Google Translated:

http://translate.google.ie/translate?js=n&prev=_t&hl=en&ie=UTF-8&layout=2&eotf=1&sl=zh-CN&tl=en&u=http%3A%2F%2Fwww.infzm.com%2Fcontent%2F61130

Overall a fairly balanced article, good journalism actually. I've bought the paper and it's a full broadsheet page.