Topic: China banking crisis pointer to Bitcoin credibility (Read 322 times)

Yesterday, several papers reported on China's secret plans to quietly court bitcoin through Hong Kong. There are some who believe that the decision is a result of the recent bad relations between China and the United States. What direction should this news lead?

.https://www.google.com/url?sa=t&source=web&rct=j&url=https://www.straitstimes.com/business/chinese-banks-court-crypto-firms-in-hong-kong-after-mainland-ban&ved=2ahUKEwjs2-Oaqv_9AhWwi_0HHYI0AxgQFnoECA0QAQ&usg=AOvVaw1fn58NoNzRne8S1gKLnEPI

China is a highly centralized system where everything from money to life is strictly controlled by government, but it has its drawbacks, you push one domino, all others will fall along China can never allow crypto without a significant change in its governing structure. China has actually indebted many countries around the globe including Srilanka, Pakistan, and many others, Most of whom have defaulted and It had stretched itself too thin, and now it depend on citizens money to fund its own expenses. So a banking crash was inevitable. Now if it doesn't sanction its own populace, china will crumble under own weight

and how many mining farms have gone public on america's nasdaq
you will find that the ones that are listed. they are not actually applying as 100% mining company. but termed on the application as vague services to get around certain application restrictions american SEC has

EG
https://www.investopedia.com/markets/quote?tvwidgetsymbol=CAN

well UK/america banned/prohibited multiple drugs and it took about 100 years to then licence/permit public use
well UK/america banned/prohibited alcohol and it took multiple years to then licence/permit public use

so i wont consider a licence/regulated use situation to be a 'never gonna happen' story
but we cant tell how long exactly it might take for them to sort out a path to be able to regulate/police crypto where it cant be abused and unpunished for those that go to extremes of using it maliciously (stealing electric/scammers/hackers/etc)

It means, permission from the citizens that own those savings account. Because the central bank have the total control over the money saved be the citizens in the bank.

Would  you say China's government did it better than any government after banning BTC mining? Or would they come up with a regulation one day?
I don't see situation like holding money withdrawals from banks only happens in China, it happens everywhere even in Canada.

What he meant "China want to control everything" is the CCP intervening businesses in the country. JackMa for example wants to hold IPO for the Antgroup and then CCP, stopped it whereby we as outsiders of China are not able to participate.

The banking system is controlled by the government and the current scene in China clearly depicts why they were banning bitcoin usage and now these banking crisis have made people loose their life savings.

With btc you have no worries like this that funds will be confiscated and you are unable to withdraw your funds only but only thing is volatility but if you hold it for long term you can get profits.

That's the problem.

Almost everybody who trade bitcoin is holding their coins on an exchange because they are traders and there are probably more traders than holders. Even a portion of holders are holding their coins on an exchange which is quite stupid. If you can't secure your own private wallet you shouldn't be holding bitcoin imo.

This might be one of the reasons. I also read that China has banned cryptos to curtail financial crimes and avoid economic stability.

Governments are not trusted. Central banks are not trusted. They don't protect your money after you deposit it to banks. KYC is required when you use banks but is it matter if it can not help you to actually own your money?

Recent events should make you withdraw all your coins to your own wallet: Part 2
Why KYC is extremely dangerous – and useless

With Bitcoin, if you own a key, you own your coin actually. Governments, banks can not get your coins if they don't have your keys one way or another.

and in bitcoin you cant rely on custodial services, and at the moment none of the sidechains,altnets, subnets (some call layers) as although bitcoins locks secure. what happens on other networks for how they handle the pegs are not strong

Even if the headline isn't exactly accurate, I'm hoping this, and the events in Russia/Ukraine sort of wake people up to why they can't rely on banks. There's several weak points, where they'll just stop trading or outright reject your right to withdraw your money.

We saw it in Russia when the war started, with people struggling to take their money out, and we're seeing it with this, despite this being a rather small scale event in comparison, it's still a worthy reason to start considering Bitcoin as an alternative. This could be a blessing in disguise. Obviously, I do feel for those having difficulties at the moment.

you got things the wrong way round

bitcoins 'value' is not found at the top.. an ATH is not the stable point where bitcoin suppose to live.
the ATH is the temporary speculative event of hyper bubble speculation.. its the HIGH that has no explanation..
returning to a low is the correction.

But you know what can happen with Bitcoin? Your savings can go down by 50-80% down for no reason. Bitcoin's value is based on pure speculation, and no one has any good idea whether it will go to $1,000,000 or $1,000. Bitcoin can't be a backbone of financial system, not until it is used by half of people in the world, and not just a few dozens of millions of people.

How much more do they need to stress it? Not your keys, not your coins. One your funds are in the bank and controlled by the government then you have nothing to control. This will continue even in another country. We have seen the case of the truckers in Canada now China currently after banning anything related to Bitcoin.
The information bis for those that have their possession, hundred percent of their possession in the bank. It's better you split it and place them in your Bitcoin Wallet.

China wants to control every aspect of their citizens life... and their finances are just one of those things that will be targeted. The thing is.... as long as the citizens are fine with it, nothing will change. The Chinese government banned Bitcoin mining and nobody said anything.... they simply packed up their operations and relocated to other countries. 

The "West" will never truly understand the culture and discipline of the Chinese people, so they will criticize a move like this, but for the Chinese citizens... this is just another sacrifice that they must make. 

you may want to study up on how banks work.

you do realise that in america.. there are more people in prison than in china.. and yea china have 4x more citizens but less prisoners.

do you know that london has more CCTV cameras than the main cities of china..

you do know that china dont force people to use a single app right.

im not chinese. im british and im white... . but im not a fox news fanboy that believes whatever media try to tell me. i actualy get on a plane and visit countries.

and no people are not brutalised for forgetting to bow at the picture of the chinese president. meaning no they are not forced to do that too.

wake up.
america is not "great" their GDP is filled with debt(QE) so is britain.
china has more population and more spending value per person than america and britain.
but america dont want you to know about that.

point is
dont go full racist when trying to make bitcoin look good. bitcoin doesnt need racism or mis information or exaggeration to look good. bitcoin does its job. i have my coins on legacy addresses and they do fine all by themselves with no interferance. thats all that matters

if you want a real demonstration
take satoshis coins from 2009. like the coin reward of block 9 where he spent funds to hal and had some left over coins which to this day no one has been able to hack or find the identity of the bitcoin inventor. that in-itself shows bitcoins utility
https://www.blockchain.com/btc/address/12cbQLTFMXRnSzktFkuoG3eHoMeFtpTu3S?page=11

The central banks have been on trial of Bitcoin simply because Bitcoin undo the slavery system of banking institutions, and china government was too hard on Bitcoin and other cryptocurrencies. How can a bank auto invest people funds without they consent.

It should have been realized from the start, because the adherents of the communist system will not allow the flow of financial funds to flow in one shelter. It must be shared equally and must be shared by all parties. What belongs to you means belongs to the state. Likewise in the finances generated from Bitcoin there.

Talking about Chinese banks means that access is really organized and fully controlled, every citizen has no right to freedom unless he signs it all with the rights of the state.

This kind thread has been discussed so many times and I don't know why it should be repeated? Everyone already know Bitcoin is decentralized and can't be frozen if you hold your coins on non custodial wallet. You can also maximize your privacy by using Bitcoin mixer and decentralized exchanges to not link your coins to any centralized party that will harm your privacy.

Is there anyone who doesn't know China want to control everything and strict about their dictatorship, also with Bitcoin as decentralized currency?