Topic: China banking crisis pointer to Bitcoin credibility - page 2. (Read 276 times)

yep alot of western media falsely portray china as a country where no one can access their money and those that can have every bit of money watched and controlled where they all have to use a certain app where their whole life history and medical records and daily lives are all watched. .. thats all BULLCRAP

you can go to any travel agent anywhere and ask for chinese currency and not get interrogated. yep china's money is not all digital locked to an app. nor requires KYC for every small amount.

its much the same system as america. should people ever get out of their basements and bother travelling

Try to cover more facts and at that go the extra mile to make everything clear to readers, just as one member already stated the situation is not with the central bank of China but just a region, and even from what I saw on credit, the videos does not contain details such as viewed boards with bank name on it. So we should keep looking at things to see how the situation unfolds in China.

they dont fear bitcoin replacing their fiat, or 'taking over'.. no government does
they have laws and stuff to keep fiat in circulation, like minimum wage, tax, retail market rates, forex, pension insurance, employee contributions, court fine (you know legal tender laws) lots of little things all merge together to keep fiat circulating

their fear is the criminal enterprise doing scams, ransom ware, stealing electric which went rampent over there. so much so it was hard to police it. funding of terrorism, arson, murder, antigov protests etc etc

but they cant exactly just go straight to a regulatory policy with permits and licences where there are penalties for illicit use, because at the earlier point there were no laws against it.
part of the staging of all licenses and policing and permitting of stuff that come with penalties first requires banning it and then spending a few years developing policies and frameworks to then allow permits and licences and have police/authorities with tools and methods to then police and penalise the illicit use

I don't really understand what the penalty is for violating the ban on the transportation of everything related to bitcoin. But if you're there and stick with bitcoin are you not worried about your situation? The government's ban is reasonable, they don't want to be replaced by crypto that they can't control. Since the chinese system of government adheres to communist rule of course it can undermine that system.  Actually china as a big country and started to compete with the united states. But we know America alone is having Macro difficulties as well as China I think the same.
If the chinese government owns BTC will it change the situation? i think not. Because the price of BTC is also in a down and it is bad for the financial state of a country. So I think all the countries of the world are in a period of recovery and have almost the same economic problems.

the actual events were 'supposedly'

that not the central bank. but 4 branches in a certain region were being ran by a criminal gang that took over or bribed the local branch managers. where by over years they infiltrated those bank branches.
recently this year. things got noticed. people started to do a 'bank run' on those bank branches and those bank branches then put a stop to all withdrawals and the central bank said they would insure peoples value and that their funds were safe and wait it out so they can reimburse people.

people then protested that they wanted and needed their money now, not on central banks insurance schedule.

the 'consent of the citizens' is probably bad translation of 'consent of the people' i.e the peoples bank of china i.e the central bank.

that said.
yes having btc via a private key the owner has(not custodian service) does protect people from these custodian stuff.. because the blockchain allows people to hold their own value.. however so does fiat.. yep thats right even in china peopel can own paper fiat without a custodian.. (though you will never hear fox news mention this)
but...
.. bitcoin as a community/industry/system does not stop custodian services from offering custodian services and there are like 60-80mill+ accounts in just coinbase alone that show that alot of people are handing btc to custodians where custodians have and do freeze accounts and stop people from accessing their btc.

Did you mean "consent of the citizens here? What does that mean?


I think China's initial ban seemed more of a way to get people to invest locally (especially when the economy started to drop/plateau).

But yes bitcoin savings stored with your own private keys are very immutable and as safe as your key and only your key.

In recent days a lot of bad news have been coming in from China's central bank, how the right of the citizens have been trampled upon by the China Central Bank and government.
If you will recall china has been at the center of anti-Bitcoin policy and is that is the reason why most Bitcoin mining and other Bitcoin activities are banned in China, even though china used to be the highest country to house Bitcoin mining the Bitcoin harsh rate dropped significantly due to the ban.
Now the citizens are deprived access to they savings in the bank in China and the only reason given is that their savings have been turned into investments and can't be withdrawn without the consent of the citizens
This can't happen with Bitcoin if your savings are in Bitcoin and in your private wallets, one will have access to it at whatever time or place. This is why China government do not want freedom that  Bitcoin offers due to Bitcoin decentralized nature.