China central bank going to release their own digital currency good for bitcoin?

Searing

copper member

Activity: 2898

Merit: 1465

Clueless!

well they banned btc w/o having their 'own digital currency'

it would be 'my guess' that if they did have such a digital china govt backed currency

released it...and BTC or LTC or whatever started to 'kick its butt'

they would turn around and 'ban' all crypto but their 'own'

not saying it is the 'brightest' strategy..but how they run and manipulate their own

stock market....seems frigging likely imho

my 2 Satoshi's worth

(the ways of the Chinese gov't are mysterious to me...now if their coin was sha-256 based....no pre-mine starts at say midnight x/x/xxxx
well I'd crank the old KNC 550 gh Jupiter up...and paint me a 'pinko china red'

heh...talk about getting 'adoption' every frigging usb stick/old asic and gpu piece of crap would be a 'blazing' off the mark lol

alas my knc 550 gh Jupiter miner now acts as a 'gravity assist device' to keep my miner workbench on the earth Sad

lostgonzo.imgur.com

my setup (see album with exhaust fan pic..which I can't seem to change) soon they will all be 'doorstops'

likely the China coin should it exist would be 'POS' anyway imho

anyway ..my 'guess' is if their govt coin got some kinda 'traction' (prob by tossing $$$ at it ..its what china gov't does)

then suddenly 'btc' would be 'evil' again Sad

Karartma1

legendary

Activity: 2310

Merit: 1422

Quote from: QuintLeo on January 22, 2016, 02:48:20 AM

Quote from: Karartma1 on January 21, 2016, 03:45:39 AM

We are talking about China, basically a dictatorship.

Oligarchy, actually - but it's still a SMALL circle of people that control the place, not even in the ballpark of a representative type government, and a government that seems inclined to start trying to push it's weight around in disreguard of the international community (though not as beligerant about it as North Korea, China seems more inclined to actually PUSH things the last couple years).

Yes sorry my bad. Anyway I'm afraid China does not have a good reputation so far even if it can't be seen as North Korea, or at least, not at the moment.

Quote from: spazzdla on January 21, 2016, 10:13:36 AM

Quote from: Karartma1 on January 21, 2016, 03:45:39 AM

We are talking about China, basically a dictatorship. What will happen when and if they will also be able to control the money supply thanks to any digital mean? I don't know but that does not look good to me.
As others said this coin will have nothing to do with BTC.

I have been warning of the power blockchain gives to govs... it's a very dangerous tool... Those claims the NSA created are starting to get a bit of traction with me.. the prefect tool for enslavement of the entire human race hidden as the thing that will free us.. brilliantly evil

Aldous Huxley predicted it as I see it in Brave New World: we will be put in chains by the things we liked more than those we don't.
Yes, brilliantly evil if it will happen.

QuintLeo

legendary

Activity: 1498

Merit: 1030

Quote from: Karartma1 on January 21, 2016, 03:45:39 AM

We are talking about China, basically a dictatorship.

Oligarchy, actually - but it's still a SMALL circle of people that control the place, not even in the ballpark of a representative type government, and a government that seems inclined to start trying to push it's weight around in disreguard of the international community (though not as beligerant about it as North Korea, China seems more inclined to actually PUSH things the last couple years).

cellard

legendary

Activity: 1372

Merit: 1252

This is fantastic for Bitcoin. It will turn out to be just yet another altcoin run by incompetent drones without a cypherpunk backwrong which are the people that always deliver the best software in the open source field. This will be a great way to make some extra Bitcoin tho.

spazzdla

legendary

Activity: 1722

Merit: 1000

Quote from: Karartma1 on January 21, 2016, 03:45:39 AM

We are talking about China, basically a dictatorship. What will happen when and if they will also be able to control the money supply thanks to any digital mean? I don't know but that does not look good to me.
As others said this coin will have nothing to do with BTC.

I have been warning of the power blockchain gives to govs... it's a very dangerous tool... Those claims the NSA created are starting to get a bit of traction with me.. the prefect tool for enslavement of the entire human race hidden as the thing that will free us.. brilliantly evil

Karartma1

legendary

Activity: 2310

Merit: 1422

We are talking about China, basically a dictatorship. What will happen when and if they will also be able to control the money supply thanks to any digital mean? I don't know but that does not look good to me.
As others said this coin will have nothing to do with BTC.

Amph

legendary

Activity: 3248

Merit: 1072

Quote from: kwukduck on January 20, 2016, 03:40:59 PM

Quote from: Amph on January 20, 2016, 02:37:46 PM

Quote from: kwukduck on January 20, 2016, 12:43:55 PM

Quote from: Amph on January 20, 2016, 10:42:51 AM

it's the same shit as citycoin, nothing will change those coin will be centralized, akin to a pos coins that is distributed by a single entity and the value will be given by this entity

so i can not see how this is will be a competitor of bitcoin really, any centralized thing will not be a competitor of bitcoin

Ahh yes.. centralized... can't have that... oh wait... bitcoin is centralized...

where is bitcoin centralized? mining, where, all pool are working alone and they ar enot mining 51%, farms? where? all farm are governed by their entity which has nothing to do with another farm, even between farm from the same country

Convince the operators of antpool and f2pool to change the system one way or another and there you have your 51%

yeah a 51%(still you need to convince them...i doubt) that will not hardm the network in any way, like with ghash in the past

rezilient

hero member

Activity: 574

Merit: 500

This is likely going to fail in my opinion, no other country would want to use it if its controlled by other country which it makes it useless. Try as they can they will not beat bitcoin maybe unless if they make it as a decentralized Crypto currency.

manis

sr. member

Activity: 303

Merit: 250

Quote from: BlindMayorBitcorn on January 20, 2016, 08:26:26 PM

No good puns yet? ChinaCoin is as far as I've got so far.

And I believe that's been taken. Grin

Chinkycoin has quite a few chinks in its armour.
It is destined to fail.

BlindMayorBitcorn

legendary

Activity: 1260

Merit: 1116

No good puns yet? ChinaCoin is as far as I've got so far.

And I believe that's been taken. Grin

jjacob

legendary

Activity: 1554

Merit: 1026

★Nitrogensports.eu★

The Chinese are buying bitcoins to circumvent capital controls.
That definitely won't be possible with the digital yuan.

2015Bubble

full member

Activity: 196

Merit: 100

pre mine centralized shitcoin?
Where can I buy it? Cryptsy?

tablemanic

newbie

Activity: 11

Merit: 0

The Chinese market clearly interprets this as something very bullish and positive for bitcoin, and as the Chinese people understands their government and culture much better than us, I think it's safe to say that this is good for bitcoin.

olloman

sr. member

Activity: 433

Merit: 250

Crypto Angel

Quote from: Dtbgba on January 20, 2016, 10:35:12 AM

[...]Therefor they are going to release their own digital currency (used blockchain technology ofc)[...]

since they precisely stated "digital currency" it is pretty clear that it is going to be centralized, hence not using blockchain technology, otherwise they would have used the term cryptocurrency

kwukduck

legendary

Activity: 1937

Merit: 1001

Quote from: Amph on January 20, 2016, 02:37:46 PM

Quote from: kwukduck on January 20, 2016, 12:43:55 PM

Quote from: Amph on January 20, 2016, 10:42:51 AM

it's the same shit as citycoin, nothing will change those coin will be centralized, akin to a pos coins that is distributed by a single entity and the value will be given by this entity

so i can not see how this is will be a competitor of bitcoin really, any centralized thing will not be a competitor of bitcoin

Ahh yes.. centralized... can't have that... oh wait... bitcoin is centralized...

where is bitcoin centralized? mining, where, all pool are working alone and they ar enot mining 51%, farms? where? all farm are governed by their entity which has nothing to do with another farm, even between farm from the same country

Convince the operators of antpool and f2pool to change the system one way or another and there you have your 51%

QuintLeo

legendary

Activity: 1498

Merit: 1030

Given how little yuan is used outside of China, I don't see a "digitalised yuan" type currentcy being any real competition for Bitcoin.

On the other hand, it does represent a strong INDIRECT endorsement of Bitcoin technology - as long as the Chinese don't decide to make competition with THEIR OFFICIAL digital currency illegal at some future point.

Amph

legendary

Activity: 3248

Merit: 1072

Quote from: kwukduck on January 20, 2016, 12:43:55 PM

Quote from: Amph on January 20, 2016, 10:42:51 AM

it's the same shit as citycoin, nothing will change those coin will be centralized, akin to a pos coins that is distributed by a single entity and the value will be given by this entity

so i can not see how this is will be a competitor of bitcoin really, any centralized thing will not be a competitor of bitcoin

Ahh yes.. centralized... can't have that... oh wait... bitcoin is centralized...

where is bitcoin centralized? mining, where, all pool are working alone and they ar enot mining 51%, farms? where? all farm are governed by their entity which has nothing to do with another farm, even between farm from the same country

sandiman

hero member

Activity: 560

Merit: 501

Another way from Chinese government to get control over something that was slipping through its fingers.

Some people are not believing the latest national figures that Chinese government announced the beginning of this week. Thus, maybe getting control over what could be the future of currency could help them to remain opaque in the operations.

kwukduck

legendary

Activity: 1937

Merit: 1001

Quote from: Amph on January 20, 2016, 10:42:51 AM

it's the same shit as citycoin, nothing will change those coin will be centralized, akin to a pos coins that is distributed by a single entity and the value will be given by this entity

so i can not see how this is will be a competitor of bitcoin really, any centralized thing will not be a competitor of bitcoin

Ahh yes.. centralized... can't have that... oh wait... bitcoin is centralized...

spazzdla

legendary

Activity: 1722

Merit: 1000

Quote from: thesonandheir on January 20, 2016, 10:46:54 AM

Main difference is PBOC will want to print as many as they can. Which isn't possible in BTC.

That is perfectly okay though, a gov wants to have control of it's money and uses Gold and Bitcoin to help back it. This is AMAZING, AMAZING news.

One will hold BTC as they hold gold and use their countries cryptocurrency/paper currency to get paid and buy shit.

Topic: China central bank going to release their own digital currency good for bitcoin? (Read 1757 times)