China is going cashless with more centralization

audaciousbeing

hero member

Activity: 1330

Merit: 569

Quote from: alani123 on January 14, 2018, 06:58:16 PM

I watched a video today: https://m.youtube.com/watch?v=WWY7A221hwA

China is leapfrogging credit cards to jump directly into the adoption of mobile payments. An oligopoly is in place and as the adoption of the tech rises fast, it's not set to change. Now the Communist government is seeking to control such payments even more and the biggest payment companies are likely to cooperate. Perhaps one day people there would appreciate decentralization but for now the majority of the Chinese seem really careless about p2p tech and payments.

Even if I have been critical of the Chinese government concerning their attitude to bitcoin but this is not something China does not have monopoly over because its gradually the same thing in all the countries. One thing that we need to understand is that every country will adopt any technology in its financial industry so far its still keep the AUTHORITY OF THE STATE no matter how insane that technology is.

Over here, mobile payments is even more pronounced than credit cards of a thing because we actually moved passed credit card era. Now you can do practically everything via your mobile phone and now we are now going cardless to withdraw from the ATMs but would not adopt bitcoin that gives the freedom.

Kakmakr

legendary

Activity: 3542

Merit: 1965

Leading Crypto Sports Betting & Casino Platform

Quote from: pinkflower on January 16, 2018, 09:03:37 PM

Quote from: Kakmakr on January 16, 2018, 01:38:00 AM

Quote from: pinkflower on January 14, 2018, 09:24:11 PM

Quote from: alani123 on January 14, 2018, 06:58:16 PM

I watched a video today: https://m.youtube.com/watch?v=WWY7A221hwA

China is leapfrogging credit cards to jump directly into the adoption of mobile payments. An oligopoly is in place and as the adoption of the tech rises fast, it's not set to change. Now the Communist government is seeking to control such payments even more and the biggest payment companies are likely to cooperate. Perhaps one day people there would appreciate decentralization but for now the majority of the Chinese seem really careless about p2p tech and payments.

Careless? They are really careful in maintaining control of their financial system. BTC is a threat to that control thats why they were so keen in having it banned.

Anyhow, why would the Chinese government fully accept something that they cant control?

They find ways to create a competitive GovCoin and they give that their full support. At the same time, they ban other Crypto currencies, to eliminate the competition. Viola! They have control again and they can track all transactions, done by every citizen in their country.

What then would be the difference between that and CNY? No Bitcoiner would be stupid enough to convert their BTC to a Chinese Govcoin that is controlled by a government and that does not give cross border payment properties like BTC.

It would be focussed on "Chinese citizens Only" as a replacement for their local fiat currency. Many countries are looking for a replacement for Cash, because Cash is too anonymous.

This is not a new concept, https://cointelegraph.com/news/danish-central-bank-to-digitalize-national-currency

The challenge will be to give rural areas some sort of connectivity and even electricity to enable this as a currency. They will most probably do something similar to M-Pesa, that will ran on centralized mobile networks.

alani123

legendary

Activity: 2422

Merit: 1451

Leading Crypto Sports Betting & Casino Platform

Quote from: CryptoBry on January 16, 2018, 01:33:36 AM

Quote from: alani123 on January 14, 2018, 06:58:16 PM

I watched a video today: https://m.youtube.com/watch?v=WWY7A221hwA

China is leapfrogging credit cards to jump directly into the adoption of mobile payments. An oligopoly is in place and as the adoption of the tech rises fast, it's not set to change. Now the Communist government is seeking to control such payments even more and the biggest payment companies are likely to cooperate. Perhaps one day people there would appreciate decentralization but for now the majority of the Chinese seem really careless about p2p tech and payments.

This must be all part of the overarching economic vision set forth by the leadership of China as it seeks dominance and full leadership of the global economy. There is no question that China will soon be the top economy displacing the fooled and sluggish USA and Europe. Soon all countries of the world would be under the great influence of China and since it will have the money it can do anything and everything it wanted to in the international scene. we are already witnessing how this country can be good in one side but bully on the other side.

This could be trusted. It was recently on the news that AliPay's parent company tried to buy MoneyGram, a US based remittance company with branches. All over the world. US regulators shut down their bid in fears of national security. I am not American but I know that if my country had such big companies my government wouldn't give a rip about them being sold to communist state business es. It's one of the few times I see regulation sounding reasonable. Hopefully this will help crypto with its share in the market.

pinkflower

sr. member

Activity: 868

Merit: 259

Quote from: Kakmakr on January 16, 2018, 01:38:00 AM

Quote from: pinkflower on January 14, 2018, 09:24:11 PM

Quote from: alani123 on January 14, 2018, 06:58:16 PM

I watched a video today: https://m.youtube.com/watch?v=WWY7A221hwA

China is leapfrogging credit cards to jump directly into the adoption of mobile payments. An oligopoly is in place and as the adoption of the tech rises fast, it's not set to change. Now the Communist government is seeking to control such payments even more and the biggest payment companies are likely to cooperate. Perhaps one day people there would appreciate decentralization but for now the majority of the Chinese seem really careless about p2p tech and payments.

Careless? They are really careful in maintaining control of their financial system. BTC is a threat to that control thats why they were so keen in having it banned.

Anyhow, why would the Chinese government fully accept something that they cant control?

They find ways to create a competitive GovCoin and they give that their full support. At the same time, they ban other Crypto currencies, to eliminate the competition. Viola! They have control again and they can track all transactions, done by every citizen in their country.

What then would be the difference between that and CNY? No Bitcoiner would be stupid enough to convert their BTC to a Chinese Govcoin that is controlled by a government and that does not give cross border payment properties like BTC.

francojon

member

Activity: 238

Merit: 11

Quote from: alani123 on January 14, 2018, 06:58:16 PM

I watched a video today: https://m.youtube.com/watch?v=WWY7A221hwA

China is leapfrogging credit cards to jump directly into the adoption of mobile payments. An oligopoly is in place and as the adoption of the tech rises fast, it's not set to change. Now the Communist government is seeking to control such payments even more and the biggest payment companies are likely to cooperate. Perhaps one day people there would appreciate decentralization but for now the majority of the Chinese seem really careless about p2p tech and payments.

Yep, that is the problem with China really, everything is controlled and it has to be in the hands of "loyal" people. As a westerner I dislike the system, but I have to say that it does seem to work reasonably well in the last decades. That is, if you don´t consider global warming and heavy pollution in the equation.

Hydrogen

legendary

Activity: 2562

Merit: 1441

I see some people saying centralization is better, it gives more control! (There's no denying that.)

However, to successfully innovate and progress, people need a certain degree of freedom. They need to be able to exercise their imagination, their creativity to invent new things which advance civilization and society forward.

Nations like china are not known for inventing or creating things. Maybe they lack the freedom to do so? They do well when they counterfeit the inventions of other countries. They pirate DVD's, CDs, games and "borrow" a lot of patented and copyrighted intellectual property. They have ever gone so far as to steal stealth and drone technology from the USA which they incorporated into their own defense programs. However, it might be fair to say their progress is hampered by the state's overbearing and controlling nature which inhibits the type of innovation that the united states has historically been known for.

There aren't many chinese who start a business in their garage which goes on to become the next google or apple. Perhaps the state's "control" prevents that type of innovation and progress?

Mometaskers

hero member

Activity: 1764

Merit: 584

Quote from: szpalata on January 15, 2018, 05:30:28 PM

Quote from: Mometaskers on January 15, 2018, 04:36:57 PM

Don't they already pay for stuff using chat apps? Alipay and WeChat? China is basically paving the way for every government's wet dreams, total control of money. Since these app also collect your data, they'd know what stuff you are buying, who you are socializing with, etc. Big Brother ain't far behind.

The Chinese government seems to be active lately about his monetary issues and is doing everything to control how money flows in its jurisdiction but hope he will not drive away foreign investors by his nosy policies in recent times.

Since when have they not tried to have a strict control of their finances. But China Uncensored was right, these payment options took off in China because unlike in the US, they were not into using credit cards. Unless they can prepare for it, getting rid of cash might make it harder to attract tourists, especially if you would require them to download those same apps the CPC use to spy on its citizens.

I wonder how things would have turned out if Alipay was successful in acquiring Moneygram though, if the US gov't would take hints into further centralization. After all when it comes to being nosy, these two are en par with each other.

frowsiter

sr. member

Activity: 714

Merit: 261

Quote from: alani123 on January 14, 2018, 06:58:16 PM

I watched a video today: https://m.youtube.com/watch?v=WWY7A221hwA

China is leapfrogging credit cards to jump directly into the adoption of mobile payments. An oligopoly is in place and as the adoption of the tech rises fast, it's not set to change. Now the Communist government is seeking to control such payments even more and the biggest payment companies are likely to cooperate. Perhaps one day people there would appreciate decentralization but for now the majority of the Chinese seem really careless about p2p tech and payments.

That will work promptly for the future and at anytime because centralised systems are always perfect. As they form the part of regulations there is trust and surety of everything. The funds are faster because in the long term their systems would have evolved to higher dimension. As in case of bitcoin we are developing but the field is still new and there is no way one can stop it. Its just matter of time when centralised procedures will also take the leap and who knows at that time China will jump in again and will start growing the P2P platform for their sake.

In case of government controlling the money, they will also have chance to do so with decentralised platform by implementing partial regulations. Well, if government took that seriously then we can think about that.

blueteam09

full member

Activity: 664

Merit: 100

📱 CARTESI 📱 INFRASTRUCTURE FOR SCA

Quote from: alani123 on January 14, 2018, 06:58:16 PM

I watched a video today: https://m.youtube.com/watch?v=WWY7A221hwA

China is leapfrogging credit cards to jump directly into the adoption of mobile payments. An oligopoly is in place and as the adoption of the tech rises fast, it's not set to change. Now the Communist government is seeking to control such payments even more and the biggest payment companies are likely to cooperate. Perhaps one day people there would appreciate decentralization but for now the majority of the Chinese seem really careless about p2p tech and payments.

This certainly does not happen because so many people hate using technology so cash still exists. Many people do not have the ability to own smartphone so this will not become a reality.

ganlianshifu1

member

Activity: 392

Merit: 10

The main purpose of modernization and concentration is to better supervise! Good supervision can better control! Some of what they do is to regulate the country's finance and prevent capital flight! Recently, bitcoin has been removed from the country, this is a very obvious signal!

Idrisu

sr. member

Activity: 924

Merit: 260

Quote from: alani123 on January 14, 2018, 06:58:16 PM

I watched a video today: https://m.youtube.com/watch?v=WWY7A221hwA

China is leapfrogging credit cards to jump directly into the adoption of mobile payments. An oligopoly is in place and as the adoption of the tech rises fast, it's not set to change. Now the Communist government is seeking to control such payments even more and the biggest payment companies are likely to cooperate. Perhaps one day people there would appreciate decentralization but for now the majority of the Chinese seem really careless about p2p tech and payments.

That is one of the disadvantages of communist government, they always love decentralized system and hate decentralized system. The idea of going cashless is a good one but p2p this the best system and that is what they regulatory agency are fighting to kill. The populace should be concerned about this and the earlier they come back to cryptocurrencies the better.

likeBTC

full member

Activity: 151

Merit: 100

A lot of people have always been saying that China was the first country that wanted to centralize everything, their monetary system, and everything, i saw a lot of videos on the internet, and maybe it seems to be a conspiracy, but for me, it is really happening.

Kakmakr

legendary

Activity: 3542

Merit: 1965

Leading Crypto Sports Betting & Casino Platform

Quote from: pinkflower on January 14, 2018, 09:24:11 PM

Quote from: alani123 on January 14, 2018, 06:58:16 PM

I watched a video today: https://m.youtube.com/watch?v=WWY7A221hwA

China is leapfrogging credit cards to jump directly into the adoption of mobile payments. An oligopoly is in place and as the adoption of the tech rises fast, it's not set to change. Now the Communist government is seeking to control such payments even more and the biggest payment companies are likely to cooperate. Perhaps one day people there would appreciate decentralization but for now the majority of the Chinese seem really careless about p2p tech and payments.

Careless? They are really careful in maintaining control of their financial system. BTC is a threat to that control thats why they were so keen in having it banned.

Anyhow, why would the Chinese government fully accept something that they cant control?

They find ways to create a competitive GovCoin and they give that their full support. At the same time, they ban other Crypto currencies, to eliminate the competition. Viola! They have control again and they can track all transactions, done by every citizen in their country.

The Chinese has not dominated almost all global commodities and markets, because they are fools. They have done this, with calculated strategies, with perfect precision.

CryptoBry

sr. member

Activity: 1008

Merit: 355

Quote from: alani123 on January 14, 2018, 06:58:16 PM

I watched a video today: https://m.youtube.com/watch?v=WWY7A221hwA

China is leapfrogging credit cards to jump directly into the adoption of mobile payments. An oligopoly is in place and as the adoption of the tech rises fast, it's not set to change. Now the Communist government is seeking to control such payments even more and the biggest payment companies are likely to cooperate. Perhaps one day people there would appreciate decentralization but for now the majority of the Chinese seem really careless about p2p tech and payments.

This must be all part of the overarching economic vision set forth by the leadership of China as it seeks dominance and full leadership of the global economy. There is no question that China will soon be the top economy displacing the fooled and sluggish USA and Europe. Soon all countries of the world would be under the great influence of China and since it will have the money it can do anything and everything it wanted to in the international scene. we are already witnessing how this country can be good in one side but bully on the other side.

jseverson

hero member

Activity: 1834

Merit: 759

Quote from: Mometaskers on January 15, 2018, 04:36:57 PM

Don't they already pay for stuff using chat apps? Alipay and WeChat? China is basically paving the way for every government's wet dreams, total control of money. Since these app also collect your data, they'd know what stuff you are buying, who you are socializing with, etc. Big Brother ain't far behind.

Yep, this is true. You can't really expect anything less out of a totalitarian country. China wants total control, and Bitcoin is a threat to that. No wonder they've been so anti-crypto recently. I used to wonder why they were trying to restrict mining considering it brings money in and not out, but I didn't look at it from a control angle. It might be better for them to move out now to reduce the impact of a seemingly inevitable ban.

There are also talks about banning Huawei and ZTE technology from government contracts in the US right now because of their close ties with the Chinese Communist Party. It's pretty ridiculous.

audrey12

full member

Activity: 210

Merit: 108

China study bitcoin very well that they were able to adopt such currency in their economy and the best thing that I think this country would be very proud of is that this is centralized that any transactions can be monitored and traced by their governments. The only problem I see is that I think having an own crypto currency will not help the economy of a certain country to grow because restrictions will take place unlike in bitcoin that is decentralized and available worldwide.

burner2014

hero member

Activity: 952

Merit: 515

Quote from: sofi@ on January 15, 2018, 10:51:59 PM

No wonder China will make such move after deciding to banned bitcoin exchange in their country I am also expecting they will introduce their own currency to divert bitcoin market so that they will have full control over their crypto currency. I think one reason why many countries do not want legalization of bitcoin is because it is decentralized and like China sooner they will start creating their own cryptos.

Thanks to bitcoin, they have come up with a good idea that will make sure they will be the first to do it, doing a cashless society is a great and less hassle, so I would love to do it as well in our country but I know that it will take time and it cost a lot of studies before it will implemented but when China finally do it then other countries will be open for this kind too.

sofi@

full member

Activity: 238

Merit: 108

No wonder China will make such move after deciding to banned bitcoin exchange in their country I am also expecting they will introduce their own currency to divert bitcoin market so that they will have full control over their crypto currency. I think one reason why many countries do not want legalization of bitcoin is because it is decentralized and like China sooner they will start creating their own cryptos.

whirlcoin

full member

Activity: 602

Merit: 111

Quote from: alani123 on January 14, 2018, 06:58:16 PM

I watched a video today: https://m.youtube.com/watch?v=WWY7A221hwA

China is leapfrogging credit cards to jump directly into the adoption of mobile payments. An oligopoly is in place and as the adoption of the tech rises fast, it's not set to change. Now the Communist government is seeking to control such payments even more and the biggest payment companies are likely to cooperate. Perhaps one day people there would appreciate decentralization but for now the majority of the Chinese seem really careless about p2p tech and payments.

Cashless transactions using fiat money over internet is not safe.Thats why the bitcoin was created so they have to understand the importance of cryotocurrencies.But China government doesn't want to make room for cryotocurrencies I don't know what is the main reason for oppposing decentralized economy in their country.

pinkflower

sr. member

Activity: 868

Merit: 259

Quote from: faithupgrade on January 15, 2018, 06:47:33 PM

They just want everything in balance. They would not banned the crypto as many high profile Chinese people are heavily invested in crypto, that includes Chinese people in their government.

That statement is false until you prove it. Please provide us with the proper documents showing that high profile Chinese people are heavily invested in cryptocurrencies. You also say there are Chinese people in the government who are holding, meaning the members of the Communist Party of China?

You would get in trouble saying that if you were in their country.

bribed

full member

Activity: 238

Merit: 100

Quote from: pinkflower on January 14, 2018, 09:24:11 PM

Quote from: alani123 on January 14, 2018, 06:58:16 PM

I watched a video today: https://m.youtube.com/watch?v=WWY7A221hwA

China is leapfrogging credit cards to jump directly into the adoption of mobile payments. An oligopoly is in place and as the adoption of the tech rises fast, it's not set to change. Now the Communist government is seeking to control such payments even more and the biggest payment companies are likely to cooperate. Perhaps one day people there would appreciate decentralization but for now the majority of the Chinese seem really careless about p2p tech and payments.

Careless? They are really careful in maintaining control of their financial system. BTC is a threat to that control thats why they were so keen in having it banned.

Anyhow, why would the Chinese government fully accept something that they cant control?

Thats also true for the chinese government. But OP is right, the majority of the chinese citizens seem to more or less not care about those issues concerning their financial privacy or their personal privacy in general. Its just to hope that the chinese start to care about this at some point.

faithupgrade

sr. member

Activity: 475

Merit: 253

ARCS - A New World Token

They just want everything in balance. They would not banned the crypto as many high profile Chinese people are heavily invested in crypto, that includes Chinese people in their government.

Hydrogen

legendary

Activity: 2562

Merit: 1441

Quote from: alani123 on January 14, 2018, 06:58:16 PM

I watched a video today: https://m.youtube.com/watch?v=WWY7A221hwA

China is leapfrogging credit cards to jump directly into the adoption of mobile payments. An oligopoly is in place and as the adoption of the tech rises fast, it's not set to change. Now the Communist government is seeking to control such payments even more and the biggest payment companies are likely to cooperate. Perhaps one day people there would appreciate decentralization but for now the majority of the Chinese seem really careless about p2p tech and payments.

....

One question with china's strategy is whether their communist government can develop and manage an electronic payment system better than the private sector. This question also applies to socialist venezuela and other historical instances where similar things have been attempted.

Part of the reason venezuela isn't in the best shape economically involves their socialist state waging a war against all forms of capitalism in the country. This war destroyed jobs and drove private enterprise out of the country. The socialist state was unable to create jobs, distribute resources and create economic opportunity better than the private sector, and so we see the shape venezuela is in now.

It is possible we will see china make many of the same mistakes venezuela made as they seek to bring things like electronic payment directly under the state's control.

It may be that heavily centralized political structures like a communist government lack the competition necessary to run programs which are efficient. In the business world, it is survival of the fittest to a degree. Centralized states have no competition which could contribute towards them becoming wasteful, inefficient and dysfunctional.

player514

legendary

Activity: 1414

Merit: 1039

Quote from: ganlianshifu1 on January 14, 2018, 08:59:34 PM

Mobile payments in the cause of China's thriving thanks to the development of e-commerce, the use of mobile payment and offline local residents consumption habits have relations, the outbreak of the China mobile payment, also "played" policy support, the mobile payment industry is in rapid development!

What I find even more important is the availability of technology to the Chinese public. If you've ever been to China, there are so many advertisements for mobile phones and almost everyone in major cities have phones. To have that large of a population and give everyone a type of technological device to communicate with others is huge. These phones don't even lack in specs; they're pretty good overall.

Having that linking part to the entirety of the population definitely helps out. China is able to take advantage of this and even though they're very centralized in terms of everything their government does, their technological prowess is very impressive.

Bobby park

member

Activity: 546

Merit: 24

Quote from: splat44 on January 15, 2018, 11:20:32 AM

Quote from: alani123 on January 14, 2018, 06:58:16 PM

I watched a video today: https://m.youtube.com/watch?v=WWY7A221hwA

China is leapfrogging credit cards to jump directly into the adoption of mobile payments. An oligopoly is in place and as the adoption of the tech rises fast, it's not set to change. Now the Communist government is seeking to control such payments even more and the biggest payment companies are likely to cooperate. Perhaps one day people there would appreciate decentralization but for now the majority of the Chinese seem really careless about p2p tech and payments.

There Communist government is controlling them because majority of people in China are new to this technology that's why governments will help their citizen to make a trasanction online and they control the circulation of money.

Later on, Chinese citizen will dominate cryptocurrency and build up different projects with innovations of blockchain technology. Somehow it seems like cryptocurrency is adapting in every corners of the world. A good news for crypto enthusiast because we will have more numbers of project to join specially China joined already the trends.

SiberianWanderer

jr. member

Activity: 52

Merit: 2

Chinese communist government has total oversight of its citizens' every move with centralized cashless payments, monitoring of instant messaging and social media, censorship of internet, and requirement to input identity number in pretty much everything.
George Orwell's 1984 is a already a reality in China and that's why the government feels so threatened by decentralized crypto.

szpalata

sr. member

Activity: 686

Merit: 253

Quote from: Mometaskers on January 15, 2018, 04:36:57 PM

Don't they already pay for stuff using chat apps? Alipay and WeChat? China is basically paving the way for every government's wet dreams, total control of money. Since these app also collect your data, they'd know what stuff you are buying, who you are socializing with, etc. Big Brother ain't far behind.

The Chinese government seems to be active lately about his monetary issues and is doing everything to control how money flows in its jurisdiction but hope he will not drive away foreign investors by his nosy policies in recent times.

Mometaskers

hero member

Activity: 1764

Merit: 584

Don't they already pay for stuff using chat apps? Alipay and WeChat? China is basically paving the way for every government's wet dreams, total control of money. Since these app also collect your data, they'd know what stuff you are buying, who you are socializing with, etc. Big Brother ain't far behind.

phreakk

sr. member

Activity: 307

Merit: 250

Quote from: stompix on January 15, 2018, 11:10:06 AM

Quote from: alani123 on January 14, 2018, 06:58:16 PM

I watched a video today: https://m.youtube.com/watch?v=WWY7A221hwA

China is leapfrogging credit cards to jump directly into the adoption of mobile payments. An oligopoly is in place and as the adoption of the tech rises fast, it's not set to change. Now the Communist government is seeking to control such payments even more and the biggest payment companies are likely to cooperate. Perhaps one day people there would appreciate decentralization but for now the majority of the Chinese seem really careless about p2p tech and payments.

Replace China with Sweden:
http://www.bbc.com/news/business-41095004

Now, that isn't looking as bad as the previous, right?
Probably is because of the government in charge right? swedish vs chinese
So, each gets what he deserves for having stupid leaders in place.

Quote from: DIAH PERMATASARI on January 14, 2018, 10:11:58 PM

it is worth the development of the world of crypto in china very rapidly once, as evidenced by the largest bitcoin mining in existence in china, trade sites also from there wow very amazing

There is no development in crypto in china. None.
All they have is cheap energy for mining and fake numbers on exchanges.

Gotta agree on that. China's government is very incapable and I definitely wouldn't want them to be able to access my funds if I were a wealthy person.
They know that and feel like they should keep control to avoid people going out into cryptos. A truly sad world it is.

Quote from: splat44 on January 15, 2018, 11:20:32 AM

Quote from: alani123 on January 14, 2018, 06:58:16 PM

I watched a video today: https://m.youtube.com/watch?v=WWY7A221hwA

China is leapfrogging credit cards to jump directly into the adoption of mobile payments. An oligopoly is in place and as the adoption of the tech rises fast, it's not set to change. Now the Communist government is seeking to control such payments even more and the biggest payment companies are likely to cooperate. Perhaps one day people there would appreciate decentralization but for now the majority of the Chinese seem really careless about p2p tech and payments.

There Communist government is controlling them because majority of people in China are new to this technology that's why governments will help their citizen to make a trasanction online and they control the circulation of money.

Lmao... You really think the government of China is blocking cryptocurrencies just to help newbies? Nice idea, but that's definitely not even close to the real reason... Power is what makes them do it. Not the health & wealth of the population.

splat44

sr. member

Activity: 384

Merit: 250

Quote from: alani123 on January 14, 2018, 06:58:16 PM

I watched a video today: https://m.youtube.com/watch?v=WWY7A221hwA

China is leapfrogging credit cards to jump directly into the adoption of mobile payments. An oligopoly is in place and as the adoption of the tech rises fast, it's not set to change. Now the Communist government is seeking to control such payments even more and the biggest payment companies are likely to cooperate. Perhaps one day people there would appreciate decentralization but for now the majority of the Chinese seem really careless about p2p tech and payments.

There Communist government is controlling them because majority of people in China are new to this technology that's why governments will help their citizen to make a trasanction online and they control the circulation of money.

stompix

legendary

Activity: 2912

Merit: 6403

Blackjack.fun

Quote from: alani123 on January 14, 2018, 06:58:16 PM

I watched a video today: https://m.youtube.com/watch?v=WWY7A221hwA

China is leapfrogging credit cards to jump directly into the adoption of mobile payments. An oligopoly is in place and as the adoption of the tech rises fast, it's not set to change. Now the Communist government is seeking to control such payments even more and the biggest payment companies are likely to cooperate. Perhaps one day people there would appreciate decentralization but for now the majority of the Chinese seem really careless about p2p tech and payments.

Replace China with Sweden:
http://www.bbc.com/news/business-41095004

Now, that isn't looking as bad as the previous, right?
Probably is because of the government in charge right? swedish vs chinese
So, each gets what he deserves for having stupid leaders in place.

Quote from: DIAH PERMATASARI on January 14, 2018, 10:11:58 PM

it is worth the development of the world of crypto in china very rapidly once, as evidenced by the largest bitcoin mining in existence in china, trade sites also from there wow very amazing

There is no development in crypto in china. None.
All they have is cheap energy for mining and fake numbers on exchanges.

DIAH PERMATASARI

full member

Activity: 246

Merit: 100

it is worth the development of the world of crypto in china very rapidly once, as evidenced by the largest bitcoin mining in existence in china, trade sites also from there wow very amazing

pinkflower

sr. member

Activity: 868

Merit: 259

Quote from: alani123 on January 14, 2018, 06:58:16 PM

I watched a video today: https://m.youtube.com/watch?v=WWY7A221hwA

China is leapfrogging credit cards to jump directly into the adoption of mobile payments. An oligopoly is in place and as the adoption of the tech rises fast, it's not set to change. Now the Communist government is seeking to control such payments even more and the biggest payment companies are likely to cooperate. Perhaps one day people there would appreciate decentralization but for now the majority of the Chinese seem really careless about p2p tech and payments.

Careless? They are really careful in maintaining control of their financial system. BTC is a threat to that control thats why they were so keen in having it banned.

Anyhow, why would the Chinese government fully accept something that they cant control?

ganlianshifu1

member

Activity: 392

Merit: 10

Mobile payments in the cause of China's thriving thanks to the development of e-commerce, the use of mobile payment and offline local residents consumption habits have relations, the outbreak of the China mobile payment, also "played" policy support, the mobile payment industry is in rapid development!

alani123

legendary

Activity: 2422

Merit: 1451

Leading Crypto Sports Betting & Casino Platform

I watched a video today: https://m.youtube.com/watch?v=WWY7A221hwA

China is leapfrogging credit cards to jump directly into the adoption of mobile payments. An oligopoly is in place and as the adoption of the tech rises fast, it's not set to change. Now the Communist government is seeking to control such payments even more and the biggest payment companies are likely to cooperate. Perhaps one day people there would appreciate decentralization but for now the majority of the Chinese seem really careless about p2p tech and payments.

Topic: China is going cashless with more centralization (Read 301 times)