Topic: China (Unofficially) Authorizes Bitcoin! (Read 3213 times)

Nah that seems completely ridiculous to me. It makes sense at first glance, but look at the numbers and it doesn't hold up for a second. (Compare the entire worth of bitcoin to China's GDP. )

As of me writing this, China's debt is somewhere around 5.3 trillion dollars USD. Bitcoin today, in fiat usd terms,  was at around 6.5 billion dollars. You can't compare China's state economics with bitcoin, or federal U.S gov economics with bitcoin, the scales aren't even close to being related.

Yes. China and Bitcoin is a natural fit. China has the biggest miner community and is the biggest manufacturer and has the largest mining pool.

I wrote a piece some time ago that Magical Tux chimed into.

I posited that ultimately China and BTC are a natural fit, as it provides an unofficial way for China to unwind its USA dollarisation, surplus / debt issue, in a manner that is very hard for the US to take action in any fora about.

Even just in concert with China's "basket" of currencies peg, BTC makes sense as part of that.

Maybe this is the reason behind recent rise. Or the Chinese auhtorize bitcoin?

https://www.btcc.com/news/article/btcc-now-accepting-direct-bank-deposits

Because chine can do anything 

I've already read about this earlier I've even mention this on some other thread. And yes this could be the reason of the sudden rise of btc value.

Chinese government has authorized bitcoins seeing the
evolution it tu brought in technology. The government
has said that though, bitcoin is a bit unstable, still it has
brought revolutionary changes , and it's imprtance
cannot be ignored. The government has said that still it's
not officially allowed, means cases or problems relating
or due to btc will not be considered. But, it is expected
that soon china will officially authorize use of bitcoins.

This a very big news. China is the bigger market of bitcoin in the world and its regulation there will be a very high recognition for bitcoin. And a big step ahead in the regulation of bitcoin even in other countries. This is not the first thread which treat this "rumor" about the regulation and legalization of bitcoin in China. I have made various post about this matter.

The "fact" (according to the article) that "the government seems to have tacitly authorized the use of bitcoin and operations of bitcoin startups and exchanges" if true, it is a step ahead make from the Government of China and is in full, with the kind of behavior, typical Chinese, in handling the difficult and hard matters. It is a typical sign of their opportunism in treating things that have future but that, if allowed immediately, can damage in some way their plans or the previous anticipated economic development plans of their country. Bitcoin is a threat for the Chinese national currency and Chinese finances; as such for overall planed development of the economy of China. But, on the other way, is a big invention and a product with brilliant future ahead. So they control it, allowing its melting in the Chinese economy, step by step. It is the best way to adopt bitcoin without having a bad impact of its use within the country. As always on their recent story the Chinese Government need the respect of everyone about its way to guide its people and the development of its country.

I don't think so - but you can now find links in BTCC to inject funds from banks (which has not been possible since the boom in 2013).

This is the way that things are done in China (never really officially endorsed but without a doubt the central government is 100% aware of it).

If the government gets "spooked" by another massive bubble then I'd expect those funding links will disappear (as they did in 2013).

Is there an official announcement from People's Bank of China to state that banks can deal with bitcion now?

I'm not sure if it means full endorsement but way I see it, it's more towards removing the barrier and limitation that they had imposed previously. And that is a good enough reason to drive the bullish sentiment. Exactly what we need right now is the fund from china to push the price upwards and rest of the world will buy in as well.

I am not really sure how much would Chinese be meeting with these mining operators. Aren't Bitcoin mining farms mostly in the country, far away from coast and big cities. Then again, this can't prevent one man to hop on plane and to go to big Chinese city in order to sell coins if their government would restrict online Bitcoin trading.

As we are getting the latest news and rumors from China, I don't think they are going towards these restrictions.

That is, of course, a big if, but should the Chinese people start moving into Bitcoin, then it will move the price up.  With Chinese mining pools mining some 57% (+/-) of BTC now, there is plenty of new BTC supply coming on-line every day there.  And the physical location of all these new Bitcoins makes it a little easier for locals to buy.

Yet, all that BTC production in China would not be enough to satisfy demand at current prices should Chinese citizens wanting protection from their Yuan.  The high price potential is there.  BTC is a great speculation, but think of BTC as a SPECULATION at this point.

Chinese officials are probably thinking crypto is good for their economy to expand more horizons so they give their heads up.

If China starts using Bitcoin we can definitely expect a big price increase. I hope to see the $1000 days again, this time with a Bitcoin or two.

Seriously, this his finally happening.
It's all make sense tho, cause China must do so.

They know that their only chance at becoming a strong nation in the next decade is by being pioneers in something like Bitcoin. The rest of monopolies are already taken by the US and Europe. All of their production is a low quality bubble ready to burst.

Finally some good news from China.

Agree.

Far too soon to be getting overly excited but China will be massive in our bitcoin's attempt to gain mainstream adoption imo.

Definitely moving in the right direction.

Looking good, I saw another thread on this can't remember where but if China goes all in on bitcoin 2016 should be one hell of a ride.