China’s Digital Fiat is Not a Crypto ??

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Quote from: NathanJB on October 19, 2019, 03:51:53 AM

No, not a cryptocurrency of course. It is a digital currency but never a cryptocurrency. China's digital fiat is a fiat currency. It is still the old renminbi in new clothes. Nothing has changed except that instead of being represented and spent by way of paper bills and metal coins, it is already in digital codes. But the value, the system that rules it, and all the rest of the features are still fiat.

They say, it will be like Facebook Libra, so, it will be a stable coin. However, most people take FB coin as cryptocurrency, so the new Chinese digital money can be also defined as crypto. China supposes that their virtual money will be the best answer to Libra and they take it as a part of the USA/Chinese struggle. They are sure, if Libra is finally, prohibited, they will certainly win this round.

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I think that digital currencies from China such as the USD are making blockchain projects by producing USDT whereas for China I feel almost the same as that, if China can make such blockchain projects then a trade war can occur in the cryptocurrency world with and can provide price movements high at the exchange place.

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Quote from: SamboNZ on October 18, 2019, 10:06:14 PM

Up until now there is no info regarding if China will run the digital yuan on a blockchain.

It is possible that the Chinese government will put the digital Yuan on the blockchain simply because it is easy to monitor the flow of money and to have more transparency and they like to have a complete control over their citizen and with the recent economic cold war between US they will come up with something that could challenge these restrictions.

7788bitcoin

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Quote from: SamboNZ on October 19, 2019, 03:56:02 AM

~snip
I guess my definition of cryptocurrency is different what i knew was it should be decentralized and people cant freely add/remove coins.
The decentralization makes cryptocurrency unique which makes it different from other currencies

I did not understand what you mean by freely add and remove coins, but the true meaning of decentralization means that the nodes will be distributed throughout and not just by having a few servers mining here and there, bitcoin network is a truly decentralized network as it is spread around globally.

Quote from: SamboNZ on October 19, 2019, 03:56:02 AM

Clarification
You can use the money in alipay and paypal to pay for goods, services, and bills its not just for remittance.

So what do you call paying for goods and service Tongue

. It is just a third party payment platform and they do not have their own token or coin, you store your fiat currency in the platform and spend accordingly.

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Quote from: NathanJB on October 19, 2019, 03:51:53 AM

No, not a cryptocurrency of course. It is a digital currency but never a cryptocurrency. China's digital fiat is a fiat currency. It is still the old renminbi in new clothes. Nothing has changed except that instead of being represented and spent by way of paper bills and metal coins, it is already in digital codes. But the value, the system that rules it, and all the rest of the features are still fiat.

If that is the case, then I think that china is as confused as the rest of the nations that don’t know what to do again to bitcoin after they must have realized that there is no way to kill bitcoin and having realized how people are so much in love with bitcoin usage including their own citizens also.

If they know what they are doing, they will not be creating any digital currency again for their coin when they already have some digital payment method already put in place like Alipay and WeChat. They need to stop hating bitcoin and stop wasting money creating a currency they know will not work. There is need for them to support bitcoin being a decentralized coin and has not negative effect on their already existing fiat because bitcoin only came to serve as an alternative.

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Quote from: 7788bitcoin on October 19, 2019, 03:35:14 AM

-snip-

I guess my definition of cryptocurrency is different what i knew was it should be decentralized and people cant freely add/remove coins.
The decentralization makes cryptocurrency unique which makes it different from other currencies

Yeah, i dont consider ripple, tether, and stablecoins as crypto since they can add and remove.

Clarification
You can use the money in alipay and paypal to pay for goods, services, and bills its not just for remittance.

NathanJB

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No, not a cryptocurrency of course. It is a digital currency but never a cryptocurrency. China's digital fiat is a fiat currency. It is still the old renminbi in new clothes. Nothing has changed except that instead of being represented and spent by way of paper bills and metal coins, it is already in digital codes. But the value, the system that rules it, and all the rest of the features are still fiat.

7788bitcoin

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Quote from: SamboNZ on October 19, 2019, 03:12:33 AM

~snip
Yes, i am aware but we are talking about the money and not the platform and he was reffering to "internet money"
you can already store money in paypal and alipay making the money a e-currency.
I want to point to him that crypto is running on a blockchain while these centralized currencies doesnt need blockchain to run.

These platforms just provide digits and nothing else and once you withdraw they will send the remittance to your bank account. You can have centralized currency in the blockchain too, Ripple is one such currency, USDT also runs in the blockchain but they are all centralized currency and in the future we might see more centralized currency, saying this for your clarification Wink

.

SamboNZ

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Quote from: 7788bitcoin on October 19, 2019, 02:49:22 AM

Quote from: SamboNZ on October 18, 2019, 10:06:14 PM

Paypal, alipay, and other centralized e-currencies arent being runned on a blockchain.
Up until now there is no info regarding if China will run the digital yuan on a blockchain.

Paypal and Alipay are just money transmission platforms and they are not even a currency, hope you are not aware of that. All they do is to take your fiat currency and help you to transmit without you going to the bank and you only need blockchain if you are having your currency to track every transaction, coming up with a digital yuan is a different thing and coming up with a blockchain based yuan is a different thing, not sure whether the Chinese government is plannning something like that.

Yes, i am aware but we are talking about the money and not the platform and he was reffering to "internet money"
you can already store money in paypal and alipay making the money a e-currency.
I want to point to him that crypto is running on a blockchain while these centralized currencies doesnt need blockchain to run.

7788bitcoin

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Quote from: SamboNZ on October 18, 2019, 10:06:14 PM

Paypal, alipay, and other centralized e-currencies arent being runned on a blockchain.
Up until now there is no info regarding if China will run the digital yuan on a blockchain.

Paypal and Alipay are just money transmission platforms and they are not even a currency, hope you are not aware of that. All they do is to take your fiat currency and help you to transmit without you going to the bank and you only need blockchain if you are having your currency to track every transaction, coming up with a digital yuan is a different thing and coming up with a blockchain based yuan is a different thing, not sure whether the Chinese government is plannning something like that.

SamboNZ

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Quote from: sheba on September 10, 2019, 11:31:43 AM

Can't we called a centralized currency found on internet a crypto?

Of course not.
Paypal, alipay, and other centralized e-currencies arent being runned on a blockchain.
Up until now there is no info regarding if China will run the digital yuan on a blockchain.

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Quote from: TGD on September 10, 2019, 12:33:50 AM

It may come from many different ideas of electronic payment, online banking or government platform to throughly track their currency in an online application. It reciprocate that meaning of crypto in being decentralised since it's China. But in other country, I hope some government will be open in idea of using blockchain in being desentralized to show the transparency in their government in managing their funds.

I guess that the creation of the coin is just a way to protect their digital currency and noting more, which china is very good at holding on to their power and that is why they have not lost owner for a long time now, and you know that when it comes to chain, they are very fast thinker and whatever they produce is always very useful.

The project will actually be a success because they have the population to see to that, just like Facebook has the population that would ensure that their project is a successful one also, but no matter the project they come up with, even with their popularity, bitcoin will always remain bitcoin because it is the only coin that I see run n decentralization for now.

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Quote from: sheba on September 10, 2019, 11:31:43 AM

Quote from: cribusen on September 09, 2019, 11:37:39 AM

None of those is a crypto currency, and it does not matter that Libra or China digital government currency is based on blockchain, but it is not decentralised. They can track every single movement and such currencies are nothing more than mobile banking.

So to be called a crypto it should be decentralized? Can't we called a centralized currency found on internet a crypto?

It should be encrypted with cryptographic element. Whether it is decentralized or centralized is out of question,

Quote

Cryptocurrency is an internet-based medium of exchange which uses cryptographical functions to conduct financial transactions. Cryptocurrencies leverage blockchain technology to gain decentralization, transparency, and immutability.

you can read more about it here

Though I am still wondering if we can call a digital currency a cryptocurrency even though it does not have a blockchain but uses cryptographical function.

sheba

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Quote from: cribusen on September 09, 2019, 11:37:39 AM

None of those is a crypto currency, and it does not matter that Libra or China digital government currency is based on blockchain, but it is not decentralised. They can track every single movement and such currencies are nothing more than mobile banking.

So to be called a crypto it should be decentralized? Can't we called a centralized currency found on internet a crypto?

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It may come from many different ideas of electronic payment, online banking or government platform to throughly track their currency in an online application. It reciprocate that meaning of crypto in being decentralised since it's China. But in other country, I hope some government will be open in idea of using blockchain in being desentralized to show the transparency in their government in managing their funds.

cribusen

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None of those is a crypto currency, and it does not matter that Libra or China digital government currency is based on blockchain, but it is not decentralised. They can track every single movement and such currencies are nothing more than mobile banking.

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In my opinion and adding up to all people are pointing out here I guess they had just let Yuan to be digitalized, But having said it is still operated by banks or backed up by their government it is still stable and just like what you have said it is not cryptocurrency so there is no sign that it will be a rival to Bitcoin and other cryptocurrencies, And it is on their own benefit and not outside of their country, Let just let that happen and hope for the best of their projects in giving their citizens a fast and reliable payment method, At least China doesn't rely anymore on Cryptocurrency or Bitcoin but instead they used their own to sought their problem.

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I'm afraid the appearance of another centralized digital coin will not be able to positively affect the cryptocurrency market. Although if China's policy regarding Bitcoin changes and it will be possible to use Bitcoin in China and exchange it for example for their state digital currency, then this will positively affect the entire cryptocurrency market.

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I have heard that this statement is not true and China is not going to develop crypto-like digital currency for now.
But, I think that sooner or later this will happen, goverments need to have better informations about us. Where we pay, for what and to whom.

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I think the new coin of China will not be any different from such coins as USDT, XRP and other centralized coins, and this was clear from the moment the news came out that China was planning to launch its own coin. That is why all decentralized cryptocurrencies will be popular and interest in them will grow.

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