Do you think China is playing a double game? - page 3.

stompix

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Quote from: Lucius on April 22, 2023, 04:51:59 AM

How much will China profit if they take over everything that is in the US today and is connected to cryptocurrencies?

No bruh, it's a losing battle.
Not China against currency but us trying to teach newbies how ridiculously small the whole crypto ecosystem is right now and how little there is to gain from it when with talk about a country with a GDP in the trillions.
Everyone says that countries need to attract crypto businesses so
- low or zero taxes for those companies
- zero taxes on profits
So, what are those countries going to benefit from when they will not tax anything, they will end with millions of untaxed citizens' money, huge capital outflow, and all this for what? 10-20 low-paid customer support jobs and a 100 sqm office?

Newbies would really understand to analyze the different implications between personal gain and country-level gains when it comes to crypto, the fact that one person is earning $ doesn't automatically mean for the said country there is also a net gain.

Back to the HK thing, it's just China showing a bit of carrot, wait for the stick, as soon s too much money pours into this and they start losing control they will shut it down in a split second.

blckhawk

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You didn't point out their biggest play right now which is strengthening BRICS and having the countries of that organization be convinced that they should abandon the USD as a reserve currency, their current play isn't in crypto right now, and to be honest, I think that they're close to winning in that part.

kryptqnick

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I believe that China works based on this sort of careful compartmentalization (which is officially known that "one country, two systems" principle, as Faisal2202 pointed out as well), which means that what happens in HK doesn't affect the rest of the country. There's the majority of the population and territories, and they live under strict authoritarian policies. And then there are special areas that have something happening differently. Hong Kong is special because of transitioning after 99 years of the UK rule. But then there's also Macau, that also used to be a Western colony (but Portuguese, not British) and is kind of a Chinese Las Vegas. So IMO it's all consistent, China just treats these regions as economically different, while trying to make them as close to the rest of China politically. Cryptos are more about economics than politics, so perhaps HK can have better crypto policies, as long that they don't protest against Chinese authorities.

Hispo

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We should not underestimate the capacity of the Chinese government to push for the adoption of their centralized CBDC, their objective is to further implement those services and wallets to watch over or spy their people.

The Hong Kong situation may be a testing balloon allowed to be launched by the Chinese government so they can test the market and the capabilities of crypto currency as vehicle of value. They know Crypto currency has a lot of future and it would be foolish of them to ignore it, even more if there are Chinese citizens who go again the ban on these assets and still hold and transfer Bitcoin from the shadows.

They do not want crypto to go popular worldwide, but as the highly competitive country they want to continue to be, they cannot afford to stay behind in case this becomes the standard in the future.

firesurfer

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China saw Bitcoin futures bullish early on and they sought to accumulate them. Bitcoin is both a currency and the best asset to store. China's economy is growing fast, they are the world's factory. Chinese goods compete directly with anything made around the world. The special thing is that they have counterfeiting technology, abundant and skilled workers.
China is allying with Russia, India, Middle Eastern countries to separate itself from the dollar. This dramatically affects the existence of the US dollar.
I believe that China will emerge as a direct threat to the US economy and this is becoming more certain as we observe their recent moves.

Flexystar

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China itself is a game! You can never understand their next move at all because they are not willing to share any critical details and never want themselves to be involved in a situation like this. There was no reason for the chinese government to ban the mining operations and as far as I know china was top of the list when it came to mining operations. They had amazing infra and huge taxes were collected on the same.

However, soon they realised the chips that are required has more value in the international market as compared to what they could get within the country.

They are always looking for bulk selling out of their country and want more money being cheap manufacturer of everything.

Now, when it’s coming down to bitcoin then want to profit from that technology as well. This was the main reason behind formation of Digital Yuan. Since China is not completely democratic, they have forced economical structure and they thought they would be successful if they say so to their people.

Definitely this is double game on crypto and their own people as well. They never learn though.

Ozero

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Quote from: Supreemo on April 23, 2023, 01:44:38 AM

i believe that it depends on whoever exerts a lot of influence in terms of political power in that specific country and it will also be the one to dominate in decision making. this just shows how much of a political country China is, and not only China but every other country that exerts influence will be the ones to dictate the game.

In 1997, Hong Kong ceased to be a British colony and became part of China as an autonomy. It is subject to Chinese law, but only in certain areas (defense and foreign policy), and it has its own constitution, as well as a parliament and executive branch. Therefore, in principle, China's cryptocurrency policy should not extend to the territory of Hong Kong. In addition, in China itself, the ban on cryptocurrency, as far as I know, comes only from the Central Bank - the People's Bank of China. No regulations have been adopted by legislators or the government of China. Therefore, it is not surprising that Hong Kong banks are showing independence in relation to cryptocurrency.

Supreemo

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Quote from: Synchronice on April 20, 2023, 02:45:24 PM

Quote from: elevates on April 20, 2023, 08:58:32 AM

We all know China banned Bitcoin and altcoin trading first. Next they went ahead and banned miners. After that they rolled out their own digital Yuan. Which I am afraid did not succed as expected by CCP. Now suddenly they are allowing HK to go ahead with crypto and become a hub of Bitcoin as well as Altcoin economy. The biggest bank in HK a few days back declared that they will support crypto.

I mean what do you guys think is going around with this decision of China. As per my understanding HK has become a shadow control colony of China. Which was not what they had promised to UK. This situation could become a problem for USA and it's allies in the future. Already we can see big companies (banks) in the US are now buying shares of Microstrategy, whereby they are indirectly investing in Bitcoin. As they now realize the potential of Bitcoin.

Does that mean China is utilizing this negative situation in the US on crypto to its favour or they are just testing the possibilities in order to regulate it. Do remember this is how China became the 2nd larget economy in just 20 years.

One day you allow certain activity, another day you ban it, the next day allow again, in modern world, this won't be tolerated. A lot of people who were into cryptocurrencies in China already moved and settled in different countries since the ban of mining.
Also, to be honest, I don't understand how can this be a problem for the USA or allies. Is crypto adoption hard? Hell no! If the USA and allies want to adopt Bitcoin, they can do it in a few days. It will take some days to Amazon to adopt bitcoin payments, it will take some days to eBay, to twitter, to Walmart.

i believe that it depends on whoever exerts a lot of influence in terms of political power in that specific country and it will also be the one to dominate in decision making. this just shows how much of a political country China is, and not only China but every other country that exerts influence will be the ones to dictate the game.

tbct_mt2

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Quote from: South Park on April 22, 2023, 06:34:53 PM

What country around the world does not play a double game? China is well aware of the capabilities of bitcoin and they do not like it one bit, however they are trying to seize an opportunity, they are trying to use every single tool they have at their disposal to try to weaken the US, will this work? I have my doubts but the Chinese government will try it anyway, as they have nothing to lose if it does not work and everything to win if this new posture allows them to get even the smallest advantage over the US.

If you are a big nation, you have big power to play double standard.

I agree that it occurs with all big nations, USA, UK., China, Russia and more. However the importance is what end result for small nations which are engaged with games set up by big nations. I believe that the world is better because of capitalism and nations follow that philosophy with which their citizens have freedom of speech, politics, and more basic human rights.

With communism and communist countries, they are governed by dictators and dictatorship which eliminate basic human rights. With such centralized power, you can not expect to see their double standards can bring anything good to other nations.

We can stop talking about politics and returning to Bitcoin and its mining. Bitcoin and its mining can not be stopped by a single nation and all nations are aware of this fact as well as decentralized power of Bitcoin. They have to adapt to change from trying to stop, kill Bitcoin to accept it and build more regulations about it.

South Park

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Quote from: elevates on April 20, 2023, 08:58:32 AM

We all know China banned Bitcoin and altcoin trading first. Next they went ahead and banned miners. After that they rolled out their own digital Yuan. Which I am afraid did not succed as expected by CCP. Now suddenly they are allowing HK to go ahead with crypto and become a hub of Bitcoin as well as Altcoin economy. The biggest bank in HK a few days back declared that they will support crypto.

I mean what do you guys think is going around with this decision of China. As per my understanding HK has become a shadow control colony of China. Which was not what they had promised to UK. This situation could become a problem for USA and it's allies in the future. Already we can see big companies (banks) in the US are now buying shares of Microstrategy, whereby they are indirectly investing in Bitcoin. As they now realize the potential of Bitcoin.

Does that mean China is utilizing this negative situation in the US on crypto to its favour or they are just testing the possibilities in order to regulate it. Do remember this is how China became the 2nd larget economy in just 20 years.

What country around the world does not play a double game? China is well aware of the capabilities of bitcoin and they do not like it one bit, however they are trying to seize an opportunity, they are trying to use every single tool they have at their disposal to try to weaken the US, will this work? I have my doubts but the Chinese government will try it anyway, as they have nothing to lose if it does not work and everything to win if this new posture allows them to get even the smallest advantage over the US.

yohananaomi

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I think it's legal in controlling any economy to be sure that superpowers like China will always look for opportunities that can be done to get what they want by looking at rivals who have always been opponents in any field, everything that has been done will be able to change in an instant, if indeed saw an opportunity to dominate.

especially with the hostile situation (USA) is really not doing well with the regulations that are being carried out making many feel uneasy and many are relocating and not even operating anymore.

although maybe right now he is using Hong Kong territory for a while by looking at the prospects that will happen, if it is indeed possible and profitable then he will easily move from there.

Ale88

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Quote from: elevates on April 20, 2023, 08:58:32 AM

We all know China banned Bitcoin and altcoin trading first. Next they went ahead and banned miners. After that they rolled out their own digital Yuan. Which I am afraid did not succed as expected by CCP. Now suddenly they are allowing HK to go ahead with crypto and become a hub of Bitcoin as well as Altcoin economy. The biggest bank in HK a few days back declared that they will support crypto.

I mean what do you guys think is going around with this decision of China. As per my understanding HK has become a shadow control colony of China. Which was not what they had promised to UK. This situation could become a problem for USA and it's allies in the future. Already we can see big companies (banks) in the US are now buying shares of Microstrategy, whereby they are indirectly investing in Bitcoin. As they now realize the potential of Bitcoin.

Does that mean China is utilizing this negative situation in the US on crypto to its favour or they are just testing the possibilities in order to regulate it. Do remember this is how China became the 2nd larget economy in just 20 years.

Hong Kong is not completely under China's control, probably even the very same Chinese government understood that they can't just treat Hong Kong like any other part of country because they're simply too different and they have a mixed mentality, eastern and western, so I don't think they'll ever accept that China could take very important decisions for them.

Regarding China eventually playing a double game, well, would anyone be surprised? At the end we're talking about politics and money, you can't never trust anyone in these circumstances, let alone a country like China, a country where they can simply completely change something overnight without any problem...

Magic-Money

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This is a very welcome development when game been kicking off with good players and the cryptocurrency market will be affected which gives a room for good entry point to buy more Bitcoin and it has been a strategy for Big player to buy at low. Having said that Bitcoin has a future potential.

merekamo

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Interesting development for sure. For me, that possible that China is using this situation to their advantage, but it's also possible that they're just testing the waters with crypto regulation. For Hong Kong, I think that it's definitely a sensitive issue. The situation with the UK and China's promises adds another layer of complexity to the whole thing. It remains to be seen how this will all play out, but it's clear that there are a lot of different factors at play here.

In terms of the US and its allies, that they need to be paying close attention to what's happening with crypto in China and Hong Kong. As you mentioned, big companies and banks are already investing in Bitcoin, and if China becomes a major player in the crypto world, it could have significant implications for the global economy.

xSkylarx

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Quote from: MoonOfLife on April 20, 2023, 10:20:59 AM

Quote from: Easteregg69 on April 20, 2023, 09:24:19 AM

Quote from: avikz on April 20, 2023, 09:22:35 AM

China is definitely playing double game! Not just on crypto but on many other aspects as well. Allowing Hong Kong to host crypto related business is a part of their ambitious gameplan. They are cashing in while US is showing signs of strengthening it's grips over crypto market. It's clear as broad daylight.

But I really don't understand US. They are allowing crypto companies to operate and allowing listing on stock exchanges. At the same time, giving enforcement agencies a freehand to act against them.

I definitely don't believe crypto will explode in China. Take it from a Tronholder.

BTW. It could be really large even it's microscopic.

It is difficult to know what will happen in the future. China is notoriously greedy and unpredictable, so I wouldn't be surprised if they one day reverse the bitcoin ban to accept bitcoin and encourage people to invest in it. What they're doing is trying to be the number one economy in the world so they'll do whatever works for them.

That is also my thoughts because they are very unpredictable which when they opposed their first decision and then they will become successful. What i am worried about is that they will got affected imean if we wont follow what they want we will get affected. We know that china is the number one manufacturer in the world what will happen if they will opposed to everyone like in US what will happen. We know that they have plans on Taiwan

Sanitough

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Quote from: yhiaali3 on April 20, 2023, 02:50:22 PM

Yes, that is, I think China is trying to pull the rug out from under the feet of the United States, which is waging a war on crypto. This is a great opportunity for the Chinese government, the great competitor of the American economy.

I think they are trying to take advantage of the anxiety created by the US and attract crypto companies, as this way they will benefit economically and also prevent the US from controlling Crypto alone.

Unfortunately, the United States, with its hostile policy towards crypto, is helping China in its game.

At the end of the day, China will be the one left to benefit the most with crypto. So it’s a clear manifestation right now that their banning of crypto in the first place is part of the plan so that the rest of the countries will follow too. And now that US and some big countries are already against crypto, it’s now the time for China to adopt crypto and take most advantage on it. That’s how dirty the Chinese government plays the game.

YUriy1991

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if i am see, that China's approach to cryptocurrencies is inconsistent and seems contradictory. The country first banned Bitcoin and altcoin trading, then banned miners, and launched their own digital Yuan. However, this digital yuan has not achieved the success that the Chinese Communist Party (CCP) had hoped for and if pay attention China allows Hong Kong to become the center of the Bitcoin and Altcoin economy, and the largest bank in Hong Kong has expressed its support for cryptocurrencies.

This can be seen as China's way of capitalizing on the current situation in the US, where large corporations and banks are investing in Bitcoin and other cryptocurrencies, and positioning itself as a leader in the crypto industry. I also think, Is it possible that China is just testing the possibility of cryptocurrency regulation, as it has done with other industries in the past by playing a double game with cryptocurrencies?

LocalString

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I do believe there is some type of Mr.Robot-isk situation going on with crypto. Where China and the US are fighting for dominance over BTC.

In my opinion China is winning. The US and Western world for the most part still fears crypto while despite the "bans" the CCP embraces it. Plus most if not all high value companies in China basically have to have ties with the CCP if they want to remain successful.

China is all about double games. It's all they do at this point.

Lucius

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Quote from: yhiaali3 on April 20, 2023, 02:50:22 PM

Yes, that is, I think China is trying to pull the rug out from under the feet of the United States, which is waging a war on crypto. This is a great opportunity for the Chinese government, the great competitor of the American economy.
~snip~

How much will China profit if they take over everything that is in the US today and is connected to cryptocurrencies? The entire market cap is just over $1 trillion, not taking into account that this is a poor measure of value considering how easily these numbers can be manipulated. Consider that China's GDP for 2022 was about $18 trillion, and for the next one it is predicted to be about $19+ trillion - so tell me where do you see this as an opportunity for the Chinese government?

It's really strange how some people (and there are a lot of them) have completely wrong impressions about China and want China to go back to "crypto" as if that would be a good thing.

Finestream

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Quote from: avikz on April 20, 2023, 09:22:35 AM

China is definitely playing double game! Not just on crypto but on many other aspects as well. Allowing Hong Kong to host crypto related business is a part of their ambitious gameplan. They are cashing in while US is showing signs of strengthening it's grips over crypto market. It's clear as broad daylight.

But I really don't understand US. They are allowing crypto companies to operate and allowing listing on stock exchanges. At the same time, giving enforcement agencies a freehand to act against them.

With China, there’s no doubt in it as the whole thing about China is greediness. They banned crypto so they can launch their own digital money, and now the whole thing is a failure. So we can’t expect from China to do something good for other countries, as everything has something in return. Also, with US, I do think it’s next to China as the greed is high too. One day they will support crypto, the next day they will banned it, so this country is somewhat complicated and hard to understand for regular citizens like us.

Topic: Do you think China is playing a double game? - page 3. (Read 666 times)