Topic: Fake support? - page 4. (Read 807 times)

The "funny" is that China is just doing "centralized management of decentralized assets"!
Sounds contradictory, but it's true
I repeat once again - China will not deny itself the pleasure of managing another sphere of people's lives, this is embedded in the paradigm of Chinese "capitalist communism"
Considering the change of vector from development to totalitarianism, at least regional imperial ambitions, and attempts not only to declare but also to really try to make oneself the second pole of the world - this is all to be expected. It is difficult for me to guess how the situation will develop, we will just observe the development of the situation.
The only thing I will assume is that the population of China (developed regions and business regions) will not like the "clamping" of rights and opportunities, and total control by the state, after almost 20 years of free development .. What will this lead to? Let's see.

Can you mention a few web3 and crypto projects, that were "supported by China"?
China doesn't support anything(by China I mean the Chinese government), maybe some private companies and investors are supporting crypto projects in Hong Kong, but that doesn't mean that the Chinese government supports them. I know that Hong Kong is under the rule of China, but that doesn't mean that Hong Kong doesn't have some sort of autonomy. The basic idea of the Chinese policy is to have certain areas where the government regulations are more liberal(like Hong Kong in the fintech sector and Macao for gambling). I don't know why it is like that. The Chinese communists doesn't always act in a logical manner.

This is a good development but let’s not expect too much from China as they are more prone to change their decisions without having any second thoughts. Let’s just see the numbers and how its behaving, take the opportunity to buy cheap coins and take profit when already happy. China is a big market though, let’s just hope that they will become more crypto friendly and avoid changing their thoughts about crypto.

It Hongkong and I think that doesn't mean China as a country is ready to adopt webb3 as you claimed, just only a small portion of China that is trying to adopt web3, and if at all China later changes its position about Bitcoin, I don't think they will compensate Bitcoin Mining companies that where destroy then because by law, they were mining without approval and that is a criminal offense that is punishable but I'm not trying justify them for destroying the companies Asic machines, they could have sold it or auction them out to individuals that are outside China to generate revenue.

The people at the top of the government food chain in China are very adaptable and not in the slightest affected by all the random crackdowns that the leadership use to get the general population or business leaders in line. The fact that they broke up many data centers that were driving up energy prices in China at the time was probably a good thing, as the wider public was suffering from much higher electricity prices so a few people could get richer. They would only have destroyed a small fraction of the capacity, just enough to scare the remainder into selling them as they were doing a short time drive to stop this activity. There were also some miners who were starting to use very polluting energy sources so it is better for the whole planet that action was taken, some rare indirect praise that the Chinese government might deserve.

if we talk about mainland china they certainly won't support the adoption of cryptocurrency in their country for whatever reason, but for china taipei, hongkong, and macau, maybe they will be heaven for cryptocurrencies, because they have their own administration and regulation where they can freely adopt crypto in their countries.

of course, the adoption of crypto will benefit these 3 countries because crypto investors might make these 3 countries an option to invest or open their crypto business and it will give these country new income from crypto taxes and a functioning crypto economy which will be profitable for them.

It feels like China and the U.S. are just laying low, waiting to see which one of them makes a mistake first. Cryptocurrencies for them are just a tool used in a big game. Of course, the consequences of various bans and prohibitions on cryptocurrencies are carefully calculated. And the laws ... Once upon a time, there was a custom in one kingdom - a new king would repeal all the laws passed under the previous king. And new laws often coincided with the old ones - only the signature differed

This trend is a Chinese strategy to anticipate world progress in the future, they include a point in Hong Kong as a center for developing cryptocurrency and web3 projects. Learning from bitcoin, which they banned before, if you think about it as China, which carries out strict security and has a producer's attitude to a global product I think China had fear of bitcoin before besides talking about resources in bitcoin mining, but had other thoughts in banning bitcoin mining before.
I don't see it as fake support, in fact I think it is China's move to become a country that is ready for technological advances and disruption in the banking world.
As for the US itself, I don't understand what they are planning, and they are saying stupid things about cryptos causing bank collapses like SVB in the US.

Your viewpoint on China's crypto gambit sketches a mesmerizing, yet somewhat gloomy, narrative. The back-and-forth between state dominion and the fundamental decentralizing aspect of digital coins presents a riveting puzzle. These government-controlled mining hives, with their eerie undertones, seem lifted straight from a dystopian novella. While the quest for state control pursues consistency and order, it collides with the heart and soul of cryptocurrencies—decentralization.

The episode involving Jack Ma stands as a stark reminder of the possible traps in this pathway. Nonetheless, we must ensure not to overlook the bigger picture and opportunities lurking within. Digging a layer deeper, maybe we're witnessing the birth throes of an innovative economic scheme, one that bridges the gap between the disorder of laissez-faire economics and the strictness of centralized control. As time unspools, it will divulge how this absorbing tale unravels. Until that moment arrives, let's persist in fueling these enlightening exchanges and nurturing our shared wisdom.

In the economic world, China is often considered to have great power and they have always been a tough competitor to other countries.
Those who are involved in crypto will never forget how their policy towards crypto is, even though at this time they are again turning their attention to crypto amidst several policies regarding crypto that have emerged from America.
I don't know what will happen and how it will end because they are currently in a difficult position in my opinion.

Let every country decides for itself, if they think that bitcoin nis the best solution for them to have a better financial experience and freedom considering what the people want then they can as well as going more further in making it a legal tender or a legal and an acceptable means of making payments, if they think they cannot adoption it because of the conditions attached whereby they wouldn't want a financial freedom for the whole people under their leadership, all is fine, everything has result and consequences, but the funny aspect of it is that you'll always be surprised seing those you never expect adopting bitcoin and such is already happening with China

The cryptocurrency situation in China is undergoing notable changes, however, China's ban on cryptocurrency mining and trading in the past shows that it has a cautious stance on the sector. The fact that China is supporting a number of crypto projects and embracing web3 may well be a fake move, however could also be a new step in China's policy with cryptocurrencies. The fact that Hong Kong is the soul location that does all things crypto-related is true because Hong Kong is an international financial center and there has been a strong development in this area. However, which locality will benefit from this depends on many factors. However, if China really embraces web3 and builds a prosperous cryptocurrency system, this can support the economic development of China and the whole of Asia.

Regarding the problem with the US and beating in the crypto space, I don't think China is trying to beat the US in this area. Instead, China's move may be to keep up with world trends and develop a strong crypto sector. Both the United States and China have the potential to develop this sector in the future, and competition between the two countries will benefit consumers around the world. However, the development of cryptocurrencies also requires the management and supervision of international organizations to ensure the sustainability and safety of the system.

China is in a tricky position. It's a very authoritarian country, built on serious control of the state over the lives of the citizens. So, obviously, they don't want their population to use decentralized cryptocurrencies because that's something that the government wouldn't be able to control, and it's too much freedom to give to the people. But China also needs the economic benefits and doesn't want to stay behind other countries when it comes to innovation just because it's an authoritarian state. Plus, considering its deep ties with the US, they kind of need to occasionally show that they actually care about freedom, protecting the environment and other stuff (even though they don't). So they can occasionally and in limited ways adopt new technologies while ensuring that it won't empower the vast majority of the population. To me, the Hong Kong story and the Web3 white paper are signs of this policy.

Crypto is not all about Bitcoin, They can ban Bitcoin while allowing other cryptocurrency since they are looking for a way centralized or regulate the token. Bitcoin is pure decentralized that’s why China hates it since they can’t control it. China doesn't hate the idea of Blockchain so I will not surprised by their recent move but don't expect they will support Bitcoin with this news since they are pertaining to their own crypto and not the decentralised one.

There is no way China a communist country will allow Bitcoin to be use by its citizen while they can’t monitor all the transaction happening via P2P.

China wants to be a part of an ultimate power. Not the strongest power in the world, which is USA. They want to build something more powerful than that. So they will take every opportunity to make that happen. Crypto holds so much power if you ask me. So no wonder that china will adapt to it. But when they will see that they are not getting enough advantage from crypto, they will get rid of it again. That's just how it is. They want to use it for their advantage, that's all. And china will try to keep USA down as much as they can.

China will probably take this opportunity if it can get ahead of the US on this, because China and the US are at odds over trade and I think China will take this sector to get ahead of the US.
and also web3 is a good thing for technology development there in the future.

When we talk about the economy, emotions are far away, all countries are ready to offer solutions, so you find that some countries change their policy towards a certain thing several times over several years, and an example of that is what is happening in India in terms of rapid development in legislation and regulations.

What is happening in China is normal and an indication of the decentralization of Bitcoin, as after several times it banned Bitcoin and the price is still above $20,000. What is not normal is to try to make China a major player that can change the direction of the price.
Do not give Chinese articles FUD more power on the price and those articles have more free views, just ignoring all the news related to China.

China has a very pragmatic approach to making money.
And cryptocurrency is no exception. On the one hand, the totalitarian regime does not allow citizens to freely use uncontrolled and alternative systems of payment or accumulation, "independent currency".
On the other hand, the principle "money does not smell" works - and if the crypto market generates income, then .. Then you can! But not for everyone, but only for state-controlled structures.
I am sure that all mining farms are now in the hands of the state, or proteges of the state have been introduced there.
It's like with Alibaba and its owner Jack Ma - the state said "now you can't do this, now we will do your business", and Jack Ma left China with his family, and disappeared "from the air" for almost half a year.

They have seen that banning the usage of btc in their country, the market still proliferates without them.
So they realized that there's no reason for them to be hard on crypto because they won't kill this market.
Their move may not be fake, but we should be vigilant about their motives. Definitely, they have their reasons.
This development anyway, is actually good for the crypto market in general, the more adoption we have, the better for its demand and so its price.

We know China as a country that wants to be lead in everything I guess they finally realize that they cannot beat Cryptocurrency so they joined the bandwagon.
In the past, they thought that by pulling their support and banning Bitcoin they can kill it, but the opposite happens so they are now back and rallying to take the lead in Cryptocurrency adoption.
I believe this is for good and they will eventually lead the adoption of Bitcoin, and with all the power and resources they've got in three years' time, they will be back as the number one supporter of Bitcoin.