Topic: Is China's support for Bitcoin really a bullish sign? (Read 182 times)

First, please take note that this forum wasn’t made to argue unprofessionally. I can see that some of the participants of this thread are very egoistic and bias. If you want to look smart, then you should convince the people with a proper argument, not your nonsense title.

Technically wise, China can possibly control bitcoin by mining massive amount empty blocks if they want to, they can control the price indeed, but I don’t really think that they would use their resources just to control it. They would instead create their own cryptocurrency and fund it.

Going back, cryptocurrency and Alipay are two different things. Alipay is a digital currency that is back by fiat (somehow prepaid), and cryptocurrency is a decentralized one. Just as simple as that.

why is a bad sign in my opinion it's pretty good, if they control the price and mining of bitcoin I also don't care because there are still many other options such as being afraid of dumping frequently seeing the latest news so that I can anticipate selling balances for saving fiat

By DEFN anybody that 'controls' +51% of BTC, controls the blockchain, and its decision process; Its consensus process and all. People here think that the 66% that control BTC in China will not work together, YOU must remember the ASIAN mindset, if you don't do what your told you will DIE, note that Jack Ma, once the richest man in CHINA is gone from public view, they took him out to make an example to everyone. Don't think for a second the CCP isn't playing a life and/or death game here.

By DEFN, by Satoshi's white paper from 2009

China control +67% of BTC mining in CHINA, worst of all CHINA make +90% of all the worlds ASIC bitcoin mining hardware, and it all 'calls home to mom'

In summary, ANT(alibaba) owns BITMAIN. the CHINA gov just took ALI-PAY (ANT) from jack-ma; CASH is already GONE in China, they 100% use ALIPAY on their mobile phones, soon they'll be using CBDC(china-crypto), so called 'digital-yuan', that self destructs after issuance, so it can never be used as a store of  value.

China(GOV) CCP can now re-deploy if they wish their CBDC ( cross border digital currency ) on BITMAIN hardware, and all the other minority like Avalon, ... and on that HW they can deploy THEIR code

Or if they want to have fun they can just shutdown their 67% of the world mining for a few weeks and watch fee's go to $1000/transaction

IMHO its what they have been doing all along, milk this baby until its DEAD, much of the money floating BTC to $65K came from uncle-joe stimmy, and orange-don (old skool mob), uncle-joe is 100% CIA, orange-don, well he's old skool FBI, j-edgar-hoover; Recall that CIA director casey said a few years ago "When everything the USA public thinks is true is a lie, then our mission will  be complete", with the new CIA school of woksterism, tehy're 110% their

The reset is all about transferring FINANCIAL basis from West to East, this has been well planned all along going back to 1950's setup by Rockefeller (BigOil), who paid for Mao, and Chiang-Kai-Shek, as its said, the CIA always hires the two worst bullys in any country to beat each other to death, destroy the country, and then the CIA owns the country; Once Mao consolidated power, and killed all CIA opposition ( 30M ppl ) Nixon brought in the USA to liquidate and setup factorys, and move USA production to Asia, reducing labor from $10/hr to 1 cent/day

How does CHINA protect its own people, they're told to buy GOLD, everybody in ASIA owns GOLD from China to India, down to Malay; Only in the West are ppl told NOT to own gold.

So when the smoke clears the west will own virtual-wealth, and the Chinese will own the worlds GOLD.

ASIANS will become the owners and USA will become the largest walled whore-house destination for sex-tourists on earth, not unlike Macau near Hong-Kong.

I think the really interesting thing here in the short term is what CHINA-CCP will do with the BITMAIN(all of the bitcoin mining HW on earth), how will it be deployed??

Think about the USA, CIA-NSA creates BITCOIN, and normal guys create exchanges and the IRS steals COINBASE and is now the USA gate-keeper for BTC in USA; Build it and they will come, is now build it and they will come & steal it. What CCP has done to ALI-ANT is exactly what the IRS ( USA MAFIA ) has done to Mixing companys and exchanges on USA soil.

It's all a big-club, and like George Carlin once said, none of you will ever be members.

None of the worlds BIllionaires believe in borders, that's why they all have private property on Hawaiian Island(Gates), or New Zealand(Musk), to wait out the reset during the coming USA civil war.

Just for fun google Rockefellers famous quote "That funding Mao to power in China was his greatest experiment", this is exactly what Prescott Bush said in 1920's when he brought Hitler to power. Almost all the war's and power grabs in history have been financed by a few rich guys in UK. It used to be called East India Company, now its just called CIA, or the Company. Just like the Opium crisis today in the USA, its exactly how they destroyed China in the 1880's.

It's getting confusing anymore lol Well almost all country is supporting BTC I guess its time for them to also join.  While there are analyst out there thought they could use BTC against China's economy now it's going to be a bigger population that will consume all the BTC from their own exchange as well. It wouldn't really be surprising to see BTC is on their digital yuan wallet app.

I believe that if China officially supports online virtual currency, it will make a significant contribution to the world of cryptocurrency.  However, being a country with a large population, there will be a big change in the world of cryptocurrency.  If they are approved by the central bank, hopefully Bitcoin will improve by a million dollars this year.

Control. Could you explain how China can control Bitcoin and its network, please. You believed they can so you do have your reasons for this thought. Can you share with explanations?

I don't think China or any nations can control Bitcoin. They can create news, policies to manipulate the price in short term but in the long term, none of them can prevent Bitcoin to reach $1 million.

One donator made a price prediction in 2011 that Bitcoin will touch $65,000 that is the price for this year. He is a time traveller. You can predict and become another time traveller.
1 BTC = 65000 USD!

Just because someone is questioning you or doesn't align with your belief doesn't mean that you have an excuse to antagonize people, you need to get out more often because that is not how you make people listen to what you are saying, berating them into thinking that you are a smarter one is not the trait of a smart/ intellectual person. You can say all the things and be right but if you are an arrogant with a God complex, no one is going to listen to you.

R U 'woke' bro, u talk like a woke man

I don't hate anything, I just tell the truth, that BTC is NSA created, SECP256k1&SHA256 are the backbone of BITCOIN, and both were created by NSA

There would be no BTC had it not been created by NSA, there would be no Satoshi had they not had these alogs on the shelf.

Why do you 'woke' people talk about hate, I'm a computation math-physics person, I dont hate any form of math, but I know who funded every crypto on earth, and I have been writing crypto since 1970s'.

U seem to be 'woke' because your entire narrative is 100% built on lies.

The Chinese gov hates bitcoin, that's why they shut down jack-ma, and alipay, and 'ant', did you know that ant owns bitmain, the company that make almost all the miners on earth? Why do you think they took over?? Because they don't want the 'west' to control

The Chinese are just beginning, but they'll replace bitcoin, with the ant/alipay infrastructure with their  own crypto that I have already described.

Lastly, do you have any idea how hard it is to have a conversation with a 'woke' un-educated bot?

You good bro, you look like you got left behind in the bitcoin hype so you have no choice but to hate bitcoin with all of your being. What is the truth then and why is the truth not yet published, we should have a physical evidence of the truth because if there is none then probably we won't see it come to light and no one will probably believe you.

Or to put another way the reason the NSA-CIA let CHINA run BITCOIN is so that the YUAN would leak out of  CHINA, making it weaker and thus prevent china from becoming an economic super power

Hong-Kong being a british colony (pre 1999 on paper, but still UK hasn't let go on the streets ), and still largely under MI6 control pushes your narrative, but don't worry HK has the CBDC where thailand&hong-kong  ( later all of ASEAN will use this new crypto ) are dry running their own crypto, and china has their own crypto; But don't worry the Chinese gov is quickly 'sanitizing' HK and getting rid of all the UK-US intel propaganda, and broadcasters.

USA is going nutz, cuz the ASIAN CBDC's are going to bypass the NSA-CIA btc scam

Where is BTC in all this? Which one you mean the 21M scam-coins? or the first one released by NSA( NakamotoSAtoshi); BTC was always a field test by NSA to see how long it would take to crack SECP256k1 & SHA256, once they're defeated, then BTC will die; If I were younger I would be working on a super-btc that couldn't be controlled by NSA

The chinese cryptos don't really care, because they're designed to self-destruct, so they violate the entire principal of BTC, which is a store of value.

My beef with BTC old-farts who run the btc-core is their entire narrative is built on lies

BTC is NOT safe
Btc is not private
btc has been hacked millions of times
BTC is tracked more than US cash
BTC is NOT a replacement for gold

I mean every single thing the BTC marketing ppl have pushed down are throats 10+ years now is a LIE.

What can you say, about a real crypto with a real permanent store of value?? I don't know. I see DOGE going astro that is 100% BS, shows you this entire space is about to implode.

Ethereum is no different than BTC, controlled by a few ppl.

All the other 21M scam-coins, are ran also by scammers all over the earth, the only coin I respect is HORIZEN, I thin they have a good heart, and its mostly guy out of US-NAVY intel that put it together, same people who created 4chan, & 8chan; real smart psych ppl, but they have a good grasp on reality, and they don't do what they do for personal gain.

Let's see CIA-NSA create bitcoin, and name it after a japanese guy ( 99% of chinese hate japanese, study "rape of nanjing" )

+66% of all btc-mining on earth takes place in China, +90% of all BTC hw on earth is made in china, which means all back-doors to mining is under china control, 51% means that China run's BTC

The problem for BTC community, I call that the geek day-traders ran by COINBASE ( aka IRS USA-Treasury ), is that they're fed a pile of bile 24/7

IMF announced BTC in the 1997 paper, satoshi paper in 2009, doesn't even mention the IMF paper, as satoshis paper was 90% cut&paste of the IMF paper.

Rockefeller created MAO modern China, reset is to flip economic power from west to east, then rinse & repeat. This is how old money keeps the trust funds runnng for generations.

The reason that China supports bitcoin is because it threatens USD as a reserve currency and they are going to use bitcoin not like what OP says but they are going to definitely use it in their financial war against US and China as we know is taking over really fast right now.

I have learned that Chinese miners benefit greatly from the geolocation feature that makes mining btc less fuel, and it is clear that in recent years these miners have been mining, cascading is a huge amount of btc.

Yes, any news that comes out related to bitcoin can make the market shake whether it would be blackouts in China provinces where miners are affected.
Whether it would be a known investor from the US and tells that bitcoin is a fraud and not a good type of investment. With such news, they can really make the market dip a bit but it will eventually recover.

China has always been taking advantage from Bitcoin. They are opportunity seekers, they have never been in favor of Bitcoin. While China has more than 70 percent control over Bitcoin mining, the Chinese government wanted to take control of miners a few years ago, Chinese government has always wanted to regulate Bitcoin. I have never heard of a reputed Chinese company investing in Bitcoin and supporting Bitcoin, where USA companies are so much interested in Bitcoin.

I was expecting new theories and now you proudly presents your argument that China is indirectly trying to control bitcoin . In the past the sepculation thread was filled with wild theories about how China is going to implement something and the entire market was driven during that period with the news that comes out from China and with their FUD finally over we were short of theories like these and i am glad you started one  .

He's far closer with 40% than 10%
94 blocks in the last 24h make it a 34% drop.
So yeah, thinking this as only one province it's highly possible they could kill at time 50% to maybe 60% of the hashrate, doing this on the first day of an epoch and then turning it on for the next then again off would mess up the network pretty bad. As for the price, China doesn't matter there, maybe they could in the past by manipulating numbers on exchanges with fake orders as Okex was used to do but those times are gone.

And for the most important part:

I don't think there are traders left that believe what officials from China say one day carry any weight tomorrow, they have contradicted themselves so many times in the past and have made statements that have never been backed by laws or government measures that right now everything that comes from China is probably taken as a short time price jump in any direction and nothing more.

Although I think that what happened may have been a coincidence and not planned by China, but I do not rule out your theory, there is a hidden political competition between the major countries to control Bitcoin and cryptocurrencies. This was evident in the recent case of Ripple in US courts. Ripple’s lawyers have explicitly said that The Americans politicians let the Communists (they mean China, of course) control the cryptocurrencies.
Through this talk, we can clearly see that there is a hidden political conflict over the cryptocurrency, and there are attempts by major countries to control it.

When you say "support", are you referring to the recent statement that Bitcoin is an "investment alternative"? This is hardly news, China says things about Bitcoin from time to time, ranging from negative to positive, it doesn't mean much. They aren't going to make Bitcoin their reserve asset officially, or recognize it as a currency, so you can't really say that they support Bitcoin.

I think they made this statement to antagonize the US and hope that American investors would dump US dollar, stocks of US companies, US Treasury bonds for Bitcoin.

You are not wrong to hold your own idealogy as regards the people's Republic of China. In my opinion, at the moment the market is very volatile, any news as regard crypto from any country or influencial individual really affects the market.

Trust charts because it allows you to see things that go far beyond good information. Bitcoin has been growing strongly and continuously for many months, it's time for the market to regain equilibrium. Discounts are not bad, this is a chance to have a good position.
China's support for Bitcoin doesn't hurt much as the government has been silently allowing factories to mine Bitcoin for years. The bad news right now is that the US government has quite a high tax on organizations that use cryptocurrencies.

where should i begin

40%? are you crazy. try 10% both in hashrate and price.
control? try different FUD, this is not working because at this point it is the oldest FUD in the book.

You will probably hate on me for this theory.

Why did China come out supporting Bitcoin?

Simple.

They learned they can actually control it.

The recent "blackout" in mining province was a test on how much they can pull off.

With success they caused 40% drop in hashrate and drop in price.

So they might have even bought some at this point.

1) They own some

2) They know they can control it

China's support is actually a really bad sign.

Why am I wrong?