Stupid thoughts about Bitcoin China. May be not so stupid??? - page 2.

illyiller

hero member

Activity: 697

Merit: 520

Quote from: Geenstijl on September 20, 2017, 03:15:25 AM

But here is the thought appears about China's government is not stupid at all and they've started play their own game. It's not a secret that around 50% (or even more) BTC mining power is situated in China. What if China plans to create their own "Bitcoin" using already existed mining powers? If they do so it would be first strong government's crypto. Does this thought silly or not? Could this be true???

It doesn't make any sense. Mining is only useful in the context of decentralization. Block rewards are supposed to incentivize miners to do proof of work without regard for central authority. If the Chinese government created their own "Bitcoin" then it wouldn't need mining. And miners would be disincentivized from mining the government chain because their rewards could just be confiscated.

In any case, China is planning to release a blockchain currency similar to Tether. It will be linkable to Bank of China accounts. I guess they are hoping they can drive some of that blockchain hype right back to their dirty fiat money. Cheesy

Zogrd

member

Activity: 96

Merit: 10

I believe a lot of important/influencial people in China own BTC. So this might be a play.

cryptonianz

full member

Activity: 196

Merit: 100

I believe that Bitcoin will not be ban by China. These are only rumors to take the price down and then once the good news come about that they will not ban it the price will go to 7-10k!

toddy47

full member

Activity: 210

Merit: 101

Quote from: Geenstijl on September 20, 2017, 03:15:25 AM

Recently we had a lot of news and rumors from China about exchanges and even bitcoin ban. We all already tired from these kind of stuff. Many of us think China government stupid. But here is the thought appears about China's government is not stupid at all and they've started play their own game. It's not a secret that around 50% (or even more) BTC mining power is situated in China. What if China plans to create their own "Bitcoin" using already existed mining powers? If they do so it would be first strong government's crypto. Does this thought silly or not? Could this be true???

It's not very decentralized if a government controls it. China is not stupid, there is a reason China is the largest exporter in the world, but you need to keep in mind they are also very restrictive on their overseas spending too.

matuson

sr. member

Activity: 420

Merit: 255

There is a notion that if some phenomenon is impossible to defeat him you need to lead. Maybe the Chinese would go that way. I don't think China is stupid government. It is the only country which has a development plan for the next 100 years. But to win bitcoin would be difficult even for China.

Geenstijl

legendary

Activity: 1232

Merit: 1000

Recently we had a lot of news and rumors from China about exchanges and even bitcoin ban. We all already tired from these kind of stuff. Many of us think China government stupid. But here is the thought appears about China's government is not stupid at all and they've started play their own game. It's not a secret that around 50% (or even more) BTC mining power is situated in China. What if China plans to create their own "Bitcoin" using already existed mining powers? If they do so it would be first strong government's crypto. Does this thought silly or not? Could this be true???

Topic: Stupid thoughts about Bitcoin China. May be not so stupid??? - page 2. (Read 776 times)