The Fiat Digital currency is coming to Chinese people. - page 2.

prabowo96

full member

Activity: 238

Merit: 100

it's showtime

Quote from: franky1 on November 18, 2016, 12:08:16 PM

yet another post with people advertising the bankers crapcoin on the hyperledger.

again nothing to do with bitcoin

It have something with bitcoin, if this system can be more secure for the people, they will stop to use bitcoin a little also the government can ban the bitcoin and control all transactions of this digital currency.

So at the end of the day the bitcoin price and adoptance goes to the ground.

Alphagog

member

Activity: 316

Merit: 10

Quote from: TastyChillySauce00 on November 20, 2016, 02:14:09 AM

really agree with "Anti-corruption With Blockchain Tech" hope my government could implement it too
the reason why i'd really agree with this is because as you see from example when some ICO project got pretty decent amount of bitcoin which is about thousands and after the ICO ends,the investor could always watch where the funds will be moved,hence they could asking what's going on with the fund and the reason of movement,it could prevent corruption at 100% rate indeed

The problems with that kind of arrangement is that the transparency can be abused and good people will suffer.

talkbitcoin

legendary

Activity: 1372

Merit: 1032

All I know is that I know nothing.

Quote from: Wind_FURY on November 19, 2016, 09:56:56 PM

Ok, so China is planning a "digital Yuan". My question is this, how is it different from the current system of fiat money? Nothing. It is the same and the clearing is still done by banks and the central issuer of this is still the Central Bank of China. This is in no way comparable to Bitcoin and Proof of Work which, in my opinion, is its greatest feature. All settlements are done in the network without need of third party trust.

of course it is not going to be even remotely close to bitcoin because it is centralized to begin with.

but the first part is also my question too. what is the point of creating this "digital currency or altcoin" of theirs instead of using fiat? i can see why banks want to use blockchain technology in their internal systems to increase security, speed and other things but i don't see why they would want to make a centralized altcoin for their national currency?

Shiroslullaby

sr. member

Activity: 434

Merit: 250

Something like this may actually bring more users to bitcoin, because it will make more people familiar with the idea of digital currency.
Bitcoin won't suffer because people will still use it as a speculation investment and a safeguard against fluctuation in the price of local currency.

nicemycoin

hero member

Activity: 599

Merit: 500

Quote from: Positid on November 20, 2016, 06:43:51 AM

Quote from: mindrust on November 20, 2016, 03:58:45 AM

It won't make a difference for the Chinese people. It is just a credit card what they are making. Because it is centralized like fiat. Hell they even named it " the digital fiat". No need to re-invent the wheel, mastercard/visa did it long time ago.

As you see, this is what makes bitcoin beautiful. It is decentralized (i have doubs for the future but unless it is proven, it will stay decentralized) Whatever do Chinese or Swedish or any other gov come up with an idea of a digital currency, it will be centralized. They have no power to make the otherwise. The Power of being powerless. Bitcoin has no government, only the power of the people.

I completely agree with your, the government always want in control and though how good the system they will come up, they cannot still eliminate bitcoin as we are decentralized here people wants freedom and does not want to share their information with the government.

As we all know,Here the digital fiat currence is compared with paper fiat currency,paper currency have a mass of disadvantages— high cost,corruption,crimes...

Positid

sr. member

Activity: 378

Merit: 250

BULL RUN until 2030

Quote from: mindrust on November 20, 2016, 03:58:45 AM

It won't make a difference for the Chinese people. It is just a credit card what they are making. Because it is centralized like fiat. Hell they even named it " the digital fiat". No need to re-invent the wheel, mastercard/visa did it long time ago.

As you see, this is what makes bitcoin beautiful. It is decentralized (i have doubs for the future but unless it is proven, it will stay decentralized) Whatever do Chinese or Swedish or any other gov come up with an idea of a digital currency, it will be centralized. They have no power to make the otherwise. The Power of being powerless. Bitcoin has no government, only the power of the people.

I completely agree with your, the government always want in control and though how good the system they will come up, they cannot still eliminate bitcoin as we are decentralized here people wants freedom and does not want to share their information with the government.

mindrust

legendary

Activity: 3276

Merit: 2442

It won't make a difference for the Chinese people. It is just a credit card what they are making. Because it is centralized like fiat. Hell they even named it " the digital fiat". No need to re-invent the wheel, mastercard/visa did it long time ago.

As you see, this is what makes bitcoin beautiful. It is decentralized (i have doubs for the future but unless it is proven, it will stay decentralized) Whatever do Chinese or Swedish or any other gov come up with an idea of a digital currency, it will be centralized. They have no power to make the otherwise. The Power of being powerless. Bitcoin has no government, only the power of the people.

JeffBrad12

hero member

Activity: 2954

Merit: 533

Leading Crypto Sports Betting & Casino Platform

Quote from: nicemycoin on November 19, 2016, 09:36:38 PM

Quote from: bitbunnny on November 19, 2016, 03:13:36 AM

They will have new digital currency. So what? I don't seew any problems with that. The thing is that Chinese are very engaged with digital currencies and have put all their efforts with it. Now they are also trying to involve the government. But I don't think this will influence Bitcoin.

Agree with you,even better news for Bitcoin Grin

In my mind, if it was decreasing the hash domination was held by the China miners. I may think also it can give advantages for bitcoin.
This not a big problem for bitcoin, bitcoin will be spreading around the world and hash 51% attack will disappear, I hope it.
This will give a big impact for Chinese miner but not for bitcoin.

TastyChillySauce00

legendary

Activity: 3010

Merit: 1028

Leading Crypto Sports Betting & Casino Platform

really agree with "Anti-corruption With Blockchain Tech" hope my government could implement it too
the reason why i'd really agree with this is because as you see from example when some ICO project got pretty decent amount of bitcoin which is about thousands and after the ICO ends,the investor could always watch where the funds will be moved,hence they could asking what's going on with the fund and the reason of movement,it could prevent corruption at 100% rate indeed

Wind_FURY

legendary

Activity: 2898

Merit: 1823

Ok, so China is planning a "digital Yuan". My question is this, how is it different from the current system of fiat money? Nothing. It is the same and the clearing is still done by banks and the central issuer of this is still the Central Bank of China. This is in no way comparable to Bitcoin and Proof of Work which, in my opinion, is its greatest feature. All settlements are done in the network without need of third party trust.

nicemycoin

hero member

Activity: 599

Merit: 500

Quote from: bitbunnny on November 19, 2016, 03:13:36 AM

They will have new digital currency. So what? I don't seew any problems with that. The thing is that Chinese are very engaged with digital currencies and have put all their efforts with it. Now they are also trying to involve the government. But I don't think this will influence Bitcoin.

Agree with you,even better news for Bitcoin Grin

nicemycoin

hero member

Activity: 599

Merit: 500

Quote from: davis196 on November 19, 2016, 01:21:31 AM

Quote from: nicemycoin on November 18, 2016, 09:00:26 AM

The Fiat Digital Currency is in developing in China by Central Bank.

http://www.bitbh.com/new/detail/4551 Steadily push forward The legal Digital Currency

http://www.bitbh.com/new/detail/4555 Anti-corruption With Blockchain Tech

The Bitcoin price has been pumped up to 5400CNY after these news realeased. Grin

Quote from: kiklo on November 18, 2016, 03:32:04 PM

If it receives a legal tender status, many people in China will dump BTC for it.

As far as it being Centralized,
every rational person knows that BTC has already been Centralized to Chinese mining pools for over a year.

I don't think so,and most of the Chinese communities have the same idea with me.
For the Fiat digital currency will help Bitcoin promoting better and faster.As we all know,Bitcoin is not illegal in China.

There were the same news about Sweden and now China.

Maybe the central bankers are going to hit bitcoin with fiatcoins very soon.

And how the fiat currency will help bitcoin "promoting better and faster"?

I mean, Bitcoin is not well known by most of the people by now,but if the fiat digital coins launched by more and more central banks,the digital currency will be more easier to be known by the people all over the world.

n0ne

hero member

Activity: 2618

Merit: 548

DGbet.fun - Crypto Sportsbook

Nothing bad or good, just the Chinese citizens gets the access to use their country's fiat currency in digital form. It doesn't be compared with bitcoin, because that has got a central control which our bitcoin doesn't have. Everyone wish to be anonymous, but china using Blockchain technology and creating their own digital coin won't be a big issue for bitcoin as well altcoins growth.

bitbunnny

legendary

Activity: 2912

Merit: 1068

WOLF.BET - Provably Fair Crypto Casino

They will have new digital currency. So what? I don't seew any problems with that. The thing is that Chinese are very engaged with digital currencies and have put all their efforts with it. Now they are also trying to involve the government. But I don't think this will influence Bitcoin.

iqlimasyadiqa

legendary

Activity: 1596

Merit: 1011

Quote from: jak3 on November 18, 2016, 04:09:36 PM

chinese people are getting lot and lot advance by time but can this decision trun ijto a harmful one if they are unable to control their newly made cryptocurrency and if they did succeded into controlling it then what is the diffrence between banks and their cryptocurrency?

yes. I agree with you . it must be controlled precisely and carefully. when not controlled then bad things can happen easily. the presence of a new digital currency will certainly change the financial system in the country of china.

shinratensei_

legendary

Activity: 3276

Merit: 1029

Leading Crypto Sports Betting & Casino Platform

Quote from: nicemycoin on November 18, 2016, 11:08:21 PM

Quote from: kiklo on November 18, 2016, 03:32:04 PM

If it receives a legal tender status, many people in China will dump BTC for it.

As far as it being Centralized,
every rational person knows that BTC has already been Centralized to Chinese mining pools for over a year.

I don't think so,and most of the Chinese communities have the same idea with me.
For the Fiat digital currency will help Bitcoin promoting better and faster.As we all know,Bitcoin is not illegal in China.

If that was becoming the opposite things for Bitcoin, what will you do?
The Chinese were making something and had purposed.
But where you are looking at the potential of that was helping the promotion of bitcoin. i don't see anything right now. Just the general purpose for to be a different thing for bitcoin.

davis196

hero member

Activity: 3178

Merit: 937

Quote from: nicemycoin on November 18, 2016, 09:00:26 AM

The Fiat Digital Currency is in developing in China by Central Bank.

http://www.bitbh.com/new/detail/4551 Steadily push forward The legal Digital Currency

http://www.bitbh.com/new/detail/4555 Anti-corruption With Blockchain Tech

The Bitcoin price has been pumped up to 5400CNY after these news realeased. Grin

Quote from: kiklo on November 18, 2016, 03:32:04 PM

If it receives a legal tender status, many people in China will dump BTC for it.

As far as it being Centralized,
every rational person knows that BTC has already been Centralized to Chinese mining pools for over a year.

I don't think so,and most of the Chinese communities have the same idea with me.
For the Fiat digital currency will help Bitcoin promoting better and faster.As we all know,Bitcoin is not illegal in China.

There were the same news about Sweden and now China.

Maybe the central bankers are going to hit bitcoin with fiatcoins very soon.

And how the fiat currency will help bitcoin "promoting better and faster"?

pooya87

legendary

Activity: 3472

Merit: 10611

this is not a new thing, for as far as i remember a long time ago there was talk about some countries (i remember specifically China) wanting to make their owncryptocurrency aka altcoin. and although that would just be an altcoin and would have no relation to bitcoin but it is a big step for bitcoin since it makes it look a lot better, more legit and more people will start investing and using bitcoin.

and i believe that is one of the reasons why bitcoin price has jumped!

nicemycoin

hero member

Activity: 599

Merit: 500

Quote from: Kprawn on November 18, 2016, 11:53:57 AM

Quote from: amacar2 on November 18, 2016, 10:40:45 AM

Translated to read what was written and it looks like they are trying to make centralized digital currency using blockchain tech just like bitcoin but with complete control of government. I don't think this will have any effect on price and don't know how you are relating this news to current price pump.

It will have a massive influence in the price, if this does happen. Just a week or two ago, we saw bitcoin being dumped, when rumours were

spread that China will be banning Bitcoin. If they develop this Blockchain technology and still allow for Bitcoin to be used, the price will still

decrease, because Bitcoin will lose market share. Roll Eyes

I don't quite agree with you,The bitcoin influence is so weak currently,Bitcoin will be benefited by more and more digital currency emergence,no matter it's a Fiat digital currency or altcoin.

nicemycoin

hero member

Activity: 599

Merit: 500

Quote from: kiklo on November 18, 2016, 03:32:04 PM

If it receives a legal tender status, many people in China will dump BTC for it.

As far as it being Centralized,
every rational person knows that BTC has already been Centralized to Chinese mining pools for over a year.

I don't think so,and most of the Chinese communities have the same idea with me.
For the Fiat digital currency will help Bitcoin promoting better and faster.As we all know,Bitcoin is not illegal in China.

Topic: The Fiat Digital currency is coming to Chinese people. - page 2. (Read 2156 times)