Topic: We should be happy tyranny is allergic to bitcoin, not sad. (Read 4773 times)

Bitcoin: China’s Ban Validates Cryptocurrency

In November 2013 China banned its banks from handling Bitcoin (BTC) transactions, at the same time it banned financial institutions like 3rd party payment providers in December.

The Chinese government also announced that it does not recognize BTC as a currency, but does recognize it as a virtual commodity.

As a result, Chinese citizens can still trade BTC at their own risk, but cannot use BTC as an alternative to the RMB Yuan to buy goods and services.

The BigQ: What was the motivation behind this action?

The Big A: to understand why China’s government is not keen on Bitcoin, one must to understand 2 Key facts about China: it has a goal to dominate the world economy and centralization is the organizing principle of the Chinese Communist party.

A tool used in China’s efforts to dominate the world economy is controlling the currency. It is not a secret that instead of letting their currency freely trade in a competitive market, China artificially keep the Renminbi (RMB Yuan) weak to make their exports cheaper and  more competitive.

The Chinese government had to clamp down on BTC before it gained enough momentum to threaten the government’s monopoly on its currency.

If BTC became a medium of exchange for economic transactions, the Renminbi would lose market share, and China would lose the power and influence to manipulate their people and their destiny.

Centralization is the nature of a Communist government like China.

For those in power, there is no current need to decentralize something as important as the control over currency and cede it to BTC, which they or any other government can control.

The sudden increase in interest by Chinese citizens in BTC, BTC software downloads in China outnumbered the US by 2X, and how retailers and restaurants quickly learned how to accept BTC transactions alarmed Beijing.

Because BTCs trade globally, and there can be  anonymity with owner names, it could be a method for Chinese citizens to transfer their wealth out of China without the usual foreign exchange controls.

Note: China still allows BTC to be traded like a commodity such as Gold, this allows China to study BTC and decide on its own schedule whether to allow its use or develop its own digital version if it is in their best interest.

Recall that when banks in China were banne from accepting BTC, the price dove from 1,200 to 600 before stabilizing at 800. Then other financial institutions questioned it valitity BTC traded as low as 422 before bouncing back to around 800-900 again its last trade Friday was 872 at Mt. Gox..

Taking a look beyond the volatility and the early setbacks in this long-term affair, the larger and  important issues is being missed by most analysts.

That is, China is afraid of BTC because of its real potential to disrupt its plan for economic supremacy.

Bitcoin by its very nature is decentralized, is subject to the free market and the trust between people in a transaction, not by the “fiat” of a government to mandate its own will and purposes against the wealth of its citizens and trading partners

China’s ban validates cryptocurrencies and their transformational possibilities.

Stay tuned, this is an ongoing story…

HeffX-LTN

Paul Ebleing

http://www.livetradingnews.com/bitcoin-chinas-ban-validates-cryptocurrency-26467.htm#.UtQrpfvuYgU

There is one thing I'd like to point out...

Obama has admitted to being Socialist in college. His mother was not just a socialist but a very politically motivated and outspoken socialist. His father was socialist, his mentor was socialist...
He has direct and immediate ties to the strongest Socialist and Communist groups active in the United States...
We aren't just calling him names. This is one of those "it is what is is" situations. The writing is on the wall...

Check the facts and verify before defending him blindly.

Exactly.  The more players and competition the better.  A benefit of having China's (and India's) stance on bitcoin is that it shows the world China's true colors and those that follow them will show their's too.

I want China in because it will fight U.S, tas long as the ultimate conspiracy that all the world's powers will unite against Bitcoin just because it's Bitcoin doesn't become a reality, the more rivalries we have in here, the better it's for the whole ecosystem.

It's called decentralization, and Bitcoin allows you to benefit from it regardless of your morality, belief, and entrenched interest, if you choose to play by its rules.

The prime example of fascism, Hitler and Nazi Germany, proved to be territorial gluttons - the annexation of the Sudetenland, the absorption of Austria, and then the invasion of Poland, France, Belgium, Holland, etc., disproves that fascists "stay within the confines of a country's borders" .  Maybe not all, but Nazi Germany, the prototype fascist example from history had ravenous territorial ambitions. They most certainly did not stay within the confines of their borders.

As a Canadian who knows Americans, has had family live in and go to school in Russia under 'communism' (really authoritarian central planning where the coordinator class rules all) I can say that neither Americans nor ex-soviet block citizens know a damn thing about communism... But especially not Americans. Calling Obama socialist is SOOO rediculous. I do agree however that coordinator class authoritarianism is a basic condition that both system had alot of.  In the US there are more advanced methods of control that allow for a lot more feeling of freedom.

Don't know much about the American mindset. But, you can go to North Korea and watch communism in action. In DPRK, the communism is very much inter-twinned with fascism.

People are buying the BS hook line and sinker, that Bitcoin is used for crime when it is used probably %.01 as much as the USD is just by the CIA, NSA and banking cartels for crime.

When the mass media says Bitcoin is a criminal's currency dream, they mean that the powers that be don't have a monopoly on control of the crime.

And yes, it is a badge of honor that the Indian central bank is arresting people for opening online exchanges. If they're cracking down on bitcoin trade, it is proof that they know they can't allow alternatives to their IMF fiat regime, or fiat will come to an end. So when they crack down on Bitcoin then we know we really need bitcoin and we just go back to trading it like we always did before all this infrastructure from venture capitalists came a long.

AKA the great fascist alliance

United nations?   


Gold, drugs, guns, prostitution, alcohol, (i left out a lot use your imagination.) are all digital? Goes to show you aren't reading anything therefore not considering it. You're trying to be right and just jumping to conclusions. Sad thing is I’m mostly agreeing with you. Take a step back and relax, then you can think.

As the historian Victor Davis Hanson states, "Fascism thrives best in a once proud, recently humbled, but now ascendant, people who are ripe to be deluded into thinking contemporary setbacks were caused by others and are soon to be erased through ever more zealotry."

What you are attempting to describe is a movement where an omnipotent government asserts control over every nook and cranny of political, economic, social, and private life. Bitcoin can thrive in this political environment and is, in fact, more necessary there for the citizenry to have monetary freedom.

Indeed, fascism is closely related to communism in both theory and practice. The chief difference between the two is that fascism is rooted in nationalism and seeks to create a socialist utopia within the confines of a particular country's borders. Communism seeks to transcend national boundaries and promote a worldwide proletariat revolution, where the foot soldiers are bound together not by a common nationality but by their membership in the same economic class.

Neither is inherently more harmful or painful. It depends on the specific application (where the bullet/knife enters, size of bullet/knife, force used, etc)


Unlike bitcoin, those are all purely digital things. You don't go to the store to exchange milk for a pirated DVD.
That being said, bitcoin CAN be used in purely digital format. Buying anything digital online.

who is you?

That is like saying people commonly confuse AIDS for HIV. They two are different, yes, but if a country is infected with communism then it either gets cured or it gets fascism. Communism cannot survive in a non fascist nation & it is one of the strongest causes of fascism


Funny thing, socialism is a term invented by carl marx, he defined it as "a society in transition towards communism" and characterized by still using money (in his dreams, he imagined that a pure communist society will not have money).

And yea, people use socialism as a different name to sell communism because the word communism leaves a bad taste what with stalin, mao, etc, etc.

Yeah , it doesn't matter if you're shot or stabbed.
But then again , one is more painful than the other .

bingo!

who gives a f what its called. we all know its happening.

First i want to start off by saying this is obviously going nowhere. I can't forsee us drinking tea in the future, and that kind of upsets me.


1. I'd say it's more socialism than communism, although the end goal of communism and socialism are almost 100% the same. Socialism is just more subtle and appealing to people.

2. They try to regulate encryption technologies using licensing requirements etc, has that been successful? They try to regulate drugs, do you think that has been successful? They try to regulate torrenting, how has that been going? Do you have an argument to explain how bitcoin, or more specifically cryptocurrency in general will be different? I don't think shutting down all the exchanges will end bitcoin, local bitcoins and other similar methods will still exist. Although the liklihood of that happening is incredibly small at this point anyway.

3.You need a better argument than using just Bitcoin. You're acting like it's the only cryptocurrency that has a future.Crypto anarchy can exist alongside governments. Of course there will still be coercive governments that exist and enforce corrupt laws. People will have to decide which system resonates with them. Sadly the truth is many people today will choose perceived safety and security and follow their elected leaders.

I think people commonly confuse communism with fascism which has always been a component of the American makeup even right down to the age and gender roles.

Do yourself a favor.
Fly to one of the ex soviet countries , but not Russia. Try to live for two months in Belarus or Turkmenistan.

It's better to lose a month of your life understanding something rather than living a whole life in a lie.

You people in the USA have no fucking idea how communism was and is.
I lived enough in both communism and capitalist regimes to tell USA has nothing to do with communism and is by no means getting closer to it.

1. I live in the USA
2. Living in a communist country doesn't make you qualified to comment on whether a country is transitioning towards communism. It only qualifies you to explain what it is like to live under a communist regime after the transition is over. Unless you wish to revise it into you having lived THROUGH such a transition.
3. The hell it isn't