Some thoughts on China launching their own cryptocurrency...
China announced they have been developing a state sponsored cryptocurrency
We all knew this was coming, or at least thought it probably would.
China has been vocal about their dislike of the US having an unfair advantage by having their currency as the world's reserve currency.
How do you go about changing that?
Well you create a better currency and get everyone else to use it before they can create their own.
That would be their ultimate hope of course, but they likely aren't expecting that out of the gate.
Some of my thoughts...
I think this currency from China will succeed where bitcoin has failed...
I think it will succeed in being centralized.
It will succeed at being censored.
It will succeed at being manipulated by a central bank.
It will succeed at not being scarce.
And it will succeed in not being widely adopted by anyone outside of China.
In case you didn't catch on by now, I was being sarcastic about actually thinking it will succeed. :)
I think China's currency is going to be a glorified stable coin.
No other country will want to use one that was created by someone else.
That is the beauty of bitcoin
It just appeared.
No one can say for sure who the creator was.
It's not backed by a central bank.
It's much more similar to something like a natural resource, it just exists.
Other governments are much more likely to adopt this kind of value vs something someone else created.
It's more akin to gold in that regard.
For that reason bitcoin has a much better chance of being global money than anything China creates.
If anyone tells you China is going to destroy bitcoin by creating a better cryptocurrency...
Tell em...
FORGET ABOUT ITTTTTTT!
Stay informed my friends.
Image Source:
-Doc
its an interesting times now
Yes it is, and about to get even more interesting.
Sounds like the last Andreas Antonopoulos video I watched.
:D
Bitcoin creates a neutral economic playground for countries and corporations alike. It's gonna be fun when they start competing to accumulate Bitcoin.
Hilariously enough the first countries to do so are going to be the ones with sanctions imposed by my country.
Ha, well glad he shares similar views to me!
If China creates a new cryptocurrency, me and North Korea will use it as China is the biggest financial aid of my team... Vietnam comes as good second... Maybe it's just that my best friend's family originates from China but has lived in Vietnam for most of her life... And she's pretty popular singer in both countries...
Beyond that, I doubt it will have widespread adoption. No one wants to use something that someone else has an advantage with.
First days of every new cryptocurrency will be like a hurricane... Everyone tries to hoard as many coins as possible and then dump them for quick profits...
China looks ahead
Posted using Partiko iOS
Hopefully it falls flat and they quickly shift to bitcoin.
November 1, 2019... 12.1 Hollywood Time...
We shall see.
Hi @jrcornel
I appreciate your sarcasm as it emphasizes the Anti-Bitcoin nature of anything we can expect to see coming out of China and correctly I think, described it as more of a stable coin to be used I think in the huge online markets AliPay, WeChat and I suspect as China uses the ledger qualities to spy on and control its citizens. I think in China it’s business and control first.
Additionally, I think the important people in the central givernmrnt are invested in the significant Bitcoin mining industries of China and some of these news releases are timed to manipulate the Bitcoin market. I think if you look back The Chinese leader has a significant positive effect on the price of Bitcoin when he chooses to say something positive.
Just my thoughts, I am not married to them and don’t have a crystal ball or special incite, just another dude commenting on the news and your article.
Thanks for making us think 🤔
✍️
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