RE: China's crackdown will create opportunities elsewhere, specifically Hong Kong
I dont think there is a chance in hell that China walks away from Bitcoin or other crypto currencies. China is one of the largest miners of BTC and notice that wasnt affected. Why not? It is because the Chinese gov't has their hand in it. Many companies operate as a quasi-government entity. At the end of the day, if the Chinese were serious about eradicating BTC, they would have crushed the miners.
This is a train that is too strong to stop. There are too many people all over the world with BTC in their hands...many of whom are not letting go. Dimon's comments this week lead me to believe that the bankers are accumulating also. 16M coins does not spread to far when you really think about it.
So, if China is out of the mix for purchasing BTC in their country, someone will pick up the slack. And dont worry about demand, a ton of Chinese money is already out of the country...the elites didnt sit pat and wait for the crackdown on outflows...they got the money out.
I completely agree with you, I have been living in China for 15 years, if the government really wanted to close down Bitcoin completely it would already have been done, and they would have started with the miners. Instead there are more and more news of even bigger mining farms openi which just tell me one thing - China would not give up to miss the crypto train
Bitcoin without China is like boxing without Mexico...
Hahaa that's a good one ☝️
It is good to get an insider's view.
What is your take? I think it is much ado about nothing. China isnt closing the exchanges to clean things up...they are closing them to control the situation. I would not be surprised to see China open up a state run exchange.
Hello there ! A friends brother did IT/computer work at banks in china ( I believe it was THE MAIN Bank of China) 10-15 yrs ago. I told him to tell his brother to "watch out, he might just disappear" least he stumble on something that they don't want the world to know about. Within a year, the bank announced that they had lost or misplaced millions (or billions). I will probably never trade the forex market with china, I just do NOT trust them. I am not a typical china bashing american, I just have read to much history and don't take anything they say at face value. Imho this news is nothing short of the reverse of a pump and dump scheme. They appear to be dumping when in reality they are buying on the self created dip. As YOU know they are not stupid, I believe they are setting themselves up to try to control the market. imho they have the gold to do so. I believe BTC is their new "silver" market, and anyone familiar with that history should take note of their mentality and the processes they engage in. Deception is their main tool of aggression imho, as stated in the Art of War, for good reason.
I have to say, I have never or will ever live there, so my opinion is pretty much a moot point ...
Btw Dan, you don't have a brother named Mike do you ?
Read More, Reason More ... JTS
I have no brother named mike hehe Well In china it's sometimes a good thing to fly a bit under the radar. But I think all foreigners living here will agree that as long as you don't do anything bad you are very well treated. Silver has been a bit of the akilles heal for China as the market is completely manipulated by America. Maybe this is a chance for them to get control over he silver market. I definitely see that as a valid possibility!
Actually I was referring to the history of china and silver when the Britts introduced it to china ...long ago ... very interesting history, in fact that's where the term china (as in expensive dishes) came from ...
You are absolutely right, this struggle has roots long back in the history for sure! I think China remembers it very clearly and as they can plan decades at a time with their communist structure I think they already have a future painted where China is by far the most powerful country, if that ever would happen they sure will need to adopt cryptocurrency
upvoted and following btw !
Followed back buddy !