China’s Rude Awakening

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Home Media C China’s Rude Awakening
Published on January 14, 2020

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There has been a ton of reports on China and what seems like a change of heart in regards to blockchain technology. The Chinese government is now embracing blockchain technology and has even gone so far as to declare that any article or message that tries to say blockchain technology is a scam will be banned.
If ever there was a need to read between the lines of the press and notice what ISN’T being said, this is certainly one of those times. Especially if you’re one of those people who think China will be the one who directly escorts Bitcoin into its next bull run.
Let’s begin with remembering that for over 5 years, China has slowly but surely banned its citizens from being exposed to several different facets of cryptocurrency, beginning with cryptocurrency exchanges and moving on to the mining sector as well.

It seems like there is a case of amnesia running rampant through the crypto community at the moment in the form of showering praises for the PBoC, crediting them with the recent price increase of Bitcoin and most other cryptocurrencies as well, to the point where people were finally letting themselves hope for the actual return of the much loved “alt season”. Of course in reality, as is always the case, there are multiple factors that come into play regarding dramatic price movements in this space. This past week, for example, the CME Bitcoin futures expired as well, which consistently plays a decent role in price movements.

But let’s get back to the moves that China is making and in the meantime, I want you to consider what these moves mean in light of their past behavior because let’s not be foolish enough to think that it’s not all at the very least, a bit connected.

China first set the stage by banning its citizens from trading cryptocurrencies and participating in ICOs, quite possibly combined with the censoring of news articles that speak about the positives of blockchain technology and most definitely censoring the positives of Bitcoin.
And that right there is the detail that I think everyone should be aware of.
The difference between blockchain tech and Bitcoin. It’s a discrepancy that most governments and big banks like to make, that they can see the value in blockchain technology, but not the value in Bitcoin.
Blockchain technology is a tool with a lot of potential depending on how it is implemented. It can certainly be disruptive if done right. For example, that technology applied to the financial sector and the creation of money holds a ton of disruptive power, lucky for us, that implementation has been going strong for the past ten years and continues to be a lifesaver for those eager to have a plan B, I mean, plan Bitcoin. And as I’ve pointed out time and again on this channel, those who have thrived for so long based on the control they have are the same who will be on the brunt end of the disruption and we know they aren’t happy about it. China now approves of blockchain tech, and unsurprisingly, they still do not approve of Bitcoin. Which is fine by the way, Bitcoin works quite well with or without the stamp of approval by any government which is exactly what makes it that lifesaver for those who are desperate to regain their autonomy and control over their money.

The trend is apparent now that everything is going digital and that includes currencies. Those who are issuing them now, like Libra, like JP Morgan, and other countries even, are doing so on their own terms, with their own limitations and what I believe will only be more of the same centralized control at the expense of whoever uses them. The beauty of the reality now is that finally, they have legit competition, legit currency competition. Now they’re trying to stay relevant with their old and outdated control and power play in a world where the market not only has access to autonomy and freedom, it favors them.

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Category :  Media C
Tags :  blockchain , china , crypto , cryptocurrency
  1. Once they've launched their national crypto, the first thing they would do is to massively kill bitcoin to protect the people from being scammed by the manipulator whales again. The bitcoin bubble burst is already obvious enough. The risen china coins are those with useful specific use cases correlated to their blockchain tech development despite the value of the cryptocurrencies themselves, coins without specific use case such litecoin don't belong to this group. Russia is china's closest alliance especially in economy and tech developments, hence russian coins would be the next pumps by the chinese.

  2. China government never change their position. China never banned blockchain, the Western media manipulate you, fool.
    China support blockchain, but do not support cryptocurrencies that no government backed.
    The new declaration of blockchain, is not focused on cryptocurrencies , but the data storage and transfer for governance.

  3. If you can beat them join them!
    Blockchain can't be beaten so it logical.

  4. Communism goes against everything crypto stands for and crypto goes against everything communism stands for.

  5. trump and google have come up with away to destroy bitcoin and any other coin like it.bitcoin mite not have a future atleast in usa.XRP will rule the future

  6. Fid LaF

    BTC doesn’t need to be shut down, government can simply just instruct exchanges to stop trading it then the job is done. It slowly starts to die out as it has no way of trading. As “asset” that is limited in this way will end soon

    It gets worst,with Quantum Computers. Just around the corner
    It means all the outstanding bitcoin can be mined in seconds, making it 7 groups that control the majority of bitcoins centralized coin

  7. I am very happy for meeting you harker Bob Smith he is real and legit he gave me a software of 0.10bitcoin I generate every day Into my wallet you can contact him on WhatsApp +19375380653 or text him on his mail [email protected] com

  8. Good commentary, I think you're onto something lol… I can't wait to see what happens next too!

  9. That was good. This has become my favorite crypto channel. No TA bulls**t, no drama, no hype.

  10. Bitcoin's strongest point – anonymity – is the reason why no government can accept it openly.

  11. can't believe the coin's name — DCEP. is it short for "deception"? hmmm…

  12. China owns a lot of Australia! beware their influence in your government and media!

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