Posted on 04/13/2021 6:54:27 AM PDT by EBH
Less than three weeks ago, I warned in these pages that Bitcoin buyers were “buying obsolescence” and that the fall – when investors recognized that – would be hard. One of reasons I foresaw was that a better digital currency could displace the Bitcoin. Little did I realize my prognostication would begin to be realized so quickly. Earlier this week, the Wall Street Journal reported the People's Bank of China, communist China’s central bank, unveiled a digital renminbi and encouraged its use by Chinese citizens. It is the first digital currency launched by a large economy and is a direct competitor with Bitcoin and other digital currencies. It had been run via small pilot programs in a few pilot cities including Shenzhen, Suzhou, and Chengdu with civil servants getting half their pay in the form of the digital yuan before its formal launch.
Xi Jinping, the CCP China leader, has said that he desires to “set the rules” for central bank digital currencies globally. The launch of the digital yuan now allows CCP China to gain considerable market share over other CBDCs that might be launched in reaction, such as the Fed/MIT US program when it is used in the 2022 Beijing Olympics.
The global risk presented by a digital yuan may be at least part of the reason the US and its allies are considering a boycott of the 2022 games, after the principal reason,
Among other things, the digital yuan is reported to use near field communication technology, or NFC, that would allow customers at the Olympics to pay vendors by tapping an NFC-enabled payment device with their telephone, much like Apple Pay. Now, imagine the global attendees of the Olympics to have that technology, tied to a digital yuan account, and taking it home around the world,
(Excerpt) Read more at seekingalpha.com ...
Never! Not for a billion fold return!
Never even buy ChiCom products if there is an option. And if doing without is a option that’s better than buying from the ChiComs.
The problem with Digital Yuan is no privacy, the CCP tracks all transactions, all your value belongs to them. The CCP is no respecter of private property.
a fool and his bitcoin are soon parted.
The digital Yuan may strengthen Bitcoin. While the Chinese government may only allow the digital Yuan to be used in commerce in China, no one will trust their valuation of it. The digital Yuan, like any currency, will be compared to Bitcoin.
Perhaps another possibility that may exist is that Chinese digital coins can only be spent from Huawei devices.
Stupid article
Chinese central bank digital coin is the exact OPPOSITE of bitcoin. Its manipulated, it can be created or destroyed at will of political authorities, its totally a political tool of the CCP. Its completely traceable by the Chinese Government.
The ONLY similarity is that both digital.
LOL! NO ONE who buys crypto is going to buy China’s offering. What a silly article.
It will “change everything”?
The ignorance is strong with this article.
Strong and stupid.
We need to stop this dead in its tracks. Don’t use it. Don’t transact with any business that uses it. While we are at it, don’t buy crap from China.
Get a load of this garbage ping.
The value of bitcoin is it isn’t controlled by any government and can’t be inflated into oblivion by one.
Not that the CCP can’t be trusted or anything.
Avoid buying Chinese at any cost really. Buy American, Canadian, Swedish Indian etc, anything but China.
the digital Yuan also come with the fun ability to have expiration dates. Better spend them all.
montag813 wrote:
LOL! NO ONE who buys crypto is going to buy China’s offering. What a silly article.
~~~
That’s my first thought.
Maybe you would (have no choice at some point) if you are a Chinese citizen, but why in the world would I trust my currency in the hands of a foreign government, let alone communist China?
When are they going to start assigning a social score to my money?
I’ve said that the only thing that gives bitcoin value is faith - just like fiat money. But at least fiat money is backed by government, which has a vested interest in it retaining value. But someone else said it even better:
Bitcoin only has value in people’s heads.
As long as the parties to a bitcoin transaction both give it similar value in their heads, they can exercise transactions based on bitcoin. But if something happens to reduce the number of people that give it value in their heads, it could collapse mightily. Probably not overnight because a big collapse of ANYTHING is seen by some people as a “buying opportunity”. This means that if the decline is caused by physical or undeniable market factors, the utter collapse will still look like a stairstep graph as people try to catch a falling knife.
But as long as nothing “big” happens, Bitcoin will be fine, probably. However, this could be big. We’ll see.
I had a friend that as very proud of his stock portfolio just before the dot-com crash. But then, EVERY stock portfolio was doing great at that time. Meanwhile, I found myself in a situation where I had no choice but to sell, so I did - less than a month before the crash. The Lord has really taken care of us.
Though I like the blockchain aspect, which can be applied to fiat money, I’ve considered bitcoin to be nothing but sterile tulip bulbs from day one. Nothing has happened to change that perception. Some smart people are taking huge profits right now. I feel for those that are buying their coin.
Not a chance. The currency has a back door and can be destroyed moved or manipulated by the CCP.
No one will trust it.
i just put all my savings into the china crypto, what a deal, 10 to yuan...
i am sure the biden- harrass admin will give it the full backing of the federal reserve.
/ sarc for the love of pete.
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