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China's PBOC Says Its Own Cryptocurrency Is ‘Close’ to Release
invite response
2019 Oct 29, 10:51am 1,605 views 8 comments
Comments 1 - 8 of 8 Search these comments
1
HeadSet
2019 Oct 29, 10:56am
HeadSet
2019 Oct 29, 10:56am
An untraceable currency free of government manipulation goes totally against the total dictatorship mentality of China. This may be more on the Swedish "cashless" idea than on Bitcoin.
2
WookieMan
2019 Oct 29, 11:21am
WookieMan
2019 Oct 29, 11:21am
HeadSet says
Chinese people should reject it actually. It will purely be a tracking mechanism for the government. They're finding criminals using bitcoin, so even that is traceable. I personally don't do it as an American, but if I were Chinese, cash would be king.
An untraceable currency free of government manipulation goes totally against the total dictatorship mentality of China. This may be more on the Swedish "cashless" idea than on Bitcoin.
Chinese people should reject it actually. It will purely be a tracking mechanism for the government. They're finding criminals using bitcoin, so even that is traceable. I personally don't do it as an American, but if I were Chinese, cash would be king.
3
Heraclitusstudent
2019 Oct 29, 11:24am
Heraclitusstudent
2019 Oct 29, 11:24am
I think most transactions are already electronic / with cell phones in China, so they are probably tracked.
So it's not a big step to have 100% electronic money.
The intent also appears to have this currency used for international trade - replacing the dollar?
So it's not a big step to have 100% electronic money.
The intent also appears to have this currency used for international trade - replacing the dollar?
4
HeadSet
2019 Oct 29, 1:34pm
HeadSet
2019 Oct 29, 1:34pm
They're finding criminals using bitcoin
Glad to hear that, but I thought the whole reason ransomware is possible is because bitcoin is untraceable. Why then haven't the ransomware bandits that hit local governments, hospitals and even police departments been traced and arrested?
Glad to hear that, but I thought the whole reason ransomware is possible is because bitcoin is untraceable. Why then haven't the ransomware bandits that hit local governments, hospitals and even police departments been traced and arrested?
5
EBGuy
2019 Oct 29, 1:55pm
Bitcoin is untraceable if you structure the transaction properly. I show up at the Winklevoss twins house with gold bars and they give me some of their bitcoin from the safe. See this story: To protect their bitcoin holdings, the brothers distributed snippets of a printout of their private keys across multiple safe deposits around the United States.
6
WookieMan
2019 Oct 29, 1:58pm
WookieMan
2019 Oct 29, 1:58pm
HeadSet says
I don't claim to know this realm well. Just go off what I read.
https://www.forbes.com/sites/kellyphillipserb/2019/10/16/irs-followed-bitcoin-transactions-resulting-in-takedown-of-the-largest-child-exploitation-site-on-the-web/#648009f1ed0d
Maybe they were sloppy, but I'm convinced if it ever existed on a computer or ever touched the internet, it's traceable in some way, shape or form. Not saying I can personally trace it. Unless someone can memorize a random, massive hash/code, not get tortured, everything is traceable in my opinion. Just depends if someone wants to put the work in to get to the end goal.
They're finding criminals using bitcoin
Glad to hear that, but I thought the whole reason ransomware is possible is because bitcoin is untraceable. Why then haven't the ransomware bandits that hit local governments, hospitals and even police departments been traced and arrested?
I don't claim to know this realm well. Just go off what I read.
https://www.forbes.com/sites/kellyphillipserb/2019/10/16/irs-followed-bitcoin-transactions-resulting-in-takedown-of-the-largest-child-exploitation-site-on-the-web/#648009f1ed0d
Maybe they were sloppy, but I'm convinced if it ever existed on a computer or ever touched the internet, it's traceable in some way, shape or form. Not saying I can personally trace it. Unless someone can memorize a random, massive hash/code, not get tortured, everything is traceable in my opinion. Just depends if someone wants to put the work in to get to the end goal.
7
Heraclitusstudent
2019 Oct 29, 3:41pm
Heraclitusstudent
2019 Oct 29, 3:41pm
Bitcoin transactions are not only traceable, they are public. The records are distributed and anyone can access them.
What's supposedly hard to trace is who hides behind ids. However if you go through an intermediary and they are likely to give out your identity to the IRS.
What's supposedly hard to trace is who hides behind ids. However if you go through an intermediary and they are likely to give out your identity to the IRS.
8
EBGuy
2019 Oct 29, 5:00pm
Heraclitusstudent says
I wear a Zuck mask when I transact with the Winklevoss twins.
However if you go through an intermediary and they are likely to give out your identity to the IRS.
I wear a Zuck mask when I transact with the Winklevoss twins.
"Mu repeated the PBOC’s intention that the digital currency would replace M0, or cash in circulation, rather than M2, which would generate credit and impact monetary policy. The digital currency would also support the yuan’s circulation and internationalization..."
I'm guessing many people/companies in China will have to support it, and trade with it (rather than with dollars).
I further guess it will be highly centralized in China (contrary to the bitcoins commie dream of a decentralized internet) and highly scalable (more than bitcoin can claim).