China to launch bank backed digital currency

Wait 5 years and every country will have adopted some form of e - cash based on blockchain tech.
It's just too good of a surveillance tool to ignore it.
Imagine every transaction being saved on a ledger that the government can control. Every citizen will have to register a signle key pair like a bank account and when authorities doubt a payment of yours that happened 20 years ago, they just look it up.

That's what most people do not understand. Governments will not fight crypto. Why would they? They wait until tech is mainstream and then they just adopt it and build laws around it.

Libra never had a chance. Because Libra is not a cryptocurrency. Zuck just tried to get into payments without a banking license....but you guys will all welcome your favourite USD as e - cash build on distributed ledger technology.

If you like it or not :D
 
I don't think we can cross Libra out just yet. Companies are still joining the Libra Association - he most recent member of the Libra Association has become Blockchain Capital, a San Francisco based firm. The company has joined the other 28 members of the association as Facebook is heading the fight for a stablecoin launch.
 
dozu888 said:
first of all, forget about cryptos... will never become mainstream.. I have presented the theory with the Libra case.

for China - their mobile pay is already #1 in the world, not sure what the purpose is for a digital currency... between weChatPay and aliPay, you can walk around with just the phone without any cash/bank cards.... we'll see how it turns out.
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I think buying oil from Iran, Venezuela would be the main reason. Retail and general citizens probably wont ever be involved. Right now China not wanting to buy any oil at all from US or Saudi unless its super cheap. This would allow them to buy strictly from Russia, Iran, Venezuela, ect. This may eventually lead to purchasing commodities such as corn and soy and gold and silver...completely avoiding the US dollar.

The Ant Group has been rumored to be working with Beijing regarding crypto in a big way. Ant crypto servers are world leading and available in massive numbers. Jihan Wu has always been a principle and major link between Bitmain and Ant Group.. QTUM. Patrick Dai works for and with both companies.
 
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Pricechange said:
The Ant Group has been rumored to be working with Beijing regarding crypto in a big way. Ant crypto servers are world leading and available in massive numbers. Jihan Wu has always been a principle and major link between Bitmain and Ant Group.. QTUM. Patrick Dai works for and with both companies.
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Kinda sucks that threads like this one are not pursued and contributed upon by more folks here on elite trader. This topic can shed so much light on crypto topics and especially foreign participation in crypto investment and usage. This topic was started back on Sept 20. Bitcoin was kinda cheap and was offering a nice entry point here.

https://personal-financial.com/2020/09/20/bitcoin-btc-on-september-20-2020/#:~:text=Bitcoin (BTC) has been trading,candlestick, rising above $ 11,670.

I got quite interested as the topic was offered and bought at $10233. I bought quite a bit at this level.
 
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The reason this thread was never really "pursued" was because there is a huge difference between a legit borderless anonymous digital currency like Bitcoin and a mass State currency surveillance and control mechanism (aka the digital yuan).

Pricechange said:
Kinda sucks that threads like this one are not pursued and contributed upon by more folks here on elite trader. This topic can shed so much light on crypto topics and especially foreign participation in crypto investment and usage. This topic was started back on Sept 20. Bitcoin was kinda cheap and was offering a nice entry point here.

https://personal-financial.com/2020/09/20/bitcoin-btc-on-september-20-2020/#:~:text=Bitcoin (BTC) has been trading,candlestick, rising above $ 11,670.

I got quite interested as the topic was offered and bought at $10233. I bought quite a bit at this level.
More...
 
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