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Firstly, you are by far the most informed person on this subject I have spoke to, so thank you.
I didn't know P2P payments were legally banned, I just figured no one used them because of the influence of the PBC. But I will have to look into that Jack Ma story, never heard of this.
It just seems as if the US and China, maybe Russia too, are just waiting for the other to make a first move. Not sure, maybe I just have more reading to do.
But the energy generation story is almost unbelievable. It is so bad that Trump had to manually inject fusion into the narrative. Definitely something to keep an eye on as time goes on.
I am curious what you think about Bitmain building in the US. How did they make it profitable to build here?
I dont know about Bitmain building (mining?) in the US but guess it was after China banned mining there and so they moved mining hardware to US? Regarding Jack Ma- the CCP has invested a lot in building their CBDC and other protocols which can enable trade payments outside of the USD/SWIFT system. Jack Mas alipay was seen as a threat to the CCPs preferred CBDC Yuan A major example is mBridge a system for digital trade payments which was initially under the BIS but last year BIS distanced themselves from it as it had reached a point of development where it had the potential to threaten the USD/SWIFT hegemony that BIS id part of. The original initiators of mBridge were China, Thailand, the UAE and Hong Kong. Since then many more have joined and currently many of them including the Saudis are readying digital currencies capable of being used in the mBridge protocol. A natrion need to adopt a CBDC within its domestic economy to enable trade payments via mBridge- it just needs a digital token equivalent to its domestic currency with which to participate- this is what many mBridge members are now readying. Parallel to this is Trumps response with is USD Stablecoins. There is definitely a contest to develop the digital trade payments successor to SWIFT and its primarily between USA and China.
The only story I know about China mining in the US was in Wyoming a Chinese owned farm was raising concerns because it was next to an Air Force base.
There is definitely a race to develop a digital payment system, and I know that the US is on a path to a stablecoin for their system. I have not looked into what has been going on in China with their payments system, but I realize now that I probably should have.
I agree with you that China should consider Bitcoin as a neutral settlement system. I think every country should consider it.
China have mBridge, CIPS and numerous shadow banking channels. Regaining control of Hong Kong really opened up the possibilities- Hong Kong being the portal via which Britain originally gained trade payments access to Chinese markets back in The Opium Wars era and since. China understands the importance of banking channels and how they run parallel to military structures. China is building both determined not to be subject to US sanctions and leverage. If they adopted Bitcoin it would be a lot easier for other nations to accept that China is not building its own monetary hegemony to replace that of the US.
There is definitely a contest to develop the digital trade payments successor to SWIFT and its primarily between USA and China.
So far Strategy is winning.
Yawn.
Yeah keep yawning. It's only a 3x lead.
China is highly focused on exports. And China makes most things better/cheaper than any other country and so it is with mining hardware- they can make mining hardware cheaper than anyone else. But when it comes to Chinese citizens holding Bitcoin I am not sure of the situation except that using Bitcoin as a P2P payment protocol is banned. A major part of the Chinese economic strategy that has been so successful is providing electricity at a low cost which then stimulates manufacturing and subsequent development. China leads the world massively in terms of electricity generation supply and energy efficiency technology. So the low price of electricity made China great place for mining Bitcoin but then the Chinese government appears to have felt threatened by the ability of Bitcoin to circumvent capital controls and the threat Bitcoin could pose to a CBDC. China is highly focused upon building global payments protocols outside of the USD/SWIFT network but Bitcoin (and Jack Mas Alipay) threatened the CCPs prefered protocol the CBDC Yuan. Jack Ma was sidelined and has been less prominent ever since. China understands the potency and strategic importance of money and monetary protocols. Bitcoin with its decentralised protocol gives superior monetary rights and principles to the individual but less so to the nation state- so China is not philosophically inclined toward Bitcoin- even if it could be a great alternative to the USD/SWIFT! China and Bitcoin are a fascinating topic- often written off but as you point out China is highly involved and its exact stance seems hard to exactly pin down. The alleged theft of Bitcoin by US secret services related to the Prince group scammers in Cambodia and earlier Chinese Bitcoin operators is a fascinating story I would like to know more about. One thing is for sure- Bitcoin is a strategic asset-it is neutral and treats all participants equally- maybe the Chinese should consider it as it could provide a great neutral alternative to the USD and Chinese miners would prosper given Chinas exceedingly cheap and abundant electricity power supply.