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China During Crypto Ban: One Woman Tries to Live on Bitcoin

September 23, 2018 |

China During Crypto Ban: One Woman Tries to Live on Bitcoin

Close to being yet another annoyingly false media piece on how ‘hard’ it is to live on cryptocurrency, the Netflix of China, Iqiyi, followed a woman attempting just that for 21 days. Bitcoiners have been doing so for years through various service providers, exchanges, and, yes, even peer-to-peer, yet the clearly untrue ‘hard’ narrative is often repeated. Thankfully, the new Chinese documentary Bitcoin Girl is somewhat different; instead of focusing upon tech hurdles exclusively, it also highlights how bitcoin lives on during a severe Communist Party crackdown.

Also read: Turkey Finance Minister Embraces ICO Hype for Already Troubled Economy

Netflix of China Airs 21 Day Bitcoin Challenge

Rifle through Youtube, and it’s easy to find a zillion vignettes and documentaries about using bitcoin, cryptocurrencies in general, as either part of a lifestyle or as a principal medium of exchange. The mainstream conception is always about hurdles and difficulties, and they usually devolve into dark web ghettos or tales of criminal gangs nefariously employing the tech.

And so it’s somewhat refreshing to learn a documentary series running in China on its version of Netflix, Bitcoin Girl 21 Days Digital Survival Challenge, offers a glimpse behind the wall, as it were, of the Communist state and how crypto enthusiasts are attempting to cope.  

China During Crypto Ban: One Woman Tries to Live on Bitcoin
Ms. Youbing

An introduction blurb to the series, translated by google, reads, “There is such a girl, she is a blockchain believer. She said she wanted to rush into a city alone one day and be an experiment that only survived by bitcoin. Challenge rules: 1. With 0.21 bitcoins, one person lives in Beijing for 21 days. 2, only payable in bitcoin, can not accept any charity.”

For those lost in translation, the series (now up to 17 episodes as of this writing) is based upon He Youbing, an aka for a young-ish woman setting out to survive on about $ 1,300, give or take, on bitcoin without help or assistance – just peer-to-peer transactions, phone to phone.

China During Crypto Ban: One Woman Tries to Live on Bitcoin

Alone with Nothing but Bitcoin

Ms. Youbing was unable to take anything with her. No basic necessities are allowed. She must make do with what she has in China’s most populous cities, beginning in Beijing. Presumably, the show gave her the aka, which means having something of an obsession – in this case cryptocurrency.

The documentary’s main difference is its setting. And though it for sure could be viewed as propaganda to make crypto seem futile to the average person, it’s also a strange admittance. China, of course, has become notorious for its cryptocurrency bans. Recently, it has gotten so bad even events related to crypto are banned. Just prior to venues being formally prohibited, the government stepped up censorship campaigns against popular smartphone applications such as Wechat. Over 100 foreign crypto exchange websites were also banned. The Chinese government even put pressure on Alipay to stop all OTC crypto trading on their platform.

China During Crypto Ban: One Woman Tries to Live on BitcoinAnd all of these no doubt contribute to the first episode’s showing her desperate and frustrated. Most of her day is spent trying to inform vendors just what bitcoin is, much less getting them to accept it. From fun parks to restaurants, she was unsuccessful the entire day and evening. Though she manages to find an unlocked public bike, helping to make her case to more potential businesses and ordinary people, she finishes her night exhausted and defeated, sleeping at a McDonald’s.

Sustenance came wherever she could find it, as the already slight woman dined on free condiment packets while eating leftover burgers yet to be thrown away, and even literally low hanging fruit. It was actually two days of this, and by the second she was vomiting, sick from the experience. The manufactured drama helped the local media bring attention to her case. Well-wishers brought her food, exchanged for bitcoin, while she was checked at a nearby hospital. An art gallery volunteered to put her up for the third night.

China During Crypto Ban: One Woman Tries to Live on Bitcoin

No Publicity is Bad Publicity

Strange and wonderful happens next. Chinese city dwellers find her on Wechat as a result of media coverage, and begin to exchange services and goods for bitcoin with her. In fact, a great many seemed to have no problem trading fiat, causing the show’s producers to adjust the rules to include no online transactions – real people, real life only.

The publicity compounded, and reports detailed how many Wechat groups were following her, filled to capacity. The upward limit is 500 people per group. Something like six such groups popped up, and from every sector of Chinese society.

China During Crypto Ban: One Woman Tries to Live on Bitcoin

Clearly, cryptocurrency fever remains behind the great Red wall. If the documentary does anything positive, it shows the power of crypto and social media. Even through massive crackdowns, smartphone and related tech brought fellow Chinese to her once word got out. Soon, outside of Beijing, she finds a restaurant to accept bitcoin. She is able to negotiate crypto for clothes, and even had a hotel booked for her.

The rest of the series appears to be much in this fashion, and for some reason the government has not censored it, yet. In fact, Ms. Youbing only seems to be gaining traction. The documentary’s makers do film how a significant portion of those familiar with bitcoin (BTC) are still stinging from giant transaction fees and slow confirmation times that characterized the final leg of its bull run in late 2017.

Their distrust of BTC is also heightened by crypto’s association with scams, and Ms. Youbing spends her time trying to convince potential trade counterparts she is legit. Without trying, Bitcoin Girl stumbles into the medium of exchange versus store of value debate. If 17 episodes are any guide, the Chinese clearly are ready for something closer to bitcoin cash (BCH) and its qualities over a seemingly tainted BTC.   

Do you think crypto will continue to grow in China despite all the bans? Let us know in the comments below. 

Images courtesy of Shutterstock.

At there’s a bunch of free helpful services. For instance, have you seen our Tools page? You can even look up the exchange rate for a transaction in the past. Or calculate the value of your current holdings. Or create a paper wallet. And much more.

The post China During Crypto Ban: One Woman Tries to Live on Bitcoin appeared first on Bitcoin News.

Bitcoin News

Vatican, China Make Breakthrough Deal

September 23, 2018 |

The Vatican and China said Saturday they had signed a “provisional agreement” over the appointment of bishops, a breakthrough on an issue that stymied diplomatic relations for decades and aggravated a split among Chinese Catholics, the AP reports. The deal resolved one of the major sticking points in recent years,…

Vatican and China Sign Deal Over Bishops, Allowing Pope a Veto

September 22, 2018 |

The Vatican and the Chinese government signed an agreement on the appointment of bishops in China, ending a decadeslong struggle over the issue, but leaving major controversies in their relationship unresolved. What’s News Europe

China Cancels Trade Talks With U.S. Amid Escalation in Tariff Threats

September 22, 2018 |

China scotched trade talks with the U.S. that were planned for the coming days, according to people briefed on the matter, further dimming prospects for resolving a trade battle between the world’s two largest economies. What’s News Asia

China Updates Crypto Rankings, Downgrades Bitcoin

September 21, 2018 |

China Updates Crypto Rankings, Downgrades Bitcoin

The China Center for Information Industry Development has updated its crypto rankings. The list contains 33 crypto projects, ranked overall and in three separate categories. High up in the overall ranking are EOS, Ethereum, and Bitshares. Bitcoin, however, has been downgraded.

Also read: 160 Crypto Exchanges Seek to Enter Japanese Market, Regulator Reveals

China’s Fifth Ranking

China Updates Crypto Rankings, Downgrades BitcoinThe China Center for Information Industry Development (CCID), under the country’s Ministry of Industry and Information Technology, officially published its fifth crypto rankings on Sept. 20. Thirty-three crypto projects are ranked. Each is given an overall score and a separate score for each of the three categories – basic technology, applicability, and creativity.

In the overall ranking published Thursday, the center put EOS at the top of the list, followed by Ethereum, and then Bitshares. EOS and Ethereum were also at the top of last month’s overall ranking. Bitshares, however, jumped from the 12th place the 3rd place.

BTC was downgraded from the 10th place to the 16th place while BCH fell a few places, from the 29th place to the 31st place. In the creativity category, however, BTC tops the list, with EOS in the 3rd place.

China Updates Crypto Rankings, Downgrades Bitcoin

The center started ranking 28 crypto projects in May. Two more projects were added in June, one in July, and two in August. Last month BTC made the top ten list in the overall category for the first time.

Ranking Methodology

The center explained that there were some improvements in the latest evaluation methodology compared to the previous month, stating:

The evaluation of the public chain development tools was classified and refined, and the accounting method of the actual throughput of the public chain was optimized.

The basic technology category “mainly evaluates the technical realization level of the public chain, and examines the function, performance, safety and decentralization of the public chain,” the center described. This category accounts for 65 percent of the overall ranking.

China Updates Crypto Rankings, Downgrades BitcoinThe applicability category “mainly evaluates the comprehensive level of public chain support for practical applications, involving node deployment, wallet application, development support and application implementation,” the CCID explained. This category accounts for 20 percent of the overall ranking.

Creativity only carries a weight of 15 percent in the overall ranking. This category “focuses on the continuous innovation of the public chain, including developer size, code update and code impact,” the center detailed.

Referring to the latest ranking, the CCID wrote:

Compared with the previous period, the EOS and Ethereum indices decreased by 13.2 and 5.3 respectively, and Bitshares rose by 9.9. The position of Bitshares also jumped from the 12th in the previous period to the 3rd place.

What do you think of China’s latest crypto ranking? Let us know in the comments section below.

Images courtesy of Shutterstock and CCID.

Need to calculate your bitcoin holdings? Check our tools section.

The post China Updates Crypto Rankings, Downgrades Bitcoin appeared first on Bitcoin News.

Bitcoin News

China Retaliates With Tariffs on $60 Billion of U.S. Goods

September 20, 2018 |

The Chinese government said Tuesday it plans to impose new tariffs on $ 60 billion in U.S. exports, prompting President Trump to reiterate a threat to punch back by hitting Chinese goods worth more than four times that much. What’s News Asia

A Twist in the U.S. Tariff Battle: ‘It’s Helping China Be More Competitive’

September 18, 2018 |

China for years has been pushing its economy away from inexpensive exports toward advanced factories and products. That process is now accelerating in the Pearl River Delta, the country’s manufacturing center, as companies respond to the economic blow of U.S. tariffs. What’s News Asia

Trump Fires Another Shot in China Trade War

September 18, 2018 |

The Trump administration will impose tariffs on $ 200 billion more in Chinese goods starting next week, escalating a trade war between the world’s two biggest economies and potentially raising prices on goods ranging from handbags to bicycle tires. The tariffs will start at 10%, beginning Monday of next week, and…

Japanese Submarine Conducted Exercise in South China Sea Last Week

September 18, 2018 |

A Japanese submarine held a military exercise in the South China Sea, Japan’s Defense Ministry said Monday, in a challenge to China, which has made broad territorial claims in the region. What’s News Asia