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Some days ago somebody has stated on Steemit, that " The Chinese are coming ". These somebody wrote, that 'cn' had reached the top 4 tag position on Steemit in a very short time. He gave a good overview of the recent taken milestones of the Chinese entering to Steemit - from the Chinese translation of the Steemit Whitepaper to new Chinese whale accounts like abit k SP and newly established Chinese Steemit discussion groups. In this post I want to provide some thoughts, why these 'chinalization' of Steemit is a hint for a huge future success of STEEM, the cryptocurrency, that is build into Steemit.
A study by Goldman Sachs stated, that 80 percent of the global Bitcoin trading volumes comes out of China. Because of the strict capital controls in China, Bitcoin is for Chinese people a solution to solve many problems. With the cryptocurrency it is possible to make anonymous transactions, bring large amounts over the border or simply prevent oneself against the inflation of the Yuan. An impressive real time visualization could be found at Fiatleak.
Another interesting visualization of the Chinese domination of the Bitcoin market was published by The New York Times:. Source And besides this official company there are many other big hidden Bitcoin mines in China. Danny Vincent gave in an BBC documentary recently an impressive view behind the curtain of a huge Chinese Bitcoin mine:. Is this Chinese domination of the Bitcoin market a good thing for the users of the cryptocurrency? Yes it is, because the Chinese a stabilizing the price of Bitcoin.
In the first half of , they pushed its price again over US Dollars. First, there are so many Chinese at all. Second, cryptocurrencies are already well-established in China. Many Chinese have trust in them. Many of them use Bitcoin and Ether already. And they are constantly looking for good alternatives. Because of the already big market cap of STEEM they are likely to start soon investing in it heavily. And third, they also will enter the mining-by-content business. Because this is a good starting point for many talented Chinese to acquire some coins simply by providing content.
The founders of Steemit. Steem price will go up, SMD will be stable. Bad thing might be: I think overtime we need a language filter, which filters out languages we dont understand, so we wont get distracted by posts a day we cant read anyway.
About the rest of the concern in the other comments, i think we have to wait and see how it works out. Steemit is still beta. I'm sure, there will be some changes in the futures that helps to solve the language issue. Something like a filter system would be best. So anyone can filter out all the posts, that are written in languages, he can't read. Helps translate any languages. Thanks for your interesting post. One of my concern is that Steem team never state Steem will be decentralized, which I think is a must.
The Steemit team is the biggest holder of Steem. Thats why I sure, they will everything they can to ensure a rise in the market cap of Steem. Maybe theres a third way between centralized and dezentralized. IMO they are really smart. Steem is already the the cryptocurrency with the third largest market cap. I think a lot of Chinese might be scared to publish votes and opinions on a site that could be so easily traced back to them personally.
I guess that is true of all social networks and there certainly is a place for steem in China. It will be interesting if they clone a Chinese language front end that lets you only read in Chinese.
They could have CB trending hot new etc. Your surely right about the security issues. As being raised in East Germany, I knew this feeling of being watched all the time. Steemit is now open source. So it's really easy to build a Chinese Steemit clone. I think without a doubt the arrival of new users to the platform will be an advantage. I'm curious how steemians will handle the current downtrend in price, and i'm also anxiously awaiting the launch of Yours social network based on bitcoin's blockchain to see how that will effect this platform as well.
We should be aware that Steemit is still in a beta version. And as the founders stated in the Steemit Whitepaper, it is an experiment. Only time can show us, how it will evolve. I'm really excited to be such an still early adopter of Steemit. I just discovered it. Amazing to see, how much Bitcoin is flowing into China compared to other parts of the World.
I like to write something which is not related to Steemit or Steem. But still all my thoughts are going around it. Take a look at http: China is already dominating the Bitcoin market - which is a good thing March Danny Vincent gave in an BBC documentary recently an impressive view behind the curtain of a huge Chinese Bitcoin mine: Source Is this Chinese domination of the Bitcoin market a good thing for the users of the cryptocurrency?
Authors get paid when people like you upvote their post. It will be great if the Chinese join us on Steemit. Actually I'm trying to do that on steemit. In one week this site will online. I hadn't considered that, but very good point dennygalindo. Great info - I miss seeing fiatleaks!
And imagine one billion Chinese would agree as well. Wow very good post! So true what you posted here, keep on Steeming my fellow Steemer: U said the things completely close to what I think. It's unfair this post get so less return. But cannot upvote now. Its definitely a possibility imo! Awesome post - thank you for sharing capitalism. Love the Fiat graphics and the effort in the info graphics.