Like many China is standing up to their government and demanding bitcoin to be a currency they can use freely. No government should be able to tell you what has value and what does not have value. As nothing has value until a transaction has taken place. Its all about a trade off what are you willing to trade for something of mine be it an item or service.
Well China might be warming back up to bitcoin again and after the rash ICO bans and Bitcoin mining bans they might now be forced to regulate it and accept it. This is because people want it, they want it and demand it from their governments. But yes there are risks with bitcoin such as market manipulation and the worlds financial stability.
The core around why bitcoin is being regulated now instead of outright banned comes from innovation. The blockchain is here to stay, it has advantages over what we currently use today and continues to evolve into new things. Who knows what it might create in 5-10 years from now. Because of this governments are forced to accepting it but regulating it in a way they can control it. This innovation will allow countries to step up and start creating things that bring wealth, secuirty and other features to their nation. So outright banning it is now totally out of the question and now produces smart minds to building all new methods for all to use.
We saw this clearly when China attempted to outright ban mining in China.
What happened?
Everyone left and went and did it in other countries producing those countries with millions if not billions in revenue. Many have moved to the tiny island of Multa which is bringing more money into that country and bringing bright blockchain minds to the country.
Instead of being left in the dust countries such as China are starting to warm back up to bitcoin, blockchain and cryptocurrency. Expect a ban in China to be removed soon is my feeling.
Mmm.. Every day now becomes clearer to me the market manipulation. There are sooo many great news coming that insiders are supresing prices to have a nice accumulation. 4Q18 will release the bulls and will be historic!
If a country as conservative as China is listening to his people and paying attention to what they want and at the end of the day might give total access crypto currencies then this would speak volumes for the entire market
Interesting build up. The bitcoin ban was very unnecessary.
Let's hope the ban gets lifted. The cryptocurrency market must grow and if the ban gets lifted it will make the market grow a lot and hopefully other countries follow.
Well China is China they know how to build Country for future and they are ready for 2030 with crypto
I love it trading Bitcoin and thanks for your blog post
Although crypto is all about decentralization its gonna be the legacy centralized world adopting these ideas that will really make them take off. Many countries are going to be slow to change but crypto looks very promising over the near future and beyond. Great read thanks!
Even if it's banned, that's not going to stop people from getting around it.
Besides, if China continues banning BTC, then they'll be behind in the new era of blockchain technology.
Were there really any people standing up to the Chinese government? If so could you provide a link to an article.
Not that I don't believe you, but I have a feeling that any people standing up to the Chinese government would not fare well (think the Tiananmen Square Protests).
Ripple CEO Brad Garlinghouse argued bitcoin, the flagship cryptocurrency, could soon stop influence the price of other cryptocurrencies.
This, as he sees the market highlight the differences various cryptocurrencies have.
For a period of time now, the prices of cryptocurrencies have been highly influenced by bitcoin – the first and most famous cryptocurrency among thousands. According to Ripple CEO Brad Garlinghouse, this influence may soon come to an end as crypto markets begin to understand the differences between different digital assets.
On CNBC’s “Power Lunch,” Garlinghouse stated:
"There's a very high correlation between the price of XRP and the price of bitcoin, but ultimately these are independent open-sourced technologies… It's early, over time you'll see a more rational market and behaviors that reflect that."
Brad Garlinghouse
It should be noted that San Francisco-based Ripple is a company that developed a network for faster global financial payments and the XRP token, which financial institutions on Ripple’s network can use to transact quickly.
Garlinghouse stated that Ripple had signed 20 production contracts with new firms in the first quarter. These included the largest bank in Kuwait and MoneyGram. Despite the company’s performance, during said time period its XRP token lost over 80% of its value, making it the worst performing coin among top cryptocurrencies. According to CoinMarketCap data, bitcoin lost over 50% of its value during the first quarter, and the entire cryptocurrency market dropped with it.
Garlinghouse added that “this is "still a nascent industry,” in which speculation dominates trading. Per his words, it’s a matter of time until people “better understand the different use cases." The chief executive officer predicted that about 99 percent of the over 1,500 cryptocurrencies in circulation won’t exist in 10 years as “there’s gonna be a bit of a correction along the way.” This correction, per Garlinghouse, is going to wash out “players in the space that don’t actually solve a real problem.”
The CEO added that while some cryptocurrencies do not have a proven use case, they have been accused of conning investors through initial coin offerings (ICOs). He said:
"The SEC is getting involved as they should because there have been frauds committed. We have been an advocate of yes the government should get involved, the government should be protecting investors and companies but there's also examples of real utility.”
Brad Garlinghouse
Garlinghouse made it clear that: "If you own XRP, you don't own rights to the profits or any dividends to the company, [because] XRP has real utility."
Flagged for being a spammy clown!
Thanks double flagged :P