Crypto Currency and Bitcoin specifically have exploded in the summer of 2017. Just a few years ago, Bitcoin was trading for under $100 and recently it has shot up to over $5,000. But the Chinese Government is trying to shut Bitcoin down and it tumbled 41% last week. The dip below $3,000 had the world on pins and needles.
China has banned token sales in a move that set the Crypto Currency world in panic. The government is trying to get the local exchanges to close in the next 10 days. If successful, it could be devastating, in the short term, for Bitcoin.
This appears to be a power move by the Chinese Government. They want to control and regulate the Crypto Currency market and fill their pockets.
Australia has already accepted and adopted the use of Bitcoin in their country. And if the Chinese Government would do the same, it would SKY ROCKET Bitcoin. But if they keep trying to hurt it, then the future will be scary.
Let's all hope that China reverses course and they let the Crypto Currency market expand organically. Cheers
Blockchain is part of the plan in China... they're just establishing some control.
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
chinese market control of crypto
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
I think that this market go up and down to much time by convenience of the power people with a lot of money. In china there are powerfull invester.
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
It's China: their societal engineering is pretty much authoritarian and somewhat draconian.
I wouldn't be too shocked if, sometime in the future, they recorded every turd a citizen passes, and instituted some type of mandatory fibre-per-day count for their citizens.
Crypto, by its nature, undermines their near-paranoid control of their citizens' lives and finances. That's why they want the exchanges shut, while also looking at the technology behind bitcoin and other crypto-currencies for their own uses.
Nothing new there: there was news a few weeks back that Russia, while not shutting exchanges, was looking at the block-chain technology for its own economy.
It's true what they say: China is shit at innovation, but once they understand something developed by others, they can mass-produce/replicate it on a grand-scale (even if half the time their exported products are shoddily-made, heh).
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit