Cryptocurrency Crash: America-China Trade War?
NOTE
I AM NOT A PROFESSIONAL
I JUST EXPRESSING MY OPINIONS
In early, China banned all cryptocurrency exchange activities. Now, they begin to develop their own digital currency, attempting to digitize Remimbi.
In early, America didn't take any heavy regulations against cryptocurrency. Now, they begin to take heavy regulations, especially ICO. Facebook, Google and Twitter banned all the advertisements about cryptocurrency and ICO. It is one of the reasons for the big drop in crypto price. The most serious consequence is leading the crypto market into the bear market, or even nothing.
It is obvious in the observe of attitude change towards the crypto issue of these two countries. Once China succeeds in develop their own digital currency, China will be the boss in the crypto market. Since they cannot take over the position of USD in the foreign exchange market, they move into crypto market. It is already too late for America to start developing their own digital currency. Thus, they try to kill the market.
They are not only trying to kill China, but also all the crypto lover.
As a crypto lover, I would like to HODL until the day China succeeds.
Even if China makes it's own currency, it cannot gain anymore value than it's economy. It cannot replace KING BITCOIN. Bitcoin is decentralized and is among the people. It is a store of value. This cannot change even if every country had it's own Crypto. I feel the trade war will only add to the value of bitcoin. The current bear market is serving to allow the wealthy to accumulate it cheap.
But county own crypto can gain more confidence of investors towards crypto market as it is supported by a big country
Kevin, even the Chinese people will refuse to adhere to the edicts of the Communist Party as for example they’ve continued to use Bitcoin on social media apps. If necessary they’ll employ VPNs and continue to ignore the bozos in the Communist Party.
The decentralization era can’t be stopped by any nation. Don’t worry.
Our more significant problem is that proof-of-work and also (Steem’s) proof-of-stake aren’t actually decentralized!
Did you see that @chryspano censored my Steemit blog linked above. The whales on Steemit have too much power. That is why I am designing an alternative to Steem and a new consensus algorithm which is truly decentralized. He did however up vote a blog of mine since that time.
In actual, China has banned the crypto exchange but allowed P2P payment by using crypto. If China had totally banned all the crypto activities, great crypto projects like NEO, ONT, JNT and ZIL will not be able to survive until today. The Communist Party is trying to centralize the crypto as many Chinese transfers their money illegally through crypto and it is difficult for the government to track and investigate. Actually, this is what many nations nowadays are trying to do. Just that China did it earlier and stricter than other nations.
The decentralization era can't be stopped but it will face many obstacles. When there is complete freedom in a society, there will be chaos. I used to believe Steemit is a decentralized social media where the public can share their ideas as long as it does not against the law. Thanks for proving me that it can still be manipulated by someone who is holding too much power.
I don't understand code but I believe it is not easy to develop a new consensus algorithm which is truly decentralized. I hope that you can succeed. You are a man with great vision.
Correct it is very difficult if not near damn impossible to design a consensus algorithm that doesn’t centralize over time. I have a design which has a reasonable chance of remaining decentralized.
As for the power to censor, I’m working on a different model of decentralized curation which would make it impossible for any power to affect the reputation of content globally. Relativistic systems are what we need.
Good to read that you’re awake and aware. Unfortunately I think most people are still asleep and uninterested in being proactive about the truth.
Seeking for the truth is hard, but sharing the truth is even harder. Sometimes, people refuse to accept the truth just because it is against their belief. You are brave enough to withstand the pressure of being suspected.
It is nice to have such a conversation with you.