China Ban Fail - decentralized exchange undercuts communist efforts at prohibition
To ban something decentralized like cryptocurrency China have to ban the technology that makes it possible. Ban unapproved literature? You have to get rid of paper and pencils. Unless China is ready to step back into the pre-computer, pre-network days, the communist plot to ban cryptocurrency will fail. Like all communist plots fail. Needless to say, communists can inflict a lot of pain during the fight. But as the pace of tech development speeds up, maybe we can defeat the latest commie plot before it get off the ground.
Of course, it also points to some versions of cryptocurrency as obsolete.... without speed, you're a sitting duck. Peking duck roasted to a crisp.
"""AirSwap, sounds like a contradiction in terms: A decentralized exchange. Made possible by the nascent technology of the ethereum blockchain, there’s no central authority around which buyers and sellers gather. Instead, a computer program known as a smart contract lets investors find each other anywhere in the world to trade cryptocurrencies. There are no user accounts and identities are hidden as trading is solely on a peer-to-peer basis.
“What’s novel about that is there’s no New York Stock Exchange or Nasdaq in the middle, setting rules,” said Richard Johnson, a market-structure analyst at Greenwich Associates who specializes in blockchain, a system of networked computers that verify transactions in minutes rather than days as in the current banking system and make digital currencies such as bitcoin possible. “That’s cool, we haven’t seen that before.”
The idea goes to the heart of what many blockchain supporters want to accomplish: eliminating middlemen in industries from finance to real estate to health care. It also makes digital currencies immune to recent efforts to control their trading by governments such as China, which is closing cryptocurrency exchanges within its borders.
“It’s impossible to shut down, and you don’t even need an account,” Oved said. “People won’t even know Chinese traders are on the system.”"""
Nothing will stop blockchain and crypto. Since no one owns them who would you sieze for it. They just like a fool dog barking on a w
Congratulations @themist! You have completed some achievement on Steemit and have been rewarded with new badge(s) :
Click on any badge to view your own Board of Honor on SteemitBoard.
For more information about SteemitBoard, click here
If you no longer want to receive notifications, reply to this comment with the word
STOP