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Thursday, October 19, 2017

Crypto News: China's 'Bitcoin Ban' No Match For Stateless Cryptocurrency Market

Chinas Bitcoin Ban No Match For Stateless Cryptocurrency Market

It's official, blockchain technology has beat one of the biggest authorities on earth. The decentralized nature of what has become the backbone of the cryptocurrency craze has proven its mettle. Bitcoin, and a host of other highly speculative digital currencies live another day.

Last month, China banned mainland residents from trading in cryptocurrencies on exchanges and made it illegal for Chinese start-ups to raise funds via initial coin offerings, a hybrid of crowdfunding, venture capital and initial public offerings, to put it simply. Bitcoin prices fell. Ether prices fell. And then cryptocurrency start-ups shook it all off. It was as if they were punched in the face, shook the cobwebs out of their head, and remembered that this whole blockchain thing is decentralized and autonomous. That's the point. Banned in one country, move to another. Now they're back on their feet in most cases, like a terminator cyborg hard to knock down.

Bitcoin prices are over $5,000.

China's regulations might have stopped a few start-ups for raising funds, but the general consensus is that this is temporary.


Full story at http://bit.ly/2xR23eV


Source: Forbes


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