Chinese Monetary Manipulation Endangered by Bitcoin
Chinese Manipulation Endangered? The PBOC must hate cryptocurrencies. Their constant negative statements lead a reasonable hack to reach this assumption in any event. Why are they so anti Bitcoin? What potential danger does a cryptocurrency pose to China, the World's second largest economy and most populous country? When you look at the facts, Bitcoin could well have the potential to pose quite a significant level of threat to China's monetary policy. Let me explain. Let us begin by looking at the Peoples Bank of China, hereinafter, the PBOC. Now the PBOC is huge, it holds and controls....
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The three biggest global bitcoin exchanges, BTCC, OKCoin and Huobi, currently under “inspection” by the Chinese authorities, have stopped margin trading. We can further confirm that OKCoin no longer offers futures trading to Chinese citizens. Non-Chinese citizens can continue to use the international version (OKCoin.com) which appears to continue providing 3x margins and up to 20x futures. We have not received any response in time for publishing, therefore cannot confirm why they have taken such move, but it is most likely in response to probable PBOC orders. The Chinese authorities met....
Beijing News, a prominent Chinese mainstream media outlet, stated in a recent coverage of bitcoin that the rapid growth of the digital currency is directly attributable to vulnerable monetary systems which serve the global financial ecosystem as its backbone. Over the past two weeks, bitcoin reached an all-time high price at 8,895 yuan in the Chinese market, surpassing the previous record set in late 2013. However, a sensible statement from the Chinese government and its central bank the People’s Bank of China was misunderstood by the media, leading to a 21% decline in the price of....
Bitcoin’s finite supply poses challenges to big banks’ traditional tactics of price manipulation.
On November 9, a writer from the website samczsun.com published a report that shows a number of issues with price oracle manipulation stemming from a few blockchain applications. The researcher notes that price oracle manipulation has resulted in “over $30 [million] in losses so far.” According to the researcher from samczsun.com there’s been a substantial amount of price oracle manipulation in 2020. On Monday, he tweeted: “Price oracle manipulation has resulted in over 30MM of losses so far and it shows no signs of slowing.” The tweet was also retweeted by....
228 years ago the U.S. dollar was created and ever since then, the national currency has been both powerful and controversial at the same time. Moreover since 1971, after being backed by precious metals for decades, American dollars have been backed by nothing and estimates say a quarter of the U.S. monetary supply was created in 2020 alone. The U.S. dollar conflict has led a number of analysts and economists to believe the U.S. monetary hegemony is on its last leg. The Story of the US Dollar’s Devaluation When you talk to someone about bitcoin, they often grow confused and say that....