The “China Ban” Is Good For Bitcoin
The Chinese ban of Bitcoin shows that the currency is delivering on its promises to enable freedom, something communism doesn’t appreciate.Today, news surfaced that China had issued a final and complete ban on Bitcoin. Harsh, it seems, right? Headlines of the likes of “China declares cryptocurrency transactions illegal; Bitcoin price falls” invoke a sense that not only this is big news but also that Bitcoin suffers from it. Well, despite a couple of daily red candles, both are wrong.China has been trying to ban Bitcoin for years. The first time the Chinese government sought to prohibit the....
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The summer of regulatory action has now become a global phenomenon. Lawmakers and politicians are waving their fingers and making threats toward the industrys leading virtual asset service providers a term coined by the FATF to describe exchanges, wallets, custodians and even DeFi platforms.But when it comes to crackdowns on cryptocurrency, few places do it with the effectiveness and experience of the Chinese government.Unlike in the United States, Chinas regulators are not having a public discourse about it. Decisions are made behind closed doors, and announcements come swiftly, posted on....
The United Kingdom’s Financial Conduct Authority (FCA) has escalated its enforcement action against crypto exchange HTX, accusing the platform of illegally promoting crypto services to British consumers and seeking to restrict its presence across digital platforms in the country. HTX Faces UK App Store Ban In a statement released on Tuesday, the FCA said it […]
Bitcoin is a perpetual motion machine. The Bitcoin hashrate is slowly climbing to pre-China-ban levels, and the service continued uninterrupted without a hiccup. Such is the power of well-placed incentives. Pantera Capital’s CEO Dan Morehead adds one more factor to the equation. “The bitcoin network has recovered 68% of the drop in hashrate that our difficulty model attributed to China’s ban—likely in places with cleaner energy.” The recovery is happening exactly as forecast. The #bitcoin network has recovered 68% of the drop in hashrate that our difficulty model attributed to....