Re:China to Shut Bitcoin Exchanges?
by teknologist on Monday September 11, 2017 @01:16AM
(#15216111)
Some government actions drive it up (like what happened in Cyprus for instance). It seems market participants have got rather attached to this whole ICO thing as a way to make a quick buck and have lost sight of the original vision. The wall street-ization of the blockchain.
Re:China to Shut Bitcoin Exchanges?
by prostoalex on Monday September 11, 2017 @12:39AM
(#15215951)
> then I expect the underlying blockchain technology can be regulated too
You don't even need any explicit regulation - a country-level firewall will likely fork the chain.
As everyone saw one day the founder of Ethereum was meeting with Putin and sending out press releases of potential partnership, the next Putin is putting out his own press releases questioning why he would ever embrace any foreign blockchain/crypto, that Russia will launch its own.
If cryptocurrency can be regulated by individual countries like we saw with china this last week, then I expect the underlying blockchain technology can be regulated too, and we will begin seeing countries picking winners, basically who can be a node on the blockchain and who can mine.
People think/thought blockchain equivalent to an automated unregulatable technology, but once you are talking about billions you impact people with power, they will raise and lower price at their will and take the people's technology from them through regulation.