Prepping for Free Bitcoin Features
Over the past year Market took a set of punches that were heavy . The combos have taken its toll, although the market took the strikes like a warrior.
What has occurred?
Since the authorities, 2013 have taken steps to regulate but nothing compared to that which was enforced in 2017. 2017 was a banner year for the Marketplace with growth and all the focus it has achieved. The extreme price volatility compelled the Central bank to adopt more extreme measures, including the ban of first coin offerings (ICOs) and clampdowns on national cryptocurrency exchanges. Mining factories in China were forced to close down, citing electricity consumption shortly after. Many factories and exchanges have relocated abroad to avoid regulations but remained available to Chinese investors. Nonetheless, they do not escape the claws of the Dragon.
In the series of Government-led attempts to monitor and prohibit cryptocurrency trading among Chinese traders, China expanded its Eagle Eye to track foreign cryptocurrency exchanges. Companies and bank accounts suspected of carrying out transactions with overseas crypto-exchanges and associated activities are subjected to steps from restricting withdrawal limitations to freezing of accounts. There have been ongoing rumors among the Chinese community of more extreme measures to be enforced on foreign platforms that permit trading among Chinese investors. As for whether there will be further regulatory measures, we’ll need to await orders from the higher authorities. Excerpts from an interview with staff leader of the China’s Public Information Network Security Supervision agency under the Ministry of Public Security, 28th February
Imagine your kid investing his or her savings to invest in an electronic product he or she has no method of verifying its authenticity and value. When the crypto-bubble burst they could get lucky and strike it rich, or lose it all. Scale to millions of citizens that are Chinese and we’re currently talking about billions of Chinese Yuan.
The market is filled with scams and pointless ICOs. Unsavvy investors are in it for the money and would care less about innovation and the technology behind it. Several cryptocurrencies’ value is derived from market speculation. Throughout the crypto-boom at 2017, participate in any bitcoin price with a famous advisor onboard, a promising team or an adequate hype and you’re guaranteed at least 3X your investments. In my view, the government wishes to make certain that cryptocurrency stays ‘controllable’ rather than too large to fail within the community. China is taking the correct steps towards a more world that is controlled, albeit controversial and competitive. It may be.