The Govporation Complex 

Professional Surveyor Boards » General Surveying » The Govporation Complex

Name Message
goldstone
Posts: 440
Location: , usa

Joined: 12/6/2018
Topic  The Govporation Complex       Flag »  Reply »
Imagine Centobot Review your child investing his or her savings to invest in a digital product (in this case, cryptocurrency) that he or she has no way of verifying its authenticity and value. He or she could get lucky and strike it rich, or lose it all when the crypto-bubble burst. Now scale that to millions of Chinese citizens and we are talking about billions of Chinese Yuan.The market is full of scams and pointless ICOs. (I'm sure you have heard news of people sending coins to random addresses with the promise of doubling their investments and ICOs that simply don't make sense). Many unsavvy investors are in it for the money and would care less about the technology and innovation behind it. The value of many cryptocurrencies is derived from market speculation. During the crypto-boom in 2017, participate in any ICO with either a famous advisor onboard, a promising team or a decent hype and you are guaranteed at least 3X your investments.A lack of understanding of the firm and the technology behind it, combined with the proliferation of ICOs, is a recipe for disaster. Members of the Central bank reports that almost 90% of the ICOs are fraudulent or involves illegal fundraising. In my opinion, the Chinese government wants to ensure that cryptocurrency remains 'controllable' and not too big to fail within the Chinese community. China is taking the right steps towards a safer, more regulated cryptocurrency world, albeit aggressive and controversial. In fact, it might be the best move the country has taken in decades.Will China issue an ultimatum and make cryptocurrency illegal? I highly doubt so since it is pretty pointless to do so. Currently, financial institutions are banned from holding any crypto assets while individuals are allowed to but are barred from carrying out any forms of trading.A State-run Cryptocurrency Exchange?At the annual "Two Sessions" (Named because two major parties- National People's Congress (NPC) and the National Committee of the Chinese People's Political Consultative Conference (CPCC) both take part in the forumï¼?held on the first week of March, leaders congregate to discuss about the latest issues and make necessary law amendments.Wang Pengjie, a member of the NPCC dabbled into the prospects of a state-run digital asset trading platform as well as initiate educational projects on blockchain and cryptocurrency in China. However, the proposed platform would require a authenticated account to allow trading.


  Monday, January 7, 2019 at 5:54:10 AM

Professional Surveyor Boards » General Surveying » The Govporation Complex

 
» Reply to The Govporation Complex Topic

In order to post a new message, you must first be logged into an account.