wry Posted October 26, 2019 #1 Posted October 26, 2019 In the best news for crypto prices since Libra, President Xi of China just announced that China should seize the opportunity offered by blockchain. This has been taken as a sign to buy Bitcoin and the market has been going crazy today. While there's more to blockchain than Bitcoin, Bitcoin is by far its most well known application. Maybe this will be the start of a new era for Bitcoin in China! What do you think? Link: https://www.coindesk.com/president-xi-says-china-should-seize-opportunity-to-adopt-blockchain
cointikka Posted October 26, 2019 #2 Posted October 26, 2019 Adopting Blockchain technology does not mean Chinese President Xi is supporting Cryptocurrency. China is already planning to launch its own Stable coin to prevent negative interest rate and boost economy. Irrespective of the statement given by the Chinese premier, there are other factors responsible for the sudden boost in Bitcoin price, for example: BAKKT recorded a new high with over 450 Bitcoin future being traded.
wry Posted October 26, 2019 Author #3 Posted October 26, 2019 20 hours ago, cointikka said: Adopting Blockchain technology does not mean Chinese President Xi is supporting Cryptocurrency. China is already planning to launch its own Stable coin to prevent negative interest rate and boost economy. Irrespective of the statement given by the Chinese premier, there are other factors responsible for the sudden boost in Bitcoin price, for example: BAKKT recorded a new high with over 450 Bitcoin future being traded. I totally agree! He said "blockchain" not "Bitcoin". However, Bitcoin is the most well known application of blockchain and so that is what many people are crediting to the price spike we saw yesterday. So far, futures have not done much to help Bitcoin's price, they actually make it much easier for people to bet against Bitcoin than without futures.
cointikka Posted October 27, 2019 #4 Posted October 27, 2019 8 hours ago, wry said: I totally agree! He said "blockchain" not "Bitcoin". However, Bitcoin is the most well known application of blockchain and so that is what many people are crediting to the price spike we saw yesterday. So far, futures have not done much to help Bitcoin's price, they actually make it much easier for people to bet against Bitcoin than without futures. I agree Bitcoin is face name of Blockchain technology but, discussing about Blockchain does not mean Bitcoin. Markets did not rise because of Chinese President. It did rise becuase of several factors. Another factor was the month of october. Historically the price does go up late October and early November. Check out the price of Bitcoin for the last four years. Oct 24, 2019 7,493.49 Oct 24, 2018 6,478.89 Oct 24, 2017 5,935.52 Oct 24, 2016 657.16 Oct 24, 2015 276.50 The price is still on the higher side as compared to what was the price in 2018.
wry Posted November 2, 2019 Author #5 Posted November 2, 2019 UPDATE: In an interesting update and follow up the Chinese media is trying to dampen a lot of the support Bitcoin has gotten from the announcement by stressing that it was not an endorsement of Bitcoin directly. Still, I'm happy to see that the market has not totally crashed back down, go Bitcoin go! Link: https://www.coindesk.com/chinese-state-owned-media-try-to-dampen-markets-crypto-enthusiasm
allisonn Posted November 4, 2019 #6 Posted November 4, 2019 I wonder how satoshi might feel if a decade from now it turns out he inadvertently created one of the tools used for wide-scale oppression and economical domination of countries.
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