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Category: China

Crypto Ban: China to Investigate Government Executive’s Illegitimate Crypto Mining

The Central Bank of China earlier this month issued a new set of crypto crackdown guidelines which is being seen as the most comprehensive one to date. The draft law deemed all crypto-related transactions illegal, ordered authorities to crackdown and remove small and medium mining operations being carried on in homes and rural provinces, and

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Bank Of England Seeks To Strengthen Cryptocurrency Regulations As The Sector Grows Popular

John Culifferthe, Bank of England’s Deputy Governor, discouraged crypto’s use in the UK’s finance system. He announced earlier that although cryptocurrencies are becoming more supported within United Kingdom’s financial system, they aren’t a significant threat. However, he also recommended that enhanced regulations should be enforced as digital currencies constantly expand. Related Reading | New To Bitcoin? Learn To Trade Crypto With The NewsBTC Trading Course The bank stated in a publication that there is a need to regulate cryptocurrency at a local and an international level. Earlier in July, the bank warned against cryptocurrency spillover into traditional markets. It also said about banks, institutional investors, and payment operators’ absorption of cryptocurrency for transactions. Cryptocurrency Price Appreciation While cryptocurrencies like Bitcoin, Ethereum, and Tron prices spiked at the year’s first half. Just briefly, it climbed to $2.5 trillion in value. Collateral backers for the Bitcoin protocol promised to provide another store of value while the storers struggled to yield, given its meager interest rates. The cryptocurrency market is currently facing a decline | Source: Crypto Total Market Cap on On the contrary, cryptocurrencies have very high volatility, and the digital currency market has dipped more than $1 trillion in market value since May 2021. Bitcoin’s price has dropped from an ATH (All-Time-High) price of almost $65,000 in April this year to about $32,000 on Wednesday this week. Financial Regulators Issue Warnings Regulators have been giving frequent warnings about cryptocurrency. In particular, China has banned all digital transactions, declaring them illegal. Related Reading | Shiba Inu Outranks Chainlink And Takes Place In Top 15 Crypto-Assets However, Binance – the world’s biggest crypto exchange- was banned last month from the United Kingdom. Binance was among the numerous exchanges that didn’t register with the financial regulator, given that it couldn’t meet up with the anti-money laundering requirements. Featured image from Pixabay, chart from
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Charlie Lee Sums Up Litecoin’s 10 Years History. Part Four: SegWit Activation

Today is the day, Litecoin’s 10th anniversary. Congratulations to Charlie Lee and everyone involved in the project over the years. We are exploring Litecoin’s history through the eyes of its creator. We covered its fair launch, the long-hard road to exchanges adopting LTC, and we introduced the SegWit story. It’s time to finish it.  The last time, we introduced Bitmain’s co-founder Jihan Wu. Reportedly, he was singlehandedly stopping SegWit adoption in the Bitcoin blockchain. Lee’s plan was to use Litecoin as a Testnet of sorts for SegWit. “I realized that here’s a chance for Litecoin to do something to help Bitcoin. If we can get SegWit on Litecoin, it can clear out all the FUD and prove that SegWit is safe and a good upgrade for Bitcoin.” To accomplish that, he had to convince miners to side with him and not with the manufacturer of the most efficient ASICs. Related Reading | New To Bitcoin? Learn To Trade Crypto With The NewsBTC Trading Course According to Coindesk, there was another important incentive for Litecoin to adopt SegWit: “Since SegWit could potentially pave the way for technologies that expand the value proposition of cryptocurrencies, the move toward accepting the upgrade has reignited excitement around the normally less-popular cryptocurrency. Litecoin’s price has nearly tripled since the end of March as a result.” And this is where today’s story starts. LTC price chart for 10/13/2021 on FX | Source: LTC/USD on Charlie Lee Talks To Litecoin‘s Miners During the end of 2016 and the beginning of 2012, Lee talked to everyone. One of his first victories was to get “Innosilicon, another LTC ASIC maker,” to his side. In this part of the story, we can see how hard Jihan Wu was playing. A “huge LTC Miner” was ready to signal for SegWit in principle, but, since his machines were in a farm controlled by Jihan Wu, he was afraid that he might lose access to cheap electricity. Innosilicon was immediately on board with SegWit. They agreed with me that it’s the best path forward. And they were able to convince some of their customers to support SegWit. One of their customers was a huge LTC miner. He owned about 5% of the hashrate. Having him was huge. — Charlie Lee (@SatoshiLite) October 8, 2021 The objective was to get “75% of blocks signal for SegWit within a 2-week timeframe.” Easier said than done. LitecoinPool was the first great pool to side with SegWit. Another big mining pool, F2pool, also promised to do it, but they didn’t right away. This turned out to be great for the cause because they provided a clear signal that the market supported the SegWit transition. Lee narrates, “over the next month, F2pool actually flipped flopped. They would signal and then stop signaling. The market reacted accordingly. When F2pool started signaling, the price will go up, and vice versa.”  To complicate things, “Jihan wanted me to personally visit him and the miners in China to convince them about SegWit.” Lee didn’t like the power-play, but that was nothing. As more and more miners signaled for SegWit, Jihan turned to the ace up his sleeve. There was a rumor that “Bitmain was building a ton of LTC miners and was going to turn them all on themselves to block the upgrade.” Over the next week, more and more miners started signaling for SegWit and it started to look inevitable. And then this happened. Bitmain was building a ton of LTC miners and was going to turn them all on themselves to block the upgrade. 😡 — Charlie Lee (@SatoshiLite) October 8, 2021 It was time for Charlie Lee to call in the big guns. The User Activated Soft Fork Since both the miners and the market were clearly signaling in support of SegWit, Charlie Lee felt he had the right “to pull the UASF trump card out.” One of the wonders of decentralized organizations is that the users can also activate a soft fork. “If the majority of users and exchanges run the UASF code, SegWit will activate.” If that happened, miners had to comply and adopt SegWit as well. UASF stands for User Activated Soft Fork. What it means is that instead of having the soft fork (SegWit) being miner activated, the user decides to activate the soft fork in a future date. If the majority of users and exchanges run the UASF code, SegWit will activate. — Charlie Lee (@SatoshiLite) October 8, 2021 The threat of a UASF was too much to bear, so the miners agreed to meet with Charlie Lee online and work things out.  Yes we will do roundtable online with @SatoshiLite ASAP, not need to wait for June. — Jiang Zhuoer BTC.TOP (@JiangZhuoer) April 20, 2017 And the rest is history, “On April 21, I met with Jihan, Innosilicon, and miners for over 8 hours IIRC. It was exhausting.“ They reached an agreement, this is the blog post announcing it. Among other things, it says: “We agree that protocol upgrade should be made under community consensus, and should not be unilateral action of developers nor miners. We advocate that Litecoin protocol upgrade decision should be made based on the needs of the users, through the roundtable meeting voting process, and activated by miner voting.” Charlie Lee reflects, “Although this seems so bad for a decentralized cryptocurrency to have a closed door meeting to make decisions that affect the future of Litecoin, I felt like it was a compromise I’m willing to take. It’s better than an all out war between the miners and I.” On May 10th, 2017, SegWit was activated on Litecoin. SegWit has activated on Litecoin! 💥😁 — Charlie Lee (@SatoshiLite) May 10, 2017 After that, a few historic transactions took place On THE SAME DAY, a notorious Bitcoin developer completed the first Lightning Network transaction. A few days later, Lee posted an anonymous “$1m bounty on a SegWit address:” The text says: “A lot of people have been saying that segwit is unsafe because segwit coins are “anyone-can-spend” and can be stolen. So lets put this to the test. I put up $1MM of LTC into a segwit address. You can see it’s a segwit address because I sent and spent 1 LTC first to reveal the redeemscript.” A few months later, Bitcoin activated SegWit through a UASF. “It’s hard to know exactly how much Litecoin helped with this. I feel like it definitely has helped.” Days later, Charlie Lee and Strike’s Jack Mallers starred in the first Lightning Network request/ payment transaction on Litecoin. That man Jack Mallers has a way to get involved in historic transactions, like this one, and this one. That same month, Lee did his first Atomic Swap transaction. “This shows how one can move coins between different chains in a decentralized way. It was a great proof of concept and paved the way for decentralized exchanges.” And later, he did another Atomic Swap but this time with Bitcoin. And the next month, Lee did “the first ever cross-chain swap between BTC and LTC via Lightning.” This time it was with the now world-famous Lightning Labs. Related Reading | Binance Burns Record $600 Million BNB In Its 15th Quarter Wasn’t that an amazing, amazing story? We learned so much. And, even though we said this was the last chapter in the Litecoin 10-year history, Charlie Lee has another story to tell. Join us tomorrow for the infamous story of Charlie selling all of his Litecoin. Another legendary moment in crypto land. Featured Image: Charlie Lee’s picture from this tweet | Charts by TradingView
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Breaking: China looking to Formulate Laws to Convict “Crypto Behaviour”

China’s crackdown on cryptocurrencies doesn’t seem to see an end as the Central Bank deemed all crypto transactions illegal at the start of the year. The set of crypto crackdown guidelines issued just recently were said to be the most comprehensive one as it cracked down on every aspect of crypto be it crypto mining

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China Adds Crypto Mining Under “Negative List,” Here What it Means

China’s strict stance on cryptocurrencies continued to play out after the recent crackdown guidelines by the Central Bank. Recent reports suggest that China is now planning to add crypto mining to the “Negative List” of industries that would prohibit investors from making investments in the industry.  The negative list industries are prohibited or restricted from

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NFT News: McDonald’s China launches its first ever NFT

Amid the expanding wave of the crypto ban, McDonald’s China has launched its first Non-Fungible Token (NFT), “Big Mac Rubik’s Cube”, today. This launch has come in lieu of commemorating McDonald’s 31st anniversary in the Chinese mainland market. Furthermore, according to the burger franchise’s announcement, their NFT launch also marks the official opening of its

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PepsiCo Chief Financial Officer: We Don’t Intend To Invest Cash In Bitcoin

Just recently, Bitcoin has been spiking again. But the influential CFO of PepsiCo – Hugh Johnson, clearly stated that America’s corporate society wouldn’t bulge by the digital currency’s seductive price appreciation. Moreover, he added that corporate America wouldn’t indulge the world’s lead digital currency by putting it on their balance sheets. Hugh’s Reasons For Disagreeing With Utilizing Bitcoin Although the masses predict that the price increase will entice more whale investors, Johnson informed that the contrary should be the case. Bitcoin’s high speculativeness is a contrast to the financial safety companies’ desires to handle their assets. Related Reading | New To Bitcoin? Learn To Trade Crypto With The NewsBTC Trading Course Undeniably, Bitcoin’s alluring movements within the past few months provided a tremendous financial advantage to non-conformist CEOs who invested in BTC. However, it is also a warning to conventional managers of the significant risks they’d batter with funds saved for share buybacks, new plants, contingencies, and acquiring new opportunities. Two CEOs Who Leveraged Bitcoin Recently Bitcoin’s upsurge has currently surmounted a jackpot for the two CEOs who traded massively on the cryptocurrency. Elon Musk (CEO of Tesla Motors) and Michael Saylor (CEO of MicroStategy). BTC is trading in an upward trend | Source: BTC/USD on After struggling at around $42,974 the week succeeding China’s crypto ban, BTC skyrocketed 24.164%. Its price reached $54,600, the second-highest price record since May 12, 2021. Tesla’s 42,000 BTC tokens spurred by over $630,000,000. Related Reading | Miner Refunds The Giant Sum Of 7,626 Ethereum Mistakenly Sent By Bitfinex Currently, those tokens are at a bullish course of over $830,000,000 – which is close to an 85% increase from the pre-tax income during the first half of 2021. Whereas MicroStrategy’s potential profits on its portfolio of 109,000 BTC spiked by over $1.5 billion, giving an overall amount of $3.1 billion. However, the company had lost over $409 million in pre-tax within the first two quarters of 2021. Featured Image by Pexels – Charts by TradingView
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Cryptocurrency industry Seized upon Singapore as an Unlikely Asian Alternative

Banned by China, confronting a clampdown in South Korea and new limitations in Hong Kong, the digital currency industry has taken advantage of Singapore as an improbable Asian other option. The nation of 5.5m individuals has since quite a while ago depended on monetary administrations to assist with driving its $344bn economy, and it is currently securing a heightening race […]

The post Cryptocurrency industry Seized upon Singapore as an Unlikely Asian Alternative appeared first on Coin News Asia.

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Hong Kong Halts Evergrande Stocks Trading, Here’s How Crypto Market Could React?

China’s infamous real estate giant Evergrande’s trouble seems to see no end as earlier today Hong Kong suspended trading of the Evergrande stocks along with several other property developer stocks. Evergrande is currently on a selling spree to avoid defaulting on its debt. The Chinese real-estate giant is now looking to raise $5 billion from

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