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Thread: The push for Beastcoin begins (Will they call it the Mark?)

  1. #1

    The push for Beastcoin begins (Will they call it the Mark?)

    Sovereign Powers Could Be Key to Mass Crypto Adoption

    Nation-states made a more substantive impact this year than the ten previous years of crypto combined. China’s statist approach, in particular, may prove to be a catalyst to the still elusive “mass adoption of crypto.”
    In the US, the SEC made headlines with several high-profile enforcements including EOS, Telegram, and kin, while federal lawmakers made their presence felt regarding Facebook’s Libra. FINCEN’s KYC/AML guidance factored prominently, and token sales and SAFT rounds slowed in 2019, driving much of the fundraising activity towards exchange platforms, causing a short blip of popularity in IEOs.


    Regulatory action may have caused deal flow to slow, U.S. entrepreneurs and investors say, even if Silicon Valley will continue to produce some of the most compelling innovation in blockchain. As the industry moves forward into bitcoin’s second decade, there will continue to be high-drama friction as we try to reconcile crypto-anarchist ideals of pseudonymous participation with long-standing regulations around securities, KYC/AML and money-transmission laws.
    We saw cross-border collaboration around the FATF enforcement recommendations, calling for exchanges to share customer information. But it remains to be seen whether this mandate will affect exchange activity or if it will drive a renaissance in decentralized exchange volume in 2020.
    During the first three quarters, we saw China step forward and embrace blockchain technologies. The People’s Bank of China announced plans for a national sovereign digital currency, the DCEP. Industry observers and PBoC’s development team expect it to launch in 2020. President Xi Jinping’s comments regarding China’s desire to lead in blockchain technology were almost certainly strategically timed on the back of the Facebook hearings.
    China’s leadership in our industry has been playing out for some time. More than two thirds of bitcoin mining happens in China and exchange volume is dominated by Chinese markets (for example, more than 60% of Tether trading). Most importantly, more consumer-facing Web3 apps are coming out of China than any other market globally. At the time of this writing, eight of the top ten dapps are developed by and/or for the Chinese market.


    While Western crypto purists continue to point to concerns over privacy and surveillance of the DCEP, this is an overly simplistic evaluation in my opinion. I am confident that Chinese ingenuity will lead towards a myriad of relatively seamless bridges between high-privacy crypto-networks and the regulated DCEP. I estimate that the DCEP most directly impacts Chinese demand for Tether and other stablecoins going forward.
    After years of waiting patiently in vein for “mass adoption of crypto,” I think we should be open-minded here.
    The Chinese market also drove much of the bitcoin and ethereum market rebound in the first half of the year as Chinese investors sought to diversify their personal stores of value amid their nation’s trade war with the US. Enormous scams like the multi-billion dollar Plus Token embezzlement caused regional governments to take a stronger stance on exchanges, driving down prices and showing China’s influence on crypto markets. Chinese officials are in the “blockchain not bitcoin/tokens” camp, but recognize crypto’s market popularity. It seems like many sovereigns are trying to reconcile the power and potential of blockchain technologies with unsettling risks.
    Chinese consumers have a certain affinity for foreign crypto projects, possibly due to perceptions around security, privacy and technical prowess. But 2020 will bring forward the first crop of technically sophisticated mainland-based projects. Local startups have evolved beyond the early fast-follower experiments into a new generation of very legitimate technical teams with novel crypto-economic models (for example, Nervos, Sperax, Bihu).
    Crypto may be remembered as one of the first industries (but certainly not the last) that China takes the position of technical innovator rather than fast-follower, sitting at the vanguard of development in Web3 technologies. In fact, we may even look back on the DCEP as a harbinger of China’s strategic shift towards reserve-currency status.
    A statist approach to blockchain development, like other industrial policies in the past, might yet prove successful in this market. After years of waiting patiently in vein for “mass adoption of crypto,” I think we should be open-minded here. I often tell investors that if you don’t get comfortable riding the Great Red Dragon, you may get burnt in its wake. As we move forward into a new decade on the calendar and our industry’s second decade of existence, I’m excited for what’s on the horizon as we look East.

    https://finance.yahoo.com/news/sover...180431720.html
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  3. #2
    If China does eventually make their own digital currency, it will be so that they can control and monitor all transactions. It will be nothing like bitcoin.

    https://www.reuters.com/article/us-c...-idUSKBN1XB3QP

    What sets it somewhat apart, however, are features that allow the central bank to track the movement of the currency and even supervise transactions.

    The digital currency’s design seemingly provides Beijing with unprecedented oversight over money flows, giving Chinese authorities a degree of control over their economy that most central banks do not have.

    The main motivation behind the project, market observers say, is China’s desire to protect its capital borders in the face of fears that newer global payment systems and advanced technology could facilitate illegal cash flows.
    Bitcoin is too hard compared to using dollars to use to make purchases so it will never experience mass adoption (unless it can become easier than swiping your credit card or waving your phone at a terminal). Only people buying it are hoping to later sell it at a higher price to somebody else- the classic pyramid game.
    Last edited by Zippyjuan; 12-28-2019 at 09:33 PM.
    Quote Originally Posted by Swordsmyth View Post
    The quality seems to have dropped significantly since I came here, I guess you get what you pay for.
    I am Zippy and I approve of this post. But you don't have to.

  4. #3
    The way that China, Russia, and other repressive countries are working to have their own internet divided from the rest of the world will limit the appeal of any central coin managed by those countries.
    “…let us teach them that all who draw breath are of equal worth, and that those who seek to press heel upon the throat of liberty, will fall to the cry of FREEDOM!!!” – Spartacus, War of the Damned

    BTC: 1AFbCLYU3G1dkbsSJnk3spWeEwpqYVC2Pq

  5. #4
    Quote Originally Posted by kpitcher View Post
    The way that China, Russia, and other repressive countries are working to have their own internet divided from the rest of the world will limit the appeal of any central coin managed by those countries.
    Nobody uses Bitcoin for money anyways- buying and selling goods. It is being bought by speculators hoping to make money. That alone severely limits its appeal to the average person. Plus it is harder to use than dollars. The average person won't be interested unless it is easier.
    Quote Originally Posted by Swordsmyth View Post
    The quality seems to have dropped significantly since I came here, I guess you get what you pay for.
    I am Zippy and I approve of this post. But you don't have to.



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