Blockchain 101, Market Review

By pjain      Published Feb. 8, 2021, 9:50 p.m. in blog Startups   

Blockchain 101, Market Review

Bitcoin trends and keys

Bitcoin hurting - blocked - seen as unsfe?

Legal and Regulation

China and Bitcoin - troubled and changing

  1. China has a mixed relationship with digital assets.

China seeks to ban in-China mining

Overall if China continues anti-bitcoin, they could completely shut down, which some industry observers argue could negatively impact the Bitcoin network.

China as of Oct 2019, considering implementing a ban on cryptocurrency mining within its borders.

  1. RAISE KWH FEES. The ban, if implemented, would allow Chinese authorities to raise electricity prices for relevant businesses to [force them to close,(https://www.scmp.com/tech/policy/article/3005334/china-home-worlds-biggest-cryptocurrency-mining-farms-now-wants-ban) 

  2. BLACK MARKET MINERS. The ban could drive mining operations "underground," force them to set up shop in surrounding nations

China courts uphold Bitcoin rights

  • A recent court case in China's "Internet Courts" saw Bitcoin recognized as having the same legal status as physical assets. The court ruled that Bitcoin has "value, scarcity and disposability," and deserves protection from "Chinese property laws." Digital assets and their utility are definitely on China's blockchain radar.

---- Blockchain USE Cases, Applications

USE Decentralized finance DeFi Blockchain Financial Apps

DeFi 101

China and DeFi

In fact, some Chinese institutions are looking to release their very own decentralized finance (DeFi) applications.

  1. The $1T China Merchants Bank seems to be lead in this. As one of China’s biggest banks, the Merchant Bank houses over $1 trillion in assets and brought in more than $30 billion in 2018 alone.

  2. China Merchants Bank announced Oct 2019 that is has partnered with blockchain network Nevos to provide dapps to customers that offer financial services, though Nevos has yet to provide further details.

USE: Blockchain and Big Brother

used to bolster the Chinese government's surveillance state.

Some have even suggested that China's planned state-backed digital currency is nothing more than a cynical ploy to more closely monitor its citizens' financial activities.

Resources

See the old Sci-Fi movie "Equilibrium", a society where the government control your every move and thinking. Instead of a control behavior drug, AI and massive system of facial/body recognition cameras, digital credit system and domestic only crypto currency are used. Citizens are just a herd of workers for the state. Cannot hide your money, your every move is track and if you stray from the norm, your crypto currency allowance and privileges will be taken away - an almost perfect authoritarian society.

USE: Blockchain, GIG economy and Future of Work

Uber Money

Fragment work - niche expertise

Blockchain can transform worker-"employer" relationships

Individuals will not work 40 hour work weeks for one company. They will work 40 - 1 hour jobs for 40 different companies. It is called niche expertise. You are called as needed. Yeah as if that's stable and not nerve-racking. So, an individual will have 40 different tasks to complete and worry about every week.

USE: Blockchain and IOT/Smart Cities

  • China large automaker Wianxiang is investing $30 b into a new blockchain startup that's seeking to build a blockchain-powered "smart city" which can track residents' data. "Wanxiang City," is set to become China's "largest, most interconnected, blockchain-powered smart city," according to an announcement from the automaker July 2019. The company's tech is meant to "track, transfer, and secure critical data such as resident identification cards and smart devices."

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