Digital Currencies: Libra, ECB, Fed
- TOC USD reserve disrupted in 2020
- -- Blockchain Arms Race
- USE: DeFi Blockchain Financial Apps
- USE: Blockchain and Big Brother
- Bitcoin Insecurities and Hacking
- USE: Blockchain, GIG economy and Future of Work
- USE: Blockchain and IOT/Smart Cities
- TOC Bitcoin trends and keys
- Legal and Regulation
- Bitcoin Market and Top Companies
- TOC Blockchain stable-coin based digital currencies
TOC USD reserve disrupted in 2020
-- Blockchain Arms Race
US lagging behind
See: Libra co-founder David Marcus has repeatedly warned
- FB is promoting its Libra saying that if U.S. lawmakers don't hurry up and make up their minds on blockchain and cryptocurrency regulations, US will lag badly.
China is World leader
China will lead the way and get there first.
74 percent of Bitcoin nodes are Chinese,
Patents - Majority owned by china
About 225 blockchain patents have also been filed in China.
China requires registration and Give data on customers
2018 year, the Cyberspace Administration of China administered new regulatory guidelines that will require all blockchain and crypto-based businesses to register with the government and pass along data regarding their customers.
Non-resident Users of Chinese Exchanges will be naked to GoC
This includes non-Chinese citizens that utilize the services of these companies, so it doesn't matter where you're located. If you hold crypto in a Chinese exchange, for example, your data will probably be examined by Chinese state authorities.
USE: DeFi Blockchain Financial Apps
China and DeFi
In fact, some Chinese institutions are looking to release their very own decentralized finance (DeFi) applications.
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.
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
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.
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.
Bitcoin Insecurities and Hacking
Communist China using crypto, blockchain, high tech that other can hack, what a joke! It will never happen
USE: Blockchain, GIG economy and Future of Work
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."
TOC Bitcoin trends and keys
Bitcoin hurting - blocked - seen as unsfe?
China and Bitcoin - troubled and changing
- China has a mixed relationship with digital assets.
Legal and Regulation
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.
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)
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.
Bitcoin Market and Top Companies
11 Bitcoin Unicorns
https://decrypt.co/10636/11-blockchain-unicorns-huran-report - Global Unicorn List The list, authored by the Shanghai-based Hurun Report, analyzed tech startups with a valuation of more than $1 billion, but that are unlisted on stock exchanges, with no private equity investment and less than 10 years old.
Bitmain, China - top Bitcoin miner
Bitmain, Oct 20, 2019 bested all other crypto startups on this year’s Global Unicorn List.
Bitmain, with a valuation of approximately $12 billion, topped them all, once again highlighting the importance of Bitcoin mining in China.
TOC Blockchain stable-coin based digital currencies
EU want Bank-centered digital CURRENCY
FB/Libra renews Blockchain interest
- FB "says" won't launch without EU/US approval Facebook hopes to launch the Libra stablecoin some time next year, and the social media giant has positioned the project as a way to provide broader access to financial services to people around the world. The current plan is for Libra to be backed by several fiat currencies, though the Chinese yuan is not one of them. PKJ> Since FB is banned in China, it is unlikely to matter to China
Fed wants rapid payment
India to move very fast on UPI/mPay to accelerate growth
China and Blockchain - creating BRI Currency
China has a mixed relationship with digital assets, it’s clear that some within its government see things in Libra that they like, or at the very least respect. The same can likely be said of China’s attitude toward other digital assets, such as Bitcoin. see: https://decrypt.co/?post_type=post&p=5736
Digital mPayments are 100%+ penetration in China and AsiaPac. However, now banks are being left out of the loop, with "no use" of bank accounts and losing customer base. This makes them unstable and upsets the entire CCP-PBOC control of banks on which the heavy investments in ghost cities, infrastructure, SOE,etc. is based.
China seems primarily interested in creating its own digital currency, A division of the People’s Bank of China—known as the Digital Currency Research Institute (DCRI)—is in charge of pushing China’s plans for a national digital currency forward. Just weeks ago, the organization announced that it is seeking to hire tech experts to boost its digital currency efforts.
Li Lihui, head of the Blockchain Research Working Group at the National Internet Finance Association of China, said Libra “will become a trusted organization that issues digital currency,” should it receive the necessary regulatory approvals.
WeChat, etc. are dominating PacRim and China sees Yuan and digital currencies used widely along BRI.