Cryptocurrency's Rocky Road: China's ICO Ban

In the wake of China's ICO ban, what befalls the world of cryptocurrencies?

The biggest event in the cryptocurrency world recently was the declaration of the Chinese authorities to shut down the exchanges on which cryptocurrencies are traded. As a result, BTCChina, one of the largest bitcoin exchanges in China, said that it would be ceasing trading activities by the end of September. This news catalysed a sharp sell-off that left bitcoin (and other currencies such as Etherium) plummeting approximately 30% below the record highs that were reached earlier this month.

So, the cryptocurrency rollercoaster continues. With bitcoin having increases that surpass quadrupled values from December 2016 to September 2017, some analysts predict that it can cryptocurrencies can recover from the recent falls. Josh Mahoney, a market analyst at IG comments that cryptocurrencies' "past experience tells us that [they] will likely brush these latest challenges aside".

However, these sentiments don't come without opposition. Mr Dimon, CEO of JPMorgan Chase, remarked that bitcoin "isn't going to work" and that it "is a fraud... worse than tulip bulbs (in reference to the Dutch 'tulip mania' of the 17th century, recognised as the world's first speculative bubble)... that will blow up". He goes to the extent of saying that he would fire employees who were stupid enough to trade in bitcoin.

Speculation aside, what is actually going on? Since China's ICO ban, other world-leading economies are taking a fresh look into how the cryptocurrency world should/ can be regulated in their regions. Rather than banning ICOs, other countries still recognise the technological benefits of crypto-technology, Mining benchmarks and are looking into controlling the market without completely stifling the growth of the currencies. The big issue for these economies is to figure out how to do this, as the alternative nature of the cryptocurrencies do not allow them to be classified under the policies of traditional investment assets.

Some of these countries include Japan, Singapore and the US. These economies seek to establish accounting standards for cryptocurrencies, mainly in order to handle money laundering and fraud, which have been rendered more elusive due to the crypto-technology. Yet, most regulators do recognise that there seems to be no real benefit to completely banning cryptocurrencies due to the economic flows that they carry along. Also, probably because it is practically impossible to shut down the crypto-world for as long as the internet exists. Regulators can only focus on areas where they may be able to exercise some control, which seems to be where cryptocurrencies meet fiat currencies (i.e. the cryptocurrency exchanges).

While cryptocurrencies seem to come under more scrutiny as time progresses, such events do benefit some countries like Hong Kong. Since the Chinese ICO ban, many founders of cryptocurrency projects have been driven from the mainland to the city. Aurelian Menant, CEO of Gatecoin, said that the company received "a high number of inquiries from blockchain project founders based in the mainland" and that there has been an observable surge in the number of Chinese clients registering on the platform.

Looking slightly further, companies like Nvidia have expressed positivity from the event. They claim that this ICO ban will only fuel their GPU sales, as the ban will likely increase the demand for cryptocurrency-related GPUs. With the ban, the only way to obtain cryptocurrencies mined with GPUs is to mine them with computing power. As such, individuals looking to obtain cryptocurrencies in China now have to obtain more computing power, as opposed to making straight purchases via exchanges. In essence, Nvidia's sentiments is that this isn't a downhill spiral for cryptocurrencies; in fact, other industries will receive a boost as well.

In light of all the commotion and debate surrounding cryptocurrencies, the integration of the technology into the global economies seem to be materialising hastily. Whether or not you believe in the future of the technology, or think that it is a "fraud... that will blow up", the cryptocurrency rollercoaster is one worth your attention.

Great job for publishing such a beneficial web site. Your web log isn’t only useful but it is additionally really creative too. There tend to be not many people who can certainly write not so simple posts that artistically. Continue the nice writing food preparation

Very informative post! There is a lot of information here that can help any business get started with a successful social networking campaign. anime descarga

Nice post! That is an excellent blog that I'll definitively return to more times this year! Thanks for informative post. Daman App

Trees are an essential part of our environment, but sometimes they need to be removed due to various reasons such as age, disease, or structural issues. tree removal sydney is a complicated process that requires proper knowledge and expertise to perform safely and efficiently. If you need tree removal service in Sydney, Black Forest Tree Service is the right company to call.

Wow, What a Excellent post. I really found this to much informatics. It is what i was searching for.I would like to suggest you that please keep sharing such type of info.Thanks Policresulin 90mg suppository

I read that Post and first got it fine and informative. Orlando Personal training over 50

This article was written by a real thinking writer without a doubt. I agree many of the with the solid points made by the writer. I’ll be back day in and day for further new updates. เว็บพนันอันดับ1

Positive site, where did u come up with the information on this posting?I have read a few of the articles on your website now, and I really like your style. Thanks a million and please keep up the effective work. ufabetเว็บแทงบอลดีสุด

Thanks for a wonderful share. Your article has proved your hard work and experience you have got in this field. Brilliant .i love it reading. Прочетете повече в тази статия

I am impressed. I don't think Ive met anyone who knows as much about this subject as you do. You are truly well informed and very intelligent. You wrote something that people could understand and made the subject intriguing for everyone. Really, great blog you have got here. 토트넘중계

I exactly got what you mean, thanks for posting. And, I am too much happy to find this website on the world of Google. Посетете уеб страницата

Please share more like that. acim app

This is my first time visit to your blog and I am very interested in the articles that you serve. Provide enough knowledge for me. Thank you for sharing useful and don't forget, keep sharing useful info: свързан сайт

This is my first time visit to your blog and I am very interested in the articles that you serve. Provide enough knowledge for me. Thank you for sharing useful and don't forget, keep sharing useful info:свързан сайт