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Sankalp's Blockchain & Bitcoin Snapshot - Issue #16

China isn't trying to kill Bitcoin. They're trying to own it, mine it, and control it. They're not
Sankalp's Blockchain Express Weekly
Sankalp's Blockchain & Bitcoin Snapshot - Issue #16
By Sankalp Shangari • Issue #16 • View online
China isn’t trying to kill Bitcoin. They’re trying to own it, mine it, and control it. They’re not banning, they’re consolidating - Ari Paul

THE CHINA ISSUE
I am not going to bore you with what China did - but rather give another perspective how smart the Chinese are when it comes to Bitcoin and ICO’s. 
For decades the Chinese have been trying to replace the dominance of the USD - unsuccessfully though as the world trades in USD. Along comes Blockchain and Bitcoin and by June 2017 we have 60% of hash power of the entire coins mined globally sitting with the Chinese - aka mining power. Remaining 40% is spread across the other 180 nations. 
Bitcoin pundits have been very quick to dismiss China and their ban of exchanges and ICOs and now miners as if they are illogical or stupid. Would you really think so? Every move in China is strategic. This is no different. They are not dismissing Bitcoin, they are going to own it as much as they can. US is not far behind with the drama played out by Dimon and JP Morgan. However China has mining power and they want to centralise the decentralised currency. Not possible if you ask me, but more the merrier in case Bitcoin goes to a million dollars. Better than holding Gold and debt laden US Treasuries. Isn’t it? This is the path of least resistance - own as much BTC as you can, control what is mined and control what is sold in the open market. 

They have seen again and again how BTC has stood the test of times since 2008. They know they can’t control but they know they can own as much as they want. They are thinking 50 years ahead, like in anything else. And in the process ward of USD. What happens is they make it a policy that miners can only sell to PBOC. Yes there will be leakage but being communist and in control, and giving a fair market price, and possibly subsidies, they can pretty much keep everyone happy.
US and Russia are not far behind. US is accumulating IMHO (In my humble opinion) since last year - GS and JPM s of the world. They are nothing but state sponsored banks. We all know that and Jamie just proved that to us again. Russia on the other hand has cheap electricity and is already planning how to monetise this. A war is coming and this time its Bitcoin.
The markets took a pause no doubt after all these announcements, but its all “Shrugged off” and move on. Crypto wars are coming as Fiat needs an outlet with over 50 Trillion debt hangover. China is just preparing for that. More nations will follow and lead to a HyperBitcoinCycle.
Its a sign of seriousness and mainstream applications for BTC and Altcoins. Accumulate as much as you can. 2X or not. There are 21 million coins out there, they might control 10 million, me and you can still have 100 each and be happy.
Imagine that majority of the countries haven’t even jumped in. Imagine that 99% of institutional money is sitting on sidelines. Its a belief and a fact that our current monetary system is broken down. And that belief itself is so valuable.
Its the calm before the storm. You know what to do. BUY and HODL.
Video of the Day - check out the playlist as well
Decentralizing Everything with Ethereum's Vitalik Buterin | Disrupt SF 2017 - YouTube
Decentralizing Everything with Ethereum's Vitalik Buterin | Disrupt SF 2017 - YouTube
Top 10 Blockchain News

      China’s Interference on Bitcoin Tests Currency’s Foundation - WSJ
Bitcoin's fate untethers from China - Business Insider
In China’s Hinterlands, Workers Mine Bitcoin for a Digital Fortune - NYTimes.com
Here's why the crackdown on bitcoin in China is 'not a real problem' for the digital currency | Markets Insider
Google 'Accepts' Bitcoin With Payments API Update - Bitsonline
Bitcoin Was Just Used to Pay for a New Home in Texas
Despite China’s Ban, People Are Still Eager to Participate in ICOs
Australia's Securities Watchdog Might Run Its Own Blockchain Nodes - CoinDesk
How decentralisation is creating new business models
Nobody Understands Bitcoin (And That's OK) - CoinDesk
Did you enjoy this issue?
Sankalp Shangari

Based in Singapore, Sankalp is involved in most aspects of Blockchain - as an entrepreneur, consultant, investor in several AI & Tech related ventures. You can reach out on twitter /linkedin/ medium @sankalpshangari

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