The Growing Cryptocurrency Issue
As of October 1, 2021 cryptocurrencies are on the rise. Cryptocurrencies are not going to go away even after the ban from China. The ban on cryptocurrencies is a bit ridiculous given that what makes cryptocurrencies so valuable is that they are independent of government and even in most cases their creators. They are independent “things” in a sense that not even governments can shut them down.
To understand why you must understand that blockchain technology is a powerful new technology that in for all intents and purposes is almost impossible to hack if put together correctly, even for a powerful country like China hacking blockchain is something that would with our current technology be almost impossible, well, lets say about as impossible as one can get.
Analysis and Commentary
I do not believe China’s crackdown will work. It may for the biggest players of crypto in China which I believe is what they are betting on however what they fail to realize is that technology, especially in the blockchain sphere is changing so rapidly that it will be too difficult to keep up with the changes happening in that space.
I propose that they would be much better off living with it instead of trying to ban it. More than likely they will try to issue their own cryptocurrency from the central Chinese banks and issuing authorities but this is open to all sorts of manipulation and control.