China’s Authority Over Its Cryptocurrency Market Has Become Almost Non-Existent

cryptocurrency china

It is known that more than 50% of the world’s cryptocurrency as well as the biggest mining farms is accumulated in China. Nevertheless, this country has always managed to keep it under strict control. What could possibly happen to the government of the Celestial Empire to make it loosen its grip?

The answer is quite simple: you cannot control something that you do not have. We would like to remind you that the government of PRoC has recently banned foreign ICOs, cryptocurrency exchanges, cryptocurrency-related trading transactions, mining, thereby totally shutting down the industry on the territory of the country.

Under given circumstances, most businesses had to either move to nearby Hong Kong, Singapore and Taiwan, where the atmosphere is more cryptocurrency-friendly, or stop operating at all.

That is why, it is quite expected that the Chinese cryptocurrency market dropped drastically. According to Express, the number of cryptocurrency transactions in Chinese yuan has decreased to almost nothing (1%).

Such figures might encourage Chinese officials to take action and maybe even lift its ban, at least partially. Losing such a promising industry would be an illogical decision. Jon Ostler, the creator of finder.com says the following:

China lifting its ban on cryptocurrency would likely have a significant impact on prices. It is such a big potential market that even murmurings of the ban lifting would probably push value up in the short-term.

We will be monitoring the situation at the Chinese crypto market closely and report on any changes with the ban.

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Interview with Mark van Rijmenam: In 2019 We Will See More Blockchain Projects Coming to Fruition

How often do you have questions about cryptocurrency that no one can answer? How many times have you had them in your head before investing in a dubious project or in the most popular cryptocurrencies? And how does this blockchain even work? We often need an assistant or an inner voice that will put everything in its place. The Coin Shark will introduce this person to you.

We ask the most relevant questions about cryptocurrency to our experts, professionals in crypto and blockchain business. Today, our “inner voice” will be Mark van Rijmenam, founder Datafloq, named global top 10 Big Data influencer and one of the most influential Blockchain people. 

Hello, Mark. What do you think, what problems can be solved using blockchain at the global level?

Blockchain is a paradigm shift, a fundamental technology that will change every industry. Blockchain is relevant everywhere there is a trust issue (when individuals, organisations or things have to collaborate) and when there is a transaction. Blockchain is especially relevant for the financial sector and the supply chain sector, but blockchain can also be used for social good. In our latest book, Blockchain: Transforming Your Business and Our World, we discuss how blockchain can contribute to solving issues such as poverty, climate change, fraud, corruption, censorship, identity theft, etc.

What is the most extraordinary and unique project you had to work with?

Personally, I find the projects that look at using blockchain to solve real-world problems the most interesting. Projects that aim to offer us a self-sovereign identity for example, such as Sovrin or uPort, have the opportunity to change how we deal with identity. That can also be used for developing countries, as over 1,5 billion people still lack a government-issued identity. Also, those projects that aim to help the 2 billion unbanked in our world, such as Humaniq, are very important.

How can your own Datafloq project affect crypto and tech industry?

Our objective is to help the community with relevant articles on blockchain, crypto and other technologies including big data, artificial intelligence and the internet of things. In addition, we are about to launch a new project that could help in the massive fake news problem we have.

Do you invest in cryptocurrency? If so, do you prefer well-known coins or new projects?

I do have different cryptocurrencies. Whichever project I decide to participate in, I always look at what the product is that they are developing, who the team is, how long they have been working on it, what code is already there, do they already have an alpha or beta version, etc. For me to participate in a new project means that I need to have a very good understanding that the project is capable of achieving what it wants to achieve.

Your forecast: what future awaits crypto industry and all holders of cryptocurrency in 2019?

Hopefully, 2019 will see a more stable environment due to global regulations being put in place how to deal with ICOs (although I am aware that it takes time to achieve that). In 2019, we will also see more blockchain projects coming to fruition and delivering real-world products and services. Slowly, the decentralised ecosystem will become to appear as the technology required for that becomes ready. 2019 will be a very interesting year!

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“Captain Kirk” From Star Trek Protected Vitalik Buterin’s Interests

Canadian actor William Shatner, better known as the USS Enterprise captain, James Tiberius Kirk, who is a character in Star Trek TV show, published a tweet in support of Ethereum founder Vitalik Buterin. In this way, he triggered the English-speaking crypto community. William’s audience on Twitter counts more than 2.5 million followers after all.

The reason for the disagreement was the tweet of a user premine apologist, and it said that Buterin is a “scammer” who is not able to provide Ethereum network with full decentralization. In response to this, premine apologist received the following answer from Shatner:

https://twitter.com/WilliamShatner/status/1060293715363717120

Later Shatner wrote:

https://twitter.com/WilliamShatner/status/1060304446079397888

The answer of William Shatner was supported by a significant part of the audience of crypto community. We remind that the actor is not new to cryptocurrency industry and blockchain. He is a representative of a blockchain project specializing in extraction of solar energy for mining.

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Administartion of Chinese Secondary School Was Mining Ethereum: Details of Crime

School seems to be the very place where the laws must be strictly observed, especially in China, a totalitarian country with strict rules, including those related to cryptocurrency and mining. Unfortunately, it is not that simple.

A funny story happened in one of the middle schools in the city of Chenzhou, Hunan. According to local Chinese news outlet HK01, the Principal and Vice Principal were caught mining Ethereum using school assets.

According to the Principal’s words, he first installed the equipment at home, but the electricity bills were too high, so he decided to relocate it to the school dorm, but there was not enough space. He had no choice but to transfer all the servers and equipment to the school.


Source: HK01.com


After some time, namely several months, the teachers of this school began to complain that computers emit a lot of noise and often “slow down”. The teachers decided to find the answer to this issue and found mining rigs.

Principal Lei Hua and Vice Principal Wang Zhipeng have already received their punishment, in the form of dismissal and warning, respectively. Meanwhile, we want to remind you that mining in China is growing and flourishing, thereby threatening the security of the world’s most famous cryptocurrency, Bitcoin.

Bitcoin Is in Danger: Chinese Hegemony Over the Industry

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SEC Shuts Down EtherDelta: Is It a New Scam?

The US Securities and Exchange Commission accused the founder of the cryptocurrency exchange EtherDelta Zachary Coburn of running an unregistered, and thus illegal trading platform.

According to the Commission, EtherDelta failed to either register the exchange officially in compliance with SEC’s regulations or apply for an exemption from these regulations. This fact makes all of its trading transactions illegitimate.

Coburn denied all of the accusation, nevertheless, he did pay a huge fine of almost 400 thousand dollars.

Meanwhile, SEC claimed that many more exchanges and trading platforms might follow EtherDelta unless they comply with all the rules. We remind you:

More Than a Dozen Fraud ICOs Were Shut Down by the SEC in 2018

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Twitter Massively Bans Crypto Scammers

According to the study by Cryptopotato, Twitter began a massive purge of accounts owned by blockchain projects. During the purge process, Binance, OKex, Coinbase, Bitfinex, Bitstamp, OKCoin, ICO-project Stratisplatform and an innovative platform WePower lost their subscribers.

Such actions are aimed at restricting and eliminating activities of fraudsters who illegally, under the guise of celebrities, swindle Twitter users’ money out.

We remind, that recently, the users of the social network were attacked by crypto scammers, who allegedly organized the largest distribution of 10 thousand BTC under the name of Elon Musk. This is not the only case of hacking users of Twitter.

Scam Alert: Is Elon Musk Messing with the Twitter Community or Was His Account Hacked After All?

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The US Midterm Elections: What Crypto Friendly Politicians Got Seats in the Congress?

Politics regulates every single aspect of life, thus, it is of utter importance to the crypto community to have those people in charge that support cryptocurrencies and innovative technologies in general.

The recent elections in the US actually brought a couple of people that openly support digital currencies. They are:

1. Gavin Newsom, a new governor of the state of California. This politician is quite friendly towards Bitcoin and even accepts it as a means of payment for his campaign donations.

Given the high position that he received, Newsom may positively influence the cryptocurrency regulation in America.

2. Jared Polis, a new governor of the state of Colorado. Polis sees great potential in the blockchain technology and plans to focus on its development and further implementation into various industries.

I will work alongside the legislature to create a statewide safe harbor designed to exempt cryptocurrencies from state money transmissions laws, and I will work to establish legislation that protects “open blockchain tokens” or cryptocurrencies that are exchangeable for goods and services,” he claimed.

Hopefully, these two governors as well as those that are yet to come will create the regulation for cryptocurrency in such a way that it will be able to develop and expand while staying safe and risk-free.

We remind you:

Bill Clinton Believes That the Regulation of Blockchain Should Be Very Thought-Out

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