CHINA MOVES TO BAN BITCOIN ETC

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In Chinese media today the government is moving to ban bitcoin and transaction with it. Ten agencies, including the central bank as well as banking, securities and foreign exchange regulators, vowed to work together to root out “illegal” cryptocurrency activity, the first time the Beijing-based agencies have joined forces to explicitly ban all cryptocurrency-related activity.

Bitcoin immediately fell hard on the news. U.S. Securities and Exchange Commission Chair Gary Gensler compared stable coins to poker chips which is about what they are. Banning will only make for a black market. Regulation is the only real solution.

Bank of England has announced some early ideas for banking safety with bitcoin etc. The best idea is to make a public company that holds the bitcoin and pays a small dividend on transactions,

The move in China is welcomed by legions of gamers who are disappointed over the perverting of video cards for waste.

At present the liquidity of bitcoin is very poor. The reason is the design is not transaction friendly. Worse several large holdings have been lost perpetually.