| submitted by /u/Godfreee
Some blockchain applications are solutions looking for problems, but there are other issues that are just begging for help from decentralized technology. Managing and authenticating identity is one of the latter.Traditional authentication processes in many industries use easily guessable identity questions, forgeable documents and unwieldy manual checks. As such, they are ripe for disruption. Armin Ebrahimi, CEO and founder of the blockchain-based ID management company…
I got into crypto almost a year ago. It's been an incredible experience learning about Bitcoin, blockchain, and other cryptos. While it's game-changing technology and a potentially great investment, it has also been a tremendously fun hobby and given me countless hours of reading, entertainment, learning, and even new relationships. It's awesome to see this community growing at the pace it has and I hope to see it continue long into the future because this is something I'd like to stay involved in for the rest of my life.
With that said, the amount of bogus information and speculation on Reddit regarding the crypto market is painful to endure. For those that are newbs, which I still in some ways consider myself pretty new to this, it is easy to get caught up in the forecasting and high or low expectations for Bitcoin and other coin prices. Everyone obviously wants to see this market continue to boom, and positivity is a great thing. But there is a big difference between positivity and downright bogus speculation. The same goes for those that predict bear markets and crashes. The uninformed predictions of the market plummeting are no different. I may be overshooting this a little, but I'd say that more than 99% of what I read on Reddit regarding the market falls into the bogus speculation category. That is not a good look on cryptocurrency as a whole. We need to be realists, and the reality is that being a realist about crypto means admitting that you just have no clue whatsoever.
I only came to terms with this myself around January. And let me tell you that it has been so liberating. The freedom I feel knowing that speculative posts on Reddit no longer have any effect on me is hard to describe. With this newfound freedom, my interest and focus on crypto and blockchain has only grown stronger. So newbs, and everyone, take a moment and reflect on what you want out of this. Focus on your own personal understanding of crypto and its benefits and downfalls. Learn, learn, and learn, but use valid sources of information, not speculation. In closing, I'll admit I'm a HODLer. But you do you and enjoy the fact that you get to be involved in the early stages of some incredible technology.
Anti-Chinese memes are fun and all, but I wanted to give you guys a clearer picture about what's happening in China right now.
China has a history of trying to legislate around free-market economies in a way that doesn't impede the market but still works for them. When Hong Kong was ceded back to China in 1999, China made Hong Kong a separate economic zone, thus allaying fears that China would kill one of the world's most important market economies.
This is exactly what's happening in China right now. the PRC is trying to make Bitcoin work within the Chinese economy. They are NOT trying to kill a thriving economic market.
Exhibit A: China isn't shutting down exchanges, they're forcing them to get licensed. That means all exchanges will have to conform to stricter guidelines about accounting and tracking, which might not please the crypto-anarchists but does mean a lesser likelihood of a Chinese Mt Gox event. What we're seeing right now is a transition from non-regulated to regulated.
Exhibit B: Rumor has it the PBoC wants to introduce a "digital yuan" that will serve as a CNY tether. This means the PBoC can control the entry and exit of CNY on the Chinese exchanges. This is critical to making crypto work for China, since taking CNY out of China is illegal.
In other words, once the dust settles on China, the Chinese Government will know how its own currency flows through the market, and it will know it's doing this through regulated exchanges that Chinese criminals cannot use to launder money.
This is a far cry from China simply trying to outlaw Bitcoin. This is China, realizing the potential of cryptocurrency, deciding to see if they can make it work on their own market.
tl;dr: Ignore the China FUD. China is actively trying to make crypto work for them, not destroy it.