Latest posts of: cybersofts

Virtual Currencies Are Expected to Be Legislated As “Virtual Property” From October 1

Chinese media outlet Jinse.com has reported that laws governing the use of virtual currencies in China will be enacted on October 1st 2017. Jinse states that Chinese cryptocurrency regulations were incorporated into the nation’s “General Principles of the Civil Law of the People’s Republic of China” legislation, which was voted on and passed on March 15th.

Jinse has reported that the General Principles of the Civil Law of the People’s Republic of China, which is expected to come into effect on October 1st, will see Chinese cryptocurrency regulations implemented for the first time. The Jinse report suggests that cryptocurrencies will be treated as “virtual property” under Chinese law. Chinese academic, Professor Deng Jianpeng, stated that “bitcoin, [crypto]currency, etc. can be classified as virtual assets.”

Source: https://news.bitcoin.com/virtual-currencies-expected-to-regulated-in-china-on-october-1st/

Virtual Currencies Expected to Regulated in China on October 1st

Chinese media outlet Jinse.com has reported that laws governing the use of virtual currencies in China will be enacted on October 1st 2017. Jinse states that Chinese cryptocurrency regulations were incorporated into the nation’s “General Principles of the Civil Law of the People’s Republic of China” legislation, which was voted on and passed on March 15th.

Virtual Currencies Are Expected to Be Legislated As “Virtual Property” From October 1

Jinse has reported that the General Principles of the Civil Law of the People’s Republic of China, which is expected to come into effect on October 1st, will see Chinese cryptocurrency regulations implemented for the first time. The Jinse report suggests that cryptocurrencies will be treated as “virtual property” under Chinese law. Chinese academic, Professor Deng Jianpeng, stated that “bitcoin, [crypto]currency, etc. can be classified as virtual assets.”

The incorporation of virtual currencies into China’s “General Principles of the Civil Law” legislation suggests that China’s recent crackdown on virtual currency exchanges will not be expanded into a nationwide prohibition on the use and possession of cryptocurrencies. Jinse reinforces this inference, stating that “regulators have never mentioned the issue of prohibiting bitcoin from beginning to end, that is to say, the government level does not think that there is a problem with the bitcoin itself”- according to a Google translation.

Jinse asserts that the crackdown on exchanges was motivated by “small platform(s) not seriously implement(ing) anti-money laundering and KYC policy” requirements. The publication also cites the decision to allow China’s major cryptocurrency exchanges to reopen following PBOC investigations, implying that the recent crackdown on cryptocurrency exchanges is temporary, and should not be interpreted as a general prohibition on cryptocurrency.

Source: https://news.bitcoin.com/virtual-currencies-expected-to-regulated-in-china-on-october-1st/

Investments follow trends, just like everything else. In the 1970s, anything with ‘tronics’ in its name was a hot item. In the late 1990s, ‘dotcom’ immediately garnered attention. Now, according to Bloomberg, companies embracing ‘digital technologies’ or Bitcoin are the newest Wall Street fad.

Overstock and Goldmoney

The evaluation is based on news this week regarding a couple of different companies who have embraced digital currencies and have seen substantial upticks in share price and therefore market cap. This indicates a new fad, per Bloomberg.

Overstock, captained by crypto believer Patrick Byrne, added $137 man in market cap after announcing a digital currency trading platform. Goldmoney, who offered its clients the ability to trade and store some cryptocurrencies in insured wallets, rose 15 percent on the news.

Coming revolution

The price surges represent a belief among market investors that the nascent Blockchain-based cryptocurrencies will have massive impacts on the market, in much the same way dotcom companies did previously.

Investors are seeking to gain traction early in a market where gains may well be sizeable. However, the implicit risk and technical hurdles associated with digital currencies have led to increasing pressure from investors looking for mainstream options for investment. Hence the immediate pop in price when companies announce cryptocurrency exposure plans.

Source: https://cointelegraph.com/news/new-wall-street-buzzword-bitcoin

Yeah, we live in the world where fiat is for the commoners and bitcoin for the nerds and elites.
Bitcoin cannot replace fiat completely because fiat is issued by the banks and the government.
Government will continue to print fiat currency for commoners because that is what they normally use and understand, but that's not for guys like us. Tongue

Quote from: bachlovesstories on July 04, 2015, 01:23:28 PM

What is the obstacles, challenges and problems that Bitcoin can face it in 5 years? How we can help Bitcoin to take more authoritative place in the world of currency system?

I think the bitcoin challenges for the coming years is hard forks because that is what is affecting the value of bitcoin directly.
Secondly, I see some countries are now banning bitcoin and cryptocurrency exchanges e.g. China. if that continuous, it may also affect the value of bitcoin.

Quote from: the_poet on December 13, 2015, 09:21:07 PM

Is there any bank/financial institution somewhere in the world that has embraced Bitcoin? Not that I'd deposit my money there, I'm just curious to know it.

Yes, I recently read it on the paper saying, Dubai has opened their banks for bitcoin transactions.
You can use your bank account to save or buy bitcoins direct from the bank without any hassle meaning they have bitcoin friendly banks.

The issue is whenever you are trying to teach people something new some people will understand and some will not.
No matter how you try or which teaching method you used to teach them in order to understand they just can't because that is the way they are.
For me, I explained the concept of bitcoin and blockchain to lots of people some of them understand it very fast and some don't because that is the way they are, period!

Quote from: alihassan99 on September 27, 2017, 02:43:04 PM

I don't know why people say bitcoin is gambling. Its not gambling. You are investing your money and time. You use your internet. So its not gambling dealing with it.

Negative people always have something negative to say about what you are doing. So never mind them!
A lot of people that didn't understand what is bitcoin and how bitcoin works has negative thoughts about bitcoin.
I think you should educated about bitcoin. If they understand it fine, if they couldn't listen forget about them! they are negative people with negative minds.

Time will justify everything don't worry my friend.
When the first computer was made people asked the same question as you now.
When the first cell phone was made people asked the same question.
The question you should ask is when everybody is going to adopt bitcoin like cell phones or computer?
And the answer is time! Time will set everything right, trust me in time people will adopt it like how they adopt all the previous technologies e.g Cell phone.

Quote from: CoinratZ on September 27, 2017, 06:49:45 PM

What will the China ban/FUD do to bitcoin in the next coming days till the 30th. Are you guys holding or Trading to fiat? What are you’re thoughts on this..

China's actions on both bitcoin and ICOs has destroyed the cryptocurrency market for the last two weeks, but thankfully the value of bitcoin and the rest of altcoins are slowly recovering. I think if you have bitcoins is better to hold them for now since bitcoin value is currently recovering and who knows how much the price of bitcoin will be by the end of next month? Perhaps, it might set another record in terms of price. If you have nothing serious just hold your coins, please!

Quote from: Lyancy001 on July 19, 2017, 02:51:24 PM

Hi, I was wondering if I should quit my job and focus more on bitcoins? Because I think it might get me even richer without a job? Grin

This question depend on two things.
How expert are you in bitcoin and How much you make in bitcoin; will that cover your bill?
If bitcoin profits you make can cover your bills with extra changes better than your daily job then you can quit, but if not you have to manage both.

Well for me, currently I'm doing bitcoin straight 24/7 no any other job but bitcoin. Bitcoin is making me a lot of profit these days better than all my previous businesses and online jobs from my freelancing jobs to selling online courses. Everybody can start here from Signature campaign, to bitcoin mining up to bitcoin trading which is the most profitable part. With all these forms of getting bitcoin everybody would quit his job trust me because it way more profitable than any 9-5 job out there.

Yeah, I think JP Morgan had invested in bitcoin of one reason which is profit just like every body else.
JP Morgan are running out capital and they also see bitcoin has better future compared to their traditional banking system.
I think they were looking for the ways to maximize their profits and there is non but bitcoin that is why they have invested into it.