Xiao Feng (CEO of Wanxiang Blockchain) defines assets by three states: Solid, represents the verification of asset, in which state assets can be transferred as a whole; Liquid, represents the securitization of asset, where assets can be split into parts; Gas, represents the blockchainization of asset, a state where assets can diffuse in the whole space and are no longer subject to the limitation of container (asset platform), and every individual, institution and organization can manage their own assets via their private key.

This is a very vivid metaphor, which also inspired us to name Bystack’s sidechain Vapor. However, the three-state theory above seems to consider only the evolution process of assets, but does not define asset types. When it comes to the definition of asset types, the industry has not offered a unified standard. The advent of protocols like Ethereum ERC20, though targeting different asset types, still bring no unified standard, for example, ERC721, ERC875 can realize asset blockchainization that cannot be divided or replaced and have the uniqueness of property right, but there’re subtle differences between them. In such a context, the industry is in urgent need of a standard definition for asset types, which is applicable to all blockchain asset protocols.

Well, so, how Bystack define asset types? How we vary on-chain asset from offchain asset (traditional asset), and what’s the difference among onchain assets, what dimensions should assets have?

The Tao produced One: TrustworthinessWhen we withdraw one hundred yuan from the bank, it was as if the bank gives you an IOU (I owe you) of a hundred dollars, and we trust the bank would accept the 100 dollars. In the past, there was 100-dollar worth of gold back it, while now there’re no more physical assets behind it but the credit guarantee from the state institutions. In this sense, it is the country and banks that we trust rather than the money.

When we shop online, we’ll place the order quickly if we see positive customer reviews about the commodity we want to buy. And in this case, it is the ratings system of the e-commerce platform that we trust rather than the shop.

Nevertheless, that trust is actually unreliable, as fiat money may depreciate and the good ratings may be faked. In blockchain thinking, any trust that requires a third-party is not reliable, that’s why Satoshi Nakamoto figured out the trustless electronic payment system in a decentralized way. And there comes the definition of Trustworthiness – a feature owned by asset or transaction without going through a trusted third-party.
...

https://news.8btc.com/worldview-of-bystack-i-the-three-dimensions-of-asset

A crypto investor recently brought a lawsuit against the crypto exchange OKCoin for a bitcoin fork in the Beijing court. It is the first lawsuit related to a bitcoin fork in the country, according to Legal Weekly.

The plaintiff claimed the equivalent amount of bitcoin cash (BCH) that forked from the 38.748 bitcoins (BTC) he deposited in OKCoin was invalid for the reason that the forked coins were not claimed in time; as a result, he lost the timing to cash out for BCH at highs. Therefore he requested OKCoin to compensate for the loss of 169,969.22 yuan (US$25,000) in total.

As public information indicates, on 1 August 2017, a hard fork of bitcoin was created, and there came bitcoin cash. As a result, the bitcoin ledger and the cryptocurrency split in two – Bitcoin and bitcoin cash. As promised in the announcement of OKCoin, at the time of the fork users holding bitcoin in the platform was also in possession of the same amount of bitcoin cash units.

However, the plaintiff named Feng Bin (not his real name) who should have owned 38.748 BCH on OKCoin failed to have the “pennies from heaven”...

http://news.8btc.com/who-moved-my-38-748-bch-the-first-lawsuit-in-china-initiated-by-a-bitcoin-fork

Potshots on bitcoin again after Buffet, Munger and Bill Gates
Still hodling

Jack Ma, founder of Alibaba – the Chinese e-commerce giant, said blockchain is not a bubble, bitcoin is. When it comes to blockchain, he asked people to think of the role of blockchain in creating values for the society, government, enterprises and consumers in the era of big data.

Conservative and cautious with bitcoin, this magnate has few words on it, but spared the time for blockchain. He said people with superficial understanding of blockchain think it is a huge gold mine. We should seek solutions for data and privacy security from blockchain, in a bid to create values for the society. While for the moment, many see it as a money-maker, it’s screwed. Blockchain could provide a lot for governments, enterprises and average people, which shall be its true value.

Jack said he has had his eye on blockchain for years. He realized its importance when he heard it could offer solutions for issues of privacy and security, for security is the top priority of Alibaba with a considerable trading volume reaching trillions. Since then, Alibaba has undertaken the research on blockchain, and it has been the enterprise holding the world’s most blockchain patents.

http://news.8btc.com/alibabas-jack-ma-blockchain-is-not-a-bubble-bitcoin-is

Southeast Asia is emerging as a new hub of bitcoin mining as Chinese miners swarm to Cambodia, Myanmar and Vietnam because of access to comparatively cheap electricity and geographical proximity. While soon these China’s unwanted bitcoin miners found they are not wanted there too, complaint from local residents, frequent power cuts… Every month sees 9,000-yuan ($1,400) losses, according to Zhang Han, a member of those relocated miners.

China’s huge bitcoin mining industry needs a new home after Beijing’s stringent clampdown on cryptocurrency exchanges since last year. Bitcoin miners are forced to move to other countries – Russia, Iceland, Norway and Canada where hydroelectric energy is abundant with mine-favored climate are attracting a lot interest from large mines; Cambodia, Myanmar and Vietnam thus become an alternative choice for small and medium-sized ones.

Zhang joined the Exodus crossing the border to Southeast Asia six months ago along with many other miners from south China. He chose to relocate his mining farm in a remote town in Cambodia for the low cost and comparably stable Internet connections there...

http://news.8btc.com/chinas-unwanted-bitcoin-miners-move-to-southeast-asia-but-unwanted-there-too

More and more Chinese ICO projects are seeking fundraising overseas as prohibitive regulations over bitcoin and ICOs tightens. To bypass strict surveillance, these ICO projects have rejected direct private funding from Chinese individual investors, and turned to offshore foundations for fundraising, as reported by 21st Century Business Herald, a Chinese business news outlet.

“Offshore funds from Chinese investors are targeted, especially those who have tasted the sweetness in previous lucrative ICO investment. These Chinese investors are glad to be the bottom fisher taking advantage of the current sluggish market and buying in quotas of high-quality ICO projects at low prices”, according to an insider close to the business.

But they have to keep their identity hidden for the country’s escalated clampdown on ICOs. These sophisticated businessmen continue their ICOs investing with the help of offshore foundations in Cayman Islands or Seychelles, as the operating mode of offshore foundations registered there could precisely meet their privacy requirement.

“Some Chinese billionaires even straightforwardly set up offshore private company in the Cayman Islands, pouring funding into it, and have it managed by seasoned ICO investment professionals, with the aim of being the next Alibaba / Tencent (blockchain giant).”

“Every week has been seeing Chinese blockchain projects do ICO (Initial Coin Offering) roadshow here in Silicon Valley since this year,” a Silicon Valley-based venture capitalist said, “they are mainly aiming at Chinese investors’ offshore funds which are out of government reach. A plurality of Chinese VC have also participated in this ICO game.”

http://news.8btc.com/chinese-icos-in-cayman-seeks-overseas-fundraising-new-chance-or-new-trap

The Hong Kong-based crypto trading platform OKEx rolled back futures transactions to 5:00 of March 30, 2018 (Hong Kong Time) after irregular transactions saw bitcoin dive to a low below $4800 on the platform, while it held $7000 everywhere else.

The “3.30 incident” triggered massive forced liquidations and wiped out hundreds of contracts. Complaint and criticism were exploding in various social networks including Telegram and WeChat in the wake of the announcement. Vociferous protestations from futures investors claimed they were going to the headquarter of OKCoin to find some justice, one trader even threatened to commit suicide in front of OKCoin’s Beijing office.

OKCoin and OKEx

OKEx, which claims to be registered in Belize and headquartered in Hong Kong, is operated by the crypto exchange OKCoin. The information of the two companies open to public is almost the same ...

Win Tesla sweepstakes by futures transactions...

Lose 2 million yuan in three months...

http://news.8btc.com/roll-back-futures-contracts-user-threaten-to-commit-suicide-whats-wrong-with-okex

March 19, Beijing –Yi Gang takes over the helm from Zhou Xiaochuan to run China’s central bank (People’s Bank of China), nominated this morning during the political season of Two Sessions. Upon the nomination, bitcoiners and blockchain entrepreneurs are getting a clue that this newly-nominated PBOC head may be a bitcoin favorer according to his early public statements.

Early in 2013, Yi Gang, served as No.2 to incumbent governor Zhou Xiaochuan, has publicly aired his opinion on bitcoin, saying bitcoin has distinctive features and it is enlightening, and he, personally, will stay focused on bitcoin for a long term. While from the central bank’s stance, bitcoin would not be admitted legal for the near term.

As for bitcoin trading, he regarded bitcoin trading as an Internet-based buying and selling, and thus ordinary people have the freedom to participate in bitcoin trading.

And for blockchain technology, according to a report in 2016 G20 Summit, ...

http://news.8btc.com/newly-nominated-pboc-governor-yi-gang-bitcoin-is-enlightening-and-will-focus-on-bitcoin-with-interest

BEIJING, March 9, 2018 – Zhou Xiaochuan, governor of China’s central bank, the People’s Bank of China (PBoC), talks about digital currency, bitcoin and regulations on digital currency during a press conference held for the National People’s Congress 2018. He said, there’s no imminent regulatory measures on digital currency. Future regulations are dynamic depending on the technology and regional trial.
Zhou’s main points are as follows:

Digital currency is technically inevitable

1. The issuance of digital currency is under research by the PBoC, it is not a realization of technology application, but aiming to improve convenience and cut costs in retail payment. While security and privacy should be paid attention to.

2. Digital currency is technically inevitable. Paper money and coins may be reduced even one day replaced by digital currency. While be wary of its influence on the financial system and investors.

Do not rush to roll out digital currency
...
http://news.8btc.com/pbocs-zhou-xiaochuan-no-imminent-regulatory-measures-on-digital-currency

March 6- Chinese regulators are targeting social media accounts used by cryptocurrency exchanges that continue to offer services for Chinese investors, according to a report by Caixin, a Beijing-based business media outlet.

China had unequivocally banned ICO and forced the closure of domestic cryptocurrency exchanges that offered fiat-to-cryptocurrency trading last September, after it most crypto exchanges had moved overseas. While Chinese crypto traders were still able to easily access these platforms (Huobi, OKEx and Binance included) without the help of VPN.

Crypto Exchanges’ WeChat Account Blocked
Obviously, regulator authorities of the country have noticed that, a source close to China’s Internet Financial Regulation Office told Caixin,

“(Internet Financial Regulation Office said) once financial fraud is reported, (person in charge) should be immediately arrested, no matter (it is) onshore or offshore, all should be regulated. (we’re) urging relevant departments to further block the IP addresses of overseas crypto exchange.”

Last Friday, the official WeChat account of OKEx and Huobi were closed, which triggered great panics worrying the government was intervening to block it, while OKEx denied it, but explaining it was a result of user’s complaint report during the 3.15 period. “The user does not exist” pops out when searching OKEx, and links to its previous content are now showing a notification reading:

http://news.8btc.com/china-is-blocking-crypto-exchanges-social-media-accounts-okex-huobi-included

It is recently reported that blockchain talents are urgently wanted by China’s high-profile tech giants as Alibaba, Tencent, Jingdong, Mi, etc, and a blockchain developer will be paid as much as 100,000 CNY (equivalent to $16,000) a month, according to positions posted on Lagou.com, an online recruitment dotcom.

Blockchain has been a nowadays buzzword, drawing increasing interest from the public. Blockchain startups and media are springing up in the unabated blockchain fever, offering numerous blockchain-related posts.

60,000 Chinese yuan monthly pay for a blockchain editor...

http://news.8btc.com/fancy-a-career-change-chinas-tech-giants-offer-100000-cny-monthly-pay-for-a-blockchain-developer

March 4, 2018- People’s Daily Online, the online version of People’s Daily or Renmin Ribao, an official newspaper of the Chinese Communist Party, launched its blockchain channel with four columns including news, views, insight and activities.

It marks a notable move by China’s official mainstream media taking effort to bring blockchain to the public’s attention, and devoting to create a clean market and favorable environment for blockchain industry.
...

http://news.8btc.com/chinas-state-media-launch-blockchain-channel-to-bring-it-to-publics-attention

March is of particular importance for Chinese bitcoiners and blockchain startups. As they are waiting for the government voice on crypto and blockchain during the annual Lianghui or two sessions of China’s top legislative and advisory bodies in Beijing in early March. Blockchain is under the spotlight among the top topics of highest interest during the two sessions as many CPPCC (Chinese People’s Political Consultative Conference) & NPC (National People’s Congress) members are making voices on it. And a number of regions aim to be China’s blockchain hub.

Wang Pengjie, a CPPCC member, proposed to build a digital asset trading platform of the national level,...

http://news.8btc.com/blockchain-under-spotlight-on-chinas-two-sessions-2018?preview_id=15148&preview_nonce=6a02d6d91f&_thumbnail_id=15150&preview=true

China’s airline FAT Taiwan Inc. announced on February 28, 2018 the company will accept cryptocurrency payment and thus becomes the first in the country to allow fliers to pay for tickets with cryptocurrency.

According to the announcement, FAT will fully accept cryptocurrency for the payment of airline ticket and relevant services, aiming to be the pioneer to embrace cryptocurrency in the airline industry. Passengers can enjoy more convenient and discounted trading experience using cryptocurrency to pay for more than 20,000 flights and related travel products of the company.

FAT Taiwan Inc. (Far Eastern Air Transport), a Taiwan-based airline, established in 1957, used to be the No. 1 carrier on Taiwanese domestic routes. With the announcement to accept crypto payment, while based in Taipei, FAT offers international travel options to a number of regions including Japan, South Korea, Malaysia, Philippine...

Apart from FAT, any more pro-crypto payment companies...

http://news.8btc.com/china-far-eastern-air-transport-announce-to-accept-cryptocurrency-payment

Mar 1, 2018-China’s internet watchdog under police force is reportedly keeping close eye on offshore cryptocurrency trading platforms, to prevent potential risks in money laundering, pyramid schemes and finance fraud, according to Yicai (a Chinese finance news outlet).

The report said, Chinese regulators have noticed that domestic enterprises or individuals circumvent the surveillance on crypto trading by deploying servers abroad or getting registered offshore. Responding to it, Chinese regulators are undertaking strict scrutiny on the domestic bank account and online payment account of these people who help Chinese traders to participate in offshore crypto trading.

It indicates the latest move that signals Chinese regulators at the top are active in scrutinizing crypto trading and give priority to this issue full of risk and speculation...


Last September, following the ICO (initial coin offerings) ban...

http://news.8btc.com/china-watchdog-is-closely-monitoring-overseas-crypto-exchanges-review-of-chinas-tough-stance

According to Yibencaijing (a FinTech media in China), a hacker interviewed recently said that there will be 99% of hackers turning their eye on cryptocurrency. They are in a completed industrial chain cooperating to collect information, hack where they aimed and finish ‘coin’ laundering. The core reason for them boldly doing this is that cryptocurrency is still in the gray zone, and many countries have not legitimized it. Newly-founded exchanges are their best target.

http://news.8btc.com/99-hackers-eye-on-cryptocurrency-we-never-buy-it-we-steal-it

Blockchain has been in full swing. “3 o ‘clock Sleepless Blockchain” WeChat group has been eye-catching in the past Spring Festival. And you can find many big names of Chinese investors and movie stars in it. It was named “3 O’Clock Sleepless Blockchain Group” as it was created at three o’clock in the morning on Feb.11 before the Chinese New Year and has become the latest blockchain sensation in China. Known as the top blockchain group with 500 members worth trillions of Chinese Yuan, it’s not only a gathering of KOL (Key Opinion Leader) including senior executives with Sequoia Capital, 360 Security and famous angel investors like Charles Xue Manzi, Bob Xu Xiaoping and Cai Wensheng, but also attracting many popular stars in the entertainment industry like Gao Xiaosong, Tong Liya, Han Geng, etc. As its name tells, members in this group are so active that they keep debating and discussing blockchain and cryptocurrencies until 3 o’clock in the morning.

Every member in the group shall share a topic on blockchain, and answer the questions from other group members. Most investors think blockchain in the future is not stopping with just value exchange represented by ICO and cryptocurrency, but there will be more landing scenarios and value in use, in this way, it bears both investment value and great bubble.

Cai Wensheng: a cryptocoin is a faith

The founder of Meitu, a popular selfie app, firmly believes that the developing of blockchain is becoming faster and faster, only those who embrace the changes to iterate have the say.
...
http://news.8btc.com/chinese-investors-busy-debating-on-blockchain-the-ending-of-bitcoin-is-to-be-an-antique

Taiwan Semiconductor Manufacturing Co Ltd(TSMC), world’s largest contract manufacturer of semiconductors, undoubtedly, is the real winner of bitcoin mania as bitcoin miners rush to purchase its HPC chips. It is estimated that TSMC has taken over 90% of the market share in bitcoin mining chip production, according to Taiwan Mirror Media. In the aftermath of recent bitcoin sluggish, TSMC is still bullish on its mining chip business, saying demand for bitcoin mining in the next two years is quite considerable.

Stan Shih, independent director of TSMC and founder of Acer, said,

Clients would like to choose TSMC for the reason that it leads in technology and process, and performs well in delivery.

There’s a common problem for many Taiwan companies, that is, they do not invest the future. While TSMC is making relentless effort to make investment in new technologies and process. In this sense, only TSMC could seize the opportunity to provide the market needed bitcoin mining chips and secure a strong footing in the marketplace.

Although bitcoin had gone through several corrections since entering 2018, director of TSMC thinks bitcoin is currently still at a good price. As long as bitcoin price is above the cost of mining, it could provide growth impetus for mining-related business and the business opportunity will last and last. So what on earth is the cost of a mining machine? He refused to disclose it, but responded

http://news.8btc.com/tsmc-bitcoin-mining-demand-for-next-two-years-is-quite-considerable

In the aftermath of ICO ban, shutting down local cryptocurrency trading exchanges and bitcoin mining limit last year. China authority is further clamping down cryptocurrency trading by blocking offshore crypto exchanges. All of these has made the industry gun-shy.

Binance, used to be China’s No.1 cryptocurrency exchange in terms of volume, on February 1 announced to users in China on its website saying,

...

http://news.8btc.com/can-japan-be-noahs-ark-of-crypto-exchanges-under-rigorous-crackdown

“Out of stock, out of stock, out of stock!” is the situation of the recent graphics card market all over the world. Bitcoin miners from mainland China, Russia, Japan are enthusiastically grabbing GPUs and surging demand from eSports are the main reasons for that. The big name of graphics card supplier AMD promises to step up production, and its Taiwan-based supplier even will work during the Chinese Spring Festival.

GPUs become the hot cake

Both the market of eSports and mining rigs are on explosive growth, resulting in the global supply shortage as well as price soaring of GPUs. Eyeing on the lucrative profit of bitcoin, bitcoin miners are lavishing on this “cash printer”, plus the actual production and storage of GPUs are limited, these two factors make the stock-out problem worse.

Bitcoin price is still high despite the recent correction, and the features of bitcoin make miners firmly believe that bitcoin will go soaring and thus continue to buy in components of mining rigs like motherboard and graphics card.

http://news.8btc.com/gpu-in-great-shortage-supplier-to-work-overtime-in-spring-festival