[2017-10-20]Former Yunbi COO: Blockchain Startups Will Vanish In China

[hl5460]

As a veteran in the digital asset market, Laomao, former COO of Yunbi, recently shares his insight on the future of Chinese blockchain startups. The story is so popular that it has gained over 20k views.  Although common people are blocked from ICO, he encourages people to hoard major digital assets in their investment portfolio. He calls on community consensus to scale following NYA, saying it’s a precious opportunity to heal the wound. Sadly though, the prediction is that there would be no grass-root blockchain startups in China other than those backed by existing internet giants. Monopoly will prevail in the market.

http://news.8btc.com/former-yunbi-coo-blockchain-startups-will-vanish-in-china-and-he-favors-nya

[iamTom123]

Yes, they will vanish from China and would be relocating elsewhere where the government can be supportive of their projects. In the end, it would be China that would lose an opportunity to be the leader of the cryptocurrency movement. China let the fear of the unknown took over their mindset and unfortunately the same bugs that infected them are now also becoming a reality in Russia (I hope that eventually Russia would be more reality-oriented than their Chinese counterparts).

We are all aware that China is representing a very huge market and the potential for more growth can be on the side of China, no more no less. However, many realizes that China is actually also the big source of some critical headaches and problems. Time can only tell if eventually China would be openings its doors again to cryptocurrency or will it truly stop dealing with it like the proverbial hot cake.

[gentlemand]

I wasn't aware that there were any blockchain startups in China. It seems like a totally stupid place to attempt to do crypto business and that's long before the shutdown. The Chinese government hasn't let anyone use crypto for any type of commerce since 2013.

[panju1]

I wasn't aware that there were any blockchain startups in China. It seems like a totally stupid place to attempt to do crypto business and that's long before the shutdown. The Chinese government hasn't let anyone use crypto for any type of commerce since 2013.

You could have a blockchain start up which focuses on something like digital asset holdings or securities settlement. The Chinese government only seems to be allergic to the use of altcoins or anything which transfers value. They will leave other companies alone.

[TravelMug]

I wasn't aware that there were any blockchain startups in China. It seems like a totally stupid place to attempt to do crypto business and that's long before the shutdown. The Chinese government hasn't let anyone use crypto for any type of commerce since 2013.

Interesting note. I wasn't aware as well that there are blockchain startup around China. Japan also haven't much as well, but the government is encouraging entrepreneur to apply blockchain and even has its own funding. But as far as China goes, how can you do fintech or blockchain startup if they have already shoot the idea to begin with? And maybe he is right, only those big companies back by government or investors will really take off. One by one we are seeing how China's corruption takes into account here. Only the few and privilege individual can take advantage of blockchain because they have money to pay those corrupt government officials. The normal people can't do anything but watch from the outside.

[hl5460]

I wasn't aware that there were any blockchain startups in China. It seems like a totally stupid place to attempt to do crypto business and that's long before the shutdown. The Chinese government hasn't let anyone use crypto for any type of commerce since 2013.

NEO(#9) and QTUM(#13) are based in China.