[Good news for BTS]China central bank is investigating centralized exchange in China, decentralized exchange is in demand
Latest News:
The People's Bank of China (PBoC) suddenly announced the investigation on domestic bitcoin exchange businesses---btcchina, OKCOIN and Huobi. It's believed that it is the main reason causing the price drop of bitcoin today.
A few days ago, central bank had just visited the country's three largest exchanges by volume, BTCC, Huobi and OKCoin through continued on-site inspections or meetings. PBoC wants to make sure that there is no money laundering , manipulating the market, forex business and fund security risks, to protect the small investors.
However, it is looked as a good news to decentralized exchange---Bitshares, because PBoC doesn't know who to ask about the bussiness of Bitshares. Good time to let more people know BTS!
Original link：http://www.thepaper.cn/newsDetail_forward_1598124
Additional News:
BTSABC has just activated the market of IOU.CNY:BTS, and we have market maker robots running to provide liquidity. Welcome to use IOU.CNY to transfer to RMB if you are in China, and welcome more robots to provide liquidity for IOU.CNY.
https://bit.btsabc.org/
This is great - I sure will spread fast amongst the Chinese that Bitshares is a safe haven :)
Great news in deed! This is simply awesome. Great article! All for one and one for all!!! Namaste :)
Interresting news indeed !! Thanks for sharing ;)
There is (if I'm not wrong) a little mistake here :
"...make sure that there is no anti-money laundering , manipulating the market, forex business..."
I guess you wanted to say they want to make sure that there is no money laundering. If there an anti money laundering system, actually, it's good for them !
Thanks for pointing out. I have fixed this error.
State's corrupt and banks have imposed strict policies on the average person. China's one of the biggest causes of the increase in Bitcoin price and use.
Don't get me wrong. I hope best success for BitShares DEX.. But I think BitShares DEX is NOT decentralized since it requires centralized gateway.
I agree gateway is not decentralized, but you don't have to trust them. They are just gateaway. You can covert your fund into bitUSD or bit BTC, which are backed by BTS, and they are absolutely decentralized.
Decentralization is of great technical benefit for technical security. It does not provide political security. Only legitimacy can produce true political security. And to have sustained security you need more than technical security. Silk Road had technical security on the foundation of Tor and because it was not legitimate it was politically attacked, sabotaged, and eventually the technical security was breached.
The same process will always happen until developers realize legitimacy is what can protect a platform from political attack. This means a platform cannot exist merely to help people avoid regulation or accountability.
I'm talking about decentralization. It's very simple, Why on earth are you using crypto if you are okay with centralization? and Why bitShares using the name DEX?
Decentralization is only useful if it provides some measurable benefit to security.
Unlikely. Legitimacy is important and centralizes exchanges must first be legitimate before decentralized exchanges can achieve the same level of legitimacy.
We should wish luck the centralized efforts to achieve legitimacy and then set up Bitshares as a way to improve security of exchanges which might on the surface appear centralized (centralized front end) but decentralized on the backend.
Summary, legitimacy is critical to sustained security.