On March 11, 2021, heavy news came from the currency circle: the Weibo accounts of three major exchanges were blocked!
Is this the end of Bitcoin? !
Or perhaps, blockchain technology is coming?
01 Why not ban the exchange directly?
The answer is yes, because it cannot be banned.
The trading of these exchanges in China has been banned. The current trading platforms have been registered in some overseas countries and are officially legal trading institutions abroad.
Of course, Weibo is an Internet platform within China, and it is China’s own business to ban the “three” Weibos.
Some people in the industry believed in interviews with the media that the domestic policy prohibiting diverting traffic to overseas exchanges has actually not changed. Weibo accounts have been blocked before, but Huobi and Ouyi have always been fine. They are blocked this time, which shows that supervision has tightened.
Upon inquiry, as of press time, the Weibo accounts of Huobi founder Du Jun, Oyi CEO JayHao and Binance founder Changpeng Zhao have not been banned.
02 Who are the 3 banned exchanges?
If they were not banned, many people would not know about the three exchanges.
At least, not all.
Huobi -
Beijing Huobi Tianxia Network Technology Co., Ltd. is a digital currency trading company founded by Li Lin in Beijing on December 18, 2013. On April 4, 2014, Huobi received tens of millions of RMB in Series A investment from Sequoia Capital, Wall Street’s top venture capital institution. In August of the same year, Huobi acquired the Bitcoin wallet "Quick Wallet" and the Bitcoin block query website QuKuai.com.
In September 2018, Huobi Group obtained a Japanese exchange license.
OKEx——
OKEx Exchange is a digital currency exchange such as Bitcoin. It was formerly called OKEx Exchange and later changed to OKEx Exchange. Users Digital assets such as Bitcoin, Ethereum, and Litecoin can be traded there. The founder is Xu Mingxing.
Ouyi Company was first registered in Malta. Meitu, a Hong Kong-listed company, invested in Ouyi in 2014. Recently, Meitu has purchased a large amount of digital currencies such as Bitcoin and Ethereum, which should have been placed in the mining pool or currency pool of the Ethereum exchange. Bitcoin has risen sharply recently. It is obvious that too many people are buying Bitcoin. , the exchange can’t say it has no goods, right?
Binance——
Binance is a global cryptocurrency exchange founded by Changpeng Zhao. It provides users with more secure and convenient blockchain asset exchange services, aggregating Global high-quality blockchain assets, committed to building a world-class blockchain asset trading platform, has provided a trading platform for more than 100 cryptocurrencies. In September 2019, Binance’s US compliance trading platform was launched.
On January 29, 2021, Binance launched Binance Pay, which allows users to pay directly with cryptocurrency.
(The above information comes from Baidu Encyclopedia and news released by official news media)
03 What did these three Weibo posts do?
What these three exchanges’ Weibos can do is attract traffic to their own platforms.
Then, the attracted netizens may download, register, and log in to their platform to engage in transactions. This kind of behavior has been banned by the government in the past two years. The first thing to be banned was TRON Weibo. At that time, Sun Yuchen invited Buffett to dinner and the publicity was relatively strong, so it was blocked.
However, Huobi and Ouyi have been fine, and Sun Yuchen’s personal Weibo has not been blocked.
Of course, if I haven’t blocked an individual, I can only say that this is the case for the time being. Maybe it will be closed someday?
Take Justin Sun’s Weibo as an example. Although it has not been blocked, there is nothing on it. Only on his birthday on February 21, he posted “Today is my birthday, come and bless me.” "information.
This ban on the Weibo posts of “three institutions” is just a repeat of the previous practice:
- Draining traffic to foreign trading platforms through the Internet is not supported.
Those platforms cannot be controlled domestically, but those that can be managed domestically will not divert traffic to them. What’s more, the transactions brought about by diverting traffic are clearly illegal in China. How can I ignore it.
Some people say that when Chinese citizens trade on the platforms of those countries, they do not violate the laws of those countries; according to Chinese law, those who are not prohibited by regulations in their own country will not be punished if they are banned in foreign countries; therefore, transactions It’s not illegal, but it’s also a free space.
You must know that the State Administration of Foreign Exchange is already planning to liberalize the personal convenience exchange quota of US$50,000 for overseas investment.
04 People in the currency circle who are in Cao Ying but at heart in Han
People in the currency circle (people who trade blockchain tokens) do all their transactions overseas. , although many people's true self is in China, they can be regarded as "being in Cao Ying and being in Han".
Individual citizens buying and selling stocks, securities or other commodities on overseas trading platforms have a long history, and it is considered a common occurrence. In most cases, it will not be prohibited by any government - because it cannot be prohibited, China does not explicitly prohibit it - after all, it is legal trading in foreign countries (trading of wild animals is prohibited). What is prohibited in the country is drainage.
According to insiders, for this kind of transaction, the money must first be transferred to the platform account, and then the trading instructions are given to the platform for buying and selling within the platform. In the absence of reciprocal open information, it is impossible for other governments to use the internal information of a country's trading platform to find out the content of transactions (there are really not many countries with global law enforcement like the United States). China will not exchange its own trading platform information with other countries on a reciprocal basis, so it is impossible to obtain information from a sovereign country's trading platform.
Therefore, the Chinese government has only prohibited platforms from opening in China. The prohibition on diverting traffic to overseas platforms should be considered an extension of the prohibition. Judging from public information, Chinese citizens are not prohibited from participating in overseas transactions of stocks, funds, and Bitcoin.
05 Banning transactions and diversion is not banning blockchain
China bans blockchain token transactions, but it does not ban blockchain technology. In the future, blockchain technology will not only position wealth, but also integrate into the development of science and technology. It has become basic common sense.
Pan Feng summarized the roles that blockchain has played so far into three categories.
The first category is verification. my country’s entire license database has reached billions. Verification is to solve the problem of how to ensure that the “certificate” is the license and “I” is me. After the original offline identification and verification is moved online, it must become a smart contract. This kind of smart contract will place huge demands on the contract effectiveness of the government and the computing power of the backend blockchain.
The second category is the confirmation category. Although we are still in the midst of the epidemic, the judicial system, especially the courts in Beijing, have not delayed the judgment of some cases due to the epidemic. Many cases are confirmed through the Beijing Internet Court.
The third category is traceability.
Various government service products in Beijing, including Health Code and Beijing Health Bao, do not collect the user's location. Many people will be concerned: Since my location is not collected, how do you know that I have been to high-risk areas? The reasons are roughly divided into several types. The first is that the user has made transactions in high-risk areas; the second is that the user’s bus tickets and air tickets in high-risk areas provide information. The Beijing Health Treasure front desk only obtains the user’s information. The human face makes sure that "you" is you and "I" is me. HealthBao also provides data from the public security department. There are about 1,000 categories of backend data from the public security department. The data is gathered together through the blockchain, including the user's entry and exit, bank, railway and other information. After these data are decrypted , only the ID number is provided to the government service platform, which is very stable and reliable data. The traceability category is to find the source through the existence of data and the occurrence of transactions.
06 Why didn’t 5G take off? Because the blockchain has not taken off
Have you noticed that the temperature of 5G, which was a hot topic in the past few years, has dropped significantly this year?
A very important reason why 5G has not continued to be popular may be because the blockchain has not been implemented.
According to media reports:
- "5G and blockchain can empower each other." Lu Tingjie, a professor at Beijing University of Posts and Telecommunications, believes that the Internet of Everything pointed to by 5G cannot be established by connections alone. To establish an effective profit model, "With trillions of connections, who provides services to whom? How to charge? This requires the blockchain to contribute, because the blockchain has a ledger for each node; but The current accounting efficiency of the blockchain is relatively low. The ledgers are stored on several servers in a distributed storage manner, forming large-scale concurrent communications and high signal throughput. The previous communication network capabilities cannot support it, and it takes a long time to save once. time. ”
The application of 5G technology mainly brings faster transmission speeds, which is actually a double-edged sword, greatly increasing network security risks. Blockchain technology is an effective means to improve security. In addition, the main users of 5G will be characterized by cloud computing, cloud storage, and point-to-point transactions. In other words, it is called distributed applications (distributed computing and distributed storage).
And what is blockchain? Distributed accounting.
So 5G and blockchain are natural partners.
At present, domestic blockchain technology applications have not yet been implemented, so although there are many 5G networks and mobile phones, related applications have not yet appeared intensively.
Yes, 5G not only means faster, but also means a completely different world and a completely different way of life. However, that is not what this article is about, we will talk about it later.
07 Blockchain is the key to the future
If 5G is the door to the future, then blockchain is the key to the future.
As we all know, in recent years, China's huge changes began around 2014, with the introduction of WeChat and Alipay - mobile payment, mobile room and meal booking, and mobile taxi hailing.
Just such little daily things make us seem to enter a new world overnight - a more technological future world.
And we have only entered the lawn in front of this world.
At this moment in 2021, we are standing in front of the real door to the future world-5G is this door.
Since China has built a large number of 5G base stations in the past two years, and basically all mobile phone brands have launched 5G mobile phones, it can be said that this door has already appeared in front of us.
Blockchain is the key to opening this door.
Behind this door is the real future technology world. It is no exaggeration to say that technology can really change our living conditions.
Perhaps, this disruptive change can be completed in just a few months!
I can reveal a little secret here (using official language): such as value, price, transaction and service methods...
Some people say that in 5G technology In the environment, blockchain will definitely promote productivity progress by changing production relations. I very much support this view.
This is also the reason why we can’t see those currency exchanges yet... the time has not yet come.