528_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS9zdG9yYWdlL3VwbG9hZHMvdmlldy80MTA0MmMyMTg1OWViNDMzZTZlODA3MWE1MDhjNjdjNy5qcGc.jpg

Despite Ban, China Keeps Trading Cryptocurrency Thanks to Tether and VPNs, Says Report

Chinese media are revealing cryptocurrency trading continues despite the government’s ban, thanks to stablecoin Tether. Chinese traders are using virtual private networks (VPNs) as a major tool to circumvent the ongoing government crackdown on cryptocurrency trading, local media outlet South China Morning Post (SCMP) reported September 8.According to SCMP, referencing reports from Beijing-affiliated Shanghai Securities Times, traders have begun leveraging stablecoin Tether (USDT) as a means of entering and exiting cryptocurrency markets.Combined with a VPN, two traders can use an exchange platform notionally registered outside China as an intermediary to swap cryptocurrency for fiat currency and vice versa.“[T]wo individuals who have both completed a ‘know-your-customer’ procedure with an exchange would swap ‘fiat’ currencies […] to tether,” the publication reports:“The exchange plays the role of an overseer of such trades, and stands ready to adjudicate in cases of failed trades, or transactions that are not honoured.”A Beijing district stepped up the general ban on cryptocurrency exchanges last month, seeking on a local level to ban over 120 websites of platforms attempting to serve would-be domestic consumers.This, Hong Kong and Taiwan exchange TideBit CEO Terence Tsang told SCMP, is “targeted at a batch of smaller exchanges that had claimed to be foreign entities, but are in fact operating in China claiming they have outsourced their operations to a Chinese company.”At the same time, the Post notes, there is currently no successful scheme in operation to block VPNs, allowing smarter traders to maintain access to forbidden online resources.Chinese traders have pursued various means of crypto trading since authorities first began cracking down on the practice in September 2017, Cointelegraph has reported.These have taken the form of using Hong Kong as a home from home for platforms themselves, while traders have resorted to peer-to-peer options, something the Chinese government has now also sought to shut down.…
528_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS9zdG9yYWdlL3VwbG9hZHMvdmlldy9iMGQxZjQ1ODFhYTIxMmE3Zjg4ZTVhOTFjMDA1NjVhMy5qcGc.jpg

Vitalik Buterin: Crypto, Blockchain Space Won’t See ‘1,000-Times Growth’ Again

In an interview with Bloomberg, Vitalik Buterin claimed that the crypto and blockchain industry is “getting close to hitting a dead end.” There is no chance that the cryptocurrency and blockchain space will see “1,000-times growth” again, Ethereum (ETH) co-founder Vitalik Buterin stated in an interview with Bloomberg September 8.At an Ethereum and blockchain conference in Hong Kong, Buterin told Bloomberg that the rapid growth of crypto and blockchain industry is now reaching a “ceiling,” and is moving from “just people being interested” to the stage of “real applications of real economic activity.”Buterin explained that the period of explosive growth in the sphere is likely coming to an end because the level of superficial awareness about the industry has significantly grown, and is likely to plateau:“If you talk to the average educated person at this point, they probably have heard of blockchain at least once.…
528_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS9zdG9yYWdlL3VwbG9hZHMvdmlldy84YTljMzhiMmRkYWI0ZTcwOWE3MmFmNDViY2YxNDMxZi5qcGc.jpg

IT Analyst Jason Bloomberg: What I’m Really Saying Is ‘Shut Down Permissionless Blockchains’

IT industry analyst Jason Bloomberg tells CT why he doesn’t believe in trustless systems and how he sees permissionless blockchains being “shut down.” This interview has been edited and condensed.Aside from occasional blisteringly anti-crypto commentary from the likes of Warren Buffett and Bill Gates, one of the crypto industry’s most consistent and vocal naysayers is IT industry analyst Jason Bloomberg.Bloomberg is a published author, Forbes contributor and president of the firm Intellyx, which helps enterprises integrate new technological developments and trends into their business models.Bloomberg also devotes a significant amount of his time to attending crypto and blockchain-related conferences and events, speaking and debating with industry leaders.…