Turbotodd

Ruminations on IT, the digital media, and some golf thrown in for good measure.

Archive for the ‘bitcoin’ Category

A Bit of a Bitcoin

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Happy Thursday.

CNBC is reporting that Bitcoin has gone back into freefall, down 7 percent after one of the biggest Bitcoin exchanges in China indicated it would be shutting down its operation.

BTC China said it will close by September 30th, as Chinese authorities crack down on cryptocurrencies.

Earlier this month, China regulators banned companies from raising money through initial coin offerings, or “ICOs,” and since that time, Bitcoin has fallen some 20 percent.

In other news concerning China, Bloomberg is reporting that President Donal Trump has blocked a Chinese-backed investor from buying Lattice Semiconductor Corp., only the fourth time in a quarter century that a U.S. president has ordered a foreign takeover of an American firm stopped on national security concerns.

Secretary of Treasury Steven Mnuchin had this to say:

“Consistent with the administration’s commitment to take all actions necessary to ensure the protection of U.S. national security, the president issued an order prohibiting the acquisition.”
– via Bloomberg.com

Lattice shares were down as much as 1.7 percent on the blocked sale.

According to Bloomberg’s report, Lattice makes programmable logic chips which have a vaiety of uses, including in communications, computing and industrial and military applications.

Written by turbotodd

September 14, 2017 at 9:01 am

No Yuan

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First China banned initial coin offerings.

Now Chinese authorities plan to shut down domestic bitcoin exchanges, writes The Wall Street Journal, which it claims will deliver “a final blow to a once-thriving industry of commercial trading for virtual currencies.”

Apparently regulators have been investigating bitcoin and other virtual currencies since the beginning of the year, but when it became evident that Chinese investors used bitcoin as a short against the promise of a falling yuan…well, you do the math.

Bloomberg reports separately that China is home to nearly a quarter of the the world’s bitcoin trades, but that this move by the Chinese authorities will “definitely slow the development of cryptocurrencies in China.”

The move can be viewed in the larger context of a broad clampdown on financial risk as we draw closer to next month’s 19th National Congress of the Communist Party of China.

Bitcoin users will still be able to trade cryptocurrencies in China without exchanges after this move, but the process is likely to be slower and come with increased credit report, says Bloomberg.

Written by turbotodd

September 11, 2017 at 9:09 am

Posted in 2017, bitcoin, blockchain, china, crytocurrency

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