QUOTE OF THE DAY
“As we express our gratitude, we must never forget that the highest appreciation is not to utter words, but to live by them.”
—John F. Kennedy
Long Live The Jinping
I've previously written about how I thought President Xi Jinping was preparing for his October 18th reelection, and wanted to appeal to his Communist voting bloc (hence, the China Bitcoin Ban v3.0).
Well in just two days on October 18th, China’s ruling Communist Party will begin its 19th Party Congress, a high-level meeting held every five years of senior party officials that will determine the future makeup of the Chinese leadership.
What can we expect?
Xi Jinping will remain overlord of China and he will continue with his strategy of expanding and growing China's technology sector.
How has he been doing this?
Well consider the following:
- Google and Baidu.
- Amazon and Alibaba.
- Facebook and Renren.
- YouTube Vs YouKu.
- EBay and Taobao.
- Twitter and Sina Weibo.
- PayPal and Alipay.
See a trend? No? Well let me give you the TL;DR.
Jinping's strategy is to follow global technology trends and to develop homegrown technology solutions in parallel with global competitors.
You think they're going to leave cryptocurrencies alone? Nope.
Soon enough, I expect us to see legislation and regulations coming out of China that has an extremely bullish effect on cryptocurrency.
Happy Ethereum Metropolis Byzantium Fork To All Of You!
Byzantium officially activated Block #4370000.
The price hasn't moved as some folks have expected, but regardless, this is another step forward for ethereum.
You can see Vitalik celebrating here.
Steller Lumens (XLM) IBM Partnership Confirmed
IBM revealed yesterday at Sibos 2017 the results of a partnership with blockchain startup Stellar in which it successfully settled real transactions using the company's custom cryptocurrency, lumens.
The price of Steller has since jumped about 150%.
You can read more about this here.
Russia Issuing ‘CryptoRuble’?
I don't know how much of this is bamboozle talk, but word on the street is that Russia is issuing a crypto-Ruble.
According to CoinTelegraph, Russian President Vladimir Putin has officially stated that Russia will issue its own ‘CryptoRuble’ at a closed door meeting in Moscow, according to local news sources. The news broke through Minister of Communications Nikolay Nikiforov.
THINGS I LIKE
Using Blockchain Tech To Economically Disincentivize Hackers
Bandwidth is the new tool to fight hackers.
Read more about this here.
No technical signals for today.
My Current Sentiment: Bearish.