Happy Birthday Bitcoin!
October 31 Sees $6k Crypto
Turn 9 Years Old
Tuesday marks nine years since Satoshi Nakamoto
announced the creation of the Bitcoin “Peer-to-Peer Electronic Cash System.” The Bitcoin whitepaper, still available on the same Bitcoin.org domain as it was in October 2008, offers an increasingly fascinating view into the niche project which in October 2017 has a market cap of over $100 bln. The document famously begins:
“A purely peer-to-peer version of electronic cash would allow online payments to be sent directly from one party to another without going through a financial institution.”
“Digital signatures provide part of the solution, but the main benefits are lost if a trusted third party is still required to prevent double-spending. We propose a solution to the double-spending problem using a peer-to-peer network.”
Those networks are now used by three mln users every day, with that number expected to increase to 200 mln within just seven years projections state. This year’s anniversary is especially timely as Bitcoin reaches new all-time highs without a hint of serious price corrections.
Oct. 31 this year is also significant for other reasons, the date marking the deadline by which China’s domestic market exchanges must cease providing Bitcoin-to-fiat trading. While those traders have since migrated to alternatives, the mood both inside and outside the multibillion-dollar cryptocurrency industry is that Bitcoin is here to stay and will come out stronger as a result of competition from copies – Bitcoin Cash, Bitcoin Gold, Bitcoin Silver and SegWit2x.
Huobi Says ‘Goodbye’ To Bitcoin Industry Amid Rumors It’s Not Over For China
Chinese Bitcoin exchange Huobi’s domestic arm
has issued a farewell to the industry as it prepares to shut down Tuesday. In a blog post, Huobi said it would reimagine itself as an “integrated information and research service provider in the vertical field of Blockchain (sic)” dedicated to the Chinese market. Commenting on the shutdown, founder
Leon Li called this month’s events a “milestone.”
“I believe that this is not only a milestone for Huobi but also a watershed in the history of Chinese digital assets and even a memorable day in the development of global digital assets.”
While hope remains that China’s domestic traders will once again get access to exchanges, the country’s big names such as BTCChina, OKCoin and others will all disappear from Nov. 1. This week saw rumors that Chinese investors may be able to use Huobi and OKCoin’s international sister platforms in the future when they launch p2p Bitcoin-to-fiat trading. The information nonetheless comes only in the form of implication.
“In the past, Huobi brand in China has been a significant symbol in the industry of digital assets. In the future […] Huobi team will continue to actively and globally participate in the development of the industry.”
An interim measure has seen Chinese traders return en masse to p2p platforms, principally LocalBitcoins, the use of which has ballooned for a second time this year. Li concluded by thanking users and reiterating a desire to leverage benefits of the Chinese regulatory crackdown.
“With your trust and talent, I believe all challenges Huobi is facing today can be opportunities.”