Charlie Lee, the creator of cryptocurrency Litecoin, has taken to Twitter to voice his doubts over the current Chinese crypto-ban rumours.
In a series of Tweets from today, the mastermind behind Litecoin claimed to âhave a trusted source that says that thereâs no truth to China banning mining or networkâ and that âthe FUD is propagated by large manipulators trying to make money shorting. They know that China ban FUD works and cannot be proven wrong.â
He then went on to explain that he had not used the information as the basis for any trades to improve his position, stating: âI have not traded this and have no plans to buy or sell in the near future.â He summed up by reaffirming that the exchange ban is still âabsolutely true.â
Since the beginning of September, fear and uncertainty have been rife surrounding the entire cryptocurrency economy and Chinaâs role within it. The extent and impact of the regulation that the Chinese government is seeking to impose are far from clear, and this has caused rumour to circulate wildly.
Lee joins John McAfee of MGT Capital in his skepticism over the claims made amongst the community that the regulation supposedly coming out of China in the near future will extend to mining.
McAfee posted on Twitter on September 18, 2017, that Jihan Wu of Bitmain had informed him that the Chinese executive had no intention of outlawing cryptocurrency mining. He then responded to his followersâ questions with positive answers. When asked if Wu told him âif China is planning to shut down miningâ, he responded with, âthey are notâ. He went on to tell another user that Wu âis more connected than me or [you]â and used this as his reasoning behind believing what he has supposedly been told.
For now, there is no official source to back up either Lee or McAfeeâs claim so just how far-reaching any Chinese crypto legislation will be is still completely unknown. It does, however, seem counter-productive for the nation to outlaw the mining of cryptos. The activity generates huge revenue that feeds directly into the pseudo-Communist stateâs economy and a ban would likely cause said interests to leave for less hostile regulatory environments.
Massive Gains Force Bitcoin Futures Trading to be Halted Twice in Quick Succession
With the CBOE Bitcoin futures going live, no one is surprised the demand is pretty massive. During the first few hours, things have progressed rather nicely. Â At the same time, the massive gains
Bitcoin Will be Legal, Mining to See Regulation: Russia’s Deputy Finance Minister
Russia’s deputy finance minister Alexei Moiseev has reportedly stressed that buying bitcoin and other cryptocurrencies will be legal in the country.
The Russian government will not outlaw nor punis
France Gives Go-Ahead for Blockchain Trading of Unlisted Securities
The French government has given the official nod for trading unlisted securities using blockchain technology, Reuters reports.
According to the article, the government has adopted new rules that wi
Chicago Exchange crashed by Bitcoin
The long awaited launch of Chicago Board Options Exchange Bitcoin futures contracts went off with a bang yesterday as the website was knocked offline by a surge in traffic. The first contracts were
Bitcoin Gold Price Technical Analysis – BTG/USD Buy on Dips
Bitcoin gold price moved above the $230 resistance against the US Dollar. BTG/USD is now a good buy on dips toward the $230-210 levels. This past week, we saw a downside reaction in bitcoin gold
4New’s Blockchain Based Ecosystem to Revolutionize “Waste to Energy” Utility Sector
4New, worldâs first tangible and eco-friendly waste to energy blockchain solution is pushing the energy manufacturers to adopt blockchain technology and revolutionize the Utility Sector, while
Trader who called bitcoin rally says cryptocurrency will surge above $100,000 in 2018
Bitcoin's runaway rally could accelerate next year as the cryptocurrency continues to gain wider acceptance, a trader said Monday. "I wouldn't be surprised to see a six figure headline," said Dave
Bitcoin Breaks CBOE as Futures Up 20% Hours After Launch, Trading at $18,210
Within three hours after its listing of bitcoin futures, the website and online trading platform of the Chicago Board Options Exchange (CBOE) were inaccessible, due to an unexpected spike in demand an