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Rumors want China Block Foreign Exchanges
Editorial Team

Is Chinese Government still attacking Crypto?

According to an unverified notice, the “Great Firewall of China” will shutter Foreign Exchanges such as Bittrex, Poloniex, and Kraken.

According to Cointelegraph, the plan contains the three following phases:

  1. Access Block of all relevant platforms such as Coinbase, Bitfinex, and Localbitcoins, including access through the web, apps, and APIs.
  2. Access Block to Bitcoin’s seed addressing.
  3. Abandonment of Bitcoin’s ledger synchronous data by DPI recognition on the Great Firewall.

According to the same document, the communication between mining pools and users outside of China is also on target. This malfunction will severely dam the ecosystem. Furthermore, it is said that VPN-s and TOR are to be carefully monitored.

Although rumors are still unreliable, this attack, the third within three weeks, shows the power of a centralized government to change the landscape of crypto activities.

Peter Bergstrom gives an interesting explanation of China’s movements in his Blog:

According to Bergstrom, Bitcoin’s booming market consists of a threat to the Communist Party of China and the remaining way to confront this is to take full control of it.

He characteristically says:

“The plan is to destroy the exchanges, and start new ones that are at least half owned by the state. Otherwise, it is not a coincidence that China is the only country that kicked viciously against a new all-time high of Bitcoin”.

Bergstrom’s prediction regarding the investors leaving from Chinese market was confirmed as Japan took the lead in the world trading volumes. The last comment is another strong indication of the global acceptance and presence of Bitcoin that cannot be damaged by a fraudulent Chinese attack.