Chapter 976 Collapse
In December, the People's Bank of China and five other ministries and commissions issued a notice called "Notice on Preventing BitC Risks."
This "Notice" clearly states that BitC does not have legal currency attributes, and financial institutions are prohibited from participating in BitC-related trading activities.
This move by China immediately caused the price of BitC, which had risen to $1,200, to plummet.
You should know that before this, China’s domestic BitC exchange was able to directly recharge Chinese currency for transactions.
It was also the introduction of this regulatory measure that caused some BitC exchanges in China to cease operations, and exchanges including OK and Huobi also stopped directly accepting payments from users using Huabi.
So how can these exchanges that continue to survive retain Chinese users...
At this time, they all noticed the USDA, which was previously launched by Anchorage and was anchored to the US dollar.
In many overseas BitC exchanges, the prices of digital currencies including BitC are already displayed by USDA. Now that Huaxia Exchange cannot directly accept users’ Chinese currency recharges, they have changed their approach. That is, the exchange does not directly accept users' funds, but builds a "C2C exchange platform" under their supervision. Some acceptors can accept payments from users on this platform and convert Chinese coins into USDA for them. , and then users can trade on the exchange...
This has gradually become the method adopted by BitC exchanges that still maintain business in China, and USDA has gradually become the most widely used stable currency anchored to the US dollar in non-US dollar areas.
Although the prices of digital currencies, including BitC, have fallen a lot from their previous highs from now on, if we want to wait for the next bull market, it will have to be after the next halving of BitC.
But at the same time, with the bull market of BitC, the wealth effect it generated has caused BitC to start to go out of the circle around the world, and more and more people have begun to contact it, understand it, and join it...
An industry called "digital gold" in the future is beginning to develop.
As Satoshi Nakamoto once said:
"If you don't believe me or don't get it, I don't have time to try to convince you, sorry. (If you don't believe me or don't get it, I don't have time to try to convince you, sorry.)"
Yes, you can say it is a scam again and again, until its price has changed from the original 10,000 BitC to two pizzas, and before Barron was reborn, the price of 1 BitC exceeded 100,000 US dollars...
Again, if a "Ponzi scheme" lasts throughout your life, is it still a scam?
In addition, there is another inconspicuous little thing.
That is the young man Vitalik Buterin who once sold "BitC Magazine" to the BitC Foundation. He chose to drop out of the University of Waterloo after just eight months of enrollment. During this period, he used the money he obtained from selling the magazine to Qian visited BitC developer communities in the United States, Spain, Italy, Israel and other countries, and participated in BitC's transformation work.
It was also during this period that Vitalik gradually discovered the limitations of BitC's design - and to break through these limitations, one cannot just rely on tinkering with the Bitcoin protocol.
Eventually, after the BitC price “crash” in December, Vitalik returned to Koloblitta, where he temporarily lived, with the idea of creating a new universal cryptocoin that would allow anyone to create A platform for any application.
Vitalik named the project Ethereum.
Ethereum is a compound word derived from the material ether conceived by the ancient Greek philosopher Aristotle (later proved not to exist) and the Greek word oleum (petroleum).
Finally, in January 2014, Vitalik published the article "Ethereum: A Next-Generation Cryptocurrency and Decentralized Application Platform" in BitC Magazine, publicly proposing the concept of Ethereum technology for the first time.
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Before Christmas, Continental Bank announced that it had reached an agreement with two Italian banks, Banco Popolare and Banca Popolare di Milano, to complete the acquisition of the two banks for a total of 1.75 billion euros. .
Since the outbreak of the European debt crisis, Italy's economy has been hit hard, and the Italian banking industry can also be said to be under dark clouds. Many banks are burdened with heavy debts and are in quagmire.
Under such circumstances, since Continental United Bank targeted the two banks for acquisition two months ago, Banco Popular and Banco Popular of Milan, it has gone through many negotiations, and finally Continental United Bank was willing to assume the two banks. The boards of directors and shareholders of both banks approved the acquisition, subject to the conditions of all bank debt.
This time, Continental Bank's acquisition of two Italian banks will raise 2 billion euros in funds required for the acquisition and subsequent business integration in the form of the issuance of convertible debt. The newly established European Wealth Fund purchased all the convertible bonds. The annual interest rate of the converted debt is set at 6%.
After completing this acquisition, Banco Popular and Banco Popular of Milan will merge and reorganize their businesses and become the branch of Continental Bank in Italy. This will also expand the business scope of Continental Bank from Germany and France to Italy. Among them, its business in Italy ranks third in Italy.
“Since the 2008 financial crisis, Italian bank balance sheets have maintained a high level of non-performing loan ratios, and the two banks we acquired are also facing such problems..."
Christine Lagarde, President of Continental Bank, said in an interview about this acquisition of an Italian bank:
"However, we also see the prospects for the Italian banking industry. Continental Bank has extensive experience in solving non-performing loan ratios and believes that we can help them solve this problem."
In fact, in the original time and space, Banco Popular and Banco Popular of Milan, acquired by Continental Bank this time, will be merged into Banco BPM three years later, becoming Italy's third largest bank.
In addition, after Italian bank UniCredit announced its intention to acquire Commerzbank, it also proposed a purchase price of 10 billion euros for their main competitor Banco BPM Bank.
It can also be seen that after this crisis, the development prospects of these two banks are still worth looking forward to.
More importantly, Germany, France and Italy are the three major economies in the Eurozone. Only after Continental Bank has established a firm foothold in the markets of these countries can it serve as an important layout for Barron's future European strategy.
At the same time, the financial market also reacted to the acquisition of Continental United Bank. After announcing the acquisition, its stock price rose by more than 5.5% on the last trading day before Christmas. This can also be seen Investors are optimistic about the acquisition of Continental United Bank.
