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US-China Trade War: the US Continues To Fuel The Rivalry By Blacklisting 28 More Chinese Companies

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US-China Trade War the US Continues To Fuel The Rivalry By Blacklisting 28 More Chinese Companies

In the wake of the US-China trade war that has seen such technology companies as Huawei, Google, Hikvision, Megvii Technology, Tesla, iFlytek Co, NVIDIA, SenseTime, Dahua Technology, Intel Corp alongside a host of others experiencing a breach in trade due to the international trade restrictions.

And even though the trend of events that follows afterward may be detrimental to both nations on a long term basis including the global economy at large. The governments of the two largest economies in the world seem to be adamant towards admonishing the trade rift between them.

In furtherance, Donald Trump’s administration seems to be at the forefront of fueling the trade dispute since it bears the burden of initiating the tariff that started the trade war. In a press release on Monday, President Donald Trump accused Hong Kong of getting involved in anti-human practices against the Muslim community – particularly the Uighurs and other minority Muslims. By means of illegal surveillance feeds from top surveillance hardware companies as Hikvision and Dahua Technology, China was able to detain over a million Muslims. 

In light of this, Trump claims that the events in Xinjiang could pose a threat to countries involved in trade with the aforementioned companies, therefore the 28 list ban. Furthermore, the US imposed restrictions on China to the tune of over $360 billion in tariff on Chinese commodities as well as various other constraints on Chinese investments in the United States. With talks about limiting exportation services to China if they are not forthcoming, Trump added that;

“I think they’re coming to make a deal, It’s got to be a fair deal.”

In the ensuing trade-war, the US State Department also issued a visa embargo on some Chinese officials that Washinton termed as ‘committing acts that are unacceptable’. Following the course of these happenings, the US went on to amend the Export Administration Regulations (EAR). By increasing the number of Chinese entities banned from engaging in whatever form of trade with any company registered in the US as of Tuesday, 8th October. Hence the entity list was updated with 28 Chinese companies in addition to the six companies already present on the list.

Accordingly, Ted Bauman – An Economist and Expert Analyst at Banyan Hill Publishing, pinpoints these moves as a strategy employed by the US bureau towards subjecting the Chinese Government to utter pressure on multiple levels. From Bauman’s point of view, this comes as a notice to the upcoming trade talks between the two nations in Washington later this week. In addition, he added that the Chinese Government is ready and prepared to stretch the trade wars to greater lengths, asserting that;

“The latest blacklist announcement is consistent with the Trump administration’s strategy of seeking new sources of leverage in the ongoing trade negotiation. I don’t think it’s a coincidence that this announcement came hard on the heels of leaked reports that they are considering limiting U.S. investor capital flows to Chinese companies. It’s as if the administration has realized that the Chinese are not going to back down in the face of increased U.S. tariffs, so they are casting around for other ways to threaten the Chinese.” 

This new development has discouraged the trust that once existed in the trading sector on a global scale. Given that it has the potential to trim company return margins in both nations. As it subsequently encourages the Chinese Government to deter funding of Chinese companies by US Investors.

Even though the US seems to be nonchalant towards a conclusive detente, it is evident that the economic state of the country has been posed with more threatening effects than that of the Chinese. And as such the Xi Jinping administration recently aired its indifference with regards to the trade talks as it is not phased by whatever the outcome may be.

Cryptocurrency

Crypto Researchers Concerned About The ‘Centralized Structure’ Of The Binance Smart Chain

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Crypto Researchers Concerned About The 'Centralized Structure' Of The Binance Smart Chain

Binance Smart Chain has been rising in popularity as interest rates from different parts of the world, including South Korea, sent the network’s transaction records to new highs. However, this has not deterred analysts’ from pointing out the increasing level of centralization within the network. Ryan Watkins, a Messari analyst recently addressed the influence that Binance has on the entire Binance Smart Chain, explaining that most of the commendable progress made on the network is not the result of the implementation of innovative concepts. Rather, it is a product of Binance’s control over the BSC network.

“The reason why BSC is faster and more scalable is not because of some magical technological innovation. No, it’s instead the magic of centralization. BSC is an Ethereum fork with a centralized validator set. That’s it. Nothing more.” He wrote on Twitter.

Unlike some other networks, the Binance Smart Chain has a total of 21 validators (people who verify the transactions and confirm their legitimacy, before adding them to the Blockchain). These validators are handpicked by the Binance Chain, further strengthening the notion that the network may be more centralized than it shows itself to be. 

Wilson Withiam rolls out some points to consider, starting with the pattern of resetting active validators, which is determined by the voting power of each validator. He notes that BNB staking and delegation is carried out on the Binance Chain, by Binance Chain validators as well.

In essence, Withiam argues that the pattern of validator distribution across the Binance Smart Chain is questionable as the identities of those behind the nodes in the validator sets are not made transparent. As he puts it “BSC now supports several third-party validators, although at least 5-6 others have close ties to Binance. The distribution of validator accounts is far less clear for Binance Chain.”

To dispute that Binance’s user experience is not ahead of other networks is false, and Withiam agrees with this. Even Watkins acknowledges this as he noted that BSC has fueled mainstream adoption of DeFi “Binance has incredible reach and influence and has used that to funnel a boatload of new users in DeFi. Binance executes period. That’s why BSC is winning.” He asserted. 

However, he argues that speed and scalability outside Ethereum without sharding or a centralization can only be legitimately found on the Solana Blockchain. Conclusively, Withiam urges BSC users to poke into the network, enough to understand where the loopholes are. 

“For those using BSC, take the time to understand the topology of the network. Sure, the fees and speed (both UX factors) are undoubtedly preferable. But strong censorship resistance and fault tolerance are not part of the package.” He wrote in conclusion.

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Elon Musk Promises to Literally Take Dogecoin to the Moon with SpaceX

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Elon Musk Promises to Literally Take Dogecoin to the Moon with SpaceX

Elon Musk spiked the price of Dogecoin by 3% after tweeting that SpaceX will take the meme-themed cryptocurrency to the literal moon.

“SpaceX is going to put a literal Dogecoin on the literal moon.”

Traders often use the term “to the moon” when expecting prices of a certain stock or digital currency to surge.

Elon Musk is a self-appointed Dogecoin and Bitcoin advocate and frequently tweets witty statements about the Japanese dog Shibu Inu, the central appeal and logo of the meme-themed cryptocurrency. The last time tweeted about Dogecoin was in mid-March:

“I’m getting a Shiba Inu #restistanceisfutile.”

The tweet also comes a month after Elon tweeted a meme of a Shiba Inu standing on the moon in a spacesuit while holding a Dogecoin flag, followed by the words, “literally” and “on the actual moon.”

Elon Musk and Dogecoin

Elon’s ability to influence bitcoin and Dogecoin’s price actions by merely tweeting about it has been both acclaimed and criticized for boosting crypto adoption and hindering mainstream acceptance, respectively.

Dogecoin has a total circulating supply of 129 billion Doge and an undefined maximum supply, unlike Bitcoin. Analysts including Binance CEO Changpeng Zhao have warned investors against exposing themselves to assets with infinite amounts of supply.

However, Elon’s influence and Dogecoin’s price action in the past 6 months have inspired its developers to revamp its development. Speaking during an interview, Dogecoin’s lead developer Ross Nicoll said the team is working to make changes to Doge.

“People say it’s a joke coin but we’re very careful to take care of the code. When it took off there was a resurgence in attention and we want to keep the currency operational.” 

SpaceX was founded in 2002 with the goal of reducing the cost of space transportation by using relaunchable rockets to enable the colonization of Mars.  The company’s first commercial trip around the moon on its Starship rocket will take place in 2023.

Elon Musk previously said that he is highly confident that SpaceX will have reached orbit many times with Starship before 2023, and that it will be safe enough for human transport by 2023.

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