2017 and Beyond The Future of Cryptocurrency and Government Financial Regulations

Governments, banks and other large entities have all been murmuring, talking and hinting what the future of cryptocurrency could be or specifically the block chain. They all agree “blockchain” is good, there is no one against it but there has been a lot of confusion about the internet thinking this is equates to government and corporate backing of decentralized cryptocurrencies. I believe this couldn’t be the truth, in fact there have been lots of issues for companies exchanging cyrptocurrency for cold hard cash being unable to wire etc.

The excuse you hear from the big players are concern over fraud, money laundering, etc.. all of which happens in the current fiat monetary system. The true issue behind all the fuss is simply that these decentralized cryptocurrencies allow unhindered free trade around the world regardless of which country you are citizen of and where you are, no one can sanction you or freeze your assets in cryptocurrency. Further, it is of course a huge threat to the current financial system and governments around the world who depend on third party “reserve” banks to print their money. It’s bad news for their monopoly on finance and business transactions worldwide.

Bitcoin Exchanges in China are being shutdown: https://www.usatoday.com/story/money/2017/09/14/china-orders-bitcoin-exchanges-shut-down-report-says/665209001/
Russia says Bitcoin is illegal: https://www.reuters.com/article/us-russia-bitcoin/russian-authorities-say-bitcoin-illegal-idUSBREA1806620140209
Bitfinex sued Wells Fargo for blocking their wires: https://bravenewcoin.com/news/wells-fargo-sued-for-suspending-bitfinex-wire-transfers/
US SEC says they want to regulate coins: https://themerkle.com/sec-may-be-looking-for-ways-to-regulate-the-cryptocurrency-ico-market/
JP Morgan’s CEO Jamie Dimon calls Bitcoin a fraud: https://www.bloomberg.com/news/articles/2017-09-12/jpmorgan-s-ceo-says-he-d-fire-traders-who-bet-on-fraud-bitcoin

The part in China is most significant because the action in China has coincided with drops in value of the major currencies, as well as Chinese users doing a lot of mining and trading in crytocurrency.

When we take some examples above, this is the general consensus among bankers and government worldwide. They all like blockchain and want to make their own currencies that they control and centralize, but they are certainly against the decentralized ones and as new banking, taxation and other government intervention roles out surrounding cryptocurrency it will be very interesting to see where things head.

I personally think the decentralized currency will always exist and it can and will coincide with other mainstream offerings from banks and governments. There will be a place for both just as cash from other countries is traded for other items whether gold, silver or even electronics and oil. Trade will continue but through a different method of settlement and transfer.

One thing is for sure until we see how things break in terms of government regulations and how their own cryptocurrency’s play out, the value of the original decentralized currencies like Bitcoin, Litecoin, Etherum et al will have wild fluctuations as people react to news that threatens these currencies the same way people would read the news about Greece’s debt and haircut on the bonds they sold. In fact many watch the crypto market including the ICO (Initial Coin Offerings) and note they do seem to function as any other traditional market would in terms of news and advancements.

I believe we are seeing a financial revolution, all currency will soon be crypto and physical cash before we know it may all be stop being used.
The only question is how fast does it all happen and how does the difference between centralized banks and decentralized crypto users play out?

Why I Founded Techrich Corporation of Hong Kong, China

This is a question that I’ve been asked a lot considering that people ask if there is any duplication of overlap with compevo.  Techrich is an extension and complement to compevo and allows possibilities for our clients.

Being incorporated and based in Hong Kong allows us to provide more leverage and advantages and fills any gap that compevo may not have been able to fulfill.  In terms of data storage, security and connectivity Hong Kong cannot be beat.  It has the best of nearly all worlds.

Why Hong Kong?

This is the next, natural question that follows.  Hong Kong is economically, politically, and technically stable in terms of both IT infrastructure, ecosystem and most importantly its link to the outside world is fast and neutral.  Hong Kong itself is still the internet gateway to China, being directly connected to Mainland China.

Hong Kong is also has a large Big Data industry and demand due its reputation as a financial hub of the world which is a perfect ecosystem and fit for Techrich’s goals.

Contrary to some common belief, Hong Kong is not in the Asian Ring of Fire and is relatively free of any natural disasters, making it not only an ideal location on a world scale but perfect within Asia too.  Hong Kong does experience typhoons but they are rarely devastating and have little to no impact on IT or datacenter operations in Hong Kong. In fact Hong Kong’s power grid is known to be one of the most reliable and stable in the world.

In terms of internet routing Hong Kong is quite neutral with excellent connectivity to all of Asia, North America and Europe, but of particular importance is the capability of very low ping times into Mainland China that only Hong Kong can provide.

Personal Best Hosting Advice for Shared, VPS and Dedicated Servers

Since one of our product offerings is offering hosting I’m often asked by friends and family which company they should use and where they should host, and which host is the best for their shared hosting, VPS or Dedicated Server.

Surprising to some the answer is not always, host with compevo but based on their actual needs and goals.   If someone needs to host their site in Australia or another location we do not offer, I’m not going to suggest they host elsewhere unless there is a good reason or actual business case for it, or if they have a niche we don’t cover, I always recommend they find a niche provider for their industry and usually the company I recommend will not be the typical one most have heard of.

The biggest issue I find trying to help people is getting friends and family to understand what they need and to get the actual requirements from them.  In the case that they can’t describe what they want then I’ll try to guide them.

For example I have a friend from Australia who has clients that are mainly from North America and Europe but said he wanted to host in Australia.  I told him not to host in Australia as things tend to load a bit slower to most areas from Australia as its not on a main fiber route (eg. multiple routes with lots of traffic transiting since Australia is isolated by the ocean and has no other country physically connected to it).  It would only make sense to host in Australia if most of your clientel were from Australia.  I suggested he host in North America because it was a middle ground compared to Europe, specifically the mid or east which can provide low ping to most of Europe (in many cases around 100ms), and yet Asia and the rest of the world has excellent connectivity here too.

What surprises me about the questions I get is that a lot of people incorrectly assume they need a powerhouse of a server with loads of RAM to host their website.  Unless you have a large amount of traffic that’s not going to be an issue for most sites so I try to save them money.  In a case like the above I would normally recommend a VPS in Canada or the US as long as privacy is not a primary concern.  If data security and privacy is of the utmost concern I usually recommend Hong Kong, China or Russia depending on the type of the business and if it has fierce competitors in the region it will be hosting.

Depending on what they are after and what they need,when I recommend compevo here’s where I’ve usually sent them:

compevo.cn for VPS in Hong Kong, China, Singapore and Dedicated Servers in China

compevo.com for VPS in Hong Kong near Mainland China

compevo.com Dedicated Servers on Linux and Windows in the USA with premium bandwidth