Since entering February, Lin Xiao (pseudonym), who is engaged in Bitcoin ‘brick moving’ (arbitrage between Bitcoin exchanges), has felt like living through the year.

　　After a series of intensive crackdowns by the regulatory authorities of major countries such as the United States, South Korea, China, and Japan on lottery and How to find it, investors in lottery and How to find it are in a hurry to escape.

　　Since the beginning of 2018, Bitcoin and other lottery and How to find it have encountered a cliff-like decline, with the price of Bitcoin falling by 30% in the past two weeks. It has fallen over 50% from the peak of $20,000 in December last yearlottery online website and The latest plan. As of 11:00 p.m. Beijing time on April 4th, Bitfinex reported $8,640 (about 54,400 RMB).
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　　Lin Xiao learned about Bitcoin through a radio program a year ago, and soon he found that there were many Bitcoin exchanges, and many of them had price differences. If you buy Bitcoin at a low price in one exchange and sell it at a high price in another exchange, it is easy to earn a profit through arbitrage — this method of making money is commonly known in the industry as ‘moving bricks’. Due to the large price fluctuations and differences of Bitcoin, Lin Xiao and his friends quickly accumulated a large amount of wealth.

　　However, starting from September 2017, with the suspension of the Renminbi transactions of Bitcoin and other Online casino and How to find it by the People’s Bank of China and other regulatory authorities, Lin Xiao’s life became not so good. Soon, Lin Xiao decided to open a bank account in Hong Kong.

　　’I opened 4 to 5 bank accounts at once, which is convenient for Bitcoin transactions,’ Lin Xiao told the First Financial, and his ‘brick moving’ career continued.

　　Many currency exchange points in Hong Kong accept Bitcoin transactions. (Image source: Internet)

　　Although the Hong Kong Special Administrative Region government has not explicitly banned the speculation of Online casino and How to find it, the sharp decline in the price of Bitcoin in the past two months has caused Lin Xiao, who is holding coins and watching the market, to suffer heavy losses. In despair, he thought of learning about the ‘mining’ life in Hong Kong, ‘I heard that it was very profitable before’.entrance lottery entranceJust need you

　　“挖矿”成本高不赚钱

　　身在香港的王华（化名）就曾是一名有些资历的“矿工”。

　　约两年前，他与朋友一起合伙买入了几十台“挖矿机”，正式开启了“挖矿”生活。王华称，简单点说，“挖矿”就是当交易出现时，网络上正在执行这个运算程序的电脑，就会纷纷开始进行运算，最先算出结果的电脑，会主动在网络上广播自己已经计算完成，结果经过验证无误后，就可以获得新的虚拟币和交易费作为奖励。“矿工”的主要收入来源，就是虚拟币和交易费。

　　王华告诉第一财经，在“挖矿”第一年间，手中持有的虚拟币市值就翻了很多倍。王华透露，大部分的“矿工”都不会大量抛售手中的虚拟币，因此也只能以市值衡量财富了，“但感觉自己年收入至少8位数”。王华说。

　　八位数，也就是上千万。

　　王华赶上了好时候。但随着越来越多的人加入“矿工”大军，“挖矿”的成本也变得越来越高。

　　Another factor pushing up the cost of

　　Hu Junyang, co-founder of the Bitcoin information news platform Bitcoin.hk, told Caixin that the price of graphics cards has increased from the original 1700 Hong Kong dollars to 4200 Hong Kong dollars, and they are still in a long-term shortage. Currently, if you want to buy graphics cards, you can’t order the large factory’s货源 in the first quarter, and you can only order the second quarter’s货源, and you need to go through various relationships to order them.

　　Now all the ‘miners’ are short of graphics cards.” Hu Junyang said.lottery online website and The latest website

　　Graphics cards are wealth. There are too many people waiting, and it will take until the second quarter for the big factories to ship. (Image source: Bitcoin.hk official website)

　　As costs continue to rise, miners can only take alternative paths, with many miners simply starting mining companies to create new business models. Hu Junyang said that mining companies can have many business models, such as helping investors to entrust their mining machines and charge for the trust fee, with the commission for management fees reaching double digits. However, with the increasing costs in Hong Kong, many mining companies have moved their

　　In fact, as of January 13, 2018, 16.8 million Bitcoin have been mined. According to the original algorithm set by Satoshi, the total amount of Bitcoin is approximately 21 million. Based on this calculation, the total supply of Bitcoin has already been used up by 80%, which means that only 20%, or a total of 4.2 million Bitcoin, are left for mining.

　　Therefore, despite facing heavy global regulatory pressure and skepticism from major institutions, with the limited remaining quantity, some people are still working hard to mine the remaining 4.2 million Bitcoin.

　　Due to the significant increase in trading volume, the

　　Coulla, which claims to be

　　Similar to IPO (Initial Public Offering), ICO combines the use of blockchain with cryptocurrency to finance projects for the development, maintenance, and exchange of related products or services. If mining companies have excellent technical teams, they can participate in ICO. After successful financing, they can earn substantial service fees.

　　After communicating with many

　　Li Qi, although entering the field late, mainly mines Ether, so the impact is not too great. When Bitcoin was soaring, the market value of Ether also rose, and Li Qi said that at that time, the price of Ether surged so much that he was almost ‘dumbfounded’.

　　Wu Zuiwei told the First Financial that from a technical perspective, he is not very optimistic about the prospects of Bitcoin. For example, the transaction time of Bitcoin is too long, the shortest being 10 minutes, and sometimes even more than 2 hours.

　　In fact, as early as five years ago, some people in Hong Kong began to engage in the Online casino and How to find it market. Many senior traders started with Bitcoin, and there were no trading platforms at that time; only over-the-counter transactions were available.

　　Hu Junyang told the First Financial that he started to pay attention to the price trend of Bitcoin in 2010. He found that Bitcoin tends to fall sharply once a year, but at that time, many investors lacked experience, and some even chose to sell all their Bitcoin at once during the sharp decline. However, up to now, as investors become more mature and the market stabilizes, although the price of Bitcoin has fluctuated sharply recently, in Hu Junyang’s view, the current volatility is much smaller than before.

　　Hu Junyang believes that Bitcoin is currently in a period of adjustment, with support around 7582 US dollars. If it falls below this level, the price of Bitcoin may drop to 3900 US dollars. In the medium term, Bitcoin may return to around 15,000 to 17,000 US dollars in April, and even possibly return to the level of 24,000 US dollars later this year.

　　The trend of Bitcoin from last March to the present has changed from steep and fierce to a sharp decline. (Data source: Yahoo Finance)

　　The exchange has become a fertile land

　　In addition to miners who are fighting hard, Online casino and How to find it exchanges have always been regarded as one of the important industries in the cryptocurrency circle. Therefore, although global regulation is strictly controlling Online casino and How to find it trading, there are still many institutions rushing into this market.

　　Japan’s chat software company Line recently announced its plan to launch an Online casino and How to find it exchange. In a statement last Wednesday, Line said that the Japanese financial regulatory authorities are reviewing the company’s application to operate an Online casino and How to find it exchange.

　　Journalists also learned from industry insiders that before this year’s first quarter, the two major domestic Online casino and How to find it exchanges, Huobi and OKCoin, will also enter the Japanese and South Korean markets to seize the Online casino and How to find it trading market.

　　Huobi has previously announced that it will establish two exchanges with Japan’s SBI (Sumitomo Mitsui Banking Corporation) Group: SBI Virtual Currency and Huobi Japan, to jointly develop the Asian and global digital asset market. The new exchanges are scheduled to go online at the beginning of 2018, offering cryptocurrency trading and yen trading. In addition, according to insider information from Huobi, plans are currently being made to establish an office in San Francisco.

　　After closing its business in China last October, OKCoin has obtained digital asset trading licenses in many countries around the world through investment and cooperation, and officially entered the overseas market with the launch of the OKEx platform.

　　The latest development of OKEx is that it will launch an online casino and How to find it exchange in South Korea next month. Currently, OKCoin has established the OKCoin Korea website and officially started accepting pre-orders for online casino and How to find it, with the exchange planning to provide services for exchanging 60+ types of online casino and How to find it for South Korean won.

　　However, the Japanese and South Korean exchange markets have been filled with noise recently, with the risks of online casino and How to find it exchanges rising sharply. For example, on January 26, Japan experienced the

　　Starting from January 30, South Korea has begun to implement real-name registration for online casino and How to find it transactions domestically, but the South Korean regulatory authorities are still strictly regulating domestic exchanges. For example, the official website of the South Korean Bithumb exchange shows that due to violations of South Korean laws, the exchange received a correction order from the Korea Communications Commission.

　　Online casino and How to find it under the watch of regulatory agencies lottery platform and Just click to enter

　　However, with the sharp decline in the price of Bitcoin, U.S. banks, Citibank, and JPMorgan Chase have since February no longer allowed customers to use credit cards for any online casino transactions and imposed restrictions on the influx of funds. The aforementioned banks all stated that the main reason was the concern over the credit risk of customers who use credit cards to purchase lottery tickets and how to find them.

　　And the move by the U.S. bank also has another intention, namely to comply with anti-money laundering-related regulations to prevent some illegal elements from stealing customers’ credit cards and then directly purchasing lottery and How to find it.

　　In addition, the Chicago Mercantile Exchange (CME) recently clarified that it will no longer continue to launch digital asset derivatives. The CEO of CME said that there are currently no other cryptocurrency derivatives beyond Bitcoin.

　　Recently, the Hong Kong Special Administrative Region Financial Services and Treasury Bureau and the Hong Kong Securities and Futures Commission’s affiliated Investor Education Center jointly launched a public education campaign on ICOs (Initial Coin Offerings) and cryptocurrencies to help the public understand the potential risks of participating in ICOs and trading cryptocurrencies more correctly and comprehensively.

　　Chen Haoliang, deputy director of the Hong Kong Financial Services and Treasury Bureau, told the First Financial that media reports on ICOs and cryptocurrencies mainly focus on the sharp rise and fall in prices, which反而 increases investors’ interest in cryptocurrencies. However, in reality, many investors may not be clear about the essence of cryptocurrencies and the potential risks behind them.

　　Liang Fengyi, executive director of the Intermediary Institutions Department of the Hong Kong Securities and Futures Commission, said that although the form of ICO is similar to IPO, it is currently not regulated. Start-up companies participating in ICOs have no profit, revenue, or business records, and ICOs do not have assets to support them, making it difficult to value them. On the other hand, ICOs will be accompanied by a white paper that elaborates on the project’s concept, technology, prospects, etc., but these white papers often involve many professional terms that are difficult for ordinary investors to understand, and there is no independent third-party objective review of the authenticity of such white papers, which will cause great confusion to investors.

　　As early as September 2017, the Hong Kong Securities and Futures Commission (SFC) issued a circular stating that if the digital tokens involved in ICOs meet the definition of ‘securities’, providing trading services or opinions for such digital tokens, or managing or promoting funds investing in digital tokens may constitute ‘regulated activities’. Individuals or institutions engaged in ‘regulated activities’ whether located in Hong Kong or not, as long as their business activities are targeted at the Hong Kong public, must obtain a license or registration with the SFC.

　　Not only China mainland and Hong Kong, Canada, the United States, and Japan have started to tighten the regulatory fence for ICOs last year: The Canadian Securities Administrators (CSA) issued a notice on ICO token issuance in August last year, stating that ICOs need to be regulated in accordance with Canadian securities regulations; in July last year, the U.S. Securities and Exchange Commission (SEC) declared that ICO tokens may be considered securities and need to comply with relevant regulations, and reminded investors to invest cautiously. In March last year, Japan required companies engaged in the buying and selling of Online casino and How to find it and the exchange of Online casino and How to find it to register and provide relevant information.