As technology evolved, so did the currency, we went from bargaining to notes and now to cryptocurrency. Each one of them being a disruptive innovation, changing the landscape of business and technology. Bargaining utilizes the relationship between two individuals, notes utilizes a central network in a party, and cryptocurrency utilizes the internet technology that allows for the decentralization of a network. In the recent years, there has been many new releases of cryptocurrencies, basing off the technology of Blockchain, with the most well known being Bitcoin. People are no longer restraint to the notes issued by the governments, and no longer in need of having a bank to handle the transactions.

(Block Chain, Geralt)

Just recently, the Bank of China banned the usage of cryptocurrency, and other countries like the USA may not have banned it, but is also unsupportive. The choice of banning the currency is stemmed from the lack of knowledge of the technology, and in consequence its security concerns and lack of regulation.

I believe this ban and reaction from the governments are temporary, and is their way of recognizing that they do not comprehend the technology and only after further analysis, could it be proceeded. Despite these restrictions, the dividends of Bitcoins are on a steady increase, commonly seen as a conservative option. This action puzzles me, as I would have assumed the governments’ actions would be seen as more serious by the general public, and is more influential on people’s decisions. This result is a clear indication on the powers of globalization, and how the Internet has changed people. Even if the value of cryptocurrency may be zero in China, people have the realization that it is still worth hundreds and thousands in foreign countries.

Bitcoin Price, Bitcoin.com

Just recently at the largest hackathon in Canada, Hack the North, Blockchain released a challenge for for the students in creating the best application of Blockchain technology. Despite being in the competition and placing as a finalist, I am still very unfamiliar with Blockchain. Just like the governments and financial personnels, it is very difficult to understand and be able to implement the technology without serious studies. Therefore, I am able to relate with the officials’ anxieties towards the new currency. The governments are unable to react as fast as the industry, leaving them behind in the creation of new laws and regulations. Though I agree with the government’s attempt in unnaturally restraining the development of this new disruptive innovation, but I do not believe it is possible. It is difficult for a government to sway the people’s preferences, and impossible for a democratic government. Therefore I would suggest for a great attempt in adapting to the new system.

After reading Denico’s post Get Off that, WeChat, I realized that I had a few thoughts on the topic of WeChat’s compliance in providing user data to the Chinese government.

 They would lose traffic as people are now put off from the fact that China is now watching every move of WeChat users

– Denico Espadilla

iOS / iPhone, Álvaro Ibáñez

I agree with Denico’s opinion on how these actions are infringing on user privacy. It should be recognized that not only China is doing this, US is also on every single one of their borders. What I do realize from this information is the fact that Weixin (social media platform of WeChat) is a very ethical company. They are taking responsibility for their actions, making their decisions known to their users, and willingly facing the foreign critics head-on.

In discussion about their strategy as a company, I believe that they have made the best decision they could have made in the situation. I agree that if they did not have to provide information to the government, it would be best if they did not, but I do not believe this was a time where they had a choice. Foreign social medias are blocked in China, because the government is unable to control it. If Weixin were to decline the right of access to their user data, they would be no different than Facebook. Being blocked does not mean it is impossible to access, since a VPN will grant it, but that all transactions would be heavily monitored, and the general public would find it too much of a chore to use, and hence lose users. I applaud Weixin’s choice of making an announcement on this topic, if this was found out by a third-party who makes a big deal out of it, Weixin would truly lose their users’ trust.

One of the points of similarity of successful businesses in China are their compliance to the rules and regulations, only with these points of similarity, could they play the game of business and exist on a product positioning map.

I do not believe Weixin would lose many users over this decision, since the value of the network is greater than the security tradeoff. The Chinese government may be your largest stalker in China, but what about Facebook and Google. One of my friends wrote his math IA on how much people sleep using a loophole in Facebook’s system. He was able to find out when people were using Facebook or had it logged in with background clicks. I could swear they know everything about me, but that has not stopped me from using their services.

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