roadrunner

The Indian crypto community has had an eventful year, with a bill on the horizon, the RBI ban’s supreme court hearing, and the community’s efforts toward positive crypto regulation. News.Bitcoin.com interviewed Nischal Shetty, CEO of local crypto exchange Wazirx, about what the Indian crypto industry could expect in the year 2020 and a wide range of other crypto topics. Also read: Regulatory Roundup – New US Crypto Bill, France’s 1st Approved ICO, Muslim Crypto News.Bitcoin.com (BC): How did you first get involved in crypto? What attracted you to the industry? Nischal Shetty (NS): I’ve been on and off learning/understanding crypto since 2009. But I got deep into it only in 2017. The “permissionless” aspect of crypto is what attracted me to this industry. Imagine being able to build what you want without needing to rely on any other person or company. This aspect of crypto will lead to innovations in finance and tech that has never been possible in traditional financial systems. Nischal Shetty, Wazirx’s CEO. BC: How will crypto benefit India? NS: There are millions of ways in which crypto will immensely benefit India. To keep my answer short, the three prominent benefits would be: 1. Employment and entrepreneurship: Hundreds of crypto startups will emerge the moment the Indian government takes a positive step forward in crypto. This will, in turn, lead to thousands of new jobs in the country. 2. Access to cheaper capital: The interest rates in India are higher than in most other countries. Crypto has the power to provide access to cheaper capital in India. 3. Banking the unbanked: There are over 300 million unbanked in India. Traditional banking requires physical infrastructure thus making it difficult and expensive to reach all parts of India. Crypto can penetrate faster and involve such unbanked people in the online financial ecosystem. BC: How would Facebook’s Libra benefit India? Is India likely to allow Libra in the country? NS: India has tons of freelancers working for clients across the world. Libra can help them accept payment from anyone anywhere in the world for the work they’ve done. Libra can provide financial inclusion to those in India who do not have access to traditional banking. It’s going to be an uphill task for Facebook to get Libra accepted in India. But I really hope the Indian government looks at the merits of such initiatives and allows it. BC: What do you think of the RBI introducing a digital currency? Do you think a central bank digital currency would benefit India? Yeah, it would definitely benefit India and Indians. I’m more excited about the fact that a CBDC [central bank digital currency] could open the gates for innovation with developers not only in India but around the world building wallets and other products for such a currency. This would mean more choices for the Indian consumer. BC: Do you think the Supreme Court will lift the RBI ban? If so, when do you think that will happen? I really hope they do. I think we’ll see some solid progress with the case in 2020 as the matter has reached a stage where it’s being heard in court. BC: Why do you think the government has not introduced a crypto bill yet? Do you think the government will still go ahead with the draft bill to ban crypto? NS: The Indian government will not rush into a bill without understanding the technology and discussing it with the crypto industry. This is the major reason why the proposed draft bill has not been considered. We’re confident that our leaders will engage with the crypto industry of India and then progress in the right direction. BC: Do you think the government will eventually introduce positive crypto regulation? If so, when do you think that will happen? NS: I absolutely think they will introduce positive crypto regulations. It might happen in 2021/2022 depending on the pace of regulations in other countries, especially U.S. India will wait and watch other progressive nations before making any regulatory moves in crypto. India’s finance minister whom the crypto draft bill was submitted to in February. BC: What are the most important things the Indian government should realize about crypto? NS: 1. Crypto is one of the most innovative technologies of this decade. 2. India should get in ASAP so that we build the much-needed expertise in crypto. 3. India will see a boost in jobs if we promote crypto technology. 4. India can attract billions of dollars worth of investment if it opens up to crypto. 5. Indian startups can get access to a larger capital pool if India brings about favorable ICO regulations. BC: Looking ahead, what should the crypto industry in India expect in the year 2020? NS: 1. Crypto exchanges in India will see even greater competition as exchanges around the world start competing for the Indian audience. India is a sleeping giant in the crypto space and everyone wants to capture a piece of this market early. 2. We’ll see lawmakers taking positive steps towards understanding crypto and involve the industry to formulate the right set of crypto regulations. 3. Defi will take off in a big way in India. 4. A lot more Indian developers will take interest in building for the decentralized internet. 5. At least one crypto company will hit $10M+ in revenue encouraging more startups in this space. BC: What are the latest developments for Wazirx after the Binance acquisition? What has changed/improved? NS: Wazirx has gotten international exposure now thanks to Binance. The Wazirx brand has become way more popular globally than it was before. We’re in the process of a deep P2P integration into Binance that will allow Indians to easily buy/sell crypto with INR right within Binance. Binance believes in providing complete independence to the teams within the company. That has been true for Wazirx where we still operate as an independent entity. However, we’ve gotten access to so much talent that exists within Binance that our execution speed has increased immensely. If we hit any roadblocks, there’s always someone within Binance who knows how to help out. Expect a lot more speed and new stuff faster from Wazirx now that we’ve been acquired by Binance. We want to grow the crypto ecosystem in India and we’re confident we’ll be able to do that with help from Binance. BC: How is the “India Wants Crypto” campaign going? NS: It’s going really well. Every day more and more people in India and around the world get to know about this campaign. The campaign has been able to spread the right information about crypto throughout India. I’ll continue to run the campaign as it has gone above the initial objective of being heard by lawmakers to now being a symbol of hope for crypto in India. We need to keep spreading this awareness and I’m sure a time will come when we’ll be heard by our lawmakers as well. Do you agree with Shetty? Do you think the supreme court will lift the RBI ban at the next hearing in January? Do you think the Indian government will introduce positive regulation for the crypto industry in 2020? Let us know in the comments section below. Disclaimer: This article is for informational purposes only. It is not an offer or solicitation of an offer to buy or sell, or a recommendation, endorsement, or sponsorship of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article. Images courtesy of Shutterstock and Youtube. Did you know you can buy and sell BCH privately using our noncustodial, peer-to-peer Local Bitcoin Cash trading platform? The local.Bitcoin.com marketplace has thousands of participants from all around the world trading BCH right now. And if you need a bitcoin wallet to securely store your coins, you can download one from us here. The post Wazirx CEO on 2020 Outlook, RBI Ban, Crypto Regulation for India appeared first on Bitcoin News. View the full article

This is a paid press release, which contains forward looking statements, and should be treated as advertising or promotional material. Bitcoin.com is not responsible for or liable for any content, accuracy or quality within the press release. LONDON, Dec, 2019 – Within just a decade, mankind will be well on the way to ending extreme world poverty. A new, encrypted Wi-Fi network will connect people on Earth. And a near indestructible blockchain financial system and global currency will exist off-world, invulnerable to the effects of war, conflict, solar flares, meteor impact, global catastrophe, cyclones, banking and market collapse and other catastrophic events. This might sound like the premise for a sci-fi novel – and you would be right; it is! The very concept came from SovereignSky/RUON AI Founder Timothy E. Burke’s sci-fi space opera “Planet X,” but what started as a movie premise on a hypervelocity star system far away, is now becoming a reality here on Earth and our own solar system. SovereignSky, the company responsible for the world’s first spaced-based blockchain, has successfully started to upload its BEOS hybrid blockchain to its primary satellite constellation currently in space orbit through a partnership with SpaceQuest – launched in December 2018 onboard Elon Musk’s Space X – to enable a “One World, One Network.” “The project is so all-encompassing, it has taken some of the smartest, most visionary minds in blockchain, aerospace, mobile technology, and even science fiction to achieve its grand vision,” says Stan Larimer – co-founder of RUON AI, BEOS, SovereignSky, Steemit, and Bitshares. The idea is to create a global Wi-Fi network and establish a space-based digital “Free World Currency” to help redistribute the world’s wealth to the less fortunate and help support the one billion children worldwide who live in poverty. SovereignSky is the world’s first satellite constellation powering its own space-based blockchain. This blockchain is currently being uploaded three times daily by SpaceQuest onto SovereignSky’s first satellites called AprizeSat-5 and THEA. “We are excited to work with SovereignSky on its incredible mission to help eradicate global poverty, and we are on the way to complete one of the first ever blockchain transactions in space onboard the SovereignSky satellite network,” says Dino Lorenzini, CEO of SpaceQuest. SovereignSky is co-founded by “Godfather of Bitshares” Stan Larimer (father of Dan Larimer, the creator of EOS) and film producer and science fiction writer/co-director Timothy E. Burke (executive producer on Lionsgate’s 2019 summer thriller with Jessica Alba and Gary Oldman). The company’s strategic partners include SpaceQuest, Spacebridge.io, Missionspace.one, Layr, StealthGrid, Rune Wallet, Zapple, VitalCard and BEOS. RUON Equity Partnership Offer to Top Global Celebrities RUON AI has an equity offer out to the top 30 celebrities on social media wanting to join its social network exclusively to kickstart the global charity project and skyrocket the company valuation. RUON AI (pronounced “Are-you-on”) today also announces major IEO plans and the filing of a 501-page intellectual property IP patent application covering social intelligence, spaced based blockchains and future-life AI technologies.This is all part of its “One World, One Network” mission to enhance communication and connections with new and old contacts, as well as to help end poverty and protect people and wildlife. RUON AI & SovereignSky – How it Works One single patent application alone allows the RUON AI solution to scan news sites, blogs, forums, chat rooms and social channels to identify users endangered or affected by war, famine or oncoming natural disasters. The AI creates a database of endangered users and sends their profiles to HNWs, companies, donors and members of the public who can instantly send electronic currency donations (via SovereignAid & RUON electronic currency) directly to the users before the danger strikes. This single AI IP patent application alone has the capacity to help avert disasters and potentially help save hundreds of thousands of lives. RUON AI is the chat app of the future. The Revolution Begins. Watch the RUON AI Revolution Video here: SovereignSky and RUON AI’s next task is to work with global charities, international agencies, UHNW, VCs, the UN and Fortune 500 companies to distribute SovereignSky’s “connectivity boxes” containing small portable modems, smartphones preloaded with the RUON AI app, and smartcards connected to digital wallets within the RUON AI app, which is powered by Rune’s chain-agnostic technology. Timothy Burke has already met with the Missionaries of Charity in Florida, one of the best global charitable distribution networks. Tim Burke, RUON AI founder, says, “The beneficiaries receive donations instantly and can upload photos and videos showing your money being put to good effect. People in need can personally thank donors through the RUON app, and donors can monitor exactly how their donations have been spent. All of this is made possible via blockchain technology, auditing and reporting. We feel it’s one of the most effective and trusted donation and verification processes ever created, and, today, this solution has been officially captured in one of RUON’s patent pending claims. It’s time for change. Please contact us and help support our mission.” SovereignAid and RUON electronic currency will then be beamed from donors up to the satellite constellation and directly to places and people in need in economically developing nations and areas without banking or even wi-fi (connecting directing to the portable modems distributed in these areas). The satellites connect to the modems, each modem connects to the phone and the phone’s multi-blockchain wallet connects to the smart card, which can be used at any terminal accepting Visa. One of the most transparent, fastest and efficient donation processes ever created. For the first time, donors can choose exactly who their donation will be delivered to and know that up to 97.5% will be received directly by the village, orphanage, hospital or person in need. The beneficiary and donor can even show and track how the donation is spent through videos, pictures, two-way chat and even double-verification blockchain accounting technology, providing one of the most effective and transparent donation processes ever created. Any user holding a SovereignSky or RUON smartphone will automatically be able to receive a donation to their RUON wallet and can instantly spend the donation on clothes, water, food and medicine using the smart card. “The Rune Wallet team is pleased to be the exclusive BIP47 and Open Transactions based wallet and cryptoserver technology provider to RUON AI/SovereignSky. Our integration will enable RUON users to easily and very securely transact and store any cryptocurrency in real-time, while providing total financial autonomy to the users,” says Rune Wallet President Mehow Pospieszalski. SovereignSky’s whitepaper incorporates the World Bank’s estimate that nearly half of the world’s population — more than 3 billion people — live on less than $2.50 per day, and only $130 billion is needed per year to eradicate extreme global poverty. More than 1.3 billion live in extreme poverty — on less than $1.25 per day, and one billion children worldwide are living in poverty. According to UNICEF, 22,000 children die every day due to poverty. Globally, $800 billion is donated each year, with the United States alone donating a generous $390 billion to charity. These numbers show just how achievable eradicating extreme world poverty actually is. The project is also on target to help support the UN’s Sustainable Development Goals by 2030. “The RUON AI vision is empowering and opens up new opportunities and economies through an incentivized, transformative, social, and secure platform,” says Larry Castro, CEO of Quantum Generation Ltd. SovereignSky and RUON AI are now planning to offer contribution in the “One World, One Network” project, patents, app and space-based technology to traders and investors across the crypto community by launching an “Initial Exchange Offering (IEO)” on major crypto exchanges. The opportunity is not open for U.S. investors at this time; however, the company will have its gold-pegged, STO token available soon for accredited investors. -ENDS- FOUNDER INTERVIEWS ARE AVAILABLE UPON REQUEST About RUON AI (https://www.RUON.ai) RUON AI is a highly sophisticated, next-generation artificial intelligence (AI) social media, chat, and blockchain banking application with its own electronic currency, smart card and multi-blockchain digital wallets. On downloading the app you’ll receive your very own RUON bank account along with routing number, sort code and smartcard sent out in the post. The app has been expertly designed to instantly make you money when posting content and enhance your connection with all your old friends and new contacts. For the first time, you’ll be able to automatically earn RUON coins from all your family, friends and followers when you post content. The app is being built to feature the key capabilities of Instagram, WhatsApp and Snapchat and integrated into Amazon and Alibaba drop-shipping for easy adaptation of cryptocurrency and blockchain for the mass market. Welcome to the Future. Welcome to RUON AI. “POST. STREAM. EARN. SPEND. GIVE.” About SovereignAid / SovereignCoin SovereignAid and SovereignCoin will be two space-based electronic currencies to help redistribute the world’s wealth to the 2 billion unbanked and the more than 1.3 billion living in extreme poverty on less than $1.25 per day. SovereignAid will be used for humanitarian and charity donations with upto 97.5% of the donation going directly to the person in need. SovereignAid currency is sent and received within RUON AI’s digital wallets and is set to revolutionize large-scale charity giving from individuals, companies, family offices, HNWIs and Fortune 500 companies to charities, hospitals, orphanages, conservationists and people in need found within profiles on the RUON AI app. SovereignCoin will be a commercial currency used by big business, B2B and B2C customers. About SovereignSky (https://SovereignSky.com) SovereignSky, the world’s first space-based blockchain, designed to facilitate equal access to the world’s wealth to anyone on Earth regardless of their location, nationality or economic starting conditions. SovereignSky and its partners will combine one of the most scalable, fastest blockchains with a low earth orbit (LEO) satellite Wi-Fi constellation transcending jurisdictional and infrastructural limits. Its processing node locations in Earth’s orbit enable it to offer equal access and equal opportunities to participants from all over the planet and the first “Free World Currency” while incorporating open source and the concept of “Building block(chain)s for a better planet” introduced by PwC and the Stanford Woods Institute. HELP US, HELP THE WORLD For Brand Partnerships, Collaborations, Celebrity Endorsements, Equity Information, Token Economics and anyway you want to help please contact us below, using both emails. Thankyou. SovereignSky/RUON AI Contacts: contact@ruon.ai Telegram: t.me/ruon_ai Skype: ruon101 Websites: https://www.RUON.ai https://SovereignSky.com Contact Email Address Stan@SovereignSky.com This is a paid press release. Readers should do their own due diligence before taking any actions related to the promoted company or any of its affiliates or services. Bitcoin.com is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in the press release. The post RUON.AI Announces Patents and Successful Upload Of SovereignSky Space Blockchain appeared first on Bitcoin News. View the full article

It’s been a busy couple of weeks for bad news in crypto, with Youtube’s removal of hundreds of videos, Google Play’s removal of Metamask, and now Coinbase mobile wallet users facing an announcement their app is losing its dapp browser, reportedly due to restrictive policy requirements from Apple. Some are calling the announcement “the last straw,” and even Coinbase leadership appears none too pleased. Also Read: Google Bans Crypto App Metamask From Play Store Defi Takes a Hit The great Youtube Christmas purge. Google Play’s banning of Metamask. Recent events have proponents of decentralized finance and cryptocurrencies asking themselves just what exactly is going on. Now it appears Apple’s policy is next to come under fire from the crypto community, as the Coinbase mobile wallet on the App Store appears to be in the process of removing the built-in decentralized app (dapp) browser. In a December 28 Reddit post, one user shared a screenshot supposedly from the iOS mobile app which read: Coinbase CEO Brian Armstrong replied in the thread saying: Coinbase CEO here. This is really unfortunate to see. Apple seems to be eliminating usage of Dapps from the App Store. Armstrong went on to state, “If Apple customers want to be able to use Dapps, we may need to make this request know to Apple in some way. This is an important area of innovation in finance, and many developers and early adopters of this technology have millions of dollars worth of crypto tied up in these financial applications, which they will no longer be able to use on Apple mobile devices if this app store policy continues.” Dapp-Related Information Missing A comparison of the Google Play version of the Coinbase wallet and the App Store version reveals that there’s now almost no language mentioning dapps on the App Store version, while the name of the wallet on Google Play remains “Coinbase Wallet — Crypto Wallet & Dapp Browser.” App Store screenshots. Screenshots from the Google Play Version. Capabilities for browsing dapps within the Apple version of the application already appear to be missing at press time, when news.Bitcoin.com opened the app for review. Community Reactions “This is the final straw for me and I will never be buying another apple product,” one Redditor proclaimed. Another answered: “Google is doing the same thing with metamask mobile. There is nowhere to go.” Some in the crypto space think big names should band together and push back against the perceived anti-defi moves of mega corporations and vested tech sector interests. Redditor decibels42 wrote: Will the leading companies in this space (Coinbase, Gemini, Consensys, etc.) work together on this and fight back? Whether it’s anticompetitive law suits or in other ways, if the industry just rolls over and allows censorship of Web 3, or allows Apple/Google to make dapps/wallets extremely difficult to access (removing the dapps/wallets from their stores) and/or to be discussed (censoring crypto videos on YouTube), this tech will never get adopted by the masses. The news that @Apple is removing DApp browsers like @CoinbaseWallet from the app store, while disappointing, shouldn't surprise anyone. Terms of service have been clear since the beginning and I'm mostly surprised it took this long. Not saying it's a good decision, though! /1 — brandoniles (@brandoniles) December 28, 2019 Ampleforth co-founder Brandon Iles tweeted, “The news that @Apple is removing Dapp browsers like @Coinbasewallet from the app store, while disappointing, shouldn’t surprise anyone. Terms of service have been clear since the beginning and I’m mostly surprised it took this long. Not saying it’s a good decision, though!” It’s clear that Apple’s crypto guidelines and the uncaged world of decentralized applications are foundationally incompatible. How the decentralized finance industry and individual crypto users react to these changes could say a lot about the trajectory of crypto use and innovation into 2020 and beyond. What are your thoughts on the removal of dapp-related capabilities from App Store applications? Let us know in the comments section below. Image credits: Shutterstock, fair use. Want to create your own secure cold storage paper wallet? Check our tools section. You can also enjoy the easiest way to buy Bitcoin online with us. Download your free Bitcoin wallet and head to our Purchase Bitcoin page where you can buy BCH and BTC securely. The post Coinbase Wallet Removing Mobile Dapp Browser to Comply With Apple appeared first on Bitcoin News. View the full article

While dozens of the world’s economic leaders participate in extreme monetary easing policy, central banks have also been hoarding gold. Central banks accumulated over 668 tons in gold purchases this year, which is more than 2018’s record numbers. In fact, the key drivers in gold demand this year stemmed from central bank purchases, most of which were bought (390 tons) during the first two quarters of 2019. Also Read: Germans Rush to Buy Gold as Draft Bill Threatens to Restrict Purchases Central Bank Gold Purchases in 2019 Surpass Last Year’s 50-Year Milestone During the last few months of 2019, economists have been warning of worldwide economic calamity. Moreover, at least 37 developed central banks have participated in significant monetary easing practices like large scale overnight repos and slashing interest rates. Every time one of the banks cuts a nation’s interest rate or fuels the country’s private banks with stimulus, they cite a weak economy, lack of liquidity, and rising inflation. However, most people don’t know that while central planners are toying with the global economy, they’re also purchasing gold in mass quantity. Despite gold bug Peter Schiff’s recent opinion, BTC prices outshined gold gains this year. Still, gold had a very good year touching an all-time high at $1,542 per ounce and gained more than 10% this year. One of the biggest reasons for gold’s significant rise was due to central bank purchases. In 2018, gold touched a 50-year record, as far as central bank demand for the precious metal is concerned. Data shows that 2019’s gold purchases are up 17 tons more than the 651.5 metric tons purchased the previous year. Some of the biggest central bank gold purchases this year came from places like Kazakhstan, Russia, and Turkey. A variety of newer gold buyers also appeared in 2019, surprising a few economists. For example, in February, the Reserve Bank of India increased buying by 40 tons and the country hadn’t increased in over a decade. Poland increased gold purchases as well, seeing a 25% rise year-over-year (YoY) with an increase of 25 tons. In 2019, Hungary bought more gold than it has in the last 30 years. A number of market observers have different opinions on why the world’s central banks are stockpiling gold reserves. Investment Analyst Sebastian Sienkiewicz believes it’s because gold is a reliable safe-haven asset. “Central Banks’ gold purchases are on track to set a 50-year high,” Sienkiewicz tweeted. “Main Reasons? [It’s a] safe-haven asset, reserves/portfolio effective diversification, gold’s ability to improve risk-adjusted returns, [and it’s] valuable collateral.” Gold is already becoming a growing portion of central banks’ reserves. While the dollar still predominates, official gold holdings are up, in part because of politics, as with Russia dumping dollars to protest U.S…. https://t.co/YiFibSeeFp — peter lutrario (@peterlutrario2) December 29, 2019 Private and Domestic Demand for Gold Rises While Germany Drops Limit to Buy Gold Anonymously Independent commodity and former Macquarie Group analyst, Matthew Turner, explained on December 2, in a private note to investors, that despite slowing numbers toward the end of the year, 2019’s gold demand was invoked by central banks. Turner noted that China and Russia reduced their purchases slightly, which did impact data to a degree. The analyst said that countries like Russia are trying to spur “domestic producers to export their gold.” Turner also noted an oddity when he explained that China skipped out on purchasing gold during the month of October. “It is too soon to know whether October’s zero purchases marks another cessation of buying or is a temporary pause,” Turner wrote. “One explanation could be the high price, which might make the case for switching into gold harder to explain. But it’s worth remembering that the pace of buying in 1H 2019 was unprecedented, and current rates are still quite positive,” he added. Despite Russia trying to spur gold export sales, countries like Germany have created new regulations that stifle retail gold purchases. Regional reports disclose that “From January 1, 2020, the limit to buy gold anonymously drops from €10,000 down to €2,000. In 2017, the limit to purchase the precious metal anonymously in Germany was €15,000.” The central banks of many countries along "The New Silk Roads" have been net buyers of gold in recent years. — Eric Di Benedetto (@ericdibenedetto) December 29, 2019 The Manipulated Stock Market Is Partying Like It’s 1999 In addition to the central banks’ current gold hoarding, the U.S. and global stock markets have been in an extreme bubble. On December 26, market analyst, Holger Zschaepitz tweeted about Nasdaq hitting a new milestone. “Party like it’s 1999,” said Zschaepitz. “Nasdaq hits 9,000 for the first time in the year-end rally — Now up 36% [year-to-date].” Bitcoin commentator Gabor Gurbacs replied to Zschaepitz’s tweet and said: “This is the case for Bitcoin and gold in one chart.” Gurbacs added: Central banks and other financial market occultists destroyed honest markets and valuations. Younger generations are deprived of the opportunity to participate at a reasonable price — Sandcastles can’t hold up forever. Nasdaq composite index hits 9,000 for the first time in 2019. Some skeptics believe the stock market bubble is destined to burst. Commoners are not privy to the reasons why central banks are hoarding gold, but a number of individuals think it might be because the current stock market rally will end badly, and soon. Last year, the World Gold Council (WGC) explained why the central bank gold purchasing continues to surpass the highest volume on record. The report highlights the biggest reasons why central banks stockpile gold is because of “gold’s role as a safe haven asset and an effective portfolio diversifier.” If i look where the smart money went this year i see gold. Even central banks bought more than ever before (over 550 ton). Central banks know what is coming. Only thing with gold is that it is difficult to send it for payments. https://t.co/0aeec33eoV — Electroneum Belgium. (@ElectroneumBel1) December 29, 2019 Interestingly WGC’s research also said: “[central banks] manage gold the same as other reserves, but it is often excluded from their portfolio optimisation.” This means while these financial giants hand out lower rates, negative rates, and encourage borrowing, they are betting on gold against all the risks they created. The shell game will soon be up and the general public may realize the central planners’ band-aids are severely depleted. What do you think about the central bank gold hoarding hitting a 50-year high in 2019? Let us know what you think about this subject in the comments section below. Disclaimer: This article is for informational purposes only. It is not an offer or solicitation of an offer to buy or sell, or a recommendation, endorsement, or sponsorship of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any ideas, concepts, content, goods or services mentioned in this article. Image credits: Shutterstock, Pixabay, Twitter, Bloomberg Intelligence, Fair Use, Wiki Commons, Holger Zschaepitz, and the World Gold Council. Want to create your own secure cold storage paper wallet? Check our tools section. You can also enjoy the easiest way to buy Bitcoin online with us. Download your free Bitcoin wallet and head to our Purchase Bitcoin page where you can buy BCH and BTC securely. The post Central Bank Gold Hoarding Hits 50-Year High appeared first on Bitcoin News. View the full article

An investigation launched on the request of a French startup has led to the indictment of a 37-year-old entrepreneur accused of stealing 182 BTC from the company he cofounded. Embezzlement of money is one the charges brought against him by the public prosecutor’s office in Paris. Also read: Russia’s Supreme Court Recognizes Tokens as Assets Like Money and Property Another Case Affirms the Money Status of Cryptocurrencies Most European governments are yet to legalize and regulate cryptocurrencies. The process is starting to take shape and form with the implementation of the FATF standards and the transposition of EU’s Fifth Anti-Money Laundering Directive (AMLD5) into national legislations. Laws that go beyond pure AML rules are also likely to be adopted and some crypto-friendly jurisdictions have already done that. In the meantime, real life events are forcing authorities to deal with the phenomenon and acknowledge some of its basic characteristics. ‘Moneyness’ is one of the features of decentralized digital currencies that institutions are generally unwilling to recognize. But when coins are subject to a crime, that suddenly changes for some reason, as a recent ruling by Russia’s Supreme Court showed. In a similar context, a case in France now provides another confirmation that cryptocurrencies can be viewed as money even without specific regulations stating so. A businessman involved in the case has been accused of funds embezzlement and money laundering along with unauthorized entry into an automated data processing system and criminal manipulation of the data. Entrepreneur Snatches 182 Bitcoins From His Former Company The investigation was launched on a request from the digital technologies startup, which he helped launch in 2013. It was a pretty successful endeavor for the electronics specialist until a conflict broke out over differences regarding the development strategy. He was eventually fired from his position at the company and decided to leave the country in search for better opportunities. The man’s former partners allege that acting from abroad he managed to steal 182 BTC, or around €1.2 million at the time of writing. According to the Le Parisien newspaper, which covered the story, that’s the third-largest crypto theft in the history of France so far. The misappropriation of funds took place between December 2018 and January this year, Russian media reported. According to the publication, the tech expert knew the company’s electronic system very well and was able to penetrate it without being detected. He also withdrew the money in multiple transactions making sure each one was smaller than the limit that would automatically trigger a security alert. It took the cybercrime unit of the Paris prosecutor’s office several months to identify the wallet the cryptocurrency was transferred to and link it to the suspect. The man was detained on Dec. 22 in the French department of Calvados upon his return to the country. Despite the prosecutors’ request for a permanent arrest, the accused has been released by court authorities and placed only under “strict judicial supervision.” Do you think cases like this indicate that authorities recognize the money status of cryptocurrencies? Share your thoughts on the subject in the comments section below. Images courtesy of Shutterstock. Do you need a reliable bitcoin mobile wallet to send, receive, and store your coins? Download one for free from us and then head to our Purchase Bitcoin page where you can quickly buy bitcoin with a credit card. The post French Businessman Detained for Stealing €1.2 Million in Crypto From His Partners appeared first on Bitcoin News. View the full article

Users can now purchase cryptocurrency with a credit or debit card on Bitcoin.com’s premier trading platform via a new partnership with Moonpay. The Bicoin.com Exchange has been rapidly expanding its offerings by adding new SLP tokens. Also Read: Gocrypto SLP Token Starts Trading on Bitcoin.com Exchange Bitcoin.com Exchange Offers New Fiat Gateway Bitcoin.com Exchange has announced that it has added the option to buy cryptocurrencies with credit and debit cards to the platform. This milestone has been achieved in partnership with Moonpay, a fiat-crypto payment provider that has already equipped the Bitcoin.com Wallet with the functionality of buying BCH using a credit card. “We are very excited to partner with Moonpay to offer our users a simple way to purchase cryptocurrencies with fiat money. Bitcoin.com Exchange is dedicated to making it easier for newbies in the industry to get started, so making crypto available via fiat was a logical next step towards achieving our mission,” commented Danish Chaudhry, COO of the Bitcoin.com Exchange. Bitcoin.com Exchange Bitcoin.com Exchange was launched by Bitcoin.com following a re-branding to represent the vision of an inclusive crypto ecosystem where anyone can gain economic freedom. The exchange, as an addition to the existing financial services, offers new as well as advanced traders a secure space to trade their cryptocurrencies since September this year. The platform employs institutional-grade encryption, two-factor authentication (2FA) and IP whitelisting to keep user accounts secure at all times. With the addition of the Moonpay gateway to Bitcoin.com Exchange, users will be able to buy all major currencies listed on the exchange with a credit or debit card. Available digital assets include ADA, ATOM, BCH, BTC, EOS, ETC, ETH, LTC, ONT, TRX, USDT, WAVES, XLM, and XRP. By partnering with Moonpay, Bitcoin.com Exchange is advancing in its mission of making cryptocurrencies more accessible. This was also highlighted by Moonpay co-founder and CTO Victor Faramond who commented: “At Moonpay we believe a user-friendly onboarding experience is essential to make cryptocurrencies accessible to everyone. We’re thrilled to partner with Bitcoin.com Exchange to help users top-up their accounts instantly.” Going forward, Bitcoin.com Exchange and Moonpay will collaborate to continuously improve the fiat-crypto onboarding experience for users. In the near future, Moonpay and Bitcoin.com Exchange are also planning to add Simple Ledger Protocol (SLP) tokens to the fiat gateway. SLP was created in 2018 as the first token ecosystem living on the Bitcoin Cash Blockchain. Since inception of the protocol, more than 6,000 SLP tokens have been created and the number is growing. As a Bitcoin Cash focused exchange, Bitcoin.com Exchange has recently added several SLP tokens to the platform including FLEX, GOC and ACD. More SLP tokens are scheduled to be listed. What do you think about Bitcoin.com Exchange adding the ability to buy crypto with a credit or debit card? Share your thoughts in the comments section below. Images courtesy of Shutterstock. Verify and track bitcoin cash transactions on our BCH Block Explorer, the best of its kind anywhere in the world. Also, keep up with your holdings, BCH and other coins, on our market charts at Bitcoin.com Markets, another original and free service from Bitcoin.com. The post You Can Now Buy Cryptocurrency With Credit Card on Bitcoin.com Exchange appeared first on Bitcoin News. View the full article

Soon after Google-owned Youtube has swung the strikes hammer against video content creators that talked about cryptocurrency-related topics, another arm of the search monopoly has taken down a popular ethereum dapps client. Also Read: Youtube ‘Christmas Purge’ Has Content Creators Pointing to These Alternate Platforms Metamask Kicked out of Google Play Store Google Play, the official app store for the Android operating system which is used by billions of mobile devices around the world and operated by Google, has banned the crypto app Metamask. The company pointed its restricted content policy on apps that expose users to deceptive or harmful financial products and services as a reason for the ban. The policy details that “we don’t allow apps that mine cryptocurrency on devices,” despite the fact that mining is something Metamask is not designed to do. “If left banned, we will be working on other ways of bringing our services to users still stranded on the Android platform while they migrate to something more free,” the Metamask team stated on Twitter. “The story will not stop here, and it certainly won’t stop with the Goliath winning.” In the last week, the MetaMask Android client was suspended by the Google Play App Store @googleplaydev. They cited their policy that bans mining on mobile, which we don’t. Appeal rejected. #ProtectWeb3.https://t.co/rfP4EbOAqv!?zippy_activeEl=cryptocurrencies%23cryptocurrencies — MetaMask (@metamask_io) December 26, 2019 Metamask is a decentralized apps browser for desktop and mobile built upon the Ethereum network. It also offers browser extensions for Chrome, Firefox, Opera, and Brave that add an in-browser wallet for ETH and ERC20 tokens to be sent and received. If you are using Android using an extension with one the supported browsers is a way to access the Metamask service until another solution in found. Crypto Community Turns Against Data Monopoly The move to ban Metamask from the Play Store comes at an especially tense time between Google and the crypto community. This is because only recently the google-owned video sharing website Youtube has removed content and banned channels that promote or otherwise analyze the digital asset markets. The company has since claimed this was done by mistake and reinstated some channels but the risk it poses to the ability to spread news ideas have already become clear. The Youtube affair drove many in the crypto community to look for ways to back up their content or even migrate to alternative platforms, with some influencers suggesting there is a need to develop new decentralized and censorship-resistant platforms for video sharing. If more crypto apps will be blocked perhaps there will be a similar move to diversify away from Android with a new crypto friendly and open operating system for mobile devices. Depending on a tech giant like Google that monopolizes search, email, video sharing and other fields could be a major problem for any technology that aims to change the world. Is this development good for the ecosystem? Share your thoughts in the comments section below. Images courtesy of Shutterstock. Verify and track bitcoin cash transactions on our BCH Block Explorer, the best of its kind anywhere in the world. Also, keep up with your holdings, BCH, and other coins, on our market charts at Bitcoin.com Markets, another original and free service from Bitcoin.com. The post Google Bans Crypto App Metamask From Play Store appeared first on Bitcoin News. View the full article

During the last few days, digital currency markets have been meandering sideways and prices have been less volatile. On Sunday, during the last 24 hours, the entire cryptoconomy is hovering just below the $200 billion zone and there’s roughly $71 billion in global trades. Crypto proponents are still uncertain about the future trajectory and whether or not digital currency price trends will continue sliding or rise again. Also read: Mystery Surrounds DDoS Attacks That Have Downed the Darknet The Cryptoconomy Continues to Meander Sideways Digital currency markets on Dec. 29, have seen a bunch of cryptos gather a few gains during the 24 hours of trading. Currently, the top 10 crypto market capitalizations have seen percentage increases between 0.50% to 5%. At the moment, BTC prices are around $7,392 which is up 1.05% for the day. BTC has an overall market valuation of around $134 billion and roughly $21 billion in 24-hour trade volume. Out of all the coin caps, BTC’s $134 billion market cap is dominating by 68%, but 74% of all BTC trades this Sunday is in tether (USDT). Top 10 market caps on Sunday, Dec. 29, 2019. Ethereum (ETH) is swapping for $130 per coin and ETH markets are up 2.3% during today’s trading sessions. This is followed by ripple (XRP) markets which have seen a 1.2% gain today and each XRP is trading for $0.19. The fourth-largest market valuation belongs to the stablecoin tether (USDT) and USDT is capturing around two-thirds of every crypto trade on Sunday. On Dec. 29, USDT trade volume is the highest out of all the coins with $25 billion worth of global swaps. Bitcoin Cash (BCH/USD) Market Action Bitcoin cash (BCH) markets are up 2.6% today and 13.4% during the last seven days of trading. Each BCH is swapping for $212 per coin and BCH has a market valuation of around $3.87 billion. At the time of publication, there is $1.7 billion worth of bitcoin cash being traded on exchanges and USDT captures 53% of all BCH trades. This is followed by BTC (23.29%), USD (13.06%), USDK (4.14%), ETH (3.52%), and KRW (1.32%). Looking at the weekly and daily BCH charts, Fxstreet analyst Ken Chigbo explained on Dec. 27 that BCH/USD is set to test the big $200 barrier. “Weekly price action smashed through the $200 mark, a retest is being observed in the current week, however, so far only resulting in rejection,” Chigbo said. “Price action is resting a breached daily pennant structure, a break and closure above would be critical for the bulls,” the analyst added. Bitcoin cash (BCH) market cap on Sunday, Dec. 29, 2019. Gold Bug Peter Schiff Doesn’t See Bitcoin Gains On Dec. 27, the notorious gold bug Peter Schiff said that BTC is the only asset in the world right now that’s not rallying toward the end of the year. “Bitcoin is not disappointing those who claim its true value is that it’s a non-correlated asset,” Schiff tweeted. “Every asset class in the world is rallying into the end of the year except Bitcoin. Not sure what value this actually adds, but at least Bitcoin is meeting expectations on something,” the economist further remarked. Despite Schiff’s opinion, the digital asset climbed more than 8.9 million percent over the last 10 years compared to gold’s 38% climb. Moreover, the cryptocurrency was still the best performing asset in 2019 as well, even though prices have dropped. Do Bearish Prices Equal an Upcoming Rip Your Face Off Rally? Even though prices have been lagging, bitcoiners and crypto proponents believe markets will spike in the near future. Bitcoin trader Michaël van de Poppe thinks a deeper bottom is coming and a much larger rally will follow after. “Very simple, 2020 is going to be a great year for cryptocurrencies and Bitcoin,” the trader tweeted. “If market capitalization remains above $145-150 billion, I won’t be surprised we’ll see a rally towards $500-600 billion.” BTC market cap on Sunday, Dec. 29, 2019. In addition to this prediction, the prominent BTC commentator Hodlonaut can envision a face-melting rally. “The kind of sentiment doldrums we are in now [and] people seemingly accepting that 7k is fair value,” Hodlonaut wrote. “Dozens of bull narratives proven wrong — Fatigue high, hype low. [It] is exactly the type of place where it would be trademark Bitcoin character to start a rip your face off rally,” he added. BTC/USD shorts on Sunday, Dec. 29, 2019. Overall, most traders and crypto enthusiasts are still uncertain as to where the future will take cryptocurrencies in the short term. Long term optimism is still high, but a decent number of analysts and traders think the bearish sentiment is not over. BTC/USD long positions (people betting the price will rise) have dipped a touch but are still extremely high compared to normal. Meanwhile, BTC/USD short positions (people betting against the price) are very low and there doesn’t seem to be many traders willing to short right now. Where do you see the cryptocurrency markets heading from here? Let us know what you think about this subject in the comments section below. Disclaimer: Price articles and market updates are intended for informational purposes only and should not be considered as trading advice. Neither Bitcoin.com nor the author is responsible for any losses or gains, as the ultimate decision to conduct a trade is made by the reader. Always remember that only those in possession of the private keys are in control of the “money.” Cryptocurrency prices referenced in this article were recorded at 10:25 am EST on December 29, 2019. Images via Shutterstock, Trading View, Bitcoin.com Markets, Twitter, Coinlib.io, Wiki Commons, and Pixabay. Want to create your own secure cold storage paper wallet? Check our tools section. You can also enjoy the easiest way to buy Bitcoin online with us. Download your free Bitcoin wallet and head to our Purchase Bitcoin page where you can buy BCH and BTC securely. The post Market Update: Crypto Traders Search for Bullish and Bearish Trends appeared first on Bitcoin News. View the full article

The National Power Training Institute, under India’s Ministry of Power, is offering blockchain training in multiple cities throughout the country. Participants will learn about blockchain technology, its use cases, smart contracts, Ethereum, cryptocurrency, Bitcoin, and even mining. Also read: Regulatory Roundup – New US Crypto Bill, France’s 1st Approved ICO, Muslim Crypto National Training Institute’s Blockchain Program The Indian government’s National Power Training Institute (NPTI) has organized a program entitled “Blockchain Technology” to take place at various NPTI locations. Three of them have already been scheduled. One will be on Jan. 6 -10 in Nangal, followed by one on Feb. 17 – 21 in New Delhi, and then on March 16 – 20 in Shivpuri, Madhya Pradesh. The program is organized by NPTI and sponsored by All India Council for Technical Education (AICTE) Training and Learning (ATAL) Academy. The NPTI is a national apex body for training and human resources development under the Indian government’s Ministry of Power. It currently has nine locations throughout the country — in Faridabad, New Delhi, Nangal, Neyveli, Durgapur, Guwahati, Nagpur, and two in Bengaluru. Two more locations are being established in Alappuzha and Shivpuriand, which will soon be operational. Attendees of one of the programs offered by the NPTI. Registration is free and each course can have up to 50 participants. The target audience for the blockchain program is postgraduate students, faculty members, and Ph.D. researchers of AICTE-affiliated educational institutions. The Power Ministry was where Subhash Chandra Garg was assigned to after he left the Department of Economic Affairs. India’s Prime Minister Narendra Modi reshuffled his cabinet soon after Garg’s interministerial committee submitted a draft bill to categorically ban cryptocurrencies, except state-issued ones. Garg has since resigned from the Power Ministry. What Participants Will Learn The aforementioned five-day program consists of 14 sessions, a lab, hands-on experiments, and open discussion. Among the topics attendees will learn are blockchain, its use cases, smart contracts, ledgers, the Ethereum framework, the concepts and applications of cryptocurrency, the integration of crypto and blockchain, Bitcoin, and mining. The Blockchain Technology program timetable showing topics that will be covered. “The widespread popularity of digital cryptocurrencies has led the foundation of blockchain, which is fundamentally a public ledger to share information in trustworthy and secure way,” the program’s overview reads. “Blockchain technology is an emerging technology suitable for decentralized and transactional sharing of data across a large network of untrusted participants. By using this technology one can maintain continuously-growing list of records called blocks and link them in a distributed manner (blockchain), potentially in such a way that these are secured against tampering.” The description continues: Considering the growing importance of blockchain technology and its potential in different sectors, this five-day training program is planned and sessions would be delivered by experts from the Industry. Prior to the three scheduled courses, NPTI organized two-day workshops and a five-day blockchain technology program in September at the NPTI in Feradidad, its website details. Growing Number of Blockchain Courses According to the list of programs on the AICTE website, there are many other crypto and blockchain-related courses organized by various educational establishments throughout India. The National Institute of Technology (NIT) Puducherry, for example, is hosting a five-day national workshop from Dec. 27 to 31 on “Blockchain Application Development Using Hyperledger and Ethereum.” Among the topics covered in this workshop are cryptocurrencies and exchanges. The National Institute of Technology Warangal organized a blockchain program from Dec. 23 – 27. Other educational establishments offering blockchain programs include JNT University, Motilal Nehru National Institute of Technology, University Visvesvaraya College of Engineering, and Bangalore University. A number of institutes in the state of Kerala also offer blockchain-related programs including the Government College of Engineering, Adi Shankara Institute of Engineering and Technology, and Cochin University of Science and Technology. Kerala’s Information Technology Secretary Shri. M Sivasankar recently said that the state plans to produce 20,000 blockchain experts in the next two years. The Indian government-backed learning platform Swayam also offers courses on cryptocurrency and blockchain technology, one of which is scheduled to start in February. What do you think of the National Power Training Institute offering a program on blockchain technology in various cities across India? Let us know in the comments section below. Disclaimer: This article is for informational purposes only. It is not an offer or solicitation of an offer to buy or sell, or a recommendation, endorsement, or sponsorship of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article. Images courtesy of Shutterstock, NIT Warangal, and NPTI. Did you know you can buy and sell BCH privately using our noncustodial, peer-to-peer Local Bitcoin Cash trading platform? The local.Bitcoin.com marketplace has thousands of participants from all around the world trading BCH right now. And if you need a bitcoin wallet to securely store your coins, you can download one from us here. The post Indian Government’s Institute Offers Blockchain Training in Multiple Cities appeared first on Bitcoin News. View the full article

France will soon be monitoring social media accounts to catch suspected tax evaders. The endeavor could label anyone as suspicious who so much as posts a “taxation is theft” meme or a poses with a nice car. The country’s budget minister, Gérald Darmanin, called the court-approved experiment ‘one more tool to fight fraud.’ Exemplified by this move toward dystopian financial surveillance is the economic elephant in the room: fiat monetary systems are not only broken, inefficient, and financially unsound, they’re also immoral. Also Read: Crypto’s Counterpunch to U.S. Hegemony and Empire No Means No, Except When It’s the State Every ethical transaction between peaceful humans involves informed consent. From romance to retail, exchanges that are forcefully perpetrated on another individual without agreement are rightfully identified as violent. Should your local department store charge you for an item you don’t want, and then leverage violence to obtain that “fee,” they’d be shut down in a heartbeat. Should someone in relationship demand access to your body against your will, that relationship is clearly abusive and should be ended immediately. Why then, when it comes to governments and money, is there a kind of shut off switch in people’s brains regarding morality? After all, when the government demands taxes to pay for a war or shoddy service one doesn’t even want, they do so with very real and credible threats of violence. Don’t wish to support a war killing innocent people? Too bad. Pay your taxes or end up in prison. Resist your kidnapping and end up dead. Local police department brutalizing people? Well, too bad. Support them or be extorted for said support. Wish to make a competing currency? Nope, try again. You need the permission of the rulers to do that. When it comes to state money, commonly known as fiat currency, competition is not allowed. We must use fiat currencies non-consensually, or see our ability to survive and thrive in the world severely mitigated, or even cut off altogether. Crypto is much different. People may use various cryptos as they please, or not. Competition is allowed and even encouraged when it comes to these currencies, and there’s generally no caging, kidnapping or other violence threatened by developers. In this sense, bitcoin can be seen as a currency of consent, where the creepy, overbearing, violent monetary designs of the state are already outdated, inefficient, and most critically, immoral. French Government to Trawl Social Media As noted above, the French constitutional court has recently green-lighted a three-year ‘experiment’ to the end of combating tax fraud, which gives tax officials legal power to incorporate monitoring of publicly shared social media in attempts to stop tax evasion. The implementation is part of 2020 budget considerations, and budget minister Gérald Darmanin took to Twitter Saturday to praise the ruling, saying the trawling of people’s Facebook and Instagram accounts is ‘one more tool to fight fraud.’ When the idea was being discussed last year, Darmanin mused to local TV media that tax officials: …will be able to see that if you have numerous pictures of yourself with a luxury car while you don’t have the means to own one, then maybe your cousin or your girlfriend has lent it to you, or maybe not. While monitoring of publicly disclosed data in and of itself is not violent, what makes France’s new initiative truly disturbing are the motivations. A violent fiat system demands violent enforcement. This means harassing, robbing, and even kidnapping people who although non-violent and peaceful, simply don’t wish to pay for something. The new self-described French experiment will creepily peer into people’s social media with a suspicious eye to find new victims. As Darmanin stated in an interview with newspaper Le Figaro: If you say you’re not a fiscal resident in France and you keep posting pictures on Instagram from France, there might be an issue. Regarding similar practices in other countries Darmanin notes that “I’d like to point out that there is nothing extraordinary here, other countries are already doing it, such as the United States or Britain since 2010 for example,” according to a November report by Reuters. It’s a wonder what business it would be of any normal, sane person where a stranger lives and why they post pictures from France, or with a nice car, but the folks at the tax authority have made it their specific concern for financial reasons. However, even the budget ministers don’t have such a great track record when it comes to tax compliance. Only recently former budget minister Jerome Cahuzac was sentenced to two years in prison for tax fraud and money laundering himself. The Far-Reaching Tentacles of the State The violence of fiat doesn’t stop with fiat money. It’s cramping the potential of crypto as well. There are a great number of crypto capitalists and entrepreneurs just chomping at the bit to provide innovative and useful services to a willing and hungry market, only to be crowded out and shut down by state interests and state threats of violent law enforcement. In recent months the EU’s 5th anti-money laundering directive (AMLD5) has been in the spotlight for inspiring everything from crypto startup shut downs to restrictions on the purchase of gold. The regulatory mafia has also famously twisted major crypto service provider Coinbase’s arm, until the company was forced to divulge private customer information to the IRS of around 13,000 users, or face a possible shut down. A common attack on crypto by regulators is that it is used for illicit purposes. But so what if it is? So is every single neutral tool under the sun. These are problems that must be dealt with, to be sure, but adding more violence to the mix can never help. The U.S. dollar is still the reigning champion by far when it comes to financing human rights abuses, anyway. The issue here is much more fundamental. Government monetary systems and their native currencies have violence built into them at a policy level. They have economic insolvency and debt as foundational mechanisms for use. In almost every area of life people see clearly enough to rightly proclaim violations of consent are wrong, and yet money and the state get a pass. It’s time to be logically consistent, and add money to the ethical purview of this clear observation. Consent — free market exchange of crypto — is something the world wants and needs to become more independent and economically free, and this is why the state is creepily fighting tooth and nail to suppress it. What are your thoughts on France’s proposed method for combating tax fraud? Let us know in the comments section below. Op-ed disclaimer: This is an Op-ed article. The opinions expressed in this article are the author’s own. Bitcoin.com is not responsible for or liable for any content, accuracy or quality within the Op-ed article. Readers should do their own due diligence before taking any actions related to the content. Bitcoin.com is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any information in this Op-ed article. Images courtesy of Shutterstock, fair use. Want to create your own secure cold storage paper wallet? Check our tools section. You can also enjoy the easiest way to buy Bitcoin online with us. Download your free Bitcoin wallet and head to our Purchase Bitcoin page where you can buy BCH and BTC securely. The post France’s Social Media Stalking Points to the Violence of Fiat, Consent of Crypto appeared first on Bitcoin News. View the full article

Chinese law enforcement recently busted 72 individuals connected to the Cloud Token (CTO) scam. The Ponzi was similar to the Plustoken fraud and CTO scammers made off with $500 million. According to regional press, the CTO scam artists are likely connected to the Plustoken swindlers. Moreover, after the Cloud Token arrests in China, police in Inner Mongolia warned the public about another MLM crypto project. Also Read: Chinese Police Seize Thousands of Miners, Arrest Dozens of Scammers Cloud Token and Plustoken: The Rise of the Ponzi Scheme Wallets In 2018, the cryptocurrency community was introduced to a project called Cloud Token. Similar to the Ponzi scheme Plustoken, CTO called itself the first online wallet that could integrate all the popular crypto assets out there today. The creators claimed CTO was a ‘4.0 blockchain project’ and the wallet held USDT, TUSD, BCH, CTO, BTC, LTC, ETH, and DOGE. Just like Plustoken, CTO promised 6-12% interest every month. The project was initially founded by the project’s lead developer Ronald Aai and project manager Daniel Csokas from Singapore. Nearly every article describing the Cloud Token project shows that the scam was tightly connected to the Plustoken creators. In June a report highlighted that the Cloud Token project had issues in Singapore so the MLM crypto scheme’s founders decided to relocate. Cloud Token cofounder Daniel Csokas. Mauritius’ Financial Services Commission Warns the Public About Cloud Token After leaving Singapore, the publication behindmlm.com reported that the CTO project leaders retreated to Malaysia and the Republic of Mauritius. “In addition to committing securities fraud in the US, Cloud Token is also not registered to offer securities in Singapore or Malaysia,” behindmlm.com explained in June. The following September, Mauritius’ Financial Services Commission (FSC) issued a statement to the public telling people to beware of CTO: The public is being solicited by a certain group of people on social media under the name of ‘Cloud Token Mauritius’ and ‘Cloud Token Indian Ocean and Africa’ to invest in digital assets and cryptocurrencies through the ‘Cloud Token’ mobile application. It has also come to the attention of the FSC that events are being hosted in publicly accessible areas in Mauritius to promote this application. The FSC urges investors and the public to exercise caution in any dealings with Cloud Token Mauritius and Cloud Token Indian Ocean and Africa. Following the FSC statement, in December news.Bitcoin.com reported on the arrest of 72 CTO associates. Police from Taiyuan, Shanxi province busted the alleged scammers at a train station and investigators disclosed the project defrauded Chinese investors out of 30 million yuan ($4 million). After the Cloud Token Scheme Takes in $500 Million, Another MLM Cryptocurrency Project Begins An editorial published by the China-based publication 8btc explains that during its tenure, the CTO project got away with $500 million. An anonymous CTO victim told 8btc that they deposited $20,000 into the wallet. “The crypto scam stole over $500 million from unsuspecting holders, claiming it’s a decentralized wallet that would reward its users for holding coins,” the anonymous person stressed. “Payment was to be received in the form of the company’s utility token and the reward would be 6% to 10% of the invested coin amount. [Meanwhile] the man promising all these rewards vanished with funds from over 800,000 members wondering when and how they will get their initial investment back.” Screenshot of an operating Cloud Token website taken by news.Bitcoin.com on December 28, 2019. Despite the arrest, there are still a number of CTO websites that are still operational. One particular website news.Bitcoin.com visited today showed the price per CTO to be $0.50 and gave a referral code. 8btc columnist Lylian Teng explained that China’s police force is also attempting to squash another crypto Ponzi scheme called Wotoken (WOR). Behindmlm.com has informed the public that Wotoken’s website “provides no information about who owns or runs the business.” Again similarly to Plustoken and Cloud Token, the Wotoken Ponzi scheme promises a daily ROI for a deposit of crypto coins. The multi-level marketing crypto also involves shady referral commissions that allegedly distribute WOR returns. Cloud Token lead developer, Ronald Aai, being interviewed by the Cloud Token Diamond Team at a Warsaw Event in Poland. “By now you should be familiar with the MLM cryptocurrency exit-scam model,” a behindmlm.com report details after reporting on a large number of scams like Onecoin, Cloud Token, Plustoken, and Wotoken as well. “Whenever whoever is running Wotoken decides they’ve stolen enough money or investor recruitment collapses, they’ll announce WOR’s public listing.” The MLM website’s Wotoken review concedes: Every MLM cryptocurrency scheme has followed this trajectory — Wotoken will be no different. What do you think about the Cloud Token Ponzi scheme? Let us know what you think about this subject in the comments section below. Disclaimer: This article is for informational purposes only. It is not an offer or solicitation of an offer to buy or sell, or a recommendation, endorsement, or sponsorship of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any ideas, concepts, content, goods or services mentioned in this article. Image credits: Shutterstock, Cloud Token logos, Behindmlm.com, Wiki Commons, Fair Use, and Pixabay. Verify and track bitcoin cash transactions on our BCH Block Explorer, the best of its kind anywhere in the world. Also, keep up with your holdings, BCH, and other coins, on our market charts at Bitcoin.com Markets, another original and free service from Bitcoin.com. The post Cloud Token and the Rise of MLM Crypto Projects appeared first on Bitcoin News. View the full article

Regional authorities in the province of Sichuan are reportedly pressuring bitcoin miners to scale down operations amid electricity shortages during the dry season in Southwest China. A meeting has been scheduled with regulators, the state run grid operator and mining companies. Two hydropower stations have been fined already for powering bitcoin farms without authorization. Also read: Chicago Company Mines at Oil Wells, Educates Producers About Bitcoin Winter Reduces Electricity Supply in Sichuan Sichuan is arguably the most important Chinese region in terms of cryptocurrency mining. While China is believed to control two thirds of the bitcoin’s global hashrate, it’s been reported that Sichuan alone accounts for over 50%. The province’s abundant hydropower energy during the wet season, between May and September, along with the cool climate in its mountainous areas have made it an ideal destination for miners. During the dry season, however, which extends from October through April, electricity generation drops significantly leading to shortfalls in supply. Prioritizing “social electricity demand” is the stated purpose for the recent government focus on mining operations. Under normal circumstances bitcoin farms coexist in symbiosis with hydropower stations, utilizing the excess energy they are capable of producing thanks to East Asia’s plum rain. Despite China’s decision to remove bitcoin mining from an unwanted industries list, miners in the country have enough reasons to be worried. Beijing embraced blockchain development in October but soon after that made it clear it didn’t mean decentralized cryptocurrencies. A crackdown on crypto companies has scared a lot of people involved in the industry. Chinese police recently seized thousands of mining rigs in the city of Tangshan, Hebei province. The local government in Sichuan’s Garze Tibetan Autonomous Prefecture has recently demanded a cleanup in the region’s mining sector, the Chinese outlet 8btc reported this week. Authorities have called a meeting to discuss the issue with about a dozen regulatory agencies, the tax administration, and the local branch of the state grid operator. Representatives of 10 companies involved in bitcoin mining have been summoned as well, the publication detailed. The meeting was originally scheduled for Dec. 25 and later postponed for the 27th. No details are currently available about its outcome but a source from the Chinese mining industry confirmed the news of the government offensive in Sichuan while also noting that the move is only of a regional significance and not on a national level. “It’s not going to make a huge impact to mining in China,” the representative of a company operating mining facilities in the hydro energy-rich province told news.Bitcoin.com. Hydropower Plants Fined for Powering Bitcoin Farms The initiative to curtail mining operations in Sichuan has been described as a part of the local government’s efforts to ensure sufficient power supplies to satisfy the needs of residents and cover the “normal” electricity consumption in the dry season. Estimates quoted by 8btc suggest that the monthly “social electricity demand” during the winter months this year has been projected to increase 30% over last year’s. Authorities in Garze have complained about noise and heat pollution from the mining facilities in the prefecture and even claimed that these create risks for the public and the environment. They are also unhappy with the influx of a large number of maintenance staff, illegal constructions and excessive electric infrastructure. Mining companies have been accused of not paying local taxes and fees. Officially, bitcoin miners are not welcome in this and other Chinese regions. In reality, they’ve been allowed to operate in Sichuan during the wet season when hydropower plants need more consumers. Many of them relocate to provinces rich in thermal power during the dry winter months. This time, however, authorities have been going after power plants as well. Two stations have been fined the equivalent of 140,000 dollars earlier in December for providing electricity to bitcoin farms without obtaining a power supply license. Do you think the government’s crackdown on miners in Sichuan is only a temporary measure? Share your thoughts on the subject in the comments section below. Images courtesy of Shutterstock. Do you want to maximize your Bitcoin Mining potential? Plug your own hardware into the world’s most profitable Bitcoin mining pool or get started without having to own hardware through one of our competitive Bitcoin cloud mining contracts. The post Authorities in Sichuan Go After Miners to Save Electricity in the Dry Season appeared first on Bitcoin News. View the full article

As digital currencies become a mainstay in society, a great number of governments have enforced strict tax guidelines, severe money transmission rules, and tough regulations. Because of a few nation-states’ harsh rules against cryptos, there are individuals who plan to renounce their citizenship in order to become stateless. Some people will also attempt to get double-citizenship, as both of these acts may help sovereign individuals avoid government intrusion and theft. Also Read: As FATF Regulations Galvanize, Crypto Mixing Applications Are Targeted A Cryptocurrency Advocate’s Quest for Financial Sovereignty May Involve Hard Choices It’s been close to 11 years since the inception of Bitcoin and during the last few years government agencies and law enforcement have been cracking down on digital currency holders. In certain areas around the world, a few countries have extremely difficult crypto laws and stringent capital gains taxes. Countries like the U.S. have imposed strict regulatory guidelines across the cryptocurrency ecosystem and when the FATF “travel” rule applies things are only going to get worse. Despite the fact that a good portion of countries enforce horrible regulations against digital currency use, there are plenty of regions that are far more friendly toward the technology. To some people, in order to combat against overreaching statism, renouncing their citizenship or obtaining a second citizenship to a friendlier area is a great way to escape the wrath of the immoral governments. Strict regulations have made it so bitcoin holders are now considering renunciation or dual citizenship. Renouncing Your U.S. Citizenship You can renounce your citizenship in a variety of countries, but the U.S. has seen a significant amount of people relinquishing their citizenship. In fact, since 1998, the number of individuals renouncing their U.S. citizenship has been rising exponentially, year after year. The biggest reason Americans are leaving in large numbers is because of tax laws and the Foreign Account Tax Compliance Act (FATCA). The FATCA rule, a law that combats offshore accounts, initiated across the U.S. in 2010 and ever since then, Americans dropping their citizenship grew significantly. Additionally, the U.S. has shown contempt for digital currency holders forcing them to reconsider citizenship in order to find a region with fewer restrictions. American expatriates and those who renounced their U.S. citizenship spiked in 2010 after FATCA started and it has climbed considerably into the next decade. Renouncing your U.S. citizenship is doable, but the process can be lengthy and costly. American residents must pay 20X the average cost other nation-states charge, which can also vary between $1,000 to $5,000 per individual. The person must settle any unpaid taxes too and any government-based debts. Then after all the money is considered, Americans must relinquish their citizenship by showing intent to an authority figure. You must sign an oath declaring voluntary renunciation and then appear before a U.S. consular. The website nomadcapitalist.com has a great number of articles that discuss citizenship renunciation or dual citizenship methods. In addition to the consular or diplomatic officer, you also have to state your intentions to the U.S. embassy. Each and every one of these tasks requires patience and waiting for approval from the authorities. “During the interviews, you will have to elaborate on why you want to renounce your U.S. citizenship,” explains the nomadcapitalist.com’s ultimate guide to renouncing citizenship. The nomadcapitalist.com writer Andrew Henderson explains that the last renunciation he witnessed took about five months to process. However, Henderson notes that despite the length of time it takes, the process is rarely denied. “The certificate is almost guaranteed,” Henderson writes. “While you do have to factor in the possibility that something wasn’t done correctly on the technical side of your renunciation, it is very rare for renunciation to be rejected once the oath is taken and the forms are submitted.” Individuals who hold cryptocurrencies and don’t want their hard-earned funds stolen from them may consider dropping their citizenship. A number of people who also believe in individualism and have libertarian beliefs think that the manipulative U.S. state and many other strict nations are becoming far too tyrannical. There are various guides and online walkthroughs that can help people complete the process of renouncing their citizenship. Nomadcapitalist.com offers a wide variety of helpful articles (posted below) to get people started down the path toward renunciation. How to Renounce Your US Citizenship: The Ultimate Guide 4 Reasons to Renounce US Citizenship Myths About Giving Up American Citizenship Will I Lose My Government Benefits by Renouncing US Citizenship? 4 Case Studies for Renouncing US Citizenship Why and How I Renounced My US Citizenship: My Expatriation Story The Tax Consequences of Renouncing US Citizenship The 5 Most Famous People to Renounce US Citizenship Can I Still Use My US Banks if I Renounce My Citizenship Obtaining Dual Citizenship Another act a person might consider is dual citizenship which can also help someone avoid an overstepping government. Before 1967, Americans were not allowed to hold dual citizenship but the law has since changed. Currently, U.S. residents can obtain two citizenships in 42 different countries including Australia, Barbados, Czech Republic, United Kingdom, Switzerland, Sweden, and Iceland. One of the top regions in the world for Americans looking for dual citizenship is the islands of Nevis and St. Kitts. In 2018, the top six dual citizenship countries included Ireland, Israel, Hungary, Italy, Peru, and Macedonia. Nomadcapitalist.com columnist Henderson’s recent report explains in great depth the fastest countries in the world to become a citizen. The cost of dual citizenship can be expensive as some regions require you to purchase a home or donate funds to the country’s government. Billfold writer Amanda McLoughlin also wrote a comprehensive report on the cost associated with dual citizenship. In order to get her dual citizenship between Ireland and the U.S., one year later after waiting for the process to complete and paying $784 McLoughlin became an Irish citizen. However, other studies show the process can take much longer and be extremely expensive for someone to gain another citizenship. Dual citizenship may not be as appealing as renouncing your citizenship. Cryptocurrency holders may choose dual citizenship in order to enjoy the benefits of quickly traveling and living in two countries. They might be able to avoid some strict laws and maybe figure out how to curb harsh taxation if they live in one area longer than the other. Although, dual citizenship might not be as beneficial as renouncing and there’s a potential for double taxation. Check out the variety of articles hosted on nomadcapitalist.com that explain the process of dual citizenship in great detail. What Are the Benefits of Dual Citizenship? Does Dual Citizenship Lower Your Taxes? Which Countries Allow Dual Citizenship in 2020? Second Passport: How to Get Dual Citizenship On September 16-19, 2020, at the Nomad Capitalist conference in Playa del Carmen, Mexico, Bitcoin.com’s Roger Ver will speak about the benefits of Bitcoin Cash (BCH) but also “how to relinquish your U.S. citizenship.” The four-day event may be of interest to crypto holders tired of governments stealing their wealth as the conference will teach participants the benefits of offshore tax strategies, overseas banking, second passports, and a sovereign lifestyle. After all, cryptocurrencies and financial sovereignty go hand in hand. What do you think about cryptocurrency investors renouncing their citizenship or attempting to obtain dual citizenship to avoid tyrannical governments and strict taxation? Let us know what you think about these topics in the comments section below. Disclaimer: This article is for informational purposes only. It is not an offer or solicitation of an offer to buy or sell, or a recommendation, endorsement, or sponsorship of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any ideas, concepts, content, goods or services mentioned in this article. Image credits: Shutterstock, nomadcapitalist.com, Wiki Commons, Fair Use, and Pixabay. Did you know you can buy and sell BCH privately using our noncustodial, peer-to-peer Local Bitcoin Cash trading platform? The local.Bitcoin.com marketplace has thousands of participants from all around the world trading BCH right now. And if you need a bitcoin wallet to securely store your coins, you can download one from us here. The post Harsh Laws Make Bitcoin Holders Consider Renunciation or Dual Citizenship appeared first on Bitcoin News. View the full article

Far away from western eyes, Asian blockchain projects are thriving. A vibrant ecosystem of public and permissioned chains has sprung to life in Asia, aided by government and big business endorsement of distributed ledger technology (DLT). Many of these chains are virtually unknown outside of the region, yet enjoy high profile partnerships and endorsements in their native territory. Also read: Germans Rush to Buy Gold as Draft Bill Threatens to Restrict Purchases Asian Nations Are Big on Blockchain It’s not just China that’s issued a green light to blockchain, if not bitcoin: all across South-East Asia, officials have issued similar blessings, and crypto projects have eagerly stepped up to the plate. Last week it was Thailand’s turn to roll out the red carpet to blockchain, where Sharering’s digital identity system and blockchain infrastructure are to be used in the country’s new e-visa system. The system will be deployed for visitors from India and China initially, and should dramatically speed up airport immigration for millions of travelers a year. Blockchain initiatives of this nature are now a common occurrence in Thailand and Asia at large: in November, the country’s Excise Department announced a blockchain-based tax payback system, and in September, the Thai energy company PTT unveiled a blockchain-based renewables platform with the Energy Web Foundation. To outsiders, the pan-Asian wave of blockchain projects can seem mystifying, given that the benefits of blockchain minus bitcoin remain debatable. Nevertheless, businesses and governments are undaunted in their determination to deploy DLT to solve a myriad of problems. News.Bitcoin.com spoke to a number of experts in a bid to ascertain why Asia is big on blockchain. Unpacking the East’s Blockchain Obsession “Asia loves blockchain because the technology is considered as a unique way to solve financial inclusion and cross-border remittance challenges,” ventures Alexander Kech, CEO of digital asset custodial service Onchain Custodian. “Less tight to legacy technology, countries are able to leapfrog and, leveraging new tech like blockchain, progress faster than many established economies.” “Singapore is an excellent example of a vibrant blockchain and crypto industry,” Kech continues. “A forward looking government and consultative regulator contribute to this favorable environment. The biggest fintech festival in the world (60K attendees) celebrates fintech in general and blockchain in particular … The rest of Asia is not staying still with Hong Kong and Thailand among many others gearing up in terms of legal framework to ensure they are getting ready for the future of banking and finance.” He adds: The Ubin project, a Singapore regulator driven initiative, is working with other central banks but also securities market infrastructure to enable the use of blockchain for the settlement of cross-border payments and securities transactions. The Thai central bank is working on issuing its CBDC, while Cambodia has launched a blockchain based payment system in the country that it plans to expand to cross-border payments. It’s a Cultural Thing “The modus operandi for the Asia-based blockchain industry is largely different from that of the West,” explains Kyn Chaturvedi, Chief Business Development Officer with Tomochain. “Asia really looks at blockchain as a business, and where economic value can be derived from in the short, mid, and long term. The space in Asia certainly did not gain a groundswell of support due to the ideals of cypherpunks, anarchists, or libertarians. So, though decentralization is a cool narrative, it’s not what drives a business to operate successfully in Asia. Instead the focus here is on market fit, and Asian innovation is driven by fast, iterative cycles measured through customer acquisition.” It’s a Payments Thing “Look no further than South Korea, which was the center of crypto activity in 2017,” continues Tomochain’s Kyn Chaturvedi. “Today, the companies that survived and thrived have identified a single area to drive their businesses forward – payments. Payments is an industry ripe for innovation considering the vast number of retail investors holding crypto. We can look at startups like Terra Money to the massive Kakao social network in the commercial space. “Next year we’ll likely see Kakao’s crypto wallet (Klip Wallet) being available for use across its millions of users. And then we can talk about the regulatory sandbox setup in Busan to allow and encourage its citizens to use a fiat-backed stablecoin for everyday commerce across the city. Tomochain is continuing to integrate with payment solutions in SEA as well. We have two major deals with Wisepass and Urbox that covers the purchases of a wide variety of products in Vietnam – everything from beverages to housewarming gifts. Wadz, a payment solution provider, is moving from Ethereum to Tomohain in order to enable their POS systems to integrate crypto payments across thousands of vendors in the region.” Seoul It’s a Tech Thing Bina Cho is VP of Marketing Strategy at APM Coin, whose native token is used by Seoul’s world-famous APM fashion market. According to Cho, any examination of Asia’s blockchain love affair must start and end in the country: “ One of the reasons for Korea’s strong enthusiasm for this industry is technology infrastructure and Koreans’ strong interest in new tech. For the blockchain implementation, solid IT infrastructure is required. Korea boasts one of the fastest internet speeds in the world, which means blockchain and other new IT tech can be flawlessly implemented. “Also, since Koreans tend to be tech savvy and/or early adaptors, they are willing to experience the new tech on their own. I think these are the reasons that several blockchain projects seeking mass adoption are developing their business models from the Korean market to global markets.” It’s an Asian Thing “You’ll note this report is light on Asia coverage as I am not as familiar as I should be with that half of the market,” conceded Messari’s Ryan Selkis in his 76-page Crypto Theses for 2020. He’s not alone. Blockchains operated by companies that are household names in Asia are an enigma to overseas analysts. Yet when it comes to tech, where Asia leads, the west follows. As such, crypto trend-spotters would do well to fix their gaze on SEA. As crypto analyst Joseph Young recently observed, “At this point, pretty much every major conglomerate in South Korea leading their respective industries is involved in blockchain / crypto to some extent. Samsung, Kakao, KT, Shinhan, LG, Hyundai, the list goes on.” While South Korea, Japan, China, Thailand, Singapore and neighboring nations press ahead with all things blockchain, those in the west are forced to watch from afar, cheering the adoption if not always fully grasping the rationale. Why do you think blockchain is embraced more enthusiastically in Asia than in the west? Let us know in the comments section below. Images courtesy of Shutterstock. Did you know you can verify any unconfirmed Bitcoin transaction with our Bitcoin Block Explorer tool? Simply complete a Bitcoin address search to view it on the blockchain. Plus, visit our Bitcoin Charts to see what’s happening in the industry. The post Asia’s Love Affair With Blockchain Is Blossoming appeared first on Bitcoin News. View the full article

Mainstream media is probably one of the worst mediums for factual information because it’s typically filled with ignorance and propaganda. When it comes to cryptocurrencies, darknet markets, and encryption, conventional news outlets publish hit pieces that are beyond absurd. On December 27, Harper’s Magazine published a feature report called “Click Here to Kill,” which described the author’s perception of alleged “online murder markets.” Ironically, the 7,500-word feature never actually found any real assassins and no one was murdered. Also read: Dark Net Markets Are Booming From Better Quality & Safety The Mainstream Media’s Perception of So-Called Assassination Markets These days, mainstream media think they are hip to the cryptocurrency scene. This is because they hire a few ‘world-class’ journalists to study the cryptosphere for a few days in order to publish a hit piece. The latest absurd feature from traditional news outlets stems from Harper’s Magazine, which published an article called “Click Here to Kill.” The reason Harper’s Magazine’s latest presentation is preposterous is because the publication makes you read an extremely long editorial only to learn the investigation never found any real murderers. What the investigative reporter found was scammers building websites that advertised assassination. These murder-for-hire websites took people’s money after they deposited the crypto and made a promise to kill. The writer’s drawn-out article wants you to believe there’s a huge issue with assassination markets on the deep web, but in actuality, there’s just a bunch of scammers. For instance, the article tells us about a woman who was told by the police that someone disliked her and decided to connect to a site called Camorra Hitmen to commit an evil deed. Supposedly, a person dubbed ‘Mastermind365’ sent the administrators of the site $5,000 worth of BTC in exchange for her assassination. However, the police never got back to her after they told her the initial news. The author’s hyperbole-filled post explains how prevalent it is for people to pay money to so-called online assassins and the job never gets completed. The author’s main source is a systems administrator from London who also takes part in independent cybercrime research on the side. The researcher had discovered a variety of alleged online assassination markets and forums like a site called Besa Mafia. Throughout the article, the cybercrime researcher mentions a bunch of sites that basically take money for a hit, but in the end, the website owners just steal the money. The report said that Besa Mafia offered kidnapping services and hitmen in exchange for bitcoin. Still, the Besa Mafia website was just another worthless scam site as the Harper’s Magazine author states: Besa Mafia had a somewhat slicker graphical interface than the dark-web assassination markets Monteiro had seen before, but it was nevertheless clear to him that this one, like the others, was a scam, designed to pilfer money from gullible users. The “Click Here to Kill” editorial doesn’t find one real assassin throughout the entire report and no murder was committed during the ‘exclusive’ investigation. Still, the editorial tries to paint a picture of how ‘dark’ the invisible web is and put digital currencies in a bad light. Even though the journalist couldn’t find any real assassins and just happened to stumble upon scammer websites, he really wants you to believe in the nonexistent boogeyman. Governments and mainstream media have used this type of propaganda for years. Fear-Instilling Headlines Have Purpose A good example of this propaganda in the wild is the Ross Ulbricht case, when news outlets published lies about ostensible hits that never came to fruition. The U.S. government never charged Ulbricht for any crimes associated with murder-for-hire, but the rumors were used to make the public frown upon Ulbricht and the Silk Road. Mainstream media never told the public that Ulbricht left the Silk Road and someone else took the name ‘Dread Pirate Roberts’ (DPR) immediately after. In fact, Ulbricht announced the transition to a close friend in an online chatroom in November 2011. What really happened was U.S. law enforcement and rogue agents faked a murder and made it seem like the Silk Road administrator was violent. Even worse is the fact that the rogue agents had access to DPR’s login credentials and private keys so the entire story was likely fabricated. Throughout the Harper’s Magazine editorial, the exclusive investigation found a person called ‘Yura’ who created scam sites that took people’s money, but never assassinated anyone. Instead of being objective, the Harper’s Magazine hit piece describes an online world where you can “click to kill.” But that’s not really the truth. The truth is there are plenty of sites on the deep web willing to take money from gullible suckers who think websites like these are legitimate. There’s a reason a story like this one contains fabrications and mainstream media runs outlandish, fear-instilling headlines. It’s because there is an agenda and governments want the media to make it seem like cryptocurrencies need to be tracked and the dark web is filled with violent crime. Conventional news outlets like CNN, Vice, Harper’s Magazine, New York Times, Gizmodo, and Bloomberg will never tell you that darknet marketplaces (DNM) are just a group of consenting adults exchanging vices in a nonviolent manner. Harper’s Magazine authors will not explain how these online markets improved the quality of designer drugs by using a reputation system. Nor will its writers detail that DNMs have completely removed street violence. No, mainstream media and these types of writers want propaganda to give you a false perception of reality. Their masters want more headlines and reports filled with fake murder-for-hire websites and exaggeration. What do you think about the Harper’s Magazine hit piece called “Click Here to Kill” and the fact that no website mentioned in the article actually killed anyone? Why do you think mainstream media pushes propaganda articles like these? Let us know what you think about this subject in the comments section below. Image credits: Shutterstock, the Farrelly Brothers movie: Dumb and Dumber, Fair Use, Wiki Commons, Harper’s Magazine, and Pixabay. Did you know you can buy and sell BCH privately using our noncustodial, peer-to-peer Local Bitcoin Cash trading platform? The local.Bitcoin.com marketplace has thousands of participants from all around the world trading BCH right now. And if you need a bitcoin wallet to securely store your coins, you can download one from us here. The post Mainstream Media’s Hit Piece on Hitmen Fails Miserably appeared first on Bitcoin News. View the full article

Having problems with payments around Christmas can be frustrating, especially for those who leave gift buying till the last minute. With calmer markets this holiday season, the crypto ecosystem has been operating relatively smoothly, with few exceptions. The fiat world, however, saw some glitches that affected card payments in particular. Also read: New Ukrainian Law Says ‘Virtual Assets’ Can Be Used for Payments Complaints About Payments and ATM Issues Users of Visa and Mastercard, the world’s leading payment processors, have complained about their cards not working right before Christmas Day. Both systems experienced outages on Dec. 24, according to data collected by Downdetector. The website monitors various services in real time and updates you whenever they are having problems or are temporarily down for some reason. Issues with Visa in the U.S. started at around 1:14 p.m. EST this past Tuesday, the platform details, with most reports concerning payments (83%) and ATM transactions (10%). Around 6% of users had to deal with website-related issues. Reports peaked at 8:29 p.m. on the 24th (468) followed by a less pronounced spike at 10:14 p.m. (143). Another interval of interrupted services was registered between 12:25 p.m. on Dec. 20 and 3:55 a.m. on Dec. 21, with the most down reports (163) filed at around 7:40 p.m. on Friday. Approximately 70% of the complaints this time were about payments, with the rest related to website and ATM issues. The majority of such cases have been observed in the United States, Germany and the U.K. Visa in Russia dismissed the outage reports, stating on social media that “Visa cards work as usual. Reports of outages on the Visa payment system do not reflect the reality.” Russians, however, celebrate Christmas on Jan. 7 and it’s likely that the network did not deal with the same loads. Prepaid and Gift Cards Affected Comments left by users under the alert tickets suggest that many customers had trouble activating their Visa prepaid or gift cards. Some were surprised to find out that according to the fine print, it takes up to 24 hours for the funds to appear on the card. In some cases, that didn’t happen at all even after more than a day of waiting and customers had to file claims with the issuers to gain access to their money. Others had issues when trying to spend their balances through third party payment processors. One of them complained: “Using my Visa gift card to make a purchase online and pay though PayPal. It just says PayPal cannot verify the card and will not allow me to pay. It says the amount in full and the zip is registered but still nothing…” Downdetector users with MC cards have also filed numerous reports on Dec. 24, with the highest number, 127, registered at 8:36 p.m. In 78% of the cases, customers were facing problems with card payments. Teller machine and website issues each affected 10% of the card holders that contacted the website. The crypto world was not completely spared of problems either, despite the relatively uneventful atmosphere over the past few weeks. On Dec. 22, popular crypto payment provider Bitpay experienced a temporary outage of bitcoin core transfers. “BTC payments were briefly unavailable today between 1 and 4:25 p.m. as we worked to resolve transaction infrastructure issues. Service is restored,” the platform’s support team tweeted the following day. The ability to process much more transactions, thousands per second, than cryptocurrency blockchains is an argument Bitcoin skeptics put forward when comparing traditional fiat-based payment systems like Visa and Mastercard with decentralized networks. But while cryptocurrencies still have a lot of ground to cover in terms of scalability, they also have some undisputable, innate advantages over bank cards. Being able to pay without interference from a third party in a peer-to-peer manner guarantees instant, unimpeded access to your money. Besides, gift cards are available for crypto enthusiasts as well. Did you experience issues with your card payments this Christmas? Let us know in the comments section below. Images courtesy of Shutterstock, Downdetector. Do you need a reliable bitcoin mobile wallet to send, receive, and store your coins? Download one for free from us and then head to our Purchase Bitcoin page where you can quickly buy bitcoin with a credit card. The post User Reports Reveal Visa and Mastercard Outages During the Holidays appeared first on Bitcoin News. View the full article

Since the inception of Bitcoin, governments have tried to keep track of all the transactions taking place on the public blockchain. As the years progressed, authorities have shown a distaste for cryptocurrency mixing applications like Coinjoin. On Dec. 19, a Binance customer couldn’t withdraw his bitcoin because the exchange told him he used the mixing wallet Wasabi. Eventually, the customer got his funds back, but only after promising not to deposit to a tumbling wallet again. Also Read: European Crypto Exchange Bitbay Ends Monero Trading due to Anonymity Features Coin Tumbling Users Beware The battle for cryptocurrency anonymity is upon us and governments are invading the very decentralized frameworks designed to bypass their so-called authority. Last Thursday, a Binance customer explained on Twitter that his funds were frozen because he was withdrawing to a wallet that mixed his UTXOs. “Bitcoiners be warned: this is what happens if Binance finds you withdrawing to Wasabi wallet,” the Binance client tweeted. The customer dubbed @Bittlecat said he wasn’t surprised to find out his transactions were tracked, but stressed that he was very concerned that Binance knew he was sending to Wasabi. After telling the public about the incident, Bittlecat said that he got his BTC back. “I got my [satoshis] back, but not without promising Big Brother I wouldn’t mix those UTXOs,” he remarked. Bittlecat added: It is really sad that [Coinjoin] is seen as criminal activity, and I’m glad that we are discussing this. Bittlecat’s tweet, of course, quickly made its way across social media and crypto forums, becoming a viral topic in a matter of no time. Binance CEO Changpeng Zhao (CZ) replied to Bittlecat’s tweet and disclosed that the exchange operates under regulatory guidelines. “Binance SG operates under the requirements set forth by MAS and our MAS regulated partner, Xfers. Hence there are AML CFT controls set in place,” CZ responded. “Not something for us to decide [and] I believe they have already reached out to you to clarify and explain.” The Wasabi user reacted to CZ’s response and said that he expected the CEO to “decentralise the blame.” “How does this regulation make sense, when Binance has already KYC-ed me?” he asked. “Mixing is not illegal, it’s privacy.” Governments Dislike Crypto Mixers and UTXO Tumblers A great number of crypto proponents believe that issues like the Wasabi/Binance problem are just the start of a large uphill battle for privacy. Governments worldwide and the Financial Action Task Force (FATF) are preparing to crack down on exchanges after FATF galvanized the fact that the “Travel” rule will certainly apply to cryptocurrencies. For years now, governments have targeted tools like BTC mixers and tumblers (Coinjoin-based) to fight against so-called money laundering and terrorist financing. For instance, in January 2017, a group of officials from Europol, Interpol, and the Basel Institute on Governance met in Doha, Qatar and discussed the topic of crypto mixers. During the two-day event, participants attending the anti-crime focused conference had a slew of recommendations including dismantling crypto tumbler services. The Basel Institute’s press statement insisted: All countries are advised to take action against digital currency mixers/tumblers. Such services are designed exclusively to anonymize transactions and to make it impossible for law enforcement agencies to detect and trace suspicious transactions. The existence of such companies should not continue to be tolerated. Since then, law enforcement officials have taken action against digital currency mixers. Furthermore, a few online mixing services on clearnet and the deep web decided to shut down services in fear of criminal charges. For instance, after the takedown of the two darknet marketplaces Alphabay and Hansa, the extremely popular Bitmixer.io voluntarily closed operations in July 2017. Two years later, in May, the operation Bestmixer.io was seized by Europol and the Dutch Fiscal Information and Investigation Service (FIOD). At the time, Dutch authorities accused the Bestmixer administrators of mixing 27,000 BTC. A month later, in June 2019, the BTC tumbling service Bitcoin Blender voluntarily bowed out and closed its operations. After a number of digital currency mixer/tumbler services bit the dust, cryptocurrency developers have created in-wallet platforms that allow users to mix UTXOs in a noncustodial fashion. For BTC, there are popular mixing wallets like Samourai and Wasabi wallet and bitcoin cash (BCH) users have access to Cashshuffle. Moreover, BCH developers are improving Cashshuffle with a protocol called Cashfusion. Additionally, as governments and regulators have threatened exchanges who don’t comply with AML/KYC guidelines, a myriad of trading platforms have delisted cryptos with privacy-centric characteristics like monero (XMR), and zcash (ZEC). Officials from Japan pressured Japanese exchanges to delist privacy coins and a number of other international exchanges have dropped digital currencies that provide anonymity. FATF Rules Will Further Disrupt Privacy Advocates and the Anonymous Crypto Applications They Use People believe exchanges delisting privacy coins, law enforcement agencies cracking down on mixers, and the recent issue with a Binance customer using Wasabi is just more signals of a FATF-driven agenda against cryptocurrencies. Individuals and organizations knew big changes were coming after the June G20 leaders’ summit ended in Japan. At the time, G20 participants including leaders from the EU, U.S., Germany, Japan, South Korea, the U.K., and India reaffirmed that the FATF rules would apply to the digital currency ecosystem. By this spring of 2020, the whole cryptocurrency environment may look entirely different due to the FATF regulations and of course anything to do with privacy, like using mixers like Wasabi, will be frowned upon. What do you think about Binance freezing a customer’s BTC because they used the Wasabi wallet to mix UTXOs? Let us know what you think about the FATF-driven agenda against anonymity and cryptocurrency usage? Do you think regulations will get much worse? Let us know what you think about this subject in the comments section below. Image credits: Shutterstock, Binance and Wasabi Logos, Fair Use, Wiki Commons, and Twitter. Verify and track bitcoin cash transactions on our BCH Block Explorer, the best of its kind anywhere in the world. Also, keep up with your holdings, BCH, and other coins, on our market charts at Bitcoin.com Markets, another original and free service from Bitcoin.com. The post As FATF Regulations Galvanize, Crypto Mixing Applications Are Targeted appeared first on Bitcoin News. View the full article

Four financial regulators in China have jointly issued a fresh warning regarding crypto trading activities in Beijing. The notice explains the reason for the warning and lists prohibited crypto activities, which have reportedly been surging as companies ramp up their blockchain promotion. Also read: Regulatory Roundup – New US Crypto Bill, France’s 1st Approved ICO, Muslim Crypto Joint Warning by 4 Chinese Regulators On Friday, four Chinese regulators jointly issued a notice on the prevention of crypto trading activities in Beijing. The four regulators are Beijing Financial Supervision Administration, Business Management Department of the People’s Bank of China (PBOC), Beijing Banking and Insurance Regulatory Bureau, and Beijing Securities Regulatory Bureau. The notice begins by explaining that recent promotion of blockchain technology has led to increased crypto activities in China, adding that some platforms are providing crypto trading services to domestic residents and offering crypto products such as zero-interest loans. The notice emphasizes that these activities are “serious violations” of the “Announcement on Preventing Financing Risks of Token Issuance,” which was published by seven regulators in September 2017. Joint warning issued on Friday by four Chinese regulators in Beijing regarding crypto activities. Among the seven regulators were the PBOC, the Ministry of Industry and Information Technology, the China Banking Regulatory Commission, the China Securities Regulatory Commission, and the China Insurance Regulatory Commission. Their joint announcement on Sept. 4, 2017, led to the closing of cryptocurrency and initial coin offering (ICO) trading platforms in the country. On Nov. 25, the PBOC published a financial stability report for 2019, stating that 173 domestic crypto trading and digital token platforms have “exited without risk.” Meanwhile, local regulators have also been implementing similar measures. The PBOC’s Shanghai Head Office recently issued a notice detailing its efforts in line with the September 2017 announcement. Other cities have also been increasing their efforts, including Shenzhen where local authorities have reportedly been questioning crypto businesses. There have also been reports of Guangzhou’s regulators taking a similar approach. Prohibited Activities The notice issued by the four regulators in Beijing on Friday explains that various regulators have continued to “maintain high pressure” on activities involving cryptocurrencies and ICO transactions. They employ methods such as “on-site interviews, administrative investigations, website closures, and criminal case filing to combat them,” the notice describes. The regulators further warned that “institutions and personnel in Beijing that carry out related activities shall not publicize and promote relevant virtual currency projects or platforms.” Other prohibited activities are conducting crypto business transactions, engaging in crypto transactions with investors, and engaging in domestic and overseas token issuance or trading activities. Furthermore, the notice emphasizes that financial institutions and non-bank payment businesses cannot provide any crypto-related services. Since President Xi Jinping advocated for blockchain technology and said that China should expedite the development of this technology as the core for innovation, many Chinese companies have been promoting the technology for use in their businesses. This week, the Shenzhen Stock Exchange launched a blockchain index comprising stocks of the largest 50 publicly listed companies with blockchain ventures. What do you think of this warning by four Chinese regulators? Let us know in the comments section below. Disclaimer: This article is for informational purposes only. It is not an offer or solicitation of an offer to buy or sell, or a recommendation, endorsement, or sponsorship of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article. Images courtesy of Shutterstock and the Chinese government. Did you know you can buy and sell BCH privately using our noncustodial, peer-to-peer Local Bitcoin Cash trading platform? The local.Bitcoin.com marketplace has thousands of participants from all around the world trading BCH right now. And if you need a bitcoin wallet to securely store your coins, you can download one from us here. The post 4 Beijing Regulators Issue New Crypto Activity Warning appeared first on Bitcoin News. View the full article

“The Muslim world should be designing measures to save themselves from the domination of the United States dollar and the American financial regime.” —Hassan Rouhani, President of Iran Also Read: Crypto Confronts Social Justice Warriors Hegemony and Muslim Resistance Hegemony refers to the leadership or dominance of one country or group over others. A nation with the most powerful fiat and control of international banking can achieve hegemony through trade wars, financial sanctions or bribery (aid), and the flex of expensive military might. A dominant state is known as the hegemon. The United States has been the global hegemon for more than half a century. The globe is rebelling. According to the bitcoin.com article “Iran, Turkey, Malaysia Discuss Creating Unified Muslim Cryptocurrency”, at the Kuala Lumpur Summit 2019 — a four-day event that began on December 18 — the Malaysian Prime Minister Mahathir Mohamad, Iranian President Hassan Rouhani, and Turkish President Recep Tayyip Erdogan “discussed the prospect of creating a unified cryptocurrency for Muslim countries. Rouhani proposed an Islamic financial payment [system] with Muslim countries trading in local currencies and the creation of a Muslim cryptocurrency to cut reliance on the U.S. dollar.” The Malaysian P.M. declared himself open to the “idea of a unified cryptocurrency for Muslim countries.” Circumventing Established Superpowers Muslim nations are not alone. Russia launched its System for the Transfer of Financial Messages (SFPS) in December 2017 as an alternative to the Society for Worldwide Interbank Financial Telecommunication (SWIFT). SWIFT is an identification-code network for international transfers that allows financial institutions to send data to each other in a standardized and reputedly secure way. SWIFT is the default global system for financial transfers, which has been called the central nervous system of international banking. Although its messaging platform is based in Belgium, the U.S. exerts undue influence upon SWIFT. Consider the U.S. sanctions imposed late last year on Iran as a way to rein in its nuclear ambitions. Targeted Iranian banks were excluded from SWIFT access after U.S. Treasury Secretary Steven Mnuchin threatened the SWIFT itself with sanctions if it did not comply. Without access, Iran could not easily pay for imports or receive payment for exports. A state that incurs American wrath is vulnerable to economic sanctions through SWIFT. In response, the BRICS joined the Russian alternative to SWIFT—the SFPS, which is based on the ruble or the fiat of members, not on the dollar. (BRICS is an acronym for five emerging economies: Brazil, Russia, India, China, and South Africa.) Russia also reached out to China, Iran, and Turkey to integrate SPFS with their financial systems. Most significantly, some Russian banks have joined the China (or Cross-Border) International Payments System (CIPS) to facilitate economic transfers between the two. The European Union (EU) has been crying for more financial independence from America. A headline in Deutsche Welle declared, “Germany urges SWIFT end to US payments dominance.” The article opened, “Germany’s foreign minister has reiterated calls for the EU to free itself from dependence on the US and adopting its own international payments channel is one way of doing that.” According to Christopher Bovis, professor of international business law at the University of Hull (UK), “The European Commission has been developing … a parallel system to SWIFT which will allow Iran to interface with European financial systems, European clearing systems, using the nominations supported and created by the European Investment Bank based on the euro.” The SWIFT alternatives have stumbled on the road to realization, but they are moving forward. The day when there will be several default currencies is foreseeable. When this comes, U.S. hegemony will be cut off at the knees. Over Half a Century of U.S. Financial Hegemony U.S. hegemony is rooted in World War II (WWII), which ran from 1941 to 1945 in terms of America’s direct involvement. During WWII, America ascended to military dominance largely through developing the atomic bomb and demonstrating a willingness to use it. Of equal or greater importance was the ascendancy of the American dollar as the foremost fiat and reserve currency of the world; a reserve currency is one used by states for foreign exchange and usually preferred by institutions or individuals for international transactions. 1944 cemented the supremacy of the U.S. dollar. While WWII still raged, more than 700 delegates from 44 nations met at Bretton Woods, New Hampshire in order to regulate post-war international finance. Officially labeled the United Nations Monetary and Financial Conference, the gathering became known as the Bretton Woods Conference. It established a system of institutions and procedures for the international monetary system, which persists to this day; the International Monetary Fund was created, for example. The U.S. dollar became the reserve currency, with the central banks of other nations maintaining fixed exchange rates between their currencies and the dollar — that is, buying or selling the dollar to regulate their own money supply and value. A “floating rate” later evolved. Interestingly, the Soviet Union refused to ratify the agreement, saying the institutions it created were “branches of Wall Street.” Bretton Woods cemented America’s financial hegemony through the global post-war institutions that functioned largely as agents of U.S. power and policy, which explains America’s initial enthusiasm for them. The global agencies have experienced several decades of evolution, however, and they now often act against U.S. interests. America’s enthusiasm has declined. America’s superpower status was also cemented by post-war policies such as the Marshall Plan. The Plan pumped approximately $13 billion into Western Europe, allegedly to rebuild the economies of shattered nations. ($13 billion is about $183.48 billion in 2019 dollars. Some historians place the original figure as high as $17 billion.) The Marshall Plan explicitly partnered with the anti-communist Truman Doctrine, which passed the U.S. Congress in 1947. This is where many historians date the beginning of the Cold War. It erupted into the Korean War (1950-1953) and culminated in the Vietnam War (1965-1973, American military involvement). In his path-breaking essay, “Myths of the Marshall Plan,” economist Tyler Cowen exploded five myths surrounding the Marshall Plan, which was said to create a miracle of European revival. Myth #2 offered a glimpse of the Plan’s true face. Myth #2: The Plan encouraged free enterprise and sound economic policy. “[Those] directing postwar U.S. foreign economic policy had strong interventionist sympathies; when faced with any problem, their instinct was to seek a governmental solution … Furthermore, the very structure of the Marshall Plan encouraged state planning.” In most cases, state regulation increased. The “West German miracle,” for which the Marshall Plan is credited, occurred only after the economic director, Ludwig Erhard, acted unilaterally and against American wishes to abolish most of the Allied economic controls. With ownership of the world’s reserve printing press and control of the major European economies, post-WWII America achieved a dominance that endured into the 21st century. Crypto is Anti-Empire, Anti-Hegemony Competition is always desirable because it offers more choices to the individual. But a statist competition between global payment systems does not necessarily increase the financial freedom of individuals. The state — one state or another — remains in control of the wealth transfer; only direct payment or barter allows hands-on privacy and control. In this, the blockchain is a game changer. Investopia explained, “With its distributed ledger and ability to enable transactions with minimal fees, blockchain poses a tangible threat to cross-border funds transfer systems … And none of those systems is more threatened than SWIFT, a consortium of banks that manages a bulk of global transactions.” SWIFT itself is assisting in its own decline. In recent years, a series of SWIFT hacks have raised questions about its ability to protect money and data. The hacks led the investment bank Credit Suisse to post on its site, “Forget Bitcoin, but Remember Blockchain?” Credit Suisse stated its belief that “interbank payment systems are ripe for disruption. Interbank payment systems such as SWIFT are old, inflexible, slow, and increasingly prone to cyberattacks at a time when banks are under tremendous pressure to cut costs and protect customer data from hackers, which blockchain could achieve.” Again, this solution solves nothing for the individual. If SWIFT is replaced by a major bank’s blockchain — a bank that functions as an arm of the state — then financial freedom is not advanced. This is evidenced by Credit Suisse’s praise of distributed ledgers as an efficient way to collect taxes, pay government benefits, issue permits and licenses, and create universal identification networks. But Credit Suisse’s acknowledgement of blockchain’s payment power means that crypto has caught the establishment’s attention, and it wants to harness crypto’s power to serve its own purposes. Credit Suisse’s rejection of free-market blockchain recognizes that Bitcoin is either useless for its purpose or a threat. It is both. The state most often ignores the merely “useless,” however, and attacks threats. In a recent article, the Bulgarian journalist Lubomir Tassev asked, “Is the Dollar Era Under Threat?” Yes, it is. Crypto endangers the dollar and SWIFT in at least two ways. First: a free-market blockchain vests financial control in the hands of individuals who sidestep the state. The state cannot survive being widely sidestepped. Its existence depends on stealing wealth and returning a small fraction of it as services that are either unwanted or more efficiently provided by the marketplace. As the power of individuals grows, that of the state declines. And the state is extremely good at one thing — recognizing an enemy. Second: the blockchain payment system out-competes those of traditional finance that are controlled by the state and state-aligned banks. Tassev observed, “Decentralized cryptocurrencies have their own shortcomings if they were to be used as reserve or global currencies. However, many of these drawbacks can be attributed to their infancy. Take volatility for example, which has decreased significantly in the past year.” As the blockchain evolves naturally, the threat to traditional systems of control increases exponentially. Conclusion The stakes are high on both sides. Consider one aspect that is rarely discussed. The state’s financial monopoly allows it to equate wealth with fiat itself. The control is so great that people think about money and finances in statist terms. Real wealth is not about money. Real wealth is: not having to go to meetings, not having to spend time with jerks, not being locked into status games, not feeling like you have to say ‘yes,’ not worrying about others claiming your time and energy. Real wealth is about freedom. —James Clear, author of Atomic Habits Wealth is power, and this is a most excellent thing when it is used to pursue and express freedom. But freedom only occurs when individuals control their wealth, especially the return on their labor and capital. When the state controls wealth, then it benefits from the wealth through stripping away individual freedom. And there can be no greater control than to enter the mind of a person and define the terms in which he thinks of an issue. This is what happens when wealth is conflated with fiat. What would a house sell for? How much has the dollar value of gold risen? What is the price of a loaf of bread today? How much do you earn for your labor? What are you “worth”? The conflation accrues to the state’s advantage. Clarity of thought is always individual, and this clarity is the basis of survival and progress. Few things are as clear as the fast flow of electrons over an immutable blockchain. It can literally bring down empires. Op-ed disclaimer: This is an Op-ed article. The opinions expressed in this article are the author’s own. Bitcoin.com is not responsible for or liable for any content, accuracy or quality within the Op-ed article. Readers should do their own due diligence before taking any actions related to the content. Bitcoin.com is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any information in this Op-ed article. Images courtesy of Shutterstock. Want to create your own secure cold storage paper wallet? Check our tools section. You can also enjoy the easiest way to buy Bitcoin online with us. Download your free Bitcoin wallet and head to our Purchase Bitcoin page where you can buy BCH and BTC securely. The post Crypto’s Counterpunch to U.S. Hegemony and Empire appeared first on Bitcoin News. View the full article

Reports have emerged depicting long lines in front of a physical gold sales location in Germany, in view of pending legislation which would once again lower the anonymous purchase limit, this time from €10,000 to €2,000. The last drop happened in 2017 when the limit was set at €15,000. A draft bill from the German finance ministry is being pointed to as the reason for the change, which is scheduled to take effect from Jan. 10, 2020. Also Read: Someone Redeemed a 100 BTC Casascius Bar Worth Over $700K Germans Rush to Buy Gold In a tweet posted Wednesday, precious metals consultant and analyst Dan Popescu shared a picture of a long line of people waiting in front of “Degussa store to buy gold in Köln.” Popescu described, “From Jan. 1, 2020, the limit to buy gold anonymously drops from €10,000 down to €2,000. Only two years ago the limit was €15,000.” One user posted his own photo and replied “This is me line at Degussa in 23rd. The employees said they haven’t seen anything like it before.” To give an idea of the relatively small amount of gold €2,000 (~$2,224) can buy, even a 50g gold bar is currently too expensive. Germans are queuing at Degussa store to buy #gold in Köln. From Jan. 1, 2020, the limit to buy gold anonymously drops from €10,000 down to €2,000. Only two years ago the limit was €15,000. pic.twitter.com/vhuZTBPA0Y — 🇪🇺 🇲🇨🇨🇭Dan Popescu 🇫🇷🇮🇹🇷🇴 (@PopescuCo) December 24, 2019 After the new legislation takes effect, reports from German media state that purchases of the precious metal over €2,000 will now require customer identification for buyers, including criminal background checks for businesses. The news outlet details: If a dealer suspects, he must report his potential customer to the authorities. If a trader fails to adequately comply with these obligations, he may face severe fines. If given final approval, the German draft bill designed to implement EU guidelines as laid out in the anti-money laundering directive AMLD5, will take effect on Jan. 10. This is the stated deadline for member states to implement legislation accommodative of the directive. Residents of the country appear to be very concerned about the impending limitation, as the European Central Bank (ECB) continues to draw fire for its controversial economic polices such as negative interest rates. Also for newly installed ECB President Christine Lagarde’s recent criticism of perceived German conservatism. Skeptical reactions were voiced on Reddit as well, with one user stating: They don’t want normal people to bank run their scam paper. Gold and hard assets is how you protect yourself from inflation. They want to know every single person that tries to get out of their cage. Gold prices in Germany at press time. Source: http://www.livepriceofgold.com/germany-gold-price-per-gram.html The Far Reaching Arm of AMLD5 As news.Bitcoin.com previously reported, the 5th EU anti-money laundering directive has big implications for holders of crypto and crypto businesses. Its impending policies have already squeezed some out of the industry, at least temporarily, but crypto is far from the only area that will be affected. Per the legislation, non-transparent assets, accounts, and even private safety deposit boxes will now be subject to state information gathering by law. Gold is a bastion for private value storage, so the stricter limits come as no surprise. AMLD5 focuses on combating the financing of terrorism (CFT) and preventing money laundering (AML), but given the state of economic affairs in the EU, skeptics maintain the new laws are part of a larger bid to establish financial control and force users to remain stuck in a faltering system. The fact that the ECB is now also in development of its own digital currency system amplifies these concerns, as one of the last remaining escapes from bank-imposed negative interest rates is to hold paper cash privately. With central bank digital currencies (CBDCs), negative rates can be applied directly to the asset, effectively closing this escape route. Gold is thus seen as one of the final hedges against irresponsible government policy, and the proposed new limits on the precious metal will leave residents of Germany with even fewer options. The encroaching ECB and German policies have many on social media suggesting permissionless cryptocurrencies, which can be traded privately, as a means to hedge against the growing surveillance state. What are your thoughts on the draft bill’s limitations for anonymous gold purchases in Germany? Let us know in the comments section below. Image credits: Shutterstock, fair use. Want to create your own secure cold storage paper wallet? Check our tools section. You can also enjoy the easiest way to buy Bitcoin online with us. Download your free Bitcoin wallet and head to our Purchase Bitcoin page where you can buy BCH and BTC securely. The post Germans Rush to Buy Gold as Draft Bill Threatens to Restrict Purchases appeared first on Bitcoin News. View the full article

The Shenzhen Stock Exchange has launched a blockchain index comprising 50 of the largest publicly listed companies with blockchain ventures by market capitalization. Blockchain-related stocks in China have been gaining value since President Xi Jinping openly advocated for the technology. Also read: Regulatory Roundup – New US Crypto Bill, France’s 1st Approved ICO, Muslim Crypto Blockchain Index Launch China’s Shenzhen Stock Exchange (SZSE) announced Tuesday the launch of its blockchain index called the SZSE Blockchain 50 Index, or Blockchain 50 for short. It seeks to track the performance of the top 50 SZSE-listed companies with blockchain projects, sorted by average market capitalization over the past six months. On Dec. 24, its first day of trading, the index closed at 3,155.03 yuan ($450), up 1.15%. The Shenzhen Stock Exchange is one of the two stock exchanges operating independently in mainland China. Established on Dec. 1, 1990, the exchange is under the supervision of China Securities Regulatory Commission. As of Dec. 25, it has 2,203 listed companies and 9,262 listed securities. The other stock exchange in China is the larger Shanghai Stock Exchange. Index Constituents The Blockchain 50 Index currently comprises stocks of blockchain-related public companies across 10 sectors. According to the list of constituent stocks provided by the exchange, the sectors represented in the index are IT, manufacturing, finance, utilities, construction, wholesale and retail, transportation, business support, research and development, and media. The IT sector has 27 stocks in the index, followed by manufacturing with 14 companies, and finance with two companies. The remaining sectors have one company each in the index. According to the exchange, the constituents are adjusted twice a year — in June and December. A list showing some of the Blockchain 50 Index constituents provided by the Shenzhen Stock Exchange. Some of the largest companies by market capitalization in the Blockchain 50 Index are Ping An Bank, Midea Group, East Money Information, Suning, SF Holding, Leo Group, Shanghai 2345 Network Holding, Jiangsu Akcome Science, and DHC Software. China’s blockchain-related stocks have had a boost this year since President Xi Jinping openly advocated for blockchain technology in October. According to 8btc publication, eight out of the 50 stocks in the Blockchain 50 index spiked more than 100% and 20 others climbed over 50% this year. Among the index constituents, one of the biggest gainers is Shenzhen Genvict Tech, which has risen 275.33% this year. While the Shenzhen Stock Exchange and many of its listed companies embrace blockchain technology, the authorities in Shenzhen are reportedly pressuring crypto businesses. They questioned eight of them last week, as news.Bitcoin.com reported. What do you think of the Shenzhen Stock Exchange launching a blockchain index? Do you think many more companies will use blockchain technology in their business? Let us know in the comments section below. Disclaimer: This article is for informational purposes only. It is not an offer or solicitation of an offer to buy or sell, or a recommendation, endorsement, or sponsorship of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article. Images courtesy of Shutterstock and Shenzhen Stock Exchange. Did you know you can buy and sell BCH privately using our noncustodial, peer-to-peer Local Bitcoin Cash trading platform? The local.Bitcoin.com marketplace has thousands of participants from all around the world trading BCH right now. And if you need a bitcoin wallet to securely store your coins, you can download one from us here. The post Shenzhen Stock Exchange Launches Index of Top 50 Blockchain Public Companies appeared first on Bitcoin News. View the full article

2020 is fast approaching and the last decade will be behind us. Throughout the last ten years, the biggest unicorn firms were born like Uber and Airbnb. However, even though Bitcoin isn’t a company, the best investment of the decade belongs to the decentralized cryptocurrency Satoshi created. In fact, Bank of America’s recent securities report highlights that an investment of $1 in bitcoin at the start of 2010 would now be worth more than $90,000. Also read: Regulatory Roundup – New US Crypto Bill, France’s 1st Approved ICO, Muslim Crypto Bitcoin: the Decade’s Best Performing Investment This week, a great number of people are reminiscing about the last ten years and a slew of individuals understand that the advent of Bitcoin was quite significant during this period of time. “The most valuable startup of the last decade didn’t raise money, didn’t have employees, gave away the cap table, and let anyone invest,” said the popular philosopher Naval Ravikant. Besides Ravikant’s opinion, there’s data that shows bitcoin was the best investment during the last decade. Bank of America’s recent securities paper explains that between 2010 and 2020, oil has weakened and “negative interest rates have been good for gold markets.” But if a person invested $1 in bitcoin in 2010, it would be worth well over $90k today, BoA’s report underlined. Because of bitcoin’s great performance record, the decentralized asset has surpassed every investment vehicle in the last ten years. Some of the best performing investments of the decade. Happy New Year's everyone. *Bitcoin enters once publicly traded on Coinbase in 2012 pic.twitter.com/dBr5zH88XV — James Todaro (@JamesTodaroMD) December 24, 2019 Now let’s just say someone followed gold bug Peter Schiff’s advice and invested in gold in 2010, which was trading for $1,113 per Troy ounce at the year’s open. Ten years later, gold has done well for itself touching a high of $1,542 per ounce and that’s a fairly decent +38% gain. In the last decade bitcoin, however, has gained a whopping +8,999,900% and this year alone, BTC has outpaced gold’s market performance in the last ten years. In 2019, BTC has gained +96% compared to gold’s +10.8% increase. 2010 through 2020 investment data shows Netflix gained +4,177%, Amazon (+1,787%) Apple (+966%), Microsoft (+556%), Disney: (+423%) and Google (+335%), gold only saw a +38% gain. Bitcoin rose by +8.9 million percent between January 2010 up until now. Bitcoin Shined Without a Centralized Marketing Fund, No Salespeople, and No Roadshow Besides precious metals, if Bitcoin was a company it also outpaced investments in the most profitable unicorn businesses created in the last decade. Profitable startups throughout 2010 and 2020 include Uber, Facebook, Airbnb, Snapchat, Spacex, Tesla, and Pinterest but an investment in bitcoin surpasses all these public stocks by a long shot. For example, if you compare the +8.9 million percent BTC gain to investments in Netflix (+4,177%), Amazon (+1,787%), Apple (+966%), Microsoft (+556%), Disney (+423%) and Google (+335%), numbers show there is no comparison. The angel investor and former CTO of Coinbase, Balaji Srinivasan, recently explained his thoughts about the cryptocurrency revolution during the last decade compared to the decade’s unicorn firms. “As the decade ends, the biggest unicorn of the 2010s wasn’t Uber, Airbnb, or Snap — It was Bitcoin,” Srinivasan tweeted. “Please note that all three of these [companies] and many other unicorns are great companies — I take nothing away from them. But to my knowledge, nothing else founded in the same timeframe held at $100 billion for a longer time.” Srinivasan added: From an investor standpoint, this is important to know. Despite being the best investment in the last decade, in September, Bankrate’s survey noted that 31% of investors will be putting their money in real estate, 20% into traditional stocks and only 4% of respondents said they would invest funds in bitcoin in the next ten years. A number of crypto proponents agree with Srinivasan and Ravikant’s statements about cryptocurrencies throughout the last ten years and the subject is often discussed on forums and social media. Replying to Srinivasan’s tweet, former Bitcoin Foundation director Bruce Fenton said: [Bitcoin did all of this] without a centralized marketing fund, no salespeople, no roadshow people pitching sovereign wealth funds or family offices and no fundraise or premine. Even though the digital asset was the best investment of the decade, it also provided significant innovation, financial disruption, and changed the way people perceive money. People can bypass corporations, financial institutions, and governments in a censorship-resistant fashion like never before. It’s safe to say that cryptocurrency innovation will make the next ten years quite revolutionary. What do you think about how bitcoin is the best investment in the last decade? Let us know what you think about this subject in the comments section below. Disclaimer: This article is for informational purposes only. It is not an offer or solicitation of an offer to buy or sell, or a recommendation, endorsement, or sponsorship of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article. Image credits: Shutterstock, Twitter, Moneymorning.com, Pixabay, Fair Use, and Wiki Commons. Did you know you can buy and sell BCH privately using our noncustodial, peer-to-peer Local Bitcoin Cash trading platform? The local.Bitcoin.com marketplace has thousands of participants from all around the world trading BCH right now. And if you need a bitcoin wallet to securely store your coins, you can download one from us here. The post Bitcoin Gained 8.9 Million Percent Over the Last Decade appeared first on Bitcoin News. View the full article

Two of the largest bitcoin mining chip manufacturers have plans to equip their products with 5nm chips in the near future. Just recently, China-based manufacturer Bitmain purportedly produced the world’s first 5nm test-grade bitcoin mining chip and more efficient mining rigs will see mass production next year. The firm Canaan also recently announced that the company will have access to 5nm semiconductors by Q1 2020. Also Read: Mining Report Shows 65% of Bitcoin’s Hashpower Stems From China TSMC’s 5nm Process Is Ahead of the Game Last January, the Taiwan Semiconductor Manufacturing Company (TSMC) reported at its annual conference that the company’s 7nm node (N7) was operating under capacity. On top of all this news, next-generation computer makers, iPhone distributors, and bitcoin mining rig manufacturers sought 7nm chips in mass quantity this year creating massive demand. TSMC expected revenue to increase slowly in 2019, but the last two quarters saw better revenue performance than expected. Despite the issues with the company’s 7nm process, TSMC has continuously signaled confidence in its 5nm (N5) process roadmap. In December, at the IEEE IEDM Conference, the firm discussed its 5nm process in high regard alongside Intel’s slideshow describing 2nm and 1.4 nm chips by 2029. TSMC noted huge differences between the 7nm and 5nm process as the 7nm yields just a touch below 100 million transistors per square millimeter (mTr/mm2). The 5nm technology has shown an average yield of 80%, with a peak yield per wafer of 90%. The Taiwan foundry’s 5nm test chips had shown a die size of 17.92 mm2. TSMC’s 5nm chips will perform 15% faster than the 7nm predecessors. Coming Soon: Bitmain and Canaan 5nm Equipped Bitcoin Mining Rigs Following the details about TSMC’s 5nm process, two of the largest bitcoin mining rig manufacturers in the world revealed that they would soon be equipped with TSMC’s 5nm chips. Local reports from China disclosed that the company Bitmain Technologies has completed the first 5nm test-grade bitcoin mining chips. At the moment, Bitmain products use TSMC’s 7nm process for the latest 2019 Antminer versions. In October, Bitmain’s CEO Jihan Wu discussed the 5-nanometer technology at the World Digital Mining Summit held in Frankfurt. Various sources have said that Bitmain will be equipped with 5nm by early 2020 and products are set for mass production. Following discussions concerning Bitmain’s upcoming ASIC rigs, regional reports revealed that Canaan will also have 5nm chips by the first quarter of next year. The 5nm chips will improve performance by 15% and the wafers will stem from the Taiwan-based semiconductor foundry. However, Canaan is a Chinese mining rig manufacturer that purchases semiconductors from both Samsung and TSMC. 8btc editor and reporter Vincent He stressed that Canaan was one of the first companies to reveal its 7nm test-grade mining chip before lots of companies announced use of the semiconductors. The report further detailed that the cofounder of Canaan said that the firm will “have a greater grasp of the supply chain and more capital investment after going public.” Reports detail that TSMC is ahead of the competition and will have 5nm (N5) semiconductors in mass production by 2020. The news of both Bitmain and Canaan steadfastly working to produce mining rigs equipped with next-generation 5nm chips shows how fast the mining industry is growing. With the 7nm process alone in 2019 mining devices have improved a great deal as far as efficiency is concerned. News.Bitcoin.com recently reported on how 2019’s bitcoin miners are 5x faster than predecessors. If it’s true that both companies are planning to produce 5nm equipped models in early 2020, then other manufacturers like Microbt, Innosilicon, and Ebang will likely follow suit. What do you think about Bitmain and Canaan possibly producing 5nm equipped bitcoin mining devices in early 2020? Let us know what you think about this subject in the comments section below. Disclaimer: This article is for informational purposes only. It is not an offer or solicitation of an offer to buy or sell, or a recommendation, endorsement, or sponsorship of any products, services, or companies. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article. Image credits: Shutterstock, Extremetech, Anandtech, Bitmain, Canaan, TSMC, Wiki Commons, Fair Use, and Pixabay. Did you know you can earn BTC and BCH through Bitcoin Mining? If you already own hardware, connect it to our powerful Bitcoin mining pool. If not, you can easily get started through one of our flexible Bitcoin cloud mining contracts. The post Bitmain and Canaan to Reveal 5nm Bitcoin Mining Chips in 2020 appeared first on Bitcoin News. View the full article

Recent widespread video removals have crypto Youtubers searching for greener and more dependable pastures for content production. While reports have since emerged of Youtube claiming the incident was an accident, and that videos are now being restored, the “Christmas Crypto purge” of 2019 has nonetheless burnt an indelible memory into the minds of dedicated Youtubers. Many are now looking to back up their content or even migrate elsewhere, and suggesting more decentralized and censorship-resistant platforms for video sharing. Also Read: Speculation Abounds Regarding Youtube’s Removal of Crypto Content What Really Happened From claims of centralized, anti-crypto motivations on Youtube’s part and bot attacks, to anti-racist groups waging war on a perceived lack of multiculturalism in crypto, theories surrounding Youtube’s recent spate of video removals, strikes and bans vary wildly. Some have suggested that channels posting external links are the main sufferers. Others say the removals were a precaution against crypto-jacking malware. Though Youtube initially responded on Wednesday to complaints on Twitter, users are still waiting for an official answer. A recent report has emerged of the site claiming the removals were an accident and that content has since been restored. However, major channels like Ivan on Tech still seem to be in the dark about the issue. Whatever the case may be, the incident has now incapacitated many high-subscriber, prominent content creators in the crypto space and is sending a shockwave through the community, leading some to suggest migration and adoption of other platforms. This post aims to detail some of the most commonly suggested alternatives, as well as nascent sites seeking to provide greater freedom from Youtube policy to content creators. Censorship-Resistant Video Sharing Back in August news.Bitcoin.com detailed some crypto-powered video sharing platforms in the wake of earlier incidents of censorship and channel deletions, and also published a list of crypto social media platforms. This time around, along with classic suggestions some new platforms and protocols are emerging, and deserve a look. Bitchute P2P video sharing platform Bitchute has been around since 2017 and claims to provide greater censorship resistance through the use of webtorrent technology, though the practical reality of this claim has been challenged. Regarding monetization, the website states: “Rather than forcing creators to collect their tips and pledges solely through the BitChute platform, we are instead taking the approach of providing the facilities required for creators to link their content to the payment processors of their choice.” The site came onto the radar of many in the crypto space when popular right-libertarian conspiracy channel Infowars migrated after being censored by Youtube in August 2018. Bittubers Another webtorrent-powered P2P sharing system, and one still in early beta according to its website, Bittubers claims it “emphasizes free speech, fairness and unrestricted monetization across the board,” and notes “This platform is the successor to bit.tube, launched in mid 2018.” Bittubers also claims it does not seek to compete with other platforms, but uses its own app to build parallel integration systems which can monetize cross-posted content outside the purview of Youtube and others. Bittubers promises “no economic censorship” and also has its own associated crypto, TUBE. Cinema.cash Similar to Bittubers’ parallel monetization ecosystem approach, BCH-based Cinema.cash offers an open platform for uploaders to post videos via Youtube link, and receive tips or set a paywall for their content. While this doesn’t address the issue of delistings by Youtube, and the site is currently not very active, it does provide a potential means by which to evade YT demonetization. Dtube Dtube Steemit-associated Dtube (warning: some Dtube thumbnail images may be NSFW) claims to be “the first crypto-decentralized video platform, built on top of the STEEM Blockchain and the IPFS peer-to-peer network.” The Interplanetary File System (IPFS) and Steem blockchain are leveraged so that “D.Tube is not able to censor videos, nor enforce guidelines.” Rewards and monetization are made possible via Steem, Dtube Coin, and others. While still growing and viewed as very promising by many, periodic issues with the IPFS protocol struggling to accommodate user requests has been noted. Dlive Dlive Dlive is a former Steem-based platform that now operates on the Lino blockchain and has become a hub especially for gamers and live streamers. The platform boasts that unlike other comparable companies, it does not take any cuts from user rewards. “When you stream on DLive, the platform doesn’t take any of your earnings … 90.1% of each subscription and gift in Lemon [in-app digital asset] will go to your wallet directly, and 9.9% will go to a pool that rewards people with LINO Stake for their contributions to the network on a daily basis,” the website states. Flote Flote is a centralized, crypto-friendly alternative which presents a Facebook-meets-Patreon like UI and claims to be a “Community-driven social network focused on user privacy & monetization. No algos, no spying, no fees, no problem.” Flote is working on incorporating direct live streaming, but for now users need to use software such as OBS to livestream. Flote supports “.mp3 audio, .mp4 video, and .jpeg, .png, and .gif images” for upload. It should be noted that while Flote is associated with pro-privacy and free speech values, and presents many interesting features such as a no algorithm, chronological timeline, monetization of tiered content and bitcoin subscriptions, the site is not decentralized, and the integrated bitcoin wallet is custodial. Bitchute is centralized but very pro free-speech and anti censorship and I love it, lbry is decentralized, flote is centralized but also very pro free speech, steem is decentralized but https://t.co/G48flHVwZ1 is a centralized platform based on steem, I use all of these things — Naomi Brockwell (@naomibrockwell) December 25, 2019 Lbry There is much buzz surrounding emergent sharing protocol and blockchain Lbry recently. Lbry features its own distributed ledger and coin, LBC, decentralizing the sharing process by allowing a network of users to pay content owners for digital signatures which give access to desired content. The downloadable protocol, like others mentioned above, provides opportunity for parallel incentivization of content posted on various websites. “The blockchain records everything that is published to LBRY, so interesting content is easy to find and infringing content is difficult to hide,” Lbry notes. “Accessing the blockchain data is free, the costs for downloading content are transparent, and publishers earn 100% of the price they set.” Peertube Rounding out the list of Youtube alternatives is Peertube. Unique in its approach, Peertube leverages groups or “federations” of content sharers agreeing on rules and governance and “is not meant to become a huge platform that would centralize videos from all around the world. Rather, it is a network of inter-connected small videos hosters.” Peertube maintains: “Anyone with a modicum of technical skills can host a Peertube server, aka an instance. Each instance hosts its users and their videos. In this way, every instance is created, moderated and maintained independently by various administrators.” Like Bitchute and Bittubers, Peertube utilizes webtorrent technology. The Bigger They Are, the Harder They Fall Other notable protocols and platforms not explored in this post include Steemit, Verasity, and the Dissenter browser. The number of nascent and emerging censorship-resistant platforms seems to grow by the day. Now that the blockchain and crypto cat is far out of the bag, it’s hard to imagine “too-big-to-fail” platforms like Google’s Youtube and others will be able to continue altering their user experience for the worse much longer, without experiencing increasingly unfavorable consequence. Still, behemoths like Youtube have influence and resources that are hard to overstate and hard to match. In order for a truly competitive system to emerge it seems dedicated users of these platforms are going to have to grow even more disillusioned, disrupting the gargantuan momentum of the network effect. Alternative options are also going to have to become much more fine-tuned, user friendly, and financially enticing, if the increasingly antiquated dinosaur of centrally managed and censored content is to ever topple. Disclaimer: This article is for informational purposes only. It is not an offer or solicitation of an offer to buy or sell, or a recommendation, endorsement, or sponsorship of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article. What’s your favorite Youtube alternative? Do you think Youtube is too big to fail? Share your thoughts in the comments section below. Images courtesy of Shutterstock, fair use. Verify and track bitcoin cash transactions on our BCH Block Explorer, the best of its kind anywhere in the world. Also, keep up with your holdings, BCH and other coins, on our market charts at Bitcoin.com Markets, another original and free service from Bitcoin.com. The post Youtube ‘Christmas Purge’ Has Content Creators Pointing to These Alternate Platforms appeared first on Bitcoin News. View the full article

A phenomenon like bitcoin can gain recognition, including regulatory, in many different and often unexpected ways. Governments that hesitate to accept cryptocurrencies as legal tender, sometimes validate their existence indirectly and even acknowledge they can be used for payments. Taxing crypto incomes and profits is one such example. Russia has just provided another one by admitting that coins and tokens can be used in bribe payments. Also read: New Ukrainian Law Says ‘Virtual Assets’ Can Be Used for Payments Tokens Can Be Subject of Bribe, Supreme Court Says Although many of them are still wary about legalizing decentralized digital money, governments around the world are nevertheless tempted to tap into incomes from the cryptoconomy or feel obliged to prevent illicit uses of cryptocurrencies. With each step authorities take to achieve their goals in either of these directions, however, they inevitably add another layer of legitimacy for cryptos, gradually shaping their legal status even if that wasn’t the intended result. Money and other financial assets can be used for various noble causes but their qualities are sometimes exploited for illicit purposes as well because their value is universal and impartial. Cryptocurrencies and digital assets in general are no different. It’s taking some time for regulators to realize that but they are getting there. The ‘moneyness’ of bitcoin is being constantly recognized one way or another, often indirectly but also indisputably. Supreme Court of Russia The Supreme Court of the Russian Federation has clarified that “digital rights,” the term currently used to describe coins and tokens in Russian law, can be a subject of bribes, just like regular fiat money, property and other assets. That’s according to a recently adopted amendment to а resolution issued by the authority in July 2013, Forklog reported. It provides the court’s stance on the judicial practice in cases of bribery and other corruption crimes. Russia is yet to legalize and regulate cryptocurrencies while various institutions in the country, including courts, have previously characterized them as “money surrogates” which are banned by Russian law. Despite that, Russian citizens are expected to report gains from crypto-related activities like trading and mining and pay a flat 13% tax rate on their incomes and profits. ‘Digital Rights’ Are Like Money and Property According to the revision, along with money, securities, and other property, the illegal provision of property-related services and property rights can now be considered part of a bribery offence. “In cases where the subject of the bribe is property rights, an official has the opportunity to receive income from the use of uncertified securities or digital rights,” the clarification details. “Digital rights” is currently the only legal description of cryptocurrencies provided in Russian law. The term was introduced with amendments to the country’s Civil Code adopted as part of a package of draft laws designed to regulate the country’s digital economy including the crypto space. The final adoption of the main bill, the law “On Digital Financial Assets,” has been postponed multiple times since last spring. State Duma If a corruption case under investigation involves the transfer of digital rights, their value has to be estimated by experts employed to conduct a monetary assessment, the court remarks. Its decree also explains that the transfer of such assets to an “electronic wallet” is to be considered as the exact moment of the bribe that has been paid. The concept of “digital rights” was incorporated into Russian law in October when the law “On Digital Rights” entered into force. It established the legal definition of rights in the digital space determining their status under Russia’s civil rights law. The scope of the term can be interpreted to include coins and tokens such as those used in the crypto sector, legal experts commented at the time. Another bill that deals with the issuance of tokens, the law “On Attracting Investments Using Investment Platforms,” was adopted in August. The “crowdfunding law” will enter into force on Jan. 1, 2020. What’s your opinion about the amendments adopted by the Supreme Court of Russia regarding digital rights? Share your thoughts on the subject in the comments section below. Images courtesy of Shutterstock. Are you a Bitcoin developer? You can create your own Bitcoin Cash app with the Bitbox and Badger Wallet SDKs, get started with BCH tokens through the SLP SDK, and build your knowledge base with our Bitcoin Cash developer guides. The post Russia’s Supreme Court Recognizes Tokens as Assets Like Money and Property appeared first on Bitcoin News. View the full article