roadrunner

Getting at least partially paid with cryptocurrency is a great way to enter the digital asset market without having to do any trading. If you are looking to earn your favorite crypto asset, Bitwage now allows American, European and British companies to pay workers in bitcoin cash following demand for more payment options. Also Read: Binance to Add Bitcoin Cash to Its Decentralized Exchange You Can Now Get Paid With Bitcoin Cash International cryptocurrency payroll and human resources service provider Bitwage has recently announced the launch of bitcoin cash payrolls. This means that anyone working for a U.S., EU or U.K. employer can now receive a portion of their wage in BCH by signing up to the service. Companies can also sign up to fund payrolls in BCH or to offer BCH to their employees and freelancers. Earlier this year the company expanded beyond just BTC by launching support for ETH payrolls. Shortly after that it took a customer survey to learn what else its users wanted and discovered that there was demand more cryptocurrency payment options. Bitcoin cash, as a consistent top four digital asset, offering low fees and fast transactions, was a natural choice to add. “As cryptocurrency becomes more mainstream, employees and freelancers are looking to diversify their portfolio of cryptocurrency,” commented Bitwage CEO Jonathan Chester. “Bitwage is making it easier for workers around the world to accumulate their favorite cryptocurrency, through passive dollar-cost-averaging.” Bitwage Is Used by Workers at Facebook, Google and Uber Bitwage has been providing direct bitcoin deposits since 2014, and reportedly already serves over 30,000 people including employees, freelancers and independent contractors. It has also reportedly raised around $1 million in total funding from a number of investors such as Draper Associates, Orange and BPI France. According to the company’s website, the service has been used by workers of Google, Facebook, Uber, Airbnb, American Express, GE, Comcast and other corporations as well as public institutions such as the World Health Organization. Coinciding with the BCH launch, Bitcoin.com has now onboarded as an initial customer, Bitwage revealed. If you want to get your hands on bitcoin cash without waiting for your next paycheck, you can safely and securely purchase BCH with a credit or debit card at buy.Bitcoin.com, as well as BTC, ETH, XRP, LTC and BNB. You can also trade digital assets for cash in person or with any other payment method privately on our noncustodial, peer-to-peer marketplace, local.Bitcoin.com, or simply join our premier trading platform, exchange.Bitcoin.com. What do you think about Bitwage enabling US, EU and UK companies to pay their workers with bitcoin cash? 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 US, EU and UK Companies Can Now Pay Workers in Bitcoin Cash via Bitwage appeared first on Bitcoin News. View the full article

Chinese President Xi Jinping’s announcement that the country would invest heavily in blockchain technology – coupled with a sweeping move to remove online posts suggesting such technology is a scam – has nourished optimism long-held by crypto advocates. Of course, the reality is that China’s marked shift towards pro-blockchain policies is part of a much wider trend which has seen Asian multinationals and governments embrace the considerable potential of distributed ledger technologies. Also read: China Ranks 35 Crypto Projects as President Xi Pushes Blockchain A Two-Year Turnaround President Xi’s announcement centered on the creation of a state-backed digital currency (a stablecoin tied to the renminbi), an idea which has been gestating since the country’s central bank started exploring the possibility as far back as 2014. With the dawn of a new decade, a law will come into effect on January 1 with the aim of “facilitating the development of the cryptography business and ensuring the security of cyberspace and information.” It is predicted that the currency in question will launch soon after, although perhaps the possibility of blockchain technologies powering the continued transformation of China’s vast industries is of greater significance. Xi specifically mentioned that the technology could be applied to realms including finance, public services, employment, education and infrastructure management. It’s all a far cry from 2017, when the government imposed a general ban on all crypto businesses and exchanges. From deep suspicion, to a state-supervised (albeit heavily surveilled) cryptocurrency, in just two years is quite a turnaround. Soon after the announcement was made, the local government of Guangzhou announced a $150 million fund for outstanding blockchain projects, with more initiatives expected in the near future. BREAKING Local Guangzhou gov just announced a 10B RMB (~$150M USD) government funding dedicated in "blockchain subsidy" for "outstanding blockchain projects" More details below I believe all other local govs will follow, overall capital subsidy can be massive — Dovey 以德服人 Wan 🗝 🦖 (@DoveyWan) October 30, 2019 Surging Interest Across Asia Needless to say, the news – which provoked a huge spike in search traffic for terms like ‘blockchain’ and ‘bitcoin’ – hasn’t harmed the prospects of Asian crypto projects in general, with stocks of various blockchain companies in the region soaring. On the markets, some of this week’s biggest beneficiaries have been Chinese blockchains, even if there’s nothing to suggest they’re due to receive an influx of fresh business from government enterprises. In fact, six of the seven best-performing crypto assets in the top 50 this week have Chinese origins. Bitcoin cash, up 38% in the past seven days, is the only outlier. Other companies seem to be riding the wave or at least benefiting in a roundabout way from the prevailing mood music: South Korean conglomerate Samsung has just announced the integration of Tron (TRX) with the Blockchain Keystore found on the Galaxy S10. As well as facilitating the creation of decentralized applications (dapps) running on the Tron ecosystem, the Keystore will let users access and trade TRX directly from the wallet on their handset. Perhaps coincidentally, industry sources are mulling over rumours that Samsung is outsourcing a part of its smartphone manufacturing to China. Samsung has been experimenting with blockchain technologies for some time now, and with their growing dapp arsenal, their long-term strategy seems positively crypto-centric. It isn’t the only smartphone company testing the blockchain waters either; Taiwanese electronics giant HTC has also invested heavily in decentralized services and a blockchain-powered handset, the Exodus 1, and its successor, the 1s, which can run a full Bitcoin node. The Xi effect visualized: A look at #bitcoin on-chain transactions during the days of the 40% price spike. Chinese waking hours: # of Txns: 169K Txn Volume: 475K BTC Avg Txn Value: 2.8 BTC Other hours: # of Txns: 175K Txn Volume: 962K BTC Avg Txn Value: 5.5 BTC 🤷🏽‍♀️🤷🏽‍♂️ pic.twitter.com/l1JgtGrLm5 — TokenAnalyst (@thetokenanalyst) October 29, 2019 Where Next for China? The long-term effect of China’s increasingly pro-blockchain outlook remains to be seen, and until its state cryptocurrency is hatched and various policies put into action, we won’t be able to quantify the consequences for blockchain technology and digital currencies more generally. That said, interest in the region is largely unrelated to the President’s ringing endorsement; according to a report by the Financial Times, Chinese companies have filed more patents on blockchain than companies from any other region in the world. A significant percentage of bitcoin mining is concentrated in the region, and many of the largest cryptocurrency exchanges are either based or were founded in the Asian continent, from Beijing and Singapore to Hong Kong and Tokyo. Regardless of its real ramifications, Asian crypto companies were never going to let President Xi’s decree go to waste. Do you think China’s pro-blockchain legislation will benefit Bitcoin? Let us know in the comments section below. Images courtesy of Shutterstock and Coincodex. 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 The Xi Effect – Chinese Government to Fund Blockchain Projects appeared first on Bitcoin News. View the full article

At the peak of the ICO bubble it was a common tactic for project promoters to use big name announcements to pump their tokens. Every day we would hear about a new venture that supposedly signed a partnership with a global brand such as Microsoft or Google, to make us think that these tech giants were backing the idea. In reality most of the time it was just a trivial matter such as allowing the project to use free services from the tech giant, as countless other startups do. The tactic is still used today and crypto investors need to keep in mind that it is not a guarantee for success. Also Read: Low Interest Rates Are Crushing Young People and Fueling Global Riots Big Name Pumping As if crypto investors have learned nothing over the past few years, some project promoters continue to try and push their tokens with announcements about big name partnerships. These normal business agreements can be used sometimes to hint, insinuate or even predict a price rise of a related token in an irresponsible way. Companies and startups make a lot of agreements to cooperate with one another and these are not a guarantee of a deal that will bring in more money or users. Additionally, doing so isn’t just potentially misleading to investors – it can also be very detrimental to the projects themselves. Authorities around the world such as the U.S. SEC and Chinese financial regulators are actively seeking to make examples out of ICOs and crypto ventures to tarnish the whole industry as promoting unregistered securities. Making grandiose partnership statements with the intended purpose of pumping a token is providing them with ammunition. #TRON will partner with a hundred billion USD megacorporation next week. It will not only benefit $TRX but all TRC10&20 tokens including $BTT & $WIN etc. It will broadly distribute #TRON Dapps and tokens to billions of customers. TBA. Make a guess? — Justin Sun (@justinsuntron) October 25, 2019 A notable recent example came from Tron founder Justin Sun. Last week he tweeted about a deal with a hundred billion dollar “mega corporation” that will “benefit” the native tokens of Tron, Bittorrent and Wink. Many traders indeed responded positively to the news by buying the coins, despite widespread cynicism on crypto forums about all the previous hype from the Tron founder. On Tuesday he revealed that the company’s blockchain is now integrated with the Samsung Blockchain Keystore SDK, meaning that smartphone app developers can build services running on the system like they already can with its main competitor, ETH. High Profile Partnerships Are No Guarantee for Success Cryptocurrency investors need to keep in mind that all ventures in this ecosystem are highly risky investments and there is no certainty that the ICO token or other digital asset you invested in will be still valuable in two or three years. The absolute majority of technological startups in all fields don’t survive, with venture capital industry estimates of over 90% failure rate. This can be despite having a smart team, brilliant idea or great technological innovation. At the end of the day, what matters for all businesses is if you can get enough paying costumers to cover the bills and make a profit. Without this you are just burning investors’ money until further investment comes in or you have to shut down. Partnerships that don’t bring in new money or paying clients won’t change that. In the digital assets field in particular, with the lingering effects of crypto winter, many projects that once seemed promising are these days find themselves forced to shut down. A recent example of this is Platin, a secure Proof of Location protocol which incentivizes nodes at scale by means of its own blockchain-based token. On Monday the team announced on Medium that the company will be shutting down on November 1, 2019, after which all services will no longer be available. This is despite all the recognition from big names it got over the last two years. “Japan noticed as Platin was selected by the Tokyo Metropolitan Government as one of the world’s leading blockchain innovations. Germany noticed as its Startup Autobahn selected Platin to showcase proof of location to Mercedes Benz, Rolls Royce, Porsche and other automotive giants,” the final letter from the team recounted. “IBM noticed as it selected Platin for its AlphaZONE technology accelerator. The European Space agency noticed as they admitted Platin to the Galileo Positioning System Task Force. EOS and Block.one noticed as they invested in Platin and showcased our technology on the world stage.” However, at the end the founders explained that “One of the biggest challenges we faced was how to continue pushing forward while our resources were dwindling and turbulent market forces weren’t providing a stable environment in which to operate. We did everything in our power to extend Platin’s operations as far as we could, month after month, continually bootstrapping in the face of great uncertainty. In addition to developing Platin’s visionary technologies, we worked hard every day to secure the next round of funding, which always seemed to be just around the corner. Unfortunately, we weren’t able to get there in time.” What do you think about big name partnerships in the crypto industry? Share your thoughts 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. 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 Big Name Announcements Will Not Save Your Blockchain Project appeared first on Bitcoin News. View the full article

According to reports, bitcoin mining manufacturer Bitmain Technologies confidentially filed for a U.S.-based initial public offering (IPO) with the Securities and Exchange Commission. The news follows the alleged removal of cofounder and executive director Micree Zhan and the recent announcement of a facility in Texas with the capacity to house 300MW of hashpower. Also read: Avalon Mining Rig Maker Canaan Files for $400M IPO on Nasdaq Bitmain Secretly Files for U.S. Initial Public Offering The U.S. Securities and Exchange Commission (SEC) currently has two mining manufacturers to approve for IPO status in the country. According to Tencent News, the IPO is sponsored by the financial giant Deutsche Bank and it was filed at roughly the same time Canaan Creative filed for its IPO earlier this week. Canaan the makers of Avalon mining rigs and chips filed for a $400 million IPO on Nasdaq but the Bitmain valuation is currently unknown. Tencent’s (sycaijing.com) translated editorial details that Bitmain has hired China-based executive Zheng Hua who once worked with Nasdaq, so there’s a chance the company’s filing is similar to Canaan’s filing as far as listing status. Mining chip and device manufacturer Bitmain has filed with the SEC for an IPO in the U.S. The news follows Bitmain’s recent push in Rockdale, Texas where the firm is building a bitcoin mine with up to 300 megawatts (MW) of hashpower. So far the facility houses 25MW and another 25MW will come online soon according to Bitmain. Last year, the company also filed an IPO prospectus in Hong Kong in order to be listed on the Hong Kong Stock Exchange (HKSE). However, in March 2019 the Chinese mining giant let the application lapse and did not file another IPO prospectus in the country. Canaan also filed an IPO in Hong Kong and let the application slide as well. Confidential or ‘secret’ IPO filings are not uncommon in the U.S. as the SEC approved such filings in June 2017. Canaan filed an IPO for $400 million in the U.S. to be listed on Nasdaq earlier this week. Allegedly Bitmain is shooting for a Nasdaq listing as well but the current valuation is unknown. Additionally, Bitmain has released and shipped a wide variety of next-generation bitcoin core (BTC) and bitcoin cash (BCH) miners this year. Despite the FUD last year, the company has managed to produce at least 10 new machines including a special edition S9 Antminer. According to Asicminervalue.com, while filtering SHA256 miners specifically, the company’s S17 series rigs are the top two bitcoin miners today just above Innosilicon’s T3. The S17 series Antminers produce a whopping 50+ terahash per second (TH/s) and the firm’s machines coming in December will generate 70+TH/s according to specifications. Machines have been delivered even though there have been rumors of a 7nm shortage at the semiconductor foundries since the last two Samsung and iPhone launches. Bitmain has produced roughly 10 new machines this year and an anniversary S9 edition as well. Cofounder Ousted The IPO filing news also developed after the recent headlines that said Micree Ketuan Zhan, the cofounder of Bitmain, was ousted. Leaked reports disclosed that Bitmain cofounder Jihan Wu disagreed with Zhan in regard to the artificial intelligence (AI) chip production which is allegedly floundering. Wu has reportedly taken over the head leadership position at the company and Zhan’s dismissal was “effective immediately” and includes “all roles” at the firm. (Left) Bitmain cofounder Jihan Wu, (Right) Bitmain cofounder Micree Ketuan Zhan. “Bitmain’s co-founder, chairman, legal representative, and executive director Jihan Wu has decided to dismiss all roles of Ketuan Zhan, effective immediately,” a circulating email disclosed. “Any Bitmain staff shall no longer take any direction from Zhan, or participate in any meeting organized by Zhan. Bitmain may, based on the situation, consider terminating employment contracts of those who violate this note.” Since the Bitmain management shake-up, the price of bitcoin cash (BCH) rose by double digits on October 29. What do you think about Bitmain confidentially filing for a U.S.-based initial public offering (IPO) with the Securities and Exchange Commission? 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 as 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, Bitmain, Fair Use, Wiki Commons, and Pixabay. 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 Mining Giant Bitmain Confidentially Files for U.S.-Based IPO appeared first on Bitcoin News. View the full article

Maybe the smartest thing Satoshi did after creating Bitcoin was to disappear. The question isn’t ‘why did Satoshi disappear?’ but rather ‘why then?’ Was Satoshi’s departure in early 2011 scheduled long in advance, or did unforeseen events compel Nakamoto to pack his bags and flee the community he had founded, never to return? Several credible theories abound. Also read: Why a VPN Is the First Layer You Should Pull On When Browsing the Web Theory 1: It Was Planned All Along Satoshi Nakamoto was a methodical and meticulous man. That much we can ascertain from his writings. He doesn’t seem the sort to wake up one morning and YOLO his way out of the community he created. Knowing there would be no coming back once he’d made the decision to leave, Satoshi may have had his departure scheduled months or even years in advance, and worked diligently to that deadline. If so, it would explain why his last forum post was a typically business-like despatch, leaving parting instructions on what had been remedied in build 0.3.19 of Bitcoin Core. Theory 2: It Was Wikileaks Satoshi tended to keep his emotions in check when posting on the Bitcointalk forum. He had the air of a man who knew he had a lot to do and a short time in which to do it, and thus refrained from shitposting or shooting the breeze. He could occasionally be brusque (“If you don’t believe me or don’t get it, I don’t have time to try to convince you, sorry”), but was never rude or prone to venting. His penultimate forum post, however, portrays a twinge of annoyance. In response to a PC World article commenting on Wikileaks’ adoption of bitcoin to circumvent its financial blockade, Satoshi famously wrote: “It would have been nice to get this attention in any other context. WikiLeaks has kicked the hornet’s nest, and the swarm is headed towards us.” Could Wikileaks thrusting Bitcoin and its enigmatic creator into the spotlight have been the last straw that sent Satoshi scurrying for cover? The argument that Bitcoin was getting too big too fast, which expedited Satoshi’s departure, seems credible. Theory 3: It Was the CIA Satoshi’s final correspondence, from an April 26, 2011 email to Gavin Andresen, has given rise to another theory as to why he abruptly left. He wrote: I wish you wouldn’t keep talking about me as a mysterious shadowy figure, the press just turns that into a pirate currency angle. Maybe instead make it about the open source project and give more credit to your dev contributors; it helps motivate them. When Gavin replied, he informed Satoshi that he had been invited to speak at an event hosted by an organization under the CIA. Satoshi never replied. Did the mention of spooks spook Satoshi? Theory 4: It Was Personal We know nothing about Satoshi Nakamoto’s personal life. It is quite possible that his exodus was triggered by events that he could never have publicly communicated. Failing health, injury or new responsibilities (family, professional, personal) could have forced Satoshi’s hand, compelling him to bow out earlier than anticipated. If that were the case, we’d have no way of knowing. To this day, there are many who believe Satoshi is no longer with us because he is no longer alive. Theory 5: It Was Symbolic Satoshi Nakamoto and the birth of Bitcoin is a saga shrouded in symbology that reads like a Dan Brown novel for cypherpunks. From the name assigned to the genesis block to the sudden disappearance of its creator, it’s hard to avoid the religious undertones. Aside from its name, there is the oddity of the genesis block taking six days to mine. As speculated in an old Bitcointalk forum thread, this may have been an easter egg left by Satoshi in homage to the biblical account of creation. As Genesis 2:2 recounts: “And on the seventh day God ended his work which he had made; and he rested.” For those interested in ascribing symbology to Satoshi’s actions, there’s more. Christ’s ministry on earth is believed to have lasted for around three years. Satoshi’s first known contact with the world occurred on August 22, 2008, in an email to b-money creator Wei Dai, though he is believed to have reached out to Adam Back before that. Satoshi’s final verified email was to Gavin Andresen on April 26, 2011, meaning that his ministry also lasted for around three years. The fact that Satoshi’s teachings have been subject to extensive interpretation and misinterpretation in the years since, while his disciples await the second coming of Bitcoin’s creator, has further solidified the parallels with Christ. Satoshi wasn’t perfect – his code tells us that much – and common sense tells us that putting fallible men on pedestals is the antithesis of everything Bitcoin stands for. It is possible to be opposed to leadership cults, however, while also assigning messianic qualities to the life and times of Satoshi Nakamoto. There is evidence, incidentally, that Satoshi was tiring of the cult that was beginning to form around him; the PC World article on Wikileaks he took exception to claimed that “Bitcoin is the creation of Japanese programmer Satoshi Nakamoto,” while in his final email to Gavin Andresen he complained “I wish you wouldn’t keep talking about me as a mysterious shadowy figure … Maybe instead make it about the open source project and give more credit to your dev contributors.” Satoshi had no interest in becoming a living legend and overshadowing his magnum opus. Theory 6: Bitcoin Was Ready According to the gospel of Luke, Jesus’ last recorded words were “Father, forgive them, for they do not know what they are doing.” Satoshi, on the other hand, checked out of this world in the belief that those around him knew exactly what they were doing. As he was to remark in one of his final emails, sent to Mike Hearn on April 23, 2011, “I’ve moved on to other things. It’s in good hands with Gavin and everyone.” Satoshi had nursed Bitcoin through its formative years, and now it was capable of surviving without him solo mining, solo-fixing critical bugs and pushing out new Core releases. Perhaps Satoshi left because he had done all he had to do. Staying around would only tarnish his legacy and heighten the risk of him being doxxed as the world began to take a keen interest in his creation. If so, the timing of Satoshi’s exit was to prove as impeccable as his arrival in the aftermath of the 2008 financial crisis. Despite internecine conflict, chain splits, and factions, Bitcoin hasn’t just survived – it’s thrived, morphing into an unstoppable organism that cannot be controlled by any one man. Why do you think Satoshi Nakamoto left Bitcoin in 2011? 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 Satoshi’s Final Messages Leave Tantalizing Clues to His Disappearance appeared first on Bitcoin News. View the full article

Cash shortages, bank closures and ATMs running out of funds seems to be the new norm for many countries, and recently increased capital controls in Argentina are further testament to this unsettling trend. Sunday’s election of president Alberto Fernández has resulted in Argentine account holders being limited to USD purchases of $200 via bank account and $100 via cash monthly. As protests continue to mount worldwide, the signs don’t look good for fiat money or the people who hold it. Also Read: Low Interest Rates Are Crushing Young People and Fueling Global Riots In the Name of Saving Central Banks Unlike a normal business in the private sector, government organizations and the institutions embedded therein are often immune from market consequence. This fact was possibly hinted at by the creator of Bitcoin himself when he included the text “The Times 03/Jan/2009 Chancellor on brink of second bailout for banks” in the genesis block. The Argentinian central bank crackdown on USD purchases is further proof of this notable lack of consequence for policy makers. According to reports, the new limit on USD purchases in Argentina is designed to “preserve the reserves of the Central Bank.” The Central Bank of Argentina (BCRA) said in a statement that “Given the current degree of uncertainty, the Board of Directors of BCRA decided to take a series of measures this Sunday that seek to preserve the reserves of the Central Bank. The measures announced are temporary, until December 2019.” The bank is worried about the potential collapse of the Argentine peso (ARS), which has devalued by almost 85% in just under four years. Fernández is set to fully assume the role of president on December 10, and Argentines were already preparing for possible increased controls in the wake of his election. As the Buenos Aires Times relays: Last week Argentines rushed to buy dollars and withdraw deposits ahead of the vote on concern that more controls were coming amid an economic crisis. From Prosperity to Fiat Panic Though news.Bitcoin.com had reported in early September that the lesser capital controls of that time (a purchase limit of $10,000 USD per month) mostly affected businesses, the new, stricter regime of $200 per month affects potentially everyone. Though the measures are said to be temporary, uncertainty remains and understandably so. Governments have never been dependable when it comes to money management. Indeed, as Ana Eiras and Brett Schaefer of the Heritage Foundation noted back in 2001: Poor economic policies and political instability contributed to Argentina’s decline from its noteworthy position as the world’s 10th wealthiest nation in 1913 to the world’s 36th wealthiest in 1998. The article goes on to note that centralized policy guidance from the International Monetary Fund (IMF) only made things worse, claiming “Argentina is the only wealthy country to experience so great a reversal in recent history, despite the involvement of the International Monetary Fund (IMF). Indeed, the IMF’s loans and guidance have aggravated, not alleviated, Argentina’s problems.” Your Money Is Not Yours Protests against unfair and reckless economic policy are currently happening worldwide. Along with Argentina, Chile, France, Hong Kong, Indonesia, India, Egypt and Lebanon are some of the current hotbeds of economic unrest. India’s case is particularly noteworthy as reports have emerged of people dying as a result of lack of access to the money in their bank accounts. As for Lebanon, banks have now been closed for over a week, with news outlet Aljazeera reporting on October 29: Lebanon’s banking association said banks would remain shut on Tuesday for a tenth straight working day, but said the central bank had provided the liquidity necessary to pay out salaries for public sector workers, including members of security forces. In Chile ATMs are reportedly running out of cash and becoming non-functional amidst the turmoil of current protests, seeing grocery stores begin to run out of food and infrastructure being burned and destroyed by frustrated demonstrators. Meanwhile, central banks and financial planners continue to drive the world economy further into debt-based dysfunction via negative rate policies, quantitative easing, and a fiat printing press. When the rubber meets the road, it is always the individuals in these countries who must pay, as recent events are showing. When a restaurant serves awful food with poor service in the private sector, it goes out of business. When the state destroys an economy, they simply raise taxes, lock up the money, devalue it and make you pay for their mistakes. In light of this knowledge, the demand for economically sound, permissionless alternatives like bitcoin grows more and more pronounced, as individuals worldwide realize full ownership of their hard-earned assets is a basic human right. What are your thoughts on situation in Argentina and ownership of fiat money? 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. Image credits: Shutterstock, Federico Rotter, fair use. 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 Argentina’s Example Shows That You Don’t Own Your Money appeared first on Bitcoin News. View the full article

The London-based exchange Cryptophyl is a trading platform focused on the Simple Ledger Protocol (SLP) and bitcoin cash (BCH) ecosystem. On October 29, the exchange announced the launch of the first fiat on-ramp to obtain well-known SLP tokens. Also read: Avalon Mining Rig Maker Canaan Files for $400M IPO on Nasdaq Purchasing SLP Tokens With Fiat Cryptophyl.com has revealed the public can now purchase SLP tokens using fiat via credit cards, debit cards, and Apple Pay. The Cryptophyl team is collaborating with the payment processor Moonpay in order to facilitate the fiat on-ramp. The SLP token ecosystem has grown quite mature this year and thousands of tokens have been created using the BCH network. Data reveals there’s been 5,400 SLP tokens minted since the inception of the protocol and a slew of tokens have been listed on exchanges. Cryptophyl launched in August and initially offered spice (SPICE) trading with bitcoin cash but the trading platform now has honestcoin (USDH) and the Cryptophyl developed drop (DROP) token. Cryptophyl’s native exchange token drop leverages the ability to utilize onchain dividends by paying holders airdropped tokens directly to their wallets. Now the Cryptophyl team has partnered with Moonpay to provide credit and debit card support to Cryptophyl’s exchange platform. Cryptophyl’s initial fiat payments launch will provide users access to spice and the stablecoin USDH. In the near future, credit and debit card payments can be used to obtain bitcoin cash and drop as well. “We are proud to partner with Cryptophyl to support instant purchases of SLP tokens,” said Ivan Soto-Wright, cofounder and CEO at Moonpay. “Reducing the barriers to entry is critical for mainstream adoption.” Moonpay users will have a connection to the SLP universe as well “expanding the reach of SLP to all users of Moonpay integrated products,” Cryptophyl’s announcement highlighted. At first users will be able to access spice (SPICE) and honestcoin (USDH). Making Bitcoin Cash Token Trading More Accessible According to the Cryptophyl team, honestcoin (USDH) and spice (SPICE) are the most popular tokens on the trading platform. Moonpay and Cryptophyl’s fiat on-ramp will charge a fee of 3.99% per transaction. “It’s great to see the addition of credit card support to Cryptophyl,” Semyon Germanovich, Cryptophyl’s founder, detailed during the announcement. “We’re constantly working hard to make token trading more accessible. We’re excited to connect Moonpay’s existing userbase with some of the most popular SLP tokens out there.” Germanovich added: This is a big moment for SLP tokens, and we’re thrilled to see SLP mature over time, and be a part of this journey. This is the beginning of many great things to come for Bitcoin Cash and the wider cryptocurrency ecosystem. Since Cryptophyl’s inception, the trading platform has been focused on the token technology tethered to the BCH network. The exchange aims to continue expanding the list of SLP pairs on the trading engine. “This mission is achieved through the discovery, due diligence and subsequent listing of quality tokens that demonstrate real-world utility,” Cryptophyl’s announcement notes. “Moving forward, both companies have committed to work together to add all new Cryptophyl listed tokens to Moonpay.” What do you think about Cryptophyl revealing its fiat on-ramp to the SLP token ecosystem? Let us know what you think about this subject in the comments section below. Image credits: Shutterstock, USDH, SPICE, Pixabay, Moonpay, and Cryptophyl.com. 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. The post Cryptophyl Exchange Reveals Fiat On-Ramp to SLP Token Ecosystem appeared first on Bitcoin News. View the full article

Mining rig manufacturer Canaan has filed for an IPO with the U.S. Securities and Exchange Commission to raise $400 million on the Nasdaq Global Market. Prior to this filing, the company had also attempted to go public in Hong Kong and China. Credit Suisse and Citigroup are among its underwriters. Also read: 4 New High-Powered Bitcoin Miners Revealed Canaan Files for US IPO Canaan Inc., a holding company that owns China-based Canaan Creative, filed a registration statement with the U.S. Securities and Exchange Commission (SEC) on Oct. 28 for an initial public offering (IPO). “We are offering American depositary shares, or ADSs. Each ADS represents Class A ordinary shares, par value US$0.00000005 per share,” the filing details. The company hopes to raise $400 million. The underwriters named in the filing for the IPO are Credit Suisse, Citigroup, China Renaissance, CMBI, Galaxy Digital Advisors, Huatai Securities, and Tiger Brokers. The company plans to apply to list its ADSs on the Nasdaq Global Market under the symbol CAN. Canaan also told the SEC that, based on a report by independent research firm Frost & Sullivan which it paid for: We were the second largest designer and manufacturer of bitcoin mining machines globally in terms of computing power sold in the six months ended June 30, 2019. The company plans to use the proceeds to research and develop ASICs related to AI and blockchain algorithms and applications, expand its AI and blockchain business globally, optimize supply chains, and repay debts. Canaan’s corporate structure: Source: SEC filing Canaan attempted an IPO in Hong Kong last year but let the application lapse in November. The South China Morning Post reported that Hong Kong regulators said IPOs by cryptocurrency businesses are “premature.” The company also attempted to go public in China three years ago through a reverse merger by buying a Shandong-based electric equipment maker, but that plan also fell through. Canaan’s Nasdaq IPO filing comes only days after Chinese President Xi Jinping commented on the development of blockchain technology in China which sent shares of blockchain and digital currency-related firms soaring. Some even speculated that Xi’s speech caused the recent hike in prices of bitcoin and other cryptocurrencies. About Canaan and Avalonminers Founded in 2013, Canaan provides “supercomputing solutions through our proprietary high-performance computing ASICs,” its registration statement reads. The company currently sells bitcoin mining machines under the Avalonminer brand and mining machine parts. In July, the company started leasing its mining machines. The company’s total revenue was $394.1 million in 2018, a 106.8% increase year-on-year, but its net income fell 67.4% last year to $17.8 million. For the six months period ending June 30, the total revenue fell 85.2% compared to the same period last year to $42.1 million. The company also recorded a net loss of $48.2 million during that time period. According to the filing, since the company has less than $1.07 million in revenue for the last fiscal year, it qualifies as an “emerging growth company” pursuant to the Jumpstart Our Business Startups Act of 2012 (the JOBS Act). “An emerging growth company may take advantage of specified reduced reporting and other requirements that are otherwise not applicable generally to public companies,” the filing details. The company recently introduced two new lines of Avalonminers: the A1146 and the A1166. The former rig processes bitcoins’ hashes at speeds of 46-56TH/s, with a power efficiency rated at around 57J/T, and a price tag of $1,204. The latter costs $1,978 and performs at 66-68TH/s with a power efficiency of around 47J/T. Both are expected to ship in February, according to the company’s website. What do you think about Canaan filing for an IPO in the U.S.? Do you think the company will successfully raise $400 million? 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 as 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 Canaan. 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 Avalon Mining Rig Maker Canaan Files for $400M IPO on Nasdaq appeared first on Bitcoin News. View the full article

The global economy seems to be heading toward a financial crisis fueled by central planners that could devastate markets worldwide. This year onlookers are witnessing the largest synchronization of central banks printing massive amounts of fiat or participating in other forms of stimulus. The central banks’ easing policy hasn’t been this colossal in nearly two decades as the M1 money supply has touched an all-time high. Also read: Why Central Banks Are Not Designed for Democracies Expect More Easing as Central Banks Continue Fighting the Fires They Started The central banks continue to print enormous amounts of fiat, slash rates, and do what they can to curb the devastating consequences of poor central planning. In 2019, the number of developed central banks bolstering easing policies makes it seem like a large-scale concerted effort. For instance, almost two dozen central banks are playing the roulette table by manipulating the global economy in a number of ways. Initially, when the gloomy economic forecasts started becoming a serious topic, the banks simply began cutting interest rates. A slew of institutions from regions like Japan had already been reducing interest rates and introducing negative rates as well. The Federal Reserve is derelict in its duties if it doesn’t lower the Rate and even, ideally, stimulate. Take a look around the World at our competitors. Germany and others are actually GETTING PAID to borrow money. Fed was way too fast to raise, and way too slow to cut! — Donald J. Trump (@realDonaldTrump) October 24, 2019 The Federal Reserve cut rates for the first time this summer since the economic crisis of 2008 and cut them again in September. Despite the influx of $60 billion a month plus overnight repos, U.S. President Donald Trump still thinks the Fed could do better. All of the banks are citing rising inflation and lack of liquidity while at the same time acting surprised by the deep economic slump. For instance, on October 24, Ukraine’s central bank cut rates by 100 basis points. The Ukrainian monetary policy committee concluded that “inflationary pressures” have been too much and agreed to the easing. Close to two dozen developed central banks are participating in monetary easing which is the largest synchronized move by banks since 2000. The following day on October 25, the European Central Bank (ECB) and the People’s Bank of China (PBoC) executed a bilateral currency swap agreement. The ECB and PBoC have been participating in a variety of easing processes this year and explained the bilateral currency swap aims to strengthen forex and capital markets. The deal is the second three-year extension and the first deal was drafted in 2013. After the initiation of massive synchronized easing efforts worldwide, JP Morgan strategists have written a research note telling investors that they should expect even more monetary easing policies in the future. “The evolution of the macro outlook, the risk of spillover from the corporate to the household sector or from manufacturing into services warrant some caution, especially in the context of the lingering risks from trade war and Brexit, with the U.S. Presidential election later in the year,” JP Morgan’s analyst said. While the Era of Central Banking Crumbles, Liberty and Free Market Solutions Will Reign Sven Henrich, the founder of Northmantrader.com, a blog about macroeconomics and technical analysis, detailed this week that the M1 money supply has touched an all-time high and the Federal Reserve “keeps cranking.” “We can all speculate on the who’s and how’s, but one can note that M1 money supply magically suddenly gets kicked into high gear expansion once stocks get into trouble … The expansion since 2009 vs the historic run rate has been breathtaking,” Henrich said. “Perhaps this is the biggest underreported and undiscussed issue out there. I can’t pretend to fully understand it but I’m curious to hear why money supply has increased 4 fold since 2000 and was virtually flat for years during 2004-2008 and only since 2009 has been on this rip higher.” Henrich further stressed: Yet they say there are not enough dollars around for overnight funding and that’s why they’re doing repos? On October 28, at the Litecoin Summit in Las Vegas, retired U.S. statesman Ron Paul told the crowd that the era of central banking is crumbling and free market solutions like precious metals and cryptocurrencies offered a path toward liberty. “Liberty is the answer to so many of our problems — Liberty is not divisive, the government can not come in and work it out,” Paul explained. “People have to come together and work together.” The former presidential candidate added: The American empire is on its last leg — It’s going to be rough. With all the banks working together to fix what they have started, many economists believe they still will fail. Since the 16th century, central banks have increased the quantity of money in order to tackle the rising price of goods and services. The money supply increase has ultimately reduced the common person’s purchasing power using legal tender issued by the central banks. In 1958, Ludwig Von Mises’ lecture “Economic Policy: Thoughts for Today and Tomorrow” revealed how bureaucrats wholeheartedly believe “that bankers had some secret knowledge enabling them to produce wealth out of nothing.” Instead, politicians and central bankers have caused rapid inflation, divided global citizens with class warfare, and continue to fund the military-industrial complex with no end in sight. In Ron Paul’s book “End the Fed,” the former senator’s words will be forever etched into the minds of young people striving for more liberty. “It is no coincidence that the century of total war coincided with the century of central banking,” Paul wrote at the time. So far, Paul and many other economists have been right about the central bank’s fraudulent acts, but no one truly knows if they can keep the long con going for much longer. What do you think about the large scale easing efforts being promoted by central banks these days? Do you think they are just digging a bigger hole? Let us know what you think about this subject in the comments section below. Image credits: Shutterstock, Twitter, Sven Henrich, Fred, 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 More Filthy Fiat: Two Dozen Central Banks Ramp up the Printing Presses appeared first on Bitcoin News. View the full article

Virtual private networks (VPNs) can be useful for all kinds of things, from streaming foreign sports to protecting your identity from heightened online surveillance. For cryptocurrency users, VPNs are particularly precious, providing access to exchanges that are geo-restricted, and enabling crypto activities to be completed on the web without leaving a privacy-betraying footprint. Also read: Stealth Miners on the BCH Network Attract Scrutiny The Rise of the VPN Virtual private networks can be traced back to 1996 when a Microsoft staffer conceived a peer-to-peer tunneling protocol (PPTP). In many ways, the protocol functioned as a precursor to the VPNs we see today, providing a private, secure connection between a computer and the world wide web, as it was then known. The advantages of having a permanently encrypted conduit to the web are manifold. Think about how often you unwittingly connect to insecure public wifi, for example, with everything from credit card numbers and social media log-ins vulnerable to theft. A VPN, which lets you connect to a remote server while masking your true location, provides peace of mind by safeguarding data from third-party interception. Virtual private networks also block persistent IP tracking, which is trickier to prevent than insidious third-party tracking e.g. from Google. The Quest to Decentralize the VPN VPNs can mitigate the worst data intrusions of centralized agencies (be it tech giants or governments), but they themselves are vulnerable to flaws inherent to centralization. This month, it emerged that popular provider NordVPN suffered a data breach in 2018 when a Finnish server in a rented data center was compromised. Although the company has asserted that no usernames or passwords were intercepted, the fiasco proves that VPNs are not invulnerable to the very attacks they endeavor to protect their users against. Web3 architects intent on decentralizing all the things have naturally turned their attention to VPNs, where they see the potential to create more robust systems that aren’t vulnerable to the whims of central bodies acting unilaterally, be it hackers or law enforcement. Decentralized VPNs – dVPNs – work by apportioning a percentage of users’ upload bandwidth to carrying traffic for other users on the network. Although still very much in their infancy, dVPNS have the potential to obfuscate your crypto transactions and communications while eliminating the need for a central authority. One such project is Tachyon. As well as hiding your location, the protocol simulates HTTPS and SMTP, meaning it conceals the sites you browse, fooling others into thinking you’re visiting Youtube and Gmail respectively. Users’ requests are distributed through multiple different nodes with encryption, thereby overcoming the security vulnerabilities and inefficiencies of TCP/IP. Another proposal, developed as part of the Web3 movement, is VPN⁰, a decentralized network built around a Distributed Hash Table (DHT), atop which sit several privacy-protecting mechanisms. What makes the network particularly unique is that it permits relay nodes to control which traffic they wish to transmit – without specifically learning what the content contains. This feat is achieved through the application of zero-knowledge proofs, a cryptographic technique in which the prover can validate to the verifier that a statement is true, without actually disclosing any information other than the validity of the statement. Developed by a trio of Brave browser security researchers, VPN⁰ awaits further development and funding. Why Cryptocurrency Users Should Consider a VPN While everyday internet users are becoming more assertive with their privacy, motivated by widespread coverage of mass data collection and government snooping, bitcoiners have an even greater need for digital discretion. The cryptosphere, after all, has fallen prey to opportunistic hackers, with spear phishing and SIM-swapping just two examples of security breaches that have left traders out of pocket. A VPN is not a cloak of invisibility, granting its wearer carte blanche to evade or commit cyber crime with impunity, but it does heighten your security in a number of meaningful ways. By encrypting your data when you trade, a VPN makes it more difficult for hackers to eavesdrop. Because VPNs conceal your IP address and prevent persistent IP tracking, your device’s location will not become connected to your wallet address. What’s more, using a remote server to mask your true location more effectively prevents targeted viruses and malware than many expensive software packages designed expressly for this purpose. Of course, the advantages of VPN use extend beyond bolstering security. They can also widen your options by unblocking geo-blocked websites such as exchanges forbidden in your homeland. By granting unfettered access to otherwise verboten foreign portals, these networks can dramatically improve your trading experience. They can also prove a lifesaver, should your government suddenly censor access to an exchange in which you hold currency, for example. How to Choose the Right VPN for Your Needs There are many VPNs to choose from, some free, some paid, and all with pros as well as cons. Firstly, make sure you pick a VPN that does not store user logs, which could conceivably be handed over to third parties. Some VPN providers insist that this information is mandatory to guarantee optimal service, but in reality, they often sell your data to advertisers. Needless to say, this runs contrary to the very purpose of using a VPN in the first place. In any case, you certainly don’t want time-stamped details of your VPN sessions – as well as sites visited and files downloaded – falling into the wrong hands. Once you’ve sourced a provider with a definitive zero-log policy, you should think about connection speed, the number of servers in different countries (prioritizing those with multiple severs in privacy-friendly nations), the level of encryption offered, traffic-restriction policies and customer support. It might also be smart to select a VPN that accepts payment in cryptocurrency, which can further enhance your privacy. Practise Safe Browsing Privacy absolutists are eagerly awaiting the day when decentralized VPNs become production ready, citing a distrust of centralized gateways’ privacy policies and questions surrounding network stability. In the meantime, VPNs go a long way to ensuring safety and privacy in our hyper-connected world – and this applies to regular web users as well as those of us in the habit of transacting digital currency. Before you step out into the big bad web, take a moment to clad yourself in a VPN. Do you think using a VPN provides added security when browsing the web? 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 Why a VPN Is the First Layer You Should Pull On When Browsing the Web appeared first on Bitcoin News. View the full article

Few crypto assets have outperformed bitcoin this year, but the handful that have are predominantly exchange tokens. Their success attests to that of the token sale launchpads they have hosted, which have in turn driven demand for exchange tokens. But as IEOs start to wind down, can exchanges sustain the momentum, or will BTC recapture the lead and finish 2019 on a high? Also read: China Ranks 35 Crypto Projects as President Xi Pushes Blockchain 2019 Was the Year of the Exchange Token Bitcoin has had a good week, but despite putting a dent in every major crypto asset, thanks to Friday’s paint-melting rocket ride, it’s still got some catching up to do. Within the top 50 cryptocurrencies by market cap, aside from chainlink, which has recorded an 816% gain for the year, the only notable tokens to have bested BTC are huobi token (247%) and binance coin (235%). Just behind BTC (148%) is another exchange token, kucoin shares (138%). Move outside of the top 50, and lurking at 118 by market cap is this year’s best performing exchange token, belonging to Bitmax. BTMX is up an impressive 394% for the year, just ahead of Okex’s OKB, which sits 91st by market cap with yearly gains of 358%. While there’s plenty to critique about the utility of exchange tokens, and their ability to sustain their new price levels, there’s no disputing that 2019 has been their year. Can Exchange Tokens Escape the Fate of ETH? Anyone who was hanging around the crypto space in 2017 will recall the meteoric rise of all crypto assets, ETH especially, which peaked at $1,400 on January 13, 2018, propelled there by the ICO craze. What came next is well documented, with ETH among the hardest hit when the crypto market receded. It has taken almost two years for ETH to recover its sense of purpose – which is now defi, apparently – and to start recouping its heavy losses. Q4 tends to be a quiet time of year for token sales, and given the lackluster performance of the IEOs that have launched to date, there is evidence that the public’s appetite for exchange-hosted token sales is diminishing. ICOspeaks, which records forthcoming token sales, lists just two scheduled IEOs and ICOs apiece. Save for the long tail of pay-to-play IEOs listed on smaller and less salubrious exchanges like Exmarkets and Latoken, there’s not much on the horizon. Ben Zhou, CEO of Bybit exchange, told news.Bitcoin.com: “Platform tokens were originally designed as a customer reward program, while being pumped up because of IEO hype over the last year. As what happened after the ICO retreat, investors will definitely revisit the intrinsic value of platform tokens – the success of the platform and the willingness of the platform to reward its customers.” Zhou went on to explain that there are ways to reward users without reliance on a token; in Bybit’s case, for instance, through issuing bonuses to users upon registration and for various campaigns. Bybit’s CEO claims that “This has been met by widespread approval by our customers.” It would be as premature to call the demise of IEOs as it would be to predict the downfall of native exchange tokens. Crypto exchanges are one of the most profitable sectors in the industry to date, and are not about to slip away quietly into the night just because the whole IEO game has tapered off. As Binance has shown, the token launchpad is merely the first in a string of features to mandate native token usage, with subsequent products, including futures markets, also drawing heavily upon the exchange token. Kucoin is busy replicating this formula to a tee, with its Kumex derivatives platform due to launch in a few weeks. This year’s best performing exchange tokens according to Cryptorank.io Where There Are Exchanges, There Are Exchange Tokens As gatekeepers to the cryptoconomy, exchanges can effectively force usage of their native tokens, through baking in trading discounts, IEO airdrop participation, and other incentives that make it advantageous to hold exchange tokens. For the leading proponents of this business model, such as Binance and Huobi, increasing the value of the token provides another revenue stream in itself. Rather than dumping their own stash of tokens onto the market, however, it is in the interests of these giants to support the value of their native token through whatever means they can, while monetizing in other ways. Increasing the utility of exchange tokens allows the exchanges to portray themselves as more than merely a conduit for speculating on shitcoins, but rather as vital cogs in the cryptosphere. Their token is the yardstick by which their health is signaled to the world. As a result, exchanges will stop at nothing to see the price sustained. The only thing that could conceivably put a stop to that is a rampant bitcoin. Should BTC go on another run, as it did last Friday, no crypto asset will be safe. Do you think exchange tokens can sustain their momentum? 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 Exchange Tokens Have Outperformed BTC This Year appeared first on Bitcoin News. View the full article

Crypto’s most recent bull run began last Friday, October 25, after a significant plunge in prices just days earlier that had some prognosticators worried about a return to late 2018 and early 2019’s bleak crypto winter. Since the recent spike, prices have held relatively steady, suggesting this rally is not just a flash in the pan. That being the case, a look at bull runs of times past and what this could mean for the market today is in order. Also Read: After Breaking New Records Bakkt Announces Crypto Consumer App What Goes Down Must Bounce Back Up, Right? With BTC plummeting almost $1,000 from October 22-24, some crypto sages were poised on their soapboxes in the Twitter town square ready to announce the coming cryptocalypse. As seen recently though, prices have reinvigorated with gusto and stabilized around the market as a whole. 2017’s November and December mega rally was preceded by a rapid plunge in prices across the market in mere days as well, prompting some to view current conditions as a consolidation signal similar to those times. Late October BTC prices via markets.Bitcoin.com There is no shortage of theories and speculation as to where things may go next, or why the dynamic moves of last week occurred. Bitcoin core prices spiked over $2,500 from around $7,300 to the $10,000 mark in a matter of a couple days, and other top market cap cryptocurrencies experienced significant positive moves as well, and remain strong. A long-term view of all cryptocurrencies. Source: coinmarketcap.com Past Bull Markets – Similarities and Differences As zealous as those in the crypto game might be to call each and every bullish signal the beginning of hyperbitcoinization and each slight dip a shocking death knell, the markets tell a more stable and sensible story from a macro perspective. Prices and percentages of market capitalization of leading cryptos understandably follow more gradual contours, long-term. The diversity of leading assets at the very top broadens where capitalization is concerned, while the market as a whole narrows and becomes more focused on select assets. Coinmarketcap.com If 2017’s skyrocket into green was a crypto-wide gamble taking everyone along for the exhilarating ride, recent spikes have been a more seasoned bet, leaving legions of washed up altcoins out to dry. As far as speculated causes for the most recent bull trend goes, there are a few favored explanations – and many being shot down with equal conviction. BTW China‘s leadership is anti-privacy,pro-surveillance&pro-control.Stop pretending Xi‘s speech (where #blockchain was a placeholder for any hip tech) said “we like #bitcoin“.It insults even #CT‘s intelligence.Reason for pump was Bearish positioning& #tether printing air-money 😉 — DK (@dke82) October 25, 2019 This most recent rally could have been inspired by a tether printing spree, Chinese government endorsement of blockchain, Bakkt’s growing futures market, worldwide economic calamity or any other number and combination of factors. Similarities across bullish trends have luminaries, experts and economists attempting to draw sound connections. For example, Bitcoin’s April 2018 rally was attributed to institutional interest and “flights to decorrelation” by experts, bearing similarity to current speculation and prediction centering around global economic turmoil and the bitcoin futures market. Last spring and summer saw bitcoin core jumping back to $10,000 in June, signaling a bull market that was attributed by many, once again, to a combination of tech industry hubbub such as Facebook’s groundbreaking Libra announcement, government economic policies and futures markets. Regarding the current rally, Binance CEO Changpeng Zhao referenced positive signals from stocks in the Chinese blockchain industry, tweeting on October 28: Those gains in stock markets will spill over to crypto soon… Told ours guys to scale up system capacity, waiting. Also of interest to speculators is a breakaway gap on the Chicago Mercantile Exchange’s (CME) futures chart following last week’s spike. Trader @TheCryptomist predicted the gap would be filled before BTC heads back upwards toward $12,000. Top Performers and Future Moves As far as price performance in the context of the most recent rally goes, barchart.com paints a picture of the last five days, with NEO, BCH and BTC leading the pack. NEO has seen a near 50% gain in price, BCH over 16% and BTC 14% at press time. Barchart.com If the crypto market tells us anything, it’s that no prediction or position is sacred, no matter how vaunted the status of the speaker, or how statistically sound the forecast may seem to be. Crypto speculation is always open to being dashed to smithereens against the unforgiving rocks of market reality. Still, when zoomed out far enough, even volatility can take on a calmer appearance. Steady growth and sustained interest in the crypto space is a constant narrative for now. What are your thoughts on the recent crypto market moves? Let us know in the comments section below. Image credits: Shutterstock, fair use. 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 Speculation Abounds Over the Cause of Bitcoin’s Recent Rally appeared first on Bitcoin News. View the full article

China has been on a roll with a series of crypto-related announcements. President Xi Jinping’s speech to accelerate the development of blockchain technology in China was followed by the passing of a cryptography bill. Meanwhile, China’s Center for Information and Industry Development has continued to evaluate and rank crypto projects, and the central bank is preparing to launch its own digital currency. Also read: China Publishes New Rankings of 37 Crypto Projects China’s Latest Rankings: 35 Projects As China embraces blockchain technology and prepares to launch its own digital currency, the country’s Center for Information and Industry Development (CCID) has continued to publish crypto project rankings. The CCID is a scientific research institute directly under China’s Ministry of Industry in Information Technology. The first ranking, published in May last year, took the crypto industry by surprise. The latest set of rankings consists of 35 crypto projects, ranked based on the CCID’s Global Public Blockchain Technology Assessment Index. There are three sub-indices: basic technology, applicability, creativity. Collectively, they make up the overall ranking. Occupying the number one spot overall is EOS, which has been at the top of the overall rankings since the center started evaluating it back in June last year. The second position has changed from the previous ranking, with TRON replacing Ethereum. NULS remains in the fourth position, while Bitcoin remains in the 11th spot. Bitcoin Cash now ranks 30th, down a few positions from the 26th spot previously. The institute explained that the average value of the basic technology sub-index is mostly unchanged from the previous period. The average value of the creativity index has marginally increased, while the average value of the applicability index has increased substantially. Two projects, Gxchain and XEM, have been removed for further observation because “a dynamic adjustment mechanism was introduced to adjust the public chain whose code update rate is too low,” the CCID explained. The indices are compiled by the CCID (Qingdao) blockchain research institute, an entity established by the CCID. The rankings and evaluation work are carried out every two months in collaboration with multiple parties such as the CCID think tank and the China Software Evaluation Center. “The result of this assessment will allow the CCID group to provide better technical consulting services for government agencies, business enterprises, research institutes, and technology developers,” the institute previously explained. The CCID provides professional services to the government including research, consulting, evaluation, certification, and research and development, its website describes. China’s CBDC and Cryptography Law While the CCID has been evaluating crypto projects for over a year, China’s central bank has been researching the possibility of issuing its own central bank digital currency (CBDC) for much longer. The People’s Bank of China (PBOC) set up a research team in 2014 to explore launching its own digital currency, reportedly to reduce the costs of circulating traditional paper money and boost policymakers’ control of money supply. The project was recently accelerated following the announcement by social media giant Facebook regarding the Libra digital currency project. Having hinted to the media that its CBDC was “almost ready,” the PBOC later stated that more research was needed. Governor Yi Gang clarified earlier this month that there was no timeframe for the launch and more time is needed for further research, testing, trials, assessments, and risk prevention. Nonetheless, some people are more optimistic about the time frame. Huang Qifan, Vice Chairman of China Center for International Economic Exchanges, talked about the country’s digital currency electronic payment (DCEP) system in his keynote speech at the Bund Summit, a financial conference in Shanghai, on Monday. He remarked: The PBOC has been studying DCEP for five or six years, and is likely to be the first central bank in the world to launch a digital currency While Chinese authorities have indicated that its digital currency would be similar to Libra, some experts have reservations about the DCEP system. Zhang Anyuan, chief economist from China Securities, was quoted by The South China Morning Post as saying: “DCEP anchoring purely on [the yuan] won’t be able to compete with Libra, despite it may draw the participation of internet giants like Alibaba and Tencent.” He elaborated that, based on the details revealed so far, “its internationalization will not succeed without a monetary theory breakthrough or a money creation innovation,” the publication conveyed. Further, China’s official state-run press agency Xinhua News Agency reported late on Saturday that a cryptography law has been passed and will take effect on Jan. 1, 2020. This law is aimed at “facilitating the development of the cryptography business and ensuring the security of cyberspace and information,” the publication explained, citing parliament. Xi Jinping Elevates Blockchain in China Chinese President Xi Jinping, while still silencing protesters in Hong Kong, managed to gain immense popularity within the crypto community last week when he said that China should expedite the development of blockchain technology as the core for innovation. He emphasized that the integrated application of blockchain technology plays an important role in new technological innovation and industrial transformation, Xinhua reported and quoted Xi as saying: We must take blockchain as an important breakthrough for independent innovation of core technologies, clarify the main directions, increase investment, focus on a number of key technologies, and accelerate the development of blockchain and industrial innovation. “Chinese president seldom elaborates on a particular tech,” commented Twitter handle Cnledger. “Previously, only [the] internet and artificial intelligence were specifically elaborated on and collectively studied in the Central Political Bureau. This means blockchain is at least raised to the same level as A.I. in China.” Following Xi’s statements, blockchain-related stocks spiked. Xunlei, a company selling cloud downloading services claiming to be heavily invested in blockchain, for example, doubled its market cap overnight. What do you think of the CCID’s rankings, President Xi’s speech, and the PBOC preparing to launch a central bank digital currency? Let us know in the comments section below. Images courtesy of Shutterstock and the CCID. 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 China Ranks 35 Crypto Projects as President Xi Pushes Blockchain appeared first on Bitcoin News. View the full article

Through their policies, central banks exert tremendous influence over the socio-economic conditions in a country and its business environment. Their decisions are so powerful that it’s obvious they are part of the government. But most people would be surprised to find out that central banks are almost never part of the due democratic process. Also read: Mario Draghi Leaves European Central Bank Without Ever Raising Interest Rates Bankers Oversee Bankers in the US Modern democratic societies are in a crisis for various reasons, and one of them is that very few things depend on the will of the populace. When’s the last time anyone asked you if you agree to see your savings depleted due to low interest rates or has anyone ever acquired your permission to bail out bankrupted financial institutions with your money? These are actually some of the main reasons why decentralized cryptocurrencies allowing peer-to-peer transactions were invented. On paper at least, there is a mechanism in representative democracies that supposedly takes into account your interests. You vote for a political representative who must consider your point of view in the decision-making process at the highest levels. But while you may have some success with elected officials and institutions, that’s almost impossible with central banks due to their independence. Take the U.S. Federal Reserve, for example, arguably the most important of all central banks in a dollar-dominated world. The Fed was created by a group of bankers and politicians who drafted the plan for its establishment outside of Washington which was later approved by the Congress. The Federal Reserve System is a network of 12 regional Federal Reserve Banks which is governed by a board of seven members appointed by the U.S. president and confirmed by the Senate. But there’s a catch: the elected head of state can appoint only one member to the Board of Governors every two years with a 14-year term, while the 12 branches are effectively controlled by commercial banks. Each regional reserve bank is in reality a corporation and every U.S. chartered bank is required to keep 6% of its capital with its regional reserve bank. For that it receives an amount of shares at a fixed price of $100 per share and these cannot be sold or traded. Their holders, commercial banks, control about two thirds of the voting power in the regional federal reserve banks’ boards. The bigger the bank, the larger its share in the regional Fed, which is supposed to oversee its activities and operations. The Federal Reserve System was structured like this to ensure the central bank’s independence from Washington. But in a representative democracy, that also makes it independent from the electorate, from the taxpayers. The people are left with one option to have any influence over their central bank – to buy as many shares as possible of the largest commercial banks in their region. The Fed itself has been accused of exerting political influence and absorbing influence from Wall Street. Raising or cutting interest rates at the “right time” can tip the scales in an economy and affect the voters’ perception of its current state. The instruments the Federal Reserve has at its disposal can stimulate economic recovery or create a false impression of one by inflating bubbles, or even slow down an ongoing recovery. To use them it doesn’t need political capital, unlike an elected institution, and it won’t pay a political price at the next elections. Informal Group Determines Banking Policies in the EU If you thought the situation in Europe was radically different, you were wrong. The European Central Bank (ECB) is responsible for the monetary policy in the Eurozone and along with the central banks of the countries in the common currency area forms what’s known as the Eurosystem. But while the Frankfurt-based ECB is formally entrusted with serious regulatory powers, including the adjustment of key interest rates, many would be surprised to learn that its decisions are often dictated by an informal forum that has been heavily criticized for its non-transparency. In reality, political control over the euro and the Economic and Monetary Union of the EU is exercised by the Eurogroup. The term Eurogroup refers to the meetings of the finance ministers of the Eurozone countries. It draws its legality from two short articles in Protocol 14 of the Consolidated Treaties of the European Union, added not too long ago with the Treaty of Lisbon. The first one starts with “The Ministers of the Member States whose currency is the euro shall meet informally.” They are to “discuss questions related to the specific responsibilities they share with regard to the single currency.” The discussions take place with the participation of the European Commission and the European Central Bank. But that’s not all. High-ranking officials from the International Monetary Fund, like its Managing Director Christine Lagarde and President-elect of the ECB, are sometimes invited to these meetings. In other words, the so called European troika, of which the IMF is also a member, is well represented. The largely informal nature of the Eurogroup has attracted a serious amount of criticism within the European Union mainly for the absence of democratic oversight of its proceedings. Critics have pointed out that the Eurogroup does not publish minutes from its meetings and documents revealing its agenda. Some have spoken about the lack of accountability towards the European Parliament, which remains the only democratically elected EU institution, as well as the dominant position of the Troika and countries like Germany in the format. Participants in the meetings have indicated that the decisions taken by the Eurogroup are often simply rubber-stamped by the Economic and Financial Affairs Council (Ecofin), the group that gathers the economics and finance ministers of all 28 member states, before being directly implemented by the European Central Bank. Do you think central banks should be more accountable to the citizens and the elected institutions of a country? Share your opinion on the subject 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. 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 Why Central Banks Are Not Designed for Democracies appeared first on Bitcoin News. View the full article

Following the all-time record of 1,179 contracts on October 25, Mike Blandina, Bakkt’s chief product officer, revealed the firm is launching another strategy after announcing its December options launch. Bakkt is releasing a consumer application so retail investors can “unlock the value of digital assets” via consumer payments. Also read: Cred to Demo Global Merchant Solution at Blockchain Week Kick-Off Bakkt Announces a Crypto Consumer App After Its Futures Volume Broke Records Bakkt’s physically-settled bitcoin futures contracts have been steadily gaining interest as the market has seen a few new records since launching. On October 11, Bakkt revealed it had conducted its first block trade while also seeing a 796% jump in futures trade volume in a one intra-day trading session. A little more than a week later, Bakkt contracts reached another milestone with 640 BTC swapped on October 23. Both times, the rise in futures interest on Bakkt followed the enormous price drops BTC felt in the last few weeks. Then, after BTC and the rest of the cryptoconomy jumped 20% higher or more the following day, Bakkt again broke records. This time Bakkt volumes saw 1,179 contracts on October 25 and volumes that followed have been much stronger. After Bakkt’s new record, Mike Blandina, Bakkt’s chief product officer, told the public about a new consumer application the firm is releasing in 2020. “We’ll be launching a consumer app to make it easy for consumers to discover and unlock the value of digital assets, as well as ways in which they can transact or track them. Merchants gain access to a broader set of customers with expanded spending power,” Blandina’s blog post announcement details. Bakkt’s New App Focuses on Four Key Areas: Infrastructure, Accessibility, Trust, and Ultimate Control for the User Blandina said that Bakkt wants to strengthen four key areas within the cryptocurrency ecosystem. Frictionless digital asset infrastructure, marketplace accessibility, a trustworthy brand, and a noncustodial solution “with the concept of a consumer-driven platform that offers the ultimate control over their digital assets.” ∙ Today's volume so far: 376 BTC ∙ Last traded price: $9,487.50 ∙ Trading day progress: 39% ∙ If this continues, 100% would equal to: 965 BTC — Bakkt Volume Bot (@BakktBot) October 28, 2019 Derivatives markets in the crypto space are not the only part of the industry Bakkt wants to tackle, and by 2020 the company hopes to launch the new cryptocurrency-centric consumer app. “Over the last year, we’ve assembled a strong team of payments engineers and are nearing completion of our core payments and compliance platform,” Blandina stressed. Bakkt’s chief product officer added: We’re now focused on the development of the consumer app and merchant portal, as well as testing with our first launch partner, Starbucks, which we expect in the first half of next year. The news follows Fidelity Investment’s recent announcement when reporters from the Financial Times (FT) disclosed that “Fidelity has rolled out its cryptocurrency custody business.” The firm’s cryptocurrency unit was revealed in 2018 and according to FT: “[Fidelity Digital Asset Services (FDAS)] is now engaged in a full rollout of its custody and trading services for digital assets.” Bakkt executive Blandina underlined that the “core tenet” of Bakkt’s strategy was similar by “unlocking the value of digital assets” through consumer payments. Blandina concluded by explaining interested parties can sign up now for early access to the Bakkt consumer application. What do you think about Bakkt announcing a new consumer-driven application dedicated to digital currencies? Let us know what you think about this subject in the comments section below. Image credits: Shutterstock, Bakkt, 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 After Breaking New Records Bakkt Announces Crypto Consumer App appeared first on Bitcoin News. View the full article

In roughly 17 days, the Bitcoin Cash network will upgrade by adding two new features to the protocol. Meanwhile, prior to the forthcoming changes, a large percentage of the BCH hashrate is being processed by unknown miners. Crypto proponents have been very focused on the hashrate and BCH pool distribution as speculators believe a few stealth miners have been gaming the difficulty adjustment algorithm (DAA). Also read: Bakkt Announces Bitcoin Options After Record-Breaking Futures Volumes Theories of Unknown Miners and Gaming the DAA Every six months the BCH chain upgrades in order to continue scaling the network. On November 15, the BCH network will see two new features added that aim to bolster the Bitcoin Cash roadmap. Engineers have disclosed that the upgrade will finalize the BIP62 malleability vector by enforcing Minimaldata in script and it will also implement Schnorr support for OP_Checkmultisig. While node operators upgrade their full nodes and participants prepare for the upcoming changes, there’s been some oddities taking place with the BCH hashrate. On October 25, observers noticed unknown miners had captured a lot of blocks in a two-day span. One particular block had a three-hour gap and speculators started assuming that large BTC or BSV miners had been gaming the difficulty adjustment algorithm (DAA). One theory says that large pools have been jumping back and forth from one network to another, moving large percentages of hashpower periodically. The assumption is that some nefarious pools have been trying to push ideological BCH miners out of the equation. Bitcoin Cash hashrate distribution in the last seven days. However, some individuals believe the three-hour gap was perfectly normal as the 14% change in difficulty at that point in time was quite massive. One person wrote a blog post explaining why they thought the BCH attack theories have been significantly hyped. “There is nothing in the current data that even remotely resembles a 50% attack — The hashrate rose barely by 10%,” the author wrote. “The 3-hour gap was most likely caused by a large (around 10% of the total hashrate) miner leaving the network — In the period after that we had 149 blocks in 22 hours, which works out to 6.7 per hour with a target of 6,” the blog post highlighted. The individual added: This is pretty normal, a change in the difficulty of this magnitude is bound to cause oscillations of over and under adjustments. As I’m writing this, the hashrate is rising again by about 10%, this can easily be explained by people switching on their miners in response to those events. Bitcoin Cash hashrate by pool shows there’s been between 2-3 EH/s dedicated to the BCH chain with a slight increase starting during the first week of October. The Halvening Effect In fact, looking at the data site Fork.lol shows there wasn’t that much variance over the last week, despite the significant difficulty change which caused the lengthy three-hour interval. The BCH hashrate has been between 2-3 exahash per second (EH/s) and BTC’s hashrate has been between 80-105 EH/s. The daily BCH hashrate by mining pool has been increasing slightly since the first week of October. It is also between 1-4% more profitable to mine on the Bitcoin Cash blockchain at the time of writing. Bitcoin Cash hashrate distribution in the last 24-hours. Coin Dance statistics also show that the unknown miners have captured 49% over the course of seven days and 44% for today’s hashrate distribution data. There are those that believe the stealth miners could be about 2-4 pools because there are different coinbase addresses used for blocks found by unknown miners. Others have speculated that the miners are proponents of BCH and are merely stockpiling coins before the halvening. “I think they might be stacking BCH before the halvening,” a user on the Reddit forum r/btc opined. “I think this is a sign of the approaching halvening — We will likely see more miners experimenting and playing with their otherwise useless BTC hashpower by pointing it at BCH,” redditor ‘Bitmeister’ remarked. “Succinctly, any shift in hashpower from BTC to BCH will look like this initially, whether the motivation is good or evil.” The unknown miners use a different coinbase text, making people believe there are numerous stealth pools mining BCH. At press time, there have been no oddities associated with the intervals of time in between blocks found on the BCH chain. Despite a large amount of hashrate being consumed by stealth miners and the price changes making BCH more profitable at times, the stories seem blown out of proportion. The influx of unknown miners has been taking place since mid-2018 and these pools can be seen on both networks. A touch above 20% of the BTC hashrate is also processed by stealth miners. With the upgrade advancing, people could be on edge and trolls are quick to cause fear, uncertainty and doubt (FUD) whenever there’s an opportunity. What do you think about the recent discussions in regard to BCH mining pools, unknown miners and the DAA? Let us know what you think about this subject in the comments section below. Image credits: Shutterstock, and Coin Dance. 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 Stealth Miners on the BCH Network Attract Scrutiny appeared first on Bitcoin News. View the full article

On Wednesday, October 30, Cred and the Universal Protocol Alliance will be hosting a live demonstration of a point-of-sale (PoS) device that enables purchases with cryptocurrency. Cred’s PoS financial operating system allows customers to utilize any crypto wallet for purchases at the PoS and will debut with bitcoin cash acceptance. Future versions of the Cred financial operating system will also accept debit, credit and gift cards and enable businesses to earn interest and receive a working capital line of credit. The event in Emeryville will kick off San Francisco Blockchain Week and will feature several California elected officials and well-known blockchain executives. Also read: Bakkt Announces Bitcoin Options After Record-Breaking Futures Volumes Taking Crypto to a New High: An Event Showcasing Cred’s Global Merchant Solution The Universal Protocol Alliance (UPA) and Cred have organized an event at the Ohana Dispensary in conjunction with San Francisco Blockchain Week. News.Bitcoin.com reported on the UPA and Cred making headway in California when Berkeley City Councilmember Ben Bartlett became the first elected official to make a purchase using bitcoin cash. The purchase at the Ohana dispensary ended up settling instantly in a stablecoin which helps the merchant avoid digital currency volatility. The cofounder of Cred, Dan Schatt, told news.Bitcoin.com that the event on Wednesday will also showcase a live demonstration of the PoS hardware running the Cred financial operating system. The business will accept cryptocurrency and settle instantly in the Alliance UPUSD stablecoin for the merchant and the city tax collector’s convenience. “Several California politicians will be on hand, including local mayors and city council members in the bay area and county assessors,” Schatt detailed. “We will also have crypto industry leaders – the CEOs of Cred, Uphold, Bitcoin.com, Omisego, and journalists.” Schatt added: A few things will be presented that have never been possible: instant tax collection, particularly in an industry that only collects 17% of tax revenue, instant settlement with the merchant (this usually takes three days with Square), the opportunity for merchants to earn interest on their proceeds and to borrow. Digital Currency Innovation Coupled With Frictionless Stablecoin Settlement The event invitation notes there will be music, food, and cocktails. Special guests will include members of the Blockchain Advocacy Coalition, Bitcoin.com CEO Stefan Rust, Mayor of Emeryville Ally Medina, and Berkeley Councilmember Ben Bartlett. The event will not only display the powerful potential of cryptocurrencies like bitcoin cash but also the innovation behind stablecoins. The Universal Dollar (UPUSD) is a stablecoin issued by the Universal Protocol and the first stablecoin to be listed on Uphold. Every UPUSD is backed by the U.S. dollar and coins are minted on-chain with every transaction written to Ethereum. “The UPUSD stablecoin is completely transparent and 1:1 substantiated with USD. This demonstrates the power of several companies coming together to support the very practical use case of providing significantly better financial services to cash-intensive industries,” Schatt told news.Bitcoin.com. “Every transaction, whether it is facilitated with a debit, credit, prepaid or BCH — Paying results in the purchase of LBA as a translation utility token, which is then collateralized and UPUSD is advanced to the merchant. It requires a lot of companies working together — Cred as a licensed lender, the Universal Alliance as the minter of the stablecoin, the integration of BCH in the PoS system.” The event “Taking Crypto to a New High” at the Ohana Dispensary on October 30 will start at 5:30 p.m. and the organizers say “make sure to bring your Crypto wallet to experience a revolutionary new use case for blockchain.” Moreover, free transportation will be provided to credentialed San Francisco Blockchain Week attendees. If you are attending the blockchain conference in the Bay area and want to see a revolutionary global merchant solution, then register for the free event here. What do you think about Cred’s Global Merchant Solution? Let us know in the comments section below. Image credits: Shutterstock, Cred, 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 Cred to Demo Global Merchant Solution at Blockchain Week Kick-Off appeared first on Bitcoin News. View the full article

The operators of Bitfinex claim that the cryptocurrency exchange is a victim of fraud committed by its payment processor Crypto Capital. The men behind Crypto Capital now face charges related to money laundering in Poland and the U.S. Also Read: Tether Created ‘Largest Bubble in Human History’ Claims Lawsuit Against Bitfinex Crypto Capital Leadership Accused of Money Laundering Crypto Capital is a payment processor that handled funds for and on behalf of Bitfinex for several years according to public court documents. The cryptocurrency exchange accuses Crypto Capital of causing it to lose hundreds of millions of dollars. On Thursday it was reported that the payments processor’s president, Ivan Manuel Molina Lee, was extradited to Poland from Greece to answer charges related to money laundering. Another principal of the company, Oz Yosef, was indicted on three criminal counts by the U.S. Attorney for the Southern District of New York on Wednesday. Bitfinex has issued a statement on the matter, saying that it was not involved in money laundering and that it has been lied to by Crypto Capital representatives including Molina and Yosef. Bitfinex claims that Crypto Capital falsely referred to its integrity, banking expertise, robust compliance program and financial licenses to reassure it was capable of handling the company’s transactions. International Legal Saga According to media reports from Poland, the allegations against the president of Crypto Capital include laundering funds for an international drug cartel from Colombia via Bitfinex and transferring them to Polish bank accounts. The reports mention that investigators found that from December 2016 to February 2018 approximately PLN 1.4 billion (US $360 million) was transferred to these accounts, which have been seized by authorities. “Bitfinex is the victim of a fraud and is making its position clear to the relevant authorities, including those in Poland and the United States,” stated the company’s general counsel Stuart Hoegner on Friday. “We cannot speak about Crypto Capital’s other clients, but any suggestion that Crypto Capital laundered drug proceeds or any other illicit funds at the behest of Bitfinex or its customers is categorically false. This week’s developments do nothing to affect or otherwise deter Bitfinex’s claims to funds in Poland or anywhere else. We will continue to work to recover all funds for and on behalf of our stakeholders.” What do you think about the continued legal drama surrounding Bitfinex? 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 Bitfinex Claims to Be Victim of Fraud After Crypto Capital President Arrested appeared first on Bitcoin News. View the full article

Cryptocurrency trading volumes in India have accelerated despite regulatory uncertainty and banking restrictions imposed by the Reserve Bank of India (RBI). Global trading platforms and service providers have also been expanding their operations to serve Indian users. Also read: Mistakes Crypto Owners and Traders Should Avoid Strong Trading Volume Growth Banking services may be restricted and the government may be considering a bill to ban cryptocurrencies, but Indians continue to buy and sell cryptocurrencies. Trading volumes on some exchanges in the country have been rising significantly. Paxful has reported steady growth in BTC trading in INR on its peer-to-peer (P2P) bitcoin marketplace. For the week ending Oct. 26, 85 BTC were traded, a 13% increase from the 75 BTC traded the previous week. In comparison, only 7 BTC were traded in the week ending Oct. 27 last year on the platform. Competing P2P marketplace Localbitcoins reported 146 BTC traded in the week ending Oct. 26 and 143 BTC the previous week. Bitcoin.com’s P2P marketplace for bitcoin cash is also growing in popularity among Indian traders. Weekly BTC trading volumes in INR on Paxful. Nischal Shetty, CEO of local crypto exchange Wazirx, is also seeing an encouraging trend on his platform. Trading volume has “grown really well this month,” he told news.Bitcoin.com on Monday, adding that “It has accelerated in the last week due to the positive sentiments around crypto.” He further shared that the top coins traded this month on his exchange are BTC, ETH, XRP, TRX, LTC, XLM, MATIC, BCH, BAT, and BTT. Regarding trader sentiment in India, “It’s been very positive ever since the China news of President Xi Jinping announcing that China should get into accelerated blockchain development,” Shetty opined. “India and China share a very competitive relationship. This means we’re going to see positive crypto announcements in India as well very soon.” The CEO continued: “The last couple of months were relatively slower compared to Q2 this year. But that’s been the situation throughout the crypto sector globally. Indian markets have always been on par with global crypto markets in terms of trader sentiments and excitement. However, the China news has created tremendous positive outlook in the last week.” Sumit Gupta, CEO of local crypto exchange Coindcx, believes that “Trader sentiment has considerably improved in India lately, mainly because of the market reversal,” he told news.Bitcoin.com on Monday. “In 2019, change in market sentiments brought an inflow of new traders and new users (hodlers),” he added, emphasizing that “strong gains and volatility have attracted traders” this year. Diwali Festival and Crypto Trading India is currently celebrating a very popular five-day Hindu festival called Diwali or the Festival of Lights which began on Oct. 25. It “marks the beginning of a new year for businessmen who believe it to be an auspicious day which brings in wealth and prosperity throughout the year,” Coindcx explained. “Goddess Laxmi showers her blessings on the occasion of Diwali and therefore, any buy or sell trading brings a good fortune in the upcoming year.” To mark the importance of this festival, a number of crypto exchanges are running specials and giveaways. U.K.-based banking services platform Cashaa also picked the start of this festival to launch its crypto service for Indian users, as news.Bitcoin.com previously reported. The company has since provided additional details of its service. “On the occasion of Diwali, a festival for wealth and prosperity, we are announcing the launch of INR deposits with buy and sell of bitcoin, ether, and Cashaa for Indian residents, up to 1 crore INR [~$141,128] per month. Min deposit amount is 25,000 INR up to 10 lakh INR in a single transaction,” Cashaa detailed. The company explained that it “was able to find a stable P2P solution through its vast network of traders and brokers in India” to launch the service. “Our system will solve the problem of liquidity and speed using a P2P engine at the backend which does all the complex work and makes buying and selling simple for average users.” Indian Crypto Bill and Regulation The Indian government has been sitting on a draft bill that seeks to ban all cryptocurrencies except state-issued ones since February. The government has indicated to the country’s supreme court that this bill may be introduced in the next session of parliament. The Indian crypto community believes that the bill is flawed and has been actively campaigning for the government to reexamine the bill. Shetty himself has been running a social media campaign called “India Wants Crypto,” which is only a few days short of its one year anniversary. He shared with news.Bitcoin.com that “the campaign has led to us meeting a few elected representatives of the Indian parliament,” emphasizing: We’ll continue the campaign and we’re sure our elected representatives will hear our demands and help the crypto sector in India. Meanwhile, the banking restrictions imposed by the central bank are still in effect. The ban has been challenged in the supreme court, which is expected to resume hearing the case on Nov. 19. What do you think of how Indians are still trading strongly despite the banking restrictions and regulatory uncertainty? 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 as 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 Coin.dance. 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 Crypto Trading Volumes Accelerate on Positive Sentiments appeared first on Bitcoin News. View the full article

Trying to crack a private key with a brute force attack is a bit like trying to count to infinity: the sooner you begin, the faster you’ll never get there. Despite being as next to impossible as impossible gets, using a brute force attack to crack a bitcoin private key remains an intriguing idea for many. Also read: Mistakes Crypto Owners and Traders Should Avoid The Dream That Never Dies For math geeks, key cracking is a question of statistical probability and for hopeless dreamers, a question of ambition. Long shots capture the imagination of simple mammalian minds, and for those who wish to rage against the odds, the lottery is a game for the faint of heart – the finest display of sheer dumb mathematical bravery is in trying to brute force Bitcoin. On the Bitcointalk forum, a related thread from Jun 11, 2018, continues to garner replies to this day. In ‘BitCrack – A tool for brute-forcing private keys,’ board members disassemble the prospects of making a brute force breakthrough with software specially designed for that task, with the most sober minds strongly dismissing the quest as a wild goose chase. An early response from user Coin-1 politely attempts to dissuade anyone from proceeding any further: “Let’s calculate how much time you need to crack one Bitcoin-address on your machine. You said that your performance is 9 million BTC-addresses per second, i.e. approximately 223 BTC-addresses per second. Thus the brute forcing will take 2160-23 = 2137seconds! I guess it is more than septillion (1024) years!” On an ordinary computer, attempting to extract funds from a bitcoin wallet to which you didn’t have the key would be a fool’s errand. What if, however, you had a faster, better computer that could attempt many more keys per second – would the tough nut of Bitcoin be a little easier to crack? The Scale of the Problem The first step in overcoming a challenge is in quantifying it. To do that we must look at exactly how many potential keys exist. A private wallet key is simply a number between 1 and 2256 and to brute force it all you need is to continue guessing until you hit the right number between 1 and 115 quattuorvigintillion. That’s a hard number for the human brain to process, but to put it in perspective, it’s greater than the estimated number of atoms in the universe. At that scale, even the world’s fastest supercomputer – IBM’s Summit – if tasked with brute forcing Bitcoin would effectively take forever to break just one wallet, which would test the patience of even the most determined hacker. Wallet Recovery This sheer uselessness of brute force will dash the hopes of anyone who has ever lost their password or seed phrase and cannot recover their bitcoin, but for those in that very situation, all may not be lost. If you remember at least part of the password, a service such as Wallet Recovery Services may be able to assist. For most cryptocurrencies, however, you’ll need to trust the company with your full wallet. In the case of bitcoin and bitcoin cash, it is apparently possible to engage the service without handing over the full wallet. If successful in cracking the wallet, a fee equal to 20% of the wallet’s holdings will be incurred, but it’s a no win, no fee endeavor. As always, it’s worth examining how the process works and doing your own research before deciding whether to engage these types of services. Quantum of Solace For some time now, quantum computing has been the great fear for the continued security and fidelity of Bitcoin, with cynics suggesting that private key cracking may be just around the corner. Recently those fears were stoked when Google announced it had reached “quantum supremacy,” completing a computation in just over three minutes that it claimed would have taken a conventional computer 10,000 years. It was enough to spark debate in the crypto community, for whom quantum computing is a bogeyman trotted out at regular intervals to spread FUD. However, as sober heads including news.Bitcoin.com counseled, this was not the hammer blow promised. Now, IBM have rubbished Google’s claims. While Google had stated it would take 10,000 years for a conventional computer to complete the computation, a recent blog post from IBM said: “We argue that an ideal simulation of the same task can be performed on a classical system in 2.5 days and with far greater fidelity.” My one-sentence impression of recent quantum supremacy stuff so far is that it is to real quantum computing what hydrogen bombs are to nuclear fusion. Proof that a phenomenon and the capability to extract power from it exist, but still far from directed use toward useful things. — Vitalik Non-giver of Ether (@VitalikButerin) October 24, 2019 John Devadoss, Head of Global Development for NEO, and a quantum computing authority, told news.Bitcoin.com: “The quantum computing bogeyman is a bit like the AI bogeyman. First, there are way too many snake-oil salesmen, even in academia, because they want funding for their labs. Second, whilst progress is being made, albeit in arcane niche focus areas, the impractically high error rates coupled with the research lab-like constraints implies that real-world usage is way off on the horizon, if at all.” For now, at least, it seems that quantum computing has yet to make the necessary quantum leap forward to trouble Bitcoin’s encryption. Cryptocurrency holders should remain vigilant to security threats, but brute force attacks should not keep them up at night. Successfully completing the heist would take an eternity, and ain’t nobody got time for that. Do you think quantum computing will eventually break Bitcoin? Let us know in the comments section below. Disclaimer: This article is for informational purposes only. 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. 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 How Hard Is It to Brute Force a Bitcoin Private Key? appeared first on Bitcoin News. View the full article

The central banking system controls monetary policy within a given jurisdiction, including the creation of money itself. The system is a lie and a denial of reality. The lie is political in motivation and content, and the denial of reality is rooted in culture and philosophy. Also read: Bitcoin Is a Weapon for Free Speech in the Face of Government and Corporate Censorship Ethical Relativism and Central Banking The political lie: Central banks are said to facilitate commerce and to benefit customers by connecting them globally. They purport to guarantee money and the safety of transactions. In fact, central banks are a chokepoint for commerce, which benefits the elite at the expense of ordinary people. Their mandated fiat constitutes the largest, longest, and farthest-reaching financial scam ever perpetuated. The fiat-money scam is committed by the political class upon productive people. The central banks’ transactions are the opposite of what is claimed; they betray customers in order to enrich the state with access to the wealth and personal information of average people. The philosophical lie: To sustain a massive falsehood over time, facts must be constantly denied. Otherwise, people will hold the scam up to reality and check it against evidence. The falsehood needs to blur the truth, or destroy it, so that facts become discredited. If the lie is successful over time, people come to believe that the way things are right now—what they are told is “true”—is the way things have always been and must always be. Nothing but the lie is practical or possible. How Things Used to Be It wasn’t always this way, and history is the greatest reality check of all. The depravity of paper money was once common political knowledge, for example. Consider America’s Founding Fathers. “Paper money has had the effect in your state that it will ever have, to ruin commerce, oppress the honest, and open the door to every species of fraud and injustice.” George Washington, the first U.S. President. “Paper money is unjust; to creditors, if a legal tender; to debtors, if not legal tender, by increasing the difficulty of getting specie. It is unconstitutional, for it affects the rights of property as much as taking away equal value in land. It is pernicious, destroying confidence between individuals; discouraging commerce…” James Madison, “Father of the Constitution.” “To emit an unfunded paper as the sign of value ought not to continue a formal part of the Constitution, nor ever hereafter to be employed; being, in its nature, pregnant with abuses, and liable to be made the engine of imposition and fraud; holding out temptations equally pernicious to the integrity of government and to the morals of the people.” Alexander Hamilton, first Treasury Secretary. In a May 1788 letter, Thomas Jefferson—author of the Declaration of Independence—used an interesting word to describe paper money: “ghost.” Thomas Jefferson “There is no saying where this fire [bankruptcies in London] will end. Perhaps in the general conflagration of all their paper. If not now, it must ere long. With only 20 millions of coin, and three or four hundred million of circulating paper, public and private, nothing is necessary but a general panic, produced either by failures, invasion or any other cause, and the whole visionary fabric vanishes into air and shews that paper is poverty, that it is only the ghost of money, and not money itself.” In 1817, Jefferson added that paper money’s “abuses also are inevitable and, by breaking up the measure of value, make a lottery of all private property.” The Ghost of Money As accurate as the other Founding Fathers were, Jefferson pointed to a more fundamental issue. Paper currency was “the ghost of money”; coins were the reality. They were opposites of each other, like lies and truth, with one being a phantom and the other being the substance of life. Paper money is not merely an expression of and a pathway to corruption, it is also an existential parallel to free-market money. (“Existential” here means that fiat affirms the existence of money by being a “ghost” of it, even while contradicting money’s substance.) The challenge for central banks is to make the phantom seem real and the reality seem fraudulent. One way to do so is to question the validity of objective reality itself. After all, if there is no objective reality—if reality is dictated by authorities, the narrative, the majority, or other subjective forces—then there is nothing factual against which to assess anything. When nothing is objectively false or true, a lie is as valid as the truth. Ethical Relativism We live in a culture of relativism, which supports the denial of reality—a denial that sustains the pervasive lie of central banking. Ethical relativism argues that there is no absolute truth; no objective standard or empirical evidence underlies ethics and personal judgment. Ethical relativism can be divided into different categories: Descriptive ethical relativism studies people’s beliefs about morality, often focusing upon the beliefs of collectives such as tribes or specific societies. It is sometimes called “comparative” because it contrasts different approaches. Meta-ethical relativism claims that moral judgments are not true or false in any provable or objective sense; they are relative to a perspective or circumstances—that is, they are subjective. This idea underlies all relativism. Normative moral relativism, a subset of normative ethics, asks how people should act. Relativism answers that no moral standards bind all men at all times because right and wrong are not universal. Killing an innocent man is not always wrong, for example. (The opposite of Ethical Relativism is Absolutism—the doctrine that actions are intrinsically right or wrong. Killing an innocent person is inherently wrong, even if it is done for the greater good or some other perceived benefit.) A venue in which many people encounter ethical relativism in a pure form is in introductory college courses in philosophy. The professor poses a hypothetical in order to make students re-examine their ethical codes. The scenario usually runs, “The entire nation of France will drop dead tomorrow morning unless you kill your neighbor who is an innocent man. What do you do?” Or:“You can eliminate cancer by pressing a button that will also kill one healthy person who is an innocent man. Do you push the button?” Such questions are illusions of a moral dilemma; they are ghosts. They are supposed to pit the moral horror of participating in mass murder against the moral horror of killing an innocent person in order to make a student conclude that there is no correct choice. Morality is relative, not absolute. But the questions are ghosts because they cannot be honestly answered. They postulate a parallel world in which the rules of reality, like cause and effect, have been so dramatically changed that pushing a button cures cancer. This world operates on magic, not objective reality. The Truthful Response to a False Dichotomy Actually, there is one honest answer: “Because my ethics and actions are based on the facts and physical rules of the world around me, I don’t know what I would do if those facts and rules no longer existed. If I were in a totally different reality, I’m sure my ethics and actions would be different, but I don’t know how.” This answer is the opposite of what the faux dilemmas are intended to elicit, of course, because it asserts reality rather than blurring it. And, yet, this sort of question is commonly viewed as a “tough” moral issue. After all, how can the life of one person outweigh that of millions? This query is another intellectual sleight of hand. Morality is being reduced to a numbers game, a cost-benefit analysis, rather than a matter of principle. The subject is now utilitarianism, not ethics, as the professor claims. This is the destruction of objective morality. Into the resulting vacuum, utilitarianism rushes, usually in the company of expert opinion and authoritative pronouncements. Right and Wrong Are Not All Relative What is right or wrong is one of the most fundamental decisions a person can make. If the person is persuaded to abdicate his ethical judgment to an authority or a gray zone—if there is no objective morality or reality—then all decisions and judgments are based on relativism. The implications of this for central banking are twofold: a moral and a metaphysical relativism that benefits lies. Central banking is immoral. Fiat money and its inevitable inflation are theft; the banking monopoly robs people of opportunity and prosperity; the punishment of financial dissenters, such as black marketeers, negates freedom by denying individuals the use of their own property. This is a problem for central banking because it is an oppressive double standard, and people rebel against blatant injustice. The problem of backlash against a double standard can be eliminated, however, by removing morality itself from the picture. Without objective morality, there is no objective justice. Everything is a matter of authority, expert opinion, circumstance, and utility. Three-Pronged Propaganda Central banking is a metaphysical lie that requires the discrediting of fact. Lies are used to establish the superiority of state-controlled finances over a privately-controlled system and so gin up people’s compliance. The propaganda is basically three-pronged. 1) Private alternatives are depicted as either criminal or fraught with danger – or both. The criminal accusations against cryptocurrency, for example, include human trafficking, tax evasion, drug dealing, and money laundering; the accusations are incredibly exaggerated and equally valid against fiat currency. The dangers include fraud, ransom attacks (blackmail), and the free market. Fraud and blackmail are not unique to crypto, of course, and the free-market cure for both is the exercise of due diligence and protective technology. The demonization of the free market is a different matter; it is political and philosophical. Self-interest and voluntary exchange are vilified for the sole reason that they are antithetical to the state. The free market is the state’s main competition because it actually provides what the state promises but cannot deliver: freedom, prosperity, peace, and a civil society. Competition is not permitted, especially when it is effective. 2) The state argues that its financial institutions are public goods while private alternatives are ruthless, chaotic, and incompetent systems that offer no recourse to exploited individuals. The smear campaign is backed up by a horde of authorities who are a mixture of the scholarly, the bureaucratic, and the heavily armed. Above all, people must be discouraged from comparing the current financial system with alternatives from the past or possibilities in the future that would call the lie into question. As in the philosophy class, the rules of reality must be altered; in this case, the rules of the marketplace must be discredited. 3) Some people always see through the propaganda. These people are targeted and punished for acting on their disagreement in order to discourage others from doing so. This is the point at which propaganda becomes a gun. Mendacious Money-Printers The central banks know truth from lies; they know what they are doing. “Dutch National Bank Says Gold Can Re-Start Economy in Case of Total Collapse.” The De Nederlandsche Bank (DNB) or Dutch Central Bank recently acknowledged that its system of lies was faltering. DNB stated, “if the [central banking] system collapses, the gold stock can serve as a basis to build it up again. Gold bolsters confidence in the stability of the central bank’s balance sheet and creates a sense of security.” The statement is a rare admission of reality. Central banking’s structure has become so transparently unstable and fraudulent that people have lost their confidence and sense of security in it. Central banks now pin their hopes on a store of value that is supported by five centuries of history and private choice – gold. Many hedge even this relatively safe bet by forging or incorporating digital currencies, often backed by gold or other hard commodities. Central bankers realize that the smoke they have been blowing into mirrors needs to be rescued by a form of wealth that people trust. As central banking crumbles, so does the lie. The truth can’t come soon enough. Do you agree that central banking’s days are numbered? 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. 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 The Big Lie Perpetuated by Central Banks appeared first on Bitcoin News. View the full article

Digital currency markets are coasting along after an enormous move on Friday of more than 20-40%. The entire cryptoconomy is hovering around $249 billion as it gained a whopping $30 billion very quickly this week. Crypto prices corrected a touch since the spike, but are still well above the lows seen just a few days ago. Also read: FATF Starts Checking How Well Countries Implement Crypto Standards Digital Currency Market Prices Hold New Foundations Over the last three days, digital currency prices have seen the biggest price jumps in over a month and cryptocurrency enthusiasts are far more optimistic toward the future. For instance, on Friday, October 25 the price of BTC increased from a low of $7,300 to a high of $10,295 during the afternoon trading sessions. Bitcoin cash (BCH) saw prices lift from $215 to a high of $277 per coin. Since then, prices retraced a hair southbound losing some value, but crypto prices are much higher than they were during last week’s bearish cycle. At the time of writing, the price per BTC is roughly $9,527 per coin and the digital asset is up 18% for the week. Behind BTC is ETH which has gained 5.4% during the course of the last seven days. One ETH is swapping for $183 a coin and there’s $10 billion in ETH trades worldwide. Top 10 crypto prices on Sunday, October 27, 2019. Ripple (XRP) saw the least gains this week, only climbing 2% so far. Each XRP is trading for $0.29 and there’s around $2 billion in global trades this Sunday. Lastly, the fifth position is held by tether (USDT) after bitcoin cash (BCH) bumped tether out of fourth spot. According to Coinlib.io, tether is capturing just a little less than two thirds of every trade between nearly every top digital currency. Tether has around $36 billion of worldwide trades which is roughly $7 billion more than BTC. Crypto prices haven’t been this bullish since April. Bitcoin Cash (BCH) Market Action Bitcoin cash (BCH) captures the fourth position in the top 10 market caps this Sunday as each BCH is swapping for $262 per coin. With $3.25 billion in global trades, BCH is the fifth most traded coin today below LTC and above EOS. BCH is up 2.8% on Sunday and the coin has gained 19.3% during the last seven days of trading sessions. The decentralized cryptocurrency has an overall market valuation of around $4.74 billion which is considerably higher than it was three days ago. The top trading pair with BCH today is USDT which is commanding roughly 62% of BCH swaps. This is followed by USD (17.7%), BTC (13.5%), ETH (2.58%), and KRW (2.38%). Right behind the top five pairs against bitcoin cash are the euro and honestcoin (USDH). BCH prices on Sunday, October 27, 2019. Chinese President Xi Jinping Embraces Blockchain Technology In the last 48 hours, traders and speculators have been trying to guess why the price of BTC and many other coins spiked considerably on Friday. Some people have attributed the jump to the President of the People’s Republic of China Xi Jinping’s comments on blockchain technology. Xi Jinping’s comments follow the ban against trading cryptocurrencies in 2017 and the Chinese government has previously been negative towards the technology. Xi Jinping is positive about blockchain technology and many speculators believe it has primed cryptocurrency markets. However, despite the angst against digital currencies and initial coin offerings (ICOs), the government has allowed blockchain projects to flourish. At the 18th Political Bureau of the Central Committee collective study in Beijing, Xi Jinping said that a “rule of law” should be applied to distributed ledger technology platforms. “We must take the blockchain as an important breakthrough for independent innovation of core technologies,” Xi Jinping emphasized at the event. The President added: We must clarify the main direction, increase investment, focus on a number of key core technologies, and accelerate the development of blockchain technology and industrial innovation. John McAfee Doubles Down His Prediction The infamous John McAfee doubled down on his forecast that the price of BTC will touch $1 million per coin at the end of 2020. McAfee says the price will reach $2 million by the end of 2020 as he’s changed his prediction three, times raising it every time. At first, McAfee said the price would be $500,000, but quickly upped the prediction and even told the public he would chop off his family jewels on live television if the price didn’t make it that high. “Run the f***ing numbers — If bitcoin is less than $2 million by the end of 2020, then mathematics itself is a flawed disappointment,” McAfee explained. John McAfee doubles down on his BTC price forecast. Xi Jinping’s Comments Helped Bitcoin Skip the Death Cross According to a few analysts, three days ago BTC was heading toward a death cross scenario where the 50-day moving average dropped below the 200-day moving average. However, many market pundits believe Xi Jinping’s statements were the driving force behind the BTC price push. “Leading up to Mark Zuckerberg’s Libra hearing, bitcoin had sold-off as many traders put on bearish positions,” John Todaro, director of digital currency research for Tradeblock, said after the spike. “The technical set up looked negative, but then President Xi Jinping’s commentary around blockchain technology was an unexpected positive catalyst that caught some bearish traders off guard in my view, leading to the upward movement which likely brought in more speculators as BTC traded above key thresholds.” BTC prices on Sunday, October 27, 2019. The managing director of crypto derivatives platform Amulet, Marouane Garcon, agrees that the Chinese President’s optimism toward blockchain is a breath of fresh air. “There were quite a lot of liquidations but I think it’s still mostly about President Xi’s announcement because people know that his green light will cause a ripple effect across China,” Garcon explained to the media. “The space needs China’s involvement — If China would’ve never banned crypto trading and exchanges the space would be a lot bigger today — Having China onboard, in my opinion, is just as good if not better than having America onboard.” 2016 Crypto Market Revival After the past few weeks of bearish sentiment and the sudden bullish upswing this week a few observers believe things are looking an awful lot like 2016. The CEO of Sibex, Daniel Haudenschild, detailed that the spike is due to the BTC halving that’s forthcoming. It is estimated that the BTC block reward will chop in half on May 14, 2020, depending on the hashrate processing power. “We are coming into a time where the Bitcoin price is being affected by halving, with Bitcoin’s inflation rate recently dropping from 3.8% to 1.8%,” Haudenschild remarked. “Prices typically increase significantly leading up to the halving and have been followed both times by a 10x move just a few weeks later. The 2016 halving started a rally that brought BTC prices from $600 to $19,000 just one month after the halving.” Overall the market prices of all 2,000+ digital assets have improved a great deal which has given enthusiasts and traders more hope. Today crypto bulls are trying to press past upper resistance as Sunday’s trading sessions have been feverish. Global trade volume has doubled and there’s now been $100 billion worth of cryptos traded in the last 24 hours. 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 11:45 p.m. EST. Images via Shutterstock, Trading View, Bitcoin.com Markets, Getty, Coinlib.io, Wiki Commons, bitcoinblockhalf.com, 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 Prices Hold Steady After Massive Bullish Spike appeared first on Bitcoin News. View the full article

There are currently riots going on in Chile, Hong Kong and Lebanon. While in every place they are caused by complex local issues, there is a global problem that is an underlying trend: low interest rates which make it impossible for young people to save for their future and at the same time push housing prices to become unattainable. And people with no future are easy to take to the streets. Cryptocurrency offers an alternative in the form of taking away governments’ power to control people’s money. Also Read: Credit Suisse Is Latest Bank to Charge Clients for Cash Deposits A Global Generational Revolution Is Brewing At least 17 people have already died in Chile as a result of clashes between protesters and security forces that were sparked by a minor hike in public transportation prices. In Lebanon members of different religious and ethnic sects have joined forces to fight against a tax on Whatsapp calls. And the people of Hong Kong continue their protests against the administration, despite the fact that the extradition law to mainland China that triggered it has already been withdrawn. Other incidents of anti-government protests recently occurred in Catalonia, Spain, Bolivia, Ecuador, Guinea and Iraq. These events are the result of varied local issues that appear to be unconnected, but the fact that they are all happening around the same time suggests there might be an underground current bringing them to the surface right now. Looking at the different protest movements around the world, the common denominator that stands out is that they are all led by young people or that young people are the most militant group. The youthful spirit was often a factor in riots or revolutions in the past, but organization of persistent protests required more established powers such as labor unions or political parties to lead the way. Analysts have came up with a few reasons that might explain this, such as the spread of social media and fears about climate change, but economic anxiety appears to be the driving force. Losing Your Ticket Into the Middle Class The global economy is locked in a situation which was never seen before in modern times. Many of the most powerful central banks in the world now offer historically low or even negative interest rates, in a way that distorts the normal economic functioning in areas beyond their control. Much has been written about the hazardous effects of this practice on investors and businesses, but negative rates are also detrimental to the lives of young people and how they perceive their chances of making a future for themselves. The most obvious way this happens is by punishing people who want to plan for the future. Central banks hope that lower interest rates will push consumers to spend more, so this is not an unintended consequence, and as a result saving fiat money no longer makes sense. Young people understand that the value of any savings will only deteriorate, and in some cases be completely wiped out, by inflation. This is at the same time that banks will charge them interest on their debts. However, the most profound way low interest rates hurt young people is in its unintended consequence in the housing market. Buying property is the most common way people in previous generations have stored their wealth. In many countries, getting onto the property ladder is considered the ticket into the middle class and economists have warned that young people are postponing marriages and not having kids of their own due to not having the prospect of owning a home one day. People who have little to lose also have little to fear, and thus clashing with armed police or soldiers during riots is not as much of a deterrent as it is to older people with assets to lose. It should be no surprise than that the young people of Hong Kong are the most persistent protesters so far, as the city has the world’s most expensive housing market. In a place where a parking spot for your car costs almost US $1 million, now it is hard for people who need to be entering the workforce to imagine ever being able to stop paying the sky-high rent and finally buy a permanent home of their own. This is in sharp contrast to the older folks who only become more rich as the housing prices rise and thus much less likely to want to rock the boat. Under these conditions, and with central bankers determined to keep lowering interest rates no matter the side effects on real-estate prices, riots can only be expected to spread further around the world. We can also expect to see more young people turn to radical ideas to change the economic status-quo that is crushing them, such as moving to a cryptocurrency-based system where those in power no longer have a monopoly on the flow of money. What do you think about the link between low interest rates and the spread of protests and riots around the world? Share your thoughts 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. 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 Low Interest Rates Are Crushing Young People and Fueling Global Riots appeared first on Bitcoin News. View the full article

Blockchain development has kind of become an element of the party line in the world’s largest officially communist state. The General Secretary of the Communist Party of China, Xi Jinping, recently told a Politburo meeting that the People’s Republic has to gain an edge in the emerging field. Some say Xi’s statement brought back the smiles of crypto investors and was the main reason for the recent market spike. But is it really that simple? Also read: Chinese Students Want Crypto Jobs, 8% Own Cryptocurrencies President Xi Urges Quick Development of Blockchain In his remarks to the participants in a group study session of the CPC Central Committee Political Bureau, the Chinese president “underscored the important role of blockchain technology in the new round of technological innovation and industrial transformation, urging more efforts to quicken development in the sector.” That’s a direct quote from a report by the state-run news agency Xinhua, which covered the meeting that took place this past Thursday. Xi acknowledged that the application of blockchain technology has been extended to multiple sectors of the economy, including digital finance, Internet of Things, smart manufacturing, supply chain management, and digital asset trading. He also pointed out that the world’s major powers are stepping up efforts in planning blockchain technology development. China’s blockchain sector has a sound foundation, the leader noted, emphasizing the need to expedite the development of blockchain technology and innovation-driven industrial development. Xi Jinping China must gain an edge in this field, the statesman said, in its theories and in its industries, he elaborated. But to achieve that, more efforts should be made in order to strengthen the basic research conducted in the most populous country and to boost innovation in one of the oldest nations. The accomplishment of that goal lies in the advancement of “coordinated key-task tackling” and the acceleration of “breakthroughs in key technologies.” These should provide “safe and controllable technological support for blockchain development and its application,” Xi added. The People’s Republic has to increase its influence and rule-making power in the global arena and its president believes this could happen through stepping up research on the standardization of blockchain and its deep integration with other information technologies, the digital economy, and the real economy in general. Submitting a number of demands for the implementation of blockchain in multiple spheres of the Chinese society, government and economy, Xi finally stressed how essential it is to make sure that the technology plays a bigger role in building China’s strength in the cyberspace and ultimately advancing the country’s economic and social development. China’s Influence in the World Grows China is now an important geopolitical factor and any comments made by its head of state do matter. Beijing holds $1.11 trillion of U.S. debt as of May this year, while the U.S. dollar is still the world’s reserve currency facilitating global trade. Some analysts believe China will be the next leading superpower, economically at least, and if it succeeds in overtaking the American economy, its national fiat, the renminbi could become the new global reserve currency. To achieve that, however, Beijing needs to address a number of issues. First of all, many, especially in the United States, would point out that the RMB is artificially undervalued to help bolster Chinese exports. Then China has its own set of economic and financial problems, not very different from the West’s. The country’s banking system is currently facing debt and liquidity issues affecting dozens of small lenders, with the first bank collapse caused by these problems recorded earlier this year. The People’s Bank of China is pushing hard for its version of quantitative easing, trying to convince commercial banks to seek recapitalization through the perpetual-bond market. A “digital yuan” has been in the making, with the PBoC recently hiring six crypto experts to work on its development, but make no mistake – this yuan will be just as fiat as the paper one or the greenback. China’s importance has been growing in the crypto space as well. Some of the industry’s most prominent platforms, leading crypto exchange Binance for example, have their roots in the People’s Republic. Unfortunately, the government in Beijing is not a supporter of decentralized currencies and has effectively banned crypto trading platforms and coin offering projects from the mainland. Blockchain without Bitcoin, however, is merely a smart way to build databases. China’s new focus on the technology, as an end in itself, will hardly bring any long term good to permissionless cryptocurrencies. Nevertheless, Xinhua’s report about Xi’s endorsement of blockchain was quickly followed by a sudden spike of prices across crypto markets. Call it a coincidence if you wish, but many think it wasn’t. China is also a pronounced leader in bitcoin mining, thanks to cheap and abundant electrical energy and suitable climatic conditions in some of its regions. Chinese mining pools control over 70% of the BTC network’s hashrate. The Asian country manufactures the bulk of the mining equipment sold today with Beijing-based Bitmain being the leading producer of specialized hardware. China hasn’t yet implemented an official ban on cryptocurrencies and has been turning a blind eye to mining, but what if one day Politburo decides permissionless currencies are not good for the Chinese people and pulls the plug on Chinese miners because they consume a lot of electricity? House sparrows were once declared public enemy number one in the People’s Republic. Killing as many of them as possible was set as a priority during the Four Pests Campaign in the ‘50s and ‘60s. A single bird can steal four pounds of grain per year from the hungry Chinese workers and peasants, the communist government estimated. However, once the sparrow population was severely depleted, grasshoppers swarmed the countryside in the absence of their natural predator. Taking out an element deeply integrated into the ecosystem ultimately caused more people to starve in what became known as the Great Chinese Famine. Do you think China will eventually embrace decentralized cryptocurrencies now that it’s clearly focusing on blockchain development? Share your thoughts on the subject 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. 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 Is China’s New Fascination With Blockchain Really Good for Bitcoin? appeared first on Bitcoin News. View the full article

There’s a lot of unrest in Chile right now as the country has seen massive protests against government manipulation and an escalation of financial problems. Local reports detail a few banking establishments have been burned after customers started having issues withdrawing cash from ATMs. Issues with the bank machines that don’t work coupled with rising inflation, pension cuts, and austerity measures have invoked Chileans to rise up and take to the streets in protest against their government. Also Read: Money and Democracy: Why You Never Get to Vote on the Most Important Part of Society State of Unrest in Chile Sees Government Violence and People Unable to Access Cash at ATMs Chile has been getting a lot of attention lately because the region’s citizens have clashed against the authorities, shaking the country to the core. More than half of Chile’s 16 state regions are locked down under “emergency orders” and must obey a military-backed curfew. It all started when the government-run subway operation Metro de Santiago increased the price of metro tickets to roughly $1.15. To make matters worse, public pensions are unsustainable even though its creator José Piñera calls Chile’s pension framework the “Mercedes-Benz” of infrastructure. Pensions are being cut or not being paid and to top it off Chile’s bureaucracy increased electrical costs in the country by 10%. After the hike in metro ticket fares, students started hopping the station’s turnstile every day in protest. Marta Lagos, an executive from the polling company Latinobarometro says the last few decades of politicians have sparked the unrest. “The students jumped the turnstiles, and as it happens in revolutions, the elements that trigger a social phenomenon are not very rational,” Lagos said. “It’s not just this government — This has been accumulating in the last four governments.” Chileans Have Access to Tools That Can Strengthen Financial Inclusion During the last two weeks, the situation in Chile has escalated and according to various regional reports, the military has been extremely violent toward protesters. One person who has a friend from Chile writes: “The Chilean government is murdering innocent people on the streets, I have a friend in Chile — She said she has no access to money and they’ve closed all of the supermarkets, ATMs are locked. This is who we are up against — People are getting mass murdered by the government.” Just wow. This is Chile today. But one million people marching in the street isn’t newsworthy to the Western media when they’re protesting against a corrupt, US-backed regime I guess. 🤗 #ChileProtests pic.twitter.com/vDZ4fiLzsR — Sarah Abdallah (@sahouraxo) October 26, 2019 There are various reports throughout the weekend backing up the claim that ATMs are not operational and people are having issues accessing their funds. Supermarkets are also running out of food and the Chilean people have seen food shortages in certain districts. Without being able to access cash, Chilean residents have resorted to barter and the use of cryptocurrencies. There are traders in Chile who are buying and selling bitcoin cash (BCH) using bank transfers and gift cards via local.Bitcoin.com. The platform is a peer-to-peer marketplace that allows users from around the world to buy and sell bitcoin cash in a noncustodial fashion. Governments have been committing crimes against peaceful citizens worldwide and with massive protests in Argentina, Venezuela, Hong Kong, France, and Lebanon, people are finding the benefits of borderless and permissionless electronic cash. 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. Cryptocurrencies allow people to access their hard-earned funds when they want to without a state-run financial institution stopping them. The path toward freedom in Chile will not be found solely in cryptocurrencies, but Chileans can use them as a tool to bypass ridiculous restrictions. Platforms and marketplaces like local.Bitcoin.com will be there to help spread the effort for economic freedom, not only in Chile but on a global level. What do you think about the recent protests in Chile where people are getting their pensions cut and bank customers cannot access cash at ATMs? Let us know what you think about this subject in the comments section below. Image credits: Shutterstock, @sahouraxo, Wiki Commons, Fair Use, Pixabay, Local.Bitcoin.com, Twitter, @Pumpkintoshi. 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 Cash Runs Dry at ATMs as Protests Escalate in Chile appeared first on Bitcoin News. View the full article