Tag Archives: cryptocurrency

Governments hate Bitcoin and cash for the same reason: They protect people’s privacy.

Source: Reason
by JD Tuccille

“The assault on cryptocurrency is having some effect; Reuters reports that bitcoin ‘approached three-month lows on concerns about a global regulatory clampdown on the trading of the digital coins.’ Since government objections to cryptocurrencies are essentially identical to those made against cash, the arguments in their favor are largely the same too. … if you’re going to have a debate, the sides might as well be upfront about their motivations. If advocates of expanded power are going to be so transparent about their motivations in opposing cryptocurrencies and cash, if they’re going to be so explicit in their hostility to the anonymity and liberty those means of exchange offer people, we should take them at their word. Let’s be clear in response that what they see as problems are the precise features we like about cash and cryptocurrencies.” (02/06/18)


The crypto cleansing

Source: Freeman’s Perspective
by Paul Rosenberg

“A few months ago, as I was having a conversation with another crypto advocate, these words escaped my lips: ‘I hate to say it, but maybe we need a price crash.’ As I said them, I had a slightly sick feeling of ‘Be careful what you wish for.’ Now, the price has crashed. But in spite of all the pain that has caused, it was probably necessary. Why? Because it chased away the scammers and the people who were only in cryptos for a fast buck. ‘Bitcoin will get you a Lambo’ was a pretty damned juvenile idea, after all. It was certainly nothing worth building upon.” (02/05/18)


China: Regime attempts to cut access to overseas crypto exchanges, ICO web sites

Source: CoinDesk

“The Chinese government is reportedly moving to block domestic access to overseas websites that offer services for cryptocurrency trading and ICO investments. A report from Financial News, a website tied to the People’s Bank of China (the country’s central bank), indicates that authorities there are stepping up a crackdown that began roughly a year ago. … The move comes months after China formally banned investments in initial coin offerings (ICOs), deeming the blockchain use case to constitute a form of illegal financing. Authorities there also shuttered online websites for crypto-trading, with the ‘Big Three’ exchanges closing this past fall. The new reports show that China is now targeting overseas websites catering to local users.” (02/05/18)


Major US banks ban buying cryptocurrency with their credit cards

Source: Fortune

“Most major U.S. credit card issuers have now banned the use of their cards to buy Bitcoin or other digital currencies, in a move intended to decrease both financial and legal risk. Bank of America began blocking cryptocurrency purchases on Friday, according to Bloomberg. JPMorgan did the same on Saturday. Citigroup also says it is halting cryptocurrency purchases on credit, and Capital One and Discover had already enacted their own bans. That means all of the top five credit card issuers have announced or implemented bans.” [editor’s note: The banks getting this scared of crypto is a good sign. The risk they’re concerned about is the risk of being left behind, not the risk of non-repayment. Speaking of which, what’s in your wallet? You might want to get away from credit cards where the issuer thinks it’s their business what you buy on the credit they’re extending – TLK] (02/04/18)


South Korea: Regime prohibits anonymous cryptocurrency trading

Source: Bitcoin.com

“The new South Korean cryptocurrency account system has entered into force nationwide today, ending the current practice that allowed for anonymous trading of cryptocurrencies. Traders must open real-name accounts at the same banks as their exchanges in order to deposit money to trade cryptocurrencies. The implementation of this new account system effectively ends ‘the use of anonymous bank accounts in transactions to prevent virtual coins from being used for money laundering and other illegal activities,’ Yonhap reported.” [editor’s note: Personally, I think that South Korea’s regime is acting on request as a test laboratory for would-be US regulators. Resist much, obey little! – TLK] (01/30/18)


The digital denationalisation of money

American Institute For EconomicResearch

Source: American Institute for Economic Research
by Casey Pender

“In 1976, F.A. Hayek made a splash with his book The Denationalisation of Money (DNM). Prior to this work, even some of the most prominent free market thinkers — such as Milton Friedman — believed that the supply of money should be left to the government. But it was this book that really opened the door to the idea of private, competing currencies. … Looking at the rapidly growing cryptocurrency market, it’s hard to miss the striking parallels between it and Hayek’s 1976 vision.” (01/29/18)


Coincheck to repay users who lost money in $400 million hack

Source: Bloomberg

“Japanese cryptocurrency exchange Coincheck Inc. said it will use its own capital to reimburse customers who lost money in Friday’s $400 million theft. The Tokyo-based company will repay all 260,000 users impacted by the theft of NEM coins, at a rate of 88.549 yen (82 U.S. cents) for each coin, according to a statement posted on its website after midnight local time on Sunday. A total of 523 million coins were stolen, it said.” (01/27/18)


The Satoshi Revolution, chapter 4, part 4

Source: Bitcoin.com
by Wendy McElroy

“Every time I turn on a light switch, I want to kiss an engineer. I cannot make light in the darkness, but they can. I can do so at the flick of a switch only because they have created the FM that makes it happen without my needing to know how. (FM = F***ing Magic, which is what much of technology seems to me). Fortunately, I married an electrical engineer and computer zealot, so I am able to express a lot of gratitude on a regular basis. What does the foregoing commentary have to do with cryptocurrency? Everything. The coders who drive crypto technology are like the engineers who make light happen.” (01/27/18)


50 Cent forgot he had a stash of Bitcoin now worth $8m

Source: BBC News [UK state media]

“50 Cent has discovered that he is a Bitcoin millionaire, thanks to some long-forgotten album sales. In 2014, he released the album Animal Ambition and became the first artist to accept Bitcoin as payment. The rapper received more than 700 Bitcoins under the deal, but then forgot about the cryptocurrency, according to celebrity newsite TMZ. The hoard is worth $7-$8m, although the currency’s price volatility means that could change fast. In 2014, one Bitcoin was equivalent to about $662, but was worth about $11,200 on Thursday according to Coindesk. ‘Not bad for a kid from South Side, I’m so proud of me,’ 50 Cent (whose real name is Curtis Jackson) wrote on Instagram, confirming the news in a post that featured a screenshot of the TMZ article.” (01/25/18)


Everyone’s talking about blockchains but hardly anyone’s using them

Kai Sedgwick

Source: Bitcoin.com
by Kai Sedgwick

“We live in an era in which everything is on the blockchain and there’s a blockchain for everything. From bananas to sex, there’s a token for that and a blockchain to match. There are now over 600 blockchains in existence, with dozens more dreamed up every month via ICOs. Given the current craze for all things blockchain, you might assume that millions of transactions were zipping across distributed ledgers each day. But the reality is very different. Blockchains might be hot, but outside of the big four, nobody’s using them.” (01/23/18)