Tag Archives: cryptocurrency

A 2017 collection of the past six months' dank crypto-memes

Source: Bitcoin.com
by Jamie Redman

"Bitcoin’s first six months of 2017 has been very exciting as the decentralized currency has seen all-time highs in both price and popularity. Alongside the year’s record-breaking achievements, the cryptocurrency community has also seen the production of a vast array of dank memes giving us some humor during the thrilling Bitcoin rollercoaster ride." (06/27/17)


The cryptoeconomy is flowering before your eyes

Source: Foundation for Economic Education
by Jeffrey A Tucker

"A statue in front of the Federal Trade Commission shows a horse (the market) being restrained by a man (government). The idea is that the horse is physically determined but wild, driven by instinct, and potentially destructive. The man is strong but mostly works with his mind with the purpose of correcting the excesses of the horse through mental determination and rational intelligence. The statue embodies that classical New Deal mindset: without government, economic forces lead to social disaster. In the currently emerging cryptoeconomy, however, the roles are reversed. The crypoteconomy refers to a growing array of emerging technologies, rooted in public-key cryptography, that enable individuals to engage in a huge range of economic activities that were previously possible only through financial intermediaries. … So far, governments have contributed nothing but confusion, threatening some kind of intervention to make crypto work like the old world, but not knowing precisely what to do to make that happen. Like the wild horse, regulators are physically determined and acting from instinct in ways that can only be destructive." (06/27/17)


The contradictions of the alt-right embracing Bitcoin for crowdfunding

Source: Bitcoin.com
by Samuel Haig

"Alt-Right leaders are increasingly turning to bitcoin to conduct fundraising following account closures from leading crowdfunding platforms. Despite the libertarian underscoring of many cryptocurrency projects, the use of bitcoin poses several fundamental challenges to altright ideology." (06/27/17)


Crypto correction: Bitcoin and Ether dive as market sheds $13 billion

Source: CoinDesk

"Is the long-awaited 'crypto correction' finally here? There was certainly ample evidence to suggest the answer was yes today, as cryptocurrencies both large and small suffered widespread losses, a decline that analysts attributed to profit taking from veteran investors. Overall, the total market capitalization of cryptocurrencies fell to as little as $91.4bn today, a more than 20% decline from the all-time high of $117.2bn it reached around mid-June, and down over 13% from the day's open at $105.3bn. At the time of report, the top 20 cryptocurrencies as ranked by market capitalization had all suffered declines in the last 24 hours, according to data from CoinMarketCap." (06/26/17)


UK: Barclays spoke to regulators about bringing Bitcoin under "safe" state control


Source: CNBC

"Barclays has been in discussions with regulators and financial technology — or fintech — firms about bringing cryptocurrencies like bitcoin 'into play,' the bank's U.K. chief executive told CNBC on Monday. Ashok Vaswani revealed that the banking giant has met with Britain's Financial Conduct Authority (FCA) watchdog to talk about how to make bitcoin safe in response to a question about whether Barclays could support bitcoin." (06/26/17)


Mainstream journalist makes bizarre attempt at living on Bitcoin for a week

Source: Bitcoin.com
by Samuel Haig

"CNBC journalist Seema Moody recently published a report detailing the trials and tribulations of her attempt to live for a week solely using bitcoin as currency. This report, and others like it, fail to represent the actual ease with which one can exclusively use bitcoin as a money commodity, and spreads myths about the impracticality of cryptocurrency as a mean of exchange." (06/22/17)


Why some cryptocurrencies fail and some don't

Source: Foundation for Economic Education
by Larry White

"A well-known obstacle to the greater popularity of Bitcoin as a medium of payment is the high volatility of its exchange value. This volatility results from its built-in quantity commitment: because the number of Bitcoins in existence stays on a programmed path, variations in the real demand to hold Bitcoin must be accommodated entirely by variations in its unit value. When demand goes up, there is no quantity increase to dampen the rise in price; and vice-versa for a fall in demand. Not surprisingly, several cryptocurrency developers have thought of creating a cryptocurrency with a price commitment — namely a pegged exchange rate with the US dollar — rather than a quantity commitment, in hopes of greater popularity. The aim is to create a system in which dollar-denominated payments can be made with the ease, security, and low cost of Bitcoin payments, but without the exchange-rate risk." (06/20/17)


The risks of Segregated Witness: Opening the door to mining cartels

Source: Bitcoin.com
by Craig Wright

"The bitcoin community continues to debate Segregated Witness, the Bitcoin Core development team’s proposed scaling solution which would separate signature data (witnesses) from transaction data. There are numerous risks with SegWit, but one in particular needs more attention: SegWit opens the door to methods of collusion and mining cartels which could undermine the bitcoin network." (06/19/17)


Central banks are driving many to cryptocurrencies

Source: Ludwig von Mises Institute
by Demelza Hays

"Two years ago, Bitcoin was considered a fringe technology for libertarians and computer geeks. Now, Bitcoin and other cryptocurrencies, such as Ethereum, are gaining mainstream adoption. However, mainstream adoption has been propelled by financial speculation instead of by demand for a privately minted and deflationary medium of exchange. After the Fed’s rate hike this week, Bitcoin and alternative cryptocurrencies, such as Ethereum and Dash dropped in value instantly. Bitcoin, for example, dropped by approximately 16% in value while other coins dropped by approximately 25%. However, Bitcoin’s price recovered to the previous high within 18 hours. The reaction of the cryptomarket to the Federal Reserve announcement provides evidence that cryptocurrencies are seen as a safe-haven investment during times of significant fiat currency dilution." (06/16/17)


Bitcoin drops to three-week low on profit taking

Source: Reuters

"Bitcoin fell to a three-week low on Thursday as investors took profits partly in response to a bearish report from Goldman Sachs as well as concerns about a Chinese bitcoin miner's plan to undertake a 'hard fork' that will result in a split in the digital currency. … Bitcoin fell as low as $2,120 on the Bitstamp on Thursday and was last down 6 percent at $2,290. On the week, the currency has fallen about 22 percent, on track for its largest weekly slide since December 2013. On Monday, bitcoin hit a record just shy of $3,000. So far this year, bitcoin remains up 137 percent." (06/15/17)