Tag Archives: cryptocurrency

Jamie Dimon fears his job is obsolete

Source: Foundation for Economic Education
by Jeffrey A Tucker

"Guys like Dimon believe they own the system. They are the great intermediaries. The masters of the monetary universe. No one gets in the system or out of the system without their knowledge and permission. So it has been for thousands of years. Bitcoin changes all that. Download a wallet, find a friend, and you are the owner of a currency that can buy anything in the world, from anywhere in the world. It’s more than that: any individual can raise capital, without intermediaries. Without JP Morgan. Let’s just say that Mr. Dimon has a slight conflict of interest here. He is right to fear for the obsolescence of his job. And this might explain his anger issues." (09/14/17)


Which is fraudulent — Bitcoin or JP Morgan?

Source: Liberty Blitzkrieg
by Michael Krieger

"I’m really grateful JP Morgan CEO Jamie Dimon decided to once again lash out in anger at Bitcoin, as it provides us with ample opportunity to highlight a practice very near and dear to how the bank operates. Fraud. The way the news cycle works, any topic that isn’t already at the forefront of enough people’s minds will be largely ignored irrespective of its importance. The fact that Jamie Dimon ironically called Bitcoin a fraud, allows us to ask highlight some very important facts about the seemingly systemic fraud inherent in America’s largest bank, JP Morgan." (09/13/17)


How should Bitcoin and cryptocurrencies be taxed?

Andrea O'Sullivan

Source: Reason
by Andrea O'Sullivan

"The tax treatment of cryptocurrencies has been a persnickety affair. Long gone are the days when bitcoin users mistakenly believed that their experiment in monetary innovation would be free from the grabbing hands of the state. But cryptocurrencies' unique properties and uses posed a dilemma for tax authorities seeking to outline a reasonable path for taxation of technologies like bitcoin. Thankfully, a new bill could rectify many of the early mistakes made with the tax treatment of cryptocurrencies." [editor's note: Cryptocurrencies SHOULDN'T be taxed. Neither should anything else – TLK]


The 1% has started to embrace Bitcoin — why it matters

Source: Liberty Blitzkrieg
by Michael Krieger

"2017 has been the year when an increasing portion of the 1% finally started to embrace Bitcoin. Not a huge percentage by any means, but certainly enough to affect the price. We can call them the early(ish) adopters of this wealthy class. Specifically, this real estate project highlights the fact that adoption of Bitcoin amongst people with significant financial resources is happening faster than many realize. Why does this matter. While it obviously matters to price, I’m thinking way beyond that. For starters, more wealthy people moving into the space helps provide some degree of political protection since we know that people with significant financial resources influence public policy. Just as Silicon Valley VCs coming into Bitcoin in the relatively early days helped provide political protection, so too will the involvement of more and more wealthy people." (09/07/17)


Bitcoin rallies to move closer to $5k as Ether slides

Source: MarketWatch

"Bitcoin rallied on Thursday in a bid to reclaim its all-time high of $5,000 as jitters over China’s move to declare initial coin offerings illegal further receded. One bitcoin climbed 1.4% to $4,679.60. However, ether, which trades on the Ethereum platform, slid 1.9% to $331.42, according to data from Coindesk.com. The Chinese government last weekend indicated that it will ban initial coin offerings, triggering a big selloff in digital currencies." (09/07/17)


Bitcoin drops by $1000 and no one cares

Source: Foundation for Economic Education
by Jeffrey A Tucker

"Five years ago, the following would have been inconceivable. In a 48-hour period, the dollar/bitcoin exchange ratio dropped fully $1,000. A day later, half the gains came back. In the Bitcoin community, this was hardly discussed at all. Not even the websites and writers specializing in the topic wrote much about it. Hysterical claims that 'Bitcoin is dead' were at a minimum. To me, that’s mind blowing. It’s a different world from the one I entered when I received my first bitcoin. A friend tells me he made a fortune when he bought Bitcoin for pennies, and sold it all when it became $2. His thinking: there is no way this digital nothing could be worth twice per unit the value of the world's strongest currency. He never bought again. Whoops." (09/07/17)


Europol on blockchain

Source: Cobden Centre
by Europol

"This piece was kindly produced for The Cobden Centre by Europol as part of the The Cobden Centre’s guide to policy makers on blockchain." (09/07/17)


Regulatory perspectives on virtual currencies

Source: Cobden Centre
by Sean F Ennis & Gert Wehinger

"Unlike currencies issued by central banks, virtual currencies are not backed by the full faith and credit of a monetary authority, nor are they governed by a regulation that, for example, mandates their acceptance as a means of exchange or restricts private issuance. However, as long as the expectation of a purchaser is that others will accept the virtual currency as a store of value, they may be willing to purchase it. The existence of non-governmental stores of value or mediums of exchange is not new, but these have normally restricted use, such as frequent flyer miles or store vouchers. One major difference between these and virtual currencies is the ease with which the virtual currencies can be transformed back into legal tender currency, mainly, but not exclusively, through a number of exchanges and trading platforms that perform this conversion." (09/06/17)


The inevitable state war on crypto

Source: The Anarchist Shemale
by Aria DiMezzo

"In the beginning of cards, no one took them, because not enough people had the cards for the companies to justify the expense in setting up their systems to accept them as payment. There are also legal hurdles, but let’s put those aside for the moment. As more people make money in cryptos and find that they are excellent places to store wealth, more people will store their wealth in them, and more people will carry the 'cards' and motivate Target et al. to install 'card processing machines.' In time (and, due to how accelerated social changes have become, I’d bet it will be within ten years), larger corporate employers will offer employees the option of being paid in crypto currencies. This is something that cannot be stopped. Pandora’s Box is open, and the only way to pull the plug now is to shut down the entire Internet and never let it come back online." (09/01/17)


Chinese mining pool reneges on Bitcoin "New York Agreement"

Source: CoinDesk

"Chinese mining pool F2Pool no longer supports the controversial scaling agreement Segwit2x. … Although F2Pool was an original signatory of the agreement, its operator Wang Chun is now among the proposal's detractors. … While F2Pool has flipped, however, other mining pools seem to be steadfast, again, most claiming they'll follow through with Segwit2x. 'We are strong supporters of the New York Agreement (Segwit2X). We support scaling bitcoin and doing so responsibly. We hope that the hard fork part of Segwit2X will also be upheld,' said BTCC CEO Bobby Lee. Bitfury CEO Valery Vavilov echoed this sentiment, saying, 'The initial agreement for SegWit2x has not changed.' Even with support still high, major mining pool Slush Pool, who did not sign the agreement when it was orignally released, remains undecided." (08/31/17)