John

  • Is Bitcoin a Store of Value? Experts on BTC as Digital Gold

    It’s hard to tell who was the first to coin — pun intended — Bitcoin as “digital gold,” underlining the idea that Bitcoin is a good store of value. The phrase possibly came into more widespread use after The New York Times journalist Nathaniel Popper’s book, “Digital Gold,” was published in 2015. Google searches for the term “Bitcoin digital gold” peaked in December 2017, when the leading cryptocurrency’s price hit record highs around $20,000 per coin.  For thousands of years of human history, people have used precious metals — namely copper, silver and gold — to fulfill the main functions of money: a unit of account, a medium of exchange and a store of value.  Well before Bitcoin was born, computer scientist Nick Szabo wrote a proposal for “bit gold,” laying out a concept for secure digital money that is often referred to as Bitcoin’s predecessor. After 10 years of existence, the question of whether or not Bitcoin can in fact be considered “digital gold” continues to be debated in the industry. Yes, Bitcoin is designed to be scarce, but when discussing it as a potential store of value, many point to Bitcoin’s…

    Jul 29, 2019
  • Huawei CEO: Why Wait for Facebook? China Can Issue Its Own ‘Libra’

    The CEO of Chinese tech giant Huawei thinks that China can compete with Facebook for market share by issuing its own digital currency. Huawei CEO: ‘Why wait for others to issue it?’ As national news outlet Sina reported quoting a press conference in Italy on July 18, Ren Zhengfei believes China can easily create a digital currency with the same value proposition as Facebook’s Libra. “China can also issue such a currency by itself. Why wait for others to issue it? The power of a country is always stronger than an Internet company,” he said responding to a question from Italian economics journalist, Fabio Savelli. The comments follow concerns from China’s central bank, the People’s Bank of China (PBoC), that Libra could pose a threat to the country’s economy in some respects.  Beijing developing its own digital currency As Cointelegraph reported, earlier this month, the PBoC’s director, Wang Xin, said that if Libra is mostly pegged to the U.S. dollar, China would be at a disadvantage. “If so, it would bring a series of economic, financial and even international political consequences,” he claimed. Beijing is reportedly in the…

    Jul 26, 2019
  • US, EU and Japan Could Trigger ‘Cold Currency War’ by Debasing Fiat

    The world’s major central banks are waging war to determine who can make their respective fiat currency weaker. With the likelihood of even more money printing and negative interest rates ahead, people need to be ready to see the value of their money evaporate and the price of everything else go up. Cold Currency War Is Heating Up Many financial market analysts now expect that interest rates in developed economies will soon be cut again. While this is not unheard of, it could presage a new global currency war with the central banks of the U.S., EU, Japan and other countries all trying to debase their respective fiat. Besides cutting interest rate, central banks taking part in such a war can also implement negative interest rates and embark on even more quantitative easing. The former simply means that you will lose money by saving it in a bank account and the latter is the policy under which trillions of dollars were already printed. The reason anyone in their right minds would want to start a currency war is to spur growth…

    Jul 25, 2019
  • Analysts Believe Bitcoin is on the Path to $7,600 As 2018 Bear Market Fractal Continues to Unfold

    Bitcoin and the aggregated crypto markets have been facing a significant amount of pressure from sellers as of late, which has driven BTC’s price to below $10,000, putting the cryptocurrency’s recent bullishness in grave jeopardy. Analysts are now noting that a similar fractal pattern to the one that occurred through the course of the 2018 bear market is currently unfolding, which could mean that BTC is heading towards $7,600 in the near-future. Bitcoin Dips Below $10,000 as BTC’s Bears Incur Significant Strength At the time of writing, Bitcoin is trading down nearly 4% at its current price of $9,950, which is down significantly from its daily highs of nearly $10,400. This bout of negative price action was first sparked last week when BTC sharply moved up to highs of $11,000 before being swiftly rejected and began plummeting towards its current price levels. Importantly, this bearish price action signals that bulls, despite their attempt to push Bitcoin past $11,000, do not have significant strength at the moment, which could spell trouble for the cryptocurrency in the days and weeks ahead as it continues forming lower…

    Jul 25, 2019
  • Speaker of the Nigerian House of Representatives Calls for Legal Framework for Cryptocurrency

    Femi Gbajabiamila, the speaker of the Nigerian House of Representatives, has called for a substantive legal framework for cryptocurrencies in the country. According to a report by Nigerian news daily Daily Post on July 23, Gbajabiamila wants the country to develop clear regulations for digital assets so that the country does not get left behind as cryptocurrencies become more widely adopted.  Speaking at a visit by the board of the Nigerian Deposit Insurance Corporation (NDIC), Gbajabiamila said: “On the issue of cryptocurrency, I think blockchain technology is novel and coming up strong. We don’t want to be left behind. […] I think the world is taking the issue of cryptocurrency and block-chain technology seriously. We don’t want to be left behind, and we have to take it seriously.” Gbajabiamila noted the House’s readiness to develop relevant legal frameworks for the emerging technology and asset class.  In addition to blockchain and cryptocurrencies, the lawmaker also spoke about the role of the NDIC and creating well-defined and separate competencies between it and the country’s central bank. The speaker said that the House would expand…

    Jul 24, 2019
  • Senate Banking Committee to Hold Hearing on Crypto Regulation

    The Senate Banking Committee will hold a hearing on regulatory frameworks for cryptocurrencies and blockchain next week. The committee said in a press release that it would hold an open session titled “Examining Regulatory Frameworks for Digital Currencies and Blockchain” on July 30, though it is unclear if this would be a fact-finding mission or if any specific pieces of legislation would be discussed. Circle CEO Jeremy Allaire, representing the Blockchain Association; Rebecca Nelson, a member of the Congressional Research Service specializing in international trade and finance; and Mehrsa Baradaran, a law professor at the University of California Irvine School of Law will testify as expert witnesses. The hearing will be livestreamed. The Senate Banking Committee has held a number of hearings around the space, with the most recent taking place last week, focused on Facebook’s Libra. Members asked David Marcus, the head of Facebook’s crypto project and the CEO of its Calibra subsidiary, a number of pointed questions about the project, but rarely brought up bitcoin or other cryptocurrencies. Instead, Senators took pains to distinguish between the broader crypto ecosystem and Facebook’s efforts…

    Jul 24, 2019
  • Justin Sun to Reschedule Warren Buffett Charity Lunch for Medical Reasons

    The Tron Foundation is pushing back the Warren Buffett Lunch and press conferences to an unspecified date. According to an official Twitter post, Justin Sun — who successfully procured the lunch with Buffett by winning the affiliated charity auction —  is currently out of commission due to kidney stones, and associated parties have agreed to reschedule the lunch. In June, Tron founder and CEO Justin Sun won a charity auction on eBay to have lunch with Buffett, the famously successful investor and CEO of Berkshire Hathaway. Sun’s winning bid was apparently $4,567,888 — the highest bid in the event’s 20 year history. On July 19, Circle CEO Jeremy Allaire accepted Sun’s invitation to join him at the lunch. In addition to Allaire, Litecoin creator Charlie Lee will also reportedly attend the event. Warren Buffett has notoriously voiced some incendiary anti-cryptocurrency views. Last May, Warren said that cryptocurrencies will end badly, and called Bitcoin “probably rat poison squared. “ More recently, Warren claimed in February that Bitcoin (BTC) is a delusion, apparently because blockchain does not depend on BTC or actively produce something. Warren said:  “You can stare at it…

    Jul 23, 2019
  • SEC Releases Draft Rules on Digital Asset Trades

    The Securities and Exchange Commission (SEC) is seeking comments from the industry on its draft digital asset exchange rules, as the regulator aims to keep up with the latest developments in information and communication technology and their financial market applications. The proposal, which is broken down into 10 articles — many with multiple chapters, is now available for comment from exchanges, broker-dealers, investment houses, the investing public, and other interested parties. The SEC will wait for comments up to Aug. 14. The proposed “Rules on Digital Asset Exchange” (DAE) primarily govern registration and operation of an exchange in which digital assets are traded on a online platform accessible in or from the Philippines. “Digital asset” vests certain rights, including digital representation of value that is used as a medium of exchange, unit of account, or store of value and is not legal tender, whether or not denominated in legal tender, the SEC said in the draft. It is intended to represent assets such as debt or equity in the promoter; or otherwise intended to represent rights associated with such assets;…

    Jul 22, 2019
  • Which Cryptocurrency Should I Invest in, in 2019? Why?

    Before I answer you must realize we are in a time period that has never ever been experienced before. Bitcoin and blockchain are like the 3rd digital industrial revolution that will change the world for good. Which simply means, when machine meets the internet, and the internet will be able to upgrade itself into a world we have never seen before. Also with 5G [which is coming] you will see a world where machine can interact with machine via the internet and this will also create a world that some people even 20 years ago though would never be possible. Its all coming, so DEAL WITH IT! Just think, right now UBER will eventually be disrupted by DRIVERLESS taxi’s, planes will be disrupted by driver-less electric helicopters, people will not get a monthly wage, but in terms of blockchain you can claim a daily wage from your employer, all through digital means, and using and infiltrating blockchain technology….Like I said its hard to describe the world coming via text and social media on a great platform like QUORA, but I…

    Jul 22, 2019
  • Bank of America Files Patent for Settlement System Citing Ripple

    Bank of America has filed for a patent for a settlement system citing the Ripple ledger, according to a filing on Google Patents. The patent in question — the application of which was published on June 6 — describes a system using distributed ledger technology (DLT) as an interbank communication tool. The proposed system would enable real-time settlement with transactions being communicated through a shared, decentralized ledger to which both the banks would have access. The decentralized network would both verify the identity of the payer and the payee and enable communication between the institutions. Notably, multiple illustrations included in the patent explicitly cite Ripple DLT. Ripple’s base asset and proposed settlement gateway asset XRP is not mentioned in the patent. In June, news broke that Siam Commercial Bank, Thailand’s largest commercial bank, denied any plans to start using Ripple’s XRP token, contrary to earlier indications. The denial came after the bank tweeted that an “XRP system will be announced soon” on June 5. As reported earlier this month, Ripple incubator and investment arm Xpring has distributed $500 million to over 20 XRP projects — including the blockchain-based…

    Jul 22, 2019
  • G7 Urges Tough Libra Regulation, Agrees to Tax Digital Giants

    Digital currencies such as Facebook’s planned Libra raise serious concerns and must be regulated as tightly as possible to ensure they do not upset the world’s financial system, Group of Seven finance ministers and central bankers said on Thursday. Finance Minister Bruno Le Maire of France, which holds the rotating presidency of the G7 top world economies, told a news conference the group opposed the idea that companies could have the same privilege as nations in creating means of payment – but without the control and obligations that go with it. “We cannot accept private companies issuing their own currencies without democratic control,” Le Maire said. In a summary of the informal G7 talks in Chantilly, north of Paris, the French presidency said the ministers and governors had agreed that “stablecoins and other various new products currently being developed, including projects with global and potentially systemic footprint such as Libra, raise serious regulatory and systemic concerns”. Governments are starting to worry that big tech companies are encroaching on areas that belong to governments, such as issuing currency. Facebook’s June 18…

    Jul 19, 2019
  • Bitcoin Price Showing Recovery Signs But Can It Break $10K?

    Overview Bitcoin price declined heavily and traded below the $10,000 and $9,500 levels against the US Dollar. The price traded close to the $9,100 level and recently started an upside correction. Yesterday’s highlighted key bearish trend line is still active with resistance near $9,740 on the hourly chart of the BTC/USD pair (data feed from Kraken). The price is likely to face a strong resistance near the $9,900 and $10,000 resistances in the near term. Bitcoin price extended losses towards the $9,100 level against the US Dollar. BTC is currently correcting higher, but the bulls may struggle to clear the $10,000 resistance. Bitcoin Price Analysis Yesterday, we saw another strong drop in bitcoin price below the $10,000 support against the US Dollar. The BTC/USD pair even broke the $9,800 and $9,500 support levels. Similarly, there were losses in Ethereum and ripple before both found support. BTC traded close to the $9,100 level and recently found support near the $9,115 level. It is currently correcting higher and moved above the $9,400 resistance level. Moreover, there was a break above the 23.6% Fib retracement level…

    Jul 18, 2019
  • Bitcoin Price Tumbles 15%: $8,880 Bearish Target In Sight

    Overview Bitcoin price failed to stay above the $11,000 level and resumed decline against the US Dollar. The price traded below the key $10,000 and $9,800 support levels to enter a bearish zone. There is a new connecting bearish trend line forming with resistance near $10,060 on the hourly chart of the BTC/USD pair (data feed from Kraken). The price remains at a risk of more losses below the $9,200 and $9,000 support levels in the near term. Bitcoin price tumbled around 15% and broke the $9,500 level against the US Dollar. BTC remains at a risk of more losses and it seems like the $8,800 bearish target is still in sight. Bitcoin Price Analysis This week, we saw a major decline in bitcoin price below the $10,500 support against the US Dollar. The BTC/USD pair found support near $9,800 and yesterday corrected higher. It climbed above the $10,500 level, but struggled to gain momentum above the $11,000 level. A top was formed near the $11,100 level and the 100 hourly simple moving average. As a result, the price started a…

    Jul 17, 2019
  • Growing Hashpower Means Bitcoin and Bitcoin Cash Could Halve at the Same Time

    Despite an initial difference in mining speed between the two Bitcoin forks, an increase in BTC’s hashpower has been steadily narrowing Bitcoin’s supply lead. If Bitcoin continues to outpace Bitcoin Cash, the two could halve at around the same time. Incredibly fast BCH mining leaves Bitcoin in the dust Ever since it forked back in 2017, Bitcoin Cash has been struggling with maintaining a ten-minute block generation time it inherited from Bitcoin. The goal of the fork as always been to maintain the same level of difficulty and speed as the original Bitcoin has, and BCH developers have implemented several different algorithms in order to achieve that. At first, both Bitcoin and Bitcoin Cash used the Difficulty Adjustment Algorithm (DAA), adjusting the mining difficulty parameter every 2016 blocks. But, Bitcoin Cash started implementing another algorithm in addition to DAA in 2017. The Emergency Difficulty Adjustment (EDA) was designed to reduce the miningdifficulty of Bitcoin Cash by 20 percent if less than 6 blocks in 12 hours are mined. Introducing EDA, however, caused significant problems with Bitcoin Cash mining, which caused it to become hundreds of thousands of blocks ahead of Bitcoin. The difference in block numbers remained even after EDA…

    Jul 17, 2019
  • Siemens Evaluates Blockchain Potential For Carsharing

    With the invention of bitcoin came a new, secure method of value transfer, via its underlying technology blockchain. Since bitcoin’s inception ten years ago, a plethora of mainstream entities have investigated various ways to channel blockchain’s potential. Automation giant Siemens is evaluating the technology for various enterprise use cases, including improving the carsharing market. Siemens is following the trend of mainstream giants looking to incorporate blockchain. “We are in the space where we want to come up with industrial extensions of blockchain systems, […] blockchain systems for enterprises,” Siemens Corporate Technology head of cybersecurity and blockchain Andreas Kind said to me in an interview. Kind mentioned use cases pertaining to areas such as supply chain, mobility, manufacturing, etc. When entities are interested in making the move toward blockchain, they generally undergo periods of testing and discovery before choosing the most effective and applicable use cases, Kind explained. “Siemens is exactly in this kind of phase,” he added. The company just completed a period of exploration, Kind said, adding, “Now we’re at the point where we’re really zoomed into a set of use cases that are related to Siemens’ business.” Siemens is looking toward…

    Jul 16, 2019
  • Libra Head Publishes Testimony for the US Senate Hearing

    The Senate Banking Chair in the US had scheduled a meeting with the executive of Facebook to question about Libra for 16th July 2019. Reportedly, Marcus David, the Head of the Libra Association, will be representing the Tech Giant’s plans. David has shared the written testimony on the government website where he diligently explains the development and the plans with Libra. Moreover, Marcus David was also the President of one of the largest payment network in the world, PayPal. In the beginning, he revisits this fact and association with Facebook to further converge on the issue. On Libra, he emphasized the utility of the payment system and its viability. He wrote, Libra is about developing a safe, secure, and low-cost way for people to move money efficiently around the world. He also added, “In fact, I expect that this will be the broadest, most extensive, and most careful pre-launch oversight by regulators and central banks in FinTech’s history.” He mentioned that Libra would work with the Governments and that “monetary policy is properly the province of central banks.” Nevertheless, the structure proposed by him mimics that…

    Jul 16, 2019

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