Former Ripple CEO Believes Bitcoin Can Be Destroyed by China

Ethereum Classic

Ethereum Classic is an open, decentralized, and permissionless public blockchain, that aims to fulfill the original promise of Ethereum, as a platform where smart contracts are free from third-party interference. ETC prioritizes trust-minimization, network security, and integrity. All network upgrades are non-contentious with the aim to fix critical issues or to add value with newly proposed features; never to create new tokens, or to bail out flawed smart contracts and their interest groups.
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Bitcoin News Today 2020: China’s Twitter And Twitter Go Viral With Tweets About The Bitcoin Halving!

Bitcoin News Today 2020: China’s Twitter And Twitter Go Viral With Tweets About The Bitcoin Halving! submitted by Lumin8_Crypto to Crypto_Currency_News [link] [comments]

05-06 19:05 - 'Bitcoin News Today 2020: Will 3 Billion People In India And China Drive Bitcoin and Crypto Mass Adoption?' (self.Bitcoin) by /u/Lumin8_Crypto removed from /r/Bitcoin within 331-341min

'''
Bitcoin News Today 2020: What is the most crucial metric for Bitcoin growth? Could it be mass adoption? The population of China and India is approaching 3 billion people. Could Digital Yaun and an Indian Crypto trading app become the catalyst that pushes Bitcoin towards mass adoption? In this video, we will dig into this new app and the Digital Yaun. Another headline we are going to talk about is those who invested their stimulus checks into Bitcoin are currently up more than 35%. It sounds like they made a wise investment.
Watch the video:
[[link]2

[link]3
'''
Bitcoin News Today 2020: Will 3 Billion People In India And China Drive Bitcoin and Crypto Mass Adoption?
Go1dfish undelete link
unreddit undelete link
Author: Lumin8_Crypto
1: yo*tu.be/C*b**kT*Ddw 2: *outu.be/C*b*4k**Ddw]^*1 3: pre**ew.redd.it*uoi8zlg*b5*41.jp*?wi*th=*92*&form*t**jpg*amp;a*to=we**&**p*s=91*95cf998ce5e****d***cd76e*38d**f6bdb44
Unknown links are censored to prevent spreading illicit content.
submitted by removalbot to removalbot [link] [comments]

Bitcoin News Today 2020: Will 3 Billion People In India And China Drive Bitcoin and Crypto Mass Adoption?

Bitcoin News Today 2020: Will 3 Billion People In India And China Drive Bitcoin and Crypto Mass Adoption?
Bitcoin News Today 2020: What is the most crucial metric for Bitcoin growth? Could it be mass adoption? The population of China and India is approaching 3 billion people. Could Digital Yaun and an Indian Crypto trading app become the catalyst that pushes Bitcoin towards mass adoption? In this video, we will dig into this new app and the Digital Yaun. Another headline we are going to talk about is those who invested their stimulus checks into Bitcoin are currently up more than 35%. It sounds like they made a wise investment.
Watch the video:
https://youtu.be/CLb94kThDdw

https://preview.redd.it/z0ybibj1c5x41.jpg?width=1920&format=pjpg&auto=webp&s=a4a73048ff6c91d3e3b971eaf0bf9ea12eecaba2
submitted by Lumin8_Crypto to CryptoCurrencies [link] [comments]

Bitcoin News Today 2020: China’s Twitter And Twitter Go Viral With Tweets About The Bitcoin Halving!

Bitcoin News Today 2020: China’s Twitter And Twitter Go Viral With Tweets About The Bitcoin Halving! submitted by Lumin8_Crypto to btc [link] [comments]

Bitcoin News Today 2020: China’s Twitter And Twitter Go Viral With Tweets About The Bitcoin Halving! (x-post from /r/Bitcoin)

Bitcoin News Today 2020: China’s Twitter And Twitter Go Viral With Tweets About The Bitcoin Halving! (x-post from /Bitcoin) submitted by cccmod to CryptoCurrencyClassic [link] [comments]

Bitcoin News Today 2020: China’s Twitter And Twitter Go Viral With Tweets About The Bitcoin Halving!

Bitcoin News Today 2020: China’s Twitter And Twitter Go Viral With Tweets About The Bitcoin Halving! submitted by Lumin8_Crypto to Bitcoin [link] [comments]

Bitcoin surges past $12,000 Mark Amid U.S. China Trade War – Cryptocurrency News Today

Bitcoin surges past $12,000 Mark Amid U.S. China Trade War – Cryptocurrency News Today submitted by Ranzware to BitNewsLive [link] [comments]

Today's Top Crypto News: Bitcoin Price Analysis, Elon Musk, China Miners, Kraken, PayPal

Today's Top Crypto News: Bitcoin Price Analysis, Elon Musk, China Miners, Kraken, PayPal submitted by Rufflenator to 3bitcoins [link] [comments]

Today's Top Crypto News: Bitcoin Price Analysis, Elon Musk, China Miners, Kraken, PayPal

Today's Top Crypto News: Bitcoin Price Analysis, Elon Musk, China Miners, Kraken, PayPal submitted by ososru to Bitcoin4free [link] [comments]

Bitcoin (BTC) Latest Update: Bitcoin (BTC) Could See an Increase in Adoption As Its Demand Increases In China – BTC News Today – BTC/USD Price Today - Smartereum

Bitcoin (BTC) Latest Update: Bitcoin (BTC) Could See an Increase in Adoption As Its Demand Increases In China – BTC News Today – BTC/USD Price Today - Smartereum submitted by ulros to fbitcoin [link] [comments]

New Bitcoin Crackdown: China Witch-Hunting Any Provider of Crypto Transactions to Locals - U.Today

New Bitcoin Crackdown: China Witch-Hunting Any Provider of Crypto Transactions to Locals - U.Today submitted by prnewswireadmin to cryptonewswire [link] [comments]

Meanwhile, just to put things in perspective, in other news today: "GOLD MINE WORTH MORE THAN BITCOIN’S ENTIRE MARKET CAP FOUND IN CHINA"

http://bitcoinist.com/gold-mine-bitcoin-market-cap-found-china/
We are not there yet, people. We are absolutely not even close to there yet. The whole potential of the crypto-industry is worth infinitely more!
submitted by boppie to CryptoMarkets [link] [comments]

China's Bitcoin Exchanges Must Close Today! The bad news keeps coming as prices keep on falling! Stay strong people

China's Bitcoin Exchanges Must Close Today! The bad news keeps coming as prices keep on falling! Stay strong people submitted by myluxurybed to CryptoCurrencyTrading [link] [comments]

Putting $400M of Bitcoin on your company balance sheet

Also posted on my blog as usual. Read it there if you can, there are footnotes and inlined plots.
A couple of months ago, MicroStrategy (MSTR) had a spare $400M of cash which it decided to shift to Bitcoin (BTC).
Today we'll discuss in excrutiating detail why this is not a good idea.
When a company has a pile of spare money it doesn't know what to do with, it'll normally do buybacks or start paying dividends. That gives the money back to the shareholders, and from an economic perspective the money can get better invested in other more promising companies. If you have a huge pile of of cash, you probably should be doing other things than leave it in a bank account to gather dust.
However, this statement from MicroStrategy CEO Michael Saylor exists to make it clear he's buying into BTC for all the wrong reasons:
“This is not a speculation, nor is it a hedge. This was a deliberate corporate strategy to adopt a bitcoin standard.”
Let's unpack it and jump into the economics Bitcoin:

Is Bitcoin money?

No.
Or rather BTC doesn't act as money and there's no serious future path for BTC to become a form of money. Let's go back to basics. There are 3 main economic problems money solves:
1. Medium of Exchange. Before money we had to barter, which led to the double coincidence of wants problem. When everyone accepts the same money you can buy something from someone even if they don't like the stuff you own.
As a medium of exchange, BTC is not good. There are significant transaction fees and transaction waiting times built-in to BTC and these worsen the more popular BTC get.
You can test BTC's usefulness as a medium of exchange for yourself right now: try to order a pizza or to buy a random item with BTC. How many additional hurdles do you have to go through? How many fewer options do you have than if you used a regular currency? How much overhead (time, fees) is there?
2. Unit of Account. A unit of account is what you compare the value of objects against. We denominate BTC in terms of how many USD they're worth, so BTC is a unit of account presently. We can say it's because of lack of adoption, but really it's also because the market value of BTC is so volatile.
If I buy a $1000 table today or in 2017, it's roughly a $1000 table. We can't say that a 0.4BTC table was a 0.4BTC table in 2017. We'll expand on this in the next point:
3. Store of Value. When you create economic value, you don't want to be forced to use up the value you created right away.
For instance, if I fix your washing machine and you pay me in avocados, I'd be annoyed. I'd have to consume my payment before it becomes brown, squishy and disgusting. Avocado fruit is not good money because avocadoes loses value very fast.
On the other hand, well-run currencies like the USD, GBP, CAD, EUR, etc. all lose their value at a low and most importantly fairly predictible rate. Let's look at the chart of the USD against BTC
While the dollar loses value at a predictible rate, BTC is all over the place, which is bad.
One important use money is to write loan contracts. Loans are great. They let people spend now against their future potential earnings, so they can buy houses or start businesses without first saving up for a decade. Loans are good for the economy.
If you want to sign something that says "I owe you this much for that much time" then you need to be able to roughly predict the value of the debt in at the point in time where it's due.
Otherwise you'll have a hard time pricing the risk of the loan effectively. This means that you need to charge higher interests. The risk of making a loan in BTC needs to be priced into the interest of a BTC-denominated loan, which means much higher interest rates. High interests on loans are bad, because buying houses and starting businesses are good things.

BTC has a fixed supply, so these problems are built in

Some people think that going back to a standard where our money was denominated by a stock of gold (the Gold Standard) would solve economic problems. This is nonsense.
Having control over supply of your currency is a good thing, as long as it's well run.
See here
Remember that what is desirable is low variance in the value, not the value itself. When there are wild fluctuations in value, it's hard for money to do its job well.
Since the 1970s, the USD has been a fiat money with no intrinsic value. This means we control the supply of money.
Let's look at a classic poorly drawn econ101 graph
The market price for USD is where supply meets demand. The problem with a currency based on an item whose supply is fixed is that the price will necessarily fluctuate in response to changes in demand.
Imagine, if you will, that a pandemic strikes and that the demand for currency takes a sharp drop. The US imports less, people don't buy anything anymore, etc. If you can't print money, you get deflation, which is worsens everything. On the other hand, if you can make the money printers go brrrr you can stabilize the price
Having your currency be based on a fixed supply isn't just bad because in/deflation is hard to control.
It's also a national security risk...
The story of the guy who crashed gold prices in North Africa
In the 1200s, Mansa Munsa, the emperor of the Mali, was rich and a devout Muslim and wanted everyone to know it. So he embarked on a pilgrimage to make it rain all the way to Mecca.
He in fact made it rain so hard he increased the overall supply of gold and unintentionally crashed gold prices in Cairo by 20%, wreaking an economic havoc in North Africa that lasted a decade.
This story is fun, the larger point that having your inflation be at the mercy of foreign nations is an undesirable attribute in any currency. The US likes to call some countries currency manipulators, but this problem would be serious under a gold standard.

Currencies are based on trust

Since the USD is based on nothing except the US government's word, how can we trust USD not to be mismanaged?
The answer is that you can probably trust the fed until political stooges get put in place. Currently, the US's central bank managing the USD, the Federal Reserve (the Fed for friends & family), has administrative authority. The fed can say "no" to dumb requests from the president.
People who have no idea what the fed does like to chant "audit the fed", but the fed is already one of the best audited US federal entities. The transcripts of all their meetings are out in the open. As is their balance sheet, what they plan to do and why. If the US should audit anything it's the Department of Defense which operates without any accounting at all.
It's easy to see when a central bank will go rogue: it's when political yes-men are elected to the board.
For example, before printing themselves into hyperinflation, the Venezuelan president appointed a sociologist who publicly stated “Inflation does not exist in real life” and instead is a made up capitalist lie. Note what happened mere months after his gaining control over the Venezuelan currency
This is a key policy. One paper I really like, Sargent (1984) "The end of 4 big inflations" states:
The essential measures that ended hyperinflation in each of Germany,Austria, Hungary, and Poland were, first, the creation of an independentcentral bank that was legally committed to refuse the government'sdemand or additional unsecured credit and, second, a simultaneousalteration in the fiscal policy regime.
In english: *hyperinflation stops when the central bank can say "no" to the government."
The US Fed, like other well good central banks, is run by a bunch of nerds. When it prints money, even as aggressively as it has it does so for good reasons. You can see why they started printing on March 15th as the COVID lockdowns started:
The Federal Reserve is prepared to use its full range of tools to support the flow of credit to households and businesses and thereby promote its maximum employment and price stability goals.
In english: We're going to keep printing and lowering rates until jobs are back and inflation is under control. If we print until the sun is blotted out, we'll print in the shade.

BTC is not gold

Gold is a good asset for doomsday-preppers. If society crashes, gold will still have value.
How do we know that?
Gold has held value throughout multiple historic catastrophes over thousands of years. It had value before and after the Bronze Age Collapse, the Fall of the Western Roman Empire and Gengis Khan being Gengis Khan.
Even if you erased humanity and started over, the new humans would still find gold to be economically valuable. When Europeans d̶i̶s̶c̶o̶v̶e̶r̶e̶d̶ c̶o̶n̶q̶u̶e̶r̶e̶d̶ g̶e̶n̶o̶c̶i̶d̶e̶d̶ went to America, they found gold to be an important item over there too. This is about equivalent to finding humans on Alpha-Centauri and learning that they think gold is a good store of value as well.
Some people are puzzled at this: we don't even use gold for much! But it has great properties:
First, gold is hard to fake and impossible to manufacture. This makes it good to ascertain payment.
Second, gold doesnt react to oxygen, so it doesn't rust or tarnish. So it keeps value over time unlike most other materials.
Last, gold is pretty. This might sound frivolous, and you may not like it, but jewelry has actual value to humans.
It's no coincidence if you look at a list of the wealthiest families, a large number of them trade in luxury goods.
To paraphrase Veblen humans have a profound desire to signal social status, for the same reason peacocks have unwieldy tails. Gold is a great way to achieve that.
On the other hand, BTC lacks all these attributes. Its value is largely based on common perception of value. There are a few fundamental drivers of demand:
Apart from these, it's hard to argue that BTC will retain value throughout some sort of economic catastrophe.

BTC is really risky

One last statement from Michael Saylor I take offense to is this:
“We feel pretty confident that Bitcoin is less risky than holding cash, less risky than holding gold,” MicroStrategy CEO said in an interview
"BTC is less risky than holding cash or gold long term" is nonsense. We saw before that BTC is more volatile on face value, and that as long as the Fed isn't run by spider monkeys stacked in a trench coat, the inflation is likely to be within reasonable bounds.
But on top of this, BTC has Abrupt downside risks that normal currencies don't. Let's imagine a few:

Blockchain solutions are fundamentally inefficient

Blockchain was a genius idea. I still marvel at the initial white paper which is a great mix of economics and computer science.
That said, blockchain solutions make large tradeoffs in design because they assume almost no trust between parties. This leads to intentionally wasteful designs on a massive scale.
The main problem is that all transactions have to be validated by expensive computational operations and double checked by multiple parties. This means waste:
Many design problems can be mitigated by various improvements over BTC, but it remains that a simple database always works better than a blockchain if you can trust the parties to the transaction.
submitted by VodkaHaze to badeconomics [link] [comments]

World Crypto Network - Today in Bitcoin News Podcast (2017-11-14) - China Mining Ban? Hot Tweets & Question Answer Time

World Crypto Network - Today in Bitcoin News Podcast (2017-11-14) - China Mining Ban? Hot Tweets & Question Answer Time submitted by Yanlii to cryptovideos [link] [comments]

China coins up today more that other alts. I think we may see President Xi have some nice words in his closing speech tomorrow. BTC could be up too except news the fork isn't going to be as big of a deal. /r/Bitcoin

China coins up today more that other alts. I think we may see President Xi have some nice words in his closing speech tomorrow. BTC could be up too except news the fork isn't going to be as big of a deal. /Bitcoin submitted by BitcoinAllBot to BitcoinAll [link] [comments]

Guess what is the news coming from China today? /r/Bitcoin

Guess what is the news coming from China today? /Bitcoin submitted by BitcoinAllBot to BitcoinAll [link] [comments]

From the horse's mouth: An article in English summarizing today's Bitcoin China news, just posted by Caixin, the Chinese news source that wrote the article that started the whole thing

[I've read every news story I can find on the Bitcoin China news, and everyone is basically using Caixin and Bobby Lee as their sources, so once you've read this, and Bobby Lee's quotes, you know almost everything you need to know.]
http://m.english.caixin.com/m/2014-03-27/100657518.html
PBOC Rule Means Bitcoin Websites in China Must Close, Expert Says
03.27.2014 17:17
Central bank told banks and payment firms to shut accounts of site operators, a move one analyst says means traders have to leave country By staff reporters Zhang Yuzhe and Li Xiaoxiao (Beijing) – The central bank has taken a step that at least one expert says means all bitcoin trading websites in the country must close.
The People's Bank of China (PBOC) renewed its crackdown on bitcoins by requiring banks and payment companies to close all the accounts opened by the operators of websites that trade in the virtual currency by April 15.
This means people will only be able to use cash to buy bitcoins, an analyst who has been following the matter said, and will force all trading websites in the country to close.
"The only one way out for bitcoin websites is moving their servers abroad and using the service of foreign banks and payment companies," the expert said.
The requirement, which Caixin saw in a document the central bank's headquarters recently sent to regional offices, says money can be taken from the accounts before the deadline, but no deposits can be made. Banks that fail to close the accounts will be punished, the PBOC said, but it did not elaborate on what those punishments would be.
The central bank document listed 15 trading websites whose accounts must be closed.
The regulator and four other central government agencies jointly issued a circular last year that prohibited payment companies and financial institutions from providing services to bitcoin trading platforms.
The circular said bitcoins are a commodity, not a currency. It added that investors are free to trade in bitcoins at their own risk, but should know they cannot be used as legal tender.
Bitcoins are created by computers linked in a network. To get them, a person can either make a purchase on a trading platform or become a "miner," who uses a computer to process data generated when other miners and traders create and trade bitcoins.
The value of bitcoins rode a rollercoaster last year as demand fluctuated. The highs exceeded 8,000 yuan per unit and the lows dipped to only several hundred yuan. Prices on March 27 were around 3,500 yuan per bitcoin.
Experts estimate that transactions on Chinese bitcoin trading platforms account for about 60 percent of the global total.
Mt. Gox, once the world's largest exchange, filed for bankruptcy in February.
(Rewritten by Wang Yuqian)
submitted by WhiteyFisk to Bitcoin [link] [comments]

China lifts curtain on landmark reform agenda - Let's see how this news affects Bitcoin today

China lifts curtain on landmark reform agenda - Let's see how this news affects Bitcoin today submitted by category5 to Bitcoin [link] [comments]

[Business] - Bitcoin climbs to $11,000 as China opens new battlefront against cryptocurrencies | Russia Today

[Business] - Bitcoin climbs to $11,000 as China opens new battlefront against cryptocurrencies | Russia Today submitted by AutoNewspaperAdmin to AutoNewspaper [link] [comments]

PLAYBOOK 10-28-20 👀

PLAYBOOK 10-28-20 👀
$HOG – Harley-Davidson unveils a gorgeous new electric bike called Serial 1. Broke over the resistance and found a new home. Companies that venture into new markets seem to be a favorite for investors. Electric bikes open a whole new market in China and Europe. May pull back and bounce around $30 to 33 range until we get more news.
$DGLY –NEWS - White House is deploying federal resources for the cop shooting that occurred this news is spiking $DGLY. $DGLY produced body cameras. Keep it on the radar to reach the 100 MA to @$2.80 with more tension building getting closer to the elections.
$SNMP – AH mover looking for continuation in the morning.
$NVCN down big after hours looks to be at bottom now and curling
$CHFS CHF Solutions (NASDAQ:CHFS) has shipped Aquadex product to medical facilities in Tennessee and South Carolina to treat critically ill patients suffering from COVID-19.
The Aquadex SmartFlow system delivers clinically proven therapy using a simple, flexible and smart method of removing excess fluid from patients suffering from hypervolemia (fluid overload).
$RIOT currently public float of 45.82M and currently shorts hold a 16.41% ratio of that float. Today, the average trading volume of RIOT was 9.91M shares.
$MARA becomes the largest US Bitcoin Miner. Marathon said the deal would boost the company’s operations to 23,560 next-generation miners, “making it the largest self-miner in North America”. Bitcoin at yearly highs and Mara runs with bitcoin
Backburners: $DSS $RNWK $TGC $WEI $USWS $CEI
submitted by pabsgu46 to pennystocks [link] [comments]

Discovery World gets a lifeline from its chairman... shareholders get diluted (Friday, Oct 23)

Happy Friday, Barkada --

The PSE closed up 66 points to 6345 ▲1.1%.

The PSE has had a nice little 7.5% run the past 5 trading days, let's see how the week closes out. Remember, Converge IPO is on Tuesday!
Shout-out to all the bitcoin hodlers out there. The recent run-up in price (up over US$13k today) must feel nice after Paypal announced it would incorporate crypto transactions into its payment platform (after being anti-crypto for a very very long time).
Happy weekend!

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submitted by DuncnIdahosBandurria to phinvest [link] [comments]

CHINA SECRETLY BUYING BITCOIN!! [MUST SEE ASAP], Harvest ... Bitcoin War Between US and China  Cryptocurrency News Bitcoin News: Is China Tanking the Price of Bitcoin? Bitcoin + China  New CCID List and Cryptocurrency News ... THINGS HAVE CHANGED: The Truth About The 2020 Bitcoin ...

Bitcoin news today find latest bitcoin cryptocurrency news and updates btc price news technical analysis reviews and events about cryptocurrency. Menu. Bitcoin News Today. Bitcoin ; Ethereum; Ripple; Litecoin; Blockchain; Altcoin; Search for; October 22 2020. Trending “It is a Bull Market,” Says BitMEX CEO Arthur Hayes; New survey claims that Turkey is not a crypto savvy country anymore ... China's state planner wants to eliminate bitcoin mining in the country, according to a draft list of industrial activities the agency is seeking to stop in a sign of growing government pressure on ... A potential worsening of the US-China trade war and subsequent cold war would have many unforeseen consequences. Yet, packed within the effects are both some downside risks for cryptocurrencies ... China’s new bitcoin rival to displace banks and boost state surveillance, report says INDY/ LIFE newsletter Be inspired with the latest lifestyle trends every week In a recent op-ed article published by The Hill, former Ripple CEO Chris Larsen argues that China has enough power to take control over Bitcoin: “At least 65 percent of cryptocurrency mining is concentrated in China, which means the Chinese government has the majority needed to wield control over those protocols and can effectively block or reverse transactions.”

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CHINA SECRETLY BUYING BITCOIN!! [MUST SEE ASAP], Harvest ...

Bitcoin War Between US and China Cryptocurrency News Like and Subscribe. Become a CryptosRus INSIDER to gain exclusive insight on the market, get reviews and analysis on undervalued ... What is the most accurate Bitcoin halving 2020 price prediction you've heard? Do you take into account the REDUCED miner sell pressure AS WELL AS the INCREAS... Bitcoin + China New CCID List and Cryptocurrency News Like and Subscribe. Become a CryptosRus INSIDER to gain exclusive insight on the market, get reviews... CHINA SECRETLY BUYING BITCOIN!! [MUST SEE ASAP] Harvest Hack [Xeonbit Discussion] Chinese billionaire Jack Ma yesterday said that digital currencies could pl... In today's video i talk about the new chinese cryptocurrency / china cryptocurrency. I also mentioned facebook libra crypto news 2020 and also touch on topics like xrp, ethereum, bitcoin, tezos ...

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