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/btc was created to foster and support free and open Bitcoin discussion about cryptocurrency, Bitcoin news, and exclusive AMA (Ask Me Anything) interviews from top Bitcoin and cryptocurrency leaders. Bitcoin is the currency of the Internet. A distributed, worldwide, decentralized digital money. Unlike traditional currencies such as dollars, bitcoins are issued and managed without the need for any central authority whatsoever. Learn more about Bitcoin, Bitcoin Cash, cryptocurrency, and more.
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Partial translation of long Chinese article regarding the recent actions of PBOC

https://www.sosobtc.com/article/24259.html
The following is a rough/partial translation of the article "Reflections on the present situation of Bitcoin and thoughts on its future" provided in the link above
Two hurricanes swept through the landscape as the summer season trails off, instead of uprooting trees and destroying houses, it ravaged through the Bitcoin markets.
In early September, Chinese authorities made an announcement banning Initial Coin Offerings (ICO), this was shortly followed by a second official statement regarding the closures of Chinese cryptocurrencies exchanges. These two statements triggered a flurry of selling off and caused a massive upheaval in cryotocurrency markets.
This author had anticipated these actions from PBOC, and was perhaps, even an unwitting instigator (in the most minor sense possible) for the current turn of events. A few days back, this author had suggested that PBOC should just shut down Bitcoin mines and exchanges in China, thus allowing an easy way out for the central bank to abscond itself of any “supervisory responsibility” over this burgeoning industry. This would also ensure that Bitcoin markets would open to develop organically in a democratic, autonomous manner, free from constant irrational interference of the Central Bank. Nevertheless this author still found it surprising that the typically indecisive PBOC would take such a drastic action within such a short time.
In the author’s opinion, there are three main factors, and three minor factors that lead to this latest decision by PBOC. Here are the 3 main reasons:
1) The increasingly unwieldy size of the Bitcoin market
First, let’s keep a few figures in mind. 1) In 2015, based on the limited amount of information available to the public; China UnionPay the crown jewel of PBOC disclosed a profit of 3.8 billion CNY, and held 66.5 billion CNY worth of assets. 2) 220 billion CNY; stamp duty revenue generated from securities issued by CSRC.
Now, consider the size of the Bitcoin industry in China. China holds approximately two thirds of Bitcoin currently in circulation, ~10 million Bitcoins. Before the most recent market upheaval, Bitcoin’s value was holding steady at around 30000 CNY (4500 USD), hence according to this approximation, Bitcoin holders in China is controlling 300 billion CNY worth of a highly liquid, easily transacted wealth that is not subjected to regulations and jurisdiction by the Central Bank and Ministry’s of Finance. In a space of a few short years, the amount of wealth held by Chinese citizens in Bitcoin has now swelled to a very significant amount that’s on the scale of annual military spending of nations such as India and Russia (55.9 billion and 69.2 billion USD respectively, estimated Bitcoin holding in China 45 billion USD (when price was at 4500 usd)
Now that the days of exponential Chinese economic growth driven by its manufacturing industry is over, various ministries are trying all sorts of different methods to promote economic growth. However, for all their efforts to promote and cultivate a new multibillion industry, their achievements pale in comparison to the Bitcoin and cryptocurrencies industry which had slipped right under their noses and is now thriving. It is easy to conjecture that the success of this new, non-government sanctioned industry is a slap in the face for archaic and control hungry Chinese party officials.
Following the runaway success of Tencent and Alibaba, two recent multibillion companies which the Chinese State failed to put their finger in, Chinese officials are now determined to nip the Bitcoin industry in its bud before it blossoms into another non-state sanction success. This vindictive and petty type of thinking is rather typical, and to be expected of the current administration.
2)Disruption of the societal hierarchy
The social hierarchy of China is still largely determined by state-owned monopolies. The distribution of public wealth and resources like real estate, mining rights, and business permits etc. are dictated by those wielding power in state enterprises. The immense wealth generated by these essentially risk free businesses is only accessible to relatives of high-ranking officials and fellow insiders, i.e an oligarchy.
However the wealth generated from the Bitcoin industry which was essentially started by a bunch of tech enthusiasts with some old computers, a few lot of GPUs, and self taught mathematical models. This completely circumvents the typical route to wealth and riches as dictated by the state, and is a threat to the way they constructed the society to be. Hence, the Bitcoin industry must be stopped and to be made an example of.
Business owners in cahoots with state officials also resents the Bitcoin industry greatly, like how they resisted e-payment systems like Alipay, WechatPay, or e-communities such as qq and Wechat initially. These business owners are essentially power brokers, where their greatest asset lies in their ability to act as an intermediary between private enterprises and the State, if new businesses no longer require the blessing of the state to prosper, then as the unofficial toll collectors would surely be starved.
3)The inequality of wealth distribution arising from the Bitcoin industry
The frontrunners and greatest benefactors of the Chinese Bitcoin industry had been young tech enthusiasts. Typically young males in their late 20s, and as the price of Bitcoin boomed, they became a very conspicuous bunch of newly rich. These quickly drew the ire of the Chinese community, “your dad isn’t some powerful Chinese tycoon or government official, what did you do to deserve to get rich so quickly!” was the unspoken sentiment of the public. As more and more stories about the overnight success of Bitcoin mining/trading enterprises received inceased media coverage across 2016, the Chinese were driven into frenzy on this new source of wealth. One portion of the public started to throw their hats into the ring, by exploiting the fact that the public by large only possess a half-baked understanding of cryptocurrencies. These newcomers posed themselves as some sort of Bitcoin sage, and immediately started advocating all sorts of altcoins and cryptocurrencies to enrich themselves.
Another portion of the public started to horde towards these so called bitcoin sages entrusting them with their hard earned money so that they can be a part of this exciting new industry. The fact that they lost money has nothing to do with the Bitcoin industry, but is solely due to the fact that they did not educate themselves properly and allowed themselves to be taken advantage of by some unscrupulous individuals.
But the largest portion the public became increasingly envious of the success achieved by the frontrunners in the Bitcoin industry, feeling that it’s too late to join the bandwagon, and angry that all these newfound wealth had completely eluded them, they began to sound their frustration, demanding the closure and banning of the new arcane industry that they had missed out on.
In recent years, financial crisis in China had always originated from State-controlled markets such as the stock exchange, Forex or the real estate industry. As the Chinese people grew increasingly distrustful of these State-controlled industries, the self-regulated Bitcoin industry emerged as shining beacon of success. The relevant authorities took note of the public dissatisfaction with Bitcoin and decided to go with the flow, assuaging public outrage while at the same time, diverting attention away from their own failures in issues such as the unaffordable real estate prices that's currently paralyzing the young Chinese community.
The aforementioned three factors are deep rooted, and would always be a core reason for the Chinese government to stamp out Bitcoin. Here are three more minor reasons, which are more circumstantial and technical in nature:
1)The contentious hard fork leading to discord among the Bitcoin community
Ever since Bitcoin splitted into Bitcoin Core and BitcoinCash, the community has grew increasingly partisan. This animosity between the two factions had damaged Bitcoin, and some people had decided to exploit this divide. The statement from James Dimon about Bitcoin being a scam was quickly picked up by Chinese officials to clamp down on Bitcoin. The credibility of his statement is dubious, seeing that JP Morgan was just as complicit as Lehman Brother’s was during the 2008 financial crisis, and really should not be calling out other people for being a scam. However, Chinese officials quickly took his words as gospel, after all enemy of an enemy is a friend. This crackdown essentially kills of the new Bitcoin blockchain advocated by the Chinese Bitcoin community (i.e Bitcoin Cash), so in a sense the state officials are modern traitors, by siding with foreigners and their view of Bitcoin.
2)Bitcoin market is still too naïve and immature
Even before the Bitcoin hardfork was concluded, exchanges started listing tokens representing BitCoin Cash for trading. This action in particular hastens the decision by Chinese authorities to clampdown on Bitcoin. This decision is simply reckless and irrational, as it lies in complete betrayal of what Bitcoin stands for. Bitcoin is the time tested, gold standard among cryptocurrencies because every single bitcoin is forged by miners, this is what that makes Bitcoin secure and distinguishes it from the many other altcoins that currently exisits. Bitcoin is more than just a currency; it has solid proof of work backing it up. By simply listing BCC tokens before they are mined. What the exchanges are doing is no different from the central bank issuing fiat currencies, and by stepping into the domain of the central bank, Bitcoin exchanges now have painted a huge bulls eye on its back
3)Too much speculators, opportunists joining the fray
In the few weeks prior to this crackdown, i.e when Bitcoin was at its all time high. Figures in the financial world that used to jeer at Bitcoin started to change their tune. They popped out like mushrooms after rain, claiming that they too want to join this exciting new industry, be it as a miner, a day trader or to start blockchain companies. In hindsight, these are clear indicators that the Bitcoin market is overheated and is due for a correction.
Three years ago, when Bitcoin was worth around 1000 CNY, it was clearly a good, underpriced product with a clear utility and huge potential for future growth, but not a lot of people were buying it. However, now that the price had climbed all the way to 30000 CNY, people are rushing to get more of it. There was clearly a bubble, and that’s why this author started exhorting for PBOC to crackdown on Bitcoin and pop the bubble.
submitted by wombatdowneyjr to Bitcoin [link] [comments]

Argentina’s Peso Plunges After Central Bank Tightens Foreign Exchange Controls: Citizens Discuss Bitcoin Adoption

submitted by raaner12 to Altcoinss [link] [comments]

Argentina’s Peso Plunges After Central Bank Tightens Foreign Exchange Controls: Citizens Discuss Bitcoin Adoption

Argentina’s Peso Plunges After Central Bank Tightens Foreign Exchange Controls: Citizens Discuss Bitcoin Adoption submitted by none7987 to Bitcointe [link] [comments]

Opinion: The Canadian Bitcoin scene seems to be obsessed with centralized exchanges and bank deposits and withdrawals. Not exactly what bitcoin was created for.

submitted by Oreotech to BitcoinCA [link] [comments]

Bitcoin is the center of the monetary storm where corporations (including exchanges) and national banks are going to tangle with small investors like us for central control of the international Monopoly game.

Essentially, we individual little people are at war with the more established collectives.
It's the public versus the collectives.
What are we going to do about it?
submitted by Turil to Bitcoin [link] [comments]

Op Ed: Here’s What Paul Krugman Got Wrong in His Bitcoin Tweetstorm

Like many other mainstream economists, Paul Krugman has long-shown a complete disdain for Bitcoin. In late 2013, he went as far as to write a piece titled “Bitcoin Is Evil” for his column in The New York Times.
Moral objections to bitcoin are one thing, but Krugman also does not see much utility in the cryptoasset at all. While he has been able to express his hatred for Bitcoin quite clearly, his technical criticisms of bitcoin as a new type of asset and store of value leave something to be desired.
In a tweetstorm on Sunday, January 21, 2018, Krugman illustrated his ignorance on the usefulness and utility of bitcoin around the world. Starts Out Well Enough With the Digital Gold Analogy
Krugman’s tweetstorm started out well enough. In fact, the opening tweets were likely some of the nicest things the Nobel Laureate has ever had to say about bitcoin.
“As I see it, cryptocurrencies like Bitcoin are in effect like digital gold coins, in the sense that they can't be counterfeited ... Cryptocurrencies use cryptographic techniques plus distributed storage to create non-material entities that are nonetheless impossible to fake,” tweeted Krugman.
Digital gold is still the best analogy to sum up the digital asset’s value proposition, and the utility of bitcoin should become more apparent as the world moves deeper into a cashless society. In a cashless society, bitcoin would become the last financial bastion of freedom in a world where the global financial system is under complete control of governments. The Avoidance of Trusted Third Parties in Payments Is a Big Deal
After those tolerable first few tweets, Krugman goes off the rails with the claim that online payments that don’t involve a trusted third party aren’t that important.
“Cryptocurrency lets you make electronic transactions; but so do bank accounts, debit cards, Paypal, Venmo etc. All these other methods involve trusting a third party; but unless you're buying drugs, assassinations, etc. that's not a big deal,” tweeted Krugman.
First all of all, there’s no reason to bring morals into an exploration of bitcoin’s utility. Either people will use it or they won’t. Whether you like what they’re doing is a different matter. Bitcoin’s use in darknet markets, ransomware, online gambling and other fringe areas cannot be ignored. Utility is utility.
Secondly, not everyone has access to PayPal, Venmo, and other online payment platforms. These options are centralized and permissioned. They’re also highly regulated, which means plenty of people fall through the cracks and cannot gain access to them.
Online freelancers in Venezuela take bitcoin because their government and payment platforms like PayPal have failed them.
Krugman goes on to point out the clunkiness of Bitcoin as it exists today, and he’s generally correct on this front. But this does not mean there’s no utility here. In fact, the opposite is true: There is so much utility that it has become difficult to scale the system to all of the people who want to use it.
Complaining about the lack of cheap, user-friendly payments on Bitcoin today is analogous to someone in 1995 complaining that the internet doesn’t have Netflix. Just give it a minute. Payment layers are currently being built on top of the base Bitcoin blockchain, with the Lightning Network being the most obvious example. The Claim That Bitcoin Has Nothing to Backstop Its Value
Krugman then turned to the often-used argument that bitcoin lacks any sort of underlying value. This should come as a surprise, since he just laid out how it is useful for illicit digital payments.
“Meanwhile, what backstops a cryptocurrency's value? Paper money is ultimately backed by governments that will take it in payment of taxes (and central banks that will reduce the monetary base in case of inflation). Gold is actually useful for some things, like filling teeth and making pretty jewelry; that's not most of its value, but it does provide a tether to reality, along with a 5000-year history,” tweeted Krugman.
“Cryptocurrencies have none of that,” Krugman continued. “If people come to believe that Bitcoin is worthless, well, it's worthless. Its price rise has been driven purely by speculation — by what Robert Shiller calls a natural Ponzi scheme, in which early entrants make money only [because] others buy in.”
If bitcoin is useful for permissionless digital payments, then it has the same sort of underlying utility that the U.S. dollar has in the form of tax payments.
Additionally, the U.S. dollar would also become worthless if people woke up one morning and came to believe that it was worthless.
Of course, all of this misses the point anyway. How much of the value of all the U.S. dollars in the world comes from its use in tax payments? How much of the value of all the gold in the world comes from its use in electronics? Not much.
Krugman misses that storage of value is also a form of utility, and bitcoin is the most uncensorable, unseizable store of value the world has ever seen. You can walk around with a passphrase in your head that can unlock access to thousands of bitcoins, and no one would be the wiser. Not to mention there is no centralized party that can inflate the supply. The Point of Market Manipulation
Krugman also touched on the high potential for manipulation in the bitcoin market, pointing to a paper regarding the manipulation of the bitcoin price by now-defunct bitcoin exchange Mt. Gox, as an example.
This is another claim with some basis in reality, but it ignores the massive amounts of manipulation and lack of transparency in the traditional financial system, which is what led to the creation of bitcoin in the first place.
Through the use of cryptographic proofs, bitcoin has the potential to become much more transparent and trustless than the traditional financial system. Bitcoin’s monetary policy is already much more transparent than what goes on at the Federal Reserve. There’s a reason someone put up a “Buy Bitcoin” sign while Federal Reserve Chairwoman Janet Yellen spoke against the need for further audits of the central bank.
Bitcoin exchanges are highly centralized institutions, which opens the door for manipulation. However, these exchanges have also become much more regulated over time. Today, it’s far more difficult to run an exchange at the level of incompetence that was found at Mt. Gox.
The potential for market manipulation should decline as the technology around bitcoin improves. Eventually, more trades may take place on decentralized exchanges, where it’s impossible to fudge the numbers.
In his last tweet from his thread on Sunday, Krugman said it’s unclear if the Bitcoin blockchain — or any blockchain for that matter — is useful.
Around $3 billion worth of bitcoin has been transacted on the Bitcoin network per day this year, according to Blockchain; $75 million worth of bitcoin per day was the norm the day Krugman first published an article on the subject.
Krugman’s arguments, as well as arguments from other well-known economists, have not changed much since 2013, but the Bitcoin network has continued to grow. It’s possible that Krugman and his colleagues are unable to comprehend the usefulness of bitcoin as an asset because it does not fit into the regulated, controlled environment they’ve built their economic and political worldviews around.
Bitcoin cannot be tamed, and they hate that.
submitted by CryptoWorld3 to u/CryptoWorld3 [link] [comments]

This is the first and biggest Mexican Bitcoin Exchange (Bitso). And it is stating that the new rules from the Mexican Central Bank will NOT halt its operations, but only cause a growth stagnation.

This is the first and biggest Mexican Bitcoin Exchange (Bitso). And it is stating that the new rules from the Mexican Central Bank will NOT halt its operations, but only cause a growth stagnation. submitted by simplelifestyle to Bitcoin [link] [comments]

Bitcoin: Venezuelan Central Bank to Add BTC to Balance Sheets, Hong Kong Issues Rules for Crypto Asset Managers, South Korea Sets Compensation Precedent for Cryptocurrency Exchanges

Bitcoin: Venezuelan Central Bank to Add BTC to Balance Sheets, Hong Kong Issues Rules for Crypto Asset Managers, South Korea Sets Compensation Precedent for Cryptocurrency Exchanges submitted by paradigmfund to Paradigm_fund [link] [comments]

Sent my last $250 of Bitcoin to ShapeShift to exchange it for Dash. Paid a tank of gas worth of fees. Now it's stuck in mempool hell, along with 170,000 other transactions. But sure, this will end central banking!

Sent my last $250 of Bitcoin to ShapeShift to exchange it for Dash. Paid a tank of gas worth of fees. Now it's stuck in mempool hell, along with 170,000 other transactions. But sure, this will end central banking! submitted by thedesertlynx to dashpay [link] [comments]

Sent my last $250 of Bitcoin to ShapeShift to exchange it for Dash. Paid a tank of gas worth of fees. Now it's stuck in mempool hell, along with 170,000 other transactions. But sure, this will end central banking!

Sent my last $250 of Bitcoin to ShapeShift to exchange it for Dash. Paid a tank of gas worth of fees. Now it's stuck in mempool hell, along with 170,000 other transactions. But sure, this will end central banking! submitted by thedesertlynx to btc [link] [comments]

🔴Lets discuss Bitcoin! Hacked Cryptocurrency Exchanges, Mexico, Central Banks, Venezuela, Turkey

🔴Lets discuss Bitcoin! Hacked Cryptocurrency Exchanges, Mexico, Central Banks, Venezuela, Turkey submitted by Rufflenator to 3bitcoins [link] [comments]

🔴Lets discuss Bitcoin! Hacked Cryptocurrency Exchanges, Mexico, Central Banks, Venezuela, Turkey

🔴Lets discuss Bitcoin! Hacked Cryptocurrency Exchanges, Mexico, Central Banks, Venezuela, Turkey submitted by ososru to Bitcoin4free [link] [comments]

Many people didn’t want their money in banks so they bought bitcoin to store it on centralized exchanges instead

submitted by eth_trader_12 to Showerthoughts [link] [comments]

Sent my last $250 of Bitcoin to ShapeShift to exchange it for Dash. Paid a tank of gas worth of fees. Now it's stuck in mempool hell, along with 170,000 other transactions. But sure, this will end central banking!

Sent my last $250 of Bitcoin to ShapeShift to exchange it for Dash. Paid a tank of gas worth of fees. Now it's stuck in mempool hell, along with 170,000 other transactions. But sure, this will end central banking! submitted by thedesertlynx to CryptoCurrency [link] [comments]

Bitcoin-Central has won the right to operate as a bank thanks to a deal with French financial firms Aqoba and Credit Mutuel. The change in status makes it easier to use bitcoins and bestows national protections on balances held at the exchange.

submitted by mepper to worldnews [link] [comments]

The Philippines’ Central Bank Has Already Legalized 10 Bitcoin Exchanges

The Philippines’ Central Bank Has Already Legalized 10 Bitcoin Exchanges submitted by cryptoallbot to cryptoall [link] [comments]

The Philippines’ Central Bank Has Already Legalized 10 Bitcoin Exchanges

The Philippines’ Central Bank Has Already Legalized 10 Bitcoin Exchanges submitted by ulros to fbitcoin [link] [comments]

Philippines’ Central Bank legalizes 3 Bitcoin exchanges bringing the total number to 10 - FXStreet

submitted by ulros to fbitcoin [link] [comments]

The Philippines’ Central Bank Has Already Legalized 10 Bitcoin Exchanges

The Philippines’ Central Bank Has Already Legalized 10 Bitcoin Exchanges submitted by Ranzware to BitNewsLive [link] [comments]

Garrick Hileman Believes Next Bitcoin Bull Run Will be Fueled by Central Banks Buying “Digital Gold” - Bitcoin Exchange Guide

Garrick Hileman Believes Next Bitcoin Bull Run Will be Fueled by Central Banks Buying “Digital Gold” - Bitcoin Exchange Guide submitted by ulros to fbitcoin [link] [comments]

Bitcoin-Central, first exchange licensed to operate as a bank. This is HUGE

Bitcoin-Central, first exchange licensed to operate as a bank. This is HUGE submitted by waspoza to Bitcoin [link] [comments]

China's Central Bank Issues New Warning to Bitcoin Exchanges

China's Central Bank Issues New Warning to Bitcoin Exchanges submitted by Dunning_Krugerrands to Buttcoin [link] [comments]

Bitcoin - The Only Working Alternative To Central Banks ... The 1 Bitcoin Show- 1 Day closer to central banks owning ... WOW!!! CENTRAL BANKS BUYING BITCOIN!?! Programmer explains From Bitcoin to Central Bank Digital Currencies - YouTube The Second Wave  Will Central Banks Send Bitcoin To New ...

Global central banks have embraced increasingly unconventional methods since 2009. In May 2020, after a decade of sound Bitcoin monetary policy, miners etched a similar headline in digital eternum: As it stands, there are four central banks that run the financial world, and those are the U.S. Federal Reserve, European Central Bank (ECB), Bank of Japan (BOJ) and the Bank of England (BOE). According to most experts, these institutions are definitely the most powerful, influencing the interest rates of over $41 trillion worth of Gross Domestic Product. Daily, they influence about an eighth ... Mastercard has launched a digital currency testing platform aimed at helping central banks test their digital currencies. The system will also demonstrate how consumers can use central bank ... Bitcoin exchange: 'Central banks have run out of road' With a market headed towards extreme inflation, Bitcoin may be due for its biggest test yet, claims BitMEX research. By Daniel Phillips. 2 min read. Mar 18, 2020 Mar 18, 2020. Bitcoin. BitMEX thinks it's time for Bitcoin to shine. Image: Shutterstock. In brief. The coronavirus pandemic caused one of the biggest stock market crashes ever ... The Bank of International Settlements (BIS), along with seven other prominent central banks, has published a report on the feasibility of issuing CBDCs to complement monetary policy. According to the 26-page document , CBDC’s should be based on foundational principles and core features that will enable the prospectus digital currencies to function effectively.

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Bitcoin - The Only Working Alternative To Central Banks ...

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