Crypto-Currencies Will Destroy The Criminal Bankster's Monopoly On Money
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cryptocoinsnews.com / P. H. Madore / December 18, 2014
Recently, Washington Post writer Henry Farrell took the opportunity to declare a bleak future for Bitcoin, but more specifically its revolutionary transaction network. His article “Bitcoin’s financial network is doomed” was responding to an article in Vox where the author proclaims that despite the adoption difficulties of Bitcoin as a currency, the long-term success of Bitcoin lay in its technology, that is, the block chain and the seamless global transaction network.
Farrell argues that the network is exactly the reason Bitcoin’s future is nothing but trouble and litigation:
Now, imagine the likely response of the U.S. (and the E.U., and, for that matter, China) to a payment network which is designed from the ground up to be decentralized, so that it is impossible for any specific intermediaries to really control payment flows from one actor to another. Such a network would be impossible for states to control. The U.S. wouldn’t be able to use it, for example, to squeeze Iran out of the world financial system. If such a network ever showed signs of really becoming established (rather than being a relatively small-scale thought experiment, and money suck for libertarians with more ideology than good sense), the U.S. would ruthlessly act to isolate it from the international financial system. […] And that is the story of Bitcoin. Up to this point, regulators have largely tolerated Bitcoin as a curiosity and experiment.
Update (18th December 09:46 GMT): The latest update on the BTCXchange website states: “Please imperatively to withdraw money from BTCXchange.ro platform. We currently do not have access to the server!”
Update (18th December 03:30 GMT): Updated with comment from Coinzone.
BTCXchange, Romania’s only order-book bitcoin exchange, has issued a statement encouraging all users to withdraw funds from the platform by Friday, 19th December.
Exchange users were asked to withdraw funds denominated in both bitcoin and US dollars due to unspecified “security reasons”. Further, it remains unclear whether the exchange plans to shut down permanently or if services could be reinstated.
The full message from the BTCXchange, posted on its website and Facebook page, reads:
letstalkbitcoin.com / Martin / December 17th, 2014
My blog used to be fairly popular. I personally wrote articles every week and sometimes everyday. I was tracking the number of unique visits per day using Google Analytics and the statistics looked great. We were getting thousands of unique visitors each week, and I started getting emails from advertisers. I remembered thinking;
Wow, we can make enough money to pay for hosting, maybe even enough to fund some product giveaways and buy lunch here and there!”
Looking back, I wish I had never tried to monetize my blog because it started to erode the quality of the user experience.
I fell victim to the allure of advertising money, and my blog quickly became overrun by annoying clickbait and popup ads.
Fast forward to present day, and I am proud to say that my blog is completely ad free!
NEW YORK (InsideBitcoins) — One of the foremost thought leaders on technology in the world — a former bitcoin skeptic — has changed his mind. Don Tapscott, described by Eric Schmidt, the executive chairman of Google, as “one of the most perceptive thinkers about the way technology is transforming business and society,” used to think bitcoin “would never fly.”
“I’ve changed my mind. I used to think it would never fly.”
cryptocoinsnews.com / Jim Fredrickson / December 18, 2014
Damage was done to the charts today. These pages have been speculating/forecasting a $316 low for the past two weeks. $316 was broken today, hitting $305 as of this writing. We continue to believe that 12/22 is the most likely date of the low. 12/22 is still four days away. A lot can happen in four days, particularly if people are panicking.
This chart is the current 3-day chart. Note that we are only one candle from the projected turn date of 12/22. But the price is now sitting below the support line. That the support line was definitively broken does not bode well on the market short term. It was unexpected and has changed my opinion of the likely market action over the next few days.
A group of Florida residents have been accused of fraudulently selling scrypt mining ASICs as part of an altcoin ‘pump-and-dump’ scheme.
Allegedly perpetrated from March 2013 through August of this year, the scheme centered on a cryptocurrency called cachecoin, whose market is said to have been manipulated by the actions of the defendants.
The five individuals, which include a married couple, as well as a company called Scrypted Life, are also accused of stealing funds raised for an independent mining operation, Fibonacci Scrypt Mining ASICs.
Represented by Florida-based law firm Akerman LLP, the plaintiffs are seeking loss-of-profit damages, as well as reparation for legal costs, and have requested a trial by jury.
Akerman attorney Christopher Hopkins told CoinDesk that those named in the case used a variety of means to collect funds from unsuspecting investors.
By including an alleged pump-and-dump scheme in the plan, he said, the group was able to further boost its fraudulent revenues, explaining:
The dramatic fall of the Russian ruble has resulted in a marked increase in ruble/Bitcoin trades across the market.
Russian activity in Bitcoin, which is subject to an unfavorable yet shaky legal status in the country, spiked Tuesday in the aftermath of the ruble’s biggest retreat in 16 years.
As CNBC reports, trading ruble for Bitcoin increased almost fourfold on the day, the highest level since December 2013, making Bitcoin one the few currencies to actively benefit from the ruble’s sudden decline.
Bobby Lee of BTC China told the publication, echoing popular community opinion on the phenomenon:
“The high trading volumes with the ruble is to be expected, given the flight away from this struggling currency. Bitcoin is therefore a natural destination, as well as other strong central bank currencies.”
LONDON (InsideBitcoins) — It’s often an academic question, a thought experiment or a talking point at the water cooler. Bitcoin is all well and good, but try living without fiat for a week or two. The notion borders on the terrifying; for those of use not living in Arnhem, access to services via bitcoin alone seems like a fool’s errand. Images of half-starved gangrel creatures sheltering at the fringes of rock pools on Hampstead Heath, merge with the notion of missed cinema outings, declined party invitations, Friday nights by candle light and packet soup dinners made on camp stove cookers.
“We had extremely limited access to milk; and we had to do without haircuts as well but we made it through…”
It sounds hellish, but for Ed Moyse and Harry Huang, two Londoners who lived on Bitcoin for the entire month of November, only one overriding problem seems to have really stuck in their craw, access to milk.
Bitcoin in London rests on the Sabbath
“We’d made a bitcoin payment app called Wyre, and we figured that by living off bitcoin, this would sort of force us to sign up more merchants.” Moyse told Inside Bitcoins. “It’s only just become possible to do this in London in the last couple of months so we thought we’d give it a go.”
Philippine bitcoin exchange and remittance service Coins.ph has added an ‘instant remittance’ service to its list of options, allowing recipients to withdraw sent funds directly from a bank ATM.
Using the company’s mobile app, customers anywhere in the world can deposit cash via a bitcoin ATM and have a friend or relative collect it instantly from a bank machine. Money can also be sent directly from bitcoin balances in Coins.ph web wallets.
To make this possible, Coins.ph has integrated with the eGiveCash service operated by the Philippines’ Security Bank. Anyone receiving money via this service can withdraw cash from one of bank’s network of 450 ATMs countrywide, without the need for an ATM card or a bank account.
Coins.ph CEO Ron Hose told CoinDesk he believes the service is the first of its kind in the world, and testing it against traditional remittance providers with a $50 remittance resulted in 50% savings on overall costs.
cointelegraph.com / Amanda B. Johnson / 2014-12-17
Does efficiency threaten decentralization?
When it comes to proof-of-work mining, the kind used in Bitcoin, some would say “yes.” The existence of “mining farms”—that is, large-scale operations which deploy hundreds or thousands of miners—certainly do render individual CPU miners unable to compete.
But is that a problem? And if it is, what is the solution?
And a new currency launched just last month, Bytecent, utilizes a kind of proof-of-work mining, but its developers have decided to try to prevent centralization by making miners manually attend to their computers. They call this process proof-of-miner (POM), and hope that it will prevent the use of advanced and autonomous mining hardware.
On December 9, investment writer Martin Tiller wrote for NASDAQ that the biggest danger to Bitcoin comes from libertarians who will “hurt the very cause that they are championing.”
He argued in the article, entitled “The Biggest Dangers to Bitcoin Come from Proponents, Not Opponents,” that those who speak out against Bitcoin aren’t the ones who hurt it. We all know the “tired objections” about “bad actors” who “latch onto” Bitcoin, he says. If the digital currency fails, it will be due to those who support it:
“What is probably the greatest danger to the future of Bitcoin, and maybe even to the blockchain: politics. … The decentralized, non-governmental nature of digital currency makes it particularly appealing to those of an extreme libertarian bent. When those voices are the only ones heard, it makes wider adoption and acceptance less likely.”
He would like libertarians, who have worked with such passion to spread Bitcoin’s adoption, to believe that they now inhibit its growth.
Roger Ver, for example, learned of Bitcoin while listening to the libertarian talk show Free Talk Live in 2011. He invested heavily, and since then, he has been perhaps the most influential libertarian to single-handedly spread Bitcoin’s adoption and success.
He calls Bitcoin “the most important invention in the history of the world since the internet.” His company,MemoryDealers, became “the first mainstream business to accept bitcoin as payment,” and he has been “the most prolific Bitcoin-related startup investor,” funding the seed rounds of about a dozen major companies, including the Bitcoin Foundation, Blockchain.info, Ripple, Kraken and Coinapult.
NEW YORK (InsideBitcoins) — Bitcoin volatility is up 30% this morning as the price of the cryptocurrency continues to sag. As of 7 a.m. in New York, the Inside Bitcoins Price Tracker reports the price of bitcoin near $320, and testing lows even beyond that. This is the lowest price for bitcoin since October 5th of this year.
News that Time Inc, the venerable American publisher, is now accepting bitcoin payments for subscriptions did not positively affect the price Tuesday. Bitcoin had been trading near $340 a week ago when news broke that Microsoft was accepting bitcoin in its user accounts for the purchase of digital content. The cryptocurrency saw an immediate boost in its price to $360 but the momentum was short-lived. Within 24 hours, bitcoin began giving back its gains and by Monday it was sliding below $340 to further lows.
"At any rate, the spook spoke the truth: cryptology represents the future of privacy, and more. By implication cryptology also represents the future of money, and the future of banking and finance. (By "money" I mean the medium of exchange, the institutional mechanisms for making transactions, whether by cash, check, debit card or other electronic transfer.) Given the choice between intersecting with a monetary system that leaves a detailed electronic trail of all one's financial activities, and a parallel system that ensures anonymity and privacy, people will opt for the latter. Moreover, they will demand the latter, because the current monetary system is being turned into the principal instrument of surveillance and control by tyrannical elements in Western governments." - J. Orlin Grabbe