China Bans Bitcoin CryptoCoins Info Club

[World] - Bitcoin suffers another blow as India and Pakistan ban banks for any cryptocurrency links | South China Morning Post

[World] - Bitcoin suffers another blow as India and Pakistan ban banks for any cryptocurrency links | South China Morning Post submitted by AutoNewspaperAdmin to AutoNewspaper [link] [comments]

The people's Bank of China : No Banned for Crypto Currency /r/Bitcoin

The people's Bank of China : No Banned for Crypto Currency /Bitcoin submitted by BitcoinAllBot to BitcoinAll [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]

Do I sound more like a Democrat or Republican?

Here are my positions -
  1. Should the federal government institute a mandatory buyback of assault weapons? No
  2. Should a business be able to deny service to a customer if the request conflicts with the owner’s religious beliefs? If they are not engaged in interstate commerce, the Federal Government shouldn't hold any power to legislate on the matter. At the state level (and federal if interstate) Yes, so long as they are not discriminating on the basis of race, sex, sexual orientation, transgender, or other uncontrollable factors.
  3. Should the government continue to fund Planned Parenthood? Yes, with oversight to make sure the money is going o where it is supposed to.
  4. Should universities provide “trigger warnings” and “safe spaces” for students? No
  5. Do you support the death penalty? Generally no, with the possible exception of treason during an insurrection or invasion.
  6. Should the government support a separation of church and state by removing references to God on money, federal buildings, and national monuments? No, this is referring to God as a concept.
  7. Should businesses be required to have women on their board of directors? No
  8. Do you support the legalization of same sex marriage? Yes, through a constitutional amendment. At the state level, yes.
  9. Should the military allow women to serve in combat roles? Yes as long as they meet the same physical standards as men and pass the same tests.
  10. Should marital rape be classified and punished as severely as non-marital rape? This should be a state-level issue, but yes.
  11. Should terminally ill patients be allowed to end their lives via assisted suicide? Only if there is no chance of survival.
  12. Should hate speech be protected by the first amendment? It is, and yes.
  13. Should gay couples have the same adoption rights as straight couples? Yes
  14. Should states be allowed to display the Confederate flag on government property? They have the right, but I would prefer my state not.
  15. Should women be allowed to wear a Niqāb, or face veil, to civic ceremonies? I am not fully certain. I am leaning towards yes, as long as another woman has verified her identity.
  16. Should welfare recipients be tested for drugs? Only if they have a criminal history related to drug abuse.
  17. Should employers be required to pay men and women the same salary for the same job? This shouldn't be a federal issue unless it involves interstate commerce. But at the state-level (and federal if interstate), Yes if they work the same positions and for the same hours and conditions.
  18. Should there be fewer or more restrictions on current welfare benefits? More, reform it so it supplements, rather than replaces, an income.
  19. Should the government raise the federal minimum wage? The federal government should not have the power to enact minimum wage laws unless it involves interstate commerce, in which case yes, it should be $15 an hour. Each state should be able to set its own laws on the matter.
  20. Should the government make cuts to public spending in order to reduce the national debt? No.
  21. Should the U.S. increase tariffs on imported products from China? Yes, China should be punished for violations of international law.
  22. Should businesses be required to provide paid leave for full-time employees during the birth of a child or sick family member? At the state-level, yes. At the federal level, yes, if they are involved in interstate commerce.
  23. Should the government increase the tax rate on profits earned from the sale of stocks, bonds, and real estate? Capital gains should be taxed the same as ordinary income.
  24. Should the current estate tax rate be decreased? No, I am satisfied with the current system.
  25. Should the U.S. continue to participate in the North American Free Trade Agreement (NAFTA)? No.
  26. Should the President offer tax breaks to individual companies to keep jobs in the U.S.? No, but put tariffs on all imported goods.
  27. Should the government prevent “mega mergers” of corporations that could potentially control a large percentage of market share within its industry? No.
  28. Do you believe labor unions help or hurt the economy? Help, in theory, but are sometimes harmful.
  29. Should the government break up Amazon, Facebook and Google? No.
  30. Should the government add or increase tariffs on products imported into the country? Yes, all imported goods should be taxed 20%.
  31. Should the U.S. raise or lower the tax rate for corporations? Keep at current rate, but close all loopholes.
  32. Should the government require businesses to pay salaried employees, making up to $46k/year, time-and-a-half for overtime hours? At the state level, yes. At the federal level, only if they are involved in interstate commerce.
  33. Do you support the Trans-Pacific Partnership (TPP)? No.
  34. Would you favor an increased sales tax in order to reduce property taxes? No.
  35. Should pension plans for federal, state, and local government workers be transitioned into privately managed accounts? No.
  36. Should the government subsidize farmers? For now, yes, but once we get out of trade deals, put tariffs on all imports, and tax all interstate sales, subsidies should be ended.
  37. Should the government use economic stimulus to aid the country during times of recession? No, recessions are natural cycles.
  38. Should the Federal Reserve Bank be audited by Congress? Yes, we should know where that money is going.
  39. Should the IRS create a free electronic tax filing system? Yes.
  40. Should an in-state sales tax apply to online purchases of in-state buyers from out-of-state sellers? No, the federal government should not enact an intrastate sales tax.
  41. Should pension payments be increased for retired government workers? Yes, adjust them yearly for inflation.
  42. Should U.S. citizens be allowed to save or invest their money in offshore bank accounts? Yes, as long as all income is reported.
  43. Should the government classify Bitcoin as a legal currency? Yes, but maintain the system of the dollar and cash as a legal currency.
  44. Should the government acquire equity stakes in companies it bails out during a recession? No.
  45. Do you support charter schools? No.
  46. Should the government decriminalize school truancy? No for Elementary school. For middle and high school, no social studies and English, yes for everything else.
  47. Should there be more restrictions on the current process of purchasing a gun? States and the federal government should not be allowed to enact any restrictions on black powder weapons or ammunition for them. For cartridge firearms, the federal government should only have the power to regulate interstate sale of them. At the state level, cartridge firearms should require a license to obtain. The process should involve passing a mental and physical health exam, having a decent criminal record, and passing a written and shooting exam. Handguns and centerfire semi-automatic weapons should have higher standards for licensing and should be registered before being obtained, but automatic CCW to anyone who has a license for a handgun. fully automatic weapons should be illegal to sell, except to collectors, who must meet an even higher standard to obtain.
  48. Should victims of gun violence be allowed to sue firearms dealers and manufacturers? No, this is just dumb.
  49. Should the President of the United States have the power to deploy military troops in order to stop protests? If any state governments are overthrown, yes. Otherwise, only if the Governor of a state requests assistance.
  50. Should teachers be allowed to carry guns at school? Yes if they have a valid license 9see above).
  51. Should it be illegal to burn the American flag? No, but I have no respect for anyone who does.
  52. Should the state government order schools to provide online only classes in order to combat coronavirus? No, let each school decide.
  53. Should there be term limits set for members of Congress? Yes, maximum four terms for the House, and maximum two for the Senate.
  54. Should people on the “no-fly list” be banned from purchasing guns and ammunition? No, this denies one of due process rights.
  55. Are you in favor of decriminalizing drug use? Yes, for most but not all drugs (basically the really bad ones, e.g., meth, heroin, etc;)
  56. Should the NSA (National Security Agency) be allowed to collect basic metadata of citizen’s phone calls such as numbers, timestamps, and call durations? Only with a warrant and probable cause of a crime.
  57. Should the Supreme Court be reformed to include more seats and term limits on judges? No, this is just trying to pack the court, which should not be politicized.
  58. Should the government regulate social media sites, as a means to prevent fake news and misinformation? No, this violates free speech.
  59. Do you support the Patriot Act? Not the clause that allows warrantless searches.
  60. Should the government be allowed to seize private property, with reasonable compensation, for public or civic use? Only for public land and not for privatization, and the owner must be paid for losses in full.
  61. Should college sports be played in the fall of 2020? Yes, but let teams decide.
  62. Should local police increase surveillance and patrol of Muslim neighborhoods? No, this just breeds resentment.
  63. Should the government raise the retirement age for Social Security? No
  64. Should the government pass laws which protect whistleblowers? Yes, so long as national security isn't compromised.
  65. Should the redrawing of Congressional districts be controlled by an independent, non-partisan commission? Yes, gerrymandering breeds corruption.
  66. Should internet service providers be allowed to speed up access to popular websites (that pay higher rates) at the expense of slowing down access to less popular websites (that pay lower rates)? If they are privately owned, yes.
  67. Should the U.S. government grant immunity to Edward Snowden? For his leaks on domestic surveillance, yes. Some other things, maybe not.
  68. Should foreign terrorism suspects be given constitutional rights? Yes.
  69. Do you support the killing of Iranian Major General Qassem Soleimani? Yes.
  70. Should the U.S. continue to support Israel? Yes.
  71. Should the U.S. accept refugees from Syria? Yes, but only after extensive background checks to confirm that they are not a threat and are genuine refugees and not economic migrants.
  72. Should the government increase or decrease military spending? Decrease by streamlining it, and making it more efficient, through eliminating wasteful spending.
  73. Should the military fly drones over foreign countries to gain intelligence and kill suspected terrorists? No, unless said country has approved it, and American citizens should be given fair trials.
  74. Should the military be allowed to use enhanced interrogation techniques, such as waterboarding, to gain information from suspected terrorists? No.
  75. Should every 18 year old citizen be required to provide at least one year of military service? No, but maintain the Selective Service system and allow states to draft people if necessary.
  76. Should Jerusalem be recognized as the capital of Israel? Yes.
  77. Should the U.S. go to war with Iran? No, they should be disarmed through diplomatic channels.
  78. Should the U.S. remain in the United Nations? Yes.
  79. Should the U.S. remain in NATO? Yes.
  80. Should the U.S. defend other NATO countries that maintain low military defense budgets relative to their GDP? Yes, but get them to pay their share.
  81. Should the United States pull all military troops out of Afghanistan? If the Afghan government wants us to, then yes.
  82. Should the U.S. sell military weapons to India in order to counter Chinese and Russian influence? Yes.
  83. Should the U.S. conduct military strikes against North Korea in order to destroy their long-range missile and nuclear weapons capabilities? No, use all diplomatic means first.
  84. Do you support President Obama’s move to lift the trade and travel embargo on Cuba? Yes.
  85. Should it be illegal to join a boycott of Israel? No.
  86. Should the government cancel production of the F-35 fighter? Yes, until the price has been lowered or our deficits have been drastically reduced, and its hardware is drastically improved.
  87. Do you support the Patient Protection and Affordable Care Act (Obamacare)? No.
  88. Should people be required to work in order to receive Medicaid? No.
  89. Should cities open drug “safe havens” where people who are addicted to illegal drugs can use them under the supervision of medical professionals? Yes.
  90. Do you support the legalization of Marijuana? The federal government should not have the power to ban marijuana, except to regulate or ban its interstate sale, which it shouldn't at the state level, legalize.
  91. Should the government regulate the prices of life-saving drugs? No.
  92. Should health insurers be allowed to deny coverage to individuals who have a pre-existing condition? At the federal level, no, if they are operating in interstate commerce. At the state level, no.
  93. Should there be more or less privatization of veterans’ healthcare? Less, improve the current system.
  94. Should the federal government increase funding of health care for low income individuals (Medicaid)? Yes.
  95. Should the federal government be allowed to negotiate drug prices for Medicare? Yes.
  96. Should the government fund the World Health Organization? Yes.
  97. Should the government increase environmental regulations to prevent climate change? No.
  98. Should researchers be allowed to use animals in testing the safety of drugs, vaccines, medical devices, and cosmetics? Yes, but not for cosmetics.
  99. Should the U.S. expand offshore oil drilling? No, but maintain current rigs.
  100. Do you support the use of hydraulic fracking to extract oil and natural gas resources? Allow it to be legal, but don't subsidize.
  101. Should the government stop construction of the Dakota Access pipeline? No.
  102. Should disposable products (such as plastic cups, plates, and cutlery) that contain less than 50% of biodegradable material be banned? No.
  103. Should drilling be allowed in the Alaska Wildlife Refuge? No.
  104. Should cities be allowed to offer private companies economic incentives to relocate? Yes.
  105. Should the government give tax credits and subsidies to the wind power industry? No, no industry should be favored.
  106. Should the government require children to be vaccinated for preventable diseases? No.
  107. Do you support the use of nuclear energy? Yes, lessen restrictions, but no subsidies.
  108. Should producers be required to label genetically engineered foods (GMOs)? Yes.
  109. Should illegal immigrants have access to government-subsidized healthcare? No.
  110. Should immigrants be deported if they commit a serious crime? Yes, after serving their sentence.
  111. Should illegal immigrants be offered in-state tuition rates at public colleges within their residing state? No.
  112. Should the U.S. build a wall along the southern border? No, but make a high tech surveillance barrier instead of a physical wall. This is because a physical wall would be too costly and ineffective.
  113. Should local law enforcement be allowed to detain illegal immigrants for minor crimes and transfer them to federal immigration authorities? Yes.
  114. Should sanctuary cities receive federal funding? No.
  115. Should the U.S. increase restrictions on its current border security policy? Yes.
  116. Should immigrants be required to pass a citizenship test to demonstrate a basic understanding of our country’s language, history, and government? Yes.
  117. Should children of illegal immigrants be granted legal citizenship? Yes, if they were born here.
  118. Should Muslim immigrants be banned from entering the country until the government improves its ability to screen out potential terrorists? No.
  119. Should immigrants be required to learn English? Yes, if they wish to become citizens.
  120. Should there be a temporary ban on all immigration into the United States? No, but increase border security.
  121. Should the US increase or decrease the amount of temporary work visas given to high-skilled immigrant workers? Increase, our economy relies on businesses hiring the highest skilled workers at the lowest cost.
  122. Should working illegal immigrants be given temporary amnesty? No.
  123. Should immigrants to the United States be allowed to hold dual citizenship status? Yes.
  124. Do you support Common Core national standards? Yes, but only for English and social studies.
  125. Should a photo ID be required to vote? No, but gradually update voter rolls and purge voters who are required to be according tot eh Voting Registration act of 1993.
  126. Should foreigners, currently residing in the United States, have the right to vote? No, only citizens should.
  127. Should the minimum voting age be lowered? No.
  128. Should the electoral college be abolished? No.
  129. Should the US have a mail-in ballot process for whole states in local, state, and federal elections? No.
  130. Should foreign lobbyists be allowed to raise money for American elections? No.
  131. Should there be a limit to the amount of money a candidate can receive from a donor? No.
  132. Should corporations, unions, and non-profit organizations be allowed to donate to political parties? No.
  133. Should there be a 5-year ban on White House and Congressional officials from becoming lobbyists after they leave the government? No.
  134. Should political candidates be required to release their recent tax returns to the public? No.
  135. Should funding for local police departments be redirected to social and community based programs? No, increase funding and training for police departments in higher crime rate communities
  136. Should police officers be required to wear body cameras? Yes.
  137. Should convicted criminals have the right to vote? Yes, but only after completing their sentence and probation.
  138. Should drug traffickers receive the death penalty? No.
  139. Should non-violent prisoners be released from jail in order to reduce overcrowding? Yes, but have them do community service.
  140. Do you support mandatory minimum prison sentences for people charged with drug possession? No.
  141. Should the government hire private companies to run prisons? No.
  142. Should prisons ban the use of solitary confinement for juveniles? No, but it is currently being overused
  143. Should the US assassinate suspected terrorists in foreign countries? No, capture, interrogate, and imprison them instead
  144. What is your position on Abortion? Adopt a constitutional amendment overturning Roe v Wade and allow state to enact their own laws. At the state level, abortion should be legal within the first 20 weeks, but afterwards, should be banned except for exceptional cases.
  145. Do you support affirmative action? No.
submitted by Maximum-Lingonberry2 to NoStupidQuestions [link] [comments]

Wall Street Breakfast: Volatile Week Ends In Quad Witching Session

U.S. equity futures held up overnight following another selloff on Wall Street that was led by major tech names. Contracts tied to the Dow and S&P 500 are hugging the flatline, while Nasdaq futures pared recent losses by climbing 0.6%. Mixed messaging around a potential coronavirus vaccine, as well as the passage of further fiscal stimulus, weighed on the market, while investors are gearing up for consumer sentiment data set for release at 10 a.m. ET. Don't forget that it's also quad witching day, which refers to the simultaneous expiration of market index futures, stock futures, market index options and stock options. "These days tend to get a lot of press for all of the volume they create, but historically they are nearly always a non-event," said Ryan Detrick, senior market strategist at LPL Financial.
Spending deal to avoid government shutdown
While there may be disagreement over another round of coronavirus relief, lawmakers are aiming to unveil a bipartisan spending bill today to avert a government shutdown on Oct. 1. The "clean" legislation, largely devoid of any controversial measures, should keep the government funded into mid-December. "I don't think anybody wants to be responsible for shutting down the government on the eve of an election in the middle of a pandemic, so it's a rare outbreak of common sense on both sides," said Rep. Tom Cole (R., Okla.), a senior member of the House Appropriations Committee.
New round of farm aid
"Starting next week my administration is committing an additional $13B in relief to help farmers recover from the China virus," President Trump announced a campaign rally in Mosinee, Wisconsin. The new aid is the second tranche of money issued as part of the Trump administration's Coronavirus Food Assistance Program. In April, the administration unveiled $19B in relief for the agriculture sector under the CARES Act, including $16B in direct payments to farmers and ranchers and $3B in mass purchases of dairy, meat and produce.
Fed mulls extension of bank dividend curbs
Due to heightened economic uncertainty, the Federal Reserve is considering extending its caps on banks' dividends and stock repurchases for the rest of the year. The U.S. central bank made the announcement along with its release of hypothetical scenarios for the second round of stress tests that it's requiring due to the COVID-19 pandemic. Unlike an earlier round of stress tests this year, the Fed will release the results of the tests for each of the 33 lenders, rather than providing aggregate results for the group.
Sub-zero rates
The Bank of England held its benchmark policy rate at 0.1% on Thursday, but indicated it could cut interest rates below zero for the first time in its 326-year history. While recent domestic economic data has been a bit stronger than expected, it's "unclear how the economy will perform further out," according to the Monetary Policy Committee. Another major risk facing the U.K. economy relates to the post-Brexit trade discussions between the U.K. and the EU, which have recently soured.
Terms of a TikTok deal
The Trump administration spent Thursday reviewing proposals on the TikTok-Oracle (NYSE:ORCL) partnership, which currently has many moving parts. TikTok owner ByteDance (BDNCE) agreed to list the video-sharing app on a U.S. stock exchange, which could happen within a year, though there are still concerns over whether the Chinese parent would be allowed to retain a majority stake in the new company. Meanwhile, shares in China's Tencent (OTCPK:TCEHY) tumbled into the U.S. closing bell following reports that its investments are drawing new national security attention.
Exchange dealmaking
Seeing off competing bids from Deutsche Borse (OTCPK:DBORY) and Switzerland's SIX, the London Stock Exchange (OTCPK:LNSTY) is in exclusive talks to sell Borsa Italiana to France's Euronext (OTCPK:EUXTF). Offloading the Milan stock exchange would help LSE achieve regulatory remedies for its $27B purchase of data provider Refinitiv, which is owned by Blackstone (NYSE:BX) and Thomson Reuters (NYSE:TRI). The deal is politically sensitive in Rome because of concerns about who could take control of Borsa Italiana's bond platform, which handles trading of Italy's government debt.
New COVID-19 restrictions across Europe
Targeted lockdowns and local restrictions are returning to Europe as the region tries to avoid broad economic damage amid a surge in coronavirus cases. "Weekly cases have now exceeded those reported when the pandemic first peaked in Europe in March," the WHO's regional director for Europe Hans Kluge told an online news conference. "Although these numbers reflect more comprehensive testing, it also shows alarming rates of transmission across the region." Pubs and restaurants must shut early and household mixing has been limited in northeast England, while social gatherings of more than six people have been banned across the country. French authorities are meanwhile preparing tighter restrictions in several cities, while Spain's Madrid has moved to "reduce mobility and contacts" in areas with high infection rates. Go Deeper: Israel becomes first developed country to enforce a second nationwide shutdown.
Pandemic closures see restaurants hit the hardest
About 60% of businesses that have closed their doors during the coronavirus pandemic will never reopen, and restaurants have suffered the most, according to new data from Yelp. The National Restaurant Association also said this week that 100,000 restaurants have closed either permanently or long term, adding that the sector is on track to lose $240B in sales this year. A number of factors have made it especially difficult for eateries, which tend to operate on thin margins even in the best of times.
What else is happening...
Unity (NYSE:U) to raise $1.3B in IPO, prices 25M shares above range.
New York files civil charges against J&J (NYSE:JNJ) over opioids.
Walmart (NYSE:WMT) hikes pay for about 165,000 hourly employees.
Dave & Buster's (NASDAQ:PLAY) stumbles on bankruptcy speculation.
Proposed Boeing (NYSE:BA) 737 MAX safety upgrades endorsed by NTSB.
Nat gas tumbles by most in two years after stockpile gain.
Today's Markets
In Asia, Japan +0.2%. Hong Kong +0.5%. China +2.1%. India -0.3%. In Europe, at midday, London -0.2%. Paris -0.3%. Frankfurt +0.1%. Futures at 6:20, Dow flat. S&P flat. Nasdaq +0.6%. Crude +0.9% to $41.34. Gold +0.6% to $1961.40. Bitcoin +1.6% to $11005. Ten-year Treasury Yield flat at 0.68%
submitted by abiech to Winkerpack [link] [comments]

[ Bitcoin ] Bitcoin legality in India – Is Bitcoin Legal ?

[ 🔴 DELETED 🔴 ] Topic originally posted in Bitcoin by x23_shivam [link]
Bitcoin has been a heavy financial blow to the trading world since it rose to significance. The flickering uncertainty of the traditional economy, entirely controlled by the government has caused several disastrous events in the past. But Bitcoin or any other cryptocurrencies in the world are completely free from government and political influence, which don’t lose its value over a political takeover.
India has also witnessed the rise of cryptocurrencies like Bitcoin in some events. You may remember the demonetization and the aftermath of it. Here in India, we saw a spike of Bitcoin users around that time but the sudden ban imposed by the RBI made it all gone. Now that after two years the Supreme Court has overruled the decision of RBI, the Indian cryptocurrency market is slowly rising from ashes.
But the question remains, about Bitcoin legality in India if legal then does it have a framework and regulations passed by the Government?
Before we find answers to these questions, let’s look back at the beginning.

The Beginning

Started in 2009, Bitcoin first rose to global significance in the year 2017. It was the first time for bitcoin to cross the $1000 mark but it didn’t stop there.
Then came a blow from the Chinese government when the People’s Bank of China decided to tighten its grip on the cryptocurrency market. As a result, the graph went down by 30%, however, it successfully maintained its steady growth. Around May, it had jumped well over $2000.
It was December 17, the Crypto exchange recorded its highest value of all time as the Bitcoin value was standing on the number $19,783.21.
But the market subsequently came down and nowadays it roams around the $10,000 mark.

India Banned Cryptocurrency in 2018

Surprisingly when the world was facing a crypto bull market race, Indian backed down from the idea and the Reserve Bank of India imposed a de facto ban on the trading of crypto.
The RBI assessed that there were multiple risks involved in dealing with crypto and should be immediately banned to trade it. As a result, the huge market that was yet to understand its potential was dismissed.
Many people and respective associations spoke against it and the Internet & Mobile Association of India went to the Supreme Court against the RBI’s decision.
At that point, India had around 5 million cryptocurrency users, who were actively trading and using Bitcoin as a currency. But all of a sudden it all shut down, as the users were left with the option to either hold on to their Bitcoin savings or trade through the foreign.
But since Supreme Court took the matter in hand the situation began to change. Unlike RBI, SC had a wider view on the matter and asked about the reasons of the Bitcoin trade ban.
While there wasn’t any satisfactory answers from the RBI, the Supreme Court lifted the ban on the use of Cryptocurrencies like Bitcoin in 2020.
It seems like, with the ban lifted, India is currently free to deal or trade in Bitcoins without any barriers. But it isn’t that easy.

Bitcoin legality in India


https://preview.redd.it/t5bxt1cnlgl51.png?width=1200&format=png&auto=webp&s=6b4d014c65e4a8bb3e787531b7654eb37d736994

Now having covered all the backstories, let’s take a look at the main question of this article.

Can you trade bitcoins now?

The answer is- Yes. Trading or dealing with bitcoins or any other cryptocurrency like Ethereum is legal in India. You can trade, buy, and sell bitcoins from domestic or foreign exchanges and even invest in them.

Startups like WazirX, Lastbit, Zebpay, and international companies like Paxful are providing platforms to market crypto as the optional currency. CEOs of these companies are hopeful for the near future as India is counted among the five countries to have the most Bitcoin users.
But there are some problems yet unresolved.
Crypto Mining. Though the SC lifted the ban from crypto trading, crypto mining is still impossible in India. Mining is a work that requires specific technologies and a high supply of electricity. While the latter is a problem in India, the former is the bigger challenge. Because the machine to mine bitcoins, ASIC is still illegal to import.
ASIC standing for application-specific integrated circuit is the most advanced technology to mine bitcoin profitably. When the crypto was banned, importing ASIC was also banned. So, now the miners are left with nothing useful other than GPU technology to mine. While GPU was useful 10 years ago, today it simply doesn’t work.
It’s also unlikely to manufacture ASIC in India, because it only works for the purpose of crypto mining only. As long as there’s no stable market here, manufacturers wouldn’t take the risk to produce it here.
So, the conclusion on Bitcoin legality in India can be to trade crypto but not mine it. We think it’s still a fair opportunity to get the Indian crypto market a bit more stability and then the government might reconsider their stand on crypto mining.
Source - How To Buy Bitcoin in India
x23_shivam your post has been copied because one or more comments in this topic have been removed. This copy will preserve unmoderated topic. If you would like to opt-out, please send a message using [this link].
submitted by anticensor_bot to u/anticensor_bot [link] [comments]

NKLA resigns

Nikola in the spotlight after founder resigns
Nikola (NASDAQ:NKLA) shares tumbled 30% in premarket trade after founder Trevor Milton stepped down as executive chairman and member of the company's board, adding that he would defend himself against "false allegations leveled by outside detractors." The resignation comes in the wake of claims made by short-seller Hindenburg Research, who described Nikola as a "an intricate fraud built on dozens of lies," as well as reported SEC and DOJ investigations into the company. The news could also spell trouble for General Motors (NYSE:GM), which recently took an 11% stake in Nikola and said it would produce its marquee hydrogen fuel cell electric pickup truck called the Badger. More pain for stocks
Things aren't looking brighter for U.S. equities following Wall Street's third straight weekly decline, with Dow futures down 2.1% and contracts tied to the S&P 500 and Nasdaq off 1.9%. Little progress has been made on a new coronavirus stimulus package as Republicans and Democrats remain at an impasse, while the negotiations could become even more complicated following the death of Supreme Court Justice Ruth Bader Ginsburg. Investors also appear worried that a global recovery could be hampered by a rise in coronavirus infections, especially with no vaccine breakthrough yet.
Oracle deal for TikTok scores Trump's 'blessing'
Oracle (NYSE:ORCL) has reached a deal with China's ByteDance (BDNCE) to host video-sharing app TikTok and take a minority stake in the company along with Walmart (NYSE:WMT). "I have given the deal my blessing,” President Trump declared, adding that new unit TikTok Global would create more than 25,000 new jobs in the U.S. and pay more than $5B in new tax dollars to the Treasury. Meanwhile, Tencent's (OTCPK:TCEHY) WeChat is set to remain operating in the U.S. after a federal judge issued an injunction against Trump's executive order that would have banned the Chinese social media app.
Musk rallies the troops before 'Battery Day'
"We have a shot at a record quarter for vehicle deliveries, but will have to rally hard to achieve it," said Tesla's (NASDAQ:TSLA) Elon Musk in an internal email entitled 'All hands on deck!' Tesla hopes to deliver half a million vehicles in 2020, and has delivered roughly 179,000 through the first half. The letter also comes ahead of the company's annual shareholder meeting tomorrow and its first-ever highly anticipated "Battery Day" for investors.
Energy transition
Shell (RDS.A, RDS.B) is jumping on the bandwagon of its European rivals BP (NYSE:BP) and Eni (NYSE:E), which have both announced plans to reduce their focus on oil and gas in the coming decade. Sources tell Reuters that the oil major is looking to slash up to 40% off the cost of producing oil and gas so it can overhaul its business and focus more on renewable energy and power markets. Shell's new cost-cutting review, known internally as Project Reshape and expected to be completed this year, will affect its three main divisions and any savings will come on top of a $4B target set in the wake of the COVID-19 crisis.
HBO outpaces Netflix at the Emmys
HBO (NYSE:T) once again held off Netflix (NASDAQ:NFLX) in this year's Emmy race, taking home 30 trophies including 11 for dystopian drama Watchmen, which was the night's biggest winner. HBO's media family saga Succession also had a strong showing, as well as the final season of Schitt's Creek and Disney's (NYSE:DIS) The Mandalorian. The dogfight between HBO and Netflix, which scored 21 wins, is part of a much larger trend in the TV awards circuit: subscription-based platforms are creating more Emmy Award winning content.
Suspicious transactions
Deutsche Bank (NYSE:DB) appears to have facilitated more than half of the leaked $2T of suspicious transactions that were flagged to the U.S. government over nearly two decades, according to Deutsche Welle, though the lender said the incidents "have already been investigated and led to regulatory resolutions." Shares of HSBC (NYSE:HSBC) and Standard Chartered (OTCPK:SCBFF) fell on the suspicious fund movement, as well as JPMorgan (NYSE:JPM), BNY Mellon (NYSE:BK) and Barclays (NYSE:BCS), which were also named in the report. Financial firms are required by law to alert FinCEN (the U.S. Treasury’s Financial Crimes Enforcement Network) when they detect activities like money laundering and sanctions violations, though such filings are not necessarily evidence of criminal misconduct. DB -8% premarket.
What else is happening...
Garrett Motion (NYSE:GTX) files for bankruptcy with $2.1B KPS offer.
Walmart (WMT) widens fashion focus with new private clothing label.
Different efficacy bars in Moderna (NASDAQ:MRNA) and Pfizer (NYSE:PFE) COVID-19 trials.
Movies still face Catch-22, needing both viewers and blockbusters to return.
United (NASDAQ:UAL) the latest airline to press for more relief.
Today's Markets
In Asia, Japan +0.2%. Hong Kong -2.1%. China -0.6%. India -2.1%. In Europe, at midday, London -3.4%. Paris -3.2%. Frankfurt -3.2%. Futures at 6:20, Dow -2.1%. S&P -1.9%. Nasdaq -1.9%. Crude -2.3% to $40.37. Gold -1.3% to $1937.60. Bitcoin -2.1% to $10734. Ten-year Treasury Yield -3 bps to 0.66%
Today's Economic Calendar
8:30 Chicago Fed National Activity Index 6:00 PM Fed's Williams Speech 6:00 PM Fed's Kaplan Speech
submitted by upbstock to Optionmillionaires [link] [comments]

09-07 06:15 - 'Bitcoin legality in India – Is Bitcoin Legal ?' (self.Bitcoin) by /u/x23_shivam removed from /r/Bitcoin within 1501-1511min

'''
Bitcoin has been a heavy financial blow to the trading world since it rose to significance. The flickering uncertainty of the traditional economy, entirely controlled by the government has caused several disastrous events in the past. But Bitcoin or any other cryptocurrencies in the world are completely free from government and political influence, which don’t lose its value over a political takeover.
India has also witnessed the rise of cryptocurrencies like Bitcoin in some events. You may remember the demonetization and the aftermath of it. Here in India, we saw a spike of Bitcoin users around that time but the sudden ban imposed by the RBI made it all gone. Now that after two years the Supreme Court has overruled the decision of RBI, the Indian cryptocurrency market is slowly rising from ashes.
But the question remains, about Bitcoin legality in India if legal then does it have a framework and regulations passed by the Government?
Before we find answers to these questions, let’s look back at the beginning.

The Beginning

Started in 2009, Bitcoin first rose to global significance in the year 2017. It was the first time for bitcoin to cross the $1000 mark but it didn’t stop there.
Then came a blow from the Chinese government when the People’s Bank of China decided to tighten its grip on the cryptocurrency market. As a result, the graph went down by 30%, however, it successfully maintained its steady growth. Around May, it had jumped well over $2000.
It was December 17, the Crypto exchange recorded its highest value of all time as the Bitcoin value was standing on the number $19,783.21.
But the market subsequently came down and nowadays it roams around the $10,000 mark.

India Banned Cryptocurrency in 2018

Surprisingly when the world was facing a crypto bull market race, Indian backed down from the idea and the Reserve Bank of India imposed a de facto ban on the trading of crypto.
The RBI assessed that there were multiple risks involved in dealing with crypto and should be immediately banned to trade it. As a result, the huge market that was yet to understand its potential was dismissed.
Many people and respective associations spoke against it and the Internet & Mobile Association of India went to the Supreme Court against the RBI’s decision.
At that point, India had around 5 million cryptocurrency users, who were actively trading and using Bitcoin as a currency. But all of a sudden it all shut down, as the users were left with the option to either hold on to their Bitcoin savings or trade through the foreign.
But since Supreme Court took the matter in hand the situation began to change. Unlike RBI, SC had a wider view on the matter and asked about the reasons of the Bitcoin trade ban.
While there wasn’t any satisfactory answers from the RBI, the Supreme Court lifted the ban on the use of Cryptocurrencies like Bitcoin in 2020.
It seems like, with the ban lifted, India is currently free to deal or trade in Bitcoins without any barriers. But it isn’t that easy.

Bitcoin legality in India


[link]2

Now having covered all the backstories, let’s take a look at the main question of this article.

Can you trade bitcoins now?

The answer is- Yes. Trading or dealing with bitcoins or any other cryptocurrency like Ethereum is legal in India. You can trade, buy, and sell bitcoins from domestic or foreign exchanges and even invest in them.

Startups like WazirX, Lastbit, Zebpay, and international companies like Paxful are providing platforms to market crypto as the optional currency. CEOs of these companies are hopeful for the near future as India is counted among the five countries to have the most Bitcoin users.
But there are some problems yet unresolved.
Crypto Mining. Though the SC lifted the ban from crypto trading, crypto mining is still impossible in India. Mining is a work that requires specific technologies and a high supply of electricity. While the latter is a problem in India, the former is the bigger challenge. Because the machine to mine bitcoins, ASIC is still illegal to import.
ASIC standing for application-specific integrated circuit is the most advanced technology to mine bitcoin profitably. When the crypto was banned, importing ASIC was also banned. So, now the miners are left with nothing useful other than GPU technology to mine. While GPU was useful 10 years ago, today it simply doesn’t work.
It’s also unlikely to manufacture ASIC in India, because it only works for the purpose of crypto mining only. As long as there’s no stable market here, manufacturers wouldn’t take the risk to produce it here.
So, the conclusion on Bitcoin legality in India can be to trade crypto but not mine it. We think it’s still a fair opportunity to get the Indian crypto market a bit more stability and then the government might reconsider their stand on crypto mining.
Source - [How To Buy Bitcoin in India]1
'''
Bitcoin legality in India – Is Bitcoin Legal ?
Go1dfish undelete link
unreddit undelete link
Author: x23_shivam
1: bu*bit**inhow2*20.*o*/ 2: pre*iew.redd.it/t5bxt1*n*gl51.png?widt*=*2*0&*m*;f**mat**ng&am**auto**eb*&*s=6b***14c**e4a8b**e**75*1b7654eb3*d73699*
Unknown links are censored to prevent spreading illicit content.
submitted by removalbot to removalbot [link] [comments]

Zhuoer Jiang: Talk about the difference between BTC, BCH and BSV

Zhuoer Jiang: Talk about the difference between BTC, BCH and BSV

https://preview.redd.it/kcdq7qrjnyd51.jpg?width=570&format=pjpg&auto=webp&s=af67bd46683fbe3ffa6c081d490d69598dd83bbb
1. When do you contact Bitcoin? What do you think of the blockchain industry?
I came into contact with Bitcoin in October 2013. At that time, I was making game aids, which involved the issue of collecting money from Taiwan and Southeast Asia.
The reason for cultivating the blockchain industry is that blockchain is the only industry that can provide economic freedom. The blockchain is decentralized and has no control center, so no one can eliminate it, so it provides economic freedom. The counter-example is Qvod player. Although Qvod player also has tens of thousands of nodes, it is centralized. As long as the control center is killed, the Qvod player network will die. (QvodPlayer is a Chinese-based video-on-demand playback software, using P2P technology, users can watch online film and television programs through buffering. In mainland China, QvodPlayer has a huge number of users. Due to the use of a dedicated transmission protocol, QvodPlayer is used by some users to download banned videos, such as violent or pornographic videos, and politically sensitive videos. In addition, pirated movies are rampant in QvodPlayer)
I am not a Bitcoinist. As long as other tokens provide economic freedom, I will buy them with real money. My position portfolio is BCH 40% + BTC 30% + ETH 20% + economically free innovative currency 10%, and I think that ETH is likely to exceed BTC in total market value in this bull market.
2. What is the difference between BTC, BCH and BSV?
The easiest thing to see is the difference in block size. BTC blocks have been locked at about 1MB, while BSV advocates infinite blocks. BCH advocates a moderate block size, which cannot exceed the carrying capacity of an ordinary computer. The current value is about 32MB.
Both BTC and BSV have gone to extremes. The BTC development team, Core, pursues extreme decentralization, resulting in too small blocks and high transaction fees. In the last bull market, a transaction fee was as high as hundreds of thousands of yuan, which caused a large number of BTC users to flow out to BCH, ETH and other tokens.
Some people think that BTC can rely entirely on stored-value users instead of using users to survive. This is impossible. If there are no users, there are no stored value users. For example, gold is obviously more suitable for storing value, but almost everyone has bank deposits, except for the elderly, almost no one uses gold to store value. To
People usually use paper money to store value, and naturally they also use paper money to store value. It is impossible to use paper money to store value with gold, and it is impossible to use paper money for small transactions and gold for large transactions. Currency has a scale effect, and it must be a winner takes all.
BSV has gone to the other extreme. The blockchain is enough to store transaction data, but if the blockchain is used as cloud storage, no amount of space is enough. Think about how many resources the world has to store. The result is that the performance requirements are too high, the number of nodes is drastically reduced, and the foundation of the blockchain, which is decentralization, is lost. In the end, it falls into the same fate as the Qvod player. To
Behind the different block sizes are the differences in the spirit of the three. Just like during the Opium War, the difference between Britain and China's Qing Dynasty was not a superficial weapon, but a complete political, economic, and technological gap behind it.
Both BTC and BSV are irrational and religious to a certain extent. BTC advocates a deadlock block size, and BSV advocates a deadlock protocol. The two are very similar.
In terms of rational development and serving users, BCH has won. For example, the issuance of tokens is an important function and rigid demand of the blockchain. Tokens can already be issued on BCH through several protocols such as Wormhole and SLP, while BTC and BSV cannot yet. This is a huge difference in development.
3. Under what circumstances can BCH exceed BTC?
BCH has to wait for users to slowly develop until the number of users and transactions exceed BTC. Although under normal circumstances, the currency has a scale effect, this situation is unlikely to happen, but BTC made a fatal mistake, and locked the block and locked the user.
What if BTC expands like BCH?
First of all, BTC cannot be expanded because the expansion requires a hard fork, regardless of whether it is within the community or the Core, it must adhere to 1MB, insist on extreme decentralization, and BTC must be able to run on the Raspberry Pi. The result is that the expansion advocates in BTC and Core re-hard fork.
Isn't this the plot of the hard fork of BCH from BTC in 2017? So what are these "advocates" doing hard forking again? Just go straight to BCH.
Therefore, BTC must undergo a hard fork to expand, so it cannot be expanded.
So BCH only needs to catch up, which is a fixed goal. I estimate that in this bull market, BCH can exceed the number of users. At that time, BCH had a solid foundation of users and communities. The price increase only increases the price of BCH, the value of BCH is determined by the number of users, and the price fluctuates around the value.
4. Will BCH hard fork happen? What impact will it have on us later?
The BCH community has recently had a lot of discussions on the issue of miner donations, which reflects the decentralization of BCH.
If BCH is controlled by bitmain, why it took a long time for bitmain to implement this problem? Conversely, if CSW wants to modify something on BSV, it can be passed immediately.
5. Do you think BCH is worth long-term ownership?
I often say: "Ask God in the short term, and the number of users in the long term."
The longer the time, the more worth holding BCH. BCH is developing rapidly due to the correct route. I just gave an example. There are already several schemes for issuing tokens on BCH, but neither BTC nor BSV have one. Part of it is because BSV locks the protocol and is not convenient for development. The other part It is because the BSV community has inherited the characteristics of CSW and only speaks big words and does not do practical things.
Therefore, it is definitely worth holding for 1 to 2 years, and the rate of increase is likely to be higher than that of BTC. I predict that the highest point of this round of bull market for BCH will rise from about 3.6% of BTC to 10% to 20% of BTC.
8. Free Q&A
"Will Bitcoin die due to quantum computers or other reasons?"
Certainly not, at best, replace a quantum-resistant algorithm. Looking at it now, quantum computers will not be practical for a long time. And I think quantum computers may not be able to solve the NP problem, that is, the current asymmetric encryption problem, which may not be possible mathematically.
"The impact of the proliferation of contract transactions on currency prices?"
The currency price is ultimately determined by the number of users, not by speculative users. The proliferation of futures trading has happened long ago. From 2016 to 2017, in the presence of a large number of futures trading, BTC rose 100 times.
"Will you be notified when you escape?"
I will definitely not inform. I have already made predictions. I think the bull market may end in the second half of 2021. Or conversely, this bull market may last for two to three years, and two years are more likely.
Why not notify? Most of my clients are miners, and the currency price directly affects the income of the miners. If the currency price drops due to my notification, the interests of my clients will be damaged.
"Recommended regular investment in 2019, what strategy is recommended in 2020?"
This year's bull market has begun, and it must be a full position investment. The cost of regular investment to buy coins later is very high.
"Is it better to speculate or to mine now?"
Most people can't insist on holding the token from start to finish. Most people are in the middle of the bull market, or even sell it at the beginning, and then miss the entire bull market.
Only miners, no matter what level of miners, will hold the token from beginning to end. During the entire bull market, miners are very profitable. Miners will certainly not sell the goose that lays golden eggs like mining machines in the bull market, so miners tend to make more. The earliest miners are basically still active in the market, and their wealth is free, while the earliest holders of coins are almost gone.
submitted by paulcheung1990 to Bitcoincash [link] [comments]

BoE: Bitcoin not a currency

Bank of England Governor Mark Carney stated that bitcoin has failed as a currency during a presentation at Regent’s University in London. He explains that the digital money doesn’t satisfy any currency’s defining attributes such as being a store of value or a useful means of exchange – in reference to the digital currency’s volatility and poor acceptance rate.
Carney, however, does believe that the technology behind it, the blockchain, could be useful for other applications. These statements come at a time when a number of central banks have admitted exploring options for the development of digital national currencies.
In regards to cryptocurrencies, other governments have expressed their concern from China to the US; from Singapore and now even Spain. Just recently, the Spanish National Stock Market Commission (CNMV) published describing bitcoin as a volatile and unstable cryptocurrency. The report also warns investors about the risks related to crypto and ICO investments as none have been listed or verified by the Spanish authorities.
submitted by ami_nil1987 to DigitalCryptoWorld [link] [comments]

Sex, drugs, and bitcoin: How much illegal activity is financed through cryptocurrencies

Through their in-depth study about cryptocurrencies in general, and bitcoin in particular, Sean Foley, Jonathan R. Karlsen and Tālis J. Putninš dive into the vast world of digital currencies thanks to an innovative methodology designed to more effectively monitor them. The study seeks to better understand the role of illicit trade in bitcoin’s skyrocketing value.
Here are some of the key takeaways:
  1. The anonymity offered by cryptocurrencies has greatly contributed to the boom in online and cross-border commerce of illegal goods particularly via the darknet.
  2. It is estimated the 98% of darknet transactions are carried out in bitcoins.
  3. Bitcoins, unlike other cryptos such as Monero, are not fully anonymous as they are described to be. Indeed, thanks to the public nature of the bitcoin blockchain and the fact that each individual “user” is linked to an alpha-numeric address, there are methods to study user behavior and link it to illegal activities.
  4. 25% percent of users and 44% of transactions are associated with illegal activity in the bitcoin blockchain. It is estimated that 24 million bitcoin market participants use the cryptocurrency for illegal activities. “These users annually conduct around 26 million transactions, with a value of around $72 billion, and collectively hold around $8 billion worth of bitcoin”(p.2).
  5. Bitcoin’s market value is mostly linked to its large core of illegality putting a big question mark on the ethics of investing in it or any other anonymous cryptocurrency.
The authors still believe that blockchain technology has the potential to boost a number of industries thanks to the system’s transparency and capacity to track every transaction forever, but the negative publicity that it has attracted because of cryptocurrency hacks, scams and raids has made regulators uneasy with the technology. Indeed, none of the cryptocurrencies currently in use – volumes today exceed $50 billion dollars exchanged – are regulated causing a growing number of governments to react and start exploring the implementation of regulatory measures or the development of regulated national e-currencies.
submitted by ami_nil1987 to DigitalCryptoWorld [link] [comments]

Fall of cryptocurrencies, rise of e-fiat currency?

Cryptocurrencies have been riding on some pretty rocky terrain lately and it remains to be seen what will happen should the first central bank-issued digital currency be launched. In fact, Sweden has voiced its desire to release a national digital currency in the next couple of years. Given the country’s gradual decline in cash usage, the Riksbank – Sweden’s central bank – is exploring this scenario. The e-krona, as they are expecting to call it, is being imagined as a tool that will play the same role as the tangible krona today: a currency that is independent of intermediaries, accessible to every citizen and usable for any type of payment regardless of its value.
Sweden is not the only country that has been looking into the possibility of launching a digital version of the national currency. The Bank of England, the Bank of Canada and the Bank of Israel have all set up working groups to better understand the implications of such a project and to evaluate the utility and need. Although they are all still at an exploratory stage, this could eventually come as a blow to cryptocurrencies around the globe in an age where ICOs (Initial Coin Offerings) seem to be the hottest product on the market.
Bitcoin has certainly been facing some difficulties in the past week after South Korea announced the possibility of shutting down all cryptocurrency exchanges – news that caused Bitcoin’s value to plummet by 25%. A final decision is expected to be released today on their fate in the country that is to host this year’s winter Olympics. But regardless of the outcome, these drastic fluctuations are proving how volatile and unstable cryptocurrencies are, pushing many experts to wonder if they will ever become a substitute to regulated, legal tender currencies – fiat or digital.
Even one of the world’s most admired investors, Warren Buffet, has made it clear that he and his investment firm have no intention of going in that direction as they [cryptocurrencies] “will come to a bad ending”. Software giant Microsoft and digital distribution platform Steam have also ceased to accept Bitcoin as a payment tool because of its “high fees and volatility”.
So although there is now a lot of hype around the messaging app Telegram’s announcement of a soon-to-be-launched ICO – expected to be one of the biggest ever – it might be time to start wondering why a growing number of countries are counting on (or have already) imposing a number of restrictions and regulations on these anonymous and virtual “coins”. From China to Russia and now maybe even Korea, governments are cautious – and rightly so – about these “cryptos” who are looking less and less like a “currency” and more and more like a simple product of speculation.
submitted by ami_nil1987 to DigitalCryptoWorld [link] [comments]

morning joe

Microsoft is committed to trying to buy TikTok's U.S. operations, after CEO Satya Nadella discussed a potential deal during a phone call on Sunday with President Trump. Microsoft (NASDAQ:MSFT) said in a blog post that it will move quickly to pursue discussions with TikTok parent ByteDance (BDNCE), aiming to complete negotiations by Sept. 15. "Microsoft fully appreciates the importance of addressing the President’s concerns," the company said. "It is committed to acquiring TikTok subject to a complete security review and providing proper economic benefits to the United States, including the United States Treasury." The company's aim is to build on TikTok's popular user experience with adding privacy and security protections. The proposed transaction has gained the blessing of top Trump administration officials, including Treasury Secretary Mnuchin, as well as several Republican lawmakers, after the president's Friday night comments that he preferred a TikTok ban in the U.S. instead of a sale took all sides by surprise.
All eyes on U.S. payroll data
The U.S. July employment report, to be released this Friday, will have a binary flavor to it. If the jobs situation is consistent with economists' views, it should give investors more confidence in the economy's health while weak data will weigh on investors' near-term enthusiasm. Current consensus is a rise of 1.65M jobs, albeit a bearish drop of ~27% from last Thursday's projection of 2.25M. Congress is trying to cobble together another stimulus package but, unsurprisingly, Republicans and Democrats are at loggerheads over the specifics.
MLB draws strong TV ratings in opening week
Despite concerns over a truncated 60-game season and empty seats in stadiums, Major League Baseball's opening week has been a resounding success. Games aired nationally during opening weekend (July 23-26) drew more than twice as many viewers as a year ago. Walt Disney's (NYSE:DIS) ESPN said that its first 12 broadcasted games averaged ~1.2M viewers, up 34% compared to last year. Fox Sports (NASDAQ:FOX) also enjoyed a double-digit rise in ratings. According to Michael Mulvihill, Fox Sports head of strategy and analytics, the strong start reflects pent-up demand and little competition from other major U.S. sports. The season, though, is facing its first stern test after 18 members of the Miami Marlins tested positive for COVID-19 leading to the cancellations of certain games by several clubs. 17 games have been postponed to date.
Fed to "relax" approach to managing inflation target
The Fed is preparing to abandon its long-held practice of raising interest rates to preempt overheating in the economy, citing persistently low U.S. inflation. Chairman Jerome Powell hinted at the shift in a news conference last week when he disclosed that the central bank would soon complete a comprehensive review of its policy-making strategy. The change is unlikely to alter much since interest rates are barely above zero and are expected to remain low for the foreseeable future. Longer term, central bankers, economists and investors expect rates to return to a more normal 4% or so once the economic recovery/expansion has matured.
Trump readies action against Chinese software firms
During an interview yesterday on Fox News' Sunday Morning Futures, Secretary of State Mike Pompeo said that President Trump will announce new action this week against Chinese software companies that he perceives are threats to national security, including TikTok and WeChat that, he says, are "feeding data directly to the Chinese Communist Party." In a separate interview, Treasury Secretary Steve Mnuchin declared that "we are not keeping TikTok in its current form." The expected actions will be the latest salvo in the deterioration in U.S./Sino relations.
Apple sued in China over voice assistant patent
Shanghai Zhizhen Network Technology Company, known as Xiao-i, has filed a lawsuit in a Shanghai court against Apple (NASDAQ:AAPL) claiming infringement on a patent covering a voice assistant similar to Siri. The company seeks 10B yuan ($1.43B) in damages and, if successful, could prevent the tech giant from selling many of its products in China. In late June, China's Supreme Court ruled that Xiao-i owns the patent which ended a process that involved several trials since 2012. It is the third time in less than a decade that Apple has faced trademark and patent challenges in its #2 market (behind the U.S.). The company has yet to comment on the matter.
U.S. COVID-19 pandemic in new "widespread" phase
According to White House coronavirus task force coordinator Dr. Deborah Birx, the pandemic is in a "new phase" that is different from the March/April period with "extraordinarily widespread" cases in both urban and rural areas. Reemphasizing the essential role of wearing masks and distancing, Dr. Birx said, "To everybody who lives in a rural area, you are not immune or protected from this virus and that is why we keep saying, no matter where you live in America, you need to wear a mask and socially distance, do the personal hygiene pieces." She also says super-spreading events are the main concern, not super-spreading individuals. Per Johns Hopkins case tracker, U.S. infections are now over 4.6M with over 154K deaths.
GOP and Dems tussle over fourth round of U.S. stimulus
Talks between Republican and Democratic leaders over the specifics of the latest round, the fourth, of economic stimulus are proceeding down the familiar contentious path. Both sides agree on sending $1,200 checks to most Americans but the GOP is apparently balking at a boost to unemployment insurance which was set at $600 per week but recently lapsed. Democrats want to preserve the $600 amount while Republicans want to cut it to $200 due to cost concerns. House Speaker Nancy Pelosi is accusing President Trump of standing in the way of a deal. On Face the Nation yesterday, Chief of Staff Mark Meadows said, "I'm not optimistic that there will be a solution in the very near term."
7-Eleven to acquire Speedway for $21B in cash
Seven & i Holdings (OTCPK:SVNDF) indirect subsidiary 7-Eleven has agreed to acquire Speedway from certain subsidiaries of Marathon Petroleum (NYSE:MPC) for $21B in cash. The Enon, Ohio-based chain operates ~3900 convenience stores in 36 U.S. states. The transaction, which includes a 15-year fuel supply agreement for about 7.7B gallons per year, should close in Q1 2021.
China's Caixin manufacturing PMI hits nine-plus year high
The Caixin China manufacturing purchasing managers index hit its highest point since 2011, lending more credence to inklings of a recovery there. China's official PMI rose to its own four-month high last week, and it's got a bigger sample, focused on larger state-owned companies. Caixin focuses on smaller manufacturers, and it hit 52.8, the third straight month it was over 50, signaling expansion.
Rio Tinto sues Australia's Monadelphous over 2019 fire
Rio Tinto (NYSE:RIO) has sued Monadelphous Engineering Associates (OTCPK:MOPHY) over a fire at Rio's Western Australia iron ore processing facility last year. Monadelphous says Rio is claiming MEA breached terms of a contract, and that Rio is seeking A$493M (about $351M) tied to its inability to process iron ore at the plant during repairs.
What else is happening...
Siemens Healthineers (OTC:SEMHF) merges with Varian Medical Systems (NYSE:VAR) in $16B deal.
SpaceX (SPACE) and NASA splashdown breaks 45-year drought.
Blackstone (NYSE:BX), TPG rejigger REIT debt to sidestep margin calls.
Iran stock market hits record high despite sanctions and battered economy.
Today's Markets In Asia, Japan +2.24%. Hong Kong -0.56%. China +1.75%. India -1.64%. In Europe, at midday, London +0.56%. Paris +0.97%. Frankfurt +1.86%. Futures at 6:20, Dow -0.05%. S&P +0.10%. Nasdaq +0.52%. Crude -1.32% to $39.74. Gold +0.02% to $1,986.30. Bitcoin -0.75% to $11,164. Ten-year Treasury Yield +1.3bps to 0.549%
Today's Economic Calendar 9:45 PMI Manufacturing Index 10:00 ISM Manufacturing Index
submitted by upbstock to Optionmillionaires [link] [comments]

Every Way I Have Made Money Online Since 2015

I have been making money online since 2015. There are so many ways that I can't remember them all, but here is a list of most of them - including the most significant ones. Hope this helps you somehow. As I'm from Canada, many of these (but not all) are for Canadians.
From highest-earning to lowest, for your convenience:
Gig Earnings
Bitcointalk.org $50,000
LocalBitcoins affiliate (non-ref) $10,000
Reddit posting $5,000
HealthyWage personal challenge (non-ref) $3,400 (profit)
Dietbet $200/month
Slickdeals.net posting $2,000
Selling hoverboards $2,000
Bank signup bonus $300
Coinbase Earn (non-ref) $150
HealthyWage individual challenges (non-ref) $50/month
Selling LocalBitcoins trading guide $100
UberEats/DoorDash restaurant $100
Fiverr $100
Selling email list that I scraped $100
Black Friday meal kit deal $100
Craigslist study $75
Blockchain.com airdrop $65
Growing hydroponic lettuce at home $15/month
Tangerine bank (use Orange Key: 59103835S1 to get $50) $50
Crypto.com (non-ref) signup bonus $50
Coinberry (non-ref) signup bonus $30
Honeygain (non-ref) $20
Rakuten cash back Canada, USA (non-ref) $10
Amazon affiliate $10
Instead of telling the whole story of each method, and since you care most about the highest-earning opportunities, let's discuss those and if anyone has questions about something not mentioned in this post - don't hesitate to ask, I'm happy to explain.

Bitcointalk

This is by far my biggest earner. Basically, back in mid 2017, I realized that the crypto market was starting another bull run. I had previously learned that it was possible to make money advertising for companies by adding their custom signature to my account profile so that each post contains links to their website/products underneath it. They paid a lot more back then, because Bitcoin was only valued at around $700-1,000 when I started.
This forum also doesn't care about having multiple accounts - in fact, it's fully allowed. Some people have hundreds of accounts. Therefore, I quickly searched the web for people selling their accounts... and bought a bunch of decently-ranked ones such that I was able to post full-time essentially, making up to $5/post which only takes a minute or two. The best campaign I joined is one called DeepOnion, which paid almost $30,000 in about 1 month!!! All I had to do is make 10 posts a week per account, and they deposited their coin to my wallet. After it was added to an exchange, the price quickly rose and one night my portfolio value went from $3,000 to over $20,000. I sold literally at the peak! I also made money from Bitcoin paying campaigns (they pay in BTC as opposed to their token/coin). Another big score was a campaign called ATLANT, where I made well over $20,000 ...however, didn't sell my tokens and now they are worth a fraction of that. Oh well.
With the above said, I don't recommend doing this anymore, as the forum is filled with 3rd world spammers who realized that it was possible to make big money a couple of years ago, and now they have bots spamming constantly and applying to campaigns and such. I haven't posted there in a long time, probably over 6 months, because it wasn't worth it anymore. It was great while it lasted.

LocalBitcoins (non-ref)

Notice how most of my earning comes from crypto? :p
Well, I found a high-ranking Reddit post about Bitcoin that was ranked in the top 3 on Google for multiple good long-string keywords. In other words, many people (I'm talking hundreds) were finding it on a daily basis. I got my comment to the top spot, which includes an affiliate link and so over 5,000 people ended up signing up and I made a lot from it. My estimate is about $10,000 USD equivalent (pays in BTC daily), although could be more.

Reddit Posting

This is the same deal as Slickdeals, as explained below. However, after SD banned my accounts, since I had a high-karma Reddit account, I realized that my clients might be interested in advertising in "deals" subreddits (mostly Amazon, although it varied). Sure enough, they were and I got paid up to $300 for a single post in popular subreddits.

HealthyWage (non-ref)

This is an app that pays you to lose weight. There are a few different types of challenges, including personal, individual and team challenges. The personal challenge is the one I am currently focusing on, as I bet $125/mo over 12 months ($1500), and if successful, stand to win $4,900 or $3,400 profit. I started at 360 pounds, and must weigh out at 180 pounds or less after 1 year to win. (I know, it's lots of weight to lose, but there is tons of money at stake.)
If you join using my referral link, you get $40 added to your prize and I also get $40. By the way, most people who join make a mistake of betting too much or too little. For example, you might get the same winnings by betting $100/month or $500/month, because the algorithm caps out at a certain amount. With that said, use this calculator to get the exact amount that you should bet to maximize your ROI (click on "Calculate a Healthy Wager"). I didn't know about this before signing up, and ended up betting more than I had to make the same amount (although only $12).

Slickdeals

I had a startup similar to Groupon, and had made a few Slickdeals accounts because of that. One day while driving, it occurs to me that people might be willing to have me post on SD using my account since the traffic is so high. Well, I drove straight to the library and posted my Skype contact on about 30 threads on Warrior forum, and that same night I was getting contacts from China and it never stopped. This was way back in 2015, and I had 3 accounts and made $20 per post. I was doing about 1 post/day and sometimes getting $5 to do upvotes as well. All-in-all, after contracting out someone on Fiverr to automate the whole thing, my accounts ended up getting banned and that was that.

Selling hoverboards

During the hoverboard craze of 2015, I made a couple of rudimentary sites and managed to sell about 12 in total, making about ~$100 profit per sale, and selling the sites for $750 and $250 respectively for about $2,000 in total profit. This is the first time I used YouTube as a marketing medium, specifically paid product placement, which you can see here. This video sold 4 boards & I sold the site for $250, and the board cost about $350, so it was a good deal in the end.
Well, that about sums up my online earning history. I'm sure there are (many) other ways I've earned a buck, but simply don't remember them all. Again, don't hesitate to ask any questions you may have and I am more than happy to answer. Thanks for reading.
Edit: it's great to see that this post is interesting to many people
My best suggestions to make fast, easy money are the following:
  • Growing Hydroponic Lettuce this is a new one to me, but I recently started growing lettuce and not only is it super enjoyable, but it's much more cost-effective than buying it from the store. Checkout this video which shows how. All that is needed is a container with some 2 or 3 inch holes, some "net cups" to hold the lettuce in, and some liquid nutrients which are available on Amazon.
  • Coinberry (non-ref) I literally signed up, verified my account and got the bonus within an hour. There is a 3 day hold to withdraw funds, but it's an easy $20 and they also give an extra $10 "customer appreciation bonus" after your first deposit, so you get $30 total.
  • HealthyWage (non-ref) If you need to lose weight anyway, then you might as well get paid while doing so. I recommend doing a minimum amount of weight-loss over 6 months, to make it easier on yourself. When you signup with my link, we both get $40.
  • Dietbet no ref link, but this is a really good earner. I make about $200/month with it by playing in 9 games simultaneously.
  • Honeygain (non-ref) this one is entirely passive, and I highly recommend it. Simply download the app and you make money for browsing online, without doing anything else. I make about $50/year with just my phone. When you signup with my link, we both get $5.
  • Crypto.com (non-ref) this is a legit cryptourrency site that gives you $50 when you sign up & deposit $250. I know it's legit, because I just signed up a few days ago and already got my bonus. Simply buy their crypto in the app with your credit card & stake it for 6 months, and they give you $50.
submitted by Separate-Time to WorkOnline [link] [comments]

Thoughts On The Market Series #1 - The New Normal?

Market Outlook: What to Make of This “New Normal”

By ****\*
March 16, 2020
After an incredibly volatile week – which finished with the Dow Jones Industrial Average rallying over 9% on Friday – I suppose my readers might expect me to be quite upbeat about the markets.
Unfortunately, I persist in my overall pessimistic outlook for stocks, and for the economy in general. Friday’s rally essentially negated Thursday’s sell-off, but I don’t expect it to be the start of a sustained turnaround.
We’re getting a taste of that this morning, with the Dow opening down around 7%.
This selloff is coming on the back of an emergency interest rate cut by the Federal Reserve of 100 basis points (to 0%-0.25%) on Sunday… along with the announcement of a new quantitative easing program of $700 billion. (I will write about this further over the next several days.)
As I have been writing for many weeks, the financial bubble – which the Fed created by pumping trillions of dollars into the financial system – has popped. It will take some time for the bubble to deflate to sustainable levels.
Today I’ll walk you through what’s going on in the markets and the economy… what I expect going forward and why… and what it means for us as traders. (You’ll see it’s not all bad news.)

Coronavirus’ Strain on the Global Economy

To start, let’s put things in perspective: This asset deflation was coming one way or another. Covid19 (or coronavirus) has simply accelerated the process.
Major retailers are closing, tourism is getting crushed, universities and schools are sending students home, conventions, sporting events, concerts, and other public gatherings have been cancelled, banks and other financial service firms are going largely virtual, and there has been a massive loss of wealth.
Restaurant data suggests that consumer demand is dropping sharply, and the global travel bans will only worsen the situation.
Commercial real estate is another sector that looks particularly vulnerable. We are almost certain to see a very sharp and pronounced economic slowdown here in the United States, and elsewhere. In fact, I expect a drop of at least 5% of GDP over the next two quarters, which is quite severe by any standard.
Sure, when this cycle is complete, there will be tremendous amounts of pent-up demand by consumers, but for the time being, the consumer is largely on the sidelines.
Of course, the problems aren’t just in the U.S. China’s numbers look awful. In fact, the government there may have to “massage” their numbers a bit to show a positive GDP in the first quarter. Europe’s numbers will also look dreadful, and South Korea’s economy has been hit badly.
All around the world, borders are being shut, all non-essential businesses are being closed, and people in multiple countries are facing a lockdown of historic proportions. The coronavirus is certainly having a powerful impact, and it looks certain that its impact will persist for a while.
Consider global tourism. It added almost $9 trillion to the global economy in 2018, and roughly 320 million jobs. This market is in serious trouble.
Fracking in the U.S. is another business sector that is in a desperate situation. Millions of jobs and tens of billions of loans are now in jeopardy.
The derivative businesses that this sector supports will be likewise devastated as companies are forced to reduce their workforces or shut down due to the collapse in oil prices. This sector’s suffering will probably force banks to book some big losses despite attempts by the government to support this industry.
In a similar way, the derivative businesses that are supported by the universities and colleges across America are going to really suffer.
There are nearly 20 million students in colleges across the U.S. When they go home for spring vacation and do not return, the effect on the local businesses that colleges and university populations support will be devastating.
What does this “new normal” mean going forward? Let’s take a look…

New Normal

The new normal may become increasingly unpleasant for us. We need to be ready to hunker down for quite some time.
Beyond that, the government needs to handle this crisis far better in the future.
The level of stupidity associated with the massive throngs of people trapped in major airports yesterday, for example, was almost unimaginable.
Instead of facilitating the reduction of social contact and halting the further spread of the coronavirus, the management of the crowds at the airports produced a perfect breeding ground for the spread of the virus.
My guess is that more draconian travel restrictions will be implemented soon, matching to some extent the measures taken across Europe.
This will in turn have a further dampening effect on economic activity in the U.S., putting more and more pressure on the Fed and the government to artificially support a rapidly weakening economy.
Where does this end up? It is too early to say, but a very safe bet is that we will have some months of sharply negative growth. Too many sectors of the economy are going to take a hit to expect anything else.
The Fed has already driven interest rates to zero. Will that help? Unlikely. In fact, as I mentioned at the beginning of this update, the markets are voting with a resounding NO.
The businesses that are most affected by the current economic situation will still suffer. Quantitative easing is hardly a cure-all. In fact, it has been one of the reasons that we have such a mess in our markets today.
The markets have become addicted to the easy money, so more of the same will have little or no impact. We will need real economic demand, not an easier monetary policy.
It won’t help support tourism, for example, or the other sectors getting smashed right now. The government will need to spend at least 5% of GDP, or roughly $1 trillion, to offset the weakness I see coming.
Is it surprising that the Fed and the government take emergency steps to try to stabilize economic growth? Not at all. This is essentially what they have been doing for a long time, so it is completely consistent with their playbook.
Next, I would anticipate the government implementing some massive public-works and infrastructure programs over the coming months. That would be very helpful, and almost certainly quite necessary.
But there’s a problem with this kind of intervention from the government…

What Happens When You Eliminate the Business Cycle

The Fed’s foolish attempt to eliminate business cycles is a significant contributing factor to the volatility we are currently experiencing.
Quantitative easing is nothing more than printing lots and lots of money to support a weak economy and give the appearance of growth and prosperity. In fact, it is a devaluation of the currency’s true buying power.
That in turn artificially drives up the prices of other assets, such as stocks, real estate and gold – but it does not create true wealth. That only comes with non-inflationary growth of goods and services and associated increases in economic output.
Inflation is the government’s way to keep people thinking they are doing better.
To that point: We have seen some traditional safe-haven assets getting destroyed during this time of risk aversion. That has certainly compounded the problems of many investors.
Gold is a great example. As the stock market got violently slammed, people were forced to come up with cash to support their losing positions. Gold became a short-term source of liquidity as people sold their gold holdings in somewhat dramatic fashion. It was one of the few holdings of many people that was not dramatically under water, so people sold it.
The move may have seemed perverse, particularly to people who bought gold as a safe-haven asset, but in times of crisis, all assets tend to become highly correlated, at least short term.
We saw a similar thing happen with long yen exposures and long Bitcoin exposures recently.
The dollar had its strongest one-day rally against the yen since November 2016 as people were forced to sell huge amounts of yen to generate liquidity. Many speculators had made some nice profits recently as the dollar dropped sharply from 112 to 101.30, but they have been forced to book whatever profits they had in this position. Again, this was due to massive losses elsewhere in their portfolios.
Is the yen’s sell-off complete? If it is not complete, it is probably at least close to an attractive level for Japanese investors to start buying yen against a basket of currencies. The major supplies of yen have largely been taken off the table for now.
For example, the yen had been a popular funding currency for “carry” plays. People were selling yen and buying higher-yielding currencies to earn the interest rate difference between the liability currency (yen) and the funding currency (for example, the U.S. dollar).
Carry plays are very unpopular in times of great uncertainty and volatility, however, so that supply of yen will be largely gone for quite some time. Plus, the yield advantage of currencies such as the U.S. dollar, Canadian dollar, and Australian dollar versus the yen is nearly gone.
In addition, at the end of the Japanese fiscal year , there is usually heavy demand for yen as Japanese corporations need to bring home a portion of their overseas holdings for balance sheet window dressing. I don’t expect that pressure to be different this year.
Just as the safe-haven assets of yen and gold got aggressively sold, Bitcoin also got hammered. It was driven by a similar theme – people had big losses and they needed to produce liquidity quickly. Selling Bitcoin became one of the sources of that liquidity.

Heavy Price Deflation Ahead

Overall, there is a chance that this scenario turns into something truly ugly, with sustained price deflation across many parts of the economy. We will certainly have price deflation in many sectors, at least on a temporary basis.
Why does that matter over the long term?
Price deflation is the most debilitating economic development in a society that is debt-laden – like the U.S. today. Prices of assets come down… and the debt becomes progressively bigger and bigger.
The balance sheet of oil company Chesapeake Energy is a classic example. It’s carrying almost $10 billion worth of debt… versus a market cap of only about $600 million. Talk about leverage! When the company had a market cap of $10 billion, that debt level didn’t appear so terrifying.
Although this is an extreme example for illustrative purposes, the massive debt loads of China would seem more and more frightening if we were to sink into flat or negative growth cycles for a while. The government’s resources are already being strained, and it can artificially support only so many failing companies.
The U.S. has gigantic levels of debt as well, but it has the advantage of being the world’s true hegemon, and the U.S. dollar is the world’s reserve currency. This creates a tremendous amount of leverage and power in financing its debt.
The U.S. has been able to impose its will on its trading partners to trade major commodities in dollars. This has created a constant demand for the dollar that offsets, to a large extent, the massive trade deficit that the U.S. runs.
For example, if a German company wants to buy oil, then it needs to hold dollars. This creates a constant demand for dollar assets.
In short, the dollar’s status as the true global reserve currency is far more important than most people realize. China does not hold this advantage.

What to Do Now

In terms of how to position ourselves going forward, I strongly recommend that people continue with a defensive attitude regarding stocks. There could be a lot more downside to come. Likewise, we could see some panic selling in other asset classes.
The best thing right now is to be liquid and patient, ready to pounce on special opportunities when they present themselves.
For sure, there will be some exceptional opportunities, but it is too early to commit ourselves to just one industry. These opportunities could come in diverse sectors such as commercial real estate, hospitality, travel and leisure, and others.
As for the forex markets, the volatility in the currencies is extreme, so we are a bit cautious.
I still like the yen as a safe-haven asset. I likewise still want to sell the Australian dollar, the New Zealand dollar, and the Canadian dollar as liability currencies.
Why? The Bank of Canada, the Reserve Bank of Australia, and the Reserve Bank of New Zealand have all taken aggressive steps recently, slashing interest rates. These currencies are all weak, and they will get weaker.
Finding an ideal entry for a trade, however, is tricky. Therefore, we are being extra careful with our trading. We always prioritize the preservation of capital over generating profits, and we will continue with this premise.
At the same time, volatility in the markets is fantastic for traders. We expect many excellent opportunities to present themselves over the coming days and weeks as prices get driven to extreme levels and mispricings appear. So stay tuned.
submitted by ParallaxFX to Forex [link] [comments]

A New Gateway: The End of Central Banking?

Recently, hyperinflation has ravaged Lebanon and people are turning to black markets to survive. Many countries are printing their currency into oblivion. The US dollar has gone down in value in the past month. It seems that a currency collapse is on its way across the world.
However, assets like cryptocurrency have been climbing in value recently. Cryptocurrencies in general have been climbing in value for the past 12 years. Many countries have tried to crack down, some like China, Russia, Columbia, etc have even banned their usage and trading. Ironically, those countries have the highest trade volumes of cryptocurrencies. India for example has lifted its ban because laws against cryptocurrencies are unenforceable.
Honestly, the catalyst for this Fourth Turning was the 2008 financial crash. Funny enough, Bitcoin was created that same year. And the dollar's collapse was inevitable when Nixon took us off the gold standard. This has been a long time coming.
What I see happening is the abandonment of the fiat system. When the currency crisis does happen, people will probably move to using cryptocurrency. A common myth is that cryptocurrencies are unstable. Like all commodities, cryptocurrencies are affected by supply and demand. The more people use them, the more stable it becomes.
Of course governments will try and sustain the old world fiat system. They'll probably go to war with each other to try and stimulate demand. Though it probably won't work since its tax revenues would be declining due to how cryptocurrencies are unaffected by government policies like regulations or tax laws.
The government will try and crackdown on anyone using cryptocurrencies, as the coins are a threat to it. People will begin to see governments as a threat to their existence and will likely revolt. A regeneracy will happen to combat government tyranny. Hopefully, the resolution ends with the death of central banking.
The next 1st Turning will happen roughly around 2030. So we essentially have a decade for this possible scenario to play out.
If you want more information, read a book called The Sovereign Individual. It measures its cycles by 500 years. We're in the Modern Era, which started in the early 1500s, which fits the Late Medieval Saeculum. The book predicted something like this happening around the 2020s.
Hope you guys share my POV.
submitted by Sagetyrant to TheFourthTurning [link] [comments]

36mm Ballon Bleu de Cartier Ronda Quartz w/White MOP Dial (V6 Factory) from Chazingtime

Hi Everyone! I'm so excited to post what everyone needs right now (j/k) : A watch review, and a very nice one at that!
I've been on a serious Cartier jewelry kick for the past year or so and I've fallen in love with the Ballon Bleu. This is my second rep watch purchase (the first being a 31 mm Rolex DateJust w/a 2816 movement in 2015 that's still going great). Unfortunately I was a bit thirsty and being cheap during a DH Gate binge that I purchased what I thought was a decent one in December via DHL and got a complete shitter for $93! I took pics of it and immediately shipped it back via USPS Priority Mail International ($31) for a full refund ($126), which I received two weeks later.
I totally forgot that I'm a longtime member of RWI and realized that I could have gotten a much better watch for only $100 more. I checked the Trusted Dealers (TD) list and saw that Chazingtime and PureTime had the watch I wanted, a Ronda Quartz, because I didn't want to get it serviced like my DateJust rep. I chose 36 mm size because I'm tall and wanted something bigger than my Rolex.
It was a LONG and arduous process, but I'm glad to finally have it.
Seller: Chazingtime
Item: Ballon Bleu de Cartier watch, 36mm stainless steel bracelet with white mother-of-pearl (MOP) dial from V6 Factory.
Price: $198 USD.
Payment Method Used: Bank Wire. TD also accepts PayPal for established customers and WU.
Price of Shipping: $35 to the USA.
Order Timeline (I'm having a near-anxiety flashback just thinking about this):
Seller Communication and Service-10/10
I tried to use PP but Ken immediately messaged to apologize and tell me that he only accepts it from established customers who have bought several watches from him. He gave me a really nice discount to use WU. I attempted to use it, but discovered that I'm banned from WU for some inexplicable reason (but I think it's because I have a federal security clearance for work, but I really believe that I've bought so many rep bags, hair extensions, and jewelry over the past dozen years that I got myself flagged). *face palm*
I then messaged him to tell him that I was banned from using WU, so he immediately replied with his SWIFT code to have a wire transfer initiated, again with a nice discount for my trouble.
I love how Ken was sooo responsive to my messages. I emailed him at 2:15 am EST and he replied immediately with the QC photos even though he was swamped with fulfilling new and established orders after the holiday and factory shutdown. I'd most definitely purchase from him again.
Photos:
Quality - 10/10
The watch is pretty well made. The Sapphire crystal glass is thick and is literally scratch proof. The blue cabochon crown is correct, easy to pull out and set the time, and the loop that surrounds it does not gap like other reps I've seen. The dial markings are clear, the CARTIER font is properly inked and spaced and, since it's quartz movement, there's no winding needed. I was really confused about the bracelet clasp; I had to watch YT videos until I got the hang of it!
Accuracy - 10/10
This watch is EVERYTHING! It came fully branded and tagged, has a nice "heft" to it, and looks incredible. It has the exact markings as the authentic, and I wouldn't hesitate to wear it in a Cartier store. Unfortunately, there aren't many auth white MOP dials to compare this one to; however, I've seen a lot of pink MOP dials on Google. I actually prefer the pink MOP but the RWI guys say that the pink MOP reps aren't 100% to the authentic and are calloutable by those who know Cartier. I think the white MOP is called silver opaline, but I'm not 100% sure of it and I love this version. I've even scanned the QC and barcode that were attached to the bracelet and they took me to the leather band version on the Cartier website!
Satisfaction - 10/10
Aside from waiting nearly two months for it, I'm beyond satisfied with this gem. I've also not taken it off; I've even showered and slept in i! I'm home-bound due to my workplace shutting down, so I've got to wear it somewhere!
I could have easily have worn it as a dangle, but decided not to because of the dial size and weight; I didn't want to scratch or ding it. I took it to my non-judgmental (because he and his sons repair my rep Rolex without judgment) nonagenarian watchmaker in town and he removed one link and chided me to hold on to that link and charged me only $10. It now fits pretty snug on my 7.5 inch wrist but I actually prefer it this way. (I can fit one finger under the bracelet, so it's not too tight.)
Lessons Learned: I know that I would have had a much better experience had I planned my purchase sooner and not wasted time with DH Gate. I also would have received my watch within the week had I been able to use WU or PP. The entire bank wire process really wore me out and extended the processing time. I learned from RWI and RepTime that some of the TDs' credit card processing software is prone to hacking and that Bitcoin or using TransferWise or Xoom are safer options for TDs who won't accept PP.
Anyway, enjoy and let me know if you have any questions. 11/10 will recommend! :)
submitted by pink_gator17 to RepLadies [link] [comments]

US Stocks, Oil, and Bitcoin Price Plunge, Hinting Second Wave of Coronavirus Cases

Stocks have seen their worst day in three months, as the market has been concerned about a possible second wave of coronavirus cases as lockdowns have been easing in certain states in the US.
Along with the risk of a second wave of infections in a few of the US states, US President Donald Trump’s re-election prospects increased uncertainty in the market, according to Eli Lee, the head of investment strategy at the Bank of Singapore.
With jobless claims reaching more than double their peak during the Great Recession, at 20.9 million, US stocks slid, and Bitcoin price also witnessed a slump in the last 24 hours.
The Dow Jones Industrial Average plunged 6.9%, the S&P 500 fell 5.9%, and the Nasdaq dropped 5.3% near the end of the day. This trend marked its first three-day losing streak since early March when the coronavirus pandemic became a threat to the US economy.
The recent uptick of coronavirus-related hospitalizations became a catalyst for a grim outlook from the US central bank, according to Dan Deming, the managing director at KKM Financial. “The sense is maybe the market got ahead of itself, which makes sense given the fact that we’ve come so far so fast. The reality is this thing’s going to linger longer than probably the market had anticipated.”
Oil futures also fell for the third consecutive day of trading due to concerns over global energy demand, which depended on the currencies of oil producers and countries that rely on exporting commodities. The oil benchmarks are also heading for their first weekly declines in seven weeks.
Bitcoin struggled to reclaim its price at $10,000 as its price slid to $9,100 after fluctuating around the $9,500 mark for about a week. Bitcoin price takes a dip as institutional investors have been feeling uncertain about the market under the current crises.
COVID-19 has highlighted vulnerabilities in the fiat world
Bloomberg recently published a report on its crypto outlook in June 2020, suggesting that the COVID-19 pandemic has been pushing Bitcoin’s maturity, and Bitcoin is gaining the upper hand, against the stock market.
Progressing towards the digital equivalent of gold, Bitcoin’s volatility is at its lowest-ever against crude oil, indicating that the cryptocurrency is joining the mainstream market.
While the Fed is considering the launch of the digital dollar, Facebook’s Libra coin is getting a portion of the spotlight, in particular with the hiring spree of three C-level executives with strong compliance track records.
Goldman Sachs’ prediction
In Asia, the Chinese yuan is also heading for its biggest daily decline in two weeks, which is in line with Goldman Sachs analysts’ prediction. Goldman Sachs is expecting the Chinese yuan to fall to its lowest since 2008 in the coming months due to the existing US-China trade war, and now the US potential sanctions on China over its feud over Hong Kong.
The yuan has been forecasted by Goldman Sachs to fall to 7.25 per dollar during the next three months before recovering to 7.15 per dollar over six months, then to 7 per dollar in the next year. As the firm sees the yuan falling to its 2008 low, the potential for Bitcoin to experience an explosive price rally has been raised.
Bitcoin comes in for people who are looking to bypass China’s strict capital control over sending money offshore. China has previously banned Bitcoin trading as well as trading of other cryptocurrencies, although the development of blockchain has been widely praised in the country.
submitted by kealenz to CryptoCurrencyTrading [link] [comments]

Bitcoin 11 Years - Achievements, Lies, and Bullshit Claims So Far - Tooootally NOT a SCAM !!!!

That's right folks, it's that time again for the annual review of how Bitcoin is going: all of those claims, predictions, promises .... how many have turned out to be true, and how many are completely bogus ???
Please post / link this on Bitcoin (I am banned there for speaking the truth, so I cannot do it) ... because it'a way past time those poor clueless mushrooms were exposed to the truth.
Anyway, without further ado, I give you the Bitcoin's Achievements, Lies, and Bullshit Claims So Far ...
.
Bitcoin Achievements so far:
  1. It has spawned a cesspool of scams (2000+ shit coin scams, plus 100's of other scams, frauds, cons).
  2. Many 1,000's of hacks, thefts, losses.
  3. Illegal Use Cases: illegal drugs, illegal weapons, tax fraud, money laundering, sex trafficking, child pornography, hit men / murder-for-hire, ransomware, blackmail, extortion, and various other kinds of fraud and illicit activity.
  4. Legal Use Cases: Steam Games, Reddit, Expedia, Stripe, Starbucks, 1000's of merchants, cryptocurrency conferences, Ummm ????? The few merchants who "accept Bitcoin" immediately convert it into FIAT after the sale, or require you to sell your coins to BitPay or Coinbase for real money, and will then take that money. Some of the few who actually accept bitcoin haven't seen a customer who needed to pay with bitcoin for the last six months, and their cashiers no longer know how to handle that.
  5. Contributing significantly to Global Warming.
  6. Wastes vasts amounts of electricity on useless, do nothing work.
  7. Exponentially raises electricity prices when big miners move into regions where electricity was cheap.
  8. It’s the first "currency" that is not self-sustainable. It operates at a net loss, and requires continuous outside capital to replace the capital removed by miners to pay their costs. It’s literally a "black hole currency."
  9. It created a new way for people living too far from Vegas to gamble all their life savings away.
  10. Spawned "blockchain technology", a powerful technique that lets incompetent programmers who know almost nothing about databases, finance, programming, or blockchain scam millions out of gullible VC investors, banks, and governments.
  11. Increased China's foreign trade balance by a couple billion dollars per year.
  12. Helped the FBI and other law enforcement agents easily track down hundreds of drug traffickers and drug users.
  13. Wasted thousands if not millions of man-hours of government employees and legislators, in mostly fruitless attempts to understand, legitimize, and regulate the "phenomenon", and to investigate and prosecute its scams.
  14. Rekindled the hopes of anarcho-capitalists and libertarians for a global economic collapse, that would finally bring forth their Mad Max "utopia".
  15. Added another character to Unicode (no, no, not the "poo" 💩 character ... that was my first guess as well 🤣)
  16. Provides an easy way for malware and ransomware criminals to ply their trade and extort hospitals, schools, local councils, businesses, utilities, as well as the general population.
.
Correct Predictions:
  1. 2015-12: "1,000 dollar in 2015", u/Luka_Magnotta, aka time traveler from the future, 31-Aug-2013, https://www.reddit.com/Bitcoin/comments/1lfobc/i_am_a_timetraveler_from_the_future_here_to_beg/ (Technically, this prediction is WRONG because the highest price reached in 2015 was $495.56 according to CMC. Yes, Bitcoin reached $1,000 in 2013 and 2014, but that's NOT what the prediction says).
  2. 2017-12: "10,000 in 2017", u/Luka_Magnotta, aka time traveler from the future, 31-Aug-2013, https://www.reddit.com/Bitcoin/comments/1lfobc/i_am_a_timetraveler_from_the_future_here_to_beg/
  3. 2018-04: $10,000 (by April 2018), Mike Novogratz, link #1: https://www.bitcoinprice.com/predictions/, link #2: https://www.bloomberg.com/news/articles/2017-11-21/mike-novogratz-says-bitcoin-will-end-the-year-at-10-000
  4. 2018-12: $10,000 (by 2018), Tim Draper, link #1: https://www.bitcoinprice.com/predictions/, link #2: https://www.youtube.com/watch?v=3AW5s6QkRRY
  5. Any others ? (Please tell me).
.
Bitcoin Promises / Claims / Price Predictions that turned out to be lies and bullshit:
  1. ANONYMOUS
  2. CENSORSHIP RESISTANT
  3. FRICTIONLESS
  4. TRUSTLESS
  5. UNCENSORABLE
  6. UNTRACEABLE
  7. SAFE
  8. SECURE
  9. YOU CANNOT LOSE
  10. NOT A SCAM
  11. PERMISSIONLESS
  12. GUARANTEED PRIVACY
  13. CANNOT BE SEIZED
  14. CANNOT BE CONFISCATED
  15. Be your own bank
  16. Regulation-proof
  17. NO MIDDLEMEN
  18. DECENTRALIZED
  19. Instantaneous transactions
  20. Fast transactions
  21. Zero / No transaction fees
  22. Low transaction fees
  23. A store of value
  24. A deflationary digital asset
  25. "A deflationary digital asset that no single human being can destroy."
  26. "an asset that is equally as dual use as a car, water, or any other traditional element that has existed."
  27. "Digital gold"
  28. Easy to use
  29. Cannot be stolen
  30. Cannot be hacked
  31. Can be mined by anyone
  32. Can be mined by anyone, even with an old computer or laptop
  33. Cannot be centralized
  34. Will return power back to the people.
  35. Not a Ponzi scam
  36. Not a Pyramid scam
  37. Never pay tax again
  38. Your gains cannot be taxed
  39. A currency
  40. An amazing new class of asset
  41. An asset
  42. A means to economic freedom
  43. A store of value
  44. The best investment the word has ever seen
  45. A great investment
  46. Efficient
  47. Scalable
  48. Stable
  49. Resilient
  50. Reliable
  51. Low energy
  52. Low risk
  53. Redistribute wealth to everybody
  54. No more have's and have not's
  55. No more US and THEM
  56. No more disadvantaged people
  57. No more RICH and POOR
  58. No more poor people
  59. Uses amazing new technology
  60. Uses ingenious new technology
  61. Satishi Nakamoto invented ...
  62. Segwit will solve all of Bitcoin's woes
  63. Lightning Network will solve all of Bitcoin's woes
  64. Limited by scarcity
  65. Can only go up in value
  66. Price cannot crash
  67. Has intrinsic value
  68. Value will always be worth more than cost to mine
  69. Adoption by investors is increasing exponentially
  70. Adoption by investors is increasing
  71. Adoption by merchants is increasing exponentially
  72. Adoption by merchants is increasing
  73. You are secure if you keep your coins on an exchange
  74. You are secure if you keep your coins in a hardware wallet
  75. You are secure if you keep your coins in an air-gapped Linux PC
  76. Will change the world
  77. "the next phase in human evolution"
  78. "Blockchain is more encompassing than the internet"
  79. Blockchain can solve previously unsolvable problems.
  80. "The only regulation we need is the blockchain"
  81. "Bank the unbanked"
  82. "To abolish financial slavery and the state's toxic monopoly on money."
  83. "To have better tools in the fight against the state violence and taxation."
  84. "To stamp information on a blockchain forever so we can bypass state censorship, copyrights, patents(informational monopolies) etc."
  85. Will destroy / overthrow FIAT
  86. Will destroy / overthrow the world's governments
  87. Will destroy / overthrow the banking system
  88. Will destroy / overthrow the world economies
  89. Will free people from tyranny
  90. Will give people financial freedom
  91. Will bring world peace
  92. Never going below $19K again
  93. Never going below $18K again
  94. Never going below $17K again
  95. Never going below $16K again
  96. Never going below $15K again
  97. Never going below $14K again
  98. Never going below $13K again
  99. Never going below $12K again
  100. Never going below $11K again
  101. Never going below $10K again
  102. Never going below $9K again
  103. Never going below $8K again
  104. Never going below $7K again
  105. Never going below $6K again
  106. Never going below $5K again
  107. Never going below $4K again
  108. Is NOT a Scam
  109. Hashing Power secures the Bitcoin network
  110. Untraceable, private transactions
  111. Guaranteed privacy
  112. Not created out of thin air
  113. Not created out of thin air by unregulated, unbacked entities
  114. Totally NOT a scam
  115. Is not used primarily by crimonals, drug dealers, or money launderers.
  116. 100% secure
  117. 2010 will be the "Year of Crypto"
  118. 2011 will be the "Year of Crypto"
  119. 2012 will be the "Year of Crypto"
  120. 2013 will be the "Year of Crypto"
  121. 2014 will be the "Year of Crypto"
  122. 2015 will be the "Year of Crypto"
  123. 2016 will be the "Year of Crypto"
  124. 2017 will be the "Year of Crypto"
  125. 2018 will be the "Year of Crypto"
  126. 2019 will be the "Year of Crypto"
  127. 2010: MASS ADOPTION any day now"
  128. 2011: MASS ADOPTION aany day now"
  129. 2012: MASS ADOPTION aaany day now"
  130. 2013: MASS ADOPTION aaaany day now"
  131. 2014: MASS ADOPTION aaaaany day now"
  132. 2015: MASS ADOPTION aaaaaany day now"
  133. 2016: MASS ADOPTION aaaaaaany day now"
  134. 2017: MASS ADOPTION aaaaaaaany day now"
  135. 2018: MASS ADOPTION aaaaaaaaany day now"
  136. 2019: MASS ADOPTION aaaaaaaaany day now"
  137. "Financial Freedom, bro."
  138. no single entity, government or individual, can alter or reverse its transactions
  139. insurance against the tyranny of state
  140. Bitcoin has come to destroy all governments and bring about the libertarian utopia of my dreams.
  141. The major issues in Bicoin's network will be fixed. This is still early days, Bitcoin has only been around for 2+ years.
  142. The major issues in Bicoin's network will be fixed. This is still early days, Bitcoin has only been around for 5+ years.
  143. The major issues in Bicoin's network will be fixed. This is still early days, Bitcoin has only been around for 7+ years.
  144. The major issues in Bicoin's network will be fixed. This is still early days, Bitcoin has only been around for 9+ years.
  145. 1,000's of predictions of skyrocketing and/or never falling prices
  146. Escape the petty rivalries of warring powers and nation states by scattering control among the many. The Bitcoin Cash debacle proves that even the most cryptographically secure plans of mice and men often go awry. Ref: https://www.reddit.com/Buttcoin/comments/9zfhb6/like_theres_only_one_flaw_with_buttcoin_crash/ea8s11m
  147. People will NEVER be able to welch out of bets or deals again. Nov-2018, Ref: https://www.reddit.com/Buttcoin/comments/9zvpl2/the_guy_who_made_the_1000_bet_that_btc_wouldnt/
  148. "Everything will be better, faster, and cheaper.", Brock Pierce, EOS.io shill video.
  149. "Everything will be more connected.", Brock Pierce, EOS.io shill video.
  150. "Everything will be more trustworthy.", Brock Pierce, EOS.io shill video.
  151. "Everything will be more secure.", Brock Pierce, EOS.io shill video.
  152. "Everything that exists is no-longer going to exist in the way that it does today.", Brock Pierce, EOS.io shill video.
  153. "Everything in this world is about to get better.", Brock Pierce, EOS.io shill video.
  154. You are a slave to the bankers
  155. The bankers print money and then you pay for it
  156. Bitcoin is The Peoples Money
  157. Bitcoin will set you free
  158. Bitcoin will set you free from the slavery of the banks and the government Ref: https://www.reddit.com/Bitcoin/comments/cd2q94/bitcoin_shall_set_you_free/
  159. ~~Bitcoin is "striking fear into the hearts of bankers, precisely because Bitcoin eliminates the need for banks. ~~, Mark Yusko, billionaire investor and Founder of Morgan Creek Capital, https://www.bitcoinprice.com/predictions/
  160. "When transactions are verified on a Blockchain, banks become obsolete.", Mark Yusko, billionaire investor and Founder of Morgan Creek Capital, https://www.bitcoinprice.com/predictions/
  161. SnapshillBot quotes from delusional morons:
  162. "A bitcoin miner in every device and in every hand."
  163. "All the indicators are pointing to a huge year and bigger than anything we have seen before."
  164. "Bitcoin is communism and democracy working hand in hand."
  165. "Bitcoin is freedom, and we will soon be free."
  166. "Bitcoin isn't calculated risk, you're right. It's downright and painfully obvious that it will consume global finance."
  167. "Bitcoin most disruptive technology of last 500 years"
  168. "Bitcoin: So easy, your grandma can use it!"
  169. "Creating a 4th Branch of Government - Bitcoin"
  170. "Future generations will cry laughing reading all the negativity and insanity vomited by these permabears."
  171. "Future us will thank us."
  172. "Give Bitcoin two years"
  173. "HODLING is more like being a dutiful guardian of the most powerful economic force this planet has ever seen and getting to have a say about how that force is unleashed."
  174. "Cut out the middleman"
  175. "full control of your own assets"
  176. "reduction in wealth gap"
  177. "no inflation"
  178. "cannot print money out of thin air"
  179. "Why that matters? Because blockchain not only cheaper for them, it'll be cheaper for you and everyone as well."
  180. "If you are in this to get rich in Fiat then no. But if you are in this to protect your wealth once the current monetary system collapse then you are protected and you'll be the new rich."
  181. "Theres the 1% and then theres the 99%. You want to be with the rest thats fine. Being different and brave is far more rewarding. No matter your background or education."
  182. "NO COINERS will believe anything they are fed by fake news and paid media."
  183. "I know that feeling (like people looking at you as in seeing a celebrity and then asking things they don't believe until their impressed)."
  184. "I literally walk round everyday looking at other people wondering why they even bother to live if they don't have Bitcoin in their lives."
  185. "I think bitcoin may very well be the best form of money we’ve ever seen in the history of civilization."
  186. "I think Bitcoin will do for mankind what the sun did for life on earth."
  187. "I think the constant scams and illegal activities only show the viability of bitcoin."
  188. "I think we're sitting on the verge of exponential interest in the currency."
  189. "I'm not using hyperbole when I say Satoshi found the elusive key to World Peace."
  190. "If Jesus ever comes back you know he's gonna be using Bitcoin"
  191. "If this idea was implemented with The Blockchain™, it would be completely flawless! Flawless I tell you!"
  192. "If you're the minimum wage guy type, now is a great time to skip food and go full ramadan in order to buy bitcoin instead."
  193. "In a world slipping more and more into chaos and uncertainty, Bitcoin seems to me like the last solid rock defeating all the attacks."
  194. "In this moment, I am euphoric. Not because of any filthy statist's blessing, but because I am enlightened by own intelligence."
  195. "Is Bitcoin at this point, with all the potential that opens up, the most undervalued asset ever?"
  196. "It won't be long until bitcoin is an everyday household term."
  197. "It's the USD that is volatile. Bitcoin is the real neutral currency."
  198. "Just like the early Internet!"
  199. "Just like the Trojan Horse of old, Bitcoin will reveal its full power and nature"
  200. "Ladies if your man doesnt have some bitcoin then he cant handle anything and has no danger sex appeal. He isnt edgy"
  201. "let me be the first to say if you dont have bitcoin you are a pussy and cant really purchase anything worldwide. You have no global reach"
  202. "My conclusion is that I see this a a very good thing for bitcoin and for users"
  203. "No one would do such a thing; it'd be against their self interests."
  204. "Ooh lala, good job on bashing Bitcoin. How to disrespect a great innovation."
  205. "Realistically I think Bitcoin will replace the dollar in the next 10-15 years."
  206. "Seperation of money and state -> states become obsolete -> world peace."
  207. "Some striking similarities between Bitcoin and God"
  208. "THANK YOU. Better for this child to be strangled in its crib as a true weapon for crypto-anarchists than for it to be wielded by toxic individuals who distort the technology and surrender it to government and corporate powers."
  209. "The Blockchain is more encompassing than the internet and is the next phase in human evolution. To avoid its significance is complete ignorance."
  210. "The bull run should begin any day now."
  211. "The free market doesn't permit fraud and theft."
  212. "The free market will clear away the bad actors."
  213. "The only regulation we need is the blockchain."
  214. "We are not your slaves! We are free bodies who will swallow you and puke you out in disgust. Welcome to liberty land or as that genius called it: Bitcoin."
  215. "We do not need the bankers for Satoshi is our saviour!"
  216. "We have never seen something so perfect"
  217. "We must bring freedom and crypto to the masses, to the common man who does not know how to fight for himself."
  218. "We verified that against the blockchain."
  219. "we will see a Rennaisnce over the next few decades, all thanks to Bitcoin."
  220. "Well, since 2006, there has been a infinite% increase in price, so..."
  221. "What doesn't kill cryptocurrency makes it stronger."
  222. "When Bitcoin awake in normally people (real people) ... you will have this result : No War. No Tax. No QE. No Bank."
  223. "When I see news that the price of bitcoin has tanked (and thus the market, more or less) I actually, for-real, have the gut reaction "oh that’s cool, I’ll be buying cheap this week". I never knew I could be so rational."
  224. "Where is your sense of adventure? Bitcoin is the future. Set aside your fears and leave easier at the doorstep."
  225. "Yes Bitcoin will cause the greatest redistribution of wealth this planet has ever seen. FACT from the future."
  226. "You are the true Bitcoin pioneers and with your help we have imprinted Bitcoin in the Canadian conscience."
  227. "You ever try LSD? Perhaps it would help you break free from the box of state-formed thinking you have limited yourself..."
  228. "Your phone or refrigerator might be on the blockchain one day."
  229. The banks can print money whenever they way, out of thin air, so why can't crypto do the same ???
  230. Central Banks can print money whenever they way, out of thin air, without any consequences or accounting, so why can't crypto do the same ???
  231. It's impossible to hide illegal, unsavory material on the blockchain
  232. It's impossible to hide child pornography on the blockchain
  233. Fungible
  234. All Bitccoins are the same, 100% identical, one Bitcoin cannot be distinguished from any other Bitcoin.
  235. The price of Bitcoin can only go up.
  236. "Bubbles are mathematically impossible in this new paradigm. So are corrections and all else", John McAfee, 7 Dec 2017 @ 5:09 PM,https://mobile.twitter.com/officialmcafee/status/938938539282190337
  237. Scarcity
  238. The price of Bitcoin can only go up because of scarcity / 21 million coin limit. (Bitcoin is open source, anyone can create thir own copy, and there are more than 2,000+ Bitcoin copies / clones out there already).
  239. immune to government regulation
  240. "a world-changing technology"
  241. "a long-term store of value, like gold or silver"
  242. "To Complex to Be Audited."
  243. "Old Auditing rules do not apply to Blockchain."
  244. "Old Auditing rules do not apply to Cryptocurrency."
  245. "Why Bitcoin has Value: SCARCITY.", PlanB, Coin Shill, 22-Mar-2019, https://medium.com/@100trillionUSD/modeling-bitcoins-value-with-scarcity-91fa0fc03e25
  246. "Bitcoin is the first scarce digital object the world has ever seen, it is scarce like silver & gold, and can be sent over the internet, radio, satellite etc.", PlanB, Coin Shill, 22-Mar-2019, https://medium.com/@100trillionUSD/modeling-bitcoins-value-with-scarcity-91fa0fc03e25
  247. "Surely this digital scarcity has value.", PlanB, Coin Shill, 22-Mar-2019, https://medium.com/@100trillionUSD/modeling-bitcoins-value-with-scarcity-91fa0fc03e25
  248. Bitcoin now at $16,600.00. Those of you in the old school who believe this is a bubble simply have not understood the new mathematics of the Blockchain, or you did not cared enough to try. Bubbles are mathematically impossible in this new paradigm. So are corrections and all else", John McAfee, 7 Dec 2017 @ 5:09 PM,https://mobile.twitter.com/officialmcafee/status/938938539282190337
  249. "May 2018 will be the last time we ever see $bitcoin under $10,000", Charlie Shrem, bitcoin advocate and convicted felon, 11:31 AM 3-May-2018, https://twitter.com/CharlieShrem/status/992109375555858433
  250. "Last dip ever.", AngeloBTC, 14 Oct 2018, https://mobile.twitter.com/AngeloBTC/status/1051710824388030464/photo/1
  251. "Bitcoin May Have Just Experienced its Final Shakeout Before a Big Rally", Joseph Young, coin shill, October 15, 2018 22:30 CET, https://www.ccn.com/bitcoin-may-have-just-experienced-its-final-shakeout-before-a-big-rally/
  252. Bitcoin would be a buy if the price fell under $5,000., Mohamed El-Erian, chief economic advisor at Allianz, 29-Jun-2018, https://www.ccn.com/bitcoin-a-buy-below-5000-says-allianz-chief-economic-adviso
  253. 2013-11-27: ""What is a Citadel?" you might wonder. Well, by the time Bitcoin became worth 1,000 dollar [27-Nov-2013], services began to emerge for the "Bitcoin rich" to protect themselves as well as their wealth. It started with expensive safes, then began to include bodyguards, and today, "earlies" (our term for early adapters), as well as those rich whose wealth survived the "transition" live in isolated gated cities called Citadels, where most work is automated. Most such Citadels are born out of the fortification used to protect places where Bitcoin mining machines are located. The company known as ASICminer to you is known to me as a city where Mr. Friedman rules as a king.", u/Luka_Magnotta, aka time traveler from the future, 31-Aug-2013, https://www.reddit.com/Bitcoin/comments/1lfobc/i_am_a_timetraveler_from_the_future_here_to_beg/
  254. 2018-02: Bitcoin price to hit $27,000 by February 2018, Trace Mayer, host of the Bitcoin Knowledge Podcast, and self-proclaimed entrepreneur, investor, journalist, monetary scientist and ardent defender, Link #1: https://mobile.twitter.com/TraceMayestatus/917260836070154240/photo/1, Link #2: https://www.bitcoinprice.com/predictions/
  255. 2018-06: "Bitcoin will surpass $15,000 in June [2018]." John McAfee, May 25, 2018, https://bitcoinist.com/john-mcafee-says-bitcoin-will-surpass-15000-in-june/
  256. 2018-07: Bitcoin will be $28,000 by mid-2018, Ronnie Moas, Wall Street analyst and founder of Standpoint Research, http://helpfordream.com/2018/12/23/5-bitcoin-price-predictions-gone-wrong/.
  257. 2018-12: Bitcoin to reach a price of between 40,000 and 110,000 US dollars by the end of the 2017 bull run ... sometime before 2019, Masterluc, 26-May-2017, an anonymous "legendary" Bitcoin trader, Link #1: https://www.tradingview.com/chart/BTCUSD/YRZvdurN-The-target-of-current-bubble-lays-between-40k-and-110k/, Link #2: https://www.bitcoinprice.com/predictions/
  258. 2018-12: "There is no reason why we couldn’t see Bitcoin pushing $50,000 by December [2018]", Thomas Glucksmann, head of APAC business at Gatecoin, Link #1: https://www.bitcoinprice.com/predictions/
  259. 2018-12: Listen up you giggling cunts... who wants some?...you? you want some?...huh? Do ya? Here's the deal you fuckin Nerds - Butts are gonna be at 30 grand or more by next Christmas [2018] - If they aren't I will publicly administer an electronic dick sucking to every shill on this site and disappear forever - Until then, no more bans or shadow bans - Do we have a deal? If Butts are over 50 grand me and Lammy get to be mods. Deal? Your ole pal - "Skully" u/10GDeathBoner, 3-Feb-2018 https://www.reddit.com/Buttcoin/comments/7ut1ut/listen_up_you_giggling_cunts_who_wants_someyou/
  260. 2018-12: 1 bitcoin = 1 Lambo. Remind me on Christmas eve [2018] u/10GDeathBoner, 3-Feb-2018, https://www.reddit.com/Buttcoin/comments/7ut1ut/listen_up_you_giggling_cunts_who_wants_someyou/dtn2pna
  261. 2018-12: Been in BTC since 2014 and experienced many "deaths" of BTC... this too shall pass... $10k end of the year. [2018] u/Exxe2502, 30-Jun-2018 https://reddit.com/Bitcoin/comments/8uur27/_/e1ioi5b/?context=1
  262. 2018-12: "Yale Alumni prediction - 30 Grand by Christmas [2018] - and you my friend... you will be the one eating Mcafee's dick in 2020. :) -:", u/SirNakamoto, 15-Jun-2018, https://www.reddit.com/Buttcoin/comments/8r0tyh/fdic_agrees_to_cover_bitcoin_losses_in_event_of/e0nzxq7
  263. 2018-12: "Impossible For Bitcoin Not to Hit $10,000 by This Year (2018)", Mike Novogratz, a former Goldman Sachs Group Inc. partner, ex-hedge fund manager of the Fortress Investment Group and a longstanding advocate of cryptocurrency, 22-Sep-2018, https://www.newsbtc.com/2018/09/22/billionaire-novogratz-impossible-for-bitcoin-not-to-hit-10000-by-this-yea
  264. 2018-12: "[Bitcoin] between $13,800 and $14,800 [by end of 2018]", Fundstrat's Tom Lee, 13-Dec-2018, https://www.cnbc.com/2018/12/13/wall-streets-bitcoin-bull-tom-lee-we-are-tired-of-people-asking-us-about-target-prices.html
  265. 2018-12: "Bitcoin is going to be $15k-$20k by the end of the year (2018)", Didi Taihuttu, 1-Nov-2018, https://www.wsj.com/video/series/moving-upstream/the-bitcoin-gamble/85E3A4A7-C777-4827-9A3F-B387F2AB7654
  266. 2018-12: 2018 bitcoin price prediction reduced to $15,000 [was $25,000], Fundstrat's Tom Lee, 16-Nov-2018, https://www.cnbc.com/2018/11/16/wall-streets-crypto-bull-tom-lee-slashes-year-end-forecast-by-10000.html
  267. 2018-12: "I want to be clear, bitcoin is going to $25,000 by year end (2018)", Fundstrat's Tom Lee, 5-Jul-2018, https://www.cnbc.com/video/2018/07/05/tom-lee-i-want-to-be-clear-bitcoin-is-going-to-25000-by-year-end.html
  268. 2018-12: "Bitcoin could be at $40,000 by the end of 2018, it really easily could", Mike Novogratz, a former Goldman Sachs Group Inc. partner, ex-hedge fund manager of the Fortress Investment Group and a longstanding advocate of cryptocurrency, 21-Sep-2018, https://www.youtube.com/watch?v=6lC1anDg2KU
  269. 2018-12: "Bitcoin will be priced around $50,000 by the end of the year (2018)", Bitcoin bull Arthur Hayes, co-founder and CEO of BitMEX, 29-Jun-2018, https://www.cnbc.com/2018/06/29/bitcoin-will-reach-50000-in-2018-says-founder-of-bitcoin-exchange.html
  270. 2018-12: "Bitcoin could definitely see $50,000 in 2018", Jeet Singh, cryptocurrency portfolio manager, speaking in January 2018 at the World Economic Forum in Davos, https://www.dcforecasts.com/new-prediction-says-bitcoin-hit-50000-2018/
  271. 2018-12: "Bitcoin will hit $100,000 this year (2018)", Kay Van-Petersen, an analyst at Saxo Bank, 17-Jan-2018, https://www.cnbc.com/2018/01/16/bitcoin-headed-to-100000-in-2018-analyst-who-forecast-2017-price-move.html
  272. 2018-12: "Bitcoin price to surpass the $100,000 mark by the end of 2018", Tone Vays, 21-Sep-2017, https://www.ccn.com/prominent-bitcoin-trader-price-is-heading-towards-100000-in-2018/
  273. 2018-12: "Bitcoin’s Price Will Surpass the $100,000 Mark by the End of 2018", Anonymous ("author" obviously too embarrassed to put his name to such bullshit "articles"), Oct-2018, https://investingpr.com/bitcoin-price-predictions-for-2018/
  274. 2018-12: "Our [2018] year-end bitcoin target is $7700.", James Stefurak, Founder at Monarch Research. See article: "Experts Forecast Bitcoin will rise by 2019", REF: https://hackernoon.com/experts-forecast-bitcoin-will-rise-by-2019-f4af8807036b?gi=dfea3c30d6d8
  275. 2018-12: "... we’ll see the price rally reaching its all-time of high of around $20K before the end of 2018", Khaled Khorshid, Co-Founder at Treon ICO. See article: "Experts Forecast Bitcoin will rise by 2019", REF: https://hackernoon.com/experts-forecast-bitcoin-will-rise-by-2019-f4af8807036b?gi=dfea3c30d6d8
  276. 2018-12: Bitcoin will end 2018 at the price point of $50,000, Ran Neuner, host of CNBC’s show Cryptotrader and the 28th most influential Blockchain insider according to Richtopia,https://www.bitcoinprice.com/predictions/
  277. Plus a whole host of wrong 2019 predictions (could not be included here because of post character limit issues), so please see my earlier post from 4 days ago: Ummm, remember those "Expert" Bitcoin Price Predictions for 2019 ..... ohhhhh dear ....., https://www.reddit.com/Buttcoin/comments/eiqhq3/ummm_remember_those_expert_bitcoin_price/
.
But it's NOT all bad news, some claims and promises are yet to be determined:
  1. Never going below $3K again
  2. Never going below $2K again
  3. Never going below $1K again
  4. Any others ? Please let me know.
submitted by Crypto_To_The_Core to Buttcoin [link] [comments]

China Bans Bitcoin Exchanges AND Mining? Good or Bad? BITCOIN Legal Or Illegal  INDIA, CANADA, USA, JAPAN ... China Bans Bitcoin Again -- Bitcoin the Movie -- Startup for Startups Raises 2,000 BTC WHAT'S UP BITCOIN BEARS & BULLS⁉️ Chinese Banks FREEZE account used for BTC & A $2,600,000 ETH FEE⁉️ Banking On Bitcoin - TRAILER - YouTube

Best Online Banks . Best ID Theft Protection Companies . Second Stimulus Check Calculator ... China's 'Bitcoin Ban' No Match For Stateless Cryptocurrency Market. Kenneth Rapoza Senior Contributor ... Rumored Ban of Bitcoin Denied by PBOC . On March 21st, a news story broke out from a self-proclaimed financial media account on Sina Weibo, a popular twitter-like micro-blogging site in China, claiming that the Chinese authorities were going to ban Bitcoin transactions by April 15th. The story was promptly copied by other major news websites in China. Later that night, the official Sina Weibo ... Small Banks Struggle With High Deposit and Low Lending Interest Rates. The collapse of Baoshang Bank led to not only raised levels of depositor anxiety but also rising interbank interest rates ... Major Chinese banks have taken measures to prevent customers from buying gold, platinum, palladium, and other precious metal-related products through them. The Shanghai Gold Exchange also says it ... China's ban on Bitcoin and other cryptocurrencies may be temporary, to appease international agencies and hardcore communist members ahead of the upcoming Communist Party convention.

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China Bans Bitcoin Exchanges AND Mining? Good or Bad?

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