Fantasy Sports Giant Fanduel Now Accepts Bitcoin Cash

The second-largest fantasy sports provider Fanduel has revealed customers can make deposits on the platform using cryptocurrency. Fanduel members can now top up their accounts with BCH or BTC via the digital currency payment provider Bitpay.
Also Read: More Than 70 Projects and Applications Built Around Bitcoin Cash
Fanduel Adds Bitcoin Payments via Bitpay
Fantasy sports is a hugely popular phenomenon worldwide that experiences more than 10% annual growth and is currently an $8 billion dollar industry. The Fantasy Sports Trade Association (FSTA) has recorded more than 59 million fantasy sports participants throughout the U.S. and Canada alone. Basically, the game of roto or fantasy sports is a tournament of people who assemble virtual teams made up of real players in a professional league. The players’ real-world statistics apply to the fantasy team and people wager on these games every day online. Fanduel is one of the most popular fantasy sport providers on the internet, and on Sep. 3, the company announced that customers can fund their accounts with bitcoin cash (BCH) and bitcoin core (BTC).
Fanduel is now accepting BCH and BTC deposits for fantasy sports play. Fanduel Group consists of a portfolio of brands across gaming, sports betting, daily fantasy sports, advance-deposit wagering, and TV/media, including FanDuel, Betfair US, DRAFT, and TVG.
Fanduel members can use crypto with their accounts via the Atlanta-based payment processor Bitpay. The firm’s chief commercial officer Sonny Singh explained that with Fanduel accepting bitcoin, patrons will have access to an alternative form of payment just before the NFL season starts. “NFL Football is one of the most popular sporting events to watch and the start of the football season makes it a perfect time to introduce Bitcoin to these fans,” said Singh. “We wanted to have the option in place for Bitcoin users to deposit cryptocurrency into their Fanduel accounts and take advantage of the daily fantasy sports games.”
Fanduel’s Past Issues With Payment Processors and the ‘Bitcoin Bowl’
People have wanted Fanduel to accept bitcoin for years now and it was discussed back in Feb. 2016 when Fanduel and Draftkings lost a major payment provider. At the time, Fanduel and Draftkings commanded more than 90% of the daily fantasy sports (DFS) market. A few states in the U.S. decided that DFS was a form of illegal online gambling and prohibited residents from using the two sites. One of Fanduel and Draftkings’ payment processors at the time was a firm called Vantiv Entertainment Solutions who decided to end the financial relationship abruptly. Jonathan Ellman, chief transaction and marketing counsel at Vantiv, said it was due to “an increasing number of state attorneys general have determined that daily fantasy sports (‘D.F.S.’) constitute illegal gambling.” Draftkings was upset that Vantiv pulled out of the partnership and claimed Vantiv was under “court order to continue to fulfill its contractual obligation to Draftkings.”
Fanduel and Draftkings didn’t seek out cryptocurrencies at the time but Fanduel has dealt with digital assets in the past. In Jan. 2018 the company had a “Bitcoin Bowl” contest and gave away a total of 3.75 BTC to the winners in a free match. Out of the jackpot, 2 BTC was awarded to tournament players who paid $3 to enter the game. Users had to provide a valid BTC address after the playoffs were finished in order to receive the winning prizes. “When your team makes the playoffs, the sky’s the limit — And from what we’ve read online, bitcoin investors know exactly how that feels,” Fanduel’s website read at the time. “So, for week one of the playoffs, we’re giving you two chances to hop on the ultimate bandwagon and play to win some bitcoins of your own.”
Fanduel gave away 3.75 BTC last year for a fantasy sports contest called the Bitcoin Bowl.
Smaller DFS Platforms and Regulators
That same month, Fanduel surpassed over 6 million registrants and the company’s chief financial officer Andy Giancamilli said he recognized a good portion of the company’s user base had an interest in bitcoin. Moreover, Giancamilli commented that the company had always searched for unique prizes. Even though it’s the biggest, Fanduel isn’t the only fantasy sports platform that accepts bitcoin, as a number of smaller portals offer crypto payments as well. There’s fantasy sports sites and DFS tournaments like Gtbets, MVP Lineup, Fantasy Factor, and No Limit.
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Fanduel is available in the U.S. but the site is banned and blocked in Alabama, Arizona, Hawaii, Idaho, Iowa, Louisiana, Montana, Nevada, New York, Washington, and Texas. The UK Gambling Commission was the first region worldwide to include the regulation of cryptocurrencies and DFS gambling in 2016 and the Isle of Man Gambling Commission followed suit shortly after. At the time, the UK Gambling Commission was the first major regulator to authorize digital currency gambling with KYC/AML guidelines. With Fanduel allowed to accept BCH and BTC for DFS wagers, U.S. regulators may follow behind the U.K. as well.
What do you think about Fanduel accepting bitcoin cash for deposits and DFS tournaments? Let us know what you think about this subject in the comments section below.
Disclaimer: Readers should do their own due diligence before taking any actions related to the mentioned companies, DFS sites, Fantasy Sports vendors, and websites associated with this article. Bitcoin.com or the author is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services, products, and vendors mentioned in this article. This editorial review is for informational purposes only.
Image credits: Shutterstock, Fanduel, and Pixabay.
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Indian Government’s New Report Views Crypto Positively

A new Indian government report has put cryptocurrency in a positive light, viewing the mechanisms surrounding it, including initial coin offerings, as “revolutionizing the global fintech landscape.” The report also discusses the regulation of coins and tokens.
Also read: Indian Exchanges Innovate as Calls for Positive Crypto Regulation Escalate
Steering Committee’s Report
The Indian Ministry of Finance announced Monday that the Steering Committee on Fintech-Related Issues has submitted its final report to the finance minister. The committee was constituted by the Department of Economic Affairs (DEA) under the chairmanship of Subhash Chandra Garg who was the DEA Secretary at the time. He has since been reassigned to the Power Ministry. The 150-page report includes a section on digital currencies and tokens.
The Steering Committee submitting its report to the finance minister (center) on Sept. 2.
The committee described in its report that the “Use of digital tokens resolves the issue of multiple currencies, improves liquidity and capital compliance costs, allows for micro-payments and expedites the payment process, which further eliminates liquidity risks,” elaborating:
The mechanisms surrounding cryptocurrencies, particularly the blockchain and initial coin offerings (ICOs), are revolutionizing the global fintech landscape.
The report details how ICOs work and emphasizes that token issuance “has emerged as an innovative way of capital raising by fintech businesses,” citing that 790 ICOs had been issued as of Sept. 25, 2018, raising a total of $20 billion. This year, the total amount of funds raised globally in ICOs so far is over $346 million, according to token sale tracking website ICOdata.
The mandate of this committee “was to take stock of developments in the fintech space globally and in India, study the regulatory climate in various geographies, identify application areas and use cases in governance and financial services, [and] suggest institutional regulatory upgrades enabling fintech innovations,” Garg described.
Committee That Drafted Crypto Bill
Another committee under the chairmanship of Garg was the interministerial committee (IMC) tasked with studying all aspects of cryptocurrencies and providing recommendations. Constituted on Nov. 2, 2017, the IMC met three times before submitting its report and draft bill entitled “Banning of Cryptocurrency and Regulation of Official Digital Currency Bill 2019” to the finance minister. The report and bill are both dated Feb. 28, but were made public on July 22.
Subhash Chandra Garg who headed both the IMC and the Steering Committee.
Besides Garg, the IMC report was signed by the secretary of the Ministry of Electronics and Information Technology, the chairman of the Securities and Exchange Board of India, and the deputy governor of the Reserve Bank of India (RBI). All of them are also members of the Steering Committee, along with a number of other government officials, the CEO of the Unique Identification Authority of India, and the CEO of Invest India. In addition, 31 industry participants are listed in the report, including the National Association of Software and Services Companies (Nasscom), the Internet and Mobile Association of India (IAMAI), Paypal, Mastercard, Facebook, and several banks such as RBL Bank, State Bank of India, and Yes Bank.
Since the public release of the IMC report and draft bill, the Indian crypto community has been campaigning to convince the government that the recommendations are flawed. Nasscom and IAMAI have also voiced their concerns regarding the bill to ban cryptocurrencies as they believe that banning is not the solution. IAMAI has also filed a writ petition with the supreme court challenging the banking ban by the RBI.
Regulation of Cryptocurrencies
The Steering Committee report suggests that tokens can be grouped into two categories depending on the objective of their issue. The first category is utility tokens, which “entitle future access to a company’s product or service,” the report reads. This type of token includes digital coupons, such as those a hotel or other service providers would issue.
The second category is security tokens. The report notes that some token issuance has the attribute of a security, referencing the U.S. SEC vs. Howey court case which established the guidelines for determining if an offering constitutes a security. The report briefly explained how the Howey test works, stating that four criteria must be satisfied. Particularly, there must be an investment of money and an expectation of profits. The investment of money must be in a common enterprise and any profit must come from the efforts of a promoter or third party. According to the report:
The regulation of coins or tokens depends on the characteristics and the purpose for which they are being issued.

While the above classification is mentioned in the IMC report, it is not part of the bill which seeks to ban all “private cryptocurrencies,” except state-issued ones. Instead of defining tokens as security or utility, the bill simply defines cryptocurrency as “any information or code or number or token not being part of any official digital currency, generated through cryptographic means or otherwise, providing a digital representation of value which is exchanged with or without consideration, with the promise or representation of having inherent value in any business activity…”
In its report, the IMC acknowledged that it “recognizes that technological innovations, including those underlying virtual currencies /crypto tokens, have the potential to improve the efficiency and inclusiveness of the financial system.” Nonetheless, it still recommends “a law banning the cryptocurrencies in India and criminalizing carrying on of any activities connected with cryptocurrencies in India.”
Last month, the central bank published its final fintech regulatory sandbox framework. Among the types of businesses, projects, and services that may not participate are those involving cryptocurrency; crypto-asset services; trading, investing, and settling in crypto assets; ICOs; and any products or services which have been banned by the government of India. Meanwhile, the Indian supreme court is scheduled to hear the case relating to India’s crypto policies in January next year, after postponing it at the request of the government in July. The government told the supreme court that it may introduce the bill on cryptocurrency in the next parliament session.
What do you think of the Steering Committee’s report? Do you think the Indian government will abolish the bill to ban cryptocurrencies and introduce positive regulation instead? Let us know in the comments section below.
Images courtesy of Shutterstock and the Indian Ministry of Finance.
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Dutch Central Bank Prepares to Start Regulating Crypto Sector

The central bank of the Netherlands is preparing to supervise the country’s crypto sector. The bank has requested crypto exchanges and wallet providers to come forward and submit some information. Once the law takes effect, these operators will be required to register with the central bank to continue operations.
Also read: Crypto Can Boost Indian Economy – How Banning Will Hurt it
Central Bank to Supervise Crypto Firms
The Netherlands’ central bank, De Nederlandsche Bank (DNB), announced Tuesday that it is preparing to start supervising crypto exchanges and custodian wallet providers. Noting that these operators are expected to become subject to its supervision starting Jan. 10, 2020, the bank detailed:
In concrete terms, firms offering services for the exchange between cryptos and regular money, and crypto wallet providers must register with De Nederlandsche Bank.

The DNB added that it will also assess the firms’ board members, some shareholders, and other policymakers. Further, these companies “must demonstrate that their processes are effectively designed to prevent money laundering and terrorist financing, and that board members and other policymakers adequately manage these processes.” The bank emphasized:
Firms that do not register will no longer be allowed to provide crypto exchange services and wallets.
These requirements stem from the fifth European anti-money laundering directive (AMLD5), the bank explained, adding that it is required to supervise crypto businesses under this directive and its implementation into Dutch law. Reiterating that the requirements must be implemented by Jan. 10 next year, the bank clarified: “The aim is for the amended Act to enter into force on that date. This means that the requirements apply as of that date, and that parties must also register as of that date.”

The Dutch central bank has acknowledged the growth of the crypto sector, stating that “New crypto applications keep appearing and the cryptoecosystem continues to evolve.” However, it is also concerned with the risks it associates with crypto assets. The DNB and the Dutch Authority for the Financial Markets (AFM), the independent market conduct authority that oversees the entire financial market sector, have warned the public several times about the risks associated with crypto.
The bank noted that “The rise of cryptos demands an adequate response from the supervisory authorities,” emphasizing the necessity of “a fitting and proportional regulatory framework.” Together with the AFM, the bank called for the regulation of the crypto sector in January, recommending the implementation of a licensing system for crypto exchanges and wallet providers. The proposal for a licensing system was included in the original bill submitted to parliament but was later removed.
Which Providers Are Requested to Come Forward
With Tuesday’s announcement, the DNB has also requested some information from crypto business operators by Sept. 23.
Notifications are requested from “anyone offering services for the exchange of virtual and fiat currencies in, or from, the Netherlands in a professional capacity or on a commercial basis,” and “anyone offering custodian wallets in, or from, the Netherlands in a professional capacity or on a commercial basis,” the bank described. The former includes exchanges, intermediaries, and providers of cryptocurrency automated teller machines (ATMs). According to the legislative proposal, “The person effectively operating the ATM is considered to be the provider of the exchange service.” The DNB also explained that whether the providers are domiciled in the Netherlands is irrelevant, as all providers offering services in the country, including via a website, must register with it.

The request is not mandatory, however, as it is intended for the bank to get a clearer picture of the number of service providers that will need to be registered, as well as their contact information. “This request is to enable us to better prepare ourselves and the parties that will be subject to our supervision,” the bank explained. “At a later stage, we will notify these parties about the registration requirement, the necessary steps they must take, and when they can register.” The DNB also noted that once the Act enters into force, it will have the authority to request information, carry out investigations, and take enforcement action against those that do not cooperate.
The Dutch Bill to Regulate the Crypto Industry
The Act implementing AMLD5 was submitted by the Dutch finance minister to the House of Representatives on July 2. This legislative proposal implements the AMLD5 through the country’s Anti-money Laundering and Terrorist Financing Act (Wet ter voorkoming van witwassen en financieren van terrorisme – Wwft).
Originally the draft bill proposed a licensing requirement for crypto exchanges and wallet providers, as recommended by the central bank and the AFM. However, Karen Berg, counsel at Bird & Bird law firm in the Netherlands, recently explained that the Dutch Council of State had a negative view on the original bill and advised the finance minister to abolish the licensing requirement. The council is tasked with advising the country’s parliament on draft legislation that the government sends to parliament and assessing draft bills on certain specific aspects, including compliance with the European directives.

The council explained that the AMLD5 does not offer a choice between a licensing and a registration requirement for crypto exchanges and wallet providers, therefore the proposed licensing requirement is “not permitted,” Berg conveyed. While acknowledging that the licensing system recommended by the central bank and the AFM “would contribute to the effectiveness and execution of supervision,” the lawyer said that the council believes it “does not mean that such measure is proportionate given the burden it imposes on the service providers.”
The finance minister subsequently made a number of amendments to the legislative proposal, incorporating the advice of the council and the Dutch Data Protection Authority, as well as responses from various consultations. Berg detailed that the licensing requirement has been replaced by a registration requirement in the bill sent to parliament, noting that the final legislative proposal follows European legislation fairly closely. According to the lawyer, the bill also “provides for a transitional period of six months for the registration obligation of existing providers of crypto exchange services and crypto wallets.”
What do you think of the Dutch central bank supervising crypto service providers? Let us know in the comments section below.
Images courtesy of Shutterstock.
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World’s Biggest Bitcoin Cash Conference Kicks Off in Australia – What to Expect

Arguably set to become the world’s biggest Bitcoin Cash conference yet, Bitcoin Cash City kicked off today in sunny Townsville, North Queensland. The city is not only colorful, friendly, and home to some very beautiful coastline, it’s also chock-full of opportunities to use Bitcoin Cash for everyday living. As such, it’s well-suited to promoting a cryptocurrency seeking not simply to become a dusty store of value, but a real living, breathing cash for anyone and everyone to use in their daily lives. Here’s a brief overview of what to expect from this one-of-a-kind, dynamic gathering.
Also Read: More Than 70 Projects and Applications Built Around Bitcoin Cash
A Crypto Explosion in Townsville
Birthplace of Julian Assange, Townsville could be said to have a modern history of bringing forth innovative ideas challenging the status quo, with the recent rise of BCH adoption in mind. The rapid proliferation of BCH-friendly merchants and vendors here over the past year has been almost uncanny, when compared with rates of adoption in other locales. “Uncanny” if it weren’t for all the hard work the local community is putting in, promoting adoption and development of everyday use cases, and pursuing visions of future mining operations as well. From construction companies to coffee shops, cafés to convenience stores and beyond, if you need it, you can often pay for it here in Townsville with Bitcoin Cash.
Bitcoin Cash City organizer Hayden Otto.
When asked by news.Bitcoin.com what he was most excited about for the conference, organizer Hayden Otto replied:
Getting Bitcoin back on track as P2P electronic cash and demonstrating the importance of the technology to the business owners and the wider community.
There are about 78 businesses and services that accept BCH in the immediate Townsville area. Grand Central Cafe, close to the BCH City headquarters in town, told news.Bitcoin.com they’ve been accepting BCH for about eight months, and that organizers hold weekly meetings at the location. The Watermark restaurant on “The Strand” (Townsville’s famous strip of picturesque coastline and dining/nightlife) also accepts BCH for Aussie food and drink specialities.
The Watermark restaurant accepts BCH for a wide selection of uniquely Aussie food and drink.
For those attending the September 4-5 conference, hotels like City Oasis Inn provide an opportunity to stay and dine paying entirely in BCH. With an attached restaurant and café providing a dining out or room service option, life for a bitcoiner becomes even more streamlined. Owner Brendan Carter told news.Bitcoin.com that as far as adoption goes, “Well, you’re looking at new blood.” The City Oasis Inn has been accepting Bitcoin Cash for just two days at press time. “I’ve been talking to Noel and Tony [event organizers]…for about a month now…I listened to what they had to say, and I thought it would be a good idea to start accepting Bitcoin Cash on their recommendation,” Carter elaborated.
The City Oasis Inn and adjoining cafe accept Bitcoin Cash for lodging and meals.
Checker Cabs, a local North Queensland taxi service, is in the process of outfitting all their cabs with BCH point of sale devices. One Checker Cabs driver related his feelings regarding BCH, explaining that alternative competing currencies like Bitcoin Cash are good for the economy and helping people build wealth. The company is also providing shuttle bus services to and from Townsville hotels to the Bitcoin Cash City conference.
Checker Cabs accepts Bitcoin Cash and is providing shuttle services for conference attendees.
A mini-fleet of BCH-mobiles can be seen zipping here and there throughout the day in Townsville, taking Bitcoin Cash City workers around the town.
Speakers and Events
Featuring 26 key speakers, the world’s largest BCH meetup, after parties, and several unofficial, grassroots events and get togethers, the conference agenda is set to be a non-stop, jam-packed, and information-rich affair. Vin Armani, CTO at Cointext, opened this morning by delivering a welcome speech on the importance of pioneers and builders, and giving away some unique prizes to those attendees who traveled farthest to be part of the event.
Noel Lovisa, CEO of local software company Code Valley, followed Armani’s welcome speech with a presentation entitled “Building the Bitcoin Cash City” in which he emphasized:
To create a sustainable ecosystem of adoption in this region we need to import Bitcoin Cash. We need to have an income stream in Bitcoin Cash to drive that economy, and we are blessed with certain assets in the North Queensland area.
Lovisa went on to detail tourist attractions like the Great Barrier Reef and other natural wonders in their capacity for facilitating income streams. He emphasized the necessity of merchants and adopters to have complete control of their coins when they’re acquired, and to “think globally, act locally”. They want to start a trend where entrepreneurs and merchants in Townsville recirculate and reinvest BCH-generated value in the community. Lovisa stressed the importance of BCH’s utility for eliminating the unnecessary transaction fees involved in traditional systems.

Rat Kangaroos, Crocodiles, and Other Amusements
When the conference opened up this morning, BCH enthusiasts were greeted with smiling staff, free coffee provided by Miss Macie Coffee and Events, and amusingly, even some Australian wildlife photo ops. Attendees mingled while admiring the venue, the newly built Quayside Terminal, which sits just near the coast and affords visitors a nice view of nearby Magnetic Island. City landmark Castle Hill also provides an excellent spot for visitors to take a short hike and take in a panorama of the Bitcoin Cash City.
Bitcoin Cash City attendees were greeted this morning by a sleepy Rat Kangaroo.

BCH Meetup and Beyond
After Bitcoin Cash City day one comes to an end, attendees will regroup, take a rest, and process all the info of the day. Many will also be heading to the aforementioned Watermark Hotel and Restaurant on the coast for the “World’s Largest Bitcoin Cash Meetup.” The event promises to be a festive meeting of Bitcoin Cash enthusiasts where the BCH — and local Aussie drinks — will flow.
News.Bitcoin.com is set to keep abreast of all the latest happenings here, so do stay tuned. To see even more updates, pictures, and details about the conference, be sure to follow the Bitcoin Cash City Conference Twitter account.

Andrew Clifford taking the stage on behalf of @BitcoinUnlimit. Presenting 10 years since the genesis of Bitcoin Cash. pic.twitter.com/Yfb58uisoK
— Hayden Otto (@haydenotto_) September 4, 2019
Day one of Bitcoin Cash City has just kicked off, and much more is in store. Conference attendee Julian Smith relates:
I feel like this is a modern equivalent of the 1910 meeting at Jekyll Island with our international cryptocurrency group of developers and evangelists…to address the significant problems of allowing governments to continue to dominate the issue of currency.
Speaking to the spirit of so many in the room — and the overarching theme of the conference as a whole, perhaps — was presenter Dr. Paul Chandler, “the founder and CEO of Aptissio Australia, the first global start-up to build Bitcoin Cash software applications using Emergent Coding techniques,” when he stated powerfully and concisely in his presentation that for his children, the community, and future generations it’s important “to give control of money back to the people.”
What are your thoughts on the Bitcoin Cash City conference? Let us know in the comments section below.
Images courtesy of @kilrcola, Bitcoin Cash City, news.Bitcoin.com.
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New Storm Concept Could Strengthen Bitcoin Cash Instant Transactions

Software developer Awemany has published a potential alternative approach to instant transactions on the Bitcoin Cash (BCH) network called “delta blocks” or Storm. The idea utilizes weak proof-of-work (PoW) for instant confirmations on Bitcoin Cash. The new Storm concept has piqued the interest of many BCH proponents who are eager to solve the instant or zero-confirmation transaction problem.
Also Read: Bitcoin.com’s Premier Cryptocurrency Exchange Is Now Live
Awemany Publishes Storm Whitepaper, a Possible Solution to the Double-Spend Problem
Awemany has published a whitepaper, source code, and simulation for a new concept for the BCH network called Storm. The pseudonymous blockchain engineer is the same developer who found the exploit in the Bitcoin Core reference client in September 2018. Additionally, last year at the Satoshi’s Vision Conference, Awemany introduced a solution to the zero-confirmation problem by using a concept called Zero-Confirmation Forfeits. For years now, developers have been trying to create a pre-consensus system for double-spend attacks. In essence, a double-spend attack is used to redirect a payment that was sent to a merchant in order to spend the funds already used in the transaction before a blockchain confirmation. An unspent output is spent in two different transactions and a miner must choose between one of them.
Awemany’s Storm white paper.
One side product of the network is when miners generate blocks with reduced difficulty (weaker PoW) called “weak blocks.” The concept Awemany proposes is a scheme that merges multiple weak blocks called delta blocks that allows for “reaching consensus on transaction inclusion, to give merchants the tools needed to estimate double-spending risk.” Basically, the connected BCH blocks are used to denote valid transactions so merchants can be sure instant transactions won’t be double spent. “Individual transactions from their respective transaction sets have to be checked for compatibility,” the whitepaper details. There have been many ideas that revolve around the idea of utilizing weak blocks and engineers have discussed ways to incentivize full nodes and miners to propagate the grouped delta blocks.
Awemany’s Storm whitepaper.
Awemany said that he’s been very busy working on the delta blocks concept and in addition to the whitepaper he’s added a simulation. Additionally, the developer has proposed a pull request with Bitcoin Unlimited and is interested in getting feedback about Storm. Awemany’s paper notes that there are some similarities to his idea to Ethereum’s ghost and uncle system. Storm is still far from being ready, the developer stressed, but he believes the code and simulation show the approach is “viable in principle for instant confirmations and that it is in some ways superior to discussed alternatives.” Awemany’s paper adds:
Further exploration and comparison of this method to competing approaches seem prudent. One area to emphasize here is further testing and analysis of delta blocks propagation when using probabilistic protocols such as Graphene to make sure that intermittent set reconciliation failures or other communication problems do not allow for a “long tail” runaway failure of weak blocks propagation in any realistic real-world scenario. Furthermore, adversarial cases have to be analyzed in detail.
The concept was a popular topic on the Reddit forum r/btc and BCH proponents discussed the pros and cons. Software developer Mark Lundeberg thanked Awemany for the research and the in-depth testing involved. Lundeberg also said he was curious to hear what the professor Emin Gun Sirer had to say about the idea and still has issues with zero confirmation pre-consensus. “One of the concerns I have with instant transaction pre-consensus systems is that to have real bite, they need to orphan blocks that have unwanted (but valid) transactions in them, such as double spends, and this creates an incentive for miners to simply mine empty blocks that by definition have no unwanted transactions,” Lundeberg remarked.
The creator of Storm responded to Lundeberg’s commentary and many of the other people who offered feedback during the announcement. Developers Peter Rizun, Imaginary Username, Tom Harding and other BCH participants discussed the Storm idea on Reddit. On Twitter, Bitcoin Unlimited Chief Scientist Peter Rizun shared his excitement about the new idea. “This is an awesome proposal by Awemany (the developer who found the “inflation bug” CVE-2018-17144) to bring near-instant “weak block” confirmations to Bitcoin Cash (BCH) and improve block propagation,” Rizun tweeted. The news follows the recent double-spend proof (DSP) scheme for the BCH implementation Flowee the Hub revealed by Tom Zander last month.

Double Spend Proof — Specification is open for comments with full implementation opensourced in Flowee the Hub.
Code available here; https://t.co/P5LtnANi22
Spec; https://t.co/d5zC69a2hz #bch #bitcoin
— Flowee The Hub (@FloweeTheHub) August 31, 2019

Flowee the Hub: Double-Spend Proofs
The Flowee developer published the DSP specification on August 30 and open-sourced the code on Gitlab as well. The DSP is an adaption of Chris Pacia’s double-spend alert and Imaginary Username and Mark Lundeberg also contributed to the Flowee version. The documentation explains how the infrastructure is designed to detect double spends and SPV-based warnings can be sent to the merchant. Merchants still need to follow some protocol in order to check the validity of a received transaction that pays them. The Flowee DSP concept describes how cryptographic evidence can prevent someone from double spending and defrauding merchants. The DSP specification explains that the ability to double check zero-confirmation transactions will add great confidence to the ecosystem. “We expect this will help with countering undetected attempts of double spends,” the Gitlab description notes. Flowee contributors are also looking for feedback and comments are open on the DSP specs page.
DSP specification authored by Tom Zander and Imaginary Username.
For years now, BCH developers have been coming up with ways to produce double-spend proofs or a pre-consensus system that strengthens confidence in zero-confirmation transactions. The concept has been a holy grail of sorts similar to bolstering privacy and fungibility on the BCH chain. So far developers haven’t found a standard for making zero-confirmation transaction problem go away, but many blockchain engineers like Awemany, Tom Zander and Imaginary Username are not giving up.
What do you think about the delta blocks Storm concept Awemany has introduced? What do you think about the DSP idea for Flowee? Let us know what you think about this subject in the comments section below.
Image credits: Shutterstock, Awemany’s Storm white paper, Gitlab, Flowee, and Twitter.
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Bron : Bitcoin en toekomst van crypto

Why Portugal’s Tax-Free Crypto Trading Matters for Bitcoin

Cryptocurrency enthusiasts and businesses in the industry have had to put up with regulatory uncertainty for quite some time. The strong desire to tap into their incomes and profits goes hand in hand with failure on behalf of authorities and regulators to fully understand the nature of decentralized digital assets. Not to mention how absurd the reluctance to legalize something they want to tax anyway. Cases in Portugal show that it’s hard to positively know what exactly traders, investors and companies owe the state. Luckily, the narrow scope of the local tax legislation means they have to pay less than in other countries.
Also read: Crypto Salaries Gain Regulatory Recognition Around the World
Crypto Exchange Exempt From VAT, Trading Gains Spared From Tax
A report by the Portuguese business daily Jornal de Negócios, quoted recently by crypto outlets whose interpretation was then copied by mainstream media, released some details about the Portuguese tax system that turn the country into sort of a crypto tax haven, at least until powers in Brussels make up their mind about bitcoin taxation or Lisbon amends its tax code. According to the newspaper, the Portuguese Tax and Customs Authority, which had already determined that crypto trading income is not subject to taxation, has recently stated that cryptocurrency exchange and payments are exempt from VAT.
The latest clarification has been issued by Autoridade Tributária e Aduaneira (the Portuguese Tributary and Customs Authority) in response to a request from a Portuguese company planning to establish a crypto mining operation. The owners wanted to acquaint themselves with the legal provisions that govern the accounting procedures and tax obligations related to the activity. In its filing, the entity explains the process of minting digital coins and notes, and that there are two aspects that concern taxation – the miner’s reward in cryptocurrency and the exchange of that yield into fiat money. In its reply, the tax authority quotes local regulations and European law to conclude that the transactions related to mining, both the remuneration and the exchange, should be exempted from VAT.
An earlier statement by the agency addresses another aspect of crypto taxation. The document was issued almost three years ago in response to a request for guidance on how tax rules apply in relation to revenue received from the purchase and sale of cryptocurrencies. In its explanation, the regulator notes that cryptocurrencies can generate different types of taxable income. These include gains from buying and selling digital coins, commissions charged for the provision of services related to acquisition or use, and gains derived from the sale of products or services for cryptocurrency.

Portuguese tax agents elaborate that income generated by trading can fall in three different categories – capital gains (G), capital income (E) and corporate or professional income (B). Category G covers the sale of securities, financial derivatives, certificates whose holders can receive value from an underlying asset, and some other instruments. However, as legislators have chosen to adopt a closed definition, tax can be levied only on the items mentioned in the law, and cryptocurrencies are not in the list. Digital coins do not fall in category E, either, which pertains only to income generated from capital investments.
If applicable, category B prevails over the other two. Income in this category is taxed based on the exercise of an activity and not according to its source. Portugal’s tax code states that if this is an activity oriented toward profit making, the taxpayer is obliged to issue invoices whenever they sell a product or provide a service. The tax agency then draws the conclusion that the sale of cryptocurrency is not taxable under the current tax legislation unless it constitutes a taxpayer’s professional or business activity, in which case it will be taxed in category B.
The current state of the tax treatment of crypto trading conducted by private individuals was confirmed by a representative of the professional services network Deloitte. “Portugal does not tax the increase of value of any currency nor the gain on the sale of any currency. Obviously, any currency losses may not be offset against any gains either,” explained Luis Leon, tax partner at Deloitte Portugal. Noting that the matter has already been analyzed by the country’s tax authority, which issued a ruling with this position, Leon told news.Bitcoin.com:

Cryptocurrencies are no different from a Portuguese tax perspective. Accordingly, the appreciation of cryptocurrencies or any gains on the direct sale of cryptocurrencies are not taxed in Portugal.

In that context, Portugal is a positive example in Europe, where many other countries tax profits from crypto trading–either by imposing capital gains tax or as part of the income tax base in general. Other exceptions in the region include Slovenia, where capital gains of individual investors trading cryptocurrencies are not reported and taxed, and Belarus, which last year introduced tax breaks for crypto incomes and revenue from mining, issuing, and trading coins for a period of five years. Malta and Germany do not tax long-held crypto assets. And in Switzerland, cryptocurrency gains of individual traders are treated as tax-exempt capital gains, but an annual wealth tax is levied on the total amount of coins you hold as part of your net worth.
Which Taxes Apply to Cryptocurrencies
To better understand how taxation affects crypto incomes and profits, one needs to have a basic idea of the differences between the main types of applicable taxes. In most cases, both natural persons and corporate entities are obliged to pay a number of direct and indirect taxes. A direct tax such as the personal income tax is imposed upon a person or their property, while an indirect tax like VAT is levied on transactions.
Crypto incomes can fall under multiple categories depending on the legal status of the taxpayer and the nature of the transaction. In countries where the Value Added Tax system is implemented, the majority of the world’s jurisdictions, VAT is typically charged on the final value of a product or service sold to an end user. Currencies are neither products nor services, so by default no VAT should be imposed over their purchases or sales in exchange operations.
There’s an ongoing debate about the nature of decentralized digital coins. In some countries, different regulators have varying opinions on how to treat cryptocurrencies. In the U.S., for example, the Treasury referred to bitcoin as a convertible decentralized virtual currency in 2013. Two years later, the Commodity Futures Trading Commission (CFTC) classified it as a commodity. At the same time, the Internal Revenue Service (IRS) taxes cryptos as property. Then, last year, bitcoin was mentioned in a ruling by the U.S. Supreme Court in light of the need of a “broader understanding” of what money is nowadays.
In Europe, at least for the moment, the treatment of cryptocurrencies for regulatory and tax purposes has largely been determined by a decision of the European Court of Justice. In October 2015, ECJ stated that bitcoin represents a means of payment and its exchange should therefore be exempted from VAT. According to the ruling in the Skatteverket v Hedqvist Case C-264/14, the exchange of bitcoin falls within the exemption in Article 135(1)(e) of EU’s VAT Directive, which covers transactions concerning currency, bank notes, and coins used as legal tender.

David Hedqvist is a Swedish national who planned to launch a crypto exchange platform that would profit from the margin between bid and ask prices. He sought clarity regarding the VAT treatment of this kind of revenue and received an opinion from the Swedish Revenue Law Commission (Skatterättsnämnden) stating that the services he intended to provide would be exempt from VAT under Article 135. However, the Swedish Tax Administration (Skatteverket) disagreed and appealed the matter to the country’s Supreme Administrative Court, which in turn referred the case to the ECJ.
The other category of taxes that can be applied to crypto-related income includes direct taxes. One of the most common of them, the corporate tax, is generally imposed on the income or capital of business entities, and companies working in the crypto industry are no exception. In most cases the tax is levied on a corporation’s net profits, but governments may also tax shareholders if they are paid dividends.
Investments in cryptocurrencies can be subject to capital gains tax. These gains are usually realized from the sale of stocks, bonds, precious metals like gold, antiques, real estate, and property. In some jurisdictions, crypto assets are part of that list as well. The capital gains tax, where it’s imposed, can come in different rates for individuals and corporations. Certain countries may charge only professional traders.
Germany is another interesting example in Europe. The Bundesrepublik does not tax long-term investments in cryptocurrency. If a private trader sells their bitcoin more than a year after its purchase, the profit is exempt from capital gains tax. The same applies to annual profits of less than €600. That means keeping digital coins in Germany will actually save you money. And regardless of how much profit you make when you sell the cryptocurrency after hodling for over a year, you don’t owe the state any tax on your gains.

Significance for Traders
Portugal’s decision not to tax direct gains on the appreciation or sale of cryptocurrency and ECJ’s ruling that VAT is not applicable to exchange transactions have considerable significance for traders. And it’s not only because crypto users are spared some taxes. Both actually tip the scales in favor of Bitcoin’s currency status in times when lawmakers and regulators are trying to wrap their heads around a phenomenon born as a result of financial evolution. With many analysts now pointing towards the next big crisis on the horizon, the importance of cryptocurrencies is likely to grow further, with more investors, traders, and ordinary users attracted to the space.
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Do you expect cryptocurrencies to eventually gain full recognition as currencies from authorities and regulators? Tell us what you think on this subject in the comments section below.
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Bron : Bitcoin en toekomst van crypto

Indian Exchanges Innovate as Calls for Positive Crypto Regulation Escalate

Indian crypto exchanges are innovating, launching new products and improving services for their users, despite the country’s regulatory uncertainty and unresolved banking restrictions. Meanwhile, the Indian crypto community continues its efforts to convince the government that the draft bill to ban cryptocurrencies is flawed, calling for positive regulation instead.
Also read: Crypto Can Boost Indian Economy – How Banning Will Hurt it
Better Trading Environment
Undeterred by regulatory uncertainty and an onerous banking ban, five crypto exchanges in India revealed their new projects last week. Crypto exchange Coindcx has shared with news.Bitcoin.com that it has partnered with Australia-based crypto trading platform Koinfox. CEO Sumit Gupta explained that the collaboration gives Koinfox’s users access to his exchange’s liquidity aggregated from major global exchanges. Meanwhile, users of his exchange will have access to Koinfox’s advanced trading tools, including algorithmic trading and risk management strategies. The integration will be live by mid-September, he confirmed.
Besides an exchange service and a P2P platform, Coindcx also offers margin trading in over 200 markets as well as crypto lending. The lending program currently supports nine cryptocurrencies: BTC, USDT, BNB, XRP, ETH, TUSD, TRX, BTT, and LTC. Users can earn monthly interest of up to 1.5% depending on the coins lent. Further, they will soon be able to trade in crypto derivatives, Gupta revealed.

Two other cryptocurrency exchanges, Bitbns and Okex, also announced their partnership last week to better serve the Indian market, but have not unveiled any specific details of the collaboration. Meanwhile, cryptocurrency exchanges in India have been suffocating from the banking restrictions imposed by the Reserve Bank of India (RBI). The central bank issued a circular in April last year, banning regulated financial institutions from providing services to crypto businesses. The ban went into effect 90 days later. It has been extensively challenged in the supreme court, which is scheduled to revisit the case on Sept. 25.
Smart Token Fund
Another Indian cryptocurrency exchange is launching a new product. Wazirx unveiled last week its Smart Token Fund (STF) program, which it described as “a simplified community-driven initiative where cryptocurrency enthusiasts can find smart traders, and let them grow their cryptocurrency portfolio.” The exchange claims to already have “an existing community of pro traders who can trade with the funds of new entrants and in return, earn a certain percentage of the profits they make,” elaborating:
STF’s aim is to democratise cryptocurrency trading expertise for everyone. You can choose the right STF trader for yourself based on the tokens they trade, their trading history, performance, and more.

Wazirx CEO Nischal Shetty shared that many users on his exchange do not understand how to trade cryptocurrencies and have asked him for help. He emphasized that the biggest problem in crypto for new entrants is not knowing which tokens to invest in. “There’s an exceptionally large number of people out there who don’t have time to trade, don’t know which token to trade or how to trade. These barriers are holding them back from investing in cryptos, and in turn preventing them from participating in this amazing revolution,” he opined.
The STF program enables traders “to trade and manage multiple people’s portfolio — all on a single interface,” and keep a percentage of the profits they make for investors, the CEO explained. Investors can choose to invest with the traders based on factors such as their performance, the tokens they trade, or their trading history. They can enter and exit any time with no locked-in period. The exchange is currently giving early access to “selective expert traders.”
How Wealthy Indians Plan to Invest in Crypto
The Indian government is currently deliberating on a draft bill to ban cryptocurrencies, drawn up by an interministerial committee (IMC) headed by former Secretary of the Department of Economic Affairs Subhash Chandra Garg, who was subsequently reassigned to the Power Ministry. The government has indicated to the supreme court that this bill might be introduced in the next parliament session.
Despite the country’s uncertain policies on crypto assets, some wealthy Indians are planning to invest in cryptocurrencies, according to the first “Hurun Indian Luxury Consumer Survey 2019.” Released Friday by The Hurun Research Institute, the survey reveals “the changes and preferences of lifestyle, consumption habits and brand cognition of high-net-worth individuals in India,” the institute described. Respondents include 831 richest Indians on the Hurun India Rich List.

According to the results, 9.6% of respondents said that their investment in cryptocurrency would increase over the next three years. However, nearly half of the survey participants said they did not know much about cryptocurrency. Among those who did, 29.15% said they preferred bitcoin, 8.74% preferred ethereum, 6.8% preferred ripple, and 5.83% preferred other coins.
Calls for Positive Regulation Escalate
Since the IMC report and draft bill were made public on July 22, the Indian crypto community has been trying to convince the government to reexamine the draft bill. Many believe that the bill is flawed in many areas, from the definition of cryptocurrency to the ban recommendations. The community has gained support from a number of leading industry groups, such as The National Association of Software and Services Companies (Nasscom) and the Internet & Mobile Association of India (IAMAI) which also believe that banning is not the solution.

The “India Wants Crypto” campaign, which calls on the government to introduce positive crypto regulation, has entered its 306th day and has recently crossed its milestone of more than 50,000 tweets and retweets.
“The entire 5 million Indian crypto youth want to participate in achieving [the] target of growing Indian economy to $5 trillion,” Shetty tweeted to his country’s prime minister and finance minister. His persistence is starting to pay off, as at least one parliament member, Rajeev Chandrasekhar, is willing to hear more. The Wazirx executive further explained that many in the crypto sector are rapidly innovating, but they lag behind other countries due to regulatory uncertainty and banking restrictions. He believes that embracing crypto will lead to more jobs and investments, among other benefits, which he recently shared with news.Bitcoin.com.
What do you think of Indian exchanges’ new services? Do you think the Indian government will introduce positive crypto regulation instead of banning crypto? Let us know in the comments section below.
Disclaimer: Bitcoin.com does not endorse or support claims made by any parties in this article. None of the information in this article is intended as investment advice, as an offer or solicitation of an offer to buy or sell, or as a recommendation, endorsement, or sponsorship of any products, services, or companies. Neither Bitcoin.com nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.
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Bron : Bitcoin en toekomst van crypto

Crypto Payments Startup Eligma Raises €4 Million From Bitcoin.com and Pangea Blockchain Fund

Many retail stores would like to welcome the added business that the crypto community brings, but find that they don’t have the capability to do so within their existing payment infrastructure. One company bridging this gap is Slovenian startup Eligma which is now set to start global expansion with an infusion of cash from Bitcoin.com and Pangea Blockchain Fund.
Also Read: What Makes Slovenia a Cryptocurrency Leader – Bitcoin.com Mini-Documentary
Eligma Raises €4 Million For Global Expansion
Eligma has announced it’s recently completed a new funding round, bringing the total investment to €4 million ($4.39M) with participation from Bitcoin.com and Pangea Blockchain Fund. The company is the developer of Elipay, an infrastructure for accepting crypto payments at brick-and-mortar as well as online shops where merchants can receive settlement in local fiat currency.
Since starting out with a public crowdsale in 2018, Eligma has established more than 450 locations in Slovenia, Croatia and Turkey accepting crypto on a daily basis. The new injection of capital will help the company expand its services to additional markets around the world where merchants wish to add support for crypto payments at the point-of-sale.

“On a daily basis, we are being contacted by merchants and companies from various countries where cryptocurrencies already represent an important alternative to the local currency or fiat in general. This is not only an important recognition of all our hard work and persistence, but is also proof of the practical utility of our ideas and solutions. We are proud to have raised the interest of Bitcoin.com and Pangea Blockchain Fund, whose investment clearly reflects their belief that our solutions have global market potential,” stated Eligma CEO Dejan Roljic.
Pangea Blockchain Fund is an investment firm focusing on offering intellectual and financial capital to early stage blockchain companies. It invests in entrepreneurs committed to building blockchain solutions that disrupt or transform the status quo. The firm secured $22 million in a seed round in February 2019 from a group of investors including Copernicus Asset Management SA, a Switzerland-based financial services group, and Bitcoin.com Executive Chairman Roger Ver.
Empowering Merchants to Accept Cryptocurrencies
Elipay helps businesses accept cryptocurrencies as payment in a way that they are familiar with, without being exposed to the volatility of the crypto markets or to the regulatory and tax uncertainty that currently exists when receiving crypto in many countries. The service is already used by hotels, shops, restaurants, sports facilities and a range of service providers, including for flight tickets, taxi rides and car rentals. It is also notably accepted by 14 supermarkets from one of Slovenia’s biggest grocery store chains Tus, with more than 20,000 products on offer.
On the buyer side, the shopping process is designed to be extremely simple. The user just scans the purchase QR code with a crypto wallet, selects the cryptocurrency and confirms the transaction. Currently, the supported locations can serve more than 20,000 users of the Elipay app as well as the 4 million users of the Bitcoin.com Wallet. The company also plans to open up its infrastructure for additional crypto wallets soon.
The Elipay service offered by Eligma is available for Android and iOS mobile devices. It supports cryptocurrencies like ETH, BCH, BTC, and the company’s native token, ELI. Users of the Elipay app receive up to 2% of ELI tokens back for every purchase, and can spend these on further shopping at any of the Elipay locations. According to a recent blog post by the CEO of Eligma, following the new investment, the ELI token will be integrated into the Bitcoin.com Wallet and will be listed on the new Bitcoin.com Exchange. The token will also shift from the Ethereum blockchain to the Bitcoin Cash blockchain.

“The development of finance is going towards cash becoming a thing of the past. Among other things, this is because doing business with it is quite time-consuming and expensive. On the other hand, one of the main problems with cryptocurrencies is that the confirmation of transactions can take several minutes if not more, which is unacceptable in daily shopping. Eligma effectively solved this problem with Elipay, which enables instant crypto transactions; furthermore, the merchant receives settlement in local fiat and is thus safe from crypto volatility. This makes the use of cryptocurrencies quick and effective for daily use. We must not forget that cryptocurrencies were envisioned as the electronic cash of the future,“ commented Roljic.
The Slovenian Success Story
Beyond empowering local businesses in their home market to accept cryptocurrency payments, Eligma has greatly helped put Slovenia on the map for many crypto entrepreneurs and developers. The country is now a global leader in the number of brick-and-mortar shops and service providers accepting fiat and crypto. In fact, with a population of just 2 million people, Slovenia now contains more retail locations accepting bitcoin cash payments than the United States. A recent short documentary on Bitcoin.com’s Youtube channel highlighted the thriving cryptocurrency ecosystem in Slovenia.

Elipay has also enabled the creation of Bitcoin City, a giant shopping mall with over 500 shops where many accept crypto payments in the Slovenian capital of Ljubljana. This commercial center is frequented by 21 million visitors a year and features the world’s highest concentration of shops accepting crypto in one location. Eligma revealed it now plans to expand this concept to additional cities around the world.
What do you think about the €4 million investment in crypto payments startup Eligma by Bitcoin.com and Pangea Blockchain Fund? Share your thoughts in the comments section below.
Images courtesy of Eligma.
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Bron : Bitcoin en toekomst van crypto

Craig Wright to Challenge Judge’s Ruling in the Billion-Dollar Lawsuit

Craig Wright is looking to challenge Judge Reinhart’s decision and has asked the court for an extension of time in order to dispute the August 27 ruling. Wright was recently instructed to distribute 50% of his BTC holdings allegedly mined before 2014 and intellectual property (IP) to the Kleiman estate. Wright’s legal counsel based in Florida also detailed they need more time because Hurricane Dorian is forcing the attorneys to expend energy preparing.
Also Read: Bitcoin.com’s Premier Cryptocurrency Exchange Is Now Live
Judge Reinhart’s Ruling and Critique of Wright’s Arguments
The person who claims he invented Bitcoin, Craig Wright, has asked for an extension of time in order to challenge Judge Reinhart’s recent ruling. The motion to compel order explains that Craig Wright should distribute 50% of the BTC supposedly mined by Wright and Kleiman before December 2013. Half of the patents related to the Bitcoin network and technology filed prior to David Kleiman’s death must be given to the Kleiman estate as well. The case started on Valentine’s Day 2018 and involves the multi-year business relationship between Kleiman and Wright. The Kleiman family, specifically Dave’s brother Ira, believes that Wright defrauded and manipulated Dave’s inheritance and rights to his intellectual property.
The federal courthouse where most of the proceedings have occurred is located in West Palm, Florida.
“For purposes of this action, it is established that Dr. Wright and David Kleiman entered into a 50/50 partnership to develop Bitcoin intellectual property and to mine bitcoin,” the court order on August 27 states. “Any Bitcoin-related intellectual property developed by Wright prior to David Kleiman’s death was the property of the partnership.” Reinhart’s ruling adds:
Any bitcoin mined by Wright prior to David Kleiman’s death (the partnership’s bitcoin) was the property of the partnership when mined. Plaintiffs presently retain an ownership interest in the partnership’s bitcoin and any assets traceable to them.
Judge Reinhart also emphasized that Wright’s story “not only was not supported by other evidence in the record, it defies common sense and real-life experience.” The scathing critique of Wright’s defensive arguments continued by venturing that the infamous Tulip Trust might not even exist. “After observing Dr. Wright’s demeanor and the lack of any other credible evidence in the record that this file exists, I find that a preponderance of the evidence establishes that no such file exists and that Dr. Wright’s testimony was intentionally false,” Reinhart asserted.
Craig Wright.
Motion for Extension and Hurricane Dorian
Now Wright’s legal team has filed document 278 for an “Extension of Time” in order to file a motion challenging Magistrate Reinhart’s August 27 order. Wright is represented by the Miami-based Rivero Mestre LLP and the recent extension filing explains that “Wright does not concede that Magistrate Reinhardt had the power to enter the order that he did.” The team needs a 14-day timeframe to submit his arguments to the judge and blames Hurricane Dorian for holding the legal team back.
The motion for a 14-day extension.
“Hurricane Dorian is expected to make landfall in Florida early next week and counsel for Dr. Wright have been expending significant time preparing for the hurricane, which has limited their ability to work on this matter,” the extension filing details. The court document written by Rivero Mestre further states:
Dr. Wright submits that it is crucial that his attorneys have sufficient time to submit his challenge. The testimony and evidence submitted in the two days of evidentiary hearings are voluminous, the facts and legal issues are extremely complex, and the sanctions issued by Magistrate Reinhart go to the heart of the case and the defendant’s ability to defend against the billion-dollar claims lodged against him.
Wizsec’s Criticism

The cryptocurrency community discussed Reinhart’s decision last week heavily. Bitcoin security specialists Wizsec wrote about the ruling and an overview of the August 26 hearing recorded the day prior. That day featured a closing argument by Wright’s counsel, Amanda McGovern, and the closing argument made by Kleiman’s counsel, Vel Freedman. Wizsec’s blog post highlights that the judge “explicitly notes that he is not deciding on whether Craig Wright is Satoshi Nakamoto.” Judge Reinhart did stress these two specific points almost immediately in the ruling on August 27, before he described why he came to his conclusion.

“Two preliminary points — First, the Court is not required to decide, and does not decide, whether Defendant Dr. Craig Wright is Satoshi Nakamoto, the inventor of the Bitcoin cybercurrency,” the order reads. “The Court also is not required to decide, and does not decide, how much bitcoin, if any, Dr. Wright controls today. For purposes of this proceeding, the Court accepts Dr. Wright’s representation that he controlled (directly or indirectly) some bitcoin on December 31, 2013, and that he continues to control some today.”

Judge Reinhart ordered sanctions under Rule 37 as punishment for Wright’s willful misconduct during discovery. pic.twitter.com/KV3HfUP6V7
— WizSec Bitcoin Research (@wizsecurity) August 27, 2019

Wizsec writes that the decision was not a default judgment and noted that Reinhart did not strike down Wright’s argument in a punitive sense, but the researchers believe “the outcome is almost the same.”
“Wright can no longer argue that Kleiman didn’t own 50% of assets or that he gave his rights away, which will make it extremely hard to defend himself in the remaining trial — It’s almost as if the judge ruled that the plaintiff’s claims can no longer be proven wrong,” Wizsec’s post opines.
The court has granted Wright’s wishes and a paperless order on the Kleiman v. Wright docket shows Judge Beth Bloom has approved the motion for extension of time to file challenge to the magistrate judge’s order by September 24, 2019.
What do you think about Craig Wright’s attempt to challenge Judge Reinhart’s order? What do you think about the Kleiman v. Wright case so far? Let us know what you think about the subject in the comments section below.
Image credits: Shutterstock, Courtlistener, Wiki Commons, and Pixabay.
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Bron : Bitcoin en toekomst van crypto

Crypto Needs Less Government Regulation – Not More

A recent opinion article by Peter Lin, “Why Regulation Is The Best Thing For Crypto,” presents common arguments on why the state and state-affiliated institutions should administer cryptocurrency. Underlying the arguments is an assumption: the free market cannot provide necessary standards for crypto and the state must step into the void.
Also read: Why the Birth of Bitcoin Can Be Traced Back to 1971
The Case Against Greater Crypto Regulation
The arguments and the assumption in Lin’s article are the opposite of what is true. The assumption is the more important aspect of Lin’s article, however, because the arguments rest so heavily upon it that they are almost offered as self-evident assertions. If you buy the presumption, you’ve bought the conclusions.
Lin opens with a nod to the “disconcerting image of what regulation might entail,” such as “being tracked down [by] the Internal Revenue Service” or being imprisoned for “using crypto in India.” Another nod goes to advocates who believe financial freedom is “part of crypto’s DNA”—a freedom for which Bitcoin was created. The acknowledgements are cursory and dismissive, however.
Lin moves on quickly. “If crypto is the future and there are valid concerns,” then “we need to engage in the debate and embrace reasonable and responsible regulation.” The conclusion of this debate between financial freedom and state control is apparently foregone—namely, that “reasonable” and “responsible” regulation is required. This means the debate will be limited to what type of regulation should be imposed. Given that Lin is the founder and CEO of a digital asset exchange that is part of London Stock Exchange Group, his default position of “there oughta be a law” is understandable.

‘I’m From the Government – I’m Here to Help You With Crypto’
Lin simply assumes that only the state can resolve “valid concerns” regarding the future of crypto. He offers a common explanation as to “why.” Because “even the most devout supporters … could agree that the growth of this industry depends, in part, on the establishment of safe, fair and reliable market conditions.” Many, if not most, devout supporters do not agree. Moreover, his statement contains an odd leap of logic: it equates “market conditions” with the condition of being regulated by a central authority, when they are actually antagonistic states. Market conditions, good or bad, are not “established” by authority; they are a natural result of the cumulative choices and exchanges of individuals.
Lin continues. “Presently, the regulatory climate is still uncertain and fragmented across jurisdictions.” He seems to believe this is a problem. To “devout supporters” who think there should be no regulation, however, this presents no difficulty. The marketplace is always “uncertain” in the sense that individual preferences are unpredictable and market circumstances change. Nor does things being “fragmented across jurisdictions” pose a problem for the free market; indeed, the word “fragmented” can be replaced by the words “diverse and decentralized.” Only if crypto serves jurisdictions—that is, centralized authorities—is homogeneity desirable. If crypto serves individuals, then diversity should reign.

Would You Trust the IMF?
The conclusion toward which Lin has been driving now arrives. “The contours of a global regulatory framework are coming into focus, and we should welcome it.” The contours prominently include the International Monetary Fund (IMF), which has published what Lin calls a “compelling document.” It cites the alleged liquidity risk, default risk, market risk and foreign exchange risk” posed by private coins.
To pause for a second: the IMF is the type of trusted third party problem against which Satoshi Nakamoto and the cypherpunks rebelled—the central banking system writ large. Central banking, not private money, is the overwhelming risk to liquidity, default, and foreign exchange—not to mention inflation, fiat, bail-outs, negative interest rates and the many other money monopoly travesties.
Yet private money is the risk that Lin perceives because “digital assets and cryptocurrencies could be attractive and see capital inflows away from fiat currencies in countries with high inflation rates and weak institutions.” In other words, people move their assets to escape high inflation and collapsing banks rather than have their financial choices dictated by the same elite authorities that caused the high inflation and collapsing banks. Furthermore, Lin notes how difficult it is for “virtual asset service providers (VASPs), such as crypto exchanges [like his own], to comply with Anti-Money Laundering (AML) and Combating the Financing of Terrorism (CFT) regulations.” The true solution is to remove those regulations and allow individuals to be financially independent.

Financial independence and personal freedom are not the purpose of Lin’s article, however. His intent is to champion the extreme centralization of crypto into the hands of the same trusted third parties that have ravaged the wealth of society over and over again. This intention is clear from the “reasonable and responsible regulations” that he presents from the IMF.
Two examples:

Central banks could grant licenses — on the condition of supervision — and hold VASPs accountable for customer screening, transaction monitoring and reporting suspicious activity in accordance with Know Your Customer (KYC), AML and CFT regulations.

And: “We can see the first attempts at such cooperation being made with the Financial Action Task Force’s (FATF) recently introduced travel rule, which requires VASPs to collect and transfer customer information when processing transactions.”
As it rolls on, the article sounds like a paean to the destruction of every advantage crypto offers to individuals. Its arguments and conclusions are all based on the assumption that the free market is incapable of evolving standards and techniques to combat the problems that exist—problems that are minor compared to the disastrous solution suggested.
Questioning the Assumption
My book “The Satoshi Revolution” gives economic, social, and moral answers as to why an unfettered free market is infinitely better at serving individuals than the state. But, for many people, nothing is as effective as real-life examples. Of the hundreds that are possible, consider only two, which act to create a proof of principle.
Few historians have examined the origins of free-market standards as closely as the voluntaryist scholar Carl Watner. In his essay “Weights and Measures: State or Market?” he contrasts the evolution of private weights and measures as opposed to state-regulated ones.
One example: the barrel measure of 42 gallons of petroleum, which is used as a standard by most OPEC nations today. Watner explains, “In the early 1860s, a barrel of oil usually meant a cask of oil, regardless of its size, for there were no standard-size casks in use. Variations in the oilman’s barrel persisted until at least 1872, when a producer’s agreement resulted in a fixed price for a 42 gallon barrel of oil.” He notes that oil may not now be shipped in 42 gallon barrels because it started moving by pipeline, oil tankers, and tank trucks. “What is important to us,” Watner observes, “is that the custom still persists of buying and selling oil by the barrel.
The oil pioneers did not (indeed they could not) wait for the government to proclaim a unit by which they should measure and sell the oil they discovered. Rather they adopted measurements from other liquids (the whiskey barrel of western Pennsylvania, where oil was first commercially exploited, was a 42 gallon container). Eventually there arose from the competition of various interests (the producers, transporters, and consumers of oil), the industry standard of a 42 gallon barrel. It did not originate in the halls of any legislature and needed no governmental sanction.” It persists intact to this day.

Watner continues, “The history of the oilmen’s barrel is just one incident in the standardization of weights and measures in modern industrial America (there are many others). For example, the development of the electrical industry explains why product integration and standardization were needed. It also exemplifies the manner in which the free market operates. Light bulbs must screw into household sockets; electrical appliances must be supplied with the proper voltage. The United States electrical industry agreed on standards because it made economic sense, not because they were imposed by Congress.”
Contrast the preceding free-market evolution with state-regulated weights and measures. “Since the mining and use of gold and silver were a jealously guarded prerogative of royalty in the ancient world, the provision of coins became a government monopoly.” To maintain a monopoly, government needed to intervene in the definition, promulgation, and standards for weights and measures. “Governments had to … provide for the prohibition of new standard, which might compete with its existing standards.” This dynamic “is well exemplified by the ordinances found in medieval Germany. The accuracy of early German coinage left much to be desired: many were underweight, others overweight. In an effort to prevent people from discovering and melting down the overweight coins, the government outlawed the private ownership of scales.”
“There were numerous, other ways in which governments tampered with weights and measures. In the history of nearly every national unit of account, there can be found the story of chronic debasement, either in the form of reducing the weight or the purity of the metal in a given coin, without reducing its legal value.” (For a more extensive discussion of how the free market solved the problems of private money—and how government impeded solutions—see How and Why Government Outlawed Private Money Part 1 and Part 2.)
Free Market Versus the State
Watner uses two other examples to contrast the effectiveness of the free market’s development of standards with that of the state: “Chaos in the Air: Voluntaryism or Statism in the Early Radio Industry?” and “Voluntaryism and the Evolution of Industrial Standards.”
Another set of essays in the periodical The Voluntaryist highlights a marked advantage of free-market solutions over statist ones. Watner’s essay “Free Banking and Fractional Reserves” is a sharp counterpoint to that of economic professor Larry White, “Free Banking and Fractional Reserves: A Reply.” The debate hinges on whether fractional reserve would evolve in a free-market banking system. The marked advantage is this: both could exist in competition, allowing customers to decide which best suited their needs. Lin would almost certainly refer to such an arrangement as “uncertain and fragmented across jurisdictions” and would almost certainly call for legislation to create certainty and homogeneity. Watner and White would not, and customers would have choice.
Debate on crypto freedom versus state control is needed and inevitable. But let it be an honest debate. Not one that proceeds from a blatantly false assumption into arguments that are assertions. Not one with sleights of hand that equate good “market conditions” with state regulation or leaps of logic. Let the debate at least mention that state control is an involuntary transfer of financial power from individuals to elite trusted third parties. But, ultimately, there can be no honest debate over how much control to assert over peaceful people and their wealth. There can be no ethical debate about how best or how much to steal.
Publication of Wendy McElroy’s updated book “The Satoshi Revolution” is imminent. The book provides a classical-liberal and individualist-anarchist framework of theory for cryptocurrency.
Images courtesy of Shutterstock.
You can now easily buy bitcoin with a credit card. Visit our Purchase Bitcoin page where you can buy BCH and BTC securely, and keep your coins secure by storing them in our free bitcoin mobile wallet.
The post Crypto Needs Less Government Regulation – Not More appeared first on Bitcoin News.
Bron : Bitcoin en toekomst van crypto

‘We’re Going to Find You’ – How Undercover Agents Trade Prison Time for Bitcoins

An Australian national living in Boulder, Colorado was slammed with a one year and a day prison sentence last month for trading bitcoins. An August 23 statement from the Colorado U.S. District Attorney’s Office states that Emilio Testa, 32, was charged with money laundering, and claims Testa knew the funds he was acquiring had been used in narcotics deals. While Testa’s reason for trading was reportedly that “he preferred not to use banks or deal with taxes,” and the type of “narcotics” was not mentioned, the D.A. has pinned him for more serious crimes nonetheless, in an emergent pattern of targeting bitcoin traders while letting big-time criminals like banks, governments, and drug companies off the hook.
Also Read: Cryptocurrencies Such as Bitcoin Cash Shine During Hong Kong Protests
A Pattern of Entrapment
Testa is not alone in his predicament. As news.Bitcoin.com reported last month, 42-year-old William Green of New Jersey could similarly face five years in prison and a $250,000 fine. Bitcoin hobbyist and family man Jason Klein barely avoided five years himself, having to pay a $10,000 fine after two agents posing as friendly bitcoin traders tricked him into selling larger and larger amounts, and used code words to describe drugs which Klein didn’t understand.
It seems that when it comes to over-the-counter (OTC) and peer-to-peer trading these days, no one is safe. In the ominously worded D.A. press release, United States Attorney Jason Dunn threatens:
Trying to hide criminal proceeds in Bitcoin? We’re going to find you.
Steven Cagen, Homeland Security Investigations (HSI) Special Agent in Charge, Denver, states: “Criminals may be sophisticated enough to use cryptocurrency but they’re not smart enough to stay out of jail, as this conviction shows.”

What Is a Criminal?
While the D.A.’s report mentions that Testa “agreed to exchange Bitcoin for narcotics proceeds” and that this was done “while understanding that the transaction would conceal or disguise the nature … of the money,” it fails to detail what specifically was mentioned, and in regard to what type of narcotics. The legal definition of the term is broad and dangerously murky, historically covering anything from from cannabis plants to heroin and crack cocaine. Druglibrary.org claims that there are three main reasons for this ambiguity, where medically and etymologically the term “narcotic” more clearly means a sleep-inducing agent:
One reason is that they are genuinely ignorant about these drugs and their effects …The second reason is that “narcotic” sounds dangerous and makes good headlines …The third reason is that it blurs the line between things like marijuana and heroin. Police can’t take a lot of credit for busting someone with an ounce of pot, so they call it a “narcotics bust.”
This in mind, whether Emilio Testa knowingly laundered money for what he thought were big time drug dealers, or simply sold some bitcoin to a couple guys talking casually about cocaine or pot, remains to be seen. The D.A.’s release also omitted the amount of money that was involved.

Man With Bitcoin Kiosk Pleads Guilty, Pentagon Goes Unpunished
In the case of verified drug dealer Kunal Kalra, known to some as “Kumar,” “shecklemayne,” or “coinman,” an unlicensed bitcoin kiosk was part of an operation that the California D.A. says facilitated up to $25 million of exchanges for the 25-year-old. Kalra’s charges stem from buying $400,000 in bitcoin from an undercover agent at a Los Angeles coffee shop, operating the non-KYC/AML (know your customer/anti-money laundering policy) Bitcoin ATM without a license, and selling “nearly two pounds of methamphetamine to an undercover law enforcement official in exchange for $6,000,” according to an August 23 press release.
While “Shecklemayne” will most likely be doing hard time for these offenses, government officials, state-embedded banks, and big pharma never seem to fare so badly. Medical juggernaut Johnson & Johnson was met with only a $572 million slap on the wrist last week for deceptively peddling opiates, and nobody will face jail time. They may not even have to pay, if their appeal goes through. Early this summer a cargo ship owned by JP Morgan Chase’s asset management unit was found trafficking 15,000 kilos of cocaine. The company is, of course, still in business and doing fine. Though the U.S. Department of Defense continues its sordid tradition of money laundering, conveniently misplacing funds, and is currently embroiled in direct ties to pedophilia, it still exists as a respected institution today.
Even Small Amounts Punished
Harking back to the narcotics charge in Testa’s case, there was another arrest made in 2018 over a bitcoin transaction involving proceeds from the sale of hash oil for about $9,208. In this case, Morgan Rockcoons was arrested in his home by the Department of Homeland Security for money laundering and operating an unlicensed money transmitting business. Rockcoons is currently in federal prison, but will be getting out in about 21 weeks, as per a Twitter update posted August 29.

Hello World, I am happy to say I will be coming home from Federal Prison in about 21 weeks. Cant wait to get back to work on #Bitcoin at @inc_Bitcoin in @CityOfLasVegas
— Morgan (@NODEfather) August 29, 2019
It may be true that hearing about someone selling meth to undercover agents is hard to relate to for the vast majority of crypto holders, traders, and enthusiasts. That said, in Rockcoons’ case, selling a relatively small amount of bitcoins (for the time) to someone who says “Hey, I sell hash oil,” hardly seems a shocking criminal offense. Especially given that the cannabis is not dangerous and has therapeutic value. All the same, the government seems to be very concerned.
Staying Safe In P2P Transaction
When it comes to trading crypto, even transacting directly with a trusted circle of friends, or a network of online acquaintances, poses risk. In many of these Local Bitcoins type busts, the people trading believe that they are meeting with other normal folks, who also share an affinity for crypto. The truth is, it is now an established fact that undercover agents frequent online P2P exchange platforms, and target even small time users. For those who love the true power of bitcoin, which is permissionless, low-fee, instant exchange of value on the blockchain, it seems caution can’t be exercised enough in the current climate of deceit, where even those who are doing nothing wrong are nevertheless targeted by the hypocritical government campaign to secure a monopoly on crime.
What are your thoughts on recent bitcoin trading busts? Let us know in the comments section below.
Images courtesy of Shutterstock.
Did you know you can buy and sell BCH privately using our noncustodial, peer-to-peer Local Bitcoin Cash trading platform? The Local.Bitcoin.com marketplace has thousands of participants from all around the world trading BCH right now. And if you need a bitcoin wallet to securely store your coins, you can download one from us here.
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Bron : Bitcoin en toekomst van crypto

Bitcoin.com’s Premier Cryptocurrency Exchange Is Now Live

We’ve just launched our premier trading platform exchange.Bitcoin.com and registered users can access it right now. Since we announced pre-registration last month, over 10,000 accounts have signed up with our exchange and the platform is ready to provide a world-class trading experience for crypto newcomers and veterans alike.
Also Read: Check Out the New Featured Tokens on Bitcoin.com’s Markets Page
Trade Your Favorite Cryptos Today With Bitcoin.com’s New Exchange
Exchange.Bitcoin.com is live and we’re thrilled to launch a trading engine that provides fast and secure exchange in this competitive crypto environment. On the two-year anniversary of the Bitcoin Cash fork, we announced a pre-registration period so people could get a head start and participate in our rewards contest. Since then, we’ve registered over 10,000 new accounts and our exchange is ready to provide deep liquidity for the most popular digital assets today. Moreover, new accounts will get paid to trade by benefiting from negative 0.3% trading fees for the next three months. Upon logging in, you will quickly notice that exchange.Bitcoin.com was designed by traders for traders, with a user interface and design that brings you the very best in optimized crypto trading.
“When you want to trade cryptocurrency, you look for an exchange which is trustworthy and which also offers you a wide range of digital assets”, Bitcoin.com’s CEO Stefan Rust commented on the new exchange. “Bitcoin.com has been in the crypto space since the beginning and our new exchange, which supports many different coins and soon SLP tokens, will complement our existing trusted products in making money work for everyone.”
Bitcoin.com’s exchange will host a slew of trading pairs including popular cryptocurrencies like litecoin (LTC), ripple (XRP), tron (TRX), zcash (ZEC), stellar (XLM), and EOS. Exchange.Bitcoin.com will have markets denominated in base currencies like bitcoin cash (BCH), ethereum (ETH), bitcoin core (BTC), and tether (USDT).
The exchange will furnish professional charts with technical indicators, optional timeframes, and order books in real-time so traders can visualize the market’s depth. Furthermore, in the near future, Bitcoin.com developers will integrate Simple Ledger Protocol (SLP) token support. This means you will be able to swap some of the most popular and valuable SLP tokens out there today.

Trading Fee Rewards and a Professional-Grade Trading Engine
To mark the launch of our new exchange, you can earn rewards through negative 0.3% trading fees. With exchange.Bitcoin.com, registered users will score more bonuses the more they trade. Negative 0.3% trading fees work in the following manner:
You’ll earn negative fees up to $1,000,000 of cumulative trades for the first three months.
So, if your total cumulative trades are $1,000,000, the typical trading fees would be $2,000 and you’d earn $5,000 in rewards.
You’ll receive these rewards at the end of the three months. To find out more, please read the full promotional details in the terms and conditions.

If you haven’t signed up for our trading platform, the process is quick and easy. Simply register with exchange.Bitcoin.com and you’ll be able to instantly trade, deposit, and withdraw your favorite digital assets. Bitcoin.com’s user interface is designed for ease of use combined with a professional-grade trading platform designed to offer seamless swaps in a secure environment. Exchange.Bitcoin.com’s matching engine is faster than lightning and traders can execute trades smoothly with cryptocurrencies that have deep liquidity. Besides pleasing veteran traders, our new exchange will be one of the easiest ways for newcomers to obtain cryptocurrencies. As a trading platform that provides a superior user experience, exchange.Bitcoin.com will always be reliable and backed by our trusted brand.
“At Bitcoin.com we have a mission to bring financial freedom to the world and we’re excited to offer industry-leading rewards on an exchange you can trust to help propel the crypto space forward,” Danish Chaudhry, Managing Director of Bitcoin.com Exchange stated during the announcement.

A Better Trading Experience
Our web portal has been offering dependable crypto resources, tools, and services for years and exchange.Bitcoin.com’s principled approach to security will help you trade with confidence. For instance, the exchange domain will display an EV green bar verification at all times, so you can be confident you are trading with Bitcoin.com. Accounts will be guarded with IP whitelisting, two-factor authentication (2FA), and institutional-grade encryption. You will always be notified if there are any login attempts using your account. These safeguards make exchange.Bitcoin.com ideal for both small and large traders. At Bitcoin.com, we understand the need for high-speed order execution in the fast-paced crypto marker, and our exchange has been configured accordingly.
We’re excited to offer a world-class cryptocurrency exchange that provides an array of tools across all of exchange.Bitcoin.com’s trading pairs. Right now the trading platform is live, and if you haven’t signed up already, you can do so today and start trading cryptos immediately. With our rewards program, deep volume, and crisp user interface, we believe exchange.Bitcoin.com delivers a better trading experience and we think you’ll agree.
What do you think about the new exchange.Bitcoin.com trading platform? Let us know what you think about this subject in the comments section below.
Image credits: Shutterstock, and Bitcoin.com.
How could our Bitcoin Block Explorer tool help you? Use the handy Bitcoin address search bar to track down transactions on both the BCH and BTC blockchain and, for even more industry insights, visit our in-depth Bitcoin Charts.
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Bron : Bitcoin en toekomst van crypto

Why the Birth of Bitcoin Can Be Traced Back to 1971

The world economy is a complex system that has undergone many different phases in the past century. As strange as it may sound today, there have been times when banking crises were rare, pay was rising alongside productivity, and the U.S. dollar would buy a certain amount of pure gold. Despite its obvious successes in certain areas, the global monetary system that laid the foundations for this time of stable growth eventually failed, and here’s why.
Also read: Crypto Salaries Gain Regulatory Recognition Around the World
When $35 Bought You an Ounce of Gold
The post-World War II era started with a negotiated monetary system that set the rules for international commercial and financial relations. This was a product of the Bretton Woods agreement from 1944, which created a new financial order in a world devastated by its largest military conflict yet.
The conference in New Hampshire, held before the war was over, established the main pillars of global finance and trade: the International Monetary Fund (IMF) and the International Bank for Reconstruction and Development (IBRD), now part of the World Bank Group. The General Agreement on Tariffs and Trade (GATT), later replaced by the World Trade Organization (WTO), was signed soon after.
U.S. Secretary of the Treasury Henry Morgenthau Jr. addresses delegates at the Bretton Woods Monetary Conference, July 8, 1944 (Source: World Bank)
The governments behind the Bretton Woods system, many of them wartime allies against Nazi Germany, aimed to create a world in which a major armed conflict and a global depression could never happen again. That was to be achieved by building an effective international monetary system and reducing barriers to free trade. Over 700 representatives of 44 countries hammered the agreement in the course of a month. No bankers were invited to take part, by the way.
The delegates decided that their monetary construct should rest on the U.S. dollar as the world’s reserve currency. In an effort to replicate the pre-war gold standard, although in a limited form, the dollar was tied to the precious metal at a fixed price. The United States government committed to convert dollars into gold at $35 an ounce. The U.S. currency became the new gold standard, while retaining flexibility in comparison with real gold.
A system of fixed exchange rates was then introduced, in which all other major currencies were pegged to the gold-backed U.S. dollar. Participating nations had to maintain currency prices within 1% of parity through interventions in their foreign exchange markets. Purchases and sales of foreign currency were constantly made to keep rates close to the target.
The Good, the Bad, the Ugly
The Bretton Woods system was effectively a monetary union with the dollar being its main currency. For some time it generated the stability the post-war world needed to recover and rebuild. Virtually no major country experienced a banking crisis during the period the agreement was respected, between 1945 and 1971.
Speculative financial flows were seriously curtailed and investment capital was channeled into industrial and technological development instead. Helping national economies grow, creating jobs and lowering trade barriers were to give peace a better chance. And to a large extent they did, aside from cold war proxy conflicts.

In 1971 the US President Kills The Gold Standard
Several notable achievements resulted from the Bretton Woods arrangement in a variety of domains. An online portal called WTF Happened In 1971?, the year when President Nixon’s administration unilaterally terminated the U.S. dollar’s convertibility to gold, summarizes most of them, backed with astonishing numbers. For example, up until Washington’s decision to end the dollar-gold standard, productivity rose steeply and wages, unlike nowadays, didn’t fall behind.
In other words, the rising value of goods and services translated into rising pay for workers. The 119% increase in productivity from 1947 to 1979, the last year when these indicators were moving together, was closely followed by a 100% positive change in the average hourly compensation. Since then, until 2009, productivity has grown by a whopping 80%, while compensation scored only an 8% increase, the quoted data shows.

Similar trends can be observed with many other pairs of indicators. Divergence between real GDP per capita and average real wage in the U.S. has been growing steadily since the 70s, according to the calculations of the Bureau of Economic Analysis and the Bureau of Labor Statistics. The consumer price index skyrocketed after the untying of the dollar from gold. The same applies to the median sales price of new homes sold in the country. And against this backdrop, divorce prevalence and incarceration rates in the U.S. increased markedly.
The post-war semi-gold standard mitigated income inequality in the United States, which had been rising in the years following the establishment of the Federal Reserve System in 1913 and jumped again after the U.S. government decided to turn the dollar into purely fiat money. Since 1971, the top 1% of earners have seen their income grow significantly, while that of the bottom 90% has remained almost unchanged for decades. The curves crossed somewhere in the beginning of the century and in the years after the 2008 global financial crisis the rich have been getting richer, while the poor have been getting poorer again.
Other negative trends after the abolition of the last gold standard include the ballooning U.S. national debt, from well below a trillion dollars in the 70s to over $20 trillion in 2018. As of June 2019, federal debt held by the public amounted to $16.17 trillion. Last year it was approximately 76% of GDP and the Congressional Budget Office expects it to reach over 150% by 2040. At the same time, the United States’ goods trade balance has dropped dramatically, reaching a record low of almost -$80 billion at the end of December.

Will the Next Reserve Currency Be Crypto?
Bretton Woods, despite its positives, had some significant flaws that eventually led to its demise. Unlike the gold it was backed by, the dollar, which was the system’s reserve currency, could be manipulated by the powers in Washington in accordance with America’s own interests, and it was. Dollars were supposed to provide liquidity to the world economy but initially the United States wasn’t printing enough of them. As a result, its partners experienced shortages of convertible currency. And in the later years the opposite occurred, the greenback was too inflated by the U.S. It quickly became evident that the agreement is tailored to the interests of the United States, which at the time of its signing owned two thirds of the global gold reserves.

In essence, the monetary union gave too much power to the U.S. and was only going to work as long as other countries were willing to accept the status quo. With Washington exporting inflation to the rest of the world, however, its partners started to convert large amounts of dollars into gold while the U.S. was ratcheting up the political pressure on them to accept and keep its printed money at fixed rates against their national currencies. Eventually, countries like France decided that enough is enough and started selling their dollars for gold. The U.S. then broke the link between its currency and the precious metal, which, along with the return of floating exchange rates, effectively put an end to Bretton Woods and the gold standard.
A similar situation currently exists in Europe’s own monetary union. Critics say much of its problems stem from its very design, which heavily favors the interests of Germany, the continent’s economic locomotive and one of the world’s largest exporters. The government in Berlin is a supporter of low inflation which ensures German high tech industrial exports continue to bring high revenues. However, in the Eurozone’s southern flank countries such as Italy, Spain, Portugal, and Greece need higher inflation to remain competitive as exporters.
It is becoming evident that a reserve currency beyond the control of various governments would be an improvement over fiat money subordinate to the national interests of one superpower or another. A cryptocurrency that serves as a means of exchange, store of value, unit of account, and which cannot be inflated or deflated through biased political decisions could be an instrument that would facilitate global commercial and financial transactions without favoring a side. Besides, participating parties would own the real asset itself and not some derivative.

Satoshi Nakamoto must have thought about these matters when designing Bitcoin. The person, or persons, behind this name listed a symbolic date as their birthday on Satoshi’s P2P Foundation profile – April 5, 1975. Be it intentional or serendipitous, that’s a date which evokes the historical development of relations between people, government and money.
On April 5, 1933, through Executive Order 6102, the U.S. government forbid its citizens from “hoarding of gold coin, gold bullion, and gold certificates.” The aim was to artificially increase demand for its fiat currency at the expense of demand for gold. During the Bretton Woods era, only foreigners, and not U.S. citizens, were allowed to convert dollars into gold, which is arguably one of the system’s flaws. The order was reversed in 1975, making gold possession in the United States legal again.
If you are looking to securely acquire bitcoin cash (BCH) and other leading cryptocurrencies, you can do that with a credit card at buy.Bitcoin.com. You can also freely trade your digital coins using our noncustodial, peer-to-peer trading platform. The local.Bitcoin.com marketplace already has thousands of users from around the world and is growing fast.
Do you think the world’s next reserve currency will be a cryptocurrency? Share your thoughts on the subject in the comments section below.
Images courtesy of Shutterstock, wtfhappenedin1971.com, World Bank.
Do you need a reliable bitcoin mobile wallet to send, receive, and store your coins? Download one for free from us and then head to our Purchase Bitcoin page where you can quickly buy bitcoin with a credit card.
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Bron : Bitcoin en toekomst van crypto

More Than 70 Projects and Applications Built Around Bitcoin Cash

Over the last two years, the Bitcoin Cash (BCH) network’s protocol and third-party infrastructure have grown in robust fashion. There are now more than 70 projects and applications built on and around the BCH chain. The following is an in-depth guide on how to benefit from the growing number of BCH-based projects and tools available today.
Also read: Send Token Payouts With Ease Using Bitcoin.com’s SLP Dividend Calculator
Progressive Development and Statistics
Just recently Bitcoin.com published a BCH resource page comprised of a vast number of tools and services available to Bitcoin Cash supporters. The list features more than 70 unique BCH projects and applications accessible at any time like games, social media, payment gateways, merchant services, and wallets. The BCH chain has a lot of third-party support, and protocol development shines as Bitcoin Cash continues to spread innovation. For instance, there are 8 Bitcoin Cash full node clients available including Bitcoin ABC, BCHD, Bitcoin Unlimited, Bcash, Flowee, Scash, Bitprim, and Bitcoin Verde. The BCH chain also has two programming languages including Spedn, and Cashscript.

According to Coin Dance BCH statistics, software engineers have completed 24 projects including increasing the block size to 32MB, enabling Schnorr signatures, re-introducing the Satoshi opcodes, adding OP_Checkdatasig, and Increasing the default datacarriersize to 220 bytes. Coin Dance is another great community-driven statistics and services website that can be found on the Bitcoin.com projects page. Alternatively, for statistics and other types of data perspectives, BCH fans can visit Coinsalad, Bitcoin Fees, TX Highway, and Txstreet.
Social Networks, Blogging, and Tipping
Bitcoin Cash also has a bunch of cool social networks where people can tip, earn, and record onchain data in unparalleled fashion. There’s the BCH social network and protocol Memo.cash and Honest Cash, for example. Then there’s the Memo extension Member Client and the Patreon-like Bitbacker platform. All of these applications allow BCH supporters to participate in discovering and supporting content creators using bitcoin cash for incentives.
Memo has been an extremely popular social network that utilizes BCH OP_Return transactions for all actions.
Clients like Memo and Member use OP_Return transactions so arbitrary data can be stored on the BCH chain forever. Not only can users choose to tip BCH on these platforms they can also tip and crowdfund with applications like Tippr, Gitcash, Tip Bitcoin Cash, Bitcoin.com Freedom Support, and Tips Monitor. Since these projects have been introduced BCH supporters have been tipping random folks to show the power of BCH, funding projects that bolster the advancement of liberty, and using social media applications that foster content creation.
With Tippr users can tip bitcoin cash on Reddit and Twitter.
Gaming
The BCH ecosystem has a wide variety of games and casino platforms as well, allowing people to wager funds in order to win more BCH. There’s cashgames.Bitcoin.com which offers a wide variety of games like slots, roulette, Satoshi circle, blackjack, video poker, dice, craps, and keno.
Cashgames.Bitcoin.com
BCH users can also visit the oldest crypto gaming site online, Satoshidice, and other great gaming platforms like Satoshistack, Potodds.cash, Nakamoto Game, and Spinbch. With the Bitcoin Cash network deposits are instant, and because of the transparency of blockchain technology, games are provably fair. Many of the platforms like cashgames.Bitcoin.com exclusively use BCH and offer anonymous and instant registration. BCH-based games are fun and allow participants to win big jackpots by simply depositing small fractions of bitcoin cash.
Satoshidice and Satoshistack.
Extending Bitcoin Cash Innovation
There are other types of software development that have cushioned the BCH chain with many benefits. People can now transact more privately using bitcoin cash with the shuffling app Cashshuffle. Individuals and organizations can now tokenize anything using the Simple Ledger Protocol (SLP). Since the SLP launch last year thousands of unique tokens have been created on top of the BCH chain.
The Simple Ledger Protocol has unleashed thousands of tokens built with Bitcoin Cash.
There’s also Bitbox Scaffold Websockets, CashID, Cash Accounts, and the Panda Suite. BCH participants can also utilize the Last Will and Mecenas plugins for inheritance and recurring payments. These platforms can be used with certain wallets like the Bitcoin.com Wallet, Electron Cash, Badger, Simple Wallet, Ifwallet, and Crescent Cash.
Wallets that support Simple Ledger Protocol (SLP) tokens. Memo, Ifwallet, Electron Cash, Badger, and Crescent Cash.
Moreover, with Cointext people can easily send BCH to their friends and family over an SMS messaging service to any mobile phone even without internet service. Users can also utilize the ultra-fast and privacy-centric Neutrino Wallet created by the BCHD team. There’s also Bitcoin Cash Notes for people interested in unique pre-loaded BCH paper wallets.
Noncustodial financial services are the future. Check out the Bitcoin.com Wallet for storing BCH and BTC.
Payment Services, Merchant Directories, and Places to Spend BCH
The BCH ecosystem also has a variety of payment gateways and processors that help people spend and accept BCH for goods and services. For example, there are free merchant register applications from Bitcoin.com which are available for both Android and iOS devices. Then there’s Bitpay, Anypay Global, Coinbase Commerce, GoURL, Gateway Cash and Bchpls.io who also provide reliable payment services for merchants and people paying for products using bitcoin cash.
Find merchants with Marco Coino.
Additionally, people can easily find merchants that accept BCH using the Marco Coino platform that’s available for mobile devices and desktop browsers. Greenpages is a community-maintained bitcoin cash merchant directory as well. Of course, there’s Purse.io where users can save 15% or more on Amazon shopping with BCH. And there’s Bitcoin Rewards too, which gives you cashback incentives in BCH when you transact online. Just launched this week is the new Zeux app for Android and iOS which allows crypto proponents to pay with BCH via Apple Pay and Samsung Pay.
Working for Bitcoin Cash, Decentralized Shopping, and Bounties
There’s a multitude of ways people can earn BCH by using platforms like Openbazaar and Haven. Both applications allow users to shop with bitcoin cash in a private fashion. BCH fans can earn money using Lazyfox and Tewtew by creating content and solving tasks. To commemorate the Bitcoin Pizza day there’s Bchpizza.org, a website dedicated to BCH-accepting pizza shops and rewards. BCH Coffee is a similar platform and instead of pizza, the service offers rewards for people who get coffee shops onboard with BCH. Those looking for freelance work and who are willing to work for BCH can use the website Working For Bitcoins. People can also help with bounties via Bounty.cash, and go on real BCH treasure hunts with the geocaching game Findbitcoin.cash.
Use BCH to shop privately with Haven Privacy and Openbazaar.
Peer-to-Peer Trading and Spreading Economic Freedom
We can’t forget to mention the launch of Local.Bitcoin.com, the peer-to-peer BCH marketplace. Local.Bitcoin.com is a game changer for cryptocurrency trading, global trade, and spreading economic freedom worldwide. There’s also platforms like Bitcoinfiles which allows people to pin data to the InterPlanetary File System (IPFS) and Bitcoin Cash blockchain. And there’s Sideshift too, which provides people with the ability to swap BCH and a wide range of other digital assets instantly. There are so many BCH applications and projects that fill our BCH resource page and there’s still a bunch more bitcoin cash apps in the works. Bitcoin Cash supporters believe the future is bright in regard to the potential BCH has to offer the world, and passionate fans are relentlessly spreading the gospel of the decentralized currency’s variety of attributes.
What do you think about the Bitcoin Cash-based projects and applications hosted on our BCH resource page? Let us know what you think about this subject in the comments section below.
Image credits: Shutterstock, Memo, Tippr, Bitcoin.com, Haven, Ifwallet, Electron Cash, Badger, Crescent Cash, Marco Coino, Satoshidice, Simple Ledger Protocol, and cashgames.Bitcoin.com.
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Tether Plans to Mint Digital Yuan and Commodity Coins, Says Bitfinex Shareholder

Tether Holdings, the firm that issues tether (USDT), has plans to launch an offshore Chinese yuan stablecoin called CNHT. Tether’s digital dollar presence within the crypto economy has been massive in recent months, seeing significant demand from China. Bitfinex shareholder Zhao Dong has explained in a recent interview that Tether is also preparing to launch stablecoins backed by bulk commodities like gold, rubber, and crude oil.
Also read: ERC20 Tether Transactions Flip Their Omni Equivalent
Tether Dominance in the East and Plans for a Digital Yuan Called CNHT
Bitfinex shareholder and over-the-counter (OTC) trader Zhao Dong has revealed that Tether is planning to launch a cryptocurrency backed by the Chinese renminbi. Tether has captured a market capitalization of over $4 billion to date. When the project first launched in beta in November 2014, the company said the flagship tether tokens would eventually represent three currencies: “UStether (US+) for United States dollars, Eurotether (EU+) for euros and Yentether (JP+) for Japanese yen.”
Tether (USDT) is the most dominant stablecoin and accounts for the majority of cryptocurrency trades.
A great example of tether’s prevalence can be seen this week as most of the top 10 cryptocurrencies have dropped below their 200-day averages. Today, tether accounts for more than 75% of all BTC trades, 49% of ETH swaps, 40% for XRP, and 57% of all BCH trades. In July, cryptocurrency reporter Anna Baydakova discussed the demand for tether (USDT) with Chinese importers in Russia. According to Baydakova, the importers claim to be purchasing $30 million a day of tethers and between the Russian and Chinese border, USDT is the king of cryptos. The report detailed that prior to 2018, BTC was used by the importers, but since then they have switched over to utilizing the stablecoin.
“According to several Moscow OTC traders, it has at least one real-world use case – as the go-to remittance service for local Chinese importers,” Baydakova wrote at the end of July.
Not too long after Baydakova’s report on August 21, Zhao Dong discussed the possibility of a Tether product that represented an offshore yuan called CNHT. The prominent Bitfinex investor revealed the plan on the Chinese messenger and social media platform Wechat. Zhao Dong also claimed that when the stablecoin launches, his OTC business Renrenbit will support the newly minted CNHT. “Personally, I think the offshore yuan stablecoin could boost the circulation of offshore renminbi and internationalize it. Regulators may be happy to see it proceed and succeed,” he said on Wechat. Zhao Dong also told the publication Chainnews the same information in regard to Tether launching a digital renminbi.
On August 21, Zhao Dong said that Tether Holdings Limited is planning to issue a digital yuan.
Tether’s Multi-Chain Operation
The news follows the recent migration of tethers from Omni Layer to the Ethereum chain. Over the last week, ERC20-based tether transactions flipped their Omni equivalent and last month tether users paid $260,000 in ETH gas to push the ERC20 versions. On Thursday, there were 100,000 ERC20 tether transactions compared to the 39,000 Omni tether transactions. The Chinese yuan-backed tethers won’t be the company’s first time issuing another fiat stablecoin after the USD version. In August 2016, the firm started issuing euro-based tethers via Omni called EURT. At the time, the euro versions were traded on Omnidex against USDT and on other exchanges like Openledger and Coinsbank. Just like USDT’s current migration from Omni to Ethereum, Tether Holdings moved the EURT project to the Ethereum chain in January 2018. “Following the widespread success of our Bitcoin-based USD tether, issued via the Omni Layer Protocol, we have launched and issued both US Dollars and Euros as Ethereum-based Tether, compatible with the ERC20 standard,” the website tether.to explained.
Tether is the sixth largest crypto market by capitalization. Check out charts and data on tether (USDT) here at markets.Bitcoin.com. You can also easily buy Bitcoin with a credit card. Visit our Purchase Bitcoin page where you can buy BCH and BTC securely, and keep your coins secure by storing them in our free Bitcoin mobile wallet.
The reason for the change over to the ERC20 standard was attributed to “much lower network transaction fees and much faster confirmation times (15-30 seconds) compared with tether on Omni.” As far as USD-backed tethers are concerned, there’s roughly 2.5 billion USDT on the Omni network and 1.5 billion USDT that use the Ethereum network. Additionally, between the EOS and Tron networks, there’s $350 million USDT circulating on both chains. Tether has also revealed USDT will be hosted on the Algorand platform and rumor has it tethers will also be used on Blockstream’s Liquid protocol. Today there’s approximately 4,008,269,411 USDT in existence and $15.42 billion in global trade volume. Tethers are currently the most traded cryptocurrency by volume worldwide.
Bulk Commodity Tethers and the PBOC Digital Renminbi
The expansion of Tether migrating coins from Omni to Ethereum, the continued issuance of tethers, and the current demand for the stablecoin is all happening while the New York Attorney General (NYAG) investigates the company. The NYAG office accused Tether and Bitfinex of losing millions of dollars worth of commingled corporate and customer funds. Ifinex, the two firms’ parent company, has called the allegations “misleading” and “inaccurate.” The crypto-based company also attempted to get the case discharged on the grounds of jurisdictional overreach, but so far Ifinex hasn’t been successful. Besides fiat-based tethers, the company is discussing the possibility of minting coins backed by bulk commodities according to a Bitkan interview with Zhao Dong. Tethers could be backed by commodities like gold, crude oil, and rubber the Bitfinex investor and Renrenbit founder said.
A few days after disclosing the digital yuan tether concept, Zhao Dong said that Tether Holdings Limited is planning to issue tethers backed by bulk commodities like gold, crude oil, and rubber.
In the midst of Zhao Dong revealing the concept of bulk commodity backed tethers and an offshore digital renminbi, a senior official at the People’s Bank of China (PBOC) disclosed that the country’s state-backed cryptocurrency was “close to being out.” The PBOC coin could pose a problem for Tether if the Chinese government whimsically decides to ban the use of any fiat-backed tethers. Tethers may meet the same fate BTC saw in 2017, when the central bank and financial regulators put a stop to exchanges trading BTC against the yuan. Deputy director of the PBOC Mu Changchun told the press that the state-operated crypto was coming soon and said the offering would be a two-tier system. The first system the cryptocurrency will use will be tied to the central bank and the subset of smaller financial institutions below the PBOC. The second tier will be comprised of a system that distributes the digital yuan to the retail market. Rumor has it the PBOC crypto might be called “Globalcoin” and the Chinese digital fiat has a lot of similarities to Facebook’s Calibra project.
Because of the PBOC’s efforts, some digital currency proponents believe Tether’s creation of CNHT is not a good idea and could upset Chinese regulators. Founding partner at Primitive Crypto Dovey Wan said: “I don’t see enough demand for CNHT and alike, as local Chinese will still trade USDT with CNY, if it’s CNH it will be the same as USD — Not sure what’s the material upside of having CNHT for Tether, plus pissing off the Chinese regulator.” The founder of cryptocurrency trading platform Lbank had the same opinion. “This is a useless stupid effort — There’s no such demand from local traders, neither demand from overseas. It only enables trade between the Chinese yuan and U.S. dollar in the digital realm, while its issuer is not a Chinese firm,” Lbank’s He Wei commented.
What do you think about Tether issuing offshore digital yuan called CNHT? What do you think about the possibility of Tether minting tokens that represent bulk commodities like gold and crude oil? Let us know what you think about this subject in the comments section below.
Image credits: Shutterstock, Pixabay, markets.Bitcoin.com, Tether.to, and Wiki Commons.
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What’s Being Built – and What’s Not – on 2019’s Smart Contract Blockchains

Has anyone checked in with EOS lately, to see how it’s doing? How about Tezos – any signs of life there? In mid 2017, two of the largest token sales in history birthed two smart contracting platforms that promised to topple Ethereum and usher in an era of fast and low-cost value transfer with dApps for everyone. Two years on, news.Bitcoin.com decided it ought to perform a welfare check on the leading smart contracting platforms to look for signs of life.
Also read: How Market Makers Inject Liquidity Into the Cryptoconomy
‘U Okay Hun?’
The number of smart contract platforms, sometimes referred to as second-generation blockchains, has multiplied since the days when EOS, Tezos, and Tron were being talked up as the new Ethereum. Just to further complicate matters, there’s also been a string of layer two solutions and sidechains that connect to networks such as Ethereum, performing much of the heavy lifting off-chain, before transmitting the computed result to the mainchain. Even Bitcoin Cash has gotten in on the act, with Simple Ledger Protocol supporting ERC20-style token issuance, but with lower fees. As a result, there isn’t enough time, space or willpower to record what every smart contract platform in the industry is currently up to. The following snapshot, however, reveals the health of the main players and their new contenders. Consider it the equivalent of a kindly text to an old friend who hasn’t been heard from in days. “U okay hun?”

EOS
The story concerning what’s being built on EOS differs wildly depending on whether you read the narrative being peddled at eosprojects.org or the unofficial one recorded by Dappradar.com. According to the former, recent projects of note include Equilibrium, a smart contract solution for creating EOSDT-backed stablecoins, and pro-privacy market research project Insights Network. Other than that, the handful of projects listed on eosprojects.org are either dead or dying, such as Eos Time, an auction site that hasn’t been heard from since the start of February. Srsly hun, u okay?
Top five EOS dApps.
Dappradar paints a far rosier picture of EOS adoption, even if its killer use case isn’t the one that Dan Larimer envisioned. It turns out that EOS is great for running gambling dApps, thanks to its free transactions and fast block times. Centralization concerns aren’t an issue here either: for gambling purposes, EOS is decentralized enough. Top dApps include Dice, Hold’em Poker King, and GP Casino. There are also a few gaming dApps in the top 10 such as Prospectors and EOS Knights.
$4 billion to create a cheap gambling network doesn’t seem like much to crow about, though to cut EOS some slack, gambling was one of Bitcoin’s early successes – remember Satoshi Dice? At some stage, EOS will need to start launching more than just gaming and gambling dApps if it’s to justify its existence. The EOS VC fund, with its $1 billion war chest, should help there. One of EOS’ problems is a lack of cohesive communication about what’s actually being built on the network. Scout around, however, and there are signs of life. Tech collective Ghostbustersx, for instance, are beavering away on some interesting EOSIO projects including a DAG for the independent nation of Liberland.

Tron
Tron’s trajectory has proven very similar to EOS, with the difference being that Justin Sun’s ICO-funded network seems willing to embrace what it’s become: a gambler’s paradise. Moreover, having raised six times less than EOS (albeit a still significant $70 million), there’s been less pressure on Tron to deliver flagship products from game-changing crypto companies. As a result, Tron has quietly grown into one of the most successful dApp networks to date. Admittedly, there’s a preponderance of gambling dApps, with a few exchanges thrown in for good measure, but then not every smart contracting platform has to reinvent finance: sometimes it’s nice to throw a few tokens at a high-low betting game and see what comes back.

Another minor success story for Tron is that its sub-tokens have gained some traction, in contrast to EOS. Most notably, the Wink token, which IEO’d on Binance last month, has done well, and cemented Tron’s reputation as the gambler’s chain of choice. Tron’s also been making progress in other areas, such as with the Sun network, a sidechain for launching dApps that provides all the functionality of the mainchain but with lower resource costs.
Top five Tron dApps
Tezos
After getting concerned at the milk bottles stacking up outside the door and the number of newspapers protruding from the mailbox, news.Bitcoin.com sent a series of increasingly concerned texts to Tezos. Tezos did not respond.

RSK
Unlike the other smart contracting networks featured here, RSK isn’t a second-gen blockchain: it’s a layer two that serves as an open source smart contract solution anchored by the security of the BTC network. That’s right, the absolute madmen are building on Bitcoin. As value propositions go, that’s pretty enticing, not least to enterprises that desire the functionality of smart contract-powered products, but without dirtying their hands by dabbling with unproven blockchains.

After a quiet start to the year, RSK has announced a detailed roadmap and begun to court developers interested in building open finance products. RSK is already being used by a number of projects, including a meat production traceability initiative in its native Argentina. In July, a major network upgrade (Wasabi) improved storage components of the RSK protocol, and a raft of other improvements scheduled for Q3 will ensure the smart contract network is enterprise-ready. After that, it’ll be time for RSK to step up and show what it’s made of.
Matic Network
We’ve left the main chains behind now, and are onto sidechains and other smart contract solutions that nevertheless compete directly with EOS and its ilk. Matic is probably the biggest breakthrough this year, from the dozens of sidechains promising to enhance Ethereum and every other network they’re plugged into. While the seed money from Coinbase Ventures and the IEO on Binance has undoubtedly helped its cause, Matic has actually built stuff too, partnering with a string of companies along the way including some known names.

Decentraland and Makerdao are among the partners Matic can count, while on the dApp side it’s got a handful of applications up and running. Matic Network uses an adapted version of Plasma, a scaling technology originally conceived for Ethereum. It enables fast and cheap transactions, which attain finality once confirmed on the mainchain. Thanks to its broad cross-industry support, coupled with an energy that only young projects can possess, Matic looks set to end 2019 on a high.
Liquid Apps
Purpose built for hosting dApps that can operate at scale, Liquid Apps is focused on the endgame: a future in which thousands of decentralized apps are used by millions. Should that vision ever become a reality, cheap computation and storage will be essential, which Liquid Apps promises to deliver through the originally named Dapp Network.

Rather than seek to take on the leading dApp blockchains in a zero-sum game, Liquid Apps aims to work with them. Its interoperability product Liquid Link connects EOS and Ethereum, enabling developers to create dApps that work on both chains. Like RSK, Liquid Apps has its tech stack in place. Next up, it needs to attract a few more projects that can showcase what its technology can do.
Verdict: Signs of Life
For the networks described here, there are signs of life, ranging from tepid to robust. Even Tezos will probably stir at some point once it’s put its legal troubles behind it and is free to focus on building. One matter that all those involved with the above networks seem to agree on: Ethereum isn’t scalable, and won’t be application ready any time soon. “Complex dApps just don’t work on Ethereum,” Vahid Toosi of Ghostbustersx told news.Bitcoin.com. “I also think there is something different with EOSIO which allows people to iterate quickly on different blockchains … The idea was always to build platform specific chains rather than general and then have the interoperability between the chains.”
In the promised land envisioned by its architects, blockchains communicate openly with one another, dApps scale, fees are forever low and block producers never collude. It may be an impossible dream, but for the developers of today’s smart contract networks, it’s one worth clinging to. News.Bitcoin.com will return in six months for another welfare check when its entreaty – “U okay hun?” – will hopefully be met with a resounding “Yes.”
Which smart contract platforms do you think are likeliest to succeed? Let us know in the comments section below.
Images courtesy of Shutterstock and Dappradar.com.
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Check Out the New Featured Tokens on Bitcoin.com’s Markets Page

Markets.Bitcoin.com has just launched a Featured Tokens page, allowing coin creators with unique tokens to apply for a listing through a simple review process. Each token listed on Bitcoin.com’s upcoming exchange, launching Sep. 2, will also be listed at markets.Bitcoin.com, providing great exposure and detailed data for projects making a splash in the BCH community and elsewhere.
Also Read: PR: Australian Bitcoin Cash Conference Brings Cryptocurrency Leaders to Townsville
Featured Tokens Galore
Featured Tokens is a new section of markets.Bitcoin.com, displaying BCH-friendly tokens with unique selling points and offerings, vibrant communities, and a vision for a future of greater economic freedom.

Bitcoin Cash-based coins ACD, Spice (SPICE), and Honest Coin (USDH) have already been listed, and users of the markets page can get up-to-date info on each coin’s rank, price, market cap, 24-hr volume, and top markets. Coin metadata such as algorithm, proof type, supply, and max supply are also listed. An easy-to-use interactive candlestick chart provides a user-friendly interface for token price data exploration.

ACD Coin
Alliance Cargo Direct token (ACD) seeks to deliver “Cross-border e-commerce to the next generation.” Tokyo-based ACD Inc. is funded by ANA Holdings, a subsidiary of All Nippon Airways, the largest airline in Japan in terms of passengers and revenue. In a 2018 joint press release announcing a strategic partnership with Bitcoin.com, ACD CEO Yasuhiro Sonoda stated that “After extensive research into different cryptocurrencies on the market, ACD chose to implement Bitcoin Cash as a new payment method. This will benefit our customers by offering fast, cheap and reliable worldwide transactions for both online and offline payments.” In May, the company announced its Coin Buy Back Project to provide greater liquidity to the market, add value to ACD, and return value from profits to the community.
The ACD token is a link between the Bitcoin Cash community and one of the biggest players in the global travel industry. ACD is listed on the Digifinex and Coinsuper exchanges.

Spice
The successful Spice (SPICE) token, created as a homage to Coinspice, is creating quite a buzz in the BCH space and beyond, thanks in part to a lively community of enthusiasts who love the Coinspice style of “a feisty pirate ship, dedicated to covering just spicy crypto things.” Not officially affiliated with Coinspice proper, the token has taken on a life of its own. According to coinspice.io:
“Those who contribute to the project understand cryptocurrency’s main focus: currency, cash, separating governments and money, with the hope of liberating a lot of people in the process. SPICE token is simply a fun way to experiment with the tech along that journey.”
The Spice community lives up to the description, keeping things spicy with SPICE tipbots on Telegram and Twitter, an RSS feed, and a faucet. The BCH-native Simple Ledger Protocol (SLP) token is supported by the Badger, Electron Cash, Monarch and Crescent wallets.

Honest Coin
Honest Coin (USDH) is a U.S. dollar-backed stable coin created on the Bitcoin Cash blockchain. The Honest Pay smartphone app and the Honest Financial App seek to provide users with both security and freedom in exchange, offering diverse payment options as well as investment opportunities. According to the website:
HonestCoin (USDH) is a fully regulated, 1:1 U.S. Dollar-backed stablecoin that can be bought, sold, invested in or spent as freely as you wish.
According to honestcoin.io, merchant applications are also coming soon. Honest Coin, a partner with Bitcoin.com’s Badger Wallet, invites users to “Buy, sell, invest, trade, earn and pay with our proprietary multi-functional tools and channels.”

How to Get Your Token Listed
Featured Tokens at markets.Bitcoin.com are those with a significant market cap, unique concept, and strong vision and community, working together in synergistic support with Bitcoin.com and Bitcoin Cash. SLPs built on the BCH network are the building blocks of a brand new coin ecosystem, providing liquidity, flexibility, and fun to the already robust BCH protocol. While BCH-based coins are largely the focus, and a big bonus in the application process, being built on-chain is not necessarily a prerequisite for qualification. To apply for a listing, simply head over to the Featured Tokens page, scroll down to the “Apply here” link, and complete the short application.
Users are directed to answer a series of simple questions about their token’s specs, and then submit the application for review. With exchange.Bitcoin.com launching in just a few days, on September 2, there’s no better time to get active and engaged, and discover the unique options that Featured Tokens on markets.Bitcoin.com has to offer.
What are your thoughts on the new Featured Tokens page? Would you like to be featured there? Let us know in the comments section below.
Images courtesy of Shutterstock.
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Agorism and Bitcoin: Free People Don’t Ask Maxine Waters for Permission

Anti-agorism Congressional Representative Maxine Waters still has misgivings about Facebook’s proposed Libra digital currency, even after meeting with Swiss government officials to discuss the tech last week. The sustained reservations echo the message of July’s open letter from the House of Representatives to Facebook, calling for a halt on Libra’s ongoing development. While many view regulation and careful legislative feet-dragging a troublesome necessity for crypto mainstreaming, agorists, anarchists, and other free marketeers see a critical problem: the tech is already here, and how we use it in non-violence is nobody else’s damn business.
Also Read: Mega Drug Pushers Johnson & Johnson Get Away While Peaceful Silk Road Is Destroyed
Intro to Agorism
Agorism is, quite simply, the free exchange of goods and services by individual, free market actors. News.bitcoin.com has previously reported on the philosophy, and this primer about Agorism and crypto is a good place to start for the agora-curious. Suffice to say that at its most basic form, agorism is the philosophy and practice of engaging in free market activity outside of the control or regulations of a state. Living one’s life in such a way, to such an extent as possible, that violent governments are ignored, counteracted, and rendered increasingly irrelevant. The word “agora” itself is a Greek term, meaning “open markets.” The hugely influential agorist activist, philosopher and author Samuel Edward Konkin III once said agorist counter-economics is:
The study or practice of all peaceful human action which is forbidden by the State.

The Problem With Regulation
One of the most misunderstood aspects of agorism, voluntaryism, and anarchism is the fact that chaotic violence and a lack of order are not what is being sought. Agorists want the same things any other sane person wants: better education, better healthcare, better opportunities, and more peace. What is being sought is logical order and voluntary interaction, governed not by sociopathic, economically inept politicians and religious beliefs like the “divine right to rule,” but by logic, science, and the natural reality of individual self-ownership. That is to say, each individual owns his or her own life and body, and by extension, the property legitimately acquired or created by that body and mind.
The regulation of cryptocurrencies by the state exists ostensibly to fight crime and terror. What is seen playing out in reality, however, is that the groups that are by far the largest financiers of terror and violence globally — governments — have labeled themselves “regulators,” and now stifle a technological revolution set to help free billions of people. Waters states, in her August, 25 official assessment of the meeting with Swiss officials:
While I appreciate the time that the Swiss government officials took to meet with us, my concerns remain with allowing a large tech company to create a privately controlled, alternative global currency. I look forward to continuing our Congressional delegation, examining these issues, money laundering, and other matters within the Committee’s jurisdiction.
It is interesting that the state Waters represents, the United States Federal Government, is the world’s leading money launderer, by most rational estimations. After all, what is the unlimited, systematic creation of debt for the benefit of an elite class, represented by pieces of paper and zeroes and ones in computers, but a gigantic scheme to launder financial power? Bitcoin presents a threat because these irresponsible economic practices are simply not possible within the protocol itself.
The United States Federal Government spends over $1.25 trillion on war, annually. There is an infestation of child porn users in the Pentagon and at NASA. The IRS pays people to spy on hardworking Americans, organizing letter threat campaigns to scare even law-abiding citizens into paying money they don’t owe. And these are the regulators “concerned” with crime?

The Biggest Roadblock for Inclusion of the Poor Is Government Regulation
Financial inclusion is a big buzz-phrase these days, especially with influential, mainstream-friendly projects like Libra. It sounds nice. Include the previously disconnected, unbanked, and impoverished in the exciting new “crypto revolution” where blockchain saves us all, ends world hunger, and wipes our asses for us on the way out. There’s just one problem: there’s no need for centralized regulators – only individual human action.
“Hey there, impoverished guy! Wanna get out of debt!? Just head on over to Facebook or Coinbase and create an account. Of course, you’ll have to wait a few weeks to a month for your passport photo to be …. what’s that? You don’t have a passport? Well, I’m sure that’s okay, just present some proof of resi … how’s that? You’re homeless? Oh. Well, not to worry. If you figure out how to pass the KYC/AML requirements, pretty soon you’ll be able to do business online, and send and receive crypto! Bye!”
A cheap smartphone and an internet connection. This is all that is currently needed to make and receive crypto through free trade. Private, P2P platforms like Local.bitcoin.com help make this possible. Introduce a little government, however, and everything becomes cumbersome, violent, and vexingly inconvenient and inhuman. Agorism says if it’s non-violent, trade it freely.

The Desperate IRS
Speaking of poor people, the IRS is understaffed and overworked. Currently flailing to finagle whatever paltry satoshi dust they can out of America’s pockets, over 46,000 of the agency’s employees were forced to work for free during the last government shutdown. Some of them got discouraged and decided not to go back to work at all. The agency has turned to fear-mongering letter campaigns and automation, sending out a series of AI-generated notices relating to supposed non-payment of crypto taxes. They’ve also sent out over 400,000 notices since February, 2018 about failure to report income which could result in the loss of one’s passport. Financial inclusion never sounded less inclusive.
Government Through the Lens of Agorism
“Free people don’t ask for permission.” The commonly repeated agorist bromide deserves fresh attention. In most people’s daily lives, it would be absurd to ask someone else for permission to do things like drive into town, go out for a pizza, or help a friend fix his car. Without payment to a small group of people calling themselves government, though, each of these activities can turn deadly.
When state agents force someone to halt and find they don’t have that special piece of plastic for driving, they can be kidnapped. Those who try to provide a service — say starting a pizza shop — are also not immune. Without the proper building permits and food service licenses (also costing a pretty penny, of course) an entrepreneur will be shut down, fined, and thrown in a cage if they don’t pay. Potentially killed, if they physically resist the kidnapping. Those who try to help a friend with auto repair might also be criminals, thanks to the protection of the state. In Sacramento County, CA and elsewhere, this is already the reality.

No Victim, No Crime
When someone’s neighbor smokes cannabis in their home, they are not violating the body or property of anyone. Going a few miles over the speed limit is not violent, either. Nor is selling tacos outside of a sporting event to willing customers. Nor is collecting rainwater. Neither is drinking raw milk. Generating one’s own electricity and not selling a surplus back to a political jurisdiction called a city is not a violent crime. Nor is refusing to pay taxes.
Critics of the agorist approach rightly are concerned that there must be some means by which to establish order in any given society. Anarchists, agorists, and voluntaryists agree. The prescribed methods are different. Where the Maxine Waters, Steven Mnuchins, and Donald Trumps of the world demand submission to their violence-based class system, agorists maintain we are all equal under the biological, metaphysical, immutable reality of individual self-ownership.
Decentralized rules can be set up for any group of property owners anywhere, based on these principles. As such, asking self-styled gods called politicians for permission becomes a laughable prospect, if the risk of disobedience were not so real. Yet, for some, freedom is well worth it, open letters and legislative scribbles from psychopaths be damned.
What is your opinion of the agorist philosophy? Let us know in the comments section below.
Op-ed disclaimer: This is an Op-ed article. The opinions expressed in this article are the author’s own. Bitcoin.com is not responsible for or liable for any content, accuracy or quality within the Op-ed article. Readers should do their own due diligence before taking any actions related to the content. Bitcoin.com is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any information in this Op-ed article.
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Crypto Lending Platforms Prepare to Assail the Banking System

The battle lines have been drawn and the troops assembled. On the one side stands the combined might of the banking cartels, centuries of deeply entrenched financial infrastructure supporting them. And on the other side stands a handful of crypto companies armed with little more than a passionate plea: “Ditch the legacy system and come join us. Where we’re going, you won’t need banks.” It’s an enticing call – but is anyone heeding it?
Also read: Crypto Salaries Gain Regulatory Recognition Around the World
Crypto Lending: Innovation or Emulation?
Every couple of months, a new trend comes along that captures column inches and crypto Twitter chatter, before everyone moves on to the next new thing. Last month it was defi, before that IEOs, and before that exchange tokens. Right now, the hot topic is crypto lending, and it comes bearing an intriguing question: are crypto lending platforms a solution to a common problem, or a solution in search of a problem to wrap itself around?

Before we attempt to answer that, some basic facts: getting a bank loan for personal or business use is extremely hard, verging on the impossible these days. Unless you have property you can collateralize against, you’ll struggle to get a loan, and even if you do, the interest will likely be exorbitant. Gone are the days when you could walk into your bank, have a sit down with the manager and thrash out the terms of a loan with which to start your own business. Attempt that today, casually dropping into the conversation that you were planning your own crypto startup, and not only would you be refused credit, but you’d be liable to have your account closed.
Such is the suspicion with which the legacy financial system views crypto. They’ll be proven wrong eventually, around the same time as the last of their venerable banking houses are being converted into nightclubs and apartments.

From Bricks and Mortar to Binary Code
Bartlomiej Wasilewski is the founder of Marshal Lion Group, a tokenized lending market that provides non-bank loans for businesses and individuals. He told news.Bitcoin.com: “The digitization of finance is inevitable, not just within the crypto sector, but also more broadly, as shown by the rise of microloan platforms that enable individuals to lend capital to businesses, while retaining oversight over how it is deployed, and the ability to witness the benefits of their investment in action and be remunerated for their services.” He added:
Within the crypto space, lending is about more than simply attempting to mirror the products to be found in the traditional financial system. A lot of crypto businesses struggle to obtain banking facilities, and for these entities, having access to alternative sources of capital, be it as a bridging loan or to support long-term growth, is vital.
Wasilewski’s vision is slowly materializing, but the wounded banking system is not yet in its death throes. It will likely take a decade or more before digital currencies render it obsolete. In the meantime, those who have been refused credit by financial institutions are being urged to turn to crypto lending. But are crypto lending protocols and platforms enterprise-ready? And if so, what do they have to offer entities that have been turned away by the banking system?

Anything the Banks Can Do, Bitcoin Can Do Better
Crypto lending has been a slow-burning trend this year, before exploding into life this week in a flurry of announcements. In July, for example, Bitcoin.com partnered with lending platform Cred to offer up to 10% interest on BCH and BTC holdings. The lending platform enables borrowers to obtain $25,000 or more in fiat currency, in exchange for collateralized crypto assets. Then, on Monday August 26, news.Bitcoin.com published an article on the changing crypto exchange landscape, which ventured that more exchanges are likely to introduce lending services in the near future. That future proved to be closer than imagined, for the very same day, Binance revealed its new lending platform.
The focus of its release was on the benefits to lenders, who will earn annualized interest of up to 15% on their BNB, USDT, and ETC. On Wednesday, the first round subscription was filled in less than 20 seconds by lenders eager to lock up their crypto assets. This feat says something about the level of interest in crypto lending, but it probably says more about the strength of the Binance brand. It may also say something about the diminishing ways for people to earn interest on their fiat holdings: thanks to negative yields, you are now likely to be penalized for purchasing 30-year government bonds.

Following up on the launch of Binance Lending, news.Bitcoin.com spoke to crypto-fiat exchange service Wirex, whose co-founder Dmitry Lazarichev commented:
Having identified some interest from our customer base, Wirex has been exploring the options for crypto lending with existing regulatory frameworks. Consumer lending products are usually heavily regulated, hence we’re focused on finding the best structure for it.
Lazarichev’s carefully worded comment hints at the growth areas being explored within the lending space by crypto projects. A fortnight ago, Coinbase expressed similar intent, writing: “In addition to custody, we’re excited to explore new ways to monetize and leverage crypto assets such as staking, borrowing against crypto portfolios and lending crypto to trusted counterparties.”
To complete an intense week for crypto lending, Ethereum-based P2P platform Dharma revealed today that it will be sunsetting its existing business in favor of creating a new platform that will be integrated with Compound. With $103 million locked into its protocol, Compound is dominating the decentralized lending game.

New @Dharma_HQ is genius. Nocoiners are scared of crypto, nobody is scared to earn interest.
1) Connect bank & deposit money (like in @RobinhoodApp or @Wealthsimple)2) Earn 10%+ APR
No crypto jargon, no scary DAI, no lockup – withdraw cash to bank acc whenever you want.
— Khallil (@kmx411) August 29, 2019

Nothing Comes for Free in This Life
The proliferation of crypto lending products is to be welcomed, but there is something missing from all this breathless news about locking up crypto assets and filling subscription quotas in record time: what about the borrower who doesn’t have any crypto assets? Doesn’t that place them in the same situation as the man who walks into the bank with nothing but the shirt on his back and a business idea? The short answer is yes. If you don’t have crypto to collateralize, Binance Lending won’t give you the time of day.The more nuanced answer is that there are tools currently being developed that will enable crypto lending products to meet the needs of a broad range of borrowers, including those who possess intangible collateral – like reputation. From the social credit scoring of Bloom to the emergence of lending platforms that allow unconventional assets (like skins and NFT collectibles) to be collateralized, crypto lending is evolving. Some of these products are being built upon existing lending protocols such as Compound, or upon Bitcoin itself using layer two smart contracting solutions such as RSK and Echo. There are also microloan platforms in the works that will give businesses that lack a credit rating access to capital.
Essentially, the crypto lending space looks set to mirror Bitcoin’s trajectory:

Right now, the legacy financial system, for all its flaws, is unavoidable for the majority of businesses and individuals. Quality and diversity of crypto products including lending services have improved, however, it will become possible to exist wholly in crypto. No more banks, no more bank managers, and no more credit agencies to appease. Crypto might not be the answer to all the world’s problems, but it’s a sight better than what’s currently on the table. Give it time, and it’ll leave the fading financial system in the dust.
What are your thoughts on crypto lending – do you think it’s a valuable use case for crypto assets? Let us know in the comments section below.
Images courtesy of Shutterstock.
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Bron : Bitcoin en toekomst van crypto

Cryptocurrencies Such as Bitcoin Cash Shine During Hong Kong Protests

The Hong Kong protests started in June 2019 over a controversial bill and now after weeks of demonstrations, marching citizens are fighting for the future of Hong Kong. In the midst of all the activists protesting, digital currencies like bitcoin cash are being promoted as a way for people to remove themselves from China’s system.
Also Read: Venezuelan Pharmacy Chain Accepts Bitcoin Cash for Medicine and Products
Hong Kong Protests Continue Into the 12th Week
It’s been more than 12 weeks of protests in Hong Kong that started with the 2019 extradition bill called the Fugitive Offenders Ordinance and Mutual Legal Assistance in Criminal Matters Ordinance. The bill claims to be an act designed to stop fugitive refugees from hiding as it would allow Chinese law enforcement to extradite anyone from Hong Kong to mainland China if they are accused of a crime. Many Hong Kong citizens fear the extradition bill could prompt the Chinese government to arbitrarily imprison anyone from the country. 130,000 demonstrators marched against the bill on April 28. After the Chief Executive of Hong Kong, Carrie Lam, showed she was ready to bring the 2019 extradition bill to legislature, over 1 million people protested in the streets on June 9. On the anniversary of the British handover of Hong Kong on July 1, a large number of protesters charged the Legislative Council. In August, activists stormed the Hong Kong international travel hub and the airport had to suspend flights for days.
A protestor holding a sign during a Hong Kong demonstration on August 24, 2019.
Even though the bill was put on hold by Lam because of the intensity of the protests, the activists protesting demand more. Leaders of the protest have cited specific demands and the first is completely abolishing the extradition bill forever. The protestors also want the government to remove the changed classification for peaceful protests, which coincidentally is now defined as “riots.” The activists are also demanding an “independent inquiry” into the Hong Kong police force and the government must remove charges brought against protestors who have participated in past demonstrations. Lastly, those who are protesting and support the movement want a slice of independence from China. Protestors demand a better form of universal suffrage that does not stem from China and allows citizens to vote for leaders in a democratic fashion. Also, Hong Kong independence proponent Chen Haotian tried to incite a bank run on Chinese banks operating in the country last week. Haotian believes that a mass bank run in Hong Kong would hurt China’s financial system that’s tethered to the country’s economy.
Protestors want to completely abolish the extradition bill forever.
Hong Kong Crypto Adoption Grows During the Demonstrations
In the midst of the Hong Kong protests, certain individuals and groups are pushing for cryptocurrency adoption in the area. One organization called Genesis Block has been distributing bottles of water and umbrellas to demonstrators protesting in the streets of Hong Kong. Genesis Block is well known for its cryptocurrency workspace in the Wan Chai district and was also one of the entities that mined some of the first bitcoin cash (BCH) blocks in August 2017. The cryptocurrency workspace promotes a range of digital assets but the peer-to-peer digital cash system BCH is promoted a lot more.
Bch-hkg.com
In order to bolster the crypto facilities within the region, Genesis Block has installed 14 cryptocurrency automated teller machines (ATMs) throughout the country. During large protests over the last few weeks, Genesis Block handed out water bottles to protesters which had a BCH logo and the bottle read “免费派水 (free water).” On the water bottle’s label next to the BCH logo, there’s a QR code that leads to the website Bch-hkg.com. The web portal is a Bitcoin Cash explainer and teaches people from Hong Kong how to download a wallet and use BCH to spread freedom. The translated message on the website states:
Bitcoin Cash (BCH) was created to achieve the original purpose of Bitcoin as a peer-to-peer electronic cash system — Bitcoin cash is fast, inexpensive and reliable as it’s medium of exchange and store of value.
Genesis Block giving away free water.
Additionally, there are groups who are using cryptocurrencies like bitcoin cash to fund charitable efforts like the body of people known as Snowden’s Guardian Angels. In 2013, these individuals and families helped shelter the whistleblower Edward Snowden when many governments were looking to capture him. Snowden’s Guardian Angels were families who reside in Hong Kong and they are accepting bitcoin cash donations for their efforts. Another group that’s accepting bitcoin cash donations is the nonprofit organization Hong Kong Free Press (HKFP). The group is run by independent journalists who promise to be immune to commercial and political pressure. Independent journalism is valued during times of protest because reporters can tell the public how things are being perceived from a non-biased view. Bitcoin Cash proponents can support HKFP by donating to the nonprofit here.
HKFP now accepts bitcoin cash (BCH) donations.
There are also a few BCH accepting merchants in Hong Kong including the male-only salon Men’s Bash, Craft Brew & Co, the bookstore cafe Garden Meow, and Aerial Studios. Moreover, on August 23, the Hong Kong Bitcoin Association announced on Twitter that the department store Pricerite has begun accepting BTC via the Lightning Network. Pricerite will also accept litecoin (LTC) and ethereum (ETH) at its store in the Megabox shopping center. Apart from merchant acceptance, bitcoin cash trading has increased as well, according to swaps made on the Local.Bitcoin.com BCH marketplace. One trader has purchased BCH 195 times on the peer-to-peer platform using the stablecoins USDC and USDH. A few other traders from Hong Kong have completed 20-40 bitcoin cash trades on Local.Bitcoin.com over the last two months.

There have also been a few instances where BTC prices have seen a premium in Hong Kong as spot prices on the exchange Tidebit have been $75-250 higher than the global average. For instance, the price of BTC today on Tidebit is 76,500 HKD, which is $250 higher than the average spot price worldwide. No one knows exactly how the Hong Kong protests will turn out, but it seems many people think it’s a great opportunity to spread the idea of a currency that’s not controlled by a state entity.
What do you think about the protests in Hong Kong and the proliferation of crypto use and adoption? Let us know what you think about this subject in the comments section below.
Image credits: Shutterstock, Pixabay, Getty Images, Miguel Candela/SOPA Images/Lightrocket via Getty Images, HKFP, Bch-hkg.com, Genesis Block, and Wiki Commons.
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Bron : Bitcoin en toekomst van crypto