The White House Just Blamed Bitcoin for America’s Opiate Crisis

The opioid epidemic is the new devil Bitcoin is being blamed for inflaming, to be added to the already long list of heinous crimes crypto is supposedly responsible for, like terrorism, money laundering, and trafficking. While it’s painfully clear that the U.S. dollar is a much more common tool for these unethical and illicit activities, that doesn’t stop the powers that be from continuing their propagandistic assault on financial freedom — ignoring their own central role in creating these massive problems, by pumping up the artificial monopolies that peddle them, and outlawing less dangerous and non-addictive solutions.
Also Read: Doing What You Want With Your Money Is a Fundamental Right
It’s That Evil Internet Money to Blame
In new advisories issued by entitled: “White House Announces Actions to Crack Down on Trafficking of Fentanyl and Synthetic Opioids and Better Position Private Sector to Protect the Homeland,” the U.S. government has named a new enemy in America’s deadly opioid crisis: Bitcoin. Among culprit cryptos named as aiding in trafficking of Fentanyl are BTC, BCH, ETH, and XMR. For those in the know, this is a little more than darkly ironic, as the U.S. government’s systematic U.S. dollar finance of big pharmaceutical companies, and combined violent prohibition of safe alternatives like cannabis, dwarf any paltry contribution crypto might be making.

America’s Opioid Crisis
Opioids — being basically heroin in a pill — are highly addictive. According to the Drug Enforcement Administration (DEA) itself, Fentanyl is “80-100 times stronger than morphine.” With the wild financial success of oxycodone (commonly known by the trade name Oxycontin) and other opioids in the 90’s, big pharma began seeing big dollar signs. After an industry and government-wide push to address chronic pain, and a new Joint Commission initiative which now recognized pain as the “5th vital sign” (basically conditioning patients to take meds for any and every discomfort and nagging pain) opiate use exploded.
Prescriptions for opioid analgesics skyrocketed by 104%, from 43.8 million in 2000 to 89.2 million in 2010. In 2016, more than 289 million prescriptions were filled. According to a Surgeon General’s Report released the same year:
Over-prescription of powerful opioid pain relievers beginning in the 1990s led to a rapid escalation of use and misuse…This led to a resurgence of heroin use, as some users transitioned to using this cheaper street cousin of expensive prescription
opioids. As a result, the number of people dying from opioid overdoses soared—increasing nearly four-fold between 1999 and 2014.
Fentanyl and its analogues, the central theme of the recent White House advisories, are currently causing the most deaths where opioids are concerned. Chinese drug kingpins and crypto are being blamed, but the government conveniently ignores its own central role in the chemical devastation of tens of thousands of lives.

In 2017, over 72,000 died of overdose, and most of these were opioid-related. While the numbers of prescriptions are finally leveling off, the U.S. government’s recent statements painting crypto as a key culprit are laughable, spurious, and telling. As U.S. Senators Dick Durbin (D-IL) and John Kennedy (R-LA) recently expressed in a letter to the DEA:
We have previously shared our deep concern that, between 1993 and 2015, DEA allowed aggregate production quotas for oxycodone to increase 39-fold, hydrocodone to increase 12-fold, hydromorphone to increase 23-fold, and fentanyl to increase 25-fold.
The senators go on to state that “the pharmaceutical industry flooded every corner of the country with 76 billion oxycodone and hydrocodone pills between 2006 and 2012—egregious volumes of painkiller production that was undertaken with DEA approval and awareness.”

Taking Aim at Crypto
The “Money” section of the four-part advisory details how criminals use “convertible virtual currency” (CVC) to facilitate trafficking of illicit substances:
Foreign representatives will instruct the U.S.-based individual to send payments through CVC, such as bitcoin, bitcoin cash, ethereum, or monero.
The document goes on to state: “Additionally, U.S.-based individuals may find fentanyl dealers on Darknet markets and contact Darknet vendors located worldwide, including in the United States.” Advising financial institutions on methods for discovering and reporting business transaction red flags, things like use of Virtual Privacy Networks (VPN), inability to determine the source of funds, sending “low-dollar money transfers to an individual in China for no apparent legitimate purpose,” and association with a pharmaceutical company are listed.
Information “particularly helpful to law enforcement” is identified as crypto wallet addresses, account info, tx IDs, tx history, login/IP info, “mobile device information,” and “information obtained from analysis of the customer’s public, online profile and
communications.” The report also details, in a footnote:
Tumbling or mixing involves the use of mechanisms to break the connection between an address sending CVC and the addresses receiving
While the crypto crowd is put under the hot lights of sloppy state scrutiny once again, now being blamed for Fentanyl abuse and Chinese drug lords — who simply fulfilled a demand for a ferociously successful black market the U.S. government itself created, anyway — level-headed, statistical assessment puts the propaganda straight to bed.
The most dangerous thing about this plant, Cannabis, is that the government will try to destroy the lives of those who use it without their permission.
Math Doesn’t Lie, and Violence Isn’t Safety
As reported last month, when it comes to the currency most overwhelmingly used to facilitate illicit transactions like Fentanyl trafficking, the USD remains the preferred money of criminals by leaps and bounds. This is irrelevant, though, according to many crypto enthusiasts and free market advocates, because any tool anywhere can be used unethically. This doesn’t make the tool bad, but the actor.
With only $72 billion (erring on the side of extreme caution) of the estimated $400 billion annual market volume for illegal drugs being bitcoin-related, the point is moot, even by statist standards. Still, those tragically affected by the opioid epidemic have a more pointed bone to pick.
When safe alternatives to highly addictive substances like Fentanyl are naturally, readily available, and dirt cheap, there can be only one reason the powers that be would seek to destroy families, incomes, and literal lives to stop people from possessing them: control. So while the gutters are strewn with mountains of cold corpses from an opiate cash cow, and innocent men and women are locked in cages for trying to save their lives, or the lives of their children with a plant, it’s hard to imagine any sane person believing the White House talking heads. They may feign concern and cry crocodile tears for the plague they willingly created, blaming a non-violent, decentralized money for the damage, but to believe that line of blather one would have to be very drugged up, indeed.
What are your thoughts on the White House advisory? Let us know in the comments section below.
Images courtesy of Shutterstock, fair use.
Did you know you can buy and sell BCH privately using our noncustodial, peer-to-peer Local Bitcoin Cash trading platform? The 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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Doing What You Want With Your Money Is a Fundamental Right

Since the birth of Bitcoin, crusaders fighting for the separation of money and state discovered a new payment tool that bypasses the nation state’s control over the monetary system. For over ten years now, lots of people have been using digital currencies to hide from prying eyes of governments in order to free themselves from a system that contributes to insanity.
Also read: How to Create Non-Fungible Assets and Collectible Tokens With Bitcoin Cash
The Separation of Church and State Has Proved Humans Can Remove the Monetary System From State Control
It can take years, decades, and even centuries for humans to realize certain concepts used within society are immoral. Things like genocide, chattel slavery, and religious persecution have all been deemed unethical. Over the last century, throughout a great majority of countries worldwide, the separation of church and state has become the norm. The concept of the separation of church and state started during the Saint Augustine of Hippo era (between 354 – 430 AD). Augustine discussed the subject in the book called “The City of God,” in Chapter 17, and defined the proper roles of religion and country. All the way up until medieval times, most leaders of nations states were kings and were appointed by the church to rule because of an idea called divine right. Things really started heating up in the Western Hemisphere, when citizens from England wanted to escape the church’s state-dominated rule by fleeing to the colonies located in the U.S.
John Locke was one of the first to introduce the “enlightenment era” which involved individual sovereign rights and the separation of church and state.
During this period (the 1600s–1720) the political philosopher John Locke established the “enlightenment era,” which initiated the idea of separating church and state as well as other individualist ideas. Other well known philosophers like Montesquieu and Pierre Bayle also argued for separation of the two entities. Locke’s writings about the social contract and sovereign rights declared that nation states do not have the authority over an individual’s conscience and therefore forcing them to follow a certain religion is immoral. Locke’s views became a primer for the American revolution and his literature helped form the U.S. Constitution. The third President of the United States, Thomas Jefferson, wrote many articles on the free exercise clause and he was quoted for coining the phrase “building a wall of separation between church and state.”
“I contemplate with sovereign reverence that act of the whole American people which declared that their legislature should ‘make no law respecting an establishment of religion, or prohibiting the free exercise thereof, thus building a wall of separation between church and state,” Jefferson wrote in 1802.
Many economists and scholars worldwide believe the state’s interference with money is the main reason the current monetary system is a failure.
Cryptocurrencies Are Priming a New Enlightenment Era
Well before Satoshi Nakamoto unleashed the Bitcoin network, individuals have been pushing for the separation of money and state. Austrian economists and libertarian philosophers believe that money deserves to be privatized and removed from the surveillance of the nation states. There are a great number of reasons why money needs to be depoliticized, and most of the citizens from nearly every country are aware that something is wrong.
This is why the inflation rate in Venezuela is one of the worst cases of hyperinflation in modern history, at 10 million percent. It’s why huge Occupy Wall Street protests were staged worldwide in 2012 after the 2008 recession, and why the French recently protested in Paris. Governments and the central banks, controlled by a small group of people, have created a system so manipulated that 1% of the world’s population controls most of the wealth, land, and commodities. The collusive arrangement between the bureaucrats and banks is allowed because the citizens are told these entities work for the common good of man. However, the central banks and politicians are the ones who have funded decades of war, financial sanctions against peaceful people, pollution, and the growing police and surveillance state.
Because bankers are extremely close with the political oligarchy, no banker has been jailed for severe and systematic financial crimes. But bureaucrats have no issues with arresting thousands of peaceful people for using marijuana or spending their money privately.
Over the years there have been multiple methods of bypassing the state’s dominant control over money, but some people have been threatened and even caged for trying to use a new money system. For instance, Bernard von NotHaus was arrested in 2007 for creating the Liberty Dollar, a private currency that was issued in minted metal rounds. The U.S. government then warned the public that the people could not issue metal coins that resembled the coins of the United States or of foreign countries.
Bernard von NotHaus is well known for creating the Liberty Dollar and being arrested for creating a private currency that competed with the U.S. dollar. Liberty Dollars were also represented by paper notes as well.
During this same time frame, the cypherpunks were busy discussing and producing different forms of electronic currencies to be used on the internet. The following year, after von NotHaus was arrested, the global economy imploded and bureaucrats rushed to bail out the banks. While things seemed extremely dismal, on January 3rd, 2009, Satoshi Nakamoto unleashed a new payment tool that could help bolster monetary freedom and separate money from the claws of the state. The software’s genesis block is a testament to this goal as the embedded metadata reads:
The Times 03/Jan/2009 Chancellor on brink of second bailout for banks.
Global Citizens Have Realized the Monetary System Is Unethical, But as With the Church, Governments Will Encroach Until They Are Removed From the Process
Satoshi never commented on why he chose to add this message, but the headline stems from the January 3rd, 2009 edition of The Times. The newspaper detailed how British politicians told citizens that they would bail out the banks in order to stimulate the economy. Despite the protests in major cities across the U.S. and U.K., the biggest central banks bailed out the financial institutions with taxpayers’ money. More than ten years later after a bunch of quantitative easing (QE) and manipulating interest rates, the world’s bureaucrats and central planners have failed again. Economists are worried that there’s an impending recession on the way in 2019, and some expect it to be worse than the 2008 crisis. Thankfully, Nakamoto’s vision and subsequent technology have spurred another avenue for peaceful individuals and organizations to escape the threats of monetary control.
One optimistic thing about the creation of Bitcoin is that ever since it was introduced, people are not being thrown in a cage, like Bernard von NotHaus for creating their own currency. There are now 2,000+ cryptocurrencies competing and anyone can participate.
Cryptocurrencies are another opportunity to participate in the counter economy just like using methods of barter and trade, and the use of alternative currencies not controlled by nation states. Since the separation of church and state has become the norm, digital currency proponents think that money and payment tools are also tethered tightly to the conceptions of identity and self. This means no one should tell you how to spend your money, no one should be able to monitor your use of funds, and no one should throw you in a cage because you want to keep your financial transactions private. Humans should be able to do whatever they want with their money and cryptocurrencies allow for them to do this in a permissionless manner. In 2019, residents of planet earth should at least understand by now that the separation of money and state should be a fundamental right in the same way spirituality should be chosen or not chosen freely by a sovereign individual.
Using cryptocurrencies like bitcoin cash (BCH) can help people avoid the state and remove themselves from the manipulated monetary system. Did you know you can purchase bitcoin cash (BCH), bitcoin core (BTC), ethereum (ETH), litecoin (LTC), and other coins using Head over to our Purchase Bitcoin page where you can easily buy cryptocurrencies in minutes.
The problem is the nation states and the banking cartel understand that if you remove money from the state’s control, then their power becomes extremely weak. Without being able to steal from the population, governments wouldn’t last very long and the market would quickly realize that they would rather pay for competitive goods and services, instead of supporting failing monopolies. Bitcoin and cryptocurrencies give humans a tool that promotes the idea of being independent and free from the subjection of political power over money and monetary choices.
Using cryptocurrencies and alternative payment tools to bypass the state is a fundamental right and people should continue to fight to remove the monetary system from the state’s control. Money needs to be protected from government encroachment so free-markets can flourish. Some people may never use digital currencies to circumvent the state, but over the last ten years, there’s a growing number of people using these tools for that very reason. Someday, if all goes well, humans may see true free market concepts bolstered by cryptocurrency solutions that will galvanize a network of free and voluntary exchange.
What do you think about the separation of money and state being bolstered by cryptocurrency solutions? Let us know what you think about this subject 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. 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. 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.
Image credits: Shutterstock, Pixabay, Wiki Commons, Bastiat Institute, and
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Cryptocurrency Domains Have Become Hot Property

Bitcoin, cryptocurrencies, and blockchain technology have become mainstream terms and are now featured in most dictionaries. Crypto-related terms have a lot of value when they are tethered to a web domain, and these days digital currency domains are prime real estate, with some selling for up to seven figures.
Also read: How to Create Non-Fungible Assets and Collectible Tokens With Bitcoin Cash
Crypto Domains Are Being Snatched Up, Squatted and Sold for Profit
Cryptocurrencies have been around for 10 years now and the entire ecosystem is worth more than $250 billion. The many tentacles of the crypto industry have grown thanks to third-party platforms, competing blockchain projects, exchanges and brokerage services, wallets, and payment processors. Each of these projects and businesses has a unique web domain and some of the top bitcoin and blockchain websites are now worth hundreds of thousands of dollars – and even millions in a few cases.
Websites that sell domains can also calculate the rough estimate of what a cryptocurrency domain name might be worth. The prices shown are based on data such as weekly and monthly traffic. A website owner may not sell you the domain for this price either as it may be worth much more in their eyes.
Desirable crypto domains include,,,,, and A rough estimate of how much one of these sites is worth can be seen by referencing a domain value calculator. However, that doesn’t mean the owner will be willing to part with the domain at that price; these tools only give a ballpark figure based on traffic scores and ratings from Alexa and Google. For example, the owner of has left a message for the website’s visitors.
“ was registered on March 11, 2011. It has no relation to the blockchain technology, which later adopted the same name,” the website explains. “ is for sale for $10,000,000 USD.”
Bitcoin-related domain names can be expensive and will cost a lot more than a generic domain.
Apparently, the person who registered the domain just happened upon an internet gold mine, but there are many individuals and businesses who register a domain with the intention of selling it later for a profit. Ever since web domains have been tradable, ‘domain squatting’ has been prevalent. This involves a person buying up a bunch of website names that are tied to a specific product or industry and then waiting for a more profitable time to sell them. In the crypto industry, domain squatters are prevalent and individuals and businesses of all sizes have to deal with the pressure of people snatching up the best domain names early. Because of the rising popularity of digital assets, especially after the bull run in 2017, crypto and blockchain-related websites are selling or have been sold for top dollar.
On Twitter, domain squatters can be seen hoarding droves of website names that they are willing to sell for a profit.
Observers Witnessed the Crypto Domain Price Peak in 2017
In 2009, the website sold for just under $20K to a company which held it until 2013 when the subsequent owner used a Whois history privacy protection plan. Then in October 2017, the site was sold for $2 million and the website is now dedicated to ethereum mining. A few months beforehand, in April, the website was sold to Craig Ellis, the cofounder of Triangl, but the site is still undeveloped. Allegedly in 2018, Binance purchased the domain from Mike Mann, the founder of, for $195,000. At the time, Mann told the world that he purchased the domain for only $11 back in 2011. In 2017, sold to someone from Shanghai, China for $35,516 and in January 2018, was sold to William Thomas for $35,000.
Lots of cryptocurrency domain names that have been sold over the years. Prices reached a peak in 2017.
There’s a large list of cryptocurrency-related domains for sale today for thousands of dollars on various marketplaces. This includes ($12,000), ($1,000), ($30,000), ($20,000), ($10,000), and ($12,000). On Twitter there are also many individuals selling cryptocurrency domains and these days it’s hard not to stumble upon some shilling their domains. One person on Twitter explains the domain name is a “fantastic brandable domain that’s for sale now.” Another person writes: “The domain name is for sale — A fun take on the words ‘bitcoin’ and ‘casino.’” The account @Dotonlydomains, a business that sells dotcom website names only, is also selling the domain
It’s hard not to stumble upon people selling domain names on social media in 2019.
Cryptocurrency-Related Website Sales Are on the Rise Again
Searching through the depths of social media and digital currency forums shows that the crypto domain real estate market is in high tempo. Search results from Namebio suggest a lot of websites associated with crypto names have been sold over the last few months. sold for $12,000, ($2,050), ($1,155), ($4,860), ($3,156) and ($1,225).
As of August 18, 2019, the average selling price for a crypto-related website was $1,057.
Just the other day, sold for $10,000, was purchased for $4,550, and was sold by Namejet for $1,350. The average selling price for a digital currency styled domain name was around $1,057 on August 18. Between September and November 2017, domain names involving crypto could range between $2,000 to $4,000 and on October 22 average prices touched a high of $75,000. The most active website brokerage service which has sold the largest number of digital currency domains today is Go Daddy.
Vendors discussing crypto domains on a website marketplace forum in April.
With the popularity of digital currencies growing, the domain names attached to this industry will follow the same path. Squatters are gambling as well because they don’t know if that specific name will be a good internet brand and one that will entice a future buyer. On the forum, a marketplace where people buy and trade popular domain names, one user explained that digital currency domains are following market prices.
“The overall momentum in the crypto market has changed from bearish to bullish and we can expect to see higher highs in crypto prices in the near and distant future,” the top member Judgemind detailed this April. “This switch in the market is great for domain investors, more new startups will emerge in the crypto space and blockchain technology will continue to evolve. Keywords to focus on for investment in .com, .org, .io include Bit, Btc, Bitcoin, Crypto, Coin, Chain, Block, Blockchain, Faucet, Token, and Airdrop.”
What do you think about the demand for cryptocurrency domains? 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, domains, domain vendors, and websites associated with this article. 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, domain products and website vendors mentioned in this article. This editorial review is for informational purposes only.
Image credits: Shutterstock, Go Daddy, Twitter, Namebio, and Pixabay.
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Bron : Bitcoin en toekomst van crypto

The Push to Kill Cash – Australia’s Proposed Ban Shows It’s Not Conspiracy Theory

The supposed coordination of governments and tech companies to create a one-world, cashless society is often viewed as little more than fodder for silly Youtube conspiracy videos. After all, cash is still king in daily life, even in extremely high-tech, innovative societies like Japan. Upon closer examination, though, current realities like Australia’s proposed cash transaction ban for 2020, the continuing removal of higher denomination bills from several world economies, and the creation of centralized, state cryptocurrencies by governments worldwide cannot be ignored. These trends signal a global push to kill paper money in the name of safety, security, and financial inclusion.
Also Read: Major Swedish Bank Orders Negative Interest Rate on Euro Deposits
You Can Pay, But It Better Be Our Way
Australia’s “Black Economy Taskforce” wants to put people accepting over 10,000 AUD (~$6,750) in cash in the slammer for up to two years, or fine them up to 25,000 (~$16,890), in an ostensible bid to fight black market economies. The Currency (Restrictions on the Use of Cash) Bill 2019 states:
Transactions equal to, or in excess of this amount would need to be made using the electronic payment system or by cheque. The Black Economy Taskforce recommended this action to tackle tax evasion and other criminal activities.
Long lines of people wait to exchange their obsolete rupee notes in India.
Note the similarity here with talking points of other governments. India’s Prime Minister, Narendra Modi, when announcing the devastating surprise removal of 86% of the country’s circulating paper cash in 2016, proclaimed:
Black money and corruption are the biggest obstacles in eradicating poverty.
Not surprisingly, Modi’s shock move put the dominantly cash-based society in a panic, forcing people to take their now worthless 1,000 and 500 rupee notes to banks within 50 days of the announcement, to exchange them for smaller denominations. Now The Royal Bank of India is moving to ban all cryptocurrencies but one, the state-approved, digital rupee.
500-dollar federal reserve notes were officially discontinued in 1969.
The removal of large cash bills is a worldwide, ongoing reality, with the European Central Bank (ECB) stopping production of the 500 euro note earlier this year. The note, dubbed by the media as “the Bin Laden,” was said to be used disproportionately in financing terrorism. The U.S. used to have banknotes worth $500 and higher as well, some which were known as gold certificates, entitling the bearer to physical gold upon redemption. As fractional reserve banking took over, however, and national debt increased, these systems were progressively abandoned. The trend continues today in the form of Negative Interest Rate Policy (NIRP), and the resultant push for digitization of money.

Stop Holding Cash and Take Our Debt
“If everyone is holding cash, negative interest rates become useless.” These are the words of former People’s Bank of China (PBOC) governor Zhou Xiaochuan after the Chinese government had just completed a trial run of their new national cryptocurrency back in 2017. Now the country’s sovereign digital currency is “almost ready.” Zhou has also officially stated:
At the current stage, the central bank’s major goal of issuing digital currency is to replace the physical cash.
Earlier in the same interview, he maintained that “The cost for cash transaction will gradually increase in the later stage. For instance, banks do not charge any fee for counting a large amount of coins now, but in the future they may charge their clients for such services.” Zhou’s remarks about negative interest rates are arguably the biggest giveaway as to what is going on here. If people are holding cash outside of banks, reckless, Keynesian NIRP policies won’t have the desired effect of coercing spending in the populace.
New Zealand Reserve Bank governor Adrian Orr agrees with Zhou:
Let’s tax cash holdings, simple as that: we’re back to monetary policy as usual; people are disincentivised to be holding large lumps of physical cash; they are having to think harder about putting money to work.

Big Tech: We’ll Create the Digital Money, Thank You
While draconian government monetary policy is alarming, the lack of support for actual financial sovereignty in the crypto and tech space is indicative of another problem. Government’s designs on eliminating paper money and fighting permissionless, decentralized crypto exchange — both moves to control money supply and populations of individuals — are obvious, and to be expected. But even big tech companies and exchanges like Facebook and Binance are jumping on the propaganda bandwagon, dragging many well-meaning enthusiasts into the fight against financial freedom (even if unintentionally) right along with them.
“We believe that we all have a responsibility to help advance financial inclusion, support ethical actors, and continuously uphold the integrity of the ecosystem.” – Libra whitepaper
“This is why we believe in and are committed to a collaborative process with regulators, central banks, and lawmakers…” – Facebook’s David Marcus
“Binance is looking to create new alliances and partnerships with governments, corporations, technology companies, and other cryptocurrency companies and projects involved in the larger blockchain ecosystem, to empower developed and developing countries to spur new currencies.” – Binance’s ‘Venus’ announcement
The common theme here is eager compliance with Keynesian value destroyers. And these examples are illustrative of the true financial epidemic.

Forced ‘Perfection’
Digital currencies really are extremely convenient. Everybody in the world really should have a chance at financial inclusion. Holding wads of paper cash and coins really can be a bother, as well as a safety hazard, where crime is concerned. In Finland, passengers on state railways won’t be able to purchase tickets with cash for long-distance trips, starting in September. Much easier than messing with the paper stuff. ATMs are becoming less common worldwide, even in countries like China, the U.S., and cash-obsessed Japan. Settlements and payments can be made effortlessly, though, with just a quick scan or entering a PIN, so it’s no big deal.
But this is not a perfect world. Governments are corrupt. Artificial monopolies and seas of red tape exist, keeping the life-threateningly impoverished and entrepreneurial from accessing crypto and banking services via strict KYC and AML policy, and by mandating, like Modi in India, that their hard-earned and hard-saved money is worthless. People already have the opportunity for extreme financial inclusion. A $40 smartphone and an internet connection enables anyone, anywhere in the world, to make or receive money with Bitcoin. In the name of regulation, safety, and financial inclusion, however, the state makes the situation more chaotic, less safe, and extremely exclusive where real human need is concerned.

Some of us crazy people still like paper cash, and prefer to pay that way. Some annoying, behind-the-times luddites still put money in their mattresses, where global financial policy turns more and more toward negative rates, continued inflation, and devaluation of money sitting in banks. Some entrepreneurs and tech-savvy fans of crypto simply think it’s nobody else’s damn business, preferring paper wallets, coin shuffling, and VPNs, in a world where everyone but those in power are presumed guilty until proven innocent. Some of us “conspiracy nuts” just like crypto for crypto, and paper cash is still closer to that clean and private model than any slimy, centralized digital state currency could ever hope to be.
Do you think there is a global push to end cash? 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. 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. 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.
Images courtesy of Shutterstock, fair use.
Did you know you can buy and sell BCH privately using our noncustodial, peer-to-peer Local Bitcoin Cash trading platform? The 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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The New Bitcoin Banks Are Here

A new age of banking is imminent. Legacy models will be forced to follow suit or become obsolete in the eyes of value holders worldwide, as new bitcoin and crypto services take over, seeking to implement blockchain systems with an eye on convenience and financial inclusion. Announcements of stablecoins and exchange services from giants Binance, Coinbase, and others, signal the age of the ‘Bitcoin Bank’ is just beginning. Whether this shift brings about the immense positive change it promises, or simply becomes a new centrally regulated banking system with competing digital monies, the transition is nevertheless underway.
Also Read: The World Bank’s Blockchain Bond Is Just a Fancy Way of Selling Debt
Overview of Trends
On a global scale, a few basic trends are emerging rapidly where crypto exchanges and banking are concerned. The proliferation of crypto/fiat on and off-ramps, ever wider arrays of crypto financial services, and development of competing stablecoins are being witnessed more than ever. Major players seek to secure market capitalization in the context of security-oriented, compliance-based crypto competition which fosters financial inclusion.

Binance Announces New Stablecoin Project
On Monday, Binance announced “plans to initiate an open blockchain project, Venus, an initiative to develop localized stablecoins and digital assets pegged to fiat currencies across the globe.” The $1 billion+ daily trading volume behemoth is supporting over 150 cryptocurrencies and already actively involved in stablecoin development “including a BTC-pegged stablecoin (BTCB) and the Binance BGBP Stable Coin (BGBP) pegged to the British Pound.”
The Chinese version of the announcement stressed the need to embrace change, and for groups like itself and Libra to be developed in an “orderly manner” under regulatory guidelines. The announcement goes on to suggest three specific courses of action including government establishing the strategic position of blockchain and stablecoin enterprise in the financial sector, establishing regulatory sandbox mechanisms, and the allowance of private enterprise creation of stablecoins and cross-border payment settlement systems.
Coinbase Acquires Xapo
Another giant in the industry serving as a significant crypto on-ramp since 2012, is Coinbase, whose custody business has recently acquired crypto asset storage group Xapo’s Institutional Custody Business. In an announcement on August 16, Coinbase detailed: “Through the acquisition of Xapo’s institutional businesses, we’re now proud to act not only as the gateway for millions of people to cryptocurrency, but also as the world’s largest and most trusted steward of digital assets.”
Coinbase Assets Under Custody (AUC) growth chart. Source:
Coinbase currently provides crypto services supporting 42 countries worldwide, with over 20 million customers globally. The group’s main service is facilitating the buying and selling of bitcoin via bank account, credit and debit card. Like Binance, Coinbase has its own stablecoin, USD coin (USDC). The overarching selling point of all of stablecoins across the industry is strikingly similar: a focus on convenience and reliability. As Coinbase claims, emphasizing financial inclusion:
Unlike regular US dollars, USD Coin doesn’t require a bank account. It doesn’t require that you live in a particular geography. And you can send USD Coin around the world at an extremely low cost in just a few minutes. This opens a lot of possibilities.
Huobi Global
Headquartered in Singapore, the Chinese exchange Huobi was forced to adapt via unorthodox means due to encroaching Chinese regulatory restraints in 2017. The exchange is currently doing a daily volume of over $1.1 billion and serves as an active hub for crypto and fiat trading, with leveraged spot trading, fiat withdrawals, and the HUSD stablecoin being key selling points. Multisig cold wallets with “24/7 security monitoring” and a “Dedicated 20,000 BTC Security Reserve Fund,” enable users to store funds. Like Binance and Coinbase, Huobi is exemplary of crypto exchanges now moving out of mere trading to offering what are basically crypto banking services to their users.
After a $534 million NEM hack in January, 2018, Tokyo finance giant Monex acquired the exchange, soon after announcing submission of an application to join the Libra Association, as well.
Coincheck and Bitcoin Suisse
Allowing users to earn interest via crypto lending, payment of utility bills, and business payment services, Japan’s Coincheck was acquired by mainstream Tokyo brokerage firm Monex Group in April, 2018, for $33.6 million. In the wake of a $534 million NEM heist in January, 2018, and ensuing regulatory overhaul, the exchange has once again become profitable, according to Monex. Monex Managing Director and Chairman Oki Matsumoto recently created even more of a stir when he announced that Monex had applied to join the Libra Association, expressing emphatic interest in the project. The Libra announcement solidified the growing impressions of many that a global synergy toward bitcoin banking is indeed developing more rapidly than ever across the industry.
Other major players include groups like Bitcoin Suisse, founded in 2013 and marketed by the company as “Switzerland’s oldest, regulated, professional company for crypto-financial services.” Bitcoin Suisse offers trading and brokerage, storage, collateralized lending, staking, and the Cryptofranc (XCHF) stablecoin. As an amusing aside, a recent publicity stunt brought the group even more attention, finding them conducting the “highest bitcoin trade ever publicly recorded” on the wind-whipped, snowy summit of Breithorn, Switzerland, at 4,164 meters above sea level. will launch on Sept. 2, 2019.’s upcoming exchange (to launch September 2) viewed in combination with the already available non-KYC, P2P trading platform are aiming for mass onboarding of crypto users seeking banking-type services through, while simultaneously providing a clear route for private, permissionless exchange of crypto via the P2P platform.
The exchange is set to offer features such as crypto/fiat on and off-ramps, security via “2FA, IP whitelisting, cold storage,” dozens of trading pairs against BCH, and an SLP token exchange. is conscious of financial inclusion as well, including financial sovereignty as the critical element of transaction. As the developer site states:

Money is critical to the Human Condition. Bitcoin Cash and Blockchain technology enable financial sovereignty in a way which is unique in history…As a developer you can make it [Bitcoin Cash] available to all people, whatever their age, gender, nationality or financial status.

A New Era in Banking
As the trend toward a new generation of Bitcoin Banks continues to evolve, market demand is likely to force legacy institutions to adapt or die, and inspire renewed focus industry-wide on convenience and transparency. As evidenced by cases like 87-year-old private bank Maerki Bauman in Switzerland, which has seen revived interest after hinting at crypto offerings, the new paradigm is one which is digital asset-friendly.
With major crypto service providers and exchanges taking unique roles in their offerings to the market, currency competition among stablecoins is – at least to some degree – now being encouraged. It will no doubt be evident in years to come which Bitcoin Banks are serious about financial inclusion and bringing about a true revolution in the banking industry, and the unfolding promises to be an exciting spectacle.
What are your thoughts on the new Bitcoin Banks? Let us know in the comments section below.
Images courtesy of Shutterstock, fair use.
Did you know you can buy and sell BCH privately using our noncustodial, peer-to-peer Local Bitcoin Cash trading platform? The 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.
The post The New Bitcoin Banks Are Here appeared first on Bitcoin News.
Bron : Bitcoin en toekomst van crypto

How to Create Non-Fungible Assets and Collectible Tokens With Bitcoin Cash

On August 21, James Cramer, the developer behind the Simple Ledger Protocol (SLP), announced the launch of the Electron Cash SLP version 3.5. The latest release allows people to create a new type of SLP token called NFT1, a non-fungible token that can be grouped together by a single ID. The advanced form of SLP token creation allows people to use the system to create unique assets like gaming items, collectibles, and digital media rights.
Also read: Social Network Memo Adds Decentralized SLP Token Exchange
How to Create an NFT1 Type SLP Token Using the Electron Cash Wallet
The Simple Ledger Protocol (SLP) is celebrating its first anniversary. Since then there’s been a token explosion as thousands of unique coins have been created using the SLP system. The majority of SLP tokens have been a ‘type1’ token which defines a common list of rules for SLP-based tokens to follow within the larger Bitcoin Cash ecosystem. At the end of June, SLP engineers James Cramer and Jonald Fyookball published a new specification by extending the SLP token type 1 standard. The new type of token is called NFT1 which allows people to create non-fungible tokens that are grouped together by a single ID. The documentation on Github explains that having the ability to group non-fungible tokens (NFTs) in a provable manner opens many doors. Similarly to the ERC721 protocol, NFT1s can extend token creation to things like rare collectibles, digital media rights, raffles, tickets, and blockchain extensible games.
Download the Electron Cash SLP version 3.5 for NFT1 functionality.
Just like our prior SLP reviews in the past, has tested the new NFT1 standard using the Electron Cash SLP wallet. The following walkthrough was written to provide an insight into the basics of NFT1 creation. The first thing you need to do is download the latest SLP Electron Cash wallet version 3.5, as any wallet below this release will not mint NFT1s. The download takes less than a minute, depending on internet speeds, as the program takes about 30MB of space. The Electron Cash SLP 3.5 release is available for Linux, MacOS, and Windows. Electron Cash (EC) patrons will notice the newly released SLP version has the same logo as the EC wallet with Cashshuffle, except it’s green rather than blue.

After the download is complete, you need to open the program and create a new wallet or import existing funds into the wallet if it’s your first time using the EC program. If you were already using an older version of EC then your existing wallet’s history will be available in the new version after the upgrade completes. If it’s the first time you are creating an SLP token, you need to know that a small fraction of BCH is needed to act as ‘gas’ for the new token’s genesis transaction and further sending.

🥳 Happy 1 Year Anniversary SLP!🚀
Electron Cash SLP 3.5, was just released and it has some really exciting features. Just take a look for yourself.👓
— Simple Ledger (@SimpleLedger) August 21, 2019

The Parent Toilet Paper Token and Subsequent Children 2PLY and 1PLY
Once there’s a small fraction of BCH in the wallet, you can then proceed to customize a new SLP NFT1 type token. After the wallet is open, simply press the “SLP tokens” tab and at the bottom of the window you will see another tab that says “Create new token.” Pressing this will open a new window, which allows you to create your first custom NFT1 type token. The first thing I did was create a token with an NFT1 parent called “Toilet Paper Token – Ultra Soft” with a ticker called TPT.
An NFT1 parent must be created first and in order to create an NFT1 child you need to spend a quantity greater than 0 parent NFT1 in a new genesis transaction.
A parent token allows for the creation of non-fungible tokens called children, which essentially means the parent’s token ID keeps them all together as a family. My Toilet Paper Token – Ultra Soft is the token parent and I created 2,000 of them tethered to a URL called After the parent is created in order to create an NFT1 child, you need to spend a quantity greater than 0 parent NFT1 in a new genesis transaction. From here, simply right-click the parent token and select “Create new NFT.”
Right-click the token parent and select “Create new NFT” to create subsequent children.
Doing this will create subsequent children NFTs that will be tethered to the same group ID as the parent token. So with my 2,000 TPT example (2,000 is the number of sheets in most ultra-soft rolls), I created two children called 2PLY and 1PLY. The EC wallet will require you to spend a fraction greater than 0 parent NFT1 by creating a genesis transaction for you and after that completes you can proceed to create subsequent children. Children don’t have to have the same name or same ticker, and can have a different document or URL upload tied to them as well.
The wallet will automatically tether child tokens to the same group ID number as the parent.
As long as the group ID is the same for child tokens as they are for the parents, you or anyone with a block explorer can tell they are related by the group ID. Of course, the creation of the 2,000 TPT, 2PLY, and 1PLY shows the very basics of how to work with the new SLP token standard. Blockchain explorers like’s BCH Block Explorer and the transaction explorer can verify whether the token is a type 1 SLP token or an NFT1 parent or child.
The 2PLY child NFT1 token according to’s Block Explorer.
Nonfungible Sets of Grouped Tokens Open the Doors to a Whole New Environment
Anyone can take the NFT1 SLP token concepts further by attaching digitized assets like images or game items to these unique types of nonfungible tokens. Similarly to the Rare Pepe card game created by Counterparty or the Crypto Kitties project on Ethereum, people can use the new NFT1 standard for a slew of fun and rare collectibles. Currently, due to the nascent stages of NFT1s created in this manner, creators will need to be aware of wallets that only have the SLP send feature. If a wallet doesn’t ensure that the tokens spent are using the same token type field, then spending a child with a client like this could result in burning non-fungible tokens unintentionally. This means third party wallets will have to meet these requirements in order to be compatible with NFT1 type tokens. It may not be an issue for a game like an environment where the tokens are meant to stay within the platform, but the NFT1 ecosystem can be far more robust with wallets that support NFT1s.
The new Simple Ledger Protocol NFT1 standard allows for the creation of collectibles like Rare Pepe cards.
Creating an NFT1 SLP token really doesn’t take much time at all and is just as quick as creating standard type 1 SLP coins. Developers will have to figure out ways to tie metadata (SVG images, GIFs, extensible game code) in order to build truly unique things with these tokens. SLP developers are already in the midst of discussing the best way to tether images to tokens. However, the NFT1 tokens don’t even need to be visually aesthetic, as NFT1s can also represent numbered data like raffles, lotteries, digital rights, and event tickets as well.
NFT1s can also power raffle tickets, lotteries, event tickets, and media rights.
Moreover, the new EC SLP version 3.5 has faster token validation with an SLP graph search. “Graph Search can be enabled through a new Tokens tab in the network dialog,” SLP engineer James Cramer explained during the new wallet launch. “This new module downloads validation sets in large batches from SLPDB, instead of crawling back towards Genesis blindly making many network requests.” Additionally, thanks to EC developer Calin Culianu, there’s a new parallelized SLP validator that runs a new thread for each token ID. “Both speed and stability of token validation were improved thanks to Calin,” Cramer concluded.
The BCH community was pleased with the new release and the sky’s the limit for ideas that can stem from these types of non-fungible, grouped tokens. The project’s announcement was welcomed on Twitter and Reddit and the token explorer shows that BCH participants are already creating unique NFT1s on the chain. It will be interesting to see what transpires from this new token standard in time.
What do you think about the newly released Electron Cash SLP 3.5 version and the ability to create NFT1s with ease? Let us know what you think about this subject in the comments section below.
Image credits: Shutterstock, Simple Ledger Protocol,’s Blockchain Explorer,, and the Electron Cash Wallet.
Do you want to dig deeper into Bitcoin Cash and the Simple Ledger Protocol Universe? Head to our Blockchain Explorer to view specific BCH and SLP transactions, addresses, and blocks.
The post How to Create Non-Fungible Assets and Collectible Tokens With Bitcoin Cash appeared first on Bitcoin News.
Bron : Bitcoin en toekomst van crypto

Smokescreens and Mirrors: How Does a Country Do an ICO? They Call It QE

Financial regulators all around the world have been cracking down hard on ICOs for promising more than they can deliver. At the same time governments and central banks are pulling off far worse scams, such as QE, wiping out the savings of everyone that depends on them. To hide this fact they use obscure economic jargon to confuse and distract the public, with the latest term being negative yields.
Also Read: Peso Collapse Shows Governments Shouldn’t Control Money
Germany Buys Its Own Debt at Zero interest
Wednesday, 21 August, will be noted in the economic textbooks as a turning point in the history of fiat central banking and possibly as the harbinger of a new global recession. On this day, Germany, the world’s fourth largest economy and the main economic engine of the Euro zone, sold its 30 year bonds at a negative yield.
The German 30 year bonds yields have been going down hard recently, but this was the first time ever that they were actually sold with a coupon officially set at 0%. What this means in simple terms is that if you were to lend your money to the German government for a 30 year period, you will have to pay for this privilege instead of getting a return like you would expect from any sane investment.
‘Knot’ sculpture at the Deutsche Bundesbank building in Hamburg, Germany
So why would anyone in their right mind agree to make such a terrible trade as investing in negative interest yields? Well, they may expect returns on German bonds to be even worse later on and want to lock in this level while they still can. Others are just legally forced to, such as some large pension funds around the world that must invest a fixed percentage of their holdings in so called “safe” government bonds.
As you would expect, there weren’t many takers for this offer, and less than half were actually sold to investors. Out of a target of borrowing 2 billion euros from the market by the German government, just well under $900 million in bonds were issued successfully. The remaining majority of the 30 year bonds in this mostly failed sale had to be picked up by the Deutsche Bundesbank, Germany’s central bank. This by itself, happening to such a traditionally well trusted government as the German one, may indicate that the global financial system is headed for a major shock.
Negative Rates Will Come to the US Soon Enough
While serving as an ominous benchmark for the market, the German 30 year zero coupon bonds sale is not going against the trend elsewhere. In fact, according to the latest estimations there is already more than $16 trillion in government debt around the world bearing negative yields. This is also happening in advanced economies such as Japan, France, Spain, Sweden, Belgium, the Netherlands and Denmark. The world’s largest economy, that of the United States, has still not seen negative interest bond issues, but that too appears to be just a matter of time, with U.S. Treasury yields rapidly decreasing.
One reason that negative yields are coming sooner or later to the U.S. is that President Trump is pushing the Federal Reserve hard in that direction. This is despite the traditional conception among economists that the central bank is supposed to be completely independent from political influence. The American leader took advantage of the historic German bond sale, to increase his public campaign to pressure the Fed to take measures which might increase inflation, but artificially boost parts of the economy he favors such as exports. If the central bankers resist his calls, the president will mostly likely blame the Fed for causing any downturn or possible recession ahead of the 2020 elections, citing a refusal to heed his advice.

— Donald J. Trump (@realDonaldTrump) August 21, 2019

Professional investors in the U.S. were already worrying about negative Treasury bond yields before Trump made his remarks on the German sale, as the Wall Street Journal reported earlier this month. Mark MacQueen, a bond manager and principal at Sage Advisory Services, explained that: “If you proposed negative rates 10 years ago, people would have laughed you out of the room. Today people are getting on board the negative-rate idea very quickly.” Andre Severino, head of global fixed income at Nikko Asset Management, commented: “We’re a bit perplexed about the level of yields. It’s kind of like Armageddon is being priced in.”
QE and Currency Wars Are Robbing Your Savings
Financial regulators all around the world have been cracking down hard on ICOs in recent times. They mainly accuse them of issuing securities backed by nothing, to investors who only buy them in the hope that they can sell them to other bag holders as their price will rise in the future. It is hard to see how government selling negative interest bonds doesn’t fall into exactly the same category. Moreover, this is only the latest example of how governments and central bankers are scamming people out of their savings since the last financial crisis. A decade ago they were printing trillions of dollars with QE, and recently they started currency wars by lowering interest rates.

Exactly 48 years ago, in August 1971, U.S. President Richard Nixon suspended the convertibility of the dollar into gold, leaving the world’s reserve currency not backed by any real asset. It is impossible to predict how such things will develop, but with recent developments it is now very unlikely that in half a century from today the same fiat system will prevail. The best devised replacement, from the point of view of freedom loving individuals, is a cryptocurrency system based on provable mathematical principles instead of empty government promises.
What do you think about what governments and central banks are doing to your money with QE and negative yields? Share your thoughts in the comments section below.
Images courtesy of Shutterstock.
Verify and track bitcoin cash transactions on our BCH Block Explorer, the best of its kind anywhere in the world. Also, keep up with your holdings, BCH and other coins, on our market charts at Markets, another original and free service from
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Bron : Bitcoin en toekomst van crypto

Major Swedish Bank Orders Negative Interest Rate on Euro Deposits

Sub-zero interest rates have become the norm in some countries, especially in Europe. Nordic nations such as Sweden and Denmark have been in negative territory for a while and a growing number of banks in the region are now charging depositors for keeping their money. Saving in fiat right now, unlike cryptocurrencies lately, leads to losses, although loans and mortgages aren’t free of charge per se. A leading Swedish bank has imposed a negative interest rate of -0.40% on euro accounts, while the ECB is reportedly preparing for a new rate cut.
Also read: As US Expands Subprime Mortgage Program, Is a New Crisis Looming?
Your Euro Savings Will Cost You Money in Sweden
Sveriges Riksbank, the central bank of Sweden which is the largest economy in Scandinavia, cut its interest rate to 0% in late 2014 and introduced negative rates in early 2015. It has kept them there ever since with the aim of fighting deflationary pressures. The Swedish krona, among other currencies in the periphery of the Eurozone, has been appreciating with dangerously low inflation, from a traditional standpoint.
After going down to a record low -0.5% in February 2016, and staying there for a while, Riksbank increased the interest rate to -0.25% towards the end of last year. This July, Riksbank kept its key repo rate at that level. Despite the relatively strong economic activity in the country and inflation staying close to the 2% target, the financial regulator noted the need to proceed with a cautious monetary policy, given the risks to the global outlook.

Skandinaviska Enskilda Banken (SEB), a major Swedish lender, has recently lowered its long-term mortgage rates. Interest on five-year loans has been decreased in July by 0.35% to 1.95% and by 0.41% to 2.99% for the 10-year mortgages. Rates on all savings accounts, except investment accounts, remain at 0%. The same applies to most regular business accounts.
However, SEB recently delivered аn unpleasant surprise to some of its clients. The interest on foreign currency accounts is already in the subzero territory. To be precise, that’s -0.40% on euro holdings, according to correspondence from the bank acquired by “…the loan fee on business currency accounts in euro is currently -0.40% per year on the deposited amount,” reads an email sent to a customer.

To a certain degree, calling the interest rate ‘loan fee’ is closer to what it has actually become. When a depositor gives their money to a financial institution, they are no longer the owner of the asset, but only retain the right to withdraw under the terms and conditions described in the contract. Nowadays, instead of earning interest on the amount you’ve deposited, you are often paying a fee to lend your funds to the bank. Does that make any sense from a market economy point of view?
Sweden’s commercial banks have been forced to adapt to the continuously negative benchmark rate and have started passing the burden to their clients. Swedbank, the country’s largest lender, offers private customers various opportunities to save but rates are currently set at 0% for several of its products like private, e-savings, and youth accounts. No interest is paid on cash in an investment savings account either. The situation with corporate accounts looks pretty much the same. Current mortgage rates, however, reach over 3% for longer loans.
Danish Bank to Impose -0.60% Rate on €1M Deposits
Denmark, another important economy in the region, was actually the first country on the Old Continent to adopt negative interest rates after the global financial crisis of 2008. Its central bank, Danmarks Nationalbank, introduced them back in 2012 when it lowered its benchmark rate to -0.2%. The institution has consistently kept it around and below zero during the following seven years and it’s currently set at -0.65%.
Banks in the country have had to take its policy into account when deciding about the parameters of their own offers. For some time now, they have been resisting the pressure to pass the losses on to their clients. The largest of them, Danske Bank, recently announced it does not plan to impose negative rates on personal savings or current accounts and vowed not to introduce additional fees for its wealthy account holders. The bank, which is struggling with the consequences of its involvement in a large money laundering scandal, fears that could lead to people withdrawing cash from the banking system.
But according to recent publications, not all banks in the country are managing to avert such a development. Jyske Bank, another leading financial institution in Denmark, is now preparing to impose a negative interest rate of -0.6% on personal accounts holding funds in excess of 7.5 million Danish kroner, or €1 million ($1.12 million). That’s according to the bank’s report for the second quarter of 2019. The measure comes in response to persistently negative interest rates that are affecting its earnings.

Lately, it has become impossible to buy Danish government bonds with a positive interest rate and the market indicates that negative rates will be a fact for several years to come, commented Jyske CEO Anders Dam, quoted by the Swedish business outlet Dagens Industri. Luckily, personal accounts with smaller investments will not be affected by the change. The interest rate on the funds in these accounts will remain at 0%.
The move also follows the announcement of some worrying financial results. For instance, Jyske’s net interest income fell by around 6% year-on-year in the first half of 2019. The decline was registered despite the increase in the bank’s business operations. And in Q2 of 2019, the net interest income was 1.34 million Danish kroner (approx. $200,000), which is only slightly above the expected 1.33 million kroner.
At the same time, profit before tax in the second quarter was 633 million kroner ($94 million), which is below the forecasted 714 million kroner ($106 million). And the core revenue, according to the quarterly report, was 1,948 million kroner, or almost $290 million, below the average estimate of 1.978 million kroner ($295 million). Core profit was 683 million Danish kroner ($101 million), again failing to reach the expected 694 million kroner, or $103 million target.
ECB to Cut Interest Rate to All-Time Low
Other prominent banks in the region include Helsinki-headquartered Nordea, which is also very active in the Baltic States. As of August 2019, its interest rates in Denmark are as low as -0.65%, depending on the product. According to a near-term forecast published on its Danish website, the financial institution believes most of them will remain in negative territory throughout the next year.
Nordea is based in Finland, the only Nordic nation which is a member state of the Eurozone, the club of countries using the common European currency. In its home country, the bank still maintains positive interest rates on both deposits and loans. That’s despite reports that the European Central Bank (ECB) is preparing to further reduce its key rates next month.

With inflation in the Eurozone remaining below the target of 2%, ECB is expected to cut its deposit rate by 10 basis points to -0.5% following its meeting in September. This will be an all-time low for the deposit facility rate which determines the interest banks receive when depositing funds with Europe’s central bank. It’s currently set at -0.4% and it has been negative since the summer of 2014. Analysts quoted by mainstream media think ECB may also resume its quantitative easing efforts in October by buying out assets worth 15 billion euros ($16.6 billion).
But with decentralized alternatives on the table, you are not limited to keeping your money in a fiat currency account. Cryptocurrencies, whose value does not depend on benchmark interest rates set by central banks, offer an opportunity to store value and to profit from the generally positive market trends of late, as demand for these deflationary assets increases. And for those who prefer a more traditional way of saving, keeping your coins with a platform like Cred, a partner of, will earn you much higher interest of up to 10% on your BTC and BCH holdings.
Do you think we are going to see more negative interest rates in the Nordic region and Europe as a whole? Share your expectations in the comments section below.
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.
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Bron : Bitcoin en toekomst van crypto

Bitcoin Maximalists Embrace Ethereum After Receiving an Offer They Can’t Refuse

A group of hardcore bitcoin maximalists have heroically overcome their hatred for Ethereum after receiving ERC20 shares in crypto exchange INX worth hundreds of thousands of dollars. The staunch BTC loyalists, led by Blockstream CTO Samson Mow, have agreed to support a project built on Ethereum, despite all the mean things they’ve said about it. The news has provoked intense debate within the crypto space, however, with some cynics arguing that the maximalists are only in it for the money.
Also read: The World Bank’s Blockchain Bond Is Just a Fancy Way of Selling Debt
Mow Money, Mo’ Problems
As CTO of Bitcoin development company Blockstream, Samson Mow’s primary duty is to keep block sizes small to peddle his firm’s scaling solutions to the problem it engineered. High fees don’t generally concern bitcoin maximalists such as Mow, who have no interest in using BTC for its intended purpose, instead preferring to lock it away in a vault and never look at it again. It’s a policy that, for all its flaws, has helped to make Mow and his cronies extremely wealthy, and Blockstream an extremely influential Bitcoin company.

The significant success of Mow’s primary business, however, has caused a paradox: to launch one of his secondary ventures, a crypto exchange in which he has invested $100K, it will be necessary to utilize a network with low fees. Bitcoin is out of the question for the aforementioned reasons, while Ethereum should also be a non-starter due to a number of immutable statements Mow has made about the rival network, calling it “the most impractical thing in existence,” a “science fair project” and “centralized AF.” The Blockstream bigshot also wrote “I wish ill on Ethereum” which “has no future.”
Samson Mow, at the same time as he was investing in a financial-based Ethereum platform.
On the surface, these damning remarks would appear to preclude Mow from accepting 100,000 ERC20 tokens to serve on the advisory board of INX Limited. To do so would be at odds with everything he has ever fought for, and could be interpreted as the actions of a man with no spine or standards. On closer inspection, however, it becomes evident that Samson Mow is not the flip-flopping fool that many have taken him for. Rather, his actions are those of a true bitcoin maximalist, whose sole motivation for accepting Ethereum tokens is to demonstrate the superiority of BTC.

Samson Mow Plays 4D Chess
Samson Mow, together with fellow maximalist Jameson Lopp, and a handful of other close collaborators including Riccardo Spagni and Charlie Lee, will have a significant stake in the venture, which will see 130 million shares issued as ERC20 tokens. All of the project’s early investors will be remunerated in Ethereum tokens, as detailed in an SEC filing unveiled this week. “Ethereum” and “ERC20” appear over 100 times in the document, attesting to the pivotal role that will be played by the network maligned by Blockstream’s Mow et al. Notably, the IPO filing expounds at length on Ethereum’s gas fees, which are multiples lower than their BTC equivalent.

Spagni defends his INX investment.
Despite Mow’s previously scathing comments about Ethereum, his decision to accept $100,000 of ERC20s is probably born not out of avarice, but from a principled desire to prove that only Bitcoin is immutable. Everything else in this world – including the Ethereum blockchain and even Mow’s own words – is reversible, and subject to being rolled back when there is a financial incentive to do so.

It’s time to Make Ethereum Immutable! Gray color makes it less likely you’ll get pepper sprayed. Get it on @PurseIO!
— Samson Mow (@Excellion) March 29, 2017

It is to Samson Mow’s credit that, after years of badmouthing Ethereum, he has eaten his words to prove the inviolability of BTC alone. When Mow’s stake in INX became public this week, bitcoiners were swift to label him an unprincipled hypocrite. It turns out he was playing 4D chess all along.
What are your thoughts on Samson Mow’s sudden change of heart? Has Mow now made a greater contribution to Bitcoin than Satoshi Nakamoto? Let us know in the comments section below.
Images courtesy of Shutterstock.
Did you know you can verify any unconfirmed Bitcoin transaction with our Bitcoin Block Explorer tool? Simply complete a Bitcoin address search to view it on the blockchain. Plus, visit our Bitcoin Charts to see what’s happening in the industry.
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Bron : Bitcoin en toekomst van crypto

PR: Cross Exchange Launches IEO

This is a paid press release, which contains forward looking statements, and should be treated as advertising or promotional material. is not responsible for or liable for any content, accuracy or quality within the press release.
CROSS is a project aiming to develop an exchange platform that trades various digital assets globally including CROSS exchange for the coming digital asset and digital money society.
The value of CROSS (XCR) is to “provide a platform for exchanging all kinds of digital assets.”
The purpose of this IEO implementation, is to improve the value of XEX issued by XCR and CROSS exchange.
CROSS is designed to use transaction fees for the XCR buyback & burning (burning of of XCR tokens).
XCR’s value can increase through the buyback and burning of XCR by transaction fees through the various services provided by CROSS.
The buyback and burning of XCR will most recently be made through the following services:
Transaction fees for cryptocurrency prepaid cards using XCR, which launch in September RMT (Real Money Exchange) transaction fees, which will start in September Transaction fees for a blockchain-based point issuance system scheduled to start around October~November
CROSS exchange, which initially opened as the CROSS project on 11/25/2018, quickly became a world-class cryptocurrency exchange expanding its name of CROSS exchange and CROSS (XCR) to many users globally.
CROSS (XCR) ended its private sale early 2018, gained more than 30,000 token holders, and there were many requests for additional sales. To date, we have promoted the XCR value premium without any additional token sales.
As a result of investigating the timing of listing for XCR, the value of this token will be improved through:
1. Reducing the total number of tokens issued by approximately 700 million
2. Long-Term lock-up of about 21% for Super Nodes of XCR circulating in the market
These two points are reflected in the token design.
* Recalculation at the end of the IEO and reflection of the number of tokens
In terms of technology, the Xwallet (expected release during Q4) and the CROSS network have three international papers and patents (accepted) for autonomous distributed technology.
Based on this technology, our “autonomous distributed wallet” and Xwallet are connected by autonomous distributed technology to form the CROSS network.
This autonomous distributed technology boasts the following:
A decentralized cryptocurrency exchange with very low hacking risk
A cryptocurrency wallet with insurance
A QR code payment wallet
This can be used for many services related to storage, management, and trading of digital assets.
In the future, various applications and platforms will be connected to the CROSS network, and XCR will be consumed in service operations and transaction processing to build a token economy.
Use Cases of XCR
Core token functionality that can be used for various services within CROSS exchange
Super Node staking function
Transaction revenue return function
Purchase of a cryptocurrency prepaid card, ONECARD, with XCR
XCR digestion when issuing blockchain base points on the RMT platform
Utility token function digested in various platforms deployed on the CROSS network
Mining rewards resources after the mainnet release
Blockchain based point issuing system
Purpose of Conducting an IEO
Aiming to raise 100,000,000 XEX through IEO implementation
Establish a private fund (the XEX Private Fund) funded with 100,000,000 XEX
Buyback of XCR and XEX with the XEX Private Fund
Secure development funds through XEX revenue sharing
Use of XEX Fund Assets
⇒ 25% used to purchase XEX (mainly to boost liquidity)
⇒ 25%, used for XCR burning and to increase liquidity
⇒ 50%, used for CROSS network development costs
XEX acquired by the XEX Fund will be in a 100% permanent lock-up (including initial acquisition)
Market Impact
XCR’s large-scale repurchase of XEX significantly reduces the XEX market distribution. Further, the XEX Private Fund will continue to purchase XEX, reducing supply and potentially increasing value. Regarding XCR, we expect market circulation to gradually decrease and scarcity to increase through the buyback & burning by the XEX Private Fund.
Token Design after the XCR IEO
XEX Token Design
Up to 7.4% of XEX Total Mined Quantity (vs. ~1.34 billion) to be permanently locked
XCR token design
Reduce the total number of issued tokens from 1.6 billion to 900 million
Up to 21% (~120 million) of the market circulation (~550 million) will be locked at listing
January 2018
CROSS (XCR) private sale started
November 2018
CROSS exchange opened
December 2018
Architecture on CROSS network completed
March 2019
Obtained patent for autonomous decentralized technology
April 2019
Adoption of International Papers on autonomous distributed security technology
August 2019
Adopted International Paper on autonomous distributed security technology
and on decentralized exchanges using decentralized technology
September 2019
Opening of a real money trade market
Start trading XCR in a real money trade market
September 2019
Start of the cryptocurrency prepaid card “ONECARD” service
CROSS exchange
Supporting Link
This is a paid press release. Readers should do their own due diligence before taking any actions related to the promoted company or any of its affiliates or services. 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 mentioned in the press release.
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Bron : Bitcoin en toekomst van crypto

Market Update: Prices Drop as Crypto Sentiment Enters the Fear Zone

Cryptocurrency markets fell hard on August 21 following the $700 price drop bitcoin core (BTC) saw during the early morning trading sessions. Most digital assets have lost 2-8% in value as the overall market valuation of all 2,000+ coins has plunged to $263 billion. Crypto price movements have been following a trend of strong volatility, having been turbulent for several weeks.
Also read: The World Bank’s Blockchain Bond Is Just a Fancy Way of Selling Debt
The Top Digital Currency Markets See Percentage Losses
BTC and a slew of other digital assets dropped significantly on Wednesday. At the time of publication, there’s been around $59 billion worth of daily trades happening between the most popular coins. BTC holds the top position and commands 69% of the $263 billion dollar market cap. At the moment, BTC is hovering at around $10,124 per coin and has an overall market valuation of about $181 billion. The top fiat currencies traded with BTC on Wednesday include JPY and USD and tether (USDT) captures more than 66% of all BTC trades. BTC has lost 5.8% over the last 24 hours and 2% in the last seven days.

The second highest valued market cap belongs to ethereum (ETH) where each coin is being swapped for $185 per coin. ETH is down 5.8% today and there’s $7.4 billion in global ETH trades. Following ETH is ripple (XRP) which has seen the least volatility over the last few weeks. One XRP is trading for $0.26 and markets are down 3.3% today and 4.9% for the week. Lastly, litecoin (LTC) commands the fifth-largest valuation and each LTC is trading for $72. LTC has dropped only 3.5% today but lost more than 8% this week.
On August 21, 2019 during the price slide, tether (USDT) is a dominant pair for every major cryptocurrency. Did you know you can now easily buy Bitcoin with a credit card? Visit our Purchase Bitcoin page where you can buy BCH, BTC, ETH, XRP, BNB, and LTC securely, and keep your BCH and BTC secure by storing them in our free Bitcoin mobile wallet.
Bitcoin Cash (BCH) Market Action
Bitcoin Cash (BCH) still holds the fourth position and each BCH is trading for $299. BCH has an overall market cap of around $5.3 billion and about $1.39 billion in trade volumes. Today BCH is down more than 5% and over 8% over the last seven days. Daily transactions (txn) this Wednesday have been around 43,000 and BCH has had an average of about 40K txn every day since April. BCH is the sixth most traded digital asset on August 21, just below EOS and above XRP. Tether (USDT) captures around 58% of all BCH trades which is followed by BTC (22.5%), USD (8.4%), ETH (6%), and KRW (2.5%).

The Verdict: Short-Term Crypto Sentiment Shows Extreme Fear While Long-Term Believers Are Still Cheerful
Despite the falling prices, traders and crypto enthusiasts on social media are still optimistic about digital currency markets and BTC prices. Popular Twitter trader Jacob Canfield says the charts look like a “pretty classic rising wedge that hit resistance.” “First support zone didn’t hold up price at all — Ideal buy zone $8900-$9100 if we can get there,” Canfield concluded on Wednesday. Meanwhile, Mark Mobius, the founder of Mobius Capital Partners, told the press this week that cryptocurrencies like bitcoin are “psycho currencies.” “I call them psycho currencies because it’s a matter of faith whether you believe in bitcoin or any of the other cyber-currencies,” Mobius explained during an interview.
“[The crypto surge] began with the European Central Bank and was followed swiftly by a U-turn into interest rate cuts from the Federal Reserve,” Henny Sender said this week.Meanwhile, traditional markets like stocks and bonds have been just as shaky and some people believe that institutional and retail investors are hedging macro risks with digital currencies. The Financial Times’ chief correspondent Henny Sender wrote a column for the Nikkei Asian Review which suggests central banks are pushing investors toward cryptocurrencies. “Central banks drive demand for bitcoin by devaluing their currencies,” the reporter detailed. “Cryptocurrency, wildly popular in China, is now a safe-haven asset.” Sender’s editorial continued:
Central banks have played a big role in driving this latest rally in crypto. That is because they have adopted policies which amount to competitive currency devaluations in the name of reflating their economies, in response to protectionist policies as the trade war leads to slower growth everywhere.
Today the current Fear & Greed Index is an 11, which points to “extreme fear” in regard to the crypto community’s emotions and sentiments.
For now, BTC, ETH, BCH and the rest of the top digital currencies are feeling the pressure of weak hands, day-trading scalpers, and short-sellers. Even with a large number of optimistic hopium huffers on crypto Twitter, people are uncertain of what will happen next according to sentiment data. The current Crypto Fear & Greed Index, which analyzes the emotions and sentiments from different sources and crunches them into one simple number, is low today. At press time, the Fear & Greed Index for BTC and other popular digital assets rests at “extreme fear” or #11. The index was in “fear” (39) yesterday, where it has spent the entire month.
Where do you see the price of bitcoin cash and the rest of the crypto markets heading from here? Let us know what you think about this subject in the comments section below.
Disclaimer: Price articles and markets updates are intended for informational purposes only and should not to be considered as trading advice. Neither nor the author is responsible for any losses or gains, as the ultimate decision to conduct a trade is made by the reader. Always remember that only those in possession of the private keys are in control of the “money.”
Images via Shutterstock, Crypto Fear & Greed Index, Trading View, Markets, and
Want to create your own secure cold storage paper wallet? Check our tools section. You can also enjoy the easiest way to buy Bitcoin online with us. Download your free Bitcoin wallet and head to our Purchase Bitcoin page where you can buy BCH and BTC securely.
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Bron : Bitcoin en toekomst van crypto

The World Bank’s Blockchain Bond Is Just a Fancy Way of Selling Debt

Last year the World Bank and the Commonwealth Bank of Australia announced a permissioned Ethereum-based blockchain to facilitate the end-to-end issuance of bonds between financial partners. The Bretton Woods-created financial institution hopes to make debt capital markets far more efficient with a bank-to-bank blockchain network. At the same time, the World Bank’s bond scheme has been scrutinized for corporate and political collusion with global leaders and Fortune 500 multinational corporations.
Also read: Central Banks Worldwide Testing Their Own Digital Currencies
The World Bank’s Plans to Sell Debt via Blockchain
The World Bank wants to digitize bond markets and debt capital settlement on a private Ethereum blockchain. The project is led by three other large financial institutions including the Commonwealth Bank of Australia (CBA), RBC Capital Markets (RBC) and TD Securities (TD). According to the World Bank and CBA’s blog post, the project had gathered $81 Million for the issuance of distributed ledger-based bonds in August 2018. This year, on August 16, the World Bank revealed the project’s partners increased the liquidity of the blockchain bond by more than $33 million. Essentially the bank uses the private blockchain to issue a digitized instrument of indebtedness called the Bond-i, an autonomous smart contract token system that pays coupon payments over a length of time. The technicalities of the blockchain platform were developed by CBA’s Innovation Lab’s Blockchain Centre and the bank has revealed that the “blockchain platform’s architecture, security, and resilience was conducted by Microsoft.” Additionally, on the legal side of things, the project is supported by the litigation firm King & Wood Mallesons.
The World Bank was established in 1944 and is deeply rooted in Keynesian economics. Over the last year, the World Bank has been under scrutiny for participating in nepotism and corporate collusion, while also introducing a blockchain bond system built on a private Ethereum-based blockchain.
At its core, the project is very centralized with its permissioned distributed ledger only viewable by bank-to-bank associates, Microsoft, and a well-known law firm. Fundamentally, outside observers must take the World Bank and its partners’ press releases with a grain of salt. The ETH-like token of debt is in its initial stages and the $114 million locked into the project is mere pennies in comparison to what these banks play with when participating in debt capital markets worldwide. Eventually, the World Bank wants to include the institution’s annual lending of $50 billion to $60 billion. The asset manager Northern Trust and several Australian financial institutions and government entities participated in purchasing the Bond-i. With a two-year lifespan, the World Bank expects the Bond-i blockchain debt security to trade among buyers and sellers. Basically, the World Bank hopes to hide the fact that the institution’s bond scheme is inefficient because it only serves the bureaucrats and corporations, rather than countries buying the bonds.
So far the World Bank and its partners have issued more than $114 million into the Bond-i experiment, but they eventually want to process $50 to $60 billion worth of debt capital on a blockchain.
The IBRD: Selling Debt to Governments to End Extreme Poverty Since 1944
In order to understand what the Bond-i project is, it’s a good idea to gain some knowledge of what the World Bank’s operations entail. The World Bank was introduced as the International Bank for Reconstruction and Development (IBRD) at the same time as the International Monetary Fund (IMF) was announced. The two financial institutions were created after the 1944 Bretton Woods conference, and the IBRD concept was designed by the project’s principal architect and leading economist John Maynard Keynes. At the time, economists called the period between 1944 and 1971 the Bretton Woods era and IBRD was meant to provide financing to developing nations in need of an economic boost.
John Maynard Keynes (right) and Harry Dexter White were dubbed the founding fathers of both the World Bank bond scheme and the International Monetary Fund (IMF).
The whole concept was and still is deeply rooted in Keynesian Economics, a theory of total spending and using debt capital markets to affect the output of inflation. In essence, the IBRD is not much different than a loan shark who loans out zero to negative-interest credits and government bonds to countries in need. Despite the fact that spending and debt markets have produced high inflation rates, Keynesian economists behind the World Bank still believe it works. The World Bank says that the ultimate goal is to end extreme poverty by the year 2030, but so far it has only enriched fortune 500 companies, bankers, and politicians. As the Austrian economist Murray Rothbard once said: “It is easy to be conspicuously ‘compassionate’ if others are being forced to pay the cost.”
The Artificial and Insidious Bond Scheme Seriously Damages the Global Economy
This is because the global elite, politicians, world financiers, and the banking cartel are the only ones reaping the benefits of the World Bank’s debt selling scheme. Basically, the World Bank sells these bonds for real-world commodities and political influence and promises to pay bondholders interest or they promise to pay the full principal at a later maturity date. The biggest borrowers, who have secured bonds and loans through IBRD in 2018, include India ($859 million) and China ($370 million). In 1998, it was estimated that countries with very little economic resources owed the World Bank close to $2.5 trillion and the figure has risen more than $50-60 billion every year since.

After the IBRD secures real assets and commodities from loaning out government bonds and credits, the central banks in the countries purchase the borrowed IBRD bonds from the government on the open market. This, in turn, increases the country’s money supply which then fuels inflation and rising prices attached to goods and services. The World Bank’s bond system is no different than the insidious mechanisms that jeopardize the global economy like fractional reserve banking and quantitative easing. The World Bank selling debt in the form of bonds so central banks can print more money has the same effect as the direct manipulation of interest rates.
“If the government manages to establish paper tickets or bank credit as money, as equivalent to gold grams or ounces, then the government, as dominant money-supplier, becomes free to create money costlessly and at will,” explained Murray Rothbard of the growing credit and debt cycle in 1995. “As a result, this ‘inflation’ of the money supply destroys the value of the dollar or pound, drives up prices, cripples economic calculation, and hobbles and seriously damages the workings of the market economy.”

In the Midst of Selling Blockchain Bond Snake Oil, the World Bank Is Heavily Scrutinized for Nepotism
Despite the World Bank’s blockchain project being one of the highest-profile experiments of its kind, the institution has been under scrutiny for quite some time for allowing the growth of nepotistic behaviors. Last year, the bank was criticized for cronyism and corporate influence in a research report written by Rabia Malik and Randall Stone. The report explained that corrupt states skim development funds, technocrats manipulate statistics, and bureaucrats participate in the political capture of international financial institutions (IFIs). Stone and Malik’s research shows that wealthier countries use the World Bank’s bond scheme to bolster their influence over political power.
“The World Bank withholds loan disbursements in order to build a reputation for enforcing conditionality, and multinational firms lobby for these funds to be released,” the research report details. “We find evidence of participation by Fortune 500 multinational corporations as project contractors and investments by these firms are associated with disbursements that are unjustified by project performance.”
The World Bank and its partners are selling blockchain snake oil in order to keep the bond shell game going strong.
It’s not too hard to notice the shell game taking place with the World Bank’s growing bond scheme and so-called ‘compassion’ toward poorer nations. Many people believe loan sharks of this capacity are not compassionate at all and are only selling debt to the unfortunate in a parasitic way. People like Ludwig von Mises, Lew Rockwell, Ron Paul, and Murray Rothbard have all explained how the World Bank is just another failed concept designed by John Maynard Keynes and his followers. Similarly, the Bond-i blockchain project is just a fancy form of selling debt but the process is not really transparent, unless you are a member of the banking cabal.
There is no cure for the broken economics and fallacies tied to Keynesian Economics and central planners.
Unlike public blockchains, the general public has no access to this project’s blockchain explorer and they likely never will. To skeptics, the $114 million locked in the Bond-i project is a joke and if the World Bank wishes to end the systematic global economic crisis it should stop interfering with the economy by selling debt. The world’s politicians and central bankers, however, are not ready to hit rock bottom as they wholeheartedly believe in interfering with the market’s adjustment process. Whether it’s hosted on a fancy blockchain or not, until the World Bank stops the bond scheme, the borrowing economies will remain manipulated and artificial.
What do you think about the World Bank’s new blockchain Bond-i project? What do you think about the World Bank/IBRD’s practices of selling debt to poor countries? Let us know what you think about this subject in the comments section below.
Image credits: Shutterstock, World Bank logo, Wiki Commons, Pixabay, Jamie Redman, Peter VanValkenburgh, and WBG.
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

Indian Supreme Court Orders RBI to Answer Crypto Exchanges, New Date Set

After hearing the arguments against the banking restriction by the Reserve Bank of India (RBI) in detail, the Indian supreme court directed the central bank to reply to the representations filed by crypto exchanges. Since the RBI has not adequately answered them, the court set a new date to resume hearing the case.
Also read: Central Banks Worldwide Testing Their Own Digital Currencies
The Crypto Hearing Resumes
The Supreme Court of India resumed hearing the case against the crypto banking ban by the central bank Wednesday, after spending all day on it the previous day. Senior Advocate Shyam Divan, counsel for the central bank, continued to defend the RBI’s power to issue a banking ban. He started off by reading the disadvantages of cryptocurrency from the interministerial committee (IMC) report, Indian news platform Crypto Kanoon reported from the courtroom, elaborating:
The judge interrupts and asks how you [RBI] are concerned with consumer protection, it is not your concern. It is [the] government’s concern and not yours.

Divan explained to the court why a ban is appropriate, then discussed the IMC recommendations and various crypto warnings issued by the central bank. He reiterated the point he made yesterday that the ability for cryptocurrency to be used for cross-border payments could undermine the country’s monetary policy. The RBI counsel proceeded to discuss the use of cryptocurrency in illicit activities, noting its “anonymity.” He cited a July 2018 report by the Financial Action Task Force (FATF) and the May 2018 European Union directive.
India’s Payment and Settlement Systems Act 2007, the RBI Act and the Banking Regulation Act were examined. The counsel explained that the former gives the RBI power to issue policies to manage or operate its payment system, and regulate entities deemed a threat to it. The counsel additionally pointed out that provisions in the latter two acts empower the RBI to issue a banking ban.
The hearing resumed after a lunch break. Several past rulings were read out in favor of the RBI. After Divan concluded his arguments, the judge “asked the petitioners that RBI is an expert body which has taken decision on the basis of a study, who are we to interfere in their policy? The question is not whether it is arbitrary or not, but whether they can legislate or not when they are ‘satisfied’ under 35A” of the Banking Regulation Act, Crypto Kanoon conveyed.
Next, Advocate Ashim Sood returned to present further arguments against the RBI ban. He asserted that the central bank cannot take action based on the study conducted by others, adding that the RBI’s claim that cryptocurrencies are Ponzi schemes cannot be substantiated with data.

During the hearing, Justice Rohinton Fali Nariman directed the counsel to the representation filed with the RBI by crypto exchanges, which explains that there is no need for a ban. Sood read out some suggestions given to the central bank by exchanges such as making the Money Laundering Act applicable to them as intermediaries with necessary requirements. The judge proceeded to question why the central bank has not properly responded to the representation. “You just said that ‘we are forwarding [it] to [the] government,’” Crypto Kanoon quoted him as saying, noting that he “Angrily says this is not an answer.” The judge further expressed, “Exchanges are not asking to uplift the ban but they are only asking you to reconsider. If you don’t give [an] answer to it, I will pass the judgment.”
Justice Nariman has deferred the case for two weeks to allow the RBI to respond in an appropriate manner, which the central bank has agreed to, according to Crypto Kanoon. The court is set to “rehear the arguments on 25th September, on the reply/ reconsideration to be given by RBI to the exchanges’ representations,” the news platform described, adding that the court order states:
After hearing arguments we are of the view that detailed representations by exchanges … have not been answered point by point, therefore RBI [is] to reply [to] them within 2 weeks.
Past Three Hearings & Crypto Regulation
Before Wednesday’s hearing, the Indian supreme court partially heard the crypto case on Aug. 8, Aug. 14, and Aug. 20. On Aug. 8, the court began addressing crypto-related writ petitions, some of which challenge the banking restriction by the central bank, while others concern the country’s crypto regulation. The Indian government asked the court to postpone hearing the latter petitions since it may introduce a bill on cryptocurrency in the next session of parliament. These petitions are now scheduled to be heard in the last week of January 2020. The court then began hearing the arguments against the RBI ban in detail.

The counsel for the Internet and Mobile Association of India (IAMAI) was the first to present his arguments to invalidate the RBI circular issued in April last year to ban banks from providing services to crypto businesses. He challenged the power of the central bank over crypto at length. After the IAMAI counsel concluded his arguments, the counsel for exchanges began making his case against the RBI ban. When he was done, the counsel for the central bank started defending the RBI’s power to issue the crypto banking ban. The hearing lasted all day on Aug. 20.
There is currently no specific regulation for cryptocurrency in India. However, the government has been working on the country’s crypto policies since 2017. The aforementioned IMC was constituted on Nov. 2, 2017, to study all aspects of cryptocurrencies and provide recommendations. The committee’s report was submitted to the government in February and made public on July 22. Within the report is a draft bill to ban cryptocurrencies, which is being examined by relevant regulators, according to the finance ministry.
Do you think the RBI will change its mind and lift the banking ban? Let us know in the comments section below.
Images courtesy of Shutterstock.
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Bron : Bitcoin en toekomst van crypto

PR: Kinesis Partners With Hardware Wallet Provider CoolbitX

This is a paid press release, which contains forward looking statements, and should be treated as advertising or promotional material. is not responsible for or liable for any content, accuracy or quality within the press release.
21/08/2019, London: Kinesis is proud to announce a partnership with CoolBitX Technology, the developers of the world’s first credit card-sized hardware wallet, the CoolWallet S. This partnership will enable Kinesis digital currencies, KAU (1-gram gold) and KAG (1-ounce silver), along with the Kinesis Velocity Token (KVT) to be stored on the CoolWallet S hardware wallet, along with other cryptocurrencies.
The hardware wallet is a contemporary mobile solution that secures crypto assets and empowers the user. As thin as a credit card, it can fit safely in the user’s pocket or wallet, giving discreet access to your holdings, on the go, wherever you are.
Compatible on both Android and iOS, the usability and the patented water-proof and tamper-proof security make the CoolWallet S the cold wallet of choice for those seeking a secure, innovative and convenient cold storage solution.
This unique partnership has been formed with Kinesis customers in mind, as storage of Kinesis currencies on the CoolWallet S will still track and deliver fee-sharing yields to holders. This new form of “cool storage” is set to be integrated with the Kinesis Blockchain Network, and provides users with an added layer of security by having their gold and silver currencies safely secured in an offline environment.
The CoolBitX mission is closely aligned with Kinesis’s vision to provide blockchain solutions that allow for safe and active participation for everyone. To deliver a bridge between blockchain technology and everyday use this partnership forms a key component in making digital currencies more accessible, marking an important milestone in the blockchain industry.
CoolBitX has greatly reduced the threat from third-party phishing scams by offering its own app in combination with its hardware. This end-to-end protection will provide Kinesis currency holders with greater security and control of their digital currencies, over and above any other hard wallet solution available on the market today.
Michael Ou, CEO of CoolBitX, said: “We are proud to be the partner of choice for Kinesis in offering their customers a safe, user-friendly way of securing their digital assets. Our CoolWallet S solution is aimed at giving consumers the certainty that their assets are secure, while maintaining flexibility and ease of use through bluetooth connectivity. The KAU and KAG tokens serve as valuable additions to the CoolBitX ecosystem, as the first precious-metal backed tokens on CoolWallet S, while the Kinesis team share our overall ambition of providing a safe and efficient user experience for all members of the trading community.”
Thomas Coughlin, CEO Kinesis comments: “Our customers expressed the need for a secure, hard wallet solution to protect their Kinesis currencies and we listened. We are very excited to be able to deliver this solution to our customers and even happier still, with such a cutting edge product built by an industry leader in hard wallet technology. CoolWallet is a great solution and we look forward to launching this as an option that provides our customers with greater peace of mind.”
About Kinesis
Kinesis is a monetary system based on the traditionally stable commodities, gold and silver. Kinesis users can instantly spend their precious metals holdings at point of sale anywhere in the world with the Kinesis debit card or transfer directly over the blockchain in seconds, opening up fast cross-border payments with low transaction fees.
Unlike other gold and silver backed cryptocurrencies, Kinesis currencies are divisible digital units of physical gold and silver, using the blockchain as a medium of exchange and a registry of ownership.
Holders of the Kinesis currencies have allocated legal title to the underlying physical bullion holdings, eliminating counterparty risk and allowing for physical redemption directly from one of seven Kinesis vaulting providers.
This system is made safe and reliable through a plethora of strategic and technical partnerships with deep roots in the precious metals and exchange industries.
The Kinesis Velocity Token is a utility token attached to the success of the Kinesis system, providing participants with a 20% share of all the transaction fees generated proportionate to their holdings of the limited 300k supply.
Over 79,000 KVTs have been sold to date and are currently for sale to the public at USD1,000/KVT.
KVTs are now in the public sale period, ending on 30th August 2019. More information available at
About CoolBitX
CoolBitX Technology Ltd. (CBX) is an international blockchain security company that specializes in designing and implementing U.S.-patented digital asset compliance software and hardware platforms for millions of global users. Founded in 2014 by Michael Ou and backed by an investment from SBI Holdings, CoolBitX introduced its first generation wallet in 2016, and released the CoolWallet S in 2018. With all its security features pared down to the size of a credit card, CoolWallet S is the world’s first hardware wallet that allows for bluetooth-enabled pairing with users’ mobile phones. CoolWallet S also stores multiple digital assets, including BTC, ETH, LTC, XRP, BCH, ZEN, BNB, and ERC20 tokens. Currently, CoolBitX is focused on the development of Sygna, a complete KYC/AML solution that will foster optimal regulatory compliance and greatly improve the reputation and operations of the virtual currency industry at large. For more information on CoolBitX, visit
This is a paid press release. Readers should do their own due diligence before taking any actions related to the promoted company or any of its affiliates or services. 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 mentioned in the press release.
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Bron : Bitcoin en toekomst van crypto

High-Powered Mining Rigs Drive Bitcoin’s Accelerating Hashrate

On August 19, the combined SHA-256 hashrate between the BCH and BTC networks touched a massive high of over 91 exahash per second (EH/s). One notable contribution to today’s network hashrates is the manufacturing of next-generation mining rigs that produce a significant number of terahash. Currently, the top machine released this summer is Pangolin’s Microbt Whatsminer M20S, generating a whopping 68-70 terahash per second (TH/s).
Also read: Another Self-Proclaimed Satoshi Fails to Sway Crypto Community
Bitcoin’s Hashrate Keeps on Climbing
After the birth of application-specific integrated circuits (ASICs) built for the SHA-256 consensus algorithm (BTC, BCH), the landscape of manufacturers has looked very different. Even over the course of the last two years, mining producers have changed substantially except for Bitmain, which has managed to survive through every stage. The top mining rig creators in 2019 include companies like Bitmain, Pangolin, Innosilicon, Ebang, Asicminer, and Canaan.
The combined SHA-256 hashrate between BCH and BTC is steadily approaching 100 exahash per second.
Pangolin, Innosilicon, Bitmain, and Strongu have all produced new miners in 2019. The top mining rig this month is the new Pangolin Microbt Whatsminer M20S, a machine that produces 68-70TH/s at top speeds. Unlike most of the manufacturers located in China, the Shenzhen Bit Microelectronics Whatsminer M20S hasn’t sold out yet. The unit consumes about 3360W off the wall and its two fans have a higher sound level than most competitors as the M20S generates 75db.
The Whatsminer M20S model from Pangolin/Microbt mining performs at 68 to 70TH/s with a power consumption of 3360W off the wall. The M20S version uses TSMC-created 12nm semiconductors.
The M20S has TSMC wafered 12nm chips powering the devices. Pangolin is known for creating machines that produce competitive hashrates but with different sized chips. More than a year ago when companies like GMO and other manufacturers were seeking to score 7nm chips, Pangolin was still using 28nm and 16nm chips. However, the Whatsminer M3 and M10 produced between 12TH/s to 33TH/s using those chips. Pangolin may have got a deal on the 12nm chips as TSMC had slow orders on the 12nm and 8nm in April. According to the business, there have been six batches of Whatsminer M20S models sold so far. Each device is $2,629, and at $0.13 per kWh, the device makes between $9-11.50 a day at current BTC prices and network difficulty. Today, at a price of $318-325 per BCH plus the difficulty (287,507,454.73), profits can fluctuate between -2% to +2% processing either the BTC or BCH chains. The new Whatsminer M20S has received good reviews in comparison to the Asicminer 8 Nano Pro which was released in May 2018.
The new Whatsminer M20S has received decent reviews online and there’s a few filmed performance tests as well. Unlike the Asicminer 8 Nano Pro there are resellers on the second market for Pangolin/Microbt brand devices.
Three Antminer Models With More Than 50 Terahash
Statistics show that the Asicminer 8 Nano Pro would be the second most powerful SHA-256 miner with 76TH/s per unit. However, the company is completely sold out and second market reviews are not very good. In fact, there are videos and reviews online warning people not to invest in the Asicminer 8 and the 8 Nano Pro. There are no second market resellers and nearly all the reviews stemming from every Asicminer product in existence have been negative. With a machine launched last year that costs $11,600 per unit and requires a minimum order of five units, it seems most mining operations did not invest in this model.
Bitmain’s Antminer S17 series produces between 50 to 56TH/s depending on the model. Reviews are good, the company is still shipping batches and there are second market resellers as well.
Following the Asicminer statistics, the next three miners in the top five are manufactured by Bitmain, namely the Antminer S17 Pro series (53TH/s), S17 (56TH/s), and the 50TH/s S17 Pro version. The three new Antminers pull in around $7-10 per day with electricity rates at $0.13 per kWh.
Local reports in China have revealed that Bitmain recently placed an order for “30,000 7nm wafers from TSMC.”
Older Mining Rigs Still Profit
All of Bitmain’s new S17 series miners are available to the public and the latest batches begin shipping in December. The prices for the new Antminer models are between $2,727 to $2,969 per unit. The Bitmain mining rigs are equipped with TSMC wafered 7nm chips and depending on the model each machine consumes 1975W to 2520W off the wall. The only other company that manufactures a mining rig that performs above 50TH/s would be the sixth most profitable miner today: the Innosilicon Terminator 3 (T3). The T3 processes the SHA-256 algorithm at around 53TH/s and can make anywhere between $5-9 a day with an electric rate of $0.13 per kWh. Mining rig manufacturers that have a few machines that produce terahash just below the 50TH/s mark include the new Strongu STU-U8 (46TH/s) launched in January and the Ebang Ebit E11 ++ (44TH/s) released in 2018.
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Newer machines producing 40-70+TH/s are definitely leading the pack despite the fact they pull a lot more wattage. Although with current crypto prices still quite profitable, many older machines are still taking in daily revenue. This includes the Antminer T15, Bitfury Tardis, and the Ebang Ebit E11+, making between $2-4 per day. At today’s prices, the two most profitable SHA-256 coins (BCH, BTC) continue to gain hashpower. The hashrate growth doesn’t look like slowing down anytime soon, with the new high-powered machines responsible for much of the increase.
What do you think about the next-generation mining rigs pushing the SHA-256 hashrate upwards? 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, and websites associated with this article. 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, mining manufacturers, and mining products mentioned in this article. This editorial review is for informational purposes only.
Image credits: Shutterstock, Bitmain, Pangolin-Microbt,,, and Pixabay.
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RBI Defends Its Power Over Crypto in Indian Supreme Court

The Indian supreme court heard the case against the crypto banking restriction by the Reserve Bank of India (RBI) in detail Tuesday. After many arguments challenging the RBI’s power over crypto were presented, the counsel for the central bank began making the case against cryptocurrency.
Also read: RBI’s Power Over Crypto Challenged at Length in Indian Supreme Court
Today’s Hearing
The Supreme Court of India resumed hearing the crypto case extensively on Aug. 20, after hearing it in-depth twice over the past two weeks. Advocate Ashim Sood, counsel for the Internet and Mobile Association of India (IAMAI), continued his arguments against the banking restriction by the central bank, Indian news and analysis platform Crypto Kanoon reported from the courtroom.
Sood brought up the crypto law passed in the U.S. state of Wyoming, the guidelines adopted by the state of New York, and the Howey test used by the U.S. Securities and Exchange Commission (SEC) to determine whether a token sale is a security offering, Crypto Kanoon detailed. Sood went on to discuss the crypto regulatory approaches taken by the G20 countries, as well as the guidance issued by the Financial Action Task Force (FATF) to combat the illicit use of crypto assets.

The counsel proceeded to point out that the central bank’s claim that the effect of cryptocurrency on the Indian economy is negligible is not based on any study the RBI has conducted. Several past judgments were read out to the court before the counsel concluded his arguments.
Senior Advocate Nakul Dewan then began arguing on behalf of exchanges, starting with a brief history of cryptocurrency, Crypto Kanoon conveyed. Dewan proceeded to talk about RBI’s concerns, types of cryptocurrencies, and the advantages of blockchain technology in the banking and financial sectors. He also read out some parts of the interministerial committee (IMC) report. The IMC was constituted on Nov. 2, 2017, to study all aspects of cryptocurrencies and provide recommendations.
The hearing continued after a lunch break with many more arguments against the ban, Crypto Kanoon further reported. The counsel asserted that the RBI should put crypto under a framework to ensure compliance instead of banning, noting that the central bank had recognized that the crypto industry needs to be monitored to avoid tax evasion, AML risks, and a shift to the dark web. He further argued that the money deposited in a bank belongs to the depositors, not the RBI or the bank which is only a custodian of the deposited money.

The court then heard from Senior Advocate Shyam Diwan who argued on behalf of the RBI. Noting that cryptocurrency is a means of payment, he claims that it has a direct impact on the country’s monetary and payment systems, particularly if more people continue to use it for this purpose. Further, its use for cross-border transactions is also a problem for the central bank, Crypto Kanoon conveyed. The RBI counsel read the budget speech by former Finance Minister Arun Jaitley and cited various hacking incidents worldwide including one at Indian exchange Coinsecure. Before the court adjourned, Diwan argued that bitcoin and other cryptocurrencies are Ponzi schemes, noting their price bubbles and the large consumption of electricity used in mining. The hearing will resume tomorrow.
Two Previous Hearings
Prior to Tuesday’s hearing, the Indian supreme court partially heard the crypto case on Aug. 8 and Aug. 14. On both days, Sood argued against the banking ban by the central bank, which issued a circular in April last year banning financial institutions from providing services to crypto businesses. The ban went into effect 90 days later, forcing a number of crypto businesses to shut down due to the lack of banking support.
Sood challenged the RBI’s power to exert such a ban, arguing that the aforementioned circular is not valid under statutes such as the RBI Act and the Banking Regulation Act. “RBI cannot step out of its powers as set out in [the] Banking Regulation Act. Therefore, its action against private businesses in the form of a circular is illegal,” the counsel was quoted by The Economic Times as saying.

After giving several reasons to invalidate the RBI ban, Sood began educating the judge on the basics of cryptocurrency and how major countries, including the G20 nations, regulate crypto assets. The hearing adjourned on Aug. 14 after the regulatory framework for cryptocurrency adopted by the state of New York was discussed.
Indian Crypto Regulation to Be Examined in January
As for the writ petitions concerning India’s crypto regulation, the supreme court is set to hear them at the end of January. On Aug. 8, the Indian government asked the court to postpone hearing these petitions until it has introduced a bill on cryptocurrency, which may be during the next parliament session in November and December. The court agreed and moved the hearing to the end of January 2020.
The Indian government is currently deliberating on a cryptocurrency bill submitted by the aforementioned IMC. The committee was headed by former Secretary of the Department of Economic Affairs (DEA) Subhash Chandra Garg, who was recently removed from his DEA position and appointed to the Power Ministry. He subsequently applied for voluntary retirement.

A week before Garg’s removal, the IMC report containing a draft crypto bill was made public. The bill entitled Banning of Cryptocurrency & Regulation of Official Digital Currency seeks to ban all cryptocurrencies except state-issued ones.
Following the public release of the IMC report, an increasing number of crypto industry participants have voiced their concerns regarding how flawed the report and bill are, calling for lawmakers to re-examine the IMC recommendations. The Indian crypto community, along with large trade associations such as the IAMAI and the National Association of Software and Services Companies (Nasscom), have repeatedly said that banning is not a solution.
What do you think of the Indian supreme court hearing today? Let us know in the comments section below.
Images courtesy of Shutterstock and The Financial Express.
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PR: Plan Flash – Decentralized Data Processing

This is a paid press release, which contains forward looking statements, and should be treated as advertising or promotional material. is not responsible for or liable for any content, accuracy or quality within the press release.
Data processing is indispensable everywhere and all the time in modern life. The daily services we use every day, such as face recognition, voice assistant, text recognition, automatic recommendation, automatic data analysis and so on, all have a large number of data processing requirements and service support.
In fact, data processing services are currently one of the fastest growing and most profitable sectors in the ICT industry. In its first forecast of the “whole cloud” opportunity, International Data Corporation (IDC) estimates that worldwide whole industry’s revenues will reach $554 billion in 2021, which represents more than double those of 2016. For the full 2018 year, AWS brought in $25.7 billion revenue to Amazon with a 47% jump on the 2017 year.
Huge Gap between the demand and the supply in near future
Exploding data and the demand for further processing brings severe challenges for the industry. Predicted by Cisco, that the “usable” data produced in 2021 (nearly 90% of the predicted data generated by 2021 will be ephemeral in nature and will be neither saved nor stored) is larger in size compared to the forecasted data center traffic generated per year by a factor of four. Meanwhile, there is a growing demand for computing power from industries and scientific communities to run large applications and process huge volumes of data.
A new form of decentralized cloud that can enable blockchain computing would be needed. We also need to rebuild the business model for lowing the cost of infrastructure usage and meet the enormously increasing demand of data processing. This gap could be filled with blockchain-based decentralized solutions.
Rethinking Decentralized Approaches
Many projects brings their decentralized solutions based on blockchain like iExec, Plan Flash, DADI and Difinity, etc.. Commonly they use a mix of peer-to-peer ad hoc networking, local cloud computing, grid computing, fog computing, distributed data storage and other more sophisticated solutions. However, these decentralized solutions still present many challenges:
1. Making the infrastructure scalable, considering the current scalability limitations of blockchain infrastructures.
2. Ensuring the right incentivization plan is in place for resource providers by guaranteeing fair income distribution.
3. Verifying the computation is done in a proper manner, to avoid potential malicious attacks. Some projects use reputational management techniques, though these techniques need to offer the right balance between weight of reputations and market entry cost.
4. Dealing with diversified hardware, like individual computers, pads, laptops or different servers in various maintenances, as well as the unknown environments that may affect the performance of these computing resources.
5. Dealing with unprecedented collaboration, coordination, and connectivity for each piece, like an individual computer, in the system, and throughout the system as a whole.
All these challenges above haven’t been completely conquered today. The services are not cheap in consider of their real performance. On the contrary, with a practical manner, Plan Flash brings a new combination of data processors and blockchain, to meet the real demand and requirements of data processing around the globe.
What’s Plan Flash?
PLAN FLASH is a powerful distributed global system for general-purpose and selected-purpose data computing and processing. It aims to create a global decentralized marketplace of data processing capability: highly accessible, fault tolerant, secure and cheaper than centralized competition.
Plan Flash also enable individual owners of computing resources to stable income from renting it out. To enable visionary small investors to rent processors and earn lucrative profits with great potential.
In long run Plan Flash is going to create a global blockchain-based distributed data-processing infrastructure for the world’s intelligent age. To support decentralized applications and various data processing procedures in the future.
Supporting Link
This is a paid press release. Readers should do their own due diligence before taking any actions related to the promoted company or any of its affiliates or services. 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 mentioned in the press release.
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‘Amazon of Japan’ Rakuten Launches Crypto Exchange Service

Rakuten, the “Amazon of Japan,” announced the launch of its new crypto exchange platform Monday, August 19, offering spot trading of crypto assets via a dedicated smartphone app. The e-commerce giant has been crypto-friendly for a while now, experimenting and investing in crypto payment systems since at least 2014, but with the launch of the wallet exchange service, Rakuten Bank users are now able to buy, sell, and exchange BTC, BCH, and ETH, as well as utilize fiat off-ramps to personal bank accounts. Other formidable forces in e-commerce are working hard to jump on board the crypto train as well.
Also Read: Another Self-Proclaimed Satoshi Fails to Sway Crypto Community
Optimism for Crypto
“Rakuten” means “optimism” in Japanese, and with all the effort the e-commerce leader has been pouring into blockchain and crypto development over the past years, that positive moniker makes sense. With a market cap of $14.5 billion, over 17,000 employees worldwide, and $10 billion in sales as of May, Japan’s internet commerce behemoth is ubiquitous in the land of the rising sun, and elsewhere.
In a press release from Tokyo yesterday, Rakuten Wallet Inc., a subsidiary of Rakuten Group, announced the start of its long-awaited crypto trading app and exchange service:
Through the smartphone app, customers can make transactions for crypto asset trading accounts, such as depositing/withdrawing Japanese yen and depositing/withdrawing crypto assets, 24 hours a day, 365 days a year…Three types of crypto assets can be traded: Bitcoin (BTC), Ethereum (ETH), and Bitcoin Cash (BCH).
The app features a multisig-based “cold wallet” for user funds, and “There are no fees for opening or managing an account, purchasing or selling crypto assets, or depositing money,” according to the press release. While the company uses the term “cold” in describing the wallet, it is important to note that the actual meaning here is simply offline storage, and as such security is not solely in the hands of the account holder.

Application Process: Convenience In, Privacy Out
For those applying for a Rakuten Wallet account, the process is pretty straightforward. “Customers who already have a bank account with Rakuten Bank will be able to easily open a Rakuten Wallet account simply by entering the required information on the online application form,” the press release confirms.
However, privacy-minded crypto users may find the application off-putting. Japan is arguably the world leader in crypto regulation and adoption, with rigorous KYC and AML protocols implemented industry-wide thanks to Japan’s FSA (Financial Services Agency). The veritable dating game-style personal quiz prior to signing up is reflective of this reality.
Applicants must answer several questions even after opening a Rakuten Bank account including private details relating to one’s job, purpose for opening the account, and income. They must also state how many years they have been active in the crypto space. This is in stark contrast to private, P2P exchanges like, where the only thing needed is an email address.

Rakuten’s Push Echoed by Amazon, Others
Establishing the Rakuten Blockchain Lab in 2016 after an earlier investment in Bitnet, a wallet/payments software firm in 2014, Rakuten is no stranger to crypto. In terms of the breakneck speed proliferation of Japanese regulations and crypto adoption, 2014 seems like light years ago to most. The Tokyo-based company is not alone, though, with other movers and shakers in the industry having also been putting in the time and research, and now seem to be making plans to jump on board with similar projects.
An official patent document from May reveals that Amazon is researching Merkle Tree solutions to proof-of-work challenges for unknown applications. Though Amazon does not directly accept crypto payments like Rakuten’s American site does, via the integration of the Bitnet portal, similar developments may soon be in the works for America’s retail juggernaut. Already the Amazon Coin digital currency is a reality.

Rakuten’s CEO, Hiroshi Mikitani, announced in early 2018 that the company was working on its own crypto token, “Rakuten Coin” to be integrated with the extremely popular Rakuten points system in Japan. Currently these points can be exchanged for bitcoin via the Japanese site.
Amazon has further created a stir in the media in past years by buying up crypto-related domain names such as,, and While this could be simple brand protection, based on the company’s recent research and investments, real speculation does seem warranted. Especially considering that other companies on similarly herculean tiers of mega financial success like Walmart, Facebook, and Google are all investigating and experimenting with blockchain and crypto as well.
Japan Still Skeptical of Exchanges
Though the Rakuten announcement is big news for crypto enthusiasts in Japan, some remain skeptical. With massive losses of funds at Mt. Gox, Coincheck, and most recently Bitpoint, customer confidence in Japan-based exchange services has suffered. Even lesser known issues relating to regulatory changes have left a sour taste in the mouth of many. Tokyo-based exchange Bitflyer, for example, froze user accounts in 2018 with no clear notification, citing “general maintenance” and the need to comply with official regulatory audits. Some users had crypto frozen on the exchange for weeks, with little to no assistance from customer service.

Rakuten’s Positive Push
Japan’s troubles of the past notwithstanding, Rakuten Wallet is pushing forward, with its Android app already available and an iOS implementation expected sometime in September. The service is set to be available 24-7, 365 days a year, except for maintenance periods. Fees only apply for withdrawals of Japanese yen and crypto assets. According to the press release “The app also features many useful functions that allow customers to effectively manage their crypto assets, such as confirmation of assets deposited in Rakuten Wallet, the purchase and sale of crypto assets, and real-time chart rate confirmation.”
The optimistic foray into crypto is perhaps to be expected from the group that is already an online mall, credit card company, Japan’s largest online bank, and owns an actual baseball team. With Rakuten riding the crypto wave in the East, and spreading integration worldwide, it can’t be too long until other giants follow suit.
What are your thoughts on Rakuten’s announcement? Let us know in the comments section below.
Images courtesy of Shutterstock, fair use.
Did you know you can buy and sell BCH privately using our noncustodial, peer-to-peer Local Bitcoin Cash trading platform? The 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

How to Bequeath Your Digital Assets to Your Descendants

Depending on your belief system, death is either the endgame or the next level. Whatever lies on the other side, your bitcoins are no good there. Just as we entered this world with nothing, we are destined to leave it with nothing. All those years spent stacking sats needn’t be in vain, however. New and improved tools have made it easier to bequeath your crypto to your next of kin.
Also read: As US Expands Subprime Mortgage Program, Is a New Crisis Looming?
Digital Inheritance Demands Modern Solutions
According to John Milton, “Death is the golden key that opens the palace of eternity.” That may be, but that key won’t unlock your crypto wallet when you’re gone. It’s a task that calls for a private key – a 256-bit number that enables your coins to be spent. You could just hand a copy of this key to your next of kin, or leave it in a safe deposit box with strict instructions for the executor of your estate, but to do so would be to place your trust in the goodwill and competence of others. Safe deposit boxes aren’t safe at all, while family can’t necessarily be relied on to resist touching your tokens until the appointed time.

The solution, for a growing number of cryptocurrency users, has been to utilize purpose-built digital inheritance software that promises to automate the process on your behalf. TrustVerse is a protocol for handling digital assets, including the management and ownership of digital identities. Pluto is its legacy planning service for cryptocurrency owners. After selecting an inheritance design that dictates the conditions under which the assets can be bequeathed, a smart contract is set up to administer the process. Should the owner pass away suddenly, the inheritor can submit a certificate of death to gain access to the assets locked into Pluto’s smart contract. There are also provisions to cover multiple beneficiaries, who must reach consensus before funds can be unlocked.
Other Ways to Bequeath Your Crypto
The crypto space is surprisingly light on other turnkey digital inheritance solutions. Safe Haven appears close to finally shipping its product. It allows you to add a verified legal entity to your inheritance plan, but there is also the option to enable a fully automated solution that uses smart contracts to trigger a so-called dead man’s switch after a certain period of time.
Similar technology is utilized in Last Will, a BCH inheritance solution that covered in April. It too contains a dead man’s switch with a six-month trigger that will make the coins available to the inheritor unless the owner refreshes the Last Will agreement. It’s not a foolproof solution by any means, but it’s an effective way of preparing for the unexpected. If you’re planning a solo trek to the North Pole, locking your coins into Last Will might make sense. It also benefits from being a fully non-custodial solution, whose code can be inspected on Github. The value of a decentralized inheritance solution is significant: one project that sought to tackle this challenge, Digipulse, died before anyone could use it.

Italian startup Crypto360 has devised a secure off-chain back-up service for wallet seeds and private keys that’s specifically designed for digital inheritance. Its website doesn’t exactly inspire confidence, however, and bitcoiners may conclude that they would be better off stashing a hardware wallet in a safe place and leaving instructions to its whereabouts in a sealed will.
Crypto and Inheritance Tax
Where there’s death, there’s taxes, and crypto assets are no exception. In both the U.K. and the U.S., cryptocurrency is treated as property, which means inheritance tax is technically due on any digital currencies your descendants receive.
Koinly founder Robin Singh told “Crypto is basically property, so the inheritance tax applies but the tax-free limit for it is so high that very few people are ever going to be hit by it. It’s been dubbed the ‘Paris Hilton tax’ for a reason.” The tax software specialist is referring to America’s inheritance tax which is only due on estates worth more than $5.4 million. As a result, only 0.2% of U.S. estates are estimated to be liable for the tax. Unless you’ve been building up bitcoin since 2011, you’re probably excused.

Take Care of Your Crypto and Your Crypto Will Care for You and Yours
Bitcoin is self-sovereign money. It demands that its owner takes action to preserve it, without the safety net of state-built protections in the event of loss through theft or carelessness. As a result, most cryptocurrency owners are already proactive when it comes to safeguarding their assets. Caring for the things you hold dear extends this obligation to finding a way to pass them on to your nearest and dearest when the time comes.
Planning for the worst while hoping for the best means ensuring there’s a way for your heirs to inherit your digital assets without being forced to guess passwords, piece together recovery phrases, or track down 2FA codes. Making your crypto secure enough to survive this life, while making it easily transferable once you pass on to the next life is harder than it sounds. Get it right, though, and you can relax in the knowledge that your coin-accumulating efforts won’t be in vain – whatever the future may hold.
Hal Finney
As Hal Finney wrote, a little over a year before his death in 2014:
Discussions about inheriting your bitcoins are of more than academic interest. My bitcoins are stored in our safe deposit box, and my son and daughter are tech savvy. I think they’re safe enough. I’m comfortable with my legacy.
What do you think is the most effective method for handling digital inheritance? Let us know in the comments section below.
Images courtesy of Shutterstock.
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Bron : Bitcoin en toekomst van crypto

As US Expands Subprime Mortgage Program, Is a New Crisis Looming?

The Federal Housing Administration, a division of the U.S. Department of Housing and Urban Development, has recently adopted new guidelines widening the scope of condo purchases eligible for lower down payment loans insured by the government. While that could lead to more members of certain social groups buying a first home, critics fear a new subprime mortgage crisis could be in the making, given the current state of the residential property market.
Also read: Passing the Burden of Negative Rates to Bank Clients Opens Door for Cryptocurrencies
Another Trump Card Pulled Out
Upcoming elections have a strong influence over politicians which makes ‘end justifies the means’ decisions irresistible. President Trump’s second term is at stake in 2020 and that has already led to increased pressure from the White House on the Fed to further lower interest rates. With almost no inflation, the United States is “needlessly being forced to pay a MUCH higher interest rate than other countries only because of a very misguided Federal Reserve,” the president tweeted last month.
The Fed did cut the benchmark interest rate recently by a quarter percentage point to 2.25%, despite its insistence on being independent from the executive power in Washington. That was the first downward revision in more than a decade. Those who think the dollar is overpriced in a looming trade war hurting American exports and that the U.S. government is paying a high price for its debt have welcomed the rate cut. Others are not so sure about the long-term consequences.

Another pre-election trump card that could garner more votes for the president and improve his image in certain communities came from the latest decision by the Federal Housing Administration (FHA) to make it easier for first-time homebuyers to receive a loan for a new home. On Wednesday, the agency announced its updated rules for the types of mortgages it will insure. The new guidelines expand the scope of condo purchases eligible for lower down payments than banks would normally accept.
Until now, only around 6.5% of the 150,000 condominium developments in the U.S. were eligible for FHA-backed mortgages, but under the new rules the administration will start backing loans for individual units and will be more flexible to adapt to the changing market. According to FHA Commissioner Brian Montgomery, quoted by the Los Angeles Times, the changes will indeed make it easier for first-time buyers, retirees and minorities to become homeowners.
FHA Loans for Low Income Borrowers
The loans are issued by an FHA-approved lender and insured by the administration. They are targeted at low and moderate income citizens, require lower minimum down payments and are available even for those with credit scores as low as 500. With FHA-backed mortgages, applicants that qualify for the program can borrow up to 96.5% of the value of the property they want to purchase. That means that the down payment can be as low as 3.5%, unlike conventional loans where it’s typically 20% or more. The down payment can not only come from personal savings but also as a gift from a family member or as a financial grant.

However, these easier to get loans come with some additional charges. Borrowers have to pay an upfront mortgage insurance premium, 1.75% of the base loan amount, and an annual mortgage insurance premium, which varies between 0.45% and 1.05% depending on the amount and the length of the mortgage as well as the loan-to-value ratio. The funds from the premium payments are deposited into an escrow account controlled by the Treasury and used to cover mortgage payments in case a borrower defaults on their loan.
Due to stricter regulations introduced after the 2008 financial crisis, which was sparked by a crash in the U.S. subprime mortgage market, FHA mortgages decreased significantly in the past decade, from almost 73,000 in 2010 to a little over 16,000 in 2018, as reported by the Associated Press. With the recently introduced rules, the number of FHA-insured loans for condos is expected to increase to 60,000 annually. According to an analysis conducted by the U.S. Department of Housing and Urban Development last year, the wider availability of mortgages could also increase construction by 7,000 units.
Unclear Consequences for the Market
The end results of the FHA’s new policy are far from certain. It remains unclear how the new rules are going to affect home ownership rates in the United States, where real estate prices have increased faster than incomes in the past few years. The number of new homes for sale is also lower than the average in previous periods. Supply remains limited, with developers focusing their efforts on the luxury housing segment.
At first glance, the measure is going to benefit not only first-time homebuyers in general, but also retirees looking for a smaller home, seniors seeking a reverse mortgage and members of some minorities. The program has historically helped African American and Hispanic buyers to make their first condo purchase.

But the Trump administration has also admitted to denying government-backed loans to certain groups. For example, young undocumented immigrants who were brought to the U.S. as children are not eligible for FHA loans. The revelation came out in June after earlier this year the Secretary of Housing and Urban Development Ben Carson denied that people with Deferred Action for Childhood Arrivals status are being turned down.
The government in Washington is also reducing the share of home equity mortgage borrowers can access and withdraw through cash-out refinancing. The FHA plans to limit the loan amounts to a maximum of 80% of the value of the property from 85% previously. This type of refinance has spread in recent years, reaching over 60% of the FHA’s refinance activity last year. Their popularity has grown along with rising home values and mortgage rates.
More Americans have started using the cash-out loans to finance home improvements and that includes retirees who have opted to keep their home instead of moving to a smaller one. But the trend has also alarmed the Federal Housing Administration whose representatives fear it is increasing the risks for their mortgage program. Foreclosure starts on FHA loans hit a two-year high in January, Marketwatch reported. And in the first half of the year, scheduled foreclosure auctions increased by 3%.
Fears of a New Subprime Mortgage Crisis
The FHA’s new guidelines, which loosen the post-crisis regulations and widen the scope of condominium purchases eligible for low down payment loans, have the potential to revive the entry-level condo market. But their adoption could also expose the U.S. government to more loan defaults if developers fail to respond with increased supply, if the housing market slows down further and if prices fall. In a negative scenario like that, conditions will be in place for a new subprime mortgage crisis.
This is what actually triggered the 2008 financial meltdown. The crisis in the U.S. subprime mortgage market began the year prior. Home prices declined significantly and the housing bubble, inflated by banks competing to hand out as many mortgages as they could, burst. That eventually led to a massive banking crisis the following year with the collapse of major financial institutions like the investment giant Lehman Brothers.

A little over a decade after the global financial crisis, the signs of a new pending crash are mounting. There have been several bank failures in different parts of the world, including the U.S., and big financial institutions have started laying off bankers. Trade wars with China and Europe are looming and the pressure from governments for further interest rate cuts has increased, indicating their fears of an upcoming recession.
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Do you think more FHA-backed loans could trigger a new subprime mortgage crisis? Let us know in the comments section below.
Images courtesy of Shutterstock.
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