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Central Banks Are Driving Many to Cryptocurrencies
Two years ago, Bitcoin was considered a fringe technology for libertarians and computer geeks. Now, Bitcoin and other cryptocurrencies, such as Ethereum, are gaining mainstream adoption.
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The Bitcoin Foundation's Financial Standards Working Group has shed more light on its priorities for the next two quarters.
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The current code, BTC, does not comply with ISO 4217, which requires the first letter used in global commodities to be ‘X’.
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The foundation pointed out that several leading foreign exchange tools, such as XE.com, Oanda and Bloomberg, have already adopted XBT as the code for bitcoin.
In light of the recent BTCUSD price declines – particularly from the mid-$500s to where we sit now, in the upper 300s – there has been endless discussion of those dastardly miners and their brilliant plot to suppress the price of Bitcoin by mining and then selling them. Darn those miners.
Inevitably, in every discussion of this, the same lines are trotted out by those participating in the conversation:
“The price going lower is making miners sell more to cover the price of their mining rigs!” tweets one parrot. You read it and think, “Well, of course. That only makes sense – they have to sell more coins if they want to make the same amount of money as before and the price per coin is now lower.” And you’re right – but that’s not the entire story. It never is, really. But it is a part of the basics of mining – sort of. Not all miners are the same.
To begin with, consider that there are essentially three types of miners.
[Full Article]
Huobi, one of China’s largest Bitcoin exchanges revealed Thursday morning that it had lost 920 BTC and 8,100 LTC on Wednesday. The value of the lost funds stood at $411,000 as on Thursday morning. In a statement posted on its Weibo account, the company revealed that one of its customer service representatives had sent the money …
ProtocolTV’s highly anticipated Bitcoin short film “Bitcoin: Buenos Aires” has come a long way and is finally available for public viewing – and its portrayal of Bitcoin in Argentina is inspiring.
Coinbase is turning into a worst kind of fascist dictatorship.
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This kind of behaviour should in no way be surprising – they are turning evil right on schedule.
This is a scathing article against Coinbase (who we use along with other services). We had something similar happen on a smaller scale. At first we were allowed to create a pseudonym account with Coinbase and purchase Bitcoin.
Weeks later they insisted upon tying a bank account to our Coinbase account to purchase Bitcoin. After that, they wanted a credit card or they would hedge our buys/sells over a 4-8 day period. To top it off, they have a spread between the buy/sell price they offer their Customers and a % fee on top of the inflated price.
We obtain the majority of our BTC and other cryptocurrencies via mining and very little from Coinbase. Yet, we were still forced to give up way too much personal information.
In other words ... We don't always buy Bitcoin, but when we do ... we use Coinbase (by giving up way too much personal information).
Disclaimer : It's 4:56 AM and I just downed a few Benadryl, so there's that. Regardless, I stand by this (my second) bold prediction.
Bitcoin vs Metcalfe's Law
Metcalfe's law states that the value of a telecommunications network is proportional to the square of the number of connected users of the system (n2). First formulated in this form by George Gilder in 1993,[1] and attributed to Robert Metcalfe in regard to Ethernet, Metcalfe's law was originally presented, circa 1980, not in terms of users, but rather of "compatible communicating devices" (for example, fax machines, telephones, etc.)[2] Only more recently with the launch of the Internet did this law carry over to users and networks as its original intent was to describe Ethernet purchases and connections.[3] The law is also very much related to economics and business management, especially with competitive companies looking to merge with one another.
tl;dr : The value of a network increases with each new node.
Withdrawal of funds on the cards VISA / MasterCard issued in any country and in any currency. Dear our valuable clients! We are pleased to announce that for your convenience, we have implemented a new payout system that allows you to send your funds to any cards VISA / MasterCard issued in any country and in any currency. Fee - 5% Transfer of funds is possible only in U.S. dollars . If your card is not in USD, the money will be converted at the rate of VISA / MasterCard or your bank's rate (depending on the agreement with your bank). It takes 2-4 business days to deliver funds to your card. «Maestro» and «VISA Electron» cards are not supported by our payout system. During the test period, our administrators have received a lot of questions. Here are the answers to the most frequently asked questions: 1 . What is displayed in the statement of my card? Operation appears as : «affiliate payment» or «refund affiliate payment». 2 . Does it matter in which country my card is issued ? We can fund any card (VISA/MasterCard) in any country. 3 . Is it important the type of my card: credit , debit , etc.? Yes, it is. On some cards withdrawal is not possible, this is due to the restrictions polices of some banks. For example: you cannot withdraw money through our exchange on the cards issued by PayPal. Some credit cards that does not allow to have a positive balance cannot be funded. If payout to your card is not possible, then we will immediately notify you and refund the money back to your account.
Bitcoin isn'€™t just challenging business models, it's challenging entire generations of established political and economic theory.
Warren Buffett
