• in

    Bitcoin Funded Silk Road Performance Earns a Residency at Trafalgar Studios

    Bitcoin Funded Silk Road Performance Earns a Residency at Trafalgar Studios

    Last December news.Bitcoin.com reported on the theatrical version of people using the deep web in a play called the “Silk Road: How to Buy Drugs Online.” Since then the play got rave reviews after appearing at the world-famous Edinburgh Fringe and the Vault festival. Now due to the show’s popularity, the performance is hosting the production at the well-known theatre London’s Trafalgar Studios for a twenty-day residency.  

    Also read: The Bitcoin-Culture Invasion: T-Shirts, Hats, Candles, Mugs, and More

    The Silk Road Theatre Production Written by Alex Oates Receives Rave Reviews

    Just before the end of the phenomenal 2017 cryptocurrency run news.Bitcoin.com reported on a play that appeared in the UK called the “Silk Road: How to Buy Drugs Online.” The performance has been funded entirely in BTC when an anonymous person donated funds towards the production. The play, written by the well known English playwright Alex Oates, is about a 19-year old man named Bruce Blakemore who learns about the deep web and darknet markets. Moreover, the play is loosely based on the tales of the Dread Pirate Roberts (DPR) alongside interviews with real Silk Road vendors.

    Bitcoin Funded Silk Road Performance Earns a Residency at Trafalgar Studios

    Since the play took place at the notorious Edinburgh Fringe and at the Vault Festival the production has received rave reviews.

    “Like a hybrid of ‘Snatch’ and ‘Starter for Ten’, this is both an adolescent adventure and a grotesque, criminal caper. Gritty and very well written by Old Vic New Voices playwright Alex Oates, ‘Silk Road’ is the best thing to come from its namesake,” explained a Three Weeks review.

    Bitcoin Funded Silk Road Performance Earns a Residency at Trafalgar Studios

    A Twenty Day Residency at London’s Trafalgar Studios

    The shows at Edinburgh and the Vault Festival, and the great reviews have helped the cryptocurrency-funded performance achieve a residency at London’s famous Trafalgar Studios from August 7 through September 1, 2018. According to an interview with the regional publication, the Evening Standard, Oates details in an interview that cryptocurrency’s trend within our culture is here to stay.

    Bitcoin Funded Silk Road Performance Earns a Residency at Trafalgar Studios

    “Back in 2014, Bitcoin was a bit of a novelty so I couldn’t be more thrilled that Silk Road (How to Buy Drugs Online), which was initially made possible through an anonymous donation of Bitcoin, is back with a run at Trafalgar Studios this summer,” Oates details.

    It seems clear that Bitcoin is here to stay and it was a great honour to be the first play funded by cryptocurrency — It undoubtedly won’t be the last.

    The West End London theatre Trafalgar Studios is a prestigious auditorium that once was called the ‘Whitehall Theatre,’ and the Oates play is also directed by Dominic Shaw. No one knows how much funding the writer got from the anonymous donor, but reports detail that Oates has amassed a portfolio of “multiple cryptocurrencies,” since 2014.

    What do you think about the Silk Road play getting a residency stay at London’s Trafalgar Studios? Let us know what you think about this subject in the comment section below.


    Images via the Silk Road: How to Buy Drugs Online Playbill, Evening Standard, and Pixabay. 


    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 Satoshi Pulse, another original and free service from Bitcoin.com.

    The post Bitcoin Funded Silk Road Performance Earns a Residency at Trafalgar Studios appeared first on Bitcoin News.

  • in

    Indian Crypto Exchanges Prepare for RBI Ban – New Trading Tools, No Fiat

    Indian Crypto Exchanges Prepare for RBI Ban – New Trading Tools, No Fiat

    As the start of the crypto banking ban by the Reserve Bank of India approaches, cryptocurrency exchanges in the country are preparing to stop fiat deposits and withdrawals while boosting crypto-to-crypto trading. Zebpay plans to continue crypto-INR trading pairs even after the ban. Unocoin has launched a weighted basket order tool to simplify crypto investing.

    Also read: Yahoo! Japan Confirms Entrance Into the Crypto Space

    No Fiat Withdrawals But Trading to Continue

    Indian Crypto Exchanges Prepare for RBI Ban – New Trading Tools, No FiatThe date for India’s crypto banking ban imposed by the Reserve Bank of India (RBI) is drawing near. All regulated banks and financial institutions must stop servicing cryptocurrency exchanges by July 5.

    Zebpay, a leading cryptocurrency exchange in India, warned its customers this week that their “rupee withdrawals could stop,” citing RBI’s order. The exchange wrote:

    If Zebpay bank accounts are disrupted, rupee deposits and withdrawals will become impossible…[However] Crypto deposits and withdrawals are continuing as usual. The RBI circular only talks to banks, and other regulated entities about shutting accounts. This doesn’t affect BTC and other cryptos.

    Indian Crypto Exchanges Prepare for RBI Ban – New Trading Tools, No FiatHaving launched a crypto-to-crypto trading service in April, Zebpay announced Thursday its intention “to continue offering crypto-to-crypto trading.”

    The exchange also clarified, “Our present intention is to allow crypto-INR pairs to trade even after our bank accounts shut [down].” Nonetheless, it warned, “we are unable to fathom all the consequences of the bank account shutting [down] and hence cannot guarantee that we will continue the crypto-INR trade pairs forever.”

    Soon after Zebpay’s announcement, the trading volumes of all cryptocurrencies on the exchange spiked while their prices dropped. The price of BTC fell sharply by about 20%, from ₹458,879 to ₹367,733, before leveling off around ₹405,000.

    Indian Crypto Exchanges Prepare for RBI Ban – New Trading Tools, No Fiat

    Some media outlets have suggested that Zebpay manipulated crypto prices with its announcement. However, the exchange insists that it “does not buy, sell, or trade in crypto. It is just an exchange platform that match-makes buy-and-sell orders of its customers.”

    Crypto Asset Allocation Tool

    Indian Crypto Exchanges Prepare for RBI Ban – New Trading Tools, No FiatAnother major Indian exchange, Unocoin, announced the launch of an asset allocation tool this week. This weighted basket order tool, called Crypto Basket, allows investors to buy “cryptoassets based on market cap” and “according to exchange volume.” It also allows specific customizations by letting investors “uncheck cryptoassets” which they do not want to buy, the exchange detailed.

    This tool is available on Unodax, the multi-crypto exchange platform which Unocoin recently launched. The company described:

    The basket order helps you to place orders for multiple cryptoassets with a fund distribution model of your choice. You can let Unodax set the distribution for you, or choose your custom distribution model.

    Indian Crypto Exchanges Prepare for RBI Ban – New Trading Tools, No Fiat

    Supreme Court Hearing After the RBI Ban

    Indian Crypto Exchanges Prepare for RBI Ban – New Trading Tools, No FiatOn April 6, RBI issued Circular DBR.No.BP.BC.104 /08.13.102/2017-18, banning all banks and financial institutions under its control from providing services to cryptocurrency companies.

    The central bank, however, recently admitted that it issued the ban without doing enough research.

    Crypto industry participants have engaged with the central bank to offer alternatives; some are asking for the deadline to be extended. The country’s Supreme Court said it will hear all petitions against the ban on July 20, which is two weeks after the ban commences.

    How much do you think the RBI ban will affect the Indian crypto industry and exchanges? Let us know in the comments section below.


    Images courtesy of Shutterstock, Unocoin, Zebpay, and RBI.


    Need to calculate your bitcoin holdings? Check our tools section.

    The post Indian Crypto Exchanges Prepare for RBI Ban – New Trading Tools, No Fiat appeared first on Bitcoin News.

  • in

    The Bitcoin-Culture Invasion: T-Shirts, Hats, Candles, Mugs, and More

    The Bitcoin-Culture Invasion: T-Shirts, Hats, Candles, Mugs, and More

    Over the past year and a half bitcoin and cryptocurrencies have caused a serious hype that’s stretched a bit into the mainstream. These days people hear about digital currencies more often and one reason is due to all the fantastic crypto-infused products that have invaded pop culture. Cryptocurrency clothing, knitted sweaters, socks, coffee mugs, and backpacks sporting digital currency symbols, has grown quite extensive.

    Also read: Bitcoin in Brief: Plagiary, Numerology, and Nano Does a No-No

    The Crypto-Pop Culture Invasion: The Amount of Cryptocurrency Branded Products Out There Invading Our Mainstream Culture Would Make Andy Warhol Smile   

    Today we’re gonna talk about the massive amounts of goods available these days that show off everyone’s favorite cryptocurrencies in a fashionable sense. Back in the early days, you’d be lucky to get a bitcoin embroidered hat or a silk screened t-shirt sporting the Silk Road logo. But nowadays things are a whole lot different since the ‘crypto-craze’ took off in 2017, as there are tons of products out there now that display the cryptocurrency logos and names that will make any trademark or patent holder squeal.

    Crypto-Themed Kimchi Socks

    There’s a company called Kimchi Socks that has been creating quality cryptocurrency branded socks for quite some time now. The Kimchi manufacturers sell socks in a few crypto-flavors such as BTC, BCH, ETH, and Dogecoin. The products are tall crew socks that show off the digital asset’s symbols and they come in a variety of colors. The socks vary in price between $10.99$12.99 USD and you can pay for the colorful socks in BCH, ETH, BTC, Doge, and Dash. 

    The Bitcoin-Culture Invasion: T-Shirts, Hats, Candles, Mugs, and More
    Kimchi BCH socks. Other Kimchi socks also brand the BTC, Doge, and ETH logos.

    Hodlmoon’s Ugly Cryptocurrency Sweaters

    Have you ever been to an ugly sweater party? Well, now you can go to a sweater-shindig sporting an ethereum knitted sweater made by the Hodlmoon team. The Hodlmoon sweaters come in multiple flavors like monero, neo, ethereum, and litecoin. Other cryptocurrency proponents can also use Hodlmoon’s sweater template to create a sweater for their favorite coin as well. The sweaters are not cheap and run at $59.99 but you can pay for your sweater with cryptocurrencies using Shapeshift, alongside other payment methods.

    The Bitcoin-Culture Invasion: T-Shirts, Hats, Candles, Mugs, and More
    Hodlmoon’s ugly crypto-sweaters come in six flavors and you can make your own custom coin design.

    Burning the Midnight Oil With Cryptocandles

    Another unique product on the market will also help you when the power goes out during a storm, and maybe even add to your wealth. The Cryptocandle is a soy wax candle that has 60 hours of burn time. According to the creators, the candle gives off a peppery scent with notes of oakmoss, sandalwood, and amber-patchouli. But at the end of each candle is a token that can be obtained when the wick has burned to the end. The token is redeemable on the website and owners have a chance to win some loot. Cryptocandle has added BTC redeemable tokens in 53 of the 5000 candles manufactured. One candle has 1 BTC, two candles have 0.5 BTC, and fifty candles have 0.01 BTC. Not a bad find during a power outage. Cryptocandles are $45 and have a hefty price tag when compared to traditional products sold at Yankee Candle.

    The Bitcoin-Culture Invasion: T-Shirts, Hats, Candles, Mugs, and More
    When you burn a Cryptocandle down to the end you might find a surprise inside with some BTC.

    Brighten Your Day With a Cup of Joe Poured Into a Bitmug

    Drinking coffee is a favorite pastime for lots of folks all over the world, and if you want to spark up some coffee talk conversation, then a bright orange bitcoin mug might just help push the envelope. Bitmugs are microwave safe bright orange mugs made of stoneware with the bitcoin logo in black on the front.

    The Bitcoin-Culture Invasion: T-Shirts, Hats, Candles, Mugs, and More

    Furthermore, the Bitmugs business is operated by a young man who can be often seen at events and conferences within the blockchain and cryptocurrency space. Each orange mug sold on Bitmugs costs $17.45 USD per cup and you can pay in either BTC or BCH via Bitpay.

    The Bitcoin-Culture Invasion: T-Shirts, Hats, Candles, Mugs, and More
    The Bitmugs creator showing off his mugs to well-known cryptocurrency luminaries.

    BCH Gang Members Unite

    Are you a big fan of bitcoin cash these days since the scaling debate that erupted just a few years ago? Well, bitcoin cash fans can find a whole collection of goods dedicated to the ‘BCH Gang’ of crypto-enthusiasts who love big blocks. While visiting the ‘swag’ section at the Bitcoin.com Store people can find a ton of BCH gear including shirts that say, “BCH PLS,” “BCH Magnet,” “BCH Gang,” and “Year of the BCH,” printed on quality shirts. Further, there are BCH PLS snapback hats, hoodies, and pullover sweaters. The Bitcoin.com Store accepts bitcoin cash and completing an order including the BCH network transaction time is faster than lightning.

    The Bitcoin-Culture Invasion: T-Shirts, Hats, Candles, Mugs, and More
    Bitcoin cash fans can sport the hottest BCH gear and buy the goods faster than lightning using BCH.

    The Lynx Collection: Reflective LCD-Like Cryptocurrency Images Etched Into Metal Sheets  

    Another set of cool cryptocurrency-themed items that can be displayed on a large wall in your home stems from the Lynx Art Collection. The artist sells limited edition prints and canvases that present the artwork for BTC, ETH, LTC, XMR, and several others. The prints are very cool, but Lynx also sells really interesting metal panel collectibles that are 20×30 inches and weigh about four pounds.

    The Bitcoin-Culture Invasion: T-Shirts, Hats, Candles, Mugs, and More
    Lynx Art Collection sells limited edition metal panels and glass panels that display various cryptocurrency logos.

    These metal panels can be viewed by looking at them from multiple angles and the images are reflective and look very similar to an LCD screen. The artist says, “it’s almost as if you can see through the art.” Some of the metal panel artwork costs $899.95 but they are limited and panels are hand signed and numbered on the back. Lynx also sells beveled glass artwork too featuring BTC, XMR, ETH, and EOS.

    The Bitcoin-Culture Invasion: T-Shirts, Hats, Candles, Mugs, and More
    Beveled glass artwork created by Lynx.

    The Bitcoin Genesis Block Backpack Could Be the Perfect Bug Out Bag to Get Out of That Keynesian Economics Class

    Have you ever wanted to have the Genesis Block hash on a fancy backpack for all your friends to see? Now you can by visiting the Bitcoinshirt.co store, which also offers a wide array of interesting cryptocurrency gear. The Bitcoin Genesis Block backpack in particular costs $49.99 and the pack is specially crafted for cypherpunks, explains the store. The pack displays the genesis block hash which says the infamous line, “The Times 03/Jan/2009 Chancellor on Brink of Second Bailout for Banks.” According to the creators, the backpack is water resistant and can hold a 15” laptop. Furthermore, the pack’s inside pocket has the Bitcoin whitepapers’ abstract paragraph written on it as well.

    The Bitcoin-Culture Invasion: T-Shirts, Hats, Candles, Mugs, and More
    The Genesis Block Backpack displays the original genesis block hash with Satoshi’s famous quote from the UK Times newspaper.

    Cryptocurrency Gear is a Great Conversation Piece and May Initiate Some Education on Bitcoin and Central Banking

    When it comes to cryptocurrency gear invading pop culture and all the products out there today, we just scratched the surface. There are so many things to choose from, a digital asset enthusiast is sure to find something that fits their individual needs. Moreover, these goods are great conversation starters to get your friends and family members talking about bitcoin. Your uncle may ask you what all that gibberish is on your backpack. This means you probably will get a chance to explain to him about the revolutionary aspects of cryptocurrencies, while also detailing how the central banks and the fiat system are destroying the world’s economy.

    What do you think about all the goods available that show off bitcoin and cryptocurrency brands? Let us know what you think about this subject in the comment section below.


    Images via Shutterstock, Bitmugs, Hodlmoon, Kimchi Socks, Cryptocandles, Bitcoinshirt.co, store.bitcoin.com, and Lynx Art Collection.  


    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 Satoshi Pulse, another original and free service from Bitcoin.com.

    The post The Bitcoin-Culture Invasion: T-Shirts, Hats, Candles, Mugs, and More appeared first on Bitcoin News.

  • in

    US Secret Service Asks Congress for Help to Prevent Illicit Use of Privacy Coins

    US Secret Service Asks Congress for Help to Prevent Illicit Use of Privacy Coins

    The US Secret Service is worried about the illicit use of cryptocurrencies. A high-ranking official of the agency has urged Congress to consider additional legislation to address anonymity-enhanced cryptocurrencies and services intended to obscure transactions on blockchains such as tumblers or mixers.

    Also read: Yahoo! Japan Confirms Entrance Into the Crypto Space

    Undermining US Laws

    US Secret Service Asks Congress for Help to Prevent Illicit Use of Privacy CoinsDeputy Assistant Director of the US Secret Service’s Office of Investigations, Robert Novy, gave a testimony before the House of Representatives Financial Services Subcommittee on Terrorism and Illicit Finance on June 20.

    Novy explained that his agency is primarily concerned with the use of cryptocurrencies “in criminal schemes that undermine the integrity of financial and payment systems, their use in cases of fraud, and their general use as a means of money laundering,” stating:

    While some digital currencies have operated lawfully, others have been used extensively for illicit activity…The growing illicit use of digital currencies risks undermining the effectiveness of existing U.S. laws and regulations, especially those intended to limit the ability of criminals to profit from their illicit activities.

    Asking Congress for Help

    US Secret Service Asks Congress for Help to Prevent Illicit Use of Privacy CoinsIn his testimony, Novy asked “Congress for help in preventing cryptocurrencies like monero and zcash, which provide users with enhanced privacy and anonymity features, from being used for illicit purposes,” Forbes elaborated.

    Referencing “the global nature of the Internet and modern communications,” Novy claimed that “digital currencies are particularly well-suited for supporting crimes that are transnational in nature.” He proceeded to tell Congress:

    We should also consider additional legislative or regulatory actions to address potential challenges related to anonymity-enhanced cryptocurrencies, services intended to obscure transactions on blockchains (i.e. cryptocurrency tumblers or mixers) and cryptocurrency mining pools.

    US Secret Service Asks Congress for Help to Prevent Illicit Use of Privacy CoinsAccording to Forbes, Greg Nevano, an official in the investigations division of the Immigration and Customs Enforcement, agreed with Novy. “These new anonymity-enhanced cryptocurrencies are clearly ripe for illicit use in an effort to subvert legitimate law enforcement inquiries,” he was quoted, adding the claim that “although it is more difficult to trace the movement of illicit proceeds using these newer anonymity-enhanced cryptocurrencies, it is not impossible.”

    Novy further suggested that law enforcement must adapt his agency’s “investigative tools and techniques to dismantle criminal groups that use these instruments for fraudulent activity or money laundering.”

    What Criminals Prefer

    Novy also claimed that “in recent years, criminals have increasingly used digital currencies to facilitate illicit activities on the Internet.” He elaborated, “some digital currencies are primarily used to purchase illicit goods and services,” while others “are primarily used for money laundering—particularly transnational transfers.”

    US Secret Service Asks Congress for Help to Prevent Illicit Use of Privacy CoinsIn his testimony, Novy described the characteristics of digital currencies preferred by criminals based on the agency’s investigations.

    Firstly, they have “widespread adoption as a medium of exchange for intended criminal activities,” in addition to “the greatest degree of anonymity.” Their ability for “protection against theft, fraud, and lawful seizure” is also important, as is the ability to “be readily exchanged to and from their preferred currency.” The last characteristic mentioned is “the ability to quickly and confidently transfer value transnationally.”

    Citing that “the Secret Service has been at the forefront of investigating the illicit use of digital currencies,” Novy detailed the agency’s prior work in shutting down “two major centralized digital currencies that supported extensive criminal activity: E-gold Ltd. (in 2007) and Liberty Reserve (in 2013).” In addition, the agency also recently shut down a number of crypto exchanges including Western Express and Btc-e, he conveyed.

    Zcash Company’s Response

    US Secret Service Asks Congress for Help to Prevent Illicit Use of Privacy CoinsZcash, a cryptocurrency with strong privacy features, was created to protect the privacy rights of everyday citizens. The Zcash company, led by the famed computer scientist Zooko Wilcox, exists to support the privacy coin, but claims that it does not control Zcash or have special access to the cryptocurrency’s transactions.

    The company responded to the Secret Service’s recommendations in an official blog post on Friday:

    We believe it is in the best interest of the citizens of the United States, the US Secret Service, and other governmental organizations to advocate for privacy rights and protect its citizens and businesses from harm.

    What do you think of the US Secret Service’s recommendations to Congress? Let us know in the comments section below.


    Images courtesy of Shutterstock, Twitter, and Zcash Company.


    Need to calculate your bitcoin holdings? Check our tools section.

    The post US Secret Service Asks Congress for Help to Prevent Illicit Use of Privacy Coins appeared first on Bitcoin News.

  • in

    Wendy McElroy: Crypto as Class Warfare

    Crypto as Class Warfare

    The Satoshi Revolution: A Revolution of Rising Expectations
    Section 4: State Versus Society
    Chapter 9, Part 1
    Crypto as Class Warfare

    “Antagonism between the classes will be removed. I do not envisage a dead and artificial level among the people. There will be a variety among them as there is among the leaves of a tree. There will certainly be no have-nots, no unemployment, and no disparity between classes and masses such as we see to-day. I have no doubt whatsoever that if non-violence in its full measure becomes the policy of the State, we shall reach essential equality without strife.”

    -Mahatma Gandhi

    Cryptocurrency is the realization of an anarchist dream that dates back centuries:  a free currency and a free banking system. Crypto is in its infancy, which means  its future applications are electrifyingly unpredictable, except in one regard: any successful application will fill a human need. No human needs are as acute as food and shelter, which require money and exchange. To control the flow of money and exchange, therefore, is to control life itself. And the financial flow is often captured by one word: banking.

    In their quest for free banking, social reformers of the past made a distinction that is often lost today. Namely, banking is at the core of class warfare. The ramifications of that insight rests upon the definition of “class” being used: capitalist v. worker, nobles v. peasants, the political v. the productive. Crypto departs sharply from the meaning imposed by socialists centuries ago–capitalists v. workers–and expresses a 21st century form of financial class warfare: the political v. the productive.

    The extraordinary crypto network is not a banking system, as traditionally conceived, but it can replace most banking functions. And future evolution within crypto applications may wipe out any remaining need for central banks.


    Past Banking Experiments

    19th century anarchists knew that freedom hinged upon what French radical Pierre Joseph Proudhon called a Bank of the People—a bank that served the financial interests of workers, not of the elite. Proudhon’s vision was a cooperative bank that provided low-interest credit and which issued notes based on labor instead of money based on gold.

    The many attempts at free banking usually had a theme in common; they failed. Three factors played a significant role.

    Ideology. Early anarchists accepted the socialist concept of a “Labor Theory of Value.” That is, the just economic price of a good or service is determined by the labor needed to produce it. The theory forms the linchpin of socialism’s condemnation of “the capitalist,” who steals the wealth earned by “the worker” when he charges and pockets more than the cost of production for a good. In short, socialists believe embedded labor, not subjective value or supply and demand, determine a just price. Banking experiments of the past tended to stumble and fall over this deeply flawed economic model. Not until Murray Rothbard fused individualist anarchism with Austrian economics, and popularized them both, did free-market anarchism emerge.

    Structure. Many alternate institutions depended on the system against which they rebelled. Proudhon’s proposed Exchange Bank, which was intended to be an umbrella structure for smaller Banks of the People, is an example. The Exchange was meant to replace France’s central bank and to obsolete the financiers who preyed on workers. In his periodical Liberty, the iconic 19th century American anarchist Benjamin Tucker explained, “The Bank of Exchange was to be simply the Bank of France transformed on the mutual principle.” Thus, it was a vision of reform—radical reform, to be sure—but not a vision of revolution.

    The alternate institutions that fared better tended to be part of a broader support system for a specific community, such as the social agencies operated by early labor organizations in America for their members. Those organizations exemplified the class awareness; for example, the Knights of Labor refused membership only to bankers, lawyers, gamblers, and saloon-keepers, who were viewed as the bane of working people.

    Legal Opposition. Two circumstances that invited a backlash from authorities were intersection and visibility.

    Intersection: In 1848, Proudhon approached Louis Blanc, a minister in the French Provisional Government, for assistance in transforming the Bank of France into an Exchange Bank. Proudhon was unsuccessful. But because his bank was partially based on government approval, it floundered. Today, so-called alternative financial institutions apply for licenses or otherwise comply with regulations. In doing so, they either go out of business or  cease to be alternatives; they become part of the problem.

    Visibility: When an alternative financial institution threatens the status quo, and is seen to do so, it is dismantled. Transparency is not its friend.

    A case on point is the massive network of voluntary labor unions in 19th century North America, which provided millions of workers with everything from credit to life insurance. The voluntary labor unions were also hotbeds of political dissent. President Franklin D. Roosevelt all but eliminated them by establishing a monolithic Big Union that enjoyed government privileges through legislation such the Wagner Act (1935); the fact that modern unions were backed by Big Business should have been a red flag. An article entitled “The Great Lie of the Modern Union,” explained, “The modern union that arose…” was “the opposite of what it claimed to be. It did not voice workers’ rights. It silenced them.” The decline of voluntary labor unions meant their financial safety nets evaporated.

    Revolutionizing Class Definition

    Cryptocurrency is not “new under the sun” in providing an alternative to government banking. It is not even new in providing a free-market one. But the dynamics of crypto are stunningly unique. The algorithms and blockchain are able to blow past three of the main pitfalls of previous alternatives—ideology, structure, and legal opposition.

    Satoshi Nakamoto designed bitcoin and the blockchain to bypass a central banking system that served the status quo, not the individual. Given that the central banking system is not capitalistic but exists in communist societies, as well, the capitalist v. worker class analysis does not apply to crypto. Another form of class analysis fits perfectly.

    Before discussing class analysis, however, it is necessary to define the word “class.” A class is a group of people or things with common characteristics. The grouping occurs because it is useful to whoever is defining the category. A researcher of financial habits might break his subjects into credit card users and non. A doctor studying drug addiction might split his patients into cocaine users and meth addicts. A classification can be defined by almost any shared characteristic: hair color, sexual orientation, preference in deodorant…

    But if capitalists v. workers does not work well with crypto, what is the basis of crypto class analysis? It is the state v. society.

    In his classic work, The State, the German sociologist Franz Oppenheimer spearheaded an analysis of these key terms.

    Oppenheimer defined the state as “that summation of privileges and dominating positions which are brought into being by extra-economic power [force].” As well as the visible structure of politicians and bureaucrats, the state includes all agents (such as the military and law enforcement), affiliates (such as banks), and cronies (such as corporations and the mainstream media). Rothbard expounded on the concept. “I define the state as that institution which possesses one or both (almost always both) of the following properties: (1) it acquires its income by the physical coercion known as ‘taxation’; and (2) it asserts and usually obtains a coerced monopoly of the provision of defense service (police and courts) over a given territorial area.”

    Oppenheimer defined society as “the totality of concepts of all purely natural relations and institutions between man and man.” Rothbard explained that a free society was “one where there is no legal possibility for coercive aggression against the person or property of an individual.” Society was the total of human interaction that occurred in the absence of institutionalized force.

    Force and the threat of force are necessary to the state because it produces nothing. Its only source of “income” is the wealth it grabs from others, including through taxation, confiscation, fines, fees, tariffs, inflation, bribes… To exist, the state must steal. By contrast, society consists of voluntary exchanges that produce wealth, whether in terms of money, culture, family, spirituality, and other human values. An exchange occurs only when all parties to a transaction agree to its terms, which means all parties benefit.  occur. Rothbard highlighted the difference between state and society. “If I cease or refrain from purchasing Wheaties on the market, the Wheaties producers do not come after me with a gun or the threat of imprisonment to force me to purchase; if I fail to join the American Philosophical Association, the association may not force me to join or prevent me from giving up my membership. Only the state can do so; only the state can confiscate my property or put me in jail if I do not pay its tax tribute.”

    Individuals who interact through force and privilege—“extra-economic power”– are the political class. Individuals who interact voluntarily are the productive class. The dynamic is political v. productive. The two are antagonistic because the political class is a parasite on the productive class, and it cannot exist otherwise.

    Before crypto, even people who saw this class divide clearly were forced to use the state because so much of modern life was monopolized by it. Banking and the issuance of currency are fine examples. This essential realm of human interaction became a state monopoly. Little could be done about it; a bank account was almost a requirement of daily life, and it was extremely difficult to send money overseas without involving banks or other authorized institutions. No more. Crypto upends the state’s monopoly.

    As with ideology, crypto is also able to answer the issues of structure and legal opposition that plagued prior financial alternatives to the state.

    [To be continued next week.]

    Reprints of this article should credit bitcoin.com and include a link back to the original links to all previous chapters


    Wendy McElroy has agreed to ”live-publish” her new book The Satoshi Revolution exclusively with Bitcoin.com. Every Saturday you’ll find another installment in a series of posts planned to conclude after about 18 months. Altogether they’ll make up her new book ”The Satoshi Revolution”. Read it here first.

    The post Wendy McElroy: Crypto as Class Warfare appeared first on Bitcoin News.

  • in

    Supremes Uphold Cell Privacy, Hope for Ross Ulbricht

    Supremes Uphold Cell Privacy, Hope for Ross Ulbricht

    The United States Supreme Court, in a 5-to-4 decision for the case Carpenter v. United States, ruled cops cannot access cell phone tracking information without a warrant. Around the country, privacy advocates and the mainstream media are hailing it as a “landmark” case. We’re told it has implications, “significance” for not only Fourth Amendment searches and seizures, but also for First Amendment expressions of speech. While better than the alternative, Friday’s decision is far from a satisfying answer.  

    Also read: Troll Slayer: Derek Magill Defends Peer-to-Peer Electronic Cash Against Defamation

    Supreme Court Issues Narrow Cell Phone Privacy Victory

    For the cryptocurrency community, cell phones, smart phones, mobile phones are a vital part of life. The misnomer is that they’re referred to as “phones.” They’re of course much more. They are computers, hot hard drives many of us use as wallets, storing, at times, hundreds and thousands of dollars worth of decentralized coins.   

    “Given the unique nature of cell phone location information,” wrote Chief Justice John Roberts for the slim majority, “the fact that the Government obtained the information from a third party does not overcome Carpenter’s claim to Fourth Amendment protection. The Government’s acquisition of the cell-site records was a search within the meaning of the Fourth Amendment.” Supremes Uphold Cell Privacy, Hope for Ross Ulbricht

    In the US Constitution, almost as an afterthought, rest Amendments. Twenty seven, in fact, help in large measure to clarify issues later deemed important. In nearly 230 years since its first ratification, the document has only been amended a little better than two dozen times, and its initial ten came as a package. Known as the Bill of Rights, its Fourth Amendment reads, “The right of the people to be secure in their persons, houses, papers, and effects, against unreasonable searches and seizures, shall not be violated, and no Warrants shall issue, but upon probable cause, supported by Oath or affirmation, and particularly describing the place to be searched, and the persons or things to be seized.”

    The Fourth is often used as a barrier between ordinary persons and government employees of the martial variety, such as local, state, and national law enforcement. While it’s no panacea, it can be used after the fact to render an arrest or even a conviction moot. Timothy Carpenter’s prosecution was aided by cops using tracking information collected as a matter of course by providers. Essentially, police reverse-engineered Mr. Carpenter’s whereabouts relative to reported crime through his cell phone tower pings. Together with other evidence, Mr. Carpenter was convicted and sentenced to 116 years. He appealed, zeroing in on how key cell tower evidence was obtained unconstitutionally, without a warrant as required by the Fourth. The Court agreed, and the Chief Justice was joined by Justices Kagan, Sotomayor, Ginsburg, and Breyer.

    Supremes Uphold Cell Privacy, Hope for Ross Ulbricht

    Ross Ulbricht Implications?

    To be perfectly honest, Constitutional arguments leave me cold. Superstitious reverence for a document I never signed, and on which my rights were smuggled by virtue of mere circumstance, the DNA lottery, is, to my way of thinking, very queer. Nevertheless, it is the real world system I live under, and so when nine persons chartered with interpreting what that ancient document means as it ultimately relates to my life, I do well to pay attention.

    Carpenter doesn’t pretend to be more than narrowly requiring police, in cases involving cell phone tracking, to seek a warrant. Those are easy enough to obtain, as judges in many instances act as law enforcement’s rubber stamp. It’s a speed bump on the way toward a false faith in government’s ability to restrict itself. Probably a great revelation for most Americans is the substance of the case’s facts rather than more abstract principles.

    Supremes Uphold Cell Privacy, Hope for Ross Ulbricht

    It turns out your every move is being tracked by law enforcement, and it’s possible due to a kind of time machine … a default feature and bug necessary to the function of cell technology. Turn off GPS, and you’re still going to need towers to make your phone work as a phone. So long as that is the case, years later police, with mere permission from a judge, are able to charge you with a crime based on your previous whereabouts. Again, Mr. Carpenter’s case is effectively overturned due to an administrative error, allowing law enforcement to poison the fruit of evidence against him. Had they won a warrant, Mr. Carpenter would have no standing at the Supreme Court.

    Carpenter might be a victory in a more important limited sense. Ross Ulbricht’s “legal team believes the outcome of the Fourth Amendment Carpenter case will affect Ross’s petition conference,” these pages reported.  Lyn Ulbricht, Mr. Ulbricht’s tireless mother, explained to Reason the Ulbricht appeal to the Supreme Court is being considered, seemingly “pending another important Fourth Amendment case, Carpenter v. U.S. […] Ross’ case is still before the courts.” Now that the Court has reversed Carpenter, Ms. Ulbricht hopes “they would remand [our case] and return it to the appellate courts. Ross would be back in New York in front of the 2nd Circuit, but with guidance from the Supreme Court […] Then I would hope that they would say we’d have a retrial. At the least, I would hope and pray for a resentencing.” Ross Ulbricht is serving double life. 

    Do you think the SCOTUS decision is good for the crypto community? Let us know in the comments. 

    This is an Op-ed article. The opinions expressed in this article are the author’s own. Bitcoin.com does not endorse nor support views, opinions or conclusions drawn in this post. Bitcoin.com is not responsible for or liable for any content, accuracy or quality within the Op-ed article. Readers should do their own due diligence before taking any actions related to the content. Bitcoin.com is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any information in this Op-ed article.


    Images via the Pixabay.


    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 Satoshi Pulse, another original and free service from Bitcoin.com.

    The post Supremes Uphold Cell Privacy, Hope for Ross Ulbricht appeared first on Bitcoin News.

  • in

    The Daily: Analysts Predict Bitcoin Will Rebound, Enthusiasm for State Coins Lost

    The Daily: Analysts Predict Bitcoin Will Rebound, Enthusiasm for State Coins Lost

    In today’s Bitcoin in Brief we mention some optimistic mid to long term predictions for crypto markets. And while decentralized currencies are hurting in a bearish month, the prospects for state-issued virtual money look even dimmer. Another senior Swiss central banker has noted the diminishing enthusiasm of governments to mint digital coins. Venezuela gives an example – Caracas has recently fired the nation’s crypto superintendent, reportedly for failing to raise billions through Maduro’s favorite El Petro. 

    Also read: Bitcoin in Brief: Plagiary, Numerology, and Nano Does a No-No

    Bottom Line: Bitcoin Will Recover

    It takes a lot of optimism to make bullish predictions at a moment like this, but if it’s a relatively long term prognosis for growth, preceded by a short term one for further drop, then it does sound like a safe bet. Todd Gordon, founder of Tradinganalysis.com, is one of those analysts who believe the bottom line is that Bitcoin will eventually recover, by early 2019 to be precise.

    “I did expect Bitcoin to drop, I thought for a long time we’re going to drop below $5,000,” Gordon told CNBC. He actually expects BTC prices to decrease a little more than that but he is also positive that the market will turn somewhere in the $3,000 to $4,000 range. “I think by the time this contest is over in February, we’ll be well back above $10,000 and in a pretty good shape,” he added.

    The Daily: Analysts Predict Bitcoin Will Rebound, Enthusiasm for State Coins Lost

    According to Todd Gordon, the correction we have seen from $19,000 down, in terms of percentage drop, is “inconsequential,” and “very much expected,” compared to the gains since 2015, when Bitcoin took about a 78 percent hit in the aftermath of the Mt. Gox hack. “Right now we are about two thirds of the way through that equal correction,” he said.

    Gordon noted that his prediction is based on a “beautiful uptrend” on a percent change chart. “You can’t look on bitcoin on a traditional, linear, arithmetic chart,” he warned. The expert emphasized that the current 17 percent average weekly high-to-low range is the “lowest bitcoin is ever seen,” as the movement has reached 30-40 percent at times in the past. “If I am down 30 percent on bitcoin in this contest, that’s nothing – it can make that up in two weeks,” the analyst added.

    Others Like the $10,000 Mark Too

    Other members of the crypto space have made similar predictions about the mid-term prospects for bitcoin. At the end of May, blockchain venture capitalist Spencer Bogart said he expected the price of BTC to rise again above $10,000 per coin by the end of 2018, noting that the cryptocurrency is still worth buying, despite its continued losses.

    The Daily: Analysts Predict Bitcoin Will Rebound, Enthusiasm for State Coins Lost“In the past, when the value of BTC dropped by 50 or 60 percent, a cloud of fear used to develop and people seriously questioned if bitcoin was over,” Bogart told CNBC. However, he highlighted a key difference between today and the crashes of the past – the exponential amount of development and adoption we have seen since those times. Bogart, a partner ат Blockchain Capital, also noted that most coins are overvalued in comparison with bitcoin. He advised investors to sell cryptos like cardano, tron, IOTA and NEO, but stressed they should hold cryptocurrencies like bitcoin cash (BCH), ethereum, ripple, and EOS.

    Most cryptocurrencies saw losses of up to 20 percent over a 24-hour period yesterday. Many observes attributed the latest dump to the recent measures taken by Japan’s financial regulator. The Financial Services Agency issued six new business improvement orders to crypto exchanges Bitflyer, Tech Bureau, Bitpoint Japan, Btcbox, Bitbank, and Quoine. In recent weeks markets have been also reacting to a number of negative events such as the hacks of Korean exchanges Coinrail and Bithumb, as well as the exposure of scams and suspected market manipulations.

    Enthusiasm for State-Backed Cryptos Dying Out

    Countries are unlikely to issue national cryptocurrencies any time soon, according to a high ranking representative of the Swiss National Bank’s management. Central banks around the world have become skeptical of introducing state-backed digital currencies, Thomas Moser, an alternate member of the governing board of SBN, told Business Insider.

    “In the beginning, there was a lot of interest and enthusiasm about issuing their own national cryptocurrency but I think, in the meantime, that enthusiasm has slowed again because of the implications it would have for financial stability,” Moser explained. Nevertheless, he said he would not be surprised if national cryptocurrencies emerged in the longer term but noted that currently everyone is waiting for someone else to do it first.

    The Daily: Analysts Predict Bitcoin Will Rebound, Enthusiasm for State Coins Lost

    Thomas Moser thinks that to some extent it makes sense to have an electronic version of the banknote but warned the implications are substantial. “The advantages are relatively small but the unknown risks are potentially large so I think the balance is to be cautious.”

    Moser’s comments reflect the position of another senior representative of Schweizerische Nationalbank. In April, Andrea Maechler, member of its governing board, stated that “private-sector digital currencies” are better and less risky than any version offered by a central bank. A government-backed coin “would deliver scarcely any advantages, but would give rise to incalculable risks,” she warned, noting that it would make it easier for people to withdraw money if they felt a bank was in trouble.

    Venezuela’s Crypto Superintendent Reportedly Fired

    The Daily: Analysts Predict Bitcoin Will Rebound, Enthusiasm for State Coins LostCarlos Vargas, Venezuela’s Superintendent of Cryptocurrency, has recently left his post. Some local media reported that actually he has been fired by President Maduro after his team failed to deliver on the promises to raise billions through the initial coin offering of the national oil-backed cryptocurrency, the Petro.

    According to a publication by Caracas Chronicles, only 2,266 petros have been transferred so far on the distributed ledger that tracks their movement. Even if all of them were sold at $60 per coin, the outlet speculates, the government has raised no more than $136,000. That’s way below the once promised $5 billion.

    Very little is known about the new superintendent, Jocelit Ramírez, and his team. He is believed to be very close to Vice President Tareck El Aissami.

    Despite threats by officials to restrict decentralized cryptocurrencies and crack down on exchanges, Venezuelan bitcoin trade on platforms like Localbitcoins has spiked in recent months, largely due to the unattractiveness of the hyperinflated national fiat, the bolivar. The socialist government in Caracas has had hard time convincing its partners to accept the petro in bilateral trade. Several weeks ago, India rejected Maduro’s proposal to buy Venezuelan oil at discounted petro prices.

    What are your expectations for the future of decentralized cryptocurrencies and state-issued digital coins? Let us know in the comments section below.


    Images courtesy of Shutterstock.


    Make sure you do not miss any important Bitcoin-related news! Follow our news feed any which way you prefer; via Twitter, Facebook, Telegram, RSS or email (scroll down to the bottom of this page to subscribe). We’ve got daily, weekly and quarterly summaries in newsletter form. Bitcoin never sleeps. Neither do we.

    The post The Daily: Analysts Predict Bitcoin Will Rebound, Enthusiasm for State Coins Lost appeared first on Bitcoin News.

  • in

    PR: Propy to Hold Real Estate Auction on Blockchain

    Propy to Hold First Ever Real Estate Auction on Blockchain

    This is a paid press release, which contains forward looking statements, and should be treated as advertising or promotional material. Bitcoin.com does not endorse nor support this product/service. Bitcoin.com is not responsible for or liable for any content, accuracy or quality within the press release.

    Global property store with a decentralized registry Propy in collaboration with Hilton & Hyland Real Estate, a leading luxury brokerage are selling ownership for Rome’s architectural Masterpiece el Palazzetto Mansion in a historical blockchain auction. Set to begin on June 28th, 2018 at noon PST, the event will accept offers both in USD and in cryptocurrency.

    The Palazzetto Mansion was built by geniuses of the Italian Renaissance and it is located in the center of Rome’s historic Palazzo Albertoni Spinola declared World Heritage site by Unesco. This prestigious area and its richness of prominent archaeological sites and museums make it one of most desired places to live in Rome. The luxurious four-floor mansion  is currently valued at €35 million including a redevelopment plan.

    According to a blog post by Propy, this is a notable confirmation that the new technology is entering our everyday lives.

    “We’re about to make history with the first blockchain-powered real estate auction taking place in the real estate industry”, said Alex Voloshyn CTO of Propy who will be overseeing the IT systems during the live auction. “This is the result of hard work, and we’re excited to inaugurate our first transaction within the European Union, with an innovative bidding process. We know this is not your everyday single-family house deal, however, through such ambitious projects we challenge ourselves to reinvent the real estate industry.”

    The Blockchain technology automates the auction and offering mechanisms. It allows to hold temper-proof, publicly verifiable auctions and has the potential to make them accessible worldwide at a very low transaction cost.

    Propy created an online portal to expedite the process and facilitate the access to more participants around the globe. Bidders need to follow these easy steps to take part in the auction:
    – Create an account, review and sign the “BIDDER TERMS AND CONDITIONS” via Docusign
    – Deposit funds of $100,000 USD or its Cryptocurrency equivalent, to be able to bid.
    – Place an opening and max bid or make an offer up to June 27th at noon PST.
    – June 28th at noon PST, sign in and participate in the live streaming auction.

    For more information about the historical auction or to register as a bidder, visit https://auction.propy.com

    Press Contact: Market Waves
    Contact email: hello@marketwaves.co

    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. Bitcoin.com is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in the press release.

    The post PR: Propy to Hold Real Estate Auction on Blockchain appeared first on Bitcoin News.

  • in

    PR: Propy to Hold Historical Real Estate Auction on Blockchain

    Propy to Hold First Ever Real Estate Auction on Blockchain

    This is a paid press release, which contains forward looking statements, and should be treated as advertising or promotional material. Bitcoin.com does not endorse nor support this product/service. Bitcoin.com is not responsible for or liable for any content, accuracy or quality within the press release.

    Global property store with a decentralized registry Propy in collaboration with Hilton & Hyland Real Estate, a leading luxury brokerage are selling ownership for Rome’s architectural Masterpiece el Palazzetto Mansion in a historical blockchain auction. Set to begin on June 28th, 2018 at noon PST, the event will accept offers both in USD and in cryptocurrency.

    The Palazzetto Mansion was built by geniuses of the Italian Renaissance and it is located in the center of Rome’s historic Palazzo Albertoni Spinola declared World Heritage site by Unesco. This prestigious area and its richness of prominent archaeological sites and museums make it one of most desired places to live in Rome. The luxurious four-floor mansion  is currently valued at €35 million including a redevelopment plan.

    According to a blog post by Propy, this is a notable confirmation that the new technology is entering our everyday lives.

    “We’re about to make history with the first blockchain-powered real estate auction taking place in the real estate industry”, said Alex Voloshyn CTO of Propy who will be overseeing the IT systems during the live auction. “This is the result of hard work, and we’re excited to inaugurate our first transaction within the European Union, with an innovative bidding process. We know this is not your everyday single-family house deal, however, through such ambitious projects we challenge ourselves to reinvent the real estate industry.”

    The Blockchain technology automates the auction and offering mechanisms. It allows to hold temper-proof, publicly verifiable auctions and has the potential to make them accessible worldwide at a very low transaction cost.

    Propy created an online portal to expedite the process and facilitate the access to more participants around the globe. Bidders need to follow these easy steps to take part in the auction:
    – Create an account, review and sign the “BIDDER TERMS AND CONDITIONS” via Docusign
    – Deposit funds of $100,000 USD or its Cryptocurrency equivalent, to be able to bid.
    – Place an opening and max bid or make an offer up to June 27th at noon PST.
    – June 28th at noon PST, sign in and participate in the live streaming auction.

    For more information about the historical auction or to register as a bidder, visit https://auction.propy.com

    Press Contact: Market Waves
    Contact email: hello@marketwaves.co

    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. Bitcoin.com is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in the press release.

    The post PR: Propy to Hold Historical Real Estate Auction on Blockchain appeared first on Bitcoin News.

  • in

    Quebec Hikes Electricity Price: Crypto Miners to Pay up to 3 Times Current Rate

    Quebec Hikes Electricity Price: Crypto Miners to Pay up to 3 Times Current Rate

    The Canadian province of Quebec has reportedly decided to charge cryptocurrency miners up to roughly three times the current price after they flooded utility Hydro-Quebec with requests for mining operations. In addition, several crypto-related proposals have been submitted including one that requires crypto firms to bid for power.

    Also read: Yahoo! Japan Confirms Entrance Into the Crypto Space

    Price Hike for Crypto Miners

    Quebec Hikes Electricity Price: Crypto Miners to Pay up to 3 Times Current RateQuebec, a province in eastern Canada, offers one of the lowest power rates in North America. Its electricity is generated, transmitted, and distributed by the country’s largest electric utility, Hydro-Quebec, which was formed by the government in 1944, and currently has over 4 million customers.

    The utility has been courting cryptocurrency miners for months to use its surplus electricity. However, due to an overwhelming number of requests for crypto mining operations, the province has decided that it “will make electricity prohibitively expensive for cryptocurrency miners until it figures out how to deal with a surge in demand from the energy-hungry industry,” Bloomberg reported this week, adding:

    Provincial regulator Regie de l’energie authorized utility Hydro-Quebec to charge 15 cents per kilowatt hour to blockchain companies, about three times the price they have enjoyed up to now. The temporary pricing doesn’t apply to existing clients and their operations, which total about 120 megawatts.

    Quebec Hikes Electricity Price: Crypto Miners to Pay up to 3 Times Current Rate“Blockchain companies will be required to bid for power and spell out the jobs and investment per megawatt that they will generate,” the utility further proposed. “The starting bid is 1 Canadian cent ($0.0075) per kilowatt hour above the rate the industry had previously enjoyed — roughly a 20 percent increase.”

    Furthermore, Hydro-Quebec unveiled a plan Thursday, which requires approval from the regulator, “to allocate as much as 550 megawatts” for crypto mining on top of the 120 megawatts that are already in operation or approved, the publication detailed. A selection process will also be proposed which “will enable Hydro-Quebec to survey the industry on what it considers a fair price and to gauge what investment and jobs the applicants will generate,” a spokesman for the utility, Jonathan Cote, explained.

    Overwhelming Demand from Crypto Miners

    According to the publication, crypto miners flooded Hydro-Quebec with “requests that it says exceed its short- and medium-term capacity.” Cote told the news outlet on Thursday:

    We don’t want to send a message to the market that this is the price for cryptocurrencies in Quebec…It’s more that requests are suspended until we have the proper framework determining conditions for that market.

    “The temporary price is expected to be in place for several weeks until the regulator sets a tariff that will then be applicable to all,” the news outlet explained.

    Quebec has been trying to attract crypto miners with its inexpensive electricity and cold winters, as news.Bitcoin.com previously reported. However, Hydro-Quebec indicated in January that it will not be able to meet the scale of power demanded by crypto miners. Prior to the rate hike decision, it started turning down new applications for crypto mining operations and considered halting mining operations during winter.

    What do you think of Quebec hiking the electricity price for crypto miners? Let us know in the comments section below.


    Images courtesy of Shutterstock and Hydro-Quebec.


    Need to calculate your bitcoin holdings? Check our tools section.

    The post Quebec Hikes Electricity Price: Crypto Miners to Pay up to 3 Times Current Rate appeared first on Bitcoin News.

Load More
Congratulations. You've reached the end of the internet.