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    Nasdaq-Listed Company Xunlei Faces Class-Action for Disguising ICO

    Nasdaq-listed technology firm Xunlei has become the subject of multiple class-action lawsuits from investors who purchased the company’s digital token, Linktoken. Xunlei is accused of misleading investors to disguise an initial coin offering (ICO) through which Linktoken was distributed.

    Also Read: Survey: 89% of Visa, Mastercard, Unionpay Users Know Crypto – 53% Have Purchased

    Xunlei CEO Rejects ICO Allegations

    Nasdaq-Listed Company Xunlei Faces Class-Action for Disguising ICOThe chief executive officer of Xunlei, Chen Lei, has rejected accusations that the company misled investors in order to illegally conduct an ICO in China.

    Xunlei’s Linktoken was distributed to users in exchange for a contribution of idle internet bandwidth, according to South China Morning Post. Chen Lei has claimed that the Linktoken distribution did not comprise an ICO due to the company not raising any funds through the issuance of the tokens, and due to Linktoken comprising a utility token that is not allowed to be traded. “By making a public offering, really you need to use it to raise money. We have never used a coin to raise any money at all, that’s never our intention,” Mr. Lei stated.

    In October 2017, Linktoken was launched in conjunction with other efforts by Xunlei to enter the booming blockchain industry. Whilst the distribution of the Linktoken appears to have been the catalyst for many weeks of sharp bullish action, the value of Xunlei’s stock has more than halved since posting 500% gains and setting record highs of $25 USD in November 2017.

    Xunlei’s Stock Plummets

    Nasdaq-Listed Company Xunlei Faces Class-Action for Disguising ICOSince then, the price of Xunlei’s shares had plummeted to approximately $10 by early April, prompting some U.S.-based investors to seek action against the company for allegations of giving false and/or misleading statements regarding the legitimacy of the company’s cryptocurrency-related activities between October 2017 and January 2018. Among other allegations, investors have pointed to the requirement that they purchase hardware from Xunlei in order to share bandwidth and claim the digital tokens in return.

    Chen Lei has refuted the allegations, stating “We are a small capital company, so our stock price does fluctuate, but I don’t think there’s any basis for the lawsuit because we’re operating in China and it is the Chinese law and regulations that we need to observe,” adding that “the definition of [an] ICO has to be interpreted in the Chinese market.” Mr. Lei also indicated that Xunlei is currently in the process of hiring legal counsel to refute the allegations.

    Chen Lei Claims to Support Regulatory Action Against ICOs

    Nasdaq-Listed Company Xunlei Faces Class-Action for Disguising ICOChen Lei also criticized initial coin offerings and advocated for greater regulatory action to be taken against such, stating “ICOs are terrible, and give a bad name to blockchain technology. Governments should clamp down on these practices – a crackdown is the only way blockchain can rebuild its reputation.” Mr. Lei added: “We have been very straight on our business practices – we do not sell tokens.”

    China’s National Internet Finance Association (NIFA), a self-regulatory body established by the People’s Bank of China and authorized by China’s State Council, conducted an investigation into Xunlei’s token distribution, concluding in January the company had evaded regulations through conducting an “initial miner offering.”

    NIFA stated “In the case of Lianke issued by Xunlei, for example, the issuing company in effect substitutes Lianke for the duty to pay back project contributors with legal tender, making it essentially a financing activity and a form of disguised ICO. In addition, with frequent promotional activities and publishing of trading tutorials, Xunlei has lured many citizens without sound discernment into IMO activities.”

    Xunlei Shares Bounce After Blockchain Launch

    Nasdaq-Listed Company Xunlei Faces Class-Action for Disguising ICODespite the controversy and ongoing class-action lawsuits, Xunlie’s stock has bounced in recent days following the company’s announcement that its “Thunderchain” blockchain platform designed to facilitate the development of decentralized applications has been launched.

    Xunlei’s shares (XNET) are currently trading at $13.46, after retracing from highs of $14 on the 20th of April.

    Do you think that Xunlei will be successful in evading ICO status regarding its Linktoken issuance? Share your thoughts in the comments section below

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    Nominee to New York Federal Reserve Claims That Crypto Isn’t Currency

    Nominee to New York Federal Reserve Claims That Crypto Isn't Currency

    The current president and chief executive officer of the San Francisco Federal Reserve Bank, and the man expected to soon be the New York Federal Reserve Bank, John Williams, has rejected the suggestion that cryptocurrencies comprise currency.

    Also Read: Trading Sanctions Imposed on Tezos Co-Founder Amid FINRA Settlement

    New York Federal Reserve Nominee Rejects Cryptocurrencies as ‘Currencies’

    Nominee to New York Federal Reserve Claims That Crypto Isn't CurrencyMr. Williams, the man nominated to head the New York Federal Reserve, has stated that “Cryptocurrency doesn’t pass the basic test of what a currency should be.”

    Mr. Williams asserted that currencies should comprise “basically something with a store of value,” also emphasizing the need for currencies to be “elastic” in order to adapt to a wide range of economic conditions and circumstance. Despite the criticisms, Mr. Williams failed to further elaborate on how cryptocurrencies fail to or could better fulfill the aforementioned monetary functions.

    The current San Francisco Federal Reserve president also stated that “The idea of the supply of currency and thinking about currency really belongs more in the sphere of government and central banks. My view is it’s really more of a promise of technology.” At least, Mr. Williams acknowledged that his extensive experience in central banking had left him “very biased” regarding issues pertaining to cryptocurrency.

    Mr. Williams also criticized “The setup [and] institutional arrangement[s] around bitcoin and other cryptocurrencies,” claiming that the cryptocurrency sphere suffers from “problems with fraud, problems with money laundering, terror financing. There’s a lot of problems there,” Mr. Williams stated.

    Mr. Williams is expected to be appointed as the head of the New York Federal Reserve Bank in June when the current president, William Dudley, will step away from the position.

    U.S. Federal Reserve Officials Criticize Cryptocurrency

    Nominee to New York Federal Reserve Claims That Crypto Isn't CurrencyMr. Williams’ comments come following weeks of increasingly hostile rhetoric issued representatives of various federal reserve banks in the United States.

    At the start of April, Federal Reserve Board of Governor member, Lael Brainard, indicated that the institution is “monitoring is the extreme volatility evidenced by some cryptocurrencies.”

    For instance, Bitcoin rose over 1,000 percent in 2017 and has fallen sharply in recent months,” Mrs. Brainard said. “These markets may raise important investor and consumer protection issues, and some appear especially vulnerable to money-laundering concerns.”

    At the end of March, the president and chief executive officer of the Federal Reserve Bank of Atlanta, Raphael Bostic, rejected the proposition that cryptocurrencies comprise money. Mr. Bostic discouraged consumers from investing in the virtual currency markets, stating “Don’t do it. They are speculative markets. They are not currency. If you have money you really need, do not put it in these markets.’’

    In January, the president of the Federal Reserve bank of Chicago, Charles Evans, stated that bitcoin is “Not money-like at the moment,” adding that cryptocurrency investors are “swimming with all the sharks in the world because of all the anonymity.’’

    Do you think that cryptocurrencies fulfill the basic functions associated with ‘money’ or ‘currency’? Share your thoughts in the comments section below!

    Images courtesy of Shutterstock, Wikipedia

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    Do Crypto Trading Bots Really Work?

    Do Crypto Trading Bots Really Work?

    Bots and talk of bots is endemic within the crypto space, with behavior, good and bad, often attributed to their actions. Mt Gox famously had the Willy Bot manipulating merrily, perennial bear Bitfinexed sees bots everywhere, and crypto traders are prone to boasting about the sick returns they’ve raked in from their proprietary arb bots. There’s no doubt that bot activity is very real. But is it profitable?

    Also read: Five Reasons Why Bitcoin Cash is About to Win Big

    Got Bots?

    Do Crypto Trading Bots Really Work?In the 1950s, robots were promised that would soon eliminate the daily chores of housewives across the globe. 60 years later, and their cyber counterparts – bots – are promised that will do the same for crypto traders. If the hype is to be believed, these bundles of code can deliver a passive income for even the laziest or dumbest of traders. But as almost everyone knows, the hype is never to be believed. Profiting from bots isn’t that simple or easy.

    There are several types of trading bots available including arbitrage (arb) bots that capitalize on the difference in prices across exchanges. The price of bitcoin usually differs from exchange to exchange; Bitstamp, for example, typically displays a slightly lower price than Bittrex. The movements of bitcoin and other cryptocurrencies is always mirrored across exchanges, however, so if BTC breaks out due to a massive buy order on Binance, you can bet that the other exchanges will follow suit. Bots work by profiting from the delay it takes for prices to update across all exchanges.

    How Profitable Are Bots?

    To make any sort of tangible profit from bot trading, you ideally need a stack of crypto to start with. If you’re running a bitcoin arb bot, for example, you’ll need BTC deposited on multiple exchanges that are connected to your bot via API. And even if you do have a healthy spread of coins, the returns can be slight. Romano – Viacoin developer and well-known crypto trader – claims the Hass bot he uses can make “0.26 BTC ($2K) a day by using 9 BTC for example just by using market inefficiencies” before adding that he doesn’t use the market maker bot that comes with Hass and cautioning that it’s “only for skilled traders”.

    Do Crypto Trading Bots Really Work?

    Arb trading can be likened to playing online poker. If you’re good at setting up your bots, you can make a living off it, but you’ve got to grind it out. Crypto trading bots are reminiscent of those money-making Forex programs that you find “veteran traders” trying to flog. If those Forex guys are as rich and successful as they profess to be, wouldn’t they be better served keeping that esoteric knowledge to themselves rather than offloading it to the masses for $100 a month? In other words, beware of geeks bearing bots.

    Examples of Trading Bots

    Do Crypto Trading Bots Really Work?A slew of tokenized projects has emerged that promise “algorithmically-based smarter trading delivered via AI and machine learning” or words to that effect. These systems also utilize bots, but their claims of profitability have yet to be proven. If one of these new platforms were to deliver the goods and provide consistently high returns, crypto traders would flock to it, which simply hasn’t happened.

    There is no doubt that machine learning has the potential to yield more profitable trading, but there is also no doubt that a lot of the claims attributed to AI should be filed under As If.

    These are the most popular crypto bots on the market (and should only be tried at your own risk):

    • Haasbot allows for automated trading across all major bitcoin exchanges, with monthly subscriptions starting from .073 BTC
    • Profit Trailer allows you to average down on coins you buy into using bots, although there’s no guarantee that doing so will lead to eventual profit. It starts at $35 p/m
    • Cryptohopper is a cloud-based trading bot that starts from $19 per month
    • Gekko is free and open source but you need to tell it what to do and thus it’s only as smart as you are
    • Cryptotrader also needs to be programmed and starts from .0048 BTC for a Pro account (Basic is cheaper but too basic)

    Others, such as BTC Robot, are so spammy and scammy that we’re not even going to provide a link. For traders seeking a passive income or “easy money” there really is none to be had. The reality is that bots are trading tools rather than workhorses that will set up and execute winning trades on your behalf. In using bots, you also leave yourself open to the possibility of scammy developers or flash crashes, either of which can liquidate your crypto. As one redditor put it:

    To see returns you have to be comfortably profitable already and be familiar with different strategies. The conditions for profitability are moving targets so bot trading isn’t really a ‘set it and forget it’ type of operation.

    Bot or Not?

    It is safe to say that the best bots are the ones you never hear about and will never be offered. Because if everyone was using these bots, the trading edge they bestow would be eliminated due to arbing and other opportunities being eliminated. If you’re interested in putting a trading bot to the test, by all means give it a try with some spare satoshis or shitcoins. Be sceptical though of anyone touting a bot delivering guaranteed returns, and be especially sceptical of the profits crypto traders claim to have made with their aid.

    Do Crypto Trading Bots Really Work?

    At least the creator of the open source Zenbot is honest enough to concede it “is having trouble reliably making profit. At this point, I would recommend against trading with large amounts until some of these issues can be worked out”.

    Even if you can find a system that delivers modest returns, you may wish to ask yourself this: What would you rather have – a bot that can turn 5 BTC into 5.1 BTC every week or the freedom of having 5 BTC free to invest in a simple day trading strategy? Bots can do a lot, but as it stands, they can’t factor in fundamental analysis, breaking news, insider knowledge and the myriad other factors that make markets move.

    1950s housewives (and house husbands) are still waiting on those domestic chore-performing robots to materialize. And similarly, we’ve still got some way to go before bots render human traders obsolete. If you want a job done profitably, do it yourself.

    Have you had any success with crypto trading bots? Let us know in the comments section below.

    Images courtesy of Shutterstock and Twitter.

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    Bitcoin Payments Are on the Rise in the Baltics

    Bitcoin Payments Are on the Rise in the Baltics

    Cryptocurrencies are gaining popularity in the Baltic states where no comprehensive regulations have been introduced yet. Businesses from multiple sectors, including real estate, online trade, the hospitality industry, and even healthcare, are taking advantage of crypto payments. Some companies from the region are already offering their services globally.   

    Also read: Blind Denial of Cryptocurrencies Leads Nowhere, Bank of Lithuania Says

    Apartments Sold for Bitcoin

    Cryptocurrencies are becoming more widely accepted in Lithuania, Latvia and Estonia, where buying a cup of coffee with bitcoin is nothing special these days. Cafes, bars, restaurants, hotels, souvenir shops, and even an orthopedic clinic, are now accepting cryptos, according to local media. It seems that the Baltic Tigers of the EU are becoming the “Bitcoin Tigers” of Europe.

    Bitcoin Payments Are on the Rise in the Baltics

    Crypto payments have been introduced in the real estate business by several companies selling land plots and housing units in the Baltics, Novaya Gazeta reports. Potential buyers will soon be able to purchase land and homes in the Auriai cottage settlement, which is currently under construction not far from Vilnius, the capital of Lithuania.

    Crypto-priced real estate is also sold in neighboring Latvia and Estonia. The Latvian branch of Baltic Sotheby’s International Realty is offering penthouse apartments in Jūrmala for bitcoin. Recently, the Estonian realtor LAAM Kinnisvara announced it is accepting cryptocurrency for apartments in the town of Maardu, 15 minutes car drive from Tallinn. A third of the 44 units built by the company there have been sold already. The next bitcoin deal is scheduled to take place next week.

    Cryptos Accepted For Clothes

    Bitcoin Payments Are on the Rise in the BalticsMore than 30 locations in Vilnius accept crypto payments, in Tallinn they are 26, and in Riga – 21, according to Coinmap. Bitcoin ATMs can be found in the capitals of Estonia and Lithuania, according to Coinatmradar. Most of the businesses accepting cryptos are from the hospitality industry – cafes, bars, restaurants, souvenir shops, several hotels. Other sectors, however, are quickly catching up.

    About a month ago, the United Colors of Benetton franchisee in Lithuania announced it would accept cryptocurrencies. The stores of the fashion brand in Vilnius now take bitcoin, etherium, dash, NEM, and steem through a partnership with Coppay. The Belarus-based payments provider offers instant conversion to fiat at an exchange rate based on data from multiple markets. “Our employees like it because it’s simple and easy. No additional training was needed”, said Arturas Zuokas, co-owner of the company and former mayor of Vilnius.

    By the way, Lithuania already has a platform similar to the one maintained by Coppay. The local company Coingate recently signed an agreement with a French developer of online payment solutions. Through this partnership with Prestashop, the Lithuanians plan to provide services to 80,000 merchants around the world.

    Bitcoin Still Unregulated

    No comprehensive regulations have been adopted yet in neither of the Baltic states. Latvia has recently attempted to partially recognize cryptocurrencies for taxation purposes. Authorities in Riga said that bitcoin could “function as a means of exchange”. As a result, 20% tax will be imposed on capital gains from deals with cryptocurrency.

    Bitcoin Payments Are on the Rise in the BalticsEstonia, arguably the most digitally developed Baltic country, has been mulling over issuing its own cryptocurrency. Tallinn is not giving up on the idea, despite the negative stance of the European Central Bank. Officials behind the project are still pushing for issuing “estcoin”, not as a crypto, but as a token. In any case, Estonia is resolved to proceed with its plans for a national coin.

    The central bank of Lithuania, which was opposing cryptocurrencies for some time, has just started consultations with representatives of the crypto sector on a possible regulatory framework. “The blind denial, the reluctance to understand and work with the cryptocurrency world, leads us nowhere”, a high ranking official of Lietuvos Bankas said last week.

    Do you think the Baltics can lead Europe in crypto adoption? Share your thoughts in the comments section below.  

    Images courtesy of Shutterstock.

    Do you agree with us that Bitcoin is the best invention since sliced bread? Thought so. That’s why we are building this online universe revolving around anything and everything Bitcoin. We have a store. And a forum. And a casino, a pool and real-time price statistics.

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    This Week in Bitcoin: Taxes, Forks, Pranks and Porn

    This Week in Bitcoin: Taxes, Forks, Pranks and Porn

    Bitcoin in Brief is your roundup of everything that matters from all over the vast cryptosphere that you might have missed. This week’s daily editions included stories about taxes, forks, pranks, porn and so much more. This weekly edition will bring you up to speed with everything covered; just make sure you keep up.

    Also Read: Robinhood App Expands Cryptocurrency Trading to Another US State

    A Panther’s Moonshot Bet

    On Monday we reported why Pantera Capital bets on a moonshot bitcoin price point, how the world’s most popular decentralized digital asset has been forked more than 70 times, and a growing list of countries likely to let you keep your crypto profits. Additionally covered were Yahoo! Japan which confirmed that it is entering the crypto space by acquiring a stake in an exchange, and a good-hearted wager between bitcoin core and bitcoin cash supporters that exemplifies how ecosystem actors should treat one another.

    The Tax Man Effect

    The world’s biggest economy faced the tax man on Tuesday, as the United States and its crypto traders had to pay for last year’s gains. Economists and market bulls were insisting that this fact caused dramatic sell offs, leading to haircuts across the board. We also covered I Pay You, the supposed hack of Ian Balina, and the release of a bitcoin themed clothing line for babies.

    Pornhub? We’ve Never Heard of Pornhub

    On Wednesday it was revealed that Pornhub, a website we’re sure you never heard of before because nobody watches porn on the internet, has joined the crypto revolution. We also reported about how South Korea’s loss of ICOs is Switzerland’s gain; how bitcoin is blamed for every crime under the sun; why Ethereum’s Vitalik Buterin is accused of favoritism; and why bitcoin cash (BCH) is getting a ton of love from CNBC’s Brian Kelly.

    This Week in Bitcoin: Taxes, Forks, Pranks and Porn

    ICO Scares Investors With Ghost Prank

    On Thursday we indulged ourselves with a bunch of crypto crime news stories, including an international bitcoin heist escape, the fury of a scorned woman, a bear spray robbery, and some whole food violence.

    The biggest issue of the day was a German online news source claiming that Savedroid has apparently taken the money and run. The company website was replaced with a meme picture, “Aannnd it’s gone.” Founder and CEO Yassin Hankir tweeted a picture of himself on a beach, long gone. All this after having raised $50 million in an ICO. Investors were not pleased.

    Truths, T-Shirts, Things That Matter

    The most talked about issue on Friday was the stance that Kraken’s chief executive took against the latest actions by authorities in New York. Jesse Powell has refused to complete a questionnaire, and instead respond with strong-worded language. “When I saw this 34-point demand, I immediately thought ‘The audacity of these guys – the entitlement, the disrespect for our business, our time!…I realized that we made the right decision to get the hell out of New York,’” he said.

    We also reported about a deal between privacy web browser Brave Software and Dow Jones Media Group to test blockchain technology in digital publishing; and another crypto clothing line – this time for hip adults – by The Hundreds a streetwear brand from Los Angeles.

    Coinsecure Working With Authorities

    This Week in Bitcoin: Taxes, Forks, Pranks and PornCoinsecure, the hacked Indian bitcoin exchange, has updated clients on Saturday about its repayment plan. The team said they have been flooded with calls and emails over the last few days regarding the disbursement of funds. And they claim to have been working with the authorities tirelessly since the incident and that there have been a lot of back and forth with several data requests. They add that they have been working on providing the data requested and that has consumed the majority of their time.

    They wrote that: “We’d like to inform you, that we have started work on the claims process. Our legal team is currently reviewing contracts and our teams are working on putting together the claims form for your perusal. We are hoping that by the following weekend, we should get started and you should be able to submit your claims withdrawal requests. Please understand, that with authorities being involved and investigations underway, things do slow down a bit and we have to follow processes outlined by the authorities.”

    What other stories everyone in the bitcoin world must have read this week? Share your thoughts in the comments section below. 

    Images courtesy of Shutterstock.

    Do you agree with us that Bitcoin is the best invention since sliced bread? Thought so. That’s why we are building this online universe revolving around anything and everything Bitcoin. We have a store. And a forum. And a casino, a pool and real-time price statistics.

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    Markets Update: Bitcoin Cash Prices Up Over 60% This Week

    Markets Update: Bitcoin Cash Prices Up Over 60% This Week

    The price of Bitcoin (BCH) has spiked considerably over the past two weeks as the decentralized cryptocurrency’s market has just captured a $20Bn capitalization. The market value of BCH is currently hovering around $1,250 per coin and the digital asset commands close to $1Bn in trades over the past 24-hours.

    Also read: ‘Coindaddy’ Another Crypto-Rapper Rhymes About Bitcoin Life

    Bitcoin Cash Markets Surge

    Bitcoin (BCH) is on a rampage, surpassing most of the 1,500 cryptocurrency performances this week recorded on Coinmarketcap. Today the market value of one BCH is 13.80 percent of the price of one Bitcoin Core (BTC) token. The reason for this is due to the significant demand for BCH this past week as the currency’s trade volume has doubled in less than three days. Over the past 48-hours, the top trade on the peer-to-peer exchange Shapeshift is BTC for BCH. Over the past seven days, data shows bitcoin cash markets have seen a 60 percent gain.  

    Markets Update: Bitcoin Cash Prices Up Over 60% This Week
    Over the past few days, the top trade on the peer-to-peer trading platform Shapeshift has been Bitcoin (BTC) Core for Bitcoin (BCH).

    Although, Bitcoin Core swaps against BCH have dropped significantly over the past few days, as bitcoin cash is capturing a lot more direct fiat trades during today’s trading sessions. BTC trades represent 40 percent of the BCH trades today, when last week they were well over 50 percent. This is followed by tether (USDT 24%), the U.S. dollar (22%), the South Korean won (7.8%), and the euro (1.8%). The influx of USD, EUR, and KRW into BCH has increased significantly this week.

    Markets Update: Bitcoin Cash Prices Up Over 60% This Week
    Today Bitcoin’s (BCH) price and market cap are close to 14% of the legacy BTC’s market valuations. 

      BCH/USD Technical Indicators

    Technical indicators show on the daily, weekly, and 4-hour charts that BCH is positioned to continue its rally. The two Simple Moving Averages (100 SMA & 200 SMA) on the 4-hour chart are about to cross hairs with the short term 100 rising above the longer term trendline. This indicates the path to resistance will be on the upside which could lead to higher price ranges in the short term. At the moment prices are overbought according to the Relative Strength Index (RSI) which is meandering around 70.

    Markets Update: Bitcoin Cash Prices Up Over 60% This Week
    At the time of writing on Sunday, April 22, 2018, at 2:30 pm EDT one BCH is averaging around $1,253 per coin.

    Meanwhile, the MACd is relentlessly headed northbound so a drop in price after bulls hit resistance may soon follow this run-up. Bulls have to muster up some more strength from the current vantage point all the way to $1,290 range to get some smoother seas and less sell walls. On the backside, there are solid foundations all the way back to $1,145 and more pit stops before the sub-$1,100 territories.

    Markets Update: Bitcoin Cash Prices Up Over 60% This Week

    BCH Infrastructure and Support Grows This Week

    Bitcoin cash infrastructure and support have increased again this week as the firm Bitpay has added more BCH features to its merchant services solution. The exchange Coinmama recently added BCH and LTC to the trading platform. Meanwhile, the firm Cheapair.com’s CEO detailed how it would likely be using Bitpay over Coinbase for merchant services and will be accepting BCH. Additionally, the bitcoin cash community has been very excited about a new BCH micro-transaction powered social media system called Memo. The platform allows users to follow other profiles feeds and makes content sharing immutable by utilizing the BCH chain. Lastly, the mining operation Antpool revealed this week it would be burning 12 percent of BCH fees in order to bolster digital scarcity.

    Where do you see the price of BCH headed from here? Let us know in the comments below.

    Disclaimer: Price articles and markets updates are intended for informational purposes only and should not to be considered as trading advice. Neither Bitcoin.com 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, Shapeshift, Coin Salad, Trading View, and Coinmarketcap.

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    Bitcoin Versus Government Money: One is Clearly Superior

    Bitcoin Versus Government Money: One is Clearly Superior

    Half of nearly all transactions involve money, a medium of exchange (MOE). For almost everyone, one of those halves has always been derived, considered, instituted by governments. Also known as fiat, government money, notes, they appear to us as inevitable, right as rain, plainly self evident. However, for the first time in a long time, those notions are being challenged by cryptocurrency. At least one of the world’s most popular versions has a real chance to take the advance of cash (peer-to-peer, permissionless, final, censorship resistant MOE) and make it a global reality. Digital cash is closer than ever imagined to mimicking its government paper predecessor, without the bother of inherent violence, carrying distinct advantages previously unavailable in history.

    Also read: Five Reasons Why Bitcoin Cash is About to Win Big

    What Have Governments Done to Our Money?

    If you’re new to thinking about money, welcome. It’s a vast, broad subject, and one that repays upon consideration and review. Chances are you’ve given the subject more thought these days due to wild cryptocurrency price speculation news. And it is thrilling. To think you’re able to invest in a digital asset at any stage, in full or fractions, and ride its swings can fill our heads with dreams of wealth accumulation. And if that’s the spark causing you to click over here, awesome. You should also begin to learn just why this bitcoin thing, this crypto thing, this brave new world is maybe even more important than typical manias or get-rich-quick schemes.

    It doesn’t take long to learn a truism: government money loses value over time. Empirically, you know this. You don’t have to carry a Nobel in economics to understand most products you purchased only a short time ago are more expensive. You’ve noticed, but, well, what can be done? It’s probably natural. It’s probably the way of things. Can’t be helped for some strange reason. A candy bar I paid for two years ago costs 25 cents more today. Meh, it’s not that big of a hit.

    Bitcoin Versus Government Money: One is Clearly Superior

    If the thought, however, begins to gnaw at you, trouble you in some fundamental way, you’re not alone. A simple extrapolation, magnifying my candy bar price increase across other goods and services, means your money, the tickets you’re working for, your primary store of value, the measurement of how you’re doing financially, is making you toil longer, harder just to keep up. Every year. Like all the time.

    For better or worse (and some folks do believe it to be for the better), this phenomenon is directly attributable to governments. Since it is they, and only they, with the sole ability to prosecute money, to mint it and circulate it, print it, it is they who have ultimate control. You don’t have to be a conspiracy nutter to feel queasy about that fact. All it takes to be less than thrilled with government service of any kind is an easy jog to your local Department of Motor Vehicles. There, time itself has ceased. All notions of hustle, achievement, competence, customer service, value, etc. have utterly and completely stopped. Now imagine those same types in charge of arguably the most important technology in your life, money. Sick to your stomach yet? Money is simply too important to leave to governments.  

    Bitcoin Versus Government Money: One is Clearly Superior

    More Than Just Speculation

    You might, then, be ready for a rather giant intellectual leap: fiat is horrible. Placing politicians between you and your next purchase is a ghastly idea. It’s too much power for a small group of people to possess, and too tempting (as history shows) for them not to abuse such largess in favor of constituents and themselves.

    Even somewhat seeming benevolent moves on their part are fraught with baked-in foolery. After the 2008 US housing bubble burst, The Great Recession, bailouts to “too big to fail” institutions shocked a great many average people. The self-same companies cozy with government legislators were allowed to collect private profits while handing over the perils of risk and loss to the taxpaying public. And though mainstream headlines abound about such institutions bravely “paying it all back,” government fiscal types are still hand holding the US economy through measures such as Quantitative Easing (QE), essentially pumping more money into markets. I’ve lost count of the gazillions sloshing around “one time only,” for “emergencies,” going on a decade now.

    Bitcoin Versus Government Money: One is Clearly Superior

    And year after year you’re being robbed, conned. Prices rise, your wealth, as much as you’ve been able to accumulate, is being chipped away at, and you’re encouraged toward really bad habits. It’s a US birthright, for example, to believe spending grows an economy. And who can blame the average bloke for thinking that? Those tickets he’s holding are dropping in value by the second, so it’s anything other than irrational not to spend, spend, spend, and quickly. The time tested method for real wealth accumulation and sound credit, saving, is all but a distant memory for most in the States. They’re too busy unloading their government bills to get ahead of certain disaster.

    Presently, there is an alternative. Bitcoin cash (BCH). It’s the perfection of what government money has claimed for itself: peer-to-peer, permissionless, censorship resistant. No central body is in charge, no corporation, no government. Its inflation rate is capped at 21 million coins, causing relative value to grow over time as adoption increases. No longer are middlepersons required for your transactions. You and anyone in the world are free to trade in any manner you wish. No onboarding. No special license. No outrageous fees. Nearly instantaneous confirmations. A payment system (blockchain) wrapped in a currency, a legitimate first for humanity. Self contained. Immutable. Transparent and open source.    

    Bitcoin Versus Government Money: One is Clearly Superior

    Savers are rewarded, as BCH owners notice their currency rise in value their relationship toward money completely changes. They’re more inclined to set some aside for future reward. That’s a profound shift. Products will have to up their game in order to entice bitcoin cash holders to part with their money. And with transaction fees negligible (which is a main principle of the community’s ethos), BCHers will certainly use it to purchase goods and services as they are doing in record numbers today.

    More than just MOE or a store of value, BCH is its own network settlement layer, saving time and finally putting you and your money in your control. All that is needed is a cheap phone, not even the internet, and a determination to want a kind of financial freedom people in history could have only dreamed. Welcome. We’re glad you’re here.  

    Do you think bitcoin is a good answer to government inflationary money? Let us know in the comments below.

    Images via Shutterstock, Pixabay. 

    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.

    The post Bitcoin Versus Government Money: One is Clearly Superior appeared first on Bitcoin News.

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    ‘Coindaddy’ Another Crypto-Rapper Rhymes About Bitcoin Life

    'Coindaddy' Another Crypto-Rapper Rhymes About Bitcoin Life

    Just last month news.Bitcoin.com chatted with the hip-hop artist ‘Lil’ Windex’ the Canadian rapper who made headlines last month for his rhymes about bitcoin cash. Now there is another rapper, from San Francisco, called ‘Coindaddy,’ an artist who has been coined a “Weird Al Yankovic” of cryptocurrency rap.

    Also read: An In-Depth Interview With Rob Hustle

    The ‘Crypto Castle,’ Fur Coats, Lambos, and Bitcoin

    Arya Bahmanyar is a 28-year-old former commercial real estate broker turned hip-hop artist after allegedly becoming a millionaire from his cryptocurrency investments. According to a recent interview with the columnist Melia Robinson, Bahmanyar decided to devote his time to becoming a new rapper called ‘Coindaddy,’ and he started his own Youtube channel to release his music.

    “I’m going to make songs that aren’t that good,” Bahmanyar explains in his recent interview recalling how he got started toward creating his ‘Coindaddy’ persona.

    In his songs “Holding the Bag,” Coindaddy raps about a variety of cryptocurrencies and uses slang like ‘hodl,’ ‘Buying the dips,’ and ‘moon.’ Alongside this, the rapper likes to sing about lavish lifestyles, ‘Lambos’ and checking the price of BTC while getting laid. Coindaddy also does a duet with the well-known cryptocurrency musician Tatiana Moroz as well. In “Holding the Bag,” Coindaddy’s lyrics state:

    If you want the ride and you want the riches then just buy more coin and get the bitches — Cuz bitcoin about to go straight through the roof it’s got the PBOC shaking in their boots.    

    'Coindaddy' Another Crypto-Rapper Rhymes About Bitcoin Life
    Arya Bahmanyar AKA ‘Coindaddy’

    Many Artists Try to Bring Swagger to the Crypto-Game

    Coindaddy already made headlines earlier this year for his New York Times appearance in the story “Everyone Is Getting Hilariously Rich and You’re Not,” which features newly made cryptocurrency millionaires and the infamous hangouts the ‘Crypto Castle,’ and ‘Crypto Crackhouse.’ Coindaddy was featured during his performance at the at the San Francisco Bitcoin Meetup’s Holiday Party at the bay-area club ‘Runway Incubator.’ Coindaddy detailed at the time he plans on releasing other songs called ‘Lambo Party’ and ‘Crypto Mom.’

    “Right now all our entertainers come from outside crypto culture — not inside crypto, and we’ve got to change that,” Coindaddy explains.

    'Coindaddy' Another Crypto-Rapper Rhymes About Bitcoin Life
    From left to right: Coindaddy, Lil’ Windex, YT Cracker, Gramatik, and Chris Record. All of these artists have incorporated cryptocurrencies into their music tracks. 

    The crypto-millionaire turned rapper says he plans to continue his illustrious career by utilizing his music to educate newbs about cryptocurrency. Coindaddy is not the only individual trying to break through as a cryptocurrency rapper who spits rhymes about bitcoin and the digital currency lifestyle. Other crypto-rappers who have made ‘bitcoin-esque hip-hop’ videos include Chris Record’s ‘Hodl Gang,’ Keem Ibara ‘Digital Gold,’ Gramatik ‘Satoshi Nakamoto,’ Team Hodl ‘Lambo Land,’ YT Cracker ‘Bitcoin Baron,’ Lil Windex ‘Bitcoin Ca$h,’ and many more artists.

    What do you think about ‘Coindaddy’ or other rappers rhyming about crypto-life? Do you think more hip-hop artists will continue to rap about bitcoin? Let us know what you think about this subject in the comments below.

    Images via Pixabay, Medium, and Youtube.

    Do you agree with us that Bitcoin is the best invention since sliced bread? Thought so. That’s why we are building this online universe revolving around anything and everything Bitcoin. We have a store. And a forum. And a casino, a pool and real-time price statistics.

    The post ‘Coindaddy’ Another Crypto-Rapper Rhymes About Bitcoin Life appeared first on Bitcoin News.

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    PR: Essentia to Become First Blockchain Based Solution from Finnish Government Through Collaboration with MTK

    Essentia to Become First Blockchain Based Solution from Finnish Government Through Collaboration with MTK

    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.

    It hasn’t been long since we offered the Dutch government a blockchain based solution for the border control issue, as we believe that introducing real world use cases is the way towards mainstream adoption of blockchain technology.

    In March 2018, Essentia attended four meetings with representatives of the Finnish MTK organization, discussing possible ways of utilizing the Essentia framework.

    As a result, after a month of brainstorming and discussions, it was agreed that Essentia would become the first blockchain startup to help the Finnish organization in its key objective of reducing the unemployment rate.

    The Central Union of Agricultural Producers and Forest Owners (MTK) has announced its readiness to become Finland’s first organization to launch a blockchain based e-government solution.

    “In blockchain, we see a number of features which could lend themselves well to the needs of entrepreneurs and citizens in the countryside as well as in the cities,” — MTK’s director of business development Marko Mäki-Hakola.

    Combining with the ToitaSuomesta.fi employment service developed by CoReorient Oy, Essentia will be used by employment offices, employers and suchlike as a platform for managed employment in the local community.

    There are many ways in which Essentia could be useful for MTK. Let us go through all of them.

    First of all, any worker can save certificates of their performed jobs to the Essentia platform and allow their future employers and employment office to view these. This way we can ensure easier and safer cooperation. The employer can view and also add a job certificate(s) even if they are not a user of the ToitaSuomesta work mediation service. This option grants security and is actually a real time-saver both for employers and employees. Last but not least, employment offices can view the progress of the employee across all work mediation services and confirm that he/she fulfills benefits criteria.

    From now on it won’t be necessary to share an individual’s entire job records between services and there will also be no need for a new database at the employment office.

    MTK, whose members hail from various regional and local organizations, believe that this is only the start of real life testing for MTK’s main interest lies in other areas. One of them is managing and sharing machine-generated data from tractors, dairy, and other equipment. They are also tracking production chains, for example, forest side products from the owner to the refinery, or end-user land registries that will no longer need field sizes regularly updated; the future possibilities for blockchain technology are endless.

    The Essentia framework provides the much-needed security in accessing sensitive data, as well as granting full control of the user’s private information and their digital identity in general.

    We look forward to working together with the Finnish organization and moving a step closer to the idea we believe in. This is not the end, though, as we will continue searching for the best ways to utilize blockchain technology and Essentia in particular in various spheres of our day-to-day life.

    Stay tuned for more information concerning the pilot implementation!

    To be a part of their growing community join their Telegram channel https://t.me/essentia_one/.

    Contact Email Address
    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. 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: Essentia to Become First Blockchain Based Solution from Finnish Government Through Collaboration with MTK appeared first on Bitcoin News.

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    Bitpay Adds Bitcoin Cash Support to Checkout Point-of-Sale App

    Bitpay Adds Bitcoin Cash Support to Checkout Point-Of-Sale App

    Bitcoin cash is continuing to gather more support among users and service providers, with the latest example coming from Bitpay. The service now allows merchants to accept BCH payments via its Pos app, and settlement is expected soon too so that retailers can keep their proceeds in the cryptocurrency.  

    Also Read: Robinhood App Expands Cryptocurrency Trading to Another US State

    Bitpay BCH Checkout

    Bitpay Adds Bitcoin Cash Support to Checkout Point-Of-Sale AppBitpay, the digital asset service provider based in Atlanta, Georgia, has recently updated its Checkout point-of-sale (Pos) mobile app to add support for bitcoin cash (BCH). This means that retail stores that use Bitpay to enable payments from clients can now generate BCH payment codes on the spot using a phone or tablet.

    Checkout allows merchants to accept cryptocurrency payments directly on a mobile device, and orders can be priced in more than 150 currencies. It offers features designed for service businesses, including multi-employee checkout, optional on-screen tipping, simple tip reporting, and matching of order IDs entered from another point-of-sale system.

    After only supporting BTC for many years, the company has been expanding its support for BCH recently. Just at the beginning of last month, it announced that BCH transfers can be applied to the firm’s Visa card invoice loads.

    Bitpay Adds Bitcoin Cash Support to Checkout Point-of-Sale App

    BCH Settlement Coming Soon Too

    In addition to the development with Checkout, Bitpay is apparently preparing to roll out more features based on BCH for businesses. Answering requests from bitcoin cash fans for adding an option for settlement in the cryptocurrency, the company’s support team has revealed on Twitter that they are working on it and that it can be expected “soon.” This means that Bitpay’s merchant clients will be able to simply keep their sales proceeds in BCH if they so choose, instead of receiving an equivalent amount converted into BTC or USD.

    Bitpay Adds Bitcoin Cash Support to Checkout Point-Of-Sale App

    Unfortunately, the new BCH-improved services from Bitpay won’t be available for all types of businesses. Earlier this year the company updated its Terms of Use agreement to ban the sale of explicit sexual content (porn), guns or ammo, controlled substances (drugs) and more.

    What other services should add BCH support? Share your thoughts in the comments section below. 

    Images courtesy of Shutterstock, Bitpay.

    Do you agree with us that Bitcoin is the best invention since sliced bread? Thought so. That’s why we are building this online universe revolving around anything and everything Bitcoin. We have a store. And a forum. And a casino, a pool and real-time price statistics.

    The post Bitpay Adds Bitcoin Cash Support to Checkout Point-of-Sale App appeared first on Bitcoin News.

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