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Nouriel Roubini, a proclaimed critic of the crypto sector, characterized decentralization as a myth, claiming that no system, currency, or protocol can exist in a peer-to-peer ecosystem. “Decentralization in crypto is a myth. It is a system more centralized than North Korea: miners are centralized, exchanges are centralized, developers are centralized dictators (Buterin is ‘dictator
The post Roubini Calls Buterin a Dictator, Falsely Claims Crypto is Centralized appeared first on CCN
In an open letter to the Internal Revenue Service (IRS), the U.S. House’s Committee on Ways and Means argues that the tax collection body is leaving investors in the lurch with its vague cryptocurrency tax codes.
Authored by congressional representatives Kevin Brady, Lynn Jenkins, Darin LaHood, David Schweikert and Brad Wenstrup, the letter, addressed to Acting Commissioner David Kautter, calls on the IRS to devise a more concrete cryptocurrency taxing scheme than the one it currently enforces.
Goldman Sachs Chief Financial Officer Martin Chavez has come out to classify the latest speculation regarding the bank halting its efforts to launch a cryptocurrency trading desk as “fake news.” While speaking at the TechCrunch Disrupt conference in San Francisco, Chavez emphasized that Goldman Sach’s exploration of the digital asset class is an ever-evolving process […]
SludgeFeed
The war for the future of the Bitcoin Cash protocol continues to intensify, with developers at both Bitcoin ABC and nChain further entrenching themselves ahead of the network’s scheduled hard fork in November. However, one neutral development team is calling for a ceasefire. Writing in a post on the Bitcoin forum, Bitcoin Unlimited lead developer
The post Bitcoin Unlimited Calls for Ceasefire in BCH Hard Fork War appeared first on CCN
Cryptocurrency industry non-profit research and advocacy organization Coin Center is calling for Congress to enact legislation that will provide bitcoin investors with safe harbor on federal taxes incurred as the result of software forks. Writing in a post published on the Washington, D.C.-based organization’s blog, executive director Jerry Brito argued that cryptocurrency investors who have
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Bitcoin Cash development team Bitcoin ABC isn’t backing down from its plan to release a contentious software upgrade in November, despite vows from other development teams and at least one major mining pool to continue using software that is incompatible with the new ABC client. On Monday, Bitcoin ABC released version 0.18.0 of its full
The post Bitcoin ABC Calls nChain’s Bluff, Vows to Proceed with Contentious Hard Fork Upgrade appeared first on CCN
Graphics chip manufacturing giant Nvidia saw huge growth in late 2017 and throughout most of 2018 as demand for its high-end Graphics Processing Units (GPUs), used for cryptocurrency mining, skyrocketed. The recent bear market has caused demand for GPUs to dwindle, leaving Nvidia to readjust its strategy.
It seems Nvidia is throwing in the towel on the development and production of its cryptocurrency mining focused graphics cards and chips.
Nvidia has seen some explosive growth over the last few years and is currently seeing a 68% increase in value in the past year alone (indicated below in yellow), although this week the stock price has slipped almost eight percent (indicated below in red).
Despite the rejection of a bid for a bitcoin ETF, the crypto market remains confident other proposals will persevere.
CoinDesk
In recent regulatory news, U.K. minister, Eddie Hughes has published a report that advocates for the creation of a “Chief Blockchain Officer,” the U.K. Financial Conduct Authority has announced that a number of distributed ledger (DLT) companies have been accepted into cohort 4 of its regulatory sandbox, and Finland’s Central Bank has published a report calling cryptocurrency a “fallacy.”
Also Read: China Round-Up: Permissive Regulations Advocated, 3 Million Chinese HODLers, Xiaolai Recording Leaks
In today’s edition of Bitcoin in Brief we’re focusing on developments in the realm of international politics and economics regarding cryptocurrencies. The Organization of Economic Cooperation and Development is looking into the possible uses of digital coins and the associated technologies. Kazakhstan is calling for the adoption of common crypto rules by the United Nations, while Iran and Russia are thinking about using cryptocurrency in bilateral trade.
Also read: Bitcoin in Brief Wednesday: Coinbase Goes After Big Money as Nomura Creates Komainu
Warren Buffett has once again delivered a bearish and quote-worthy statement in regards to Bitcoin and other cryptocurrencies, calling Bitcoin “rat poison squared” – but is he still missing the point?
In case you didn’t already know, investing legend Warren Buffett doesn’t like Bitcoin.
According to CNBC‘s Becky Quick, The Oracle of Omaha once again expressed his negative views on the dominant cryptocurrency by market capitalization, stating that Bitcoin is “probably rat poison squared” while presiding at the Berkshire Hathaway 2018 annual shareholder meeting.
.@WarrenBuffett on bitcoin just now: “it’s probably rat poison squared.” #brk2018
While many politicians and heads of corporations continue to lambast cryptocurrencies, PayPal co-founder and venture capitalist Peter Thiel has backed Bitcoin yet again, calling the virtual currency the future of finance.
Thiel has been a vocal proponent of Bitcoin for some time now, and has been advocating the use of cryptocurrencies and blockchain since 2017. In a recent interview, he compared bitcoin to gold bars placed inside a “vault that never moves”. He elaborated by saying that he saw crypto assets as being “value containers” rather than currencies which would be used to facilitate everyday transactions.
The Financial Stability Board, G20’s global watchdog, does not consider cryptocurrencies a risk to financial stability. In a letter to the Group of 20 central bankers and finance ministers, its Chair Mark Carney said FSB was pivoting away from designing new policies and focusing on reviewing existing rules. His comments suggest there is no G20 consensus on common crypto regulations, despite calls from member-states for adopting global guidelines.
UK newspaper The Guardian has published outright warnings not to invest in Bitcoin or gold, describing them as a “waste of human investment energy.”
In an extensive post arguing that trust principles of fiat currency are superior to decentralized setups in many cryptocurrencies, the blogger known as ‘Mr. Money Moustache’ tells readers purchasing them is “collective insanity.”
The post reads:
People who think that there’s even a tiny chance bitcoin could become a world currency say it is severely undervalued. […] You could make the same argument about my fingernail clippings: they may have no intrinsic value, but they’re in limited supply so let’s use them as the new world currency.
