By CCN Markets: The New York Times suggests that Mark Zuckerberg is making a terrible move with his Libra cryptocurrency. The social media behemoth is certainly not early, but that doesn’t mean it won’t get a proper taste of the punch. Matt Stoller, who wrote the piece, goes on to claim: “The way we structure money and payments is a question for democratic institutions, not technology companies.” He argues that some fundamental problems will hold Libra back as it sets a lofty goal of taking the crown as global currency for a new world. Fallacy One: Organizing Payments Requires Enormous
By CCN.com: A publication by accounting firm PwC has placed India on track for a 7.6 percent growth in 2019, setting a path for the country to surpass both the U.K. and France in terms of economy. But ask any economist, and they would point towards why the coveted Gross Domestic Product (GDP) – which
By CCN.com: Kevin Dowd is a Professor of Finance and Economics in the Business School at Durham University, Northeast England, and the co-author of the 2015 paper “Bitcoin Will Bite the Dust,” along with market analyst and author, Martin Hutchinson, for the libertarian Cato Institute in Washington DC. CoinDesk published an op-ed by Dowd Monday,
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On December 13, Frank Chapparo at The Block reported that Basis, a crypto stablecoin project that raised around $ 133 million in April, is terminating its operations and is in the process of returning the capital it raised to its investors. The project was funded by some of the largest venture capital firms in the technology space
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An explosive Medium.com article by pseudonymous developer _unwriter, who primarily works on two Bitcoin Cash infrastructure projects call BitDB and BitSocket, both of which are critical to several Bitcoin Cash-community outfits, levies a number of serious accusations against the Bitcoin ABC development team as well as Bitcoin.com and affiliated Bitmain. The heartfelt article is worth
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On the Bitcoin network, whether it is a transaction worth $ 100 or $ 1 million, it costs the same miner’s fee to process the payment. On October 16, a $ 194 million payment was moved on the Bitcoin network with a mere $ 0.1 fee nearly instantaneously. Through legacy banking systems, weeks of paperwork, days of settlement system, … Continued
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The sudden plunge in the price of Bitcoin has demonstrated that while it lacks correlation with the broader financial market, it is not inversely correlated with the global market. Bitcoin and major cryptocurrencies are considered as a robust store of value for investors to hedge against the broader financial market because of its lack of
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The Supreme Court of British Columbia has issued a major ruling in a case stemming from a dispute over ethereum (ETH) tokens mistakenly sent to an initial coin offering (ICO) investor, and it could have implications for cryptocurrency users or exchanges outside of the litigants involved in the case. The ruling, which was issued by
The post Court Authorizes Cryptocurrency Firm to Reclaim 530 ETH Sent to Wrong Address appeared first on CCN
A long list of award winning economists have railed against Bitcoin and cryptocurrency, predicting spectacular failure. Nobel prize winner Paul Krugman has predicted the total collapse of Bitcoin because of its deflationary nature, going as far to call it “evil.”
Another winner of the Nobel prize for economics and a professor at Yale University, Robert Shiller, compared Bitcoin to failed currency experiments of the past.
Ken Rogoff, former IMF chief economist and Harvard professor, predicts that Bitcoin’s (BTC) 00 price will go to $ 100 dollars, and Nobel prize winner Joseph Stiglitz believes cryptocurrencies will be destroyed by governments once they get big enough.
Bitcoin has succeeded as an asset but has failed terribly as a currency. It has only gained traction within a very small niche following, lacking any use in real-world transactions. It only handles a very small number of transactions compared to its competitors like Visa, all while consuming large amounts of energy which further makes it unsuitable for mainstream use. This is according to Jay Krishnan, the CEO of India’s largest startup incubator and a venture advisor to SRI Capital, a VC firm with investments in augmented reality, e-commerce and industrial automation. Krishnan tore into Bitcoin in an op-ed for the Economic Times, calling it a failed idea. However, the startup veteran got many of his facts wrong, including the fees charged for a transaction which he greatly exaggerated.
Make sure you check out our previous edition here, now let’s go over what happened in crypto this week. Also, make sure you subscribe for this weeks edition of The CCN Podcast on iTunes, TuneIn, Stitcher, Google Play Music, Spotify, Soundcloud, Youtube or wherever you get your podcasts. Price Watch: Bitcoin is up 7.15% to $ 7,200 after fluctuating just below the $ 7,000 mark last Sunday before finally breaking
The post Is Wright Wrong, Ethereum Block Reward Cut and Big Raises: This Week in Crypto appeared first on CCN
Famous Bitcoin early investor Jeffrey Wernick — who also got into Uber and Airbnb as an angel investor — recently told Business Insider that people get a lot of things wrong about the first and foremost cryptocurrency. Here’s some of what he had to say.
When asked by Business Insider‘s Sara Silverstein what “most people get wrong about bitcoin or cryptocurrency,” the successful financial expert had a lot to say on the matter.
‘It’s a People’s Money’
Firstly, Wernick claims most people today have either neglected to recall or totally forgotten the philosophical purpose which underlined Bitcoin’s creation — namely, that it would be an alternative currency outside the reach of governments and traditional financial institutions. He explained:
From tech flaws to regulatory interventions, a document sent to prospective investors in Telegram’s $ 2.5 billion token sale spells out the risks.
Bitcoin Cash’s narrow focus on transactions ‘gets it wrong’ because money is only a ‘byproduct’ of a much bigger vision, according to Max Keiser.
Money Only a ‘Byproduct’
Financial pundit and host of The Keiser Report, Max Keiser, has put in his two cents on the Bitcoin scaling debate, stating that focusing on transactions ignores the main reason why the world’s first cryptocurrency was created.
Keiser wrote on Twitter:
Viewing [Bitcoin] narrowly through lens of ‘transactions’ cuts the guts out of why Bitcoin is turning the world upside down.
Is Lighting Network the second coming for Bitcoin or the coming of centralization? Andreas Antonopoulos states his case for the former in his latest video.
A lot of misconceptions have arisen about the Lightning Network and the effect it will have upon Bitcoin. Look around the internet, and you’ll find videos such as this offering information on the Lightning Network that may not be accurate. To that end, Andreas Antonopoulos has created a video to detail the many things critics are getting wrong, which we have listed below.
“Lightning Network will centralize bitcoin, concentrating power with a few big players.”
In an interview with CNBC earlier Tuesday, former Wells Fargo CEO Richard ‘Dick’ Kovacevich denounced Bitcoin as a pyramid scheme.
First, it was economist Robert Schiller calling Bitcoin a “bubble”. Then JP Morgan CEO Jamie Dimon added his pontificating opinion to the mix, labeling it a “fraud.” Now it looks like Wall Street talking heads are doubling down on the stupid.
Yesterday, in an interview on CNBC’s Squawk on the Street, former Wells Fargo CEO Richard Kovacevich pronounced Bitcoin a pyramid scheme:
I think it’s a pyramid scheme. It makes no sense. I’m just surprised it isn’t even lower.
What happens in Asia often has a knock-on effect on trading in Europe and the US later in the day. A grim picture has been painted today as all cryptos, bar one or two, are in the red and falling. Police and tax inspections on exchanges across South Korea could be the cause alongside misreporting by the mainstream media of an outright crypto ban.