Earlier this year, controversial Bitcoin Cash maximalist Roger Ver released a video in which he offered a platform called OpenNode to switch from ...
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Current Bitcoin Price
Monday, December 31, 2018
Bitcoin maximalist Francis Pouliot says 2019 will be Big for Bitcoin
Francis Pouliot, a Bitcoin maximalist and co-founder of Bull Bitcoin, says that in 2019, the demand for Bitcoins fundamental value as a store of value ...
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Top Cryptocurrencies Mostly in the Red, Bitcoin Falls Below $3900 Again
At press time, Bitcoin is down a fraction of a percent on the day, trading at around $3,880. Looking at its weekly chart, the current price is substantially ...
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Market Update: Bitcoin Stays Below $3900 as Ethereum Closes Gap on XRP
As we approach the end of 2018, the year bitcoin turned 10 years old , it appears the cryptocurrency ecosystem's decline may not be over yet, ...
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Bitcoin Satoshi Vision
Bitcoin turned a decade old on October 31, 2018, since its first came into the public domain 10 years ago in 2008. A white paper titled “Bitcoin: A ...
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Bitcoin Hits $4000 But Retraces, is Another Drop to Mid-$3000 Next?
On December 29, the Bitcoin price briefly surpassed $4,000, initiating a promising rally from around $3,600. In the past 24 hours, the value of Bitcoin ...
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Chatter Report: Troutner Proposes Algorithmic Stablecoin on BCH, Sztorc Believes Austrian Economics Unnecessary
In today’s roundup of crypto chatter, Chris Troutner and Andreas Brekken play around with the idea of building an algorithmic stablecoin on BCH. Vin Armani debates with Painted Frog on Bitcoin’s similarities to Visa. Also, Paul Sztorc thinks that understanding Austrian economics is not that important to comprehend Bitcoin.
Also read: Developer Paul Sztorc Launches the First Version of Drivechain
Building an Algorithmic Stablecoin on BCH
Recently Shitcoin.com CEO Andreas Brekken took to crypto Twitter to wish everyone a happy new year. In his tweet, Brekken casually mentioned algorithmic stablecoins, an idea that Bitcoin.com senior developer Chris Troutner picked up on.
Do you know of any algorithmic stable coins worth checking into, other than DAI?
— Chris Troutner (@christroutner) December 30, 2018
Troutner queried Brekken for alternatives to the DAI, but the latter was not familiar with the field. Brekken then explained that he was optimistic about the technology, even though many academics and maximalists don’t believe algorithmic stablecoins are possible.
In response, Troutner called for the BCH community to bring DAI’s algorithmic technology onto BCH. He suggested using the Wormhole JavaScript SDK at developer.bitcoin.com to create an ERC20 token on the BCH blockchain. Instead of ETH, BCH would serve as a collateral asset. Even lead developer of Bitcoin ABC Amaury Sechet jumped into the thread, as he was positive on the idea.
Whormhole or kekoen can most likely do this.
— Deadal Nix (@deadalnix) December 31, 2018
Bitcoin More Similar to Visa Than Gold
Recently, CTO of Cointext Vin Armani had a debate with his followers on what the catalyst for Bitcoin mass adoption would be. Armani argued that those who stand to gain financially from bitcoin usage are the ones most likely to increase Bitcoin adoption.
Incentivizing Bitcoin Mass Adoption
Q. Who has the greatest incentive to convince you to use Visa?
A. Visa
Why? Because every time you use Visa, Visa makes money.
Those who will be the catalyst for Bitcoin mass adoption will be those who get paid every time you use Bitcoin.
— Ⓥin Ⓐrmani (@vinarmani) December 30, 2018
Not everyone responded well to Armani’s theory, as commentator Painted Frog argued that Bitcoin is intrinsically valuable like gold. Since society didn’t need to be convinced to use gold in the past, Bitcoin like gold, will eventually be used everywhere.
Armani responded by explaining that Bitcoin is more similar to Visa because both are systems and networks. On the other hand, gold is simply a shiny rock and an inert element.
Bitcoin: A Peer-To-Peer Electronic Cash System
Note the last word. That's the noun. What precedes it are adjectives.
Bitcoin, like Visa, is a SYSTEM, a network. Gold is an inert element. A rock is not a system.
— Ⓥin Ⓐrmani (@vinarmani) December 30, 2018
The Importance of Austrian Economics In Bitcoin
Austrian economics has always been a huge part of the Bitcoin community, and the growing popularity of Bitcoin has sparked a revived interest in Austrian economics. This was pointed out by the President of the Nakamoto Institute Michael Goldstein on social media. Some like cryptocurrency pundit Murad Mahmudov agreed with Goldstein and tweeted that cryptocurrency community members who understand Austrian economics have an edge over those who don’t.
Crypto market participants who do not have a grasp of Austrian econ are at a disadvantage. I’d argue that Bitcoin is an ‘Austrian’ technology & its success is breaking the legitimacy and relevance of a number of other economic schools in real time.
“We are all Austrians now” https://t.co/glhjz0aFBQ
— Murad Mahmudov
(@MustStopMurad) December 29, 2018
However, director of research at Tierion Paul Sztorc and bitcoin pundit nic__carter both argued that the importance of Austrian economics is highly overstated in the cryptocurrency space. While nic__carter confessed that he had never read any books on Austrian economics, Sztorc explained that he was very familiar with the Austrian school of thought.
Nor do I.
A cursory understand of the inflation tax is sufficient.
(And I say this despite having read AE very extensively.) https://t.co/B59qLJqHVJ
— Paul Sztorc (@Truthcoin) December 30, 2018
Despite a thorough understanding of Austrian Economics, Sztorc insists that only a brief understanding of how the government prints away purchasing power, also known as inflation tax, is enough to understand Bitcoin.
What do you think of an algorithmic stablecoin built on BCH? Let us know in the comments below.
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Australian Crypto Company Rapped for Paying Bounty Hunters for Glowing Reviews
Securities commissioners and trade experts have refused Australian blockchain startup Power Ledger a clean bill of ethical health after it emerged that the company paid rogue “bounty hunters” to shore up interest in its cryptocurrency. The project’s “powr” crypto has fallen 90 percent in value over the past year amidst bearish market conditions.
Also read: Russian Bitcoin Mining Granny is Bullish on Industry’s Future
Bounty Hunters Make False Claims
Spruikers, sponsored creators of glowing reviews, falsely claimed that Power Ledger, a peer-to-peer electricity-trading startup, had attracted the interest of Tesla founder Elon Musk, and was on a path to revolutionize the industry, in addition to other exaggerations.
According to local newspaper Financial Review, the Australian company rewarded spruikers with free allocations of its powr token, but denies responsibility for their embellishments. Power Ledger chairman Jemma Green maintains that spruikers posted the misleading reviews while operating outside of its control.
“Rewards were offered to community members to share our project with their own networks. The means by which they did so were outside of our control, and we made it clear that our core supporters who believed in the project and the future of renewable energy were the main audience for this program,”‘ Green was quoted as saying.
However, Australian Securities and Investments Commission (ASIC) head John Price said spruikers, which the company intends to maintain, should disclose that they are being rewarded by the entity. The commission this year set up a unit to monitor cryptocurrency investments.
Trade experts also commented disapprovingly on the ethical dimensions of spruiking to boost initial coin offerings (ICOs), a practice that surged in popularity during 2017’s crowdfunding mania. Questions have since been asked over the failure of the majority of ICOs to evolve into successful projects with real adoption.
A partner at Deloitte Consulting specializing in technology, Peter Williams, raised ethical concerns over the provision of financial incentives, or bounties, for individuals to promote initial coin offerings, describing these as “classic market manipulation techniques.”
‘A Quarter of ICOs Are Scams’
ASIC Commissioner Price cautioned that his agency is focused on disclosure in initial coin offerings, estimating that a quarter of them may be scams. “Just because you call something an ICO, doesn’t mean you are unregulated,” he said.
Power Ledger maintains that it deployed spruikers, which it calls community advocates, not only to promote its virtual currency, but also to improve the reputation of the blockchain and cryptocurrency industry.
“Some of our bounty group were professional bounty hunters chasing tokens because it’s what they do,” Power Ledger posted a few weeks after the token sale. “Some were bots reporting an astounding 5,000 likes of our social media output in a single 24-hour period.”
Power Ledger will continue to pay spruikers to promote its currency, which peaked at $2.4 billion during the crypto boom. The company’s token is now trading about 20 percent below its issue price.
Aside from the controversy, Power Ledger successfully tested a blockchain-based solar power-trading project in the Australian coastal city of Fremantle earlier this month, enabling around 40 households to determine both the buying and selling price of renewable electricity generated on their rooftops. The trial has been described by Western Australia’s Minister for Finance, Energy and Aboriginal Affairs, Ben Wyatt, as a “world first.”
What do you think of the accusations laid against Power Ledger? Let us know in the comments section below.
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Israeli Exchange to Launch Crypto Payments API Service for Local Businesses
There is a new option on the way for Israeli companies that wish to accept orders from cryptocurrency users while they keep managing their books in fiat. A local bitcoin exchange, Bits of Gold, is launching an API service for regulated crypto payments.
Also Read: Billions Living Under Authoritarian Regimes Need Bitcoin Says Human Rights Activist
New Tools for Israeli Businesses
Tel Aviv-based cryptocurrency exchange Bits of Gold has developed an application program interface (API) service meant to enable companies to accept payments in crypto and receive the value in Israeli shekels or U.S. dollars. The exchange has also developed a complimentary service that allows businesses to get paid in shekels and receive the value in cryptocurrency.
The trading venue expressed hope that the new service will allow more companies to enter the field and thus expand the payment options for Israeli crypto users. The exchange also plans to soon launch cash registers that will enable retailers to accept crypto payments as well. And the company will also begin offering a Bitcoin clearing service for businesses in the second quarter of 2019, Bits of Gold CEO Youval Rouach told the local Globes newspaper.
“Crypto transfers are not a complicated matter but the regulatory demands, which include identifying the client, make it complicated,” explained Bits of Gold VP Tomer Niv. “Our service allows to use Bitcoin and comply with the rules of the regulator, without developing a vast payments system for each business.”
The Crypto Situation in Israel in 2018
While the number of individual investors who entered the market declined, the number of companies that use Bits of Gold’s services remained quite stable in 2018, according to its CEO. And the exchange also continued to grow during the year, hiring more software developers and costumer service personnel, reaching a total staff of 21 people. However, the company also gave up on plans for buying another bitcoin ATM as well as offering clients an option to trade on a combined basket of top cryptocurrencies.
The CEO of the Israeli exchange thinks that the local securities and anti-money laundering authorities are doing a good job with regards to developing rules for the field, even making Israel an international leader in terms of crypto regulation. However, he notes that as long as the Bank of Israel doesn’t make a clear stand on the matter, commercial banks will continue to make it hard on the industry.
A recent report revealed that only 5 percent of the people in Israel invested in or used digital coins in 2018. Moreover, a total of 44 percent of Israelis say they either don’t know what Bitcoin is or just don’t understand the concept. In contrast, 42 percent of the people have reported using the direct money transfer apps that the big banks in Israel have been pushing hard over the last year in an attempt to stay relevant in the digital age.
Is the crypto industry in Israel going to recover in 2019? Share your thoughts in the comments section below.
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Litigation Firm Files Lawsuit Against Nvidia for Statements Regarding Crypto
Shall Law Firm, an American shareholder rights litigation firm, has announced the filing of a class action lawsuit against Nvidia with regards to statements pertaining to the company’s outlook regarding the effect that declining cryptocurrency prices could have on the performance of its shares.
Also Read: Bitcoin Whales and the Rise of Crypto-Fueled OTC Desks in 2018
Firm Files Class Action Against Nvidia
A Los Angeles-based law firm has announced the filing of a class action lawsuit accusing graphics card manufacturer, Nvidia, for “violations of §§10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5 promulgated thereunder by the U.S. Securities and Exchange Commission.”
Nvidia is accused of making “false and misleading statements to the market” regarding assertions that a significant decline in demand for graphics processing units (GPUs) would not negatively impact the company’s operations and performance due to high demand from the gaming sector.
Schall Law Firm is currently encouraging investors who purchased Nvidia’s shares between Aug. 10, 2017, and Nov. 15, 2018, to contact the firm before Feb. 19, 2019, especially investors who incurred losses exceeding $100,000.
According to Shall, the GPU manufacturer “touted its ability to monitor the cryptocurrency market and make rapid changes to its business as necessary” and made “materially misleading” comments throughout the six-month period.
Nvidia Hit Hard by Cryptocurrency Downturn
Nvidia appears to have been significantly hit by the cryptocurrency bear trend, with the company having the worst performing stock in the S&P 500 of the fourth quarter of 2018 with a 54 percent loss in value.
While a number of chip stocks have performed poorly of late – with the PHLX Semiconductor Sector Index, comprised of 30 companies including Nvidia, dropping 19 percent, and Advanced Micro Devices stock losing 45 percent – many have cited declining demand for mining hardware as a catalyst for Nvidia’s notably poor performance.
The recent dumping appears to have been fueled by the reporting of a weaker-than-anticipated quarterly revenue and guidance from Nvidia last month, with the company’s stock falling roughly 19 percent on the trading day following the earnings report.
“The crypto hangover has left the industry with excess inventory – excess channel inventory,” Nvidia’s chief executive officer, Jensen Huang, stated on a conference call at the time.
Do you see merit in the case being brought against Nvidia? Do you agree with Shall that Nvidia made false and misleading statements? Share your thoughts to the comments section below!
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Billions Living Under Authoritarian Regimes Need Bitcoin Says Human Rights Activist
When reporting on cryptocurrency, the mainstream media often focuses on price drops relating to USD. But a human rights activist reminds the general public that Bitcoin is not another commodity or stock on the market, rather, a tool for liberation.
Also Read: Iranian Students in the UK Use Bitcoin to Bypass Banks
Bitcoin is a Tool for Freedom, Not Speculation
Alex Gladstein, Chief Strategy Officer at the Human Rights Foundation, has published an article titled ”Why Bitcoin Matters for Freedom” in Time Magazine. In it he explains how cryptocurrency can help people retake control of their lives from oppressive regimes.
“Speculation, fraud, and greed in the cryptocurrency and blockchain industry have overshadowed the real, liberating potential of Satoshi Nakamoto’s invention,” writes Gladstein. “For people living under authoritarian governments, Bitcoin can be a valuable financial tool as a censorship-resistant medium of exchange.”
The article focuses on the current situation in Venezuela as the prime example of its thesis. It details how Venezuelans are using Bitcoin to evade runaway hyperinflation and harsh capital controls. It also shows how after greatly devaluing citizens’ savings, the Maduro regime is using the banking system to confiscate much of the money sent from abroad by people that want to help their families back home.
Taking Bitcoin From 40 Million Users to 4 Billion
Beyond Venezuela, the article notes how Bitcoin can help citizens suffering from inflation in Zimbabwe, those who want to avoid mass surveillance in China, NGOs that have their bank accounts frozen in Russia, and refugees without access to basic banking services. It also explains that cash fiat is used without government permission, but can be made virtually useless by hyperinflation and that many countries are moving to become cashless societies – thus strengthening the need for cryptocurrency.
“Less than 1% of the world’s population — no more than 40 million people — have ever used Bitcoin. But, according to the Human Rights Foundation, more than 50% of the world’s population lives under an authoritarian regime,” writes Gladstein. “If we invest the time and resources to develop user-friendly wallets, more exchanges, and better educational materials for Bitcoin, it has the potential to make a real difference for the 4 billion people who can’t trust their rulers or who can’t access the banking system. For them, Bitcoin can be a way out.”
When will we see widespread Bitcoin adoption by people living under authoritarian regimes? Share your thoughts in the comments section below.
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The Daily: Bitfinex Schedules Exchange Downtime, Koinex Adds New Security Features
Ifinex, the operator of Bitfinex and Ethfinex, is planning to briefly restrict access to the crypto trading platforms on Jan. 7 while migrating data to its new servers in Switzerland. Also in The Daily on Sunday, Indian exchange Koinex has updated its security features and Huobi’s mining subsidiary is preparing to launch a new trading platform dedicated to an altcoin.
Also read: Wallet Hacking Debate Heats Up, Bitcoin-Based Patreon Alternative Emerges
Ifinex Switches From AWS Cloud to Own Servers
Hong Kong-based cryptocurrency exchange Bitfinex and its subsidiary Ethfinex will temporarily halt trading on Monday, Jan. 7, 2019. The two platforms will be offline for three to seven hours, during which time their operator, Ifinex, will complete the migration of all data to new servers. Account holders will not be able to access their wallets and all features will be inaccessible for the duration of the upgrade.
In an announcement, Ifinex revealed it’s switching from AWS cloud services to a self-designed infrastructure. The exchanges will now be using its own dedicated servers in a data center located in the Swiss Crypto Valley. The hardware is suitable for high-volume trading and the company tweeted that the move aims to “significantly enhance platform speed, security and performance.” Ifinex further explained:
The last stage in this process necessitates taking Ifinex trading platforms offline, meaning that Bitfinex and Ethfinex account holders will be unable to trade or access their wallets during the transition.
The operator also noted that the change will bring some benefits to users. For example, the combination between selected hardware and new order submission gateways can potentially double the speed of processing. Ifinex also claims the bare-metal servers are inherently more secure as they are running dedicated custom hardware and are not reliant on a third-party cloud service.
Koinex Introduces Security Updates
India’s leading crypto exchange Koinex has unveiled new security features for its customers. The trading platform explained on Medium that the additional layers of security applied to the accounts will provide greater protection for users’ funds and add new functionalities. Koinex also promised to release more security updates in the future.
A special “Protection Mode” is now automatically activated after signing in. It prevents any withdrawals of digital assets for the first 10 minutes of each session. During that time, users can lock their account if they suspect it has been compromised. However, clients will be able to start trading immediately after they log in and the mode does not restrict P2P fiat withdrawals of the Indian rupee.
Koinex developers have also introduced an additional verification step for cryptocurrency withdrawals. Now each withdrawal request will have to be confirmed over email, which users can do by following a verification link they will receive to their registered email address.
The notification email sent to account holders after they sign in now has a “Lock My Account” link that allows them to block any transaction if they suspect fraudulent activity. The link will take users to a security page, where they’ll be able to lock their account and delete any open orders. When an account is locked, all crypto withdrawal requests that have not been confirmed by email are cancelled automatically.
Huobi Pool to Launch EOS-Dedicated Exchange
Huobi Group announced that its crypto mining subsidiary, Huobi Pool, is preparing to launch a new digital asset exchange in the first quarter of 2019. The platform will be focused on EOS and will allow users to trade the coin against a number of other cryptocurrencies. Commenting on the announcement, Huobi Pool’s chief executive officer Cao Fei stated:
As an EOS super node, Huobi Pool has placed its ecological development high on its list of priorities. Launching this EOS exchange is simply the next logical step in our support.
In the past few months, Huobi Pool has been working closely with the EOS community. The company has taken part in the building of an EOS testchain called the Crypto Kylin Testnet, which can be used to evaluate EOS-based projects.
Singapore-based Huobi group is a major crypto company that operates the third largest cryptocurrency exchange by daily trading volume, Huobi. It has been expanding its business recently in a number of sectors and markets.
What are your thoughts on today’s news tidbits? Tell us in the comments section.
Images courtesy of Shutterstock, Koinex.
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The post The Daily: Bitfinex Schedules Exchange Downtime, Koinex Adds New Security Features appeared first on Bitcoin News.
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Wells Fargo Scams Its Clients and Bans Crypto Purchases
United States bank Wells Fargo – the third largest in the country – has agreed to pay out $575 million for scamming its own customers. Over the past decade and a half, the financial giant has illegally charged clients for products which they never selected. These include collateral protection on automobile loans or life insurance […]
The post Wells Fargo Scams Its Clients and Bans Crypto Purchases appeared first on Toshi Times.
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Japanese Financial Regulator, FSA Receives 190 Cryptocurrency Exchange License Applications
40% of Investors are Interested in Cryptocurrencies: Chinese Survey
FCA, UK's Financial Authority Put 18 More Cryptocurrency Companies Under Scanner
UK's financial authority, the FCA (Financial Conduct Authority) has been monitoring cryptocurrencies and blockchain firms to understand the integrities ...
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Flashback 2018: 10 cryptocurrencies that lost the most in 2018
14% Chinese Citizens Have Invested in Cryptocurrencies
18 cryptocurrency-related companies are facing a problem in the UK…
It looks like Britain's Financial Conduct Authority is getting ever more interested in cryptocurrency… Whilst most stories this year about investigations ...
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PayThink Glut of cryptocurrencies a turnoff for merchants
In addition to a lack of simplicity, the sheer number of cryptocurrencies vying for attention make direct crypto adoption too risky. Instead, merchants ...
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In Which Ideas Is the Crypto Community Storing its “Hopium” for 2019?
Cryptocurrencies Mixed; FCA Probing Crypto-Companies
2018's battle between The SEC and cryptocurrency
7 Low Cap Cryptocurrencies (under $200 Million USD) I Have My Eye On
With over 2000 cryptocurrencies available, it's hard to know which have future profit potential. Unfortunately, it is incredibly tricky to figure out which ...
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US Federal Reserve not interested in launching its own cryptocurrency
Through their research they could conclude that a 'central bank will not issue cryptocurrencies in the sense of a truly decentralized and permissionless ...
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3 New Year's resolutions that might help thaw the 'crypto winter'
Chinese Survey Conducted About Cryptocurrency And Blockchain Acceptability
Chatter Report: Troutner Proposes Algorithmic Stablecoin on BCH, Sztorc Believes Austrian Economics Unnecessary
In today’s roundup of crypto chatter, Chris Troutner and Andreas Brekken play around with the idea of building an algorithmic stablecoin on BCH. Vin Armani debates with Painted Frog on Bitcoin’s similarities to Visa. Also, Paul Sztorc thinks that understanding Austrian economics is not that important to comprehend Bitcoin.
Also read: Developer Paul Sztorc Launches the First Version of Drivechain
Building an Algorithmic Stablecoin on BCH
Recently Shitcoin.com CEO Andreas Brekken took to crypto Twitter to wish everyone a happy new year. In his tweet, Brekken casually mentioned algorithmic stablecoins, an idea that Bitcoin.com senior developer Chris Troutner picked up on.
Do you know of any algorithmic stable coins worth checking into, other than DAI?
— Chris Troutner (@christroutner) December 30, 2018
Troutner queried Brekken for alternatives to the DAI, but the latter was not familiar with the field. Brekken then explained that he was optimistic about the technology, even though many academics and maximalists don’t believe algorithmic stablecoins are possible.
In response, Troutner called for the BCH community to bring DAI’s algorithmic technology onto BCH. He suggested using the Wormhole JavaScript SDK at developer.bitcoin.com to create an ERC20 token on the BCH blockchain. Instead of ETH, BCH would serve as a collateral asset. Even lead developer of Bitcoin ABC Amaury Sechet jumped into the thread, as he was positive on the idea.
Whormhole or kekoen can most likely do this.
— Deadal Nix (@deadalnix) December 31, 2018
Bitcoin More Similar to Visa Than Gold
Recently, CTO of Cointext Vin Armani had a debate with his followers on what the catalyst for Bitcoin mass adoption would be. Armani argued that those who stand to gain financially from bitcoin usage are the ones most likely to increase Bitcoin adoption.
Incentivizing Bitcoin Mass Adoption
Q. Who has the greatest incentive to convince you to use Visa?
A. Visa
Why? Because every time you use Visa, Visa makes money.
Those who will be the catalyst for Bitcoin mass adoption will be those who get paid every time you use Bitcoin.
— Ⓥin Ⓐrmani (@vinarmani) December 30, 2018
Not everyone responded well to Armani’s theory, as commentator Painted Frog argued that Bitcoin is intrinsically valuable like gold. Since society didn’t need to be convinced to use gold in the past, Bitcoin like gold, will eventually be used everywhere.
Armani responded by explaining that Bitcoin is more similar to Visa because both are systems and networks. On the other hand, gold is simply a shiny rock and an inert element.
Bitcoin: A Peer-To-Peer Electronic Cash System
Note the last word. That's the noun. What precedes it are adjectives.
Bitcoin, like Visa, is a SYSTEM, a network. Gold is an inert element. A rock is not a system.
— Ⓥin Ⓐrmani (@vinarmani) December 30, 2018
The Importance of Austrian Economics In Bitcoin
Austrian economics has always been a huge part of the Bitcoin community, and the growing popularity of Bitcoin has sparked a revived interest in Austrian economics. This was pointed out by the President of the Nakamoto Institute Michael Goldstein on social media. Some like cryptocurrency pundit Murad Mahmudov agreed with Goldstein and tweeted that cryptocurrency community members who understand Austrian economics have an edge over those who don’t.
Crypto market participants who do not have a grasp of Austrian econ are at a disadvantage. I’d argue that Bitcoin is an ‘Austrian’ technology & its success is breaking the legitimacy and relevance of a number of other economic schools in real time.
“We are all Austrians now” https://t.co/glhjz0aFBQ
— Murad Mahmudov
However, director of research at Tierion Paul Sztorc and bitcoin pundit nic__carter both argued that the importance of Austrian economics is highly overstated in the cryptocurrency space. While nic__carter confessed that he had never read any books on Austrian economics, Sztorc explained that he was very familiar with the Austrian school of thought.
Nor do I.
A cursory understand of the inflation tax is sufficient.
(And I say this despite having read AE very extensively.) https://t.co/B59qLJqHVJ
— Paul Sztorc (@Truthcoin) December 30, 2018
Despite a thorough understanding of Austrian Economics, Sztorc insists that only a brief understanding of how the government prints away purchasing power, also known as inflation tax, is enough to understand Bitcoin.
What do you think of an algorithmic stablecoin built on BCH? Let us know in the comments below.
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The post Chatter Report: Troutner Proposes Algorithmic Stablecoin on BCH, Sztorc Believes Austrian Economics Unnecessary appeared first on Bitcoin News.
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Australian Crypto Company Rapped for Paying Bounty Hunters for Glowing Reviews
Securities commissioners and trade experts have refused Australian blockchain startup Power Ledger a clean bill of ethical health after it emerged that the company paid rogue “bounty hunters” to shore up interest in its cryptocurrency. The project’s “powr” crypto has fallen 90 percent in value over the past year amidst bearish market conditions.
Also read: Russian Bitcoin Mining Granny is Bullish on Industry’s Future
Bounty Hunters Make False Claims
Spruikers, sponsored creators of glowing reviews, falsely claimed that Power Ledger, a peer-to-peer electricity-trading startup, had attracted the interest of Tesla founder Elon Musk, and was on a path to revolutionize the industry, in addition to other exaggerations.
According to local newspaper Financial Review, the Australian company rewarded spruikers with free allocations of its powr token, but denies responsibility for their embellishments. Power Ledger chairman Jemma Green maintains that spruikers posted the misleading reviews while operating outside of its control.
“Rewards were offered to community members to share our project with their own networks. The means by which they did so were outside of our control, and we made it clear that our core supporters who believed in the project and the future of renewable energy were the main audience for this program,”‘ Green was quoted as saying.
However, Australian Securities and Investments Commission (ASIC) head John Price said spruikers, which the company intends to maintain, should disclose that they are being rewarded by the entity. The commission this year set up a unit to monitor cryptocurrency investments.
Trade experts also commented disapprovingly on the ethical dimensions of spruiking to boost initial coin offerings (ICOs), a practice that surged in popularity during 2017’s crowdfunding mania. Questions have since been asked over the failure of the majority of ICOs to evolve into successful projects with real adoption.
A partner at Deloitte Consulting specializing in technology, Peter Williams, raised ethical concerns over the provision of financial incentives, or bounties, for individuals to promote initial coin offerings, describing these as “classic market manipulation techniques.”
‘A Quarter of ICOs Are Scams’
ASIC Commissioner Price cautioned that his agency is focused on disclosure in initial coin offerings, estimating that a quarter of them may be scams. “Just because you call something an ICO, doesn’t mean you are unregulated,” he said.
Power Ledger maintains that it deployed spruikers, which it calls community advocates, not only to promote its virtual currency, but also to improve the reputation of the blockchain and cryptocurrency industry.
“Some of our bounty group were professional bounty hunters chasing tokens because it’s what they do,” Power Ledger posted a few weeks after the token sale. “Some were bots reporting an astounding 5,000 likes of our social media output in a single 24-hour period.”
Power Ledger will continue to pay spruikers to promote its currency, which peaked at $2.4 billion during the crypto boom. The company’s token is now trading about 20 percent below its issue price.
Aside from the controversy, Power Ledger successfully tested a blockchain-based solar power-trading project in the Australian coastal city of Fremantle earlier this month, enabling around 40 households to determine both the buying and selling price of renewable electricity generated on their rooftops. The trial has been described by Western Australia’s Minister for Finance, Energy and Aboriginal Affairs, Ben Wyatt, as a “world first.”
What do you think of the accusations laid against Power Ledger? Let us know in the comments section below.
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The post Australian Crypto Company Rapped for Paying Bounty Hunters for Glowing Reviews appeared first on Bitcoin News.
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