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PR: VR Okoin – New Partnership with District 7 and New Year Promo “+50% Free Tokens”

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VR Okoin: New Partnership with District 7

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.

OKOIN: New Partnership with District 7 and New Year Promo “+50% Free Tokens”
The OKOIN Project is launching a New Year promo: +50% free tokens on a purchase of 1 ETH or more. The promo is effective from December 26, 2017 until January 7, 2018. Bonus tokens are credited automatically by the smart contract.

OKOIN is the world’s first project to create an independent decentralized system for distributing adult services and content, and is run by the VR Technology company. The main distinguishing feature of the project is that it is protected against regulation by national governments, and all goods and services can be purchased 100% anonymously with OKOIN tokens. With OKOIN, 18+ content is made available even in countries where the adult industry is banned or subject to strict limitations.

As of December 22, 2017, VR Technology entered into a partnership agreement with the company District 7, the largest representative of the adult industry in the virtual reality platform Decentraland. This strategic partnership will help increase sales of VR OKO virtual reality headsets, and ensure that the OKOIN token is stable and in high demand.

VR OKO is a virtual reality headset created by VR Technology to watch interactive 18+ movies. While watching a movie, the users can select the viewpoints, camera angles and zoom themselves, allowing for a truly unique viewing experience. At present, the VR OKO video catalogue includes 500+ movies in 40 genres. Nine adult studios have currently signed an agreement to cooperate with VR Technology to promote this line of business.

During an ICO launched on December 14, 2017, the OKOIN project drew $18 million in the first week only. The strategic partnership with the Decentralized project, which drew $24 million within 35 seconds of the launch of the ICO, and the growing popularity of VR OKO headsets suggests that the campaign will surpass the $20 million milestone by the end of 2017.

Starting from December 25, 2017 the OKOIN token’s value has reached $2.7. After January 14, 2018, the price of the token will be regulated by stock transactions.

OKOIN Project’s Official Website – https://okoin.io/?utm_source=bitcoincom&utm_medium=cpc&utm_campaign=web

VR Technology’s Official Website – https://vrtechnology.cz

Contact Email Address
roman@vrtechnology.cz
Supporting Link
https://okoin.io/

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.

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Indian Entrepreneurs Rush to Launch Crypto Companies Following Bitcoin Boom

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Indian Entrepreneurs Rush to Launch Crypto Companies Following Bitcoin Boom

News

Despite the government ramping up regulatory measures for bitcoin traders and exchanges, Indian entrepreneurs are rushing to set up companies with bitcoin or cryptocurrency-related words in their names.

Also read: South Korea Clarifies Position After Reports of Possible Ban on All Crypto Transactions

Capitalizing on Crypto

Indian entrepreneurs have been rushing to register businesses with the word “bitcoin”, “crypto”, or “coin” in their names, Tech Observer reported on Tuesday. The publication elaborated:

[A] large number of Indian entrepreneurs from Ghaziabad to Kanpur, to Darjeeling, to Jaipur, to Delhi, to Ahmedabad, [and] to Mumbai are rushing to set up companies to cash in on bitcoin.

Indian Entrepreneurs Rush to Launch Crypto Companies Following Bitcoin BoomAccording to the news outlet, there are at least a dozen companies that have already been registered across the country with the word “bitcoin” as part of their business names, and a large number of applications are still pending at the Indian Registrars of Companies.

There are even more businesses registered with the word “crypto” in their names, and several others are adding prefixes to the word “coin,” such as Indicoin, Bharatcoin, and Swachhcoin, the news outlet also detailed.

The filings for these new companies show a wide range of business activities such as the retail trade of personal household goods, financial intermediation, and investigative journalism. Some are also planning initial coin offerings (ICOs), the publication noted, adding that:

Several officials from the auditing and accountancy fields also said many listed companies are looking into changes in their names and ‘articles of association’ to include ‘bitcoin’ or other cryptocurrencies to join the bandwagon.

Based on the Registrars’ data, “the registered entities include Bitcoin Bazaar, Bitcoin Exchange, Bitcoin Finconsultants, Bitcoin India Software Services, Bitcoin Services India, Bitcoiners India, Bitcoins India and Bit Coin Infotech,” the Millennium Post reported. Other names include “Crypto Advisors, Crypto Futuristic Trades, Crypto Infotech, Crypto IT Services, Crypto Labs, Crypto Mining, Crypto Yo Coin India, Cryptocoin Solutions and Cryptomudra Digital Services.”

Crypto Craze Grows Despite Regulators’ Warnings

Indian Entrepreneurs Rush to Launch Crypto Companies Following Bitcoin Boom
Finance Minister Arun Jaitley.

India’s finance minister Arun Jaitley has repeatedly said that the government does not recognize bitcoin as legal tender. Similarly, the Reserve Bank of India (RBI) has so far issued three notices related to bitcoin and other cryptocurrencies, warning investors and citizens of the risks involved with using them.

Earlier this month, news.Bitcoin.com reported on the Indian government sending notices to wealthy bitcoin traders, informing them that they will have to pay capital gains tax. The notices followed on-site searches by the Indian tax department at nine of the country’s top bitcoin exchanges.

Meanwhile, as bitcoin’s price has risen worldwide recently, Indian bitcoin exchanges have reported a flood of requests and new user registrations, news.Bitcoin.com also reported. “Every three months our bitcoin trade volumes have been doubling, and that trend is continuing — The price movements have helped in the volume increase,” Saurabh Agrawal of Zebpay revealed. Tech Observer wrote:

The mad rush of entrepreneurs and investors seem to be continuing despite repeated regulatory warnings about bitcoin and its various alternatives.

Do you think that all this activity will spur the Indian government to regulate bitcoin even sooner? Let us know in the comments section below.


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Former FDIC Chair Sheila Bair on Bitcoin: “Value — Like Beauty — Is in the Eye of Beholder”

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Former FDIC Chair Sheila Bair on Bitcoin:

Featured

Former Federal Deposit Insurance Corporation (FDIC) chair Sheila Bair was given a platform on Yahoo! Finance to share her thoughts on the world’s most popular cryptocurrency, bitcoin. While she trucks in regulatory speak, some of her ideas might surprise crypto enthusiasts.

Also read:Bundesbank Board Member: No Plans to Issue State-Backed Cryptocurrency

Former FDIC Chair Sheila Bair on Bitcoin:

Bitcoin’s Value is Psychological

Agreeing the current price run-up is indeed a bubble, the former FDIC chair asks rhetorically what should be done. She alludes to Nobel Prize economist Joseph Stiglitz’ bromide at the digital asset for having no socially useful function, calling for an outright ban. But then she insists “Value — like beauty — is in the eye of beholder.”

Ms. Bair was appointed by President W. Bush to a five-year term fro summer 2006 through President Obama’s first term, ending summer of 2011. The FDIC is a Depression-era solution to pool private money into a fund in order to lessen bank runs.

Bitcoin’s Beauty is in the Eye of the Beholder

Runs usually occur when confidence is lost in the deflationary aspect of a currency, and folks can see the value dropping; the quicker they get to it and spend it, trading it for something that holds better value, the less they’ll suffer. The FDIC since 2011 guarantees deposits up to 250,000 USD based on that private pool and 100 billion USD credit from the US Treasury. Currently close to 6,000 banks subscribe.

Unfortunately, Ms. Bair misses a chance to explain bitcoin and the Bitcoin network underlying it do possess inherent value, as they make it both a token and payment system. Instead, she equivocates, stating: “Since the beginning of commerce, humans have assigned value to things of no readily-apparent intrinsic worth. Particularly in the case of mediums of exchange, aka currency, we assign value simply because those with whom we transact do so as well. Whether it is the cowry shells of ancient India or the thin green pieces of paper many of us still carry in our wallets today, worth depends more on psychology than physical attributes,” she argues.

Bitcoin’s Beauty is in the Eye of the Beholder

Loss is the Best Teacher

With the best of intentions, she rifles through use cases where faith in government fiat failed, such as in Germany and Southeast Asia. She does acknowledge the “strong allure” of peer-to-peer transacting and how “unlike fiat currency, its finite supply and purposeful constraints on the pace of ‘mining’ make it attractive to many as a store of value, similar to gold.”

She attributes bitcoin prices to mania, but cautions government against feeding the frenzy. Banks participating in FDIC protection and services should not be allowed to participate, she warns. And while that would be an unpopular decision in the short run, it actually might win broad approval from bitcoiners who fear banks and their meddling.

Bitcoin’s Beauty is in the Eye of the Beholder

Ms. Bair lauds the New York license, and believes Cboe and CME futures contracts will ultimately bring more regulation (to her mind, stability) to the digital asset by the very nature of sharing information with crypto exchanges. She is also appreciative of the SEC’s more aggressive moves against initial coin offerings.

She too uses the blockchain buzzword (and she reveals she is part of a business dealing in the tech), and it’s ironic because of the usage of that word seems to be the real bubble. Businesses simply attaching blockchain to their names have seen crazy rises in valuations. Finally, she saves her soundest advice for last: “The best discipline for bitcoin speculation is the recent fall in price by one-third.”

What do you think about Ms. Bair’s appraisal? Let us know in the comments below.


Images: Pixabay, FDIC. 


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Several Bitcoin Exchanges Are Closing Their Doors to New Traders

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Bitcoin Exchanges Are Closing Their Doors to New Traders

Markets and Prices

A massive influx of new clients begging you to take their money is the best kind of problem any business could dream of having. Nevertheless, bitcoin exchanges are now having to cope with such a situation by finding ways to reduce the load. As a result new traders are left with fewer options as, one by one, venues have been closing their doors to clients.

Also Read: Hit BTC Introduces Deposit Charges to Deal With High Bitcoin Fees

Try Again Next Year

Whether you are trying to get into the bitcoin world for the first time or are a veteran investor attempting to diversify your trading venues, you have likely noticed it isn’t easy to open an account with many exchanges these days. These companies are bombarded with applications and support teams are failing to maintain a timely service. A number of them have already given up on accepting new clients for the time being, so as to be able to handle existing business.

Bittrex acknowledged previously reported users’ complaints and explained its decision to halt new registrations by writing that: “We are excited to have so many new users who want to join the Bittrex community. Unfortunately, we have to make a few upgrades to our support and backend systems to handle the increased traffic and load.”

CEX.IO explains its suspension of new registrations in a similar way: “Every day, an enormous number of users registers on our exchange…this has been putting additional pressure on our support and verification teams. Currently, we’ve come to a point when the number of tickets submitted to our support team became critical.”

Bitcoin Exchanges Are Closing Their Doors to New Traders
Bitfinex Sign Up Page

And Bitfinex has this message to anyone trying to sign up: “The reason we have decided to temporarily stop accepting new accounts is that we cannot undermine the quality of our services for our existing traders by flooding the system with new, small accounts.”

Degraded Service

Bitcoin Exchanges Are Closing Their Doors to New TradersOther exchanges might not have announced an explicit decision to stop accepting new clients, but many people are complaining that this is what is happening in effect as their applications are simply not being handled. If you are waiting in line forever while the price of bitcoin is going up, the feeling can be agonizing.

Meanwhile, having to rapidly onboard so many new clients has made providing normal service much more challenging for exchanges. Kraken for example acknowledged that: “Performance is extremely degraded and unreliable. Clients can expect severe latency and difficulty interacting with all web and API services. Requests will frequently timeout and fail. At the moment, the only solution is to wait and try again later.”

What recent exchange issues have affected your trading? Let us know in the comments section below.


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PR: ShipChain Using Blockchain to Change the Shipping & Logistics Market

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ShipChain - Blockchain to Change the For Shipping & Logistics Market

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.

January 1 will be the start of the Public Sale for ShipChain, the project that will use blockchain to change the shipping & logistics market.

ShipChain encompass all methods of freight, and will include an open API architecture that can integrate with existing freight management software.

Simply put, it’s a fully integrated system across the entire supply chain, from the moment a shipment leaves the factory, to the final delivery on the customer’s doorstep; trustless architecture, and transparent blockchain smart contracts.The movement of goods has a significant and growing influence on the daily lives of people around the world.

According to a market report published by Transparency Market Research, “The market’s global value was $8.1 trillion in 2015, and is expected to grow to $15.5 trillion by 2023 , making it one of the largest industries on the planet. The industry is currently 10% of the United States GDP.

Today, the supply chain has serious bottlenecks. The lack of a unified platform prevents the various players from interacting efficiently. Most of the participants in the supply chain use outdated ways to track their shipments. Given that upwards of 65% of the value of a company’s products or services is derived from its suppliers and its supply chain, utilizing older highly ineffective systems results in tremendous amounts of wasted time, resources, and money.

ShipChain was established to address the most significant problems facing the logistics industry today. The fully integrated system will track across the entire supply chain–from the moment it leaves the factory, field, or farm–to delivering the finished product to the customer’s doorstep; a trustless system, and transparent blockchain contracts.

The ShipChain system uses an Ethereum smart contract that can be used by anyone to orchestrate a shipping escrow on the distributed ledger. The overall shipment completion will be stored on the main Ethereum blockchain, and to keep costs low, individual tracking waypoints and load data can be stored and verified in an associated side-chain operating on the ShipChain Protocol, such as the one ShipChain Foundation.” Large partners will be able to operate their own ShipChain side-chains, with aid from ShipChain Foundation.

Public sale will be held in January 2018. 29.17 million SHIP tokens will be sold.It is planned to raise approximately $10 million in ETH. $0.342 per token is the ICO price.

Company website: https://shipchain.io/index.html
White Paper (EN/CN/RU/ES/KR/JP): https://shipchain.io/shipchain-whitepaper.pdf

Contact Email Address
presale@shipchain.io

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.

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Major Korean Banks Drop Bitcoin Point Swap Services

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Major Korean Banks Drop Bitcoin Point Swap Services

Finance

South Korean banks are further distancing themselves from bitcoin following the government’s ”emergency” regulation which bans them from direct involvement in cryptocurrency-related activities. Shinhan Bank and KB Kookmin Bank have announced that they are discontinuing their points for bitcoin exchange services in January.

Also read: South Korea Clarifies Position After Reports of Possible Ban on All Crypto Transactions

Major Banks Move Away From Bitcoin

Two major Korean banks announced this week that they are discontinuing their “credit card points for bitcoin swap” services, Korea Biz Wire reported. Shinhan Bank will discontinue its service on January 15 and KB Kookmin Bank on January 22. The news outlet explained that currently:

KB Kookmin Card and Shinhan Card points can be redeemed for bitcoins at cryptocurrency exchange Coinplug, which has partnership agreements with both banks.

Banks’ Rewards Systems Explained

Major Korean Banks Drop Bitcoin Point Swap ServicesShinhan Bank’s rewards system, called the Shinhan Fan Club, allows customers to collect and spend points accumulated on their Shinhan credit cards. Points are earned when the cards are used for services at seven Shinhan affiliates: Shinhan Bank, Shinhan Card, Shinhan Financial Investment, Shinhan Life, Shinhan Capital, Jeju Bank, and Shinhan Savings Bank.

Major Korean Banks Drop Bitcoin Point Swap ServicesKB Kookmin Bank has a similar rewards system. Its service, called Liiv Mate, allows customers to collect and spend points on the bank’s credit cards.

Points accumulate when customers use KB Kookmin credit cards at KB Kookmin Bank, KB Insurance, KB Kookmin Card, KB Investment & Securities, KB Life Insurance, KB Capital, and KB Savings Bank. “Customers can earn reward points with their transactions at those seven companies and use their points like cash at shops associated with KB Kookmin Card,” Korea Times noted.

The two banks partnered with Coinplug to allow their credit card points to be redeemed for bitcoin.

Regulation Drives Korean Banks Out of Crypto Space

When the government announced its emergency measures for cryptocurrency regulation earlier this month, Choi Hong-sik, the governor of the Korean Financial Supervisory Service, was quoted by Yonhap saying:

We will prohibit financial institutions from directly entering or trading in virtual currency markets.

Major Korean Banks Drop Bitcoin Point Swap ServicesEver since Choi “expressed the government’s intention to ban financial services firms from directly dealing or setting up shop in the cryptocurrency market, banks have one by one halted their cryptocurrency-related offerings,” Korea Biz Wire added.

Most major banks have already stopped issuing virtual bank accounts to cryptocurrency exchanges, as previously reported by news.Bitcoin.com. Virtual accounts are needed for trading cryptocurrencies in Korea.

In September, a service that allowed the purchase of cryptocurrencies using credit cards at the country’s leading bitcoin exchange Bithumb was shut down, two months after it launched. At the time the country’s financial authorities pointed out that “the service could be exploited by criminals using counterfeit credit cards,” the news outlet conveyed.

Do you think banks distancing themselves from cryptocurrencies will have a huge impact on the Korean crypto markets? Let us know in the comments section below.


Images courtesy of Shutterstock, Shinhan Bank, KB Kookmin Bank.


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EU Finance Commissioner: The Political Body Has No Plans to React to Bitcoin

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EU Finance Commissioner: The Political Body Has No Plans to React to Bitcoin

Regulation

Some members of the European Union have been discussing the popularity of the decentralized currency bitcoin, and the EU’s political body recently added “digital currencies” to its anti-money laundering statutes. However, the EU commissioner for financial affairs, Pierre Moscovici, explains in a recent interview that at this stage politicians have no plans to “react” just yet to the bitcoin phenomenon.

Also read: Belarus Legalizes Cryptocurrencies and ICOs – Tax-Free for Five Years

The EU Adds Digital Currency Definitions to Existing Legislation, But the Financial Commissioner Says the Political Body Has No Current Plans to Regulate Bitcoin

EU Finance Commissioner: The Political Body Has No Plans to React to Bitcoin
European Union financial affairs commissioner, Pierre Moscovici.

Bitcoin is trending worldwide, and regulators and bureaucrats from individual countries are discussing the subject quite heavily. Political bodies from the U.S., Asia, and EU have been talking about the many ways they can regulate the cryptocurrency by clamping down on bitcoin businesses and exchanges. Politicians from the EU particularly have been concerned with terrorism financing, money laundering, and tax evasion that they believe can be tied to cryptocurrencies. News.Bitcoin.com recently reported on European legislators adding digital currencies to the Fourth Anti-Money Laundering Directive which basically considers currencies like bitcoin to be a “monetary instrument.”

Although spectators believe the EU is “cracking down” on cryptocurrencies the European Union commissioner, Pierre Moscovici says the political body has no plans to regulate them at the moment.

EU Commissioner: “We Don’t Think We Have to React to Bitcoin at This Stage”

In an interview on the broadcast ‘Bloomberg Surveillance,’ with Francine Lacqua, the EU’s financial commissioner, Pierre Moscovici, is explicitly asked about bitcoin and regulating the digital asset.

“Commissioner are you looking at bitcoin at all and does the is the EU planning to take any action to regulate it?” Lacqua asks the EU’s financial affairs commissioner.

“At this stage, we do not consider bitcoin as an alternative currency, not like the euro — We see that there is quite a lot of speculation about that [bitcoin],” Moscovici responds.

Sometimes speculation is overactive or exuberant — We look at that and analyzed the phenomenon, but we don’t think we have to react to bitcoin at this stage as a political and technical body.

Regulatory Conversations for Bitcoin Are Not Happening Right Now                     

The latest definitions added to the EU’s Fourth Anti-Money Laundering Directive include digital currencies and prepaid debit cards which is not much different than the legislation being drafted across many states in the U.S. So Lacqua asks the EU commissioner if politicians and regulators from the region are even “talking about regulating bitcoin.” Moscovici details to the host that regulatory discussions are not so prevalent right now. 

“No we are not having those conversations right now,” Moscovici emphasizes.

What do you think about the EU financial commissioner’s statements? Let us know what you think in the comments below.


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Twenty Years Ago, Two Men Predicted Bitcoin

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Twenty Years Ago, Two Men Predicted Bitcoin

Reviews

Clinton began his second term as President of the United States. Titanic dominated the box office. Hanson’s “MMMBop” stormed music charts. The year, 1997, also turned out to be when two cranks, fringe thinkers, wrote The Sovereign Individual: Mastering the Transition to the Information Age (TSI), published by Simon & Schuster. Catastrophic impresarios James Dale Davidson and Lord William Rees-Mogg wrote a curiosity: a history book focused upon the coming future. Humanity, they urged, was involved in a great transition. Audacious, weird, and at times just plain creepy, the duo managed to hammer out what amounts to cryptocurrency in eerie exactness to its real-life form, bitcoin, a full ten years before anyone, including Satoshi Nakamoto.

Also read:New Wallet from Opendime, the Coinkite Coldcard, is Cypherpunk Cool

Twenty Years Ago, Two Men Predicted Bitcoin

Bitcoin’s Prescient Fathers

“Now the advent of the Information Age implies another revolution in the character of money,” a subsection at almost the exact middle of TSI, written in the late 1990s, starts. “As cybercommerce begins, it will lead inevitably to cybermoney. This new form of money will reset the odds, reducing the capacity of the world’s nationstates to determine who becomes a Sovereign Individual. A crucial part of this change will come about because of the effect of information technology in liberating the holders of wealth from expropriation through inflation,” they write.

Lord William Rees-Mogg died in 2013 at the age of 84. He was a man of letters, having spent a notable stint as editor at the venerable Times of London, the youngest to have ever held the job. He was known throughout his life for adhering to the pinstripe suit long after everyone else had gone casual. He wrote by hand, even with the ubiquity of computers and word processors. He even refused to drive a car.

Twenty Years Ago, Two Men Predicted Bitcoin
Lord William Rees-Mogg

His editorials were filled with gems. When polite British society, of which he was surely a member, tutted at 60s boy band The Rolling Stones for their drug usage, and cheered their potential caging, his Lordship castigated, “If we are going to make any case a symbol of the conflict between the sound traditional values of Britain and the new hedonism, then we must be sure that the sound traditional values include those of tolerance and equity,” he wrote, defending the then-lads. The title of that defense bears reprinting, “Who Breaks a Butterfly on a Wheel?” He also wrote a great deal about economics, and was a fan of the gold standard.

He was around 67 years old when he and his co-author, Mr. Davidson, continued in TSI during the late 1990s, “Soon, you will pay for almost any transaction over the Net or World Wide Web at the same time you place it, using cybercash. This new digital form of money is destined to play a pivotal role in cybercommerce. It will consist of encrypted sequences of multi-hundred-digit prime numbers. Unique, anonymous, and verifiable, this money will accommodate the largest transactions. It will also be divisible into the tiniest fraction of value. It will be tradable at a keystroke in a multi-trillion-dollar wholesale market without borders,” they predict. 

Crazy Exact Detail

James Dale Davidson, an American and a much younger man, is renown for making predictions, not all of which came about. He’s famously a Bill Clinton hater, but Mr. Davidson is best known for making the consistent prediction of the US economy being just this close to disaster. In 2008, of course, he was right. He’s a founder of the National Taxpayers Union, and is a frequent contributor to Newsmax.

Mr. Davidson met Lord Rees-Mogg while at Oxford nearly forty years ago. A chance encounter over antiquarian book searches ended up in a friendship and a working relationship lasting decades. It first evolved into newsletters, which then became books such as Blood in the Streets, The Great Reckoning, and, of course, The Sovereign Individual, the subject to which we return.

Twenty Years Ago, Two Men Predicted Bitcoin

“Inevitably, this new cybermoney will be denationalized. When Sovereign Individuals can deal across borders in a realm with no physical reality, they will no longer need to tolerate the long-rehearsed practice of governments degrading the value of their money through inflation. Why should they? Control over money will migrate from the halls of power to the global marketplace,” the claim, again twenty years ago.

The Sovereign Individual is an argument, and a great deal of it presupposes an inchoate sense of American libertarianism upon the rest of the world. That’s problematic for a host of reasons, not least of which is, well, most of the world worships governance at various forms of state levels. Talk is incessant about what government should be doing, not how less of it should exist, and this has been a trend for as long as anyone can remember.

Free Money, Free People

That aside, Mr. Davidson and Lord Rees-Mogg believe a kind of 21st century clash of Western Civilization to be coming. Governments are inherently parasitical, taking from the productive classes and redistributing based upon favored groups. Governments are able to be this perverse middle-person, picking winners and losers, because of the power of its purse. A kind of borderless, untethered digital currency would be, if popularly adopted, its sure demise. The Atlas shrugging, if you will, of the world will begin as more of the productive sectors take their lives online, the book insists, and away from landed government.

All of human life will radically change under the rubric of encrypted technologies. Free from governmentalism, state nannies, and minders, the productive will be free to streamline goods and services and labor in ways previously not considered. Even government’s main reason for existence, the monopoly on violence, will be virtually done away with as a result.

Twenty Years Ago, Two Men Predicted Bitcoin

Mr. Davidson and Lord Rees-Mogg make no bones about what might happen in the wake of government services, the welfare and warfare states, being diminished. It will not be pretty. At least the engine of society, its movers and shakers, the natural aristocracy, will be able to start civilization anew, going where they’re appreciated rather than being chained to ethnic or political country-persons.

Freeing money means freeing people. They explain, “Each transaction will involve the transfer of encrypted multi-hundred-digit prime number sequences. Unlike the paper-money receipts issued by governments during the gold-standard era, which could be duplicated at will, the new digital gold standard or its barter equivalents will be almost impossible to counterfeit for the fundamental mathematical reason that it is all but impossible to unravel the product of multi-hundred-digit prime numbers. All receipts will be verifiably unique,” which is so exactly spot-on it can take a reader’s breath. 

“The verifiability of the digital receipts rules out this classic expedient for expropriating wealth through inflation. The new digital money of the Information Age will return control over the medium of exchange to the owners of wealth, who wish to preserve it, rather than to nation-states that wish to spirit it away.”

Plausibility

“Use of this new cybermoney will substantially free you from the power of the state,” becomes their almost anarchic thesis, though they do allow for government in pockets.

Twenty Years Ago, Two Men Predicted Bitcoin

Bitcoin doesn’t require all of the above to work. It works on several levels, as governments could just as easily adopt a version and restrict pathways and physical transacting in any number of procedures. I do not believe it will snuff out fiat currency nor bring down governments. So on that score, I disagree with TSI, though I root for much of its conclusions.

Governments are unnecessary as they are evil, and they exist solely on their ability to bully and cajole. Try leaving. Try not paying taxes. Try to live just a tad outside of its vast laws. You’ll find quaint notions like consent of the governed to be a grave myth right up there with Santa Claus.

Bitcoin can a be a way to escape some of government’s machinations, for sure. However, governments are proficient in exactly two areas: expropriation and killing. The latter enforces the former. That a great many, perhaps the vast majority, of humans believe their very lives are the result of government policies also does not bode well for predicting its demise. Whatever the case, TSI borders on the brilliant, and as a thought experiment is well worth your time.

Do you think they predicted bitcoin? Let us know in the comments section below.


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Disclaimer: 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.

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Indian Police Forces Break up Gang Praying on Bitcoin Investors

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Indian Police Forces Break up Gang Praying on Bitcoin Investors

News

The incredible bitcoin price rally this year has attracted a lot of new people to the cryptocurrency world, many of them just looking to make a quick buck without understanding too much what they are getting into. Naturally this kind of situation attracts criminals that look to exploit it, the most recent example being a gang in India.

Also Read: Tax Investigators Raid Bitcoin Exchanges Across India

Local Bitcoins Gang

Indian Police Forces Break up Gang Praying on Bitcoin InvestorsThe Uttar Pradesh Special Task Force (STF) has announced it recently busted a gang targeting local people interested in trading bitcoin. The alleged criminals used the Localbitcoins service find their victims, offered them discounts from the going rates to entice them into sending fiat and than never deliver the bitcoin. The police say they were flooded with multiple complaints based on the same operational method which prompted them to take action.

“There are sites where people can trade in cryptocurrency where both buyers and sellers are available. The gang first lured traders to purchase the Bitcoins at low prices and even transferred some into their e-wallets to win their trust,” said the head of the STF’s cyber wing, superintendent Triveni Singh.

“After this, the fraudsters got the original currency transferred into their bank accounts, opened on forged identities, when the traders demanded bigger amount of Bitcoins. They disappear after withdrawing money from their bank account,” police officer Singh added.

Unintended Consequences

Indian Police Forces Break up Gang Praying on Bitcoin InvestorsWhile the police acted to protect bitcoin investors in this case, it could be the authorities’ fault that such cases will continue to happen in India. This is because the country’s bitcoin exchanges are currently facing the threat of a government crackdown, investigating their records for potentially facilitating tax evasion by ‘high net worth’ individuals.

Indian demand for bitcoin is booming these days, trade volume shows, leading people to even ask it as their wedding gift. If the legitimate online exchanges become too burdened with heavy handed regulations, or won’t be allowed to operate freely at all, as some fear might happen, offline trading will surely fill the gap.

How do you make sure not to be taken advantage of when trading bitcoin offline? Share your thoughts in the comments section below!


Images courtesy of Shutterstock.


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One Week On from the Etherdelta Hack, Funds Are Still Being Stolen

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One Week On from the Etherdelta Hack, Funds Are Still Being Stolen

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One of the major benefits of decentralized exchanges is that they can’t be hacked – or so the theory went. As Etherdelta’s users found out last week, however, that’s not quite true. After accessing the site’s DNS records and replacing the domain with a sophisticated fake, attackers were able to hoover up hundreds of thousands of dollars in ethereum and tokens. One week on and thefts are still being reported, as the hacker continues to prey on unsuspecting victims.

Also read: Chinese Programmer Arrested Over ¥20 Million Bitcoin Theft

Hackless Exchange Gets Hacked

As Etherdelta confessed six days ago: “At least 308 ETH” (worth around $270,000) plus “a large number of tokens potentially worth hundreds of thousands of dollars” was taken. The attacker went to great lengths to pull off the scam, creating a fake Etherdelta site that looked uncannily like the real thing complete with a false order book. It was believed at the time that users who had accessed the site via browser plugin Metamask or Myetherwallet were unaffected. Reports are now surfacing, though, that suggest the attack may have inflicted wider damage than at first thought.

Tommy World Power is a well known cryptocurrency trader and vlogger who was among those affected by the Etherdelta hack. He initially thought he’d been spared from the attack, only to tweet, six days later:

One Week On from the Etherdelta Hack, Funds Are Still Being Stolen
He continued: “It was on my to-do list to withdraw the funds off it, was trying to do it now (and I only keep short-term funds there). This means they had access to my account since the hack, but only did it a few hours ago.”

Like everyone else caught up in the hack, Tommy had all of his funds drained. Etherdelta has been bombarded with tweets from users who didn’t lose anything at the time of the hack, but whose wallets have since been emptied.

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The attacker has been linked with this ethereum address, which currently contains around $4.3 million of ETH. The address has been labeled “Fake_Phishing306” and is accompanied by a warning on Etherscan that the account has been associated with phishing scams.

It seems the Etherdelta hacker has had success with targeting users of numerous platforms via a range of attack vectors. Some users have even claimed that less scrupulous exchanges work hand-in-hand with hackers, plying them with account details that can then be cracked. There is no suggestion that this is the case with Etherdelta, it should be noted, and it is an allegation that is extremely hard to prove. Nevertheless, incidents such as this prove the dangers of trusting any exchange, decentralized or otherwise.

One Week On from the Etherdelta Hack, Funds Are Still Being Stolen
The account where millions of stolen ether is currently stored.

After learning of his losses, Tommy World Power embarked on a mission to have the attacker’s accounts at Binance and Coinexchange.io frozen, where they were believed to be offloading their hot ether. Trading volume on Etherdelta has been low since the exchange came back online. Users are torn between wanting to get their hands on desirable tokens, such as Dragonchain, and wanting to avoid the site for security reasons. While work continues elsewhere on projects such as atomic swaps, investors are left with little option but to rely on exchanges, despite their inherent risks.

Do you think decentralized exchanges are safer than their centralized counterparts? Let us know in the comments section below.


Images courtesy of Shutterstock, and Etherscan.


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