We use Bitcoin ;) - page 34
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Negative Feedback to BitLicenses and Is Dogecoin Doomed?
Last week’s bitcoin news was headlined by an announcement from the New York Department of Financial Securities (NYDFS) that it had created proposed guidelines for the issuance of BitLicenses. The licenses would provide regulation for bitcoin companies in the financial sector. The issuance of regulation is expected to make it easier for firms to create banking relationships with existing financial companies which are important for many bitcoin businesses involved with the exchange of fiat and digital currencies.
BitLicenses to Crush Industry?
Not everyone was excited about the prospects of the proposed guidelines. By pushing far reaching requirements such as for handling compliance, money laundering, accounting and handling customer funds, costs associated with complying with the regulation may limit those who are able to actually receive a BitLicense. Responding negatively, the newly created Chamber of Digital Commerce, issued a press release stating, “The Digital Chamber agrees that we need guardrails in these areas, but these proposed regulations are onerous and in many cases simply misplaced, with the potential to seriously injure legitimate applications of this valuable emerging area.” The release was made public in a press conference at Coin Congress San Francisco, where Chamber of Digital Commerce, Perianne Boring, addressed the media and attendees. In her remarks, Boring also added the importance of firms and people involved to comment to the NYDFS to invoke potential changes to the guidelines.
Dogecoin Stumbling
It’s hard to say that dogecoin is stumbling, as its community of backers continues to be heavily involved with supporting projects around the digital currency. However, prices have been steadily declining with the digital currency trading most of July under 40 satoshis (about $0.00025), and well off all-time highs of above 225 satoshis in February of this year. Adding to problems of the coin is a falling hashrate which could make it vulnerable to a 51% attack. Providing a solution, litecoin creator, Charles Lee, has proposed merged mining with litecoin to increase its hashrate making it more impervious to 51% attacks. For cryptocurrencies, their lifeblood as a currency is the ability to limit double spending taking place. Under a 51% attack, double spending is possible by those controlling the blockchain
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Bitcoin trades near 1-month low as sentiment remains shaky
Bitcoin prices traded near a one-month low on Wednesday, as investors were hesitant to buy into the market amid bearish chart signals.
BTC/USD fell to a session low of $571.00 on Slovenia-based BitStamp, before trimming losses to last trade at $572.01 during U.S. morning hours, down 1.49%, or $8.68. Bitcoin prices slumped to a one-month low of $570.50 on July 28.
Elsewhere, the price of a Bitcoin on Bulgaria-based BTC-e dropped 1.64%, or $9.49, to trade at $570.04. Prices fell to a one-month low of $562.00 on July 28.
According to the CoinDesk Bitcoin Price Index, which averages prices from the major exchanges, prices of the crypto-currency lost 1.43% to trade at $573.87.
Sentiment remained shaky as prices of the virtual currency held below the key psychological $600-level.
A wave of technical selling kicked in earlier in the week after prices dropped below key support levels, triggering fresh sell orders amid bearish chart signals.
Bitcoin is digital cash and is not backed by a government or central bank to regulate or issue it. It can be used to purchase goods and services from stores and online retailers.
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Bitcoin prices remain below $600 amid bearish chart signals
Bitcoin prices declined on Tuesday to remain below the key $600-level as market participants were hesitant to buy into the market amid bearish chart signals.
BTC/USD declined 1.01%, or $5.94, on Slovenia-based BitStamp to trade at $581.70 during U.S. morning hours.
Bitcoin prices were likely to find support at $555.90, the low from July 31, and resistance at $607.20, the high from August 1.
Elsewhere, the price of a Bitcoin on Bulgaria-based BTC-e dropped 0.92%, or $5.40, to trade at $579.00.
According to the CoinDesk Bitcoin Price Index, which averages prices from the major exchanges, prices of the crypto-currency shed 0.63% to trade at $583.10.
Sentiment remained shaky as a wave of technical selling kicked last week after prices dropped below key support levels, triggering fresh sell orders amid bearish chart signals.
Bitcoin is digital cash and is not backed by a government or central bank to regulate or issue it. It can be used to purchase goods and services from stores and online retailers.
Bitcoin Still Narrow But Is It Oversold?
BTC/USD fell 0.49% today, currently trading at $586. The level of adoption has slowed in developed countries, but has been gaining significant momentum in developing markets. The VBTC, a Vietnamese bitcoin exchange, remains extremely bullish on the future potential of Bitcoin in South-East Asia. The World Bank estimates that the remittance flow is projected to peak at $540 billion by 2016. As Bitcoin becomes increasingly better known and easier to acquire, migrant populations can transfer money internationally more quickly and cheaply than via traditional methods.
Last week, the UK chancellor George Osbourne initiated research into whether Bitcoin could fit into the government’s strategy of making the UK a world leader in financial technology. Also, the French senate’s financial committee issued a report on Bitcoin that was positive; technology can no longer be disregarded by the public authorities and despite risks, Bitcoin offers multiple opportunities for the future as a payments system and as a decentralized validation protocol. These fundamentals should help to push the price higher in the coming days, as Bitcoin becomes more accepted and better understood by governments.
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hmm. i'll try to use one, thanks guys!
hmm. i'll try to use one, thanks guys!
To use what?
This is a thread about bitcoin. Did you check what bitcoins are?
bitcoin has a big value. but its valude is not stable. we will risky when we keep it
After some time, when the political morons finally understand that bitcoin type of money is the perfect way to make us slaves, there will be nothing butt bitcoins. Enjoy while you can and while the morons still did not find out how they can hide what they have, When it starts, our money will not be safe from the big brother any more
Bitcoin prices stabilize after extreme volatility
Bitcoin prices stabilized on Wednesday, following enormous volatility in the early part of the week.
Bitcoin (BTC/USD) eased down 0.06%, or 28 cents, on Slovenia-based BitStamp to trade at $484.00 during U.S. morning hours.
Elsewhere, the price of a Bitcoin on Bulgaria-based BTC-e dipped 0.11%, or 52 cents, to trade at $474.00.
According to the CoinDesk Bitcoin Price Index, which averages prices from the major exchanges, prices of the crypto-currency declined 1.66% to trade at $478.67.
Meanwhile, euro-denominated Bitcoin prices Bitcoin ({{49800|BTC/EUR}}) slumped 1.42%, or €5.29, to trade at €366.52 on U.S.-based Kraken Exchange.
Bitcoin prices tumbled sharply on Monday, before rallying on Tuesday as investors returned to the market to seek cheap valuations.
Prices on BTC-e plummeted to $309.00 on Monday, in what is being referred to as a "flash crash", before recovering to end the day at $440.04.
Market participants speculated that Monday's losses came as a result of excessive margin trading, which caused a flash crash on the BTC-e platform and at least on one additional exchange.
The steep decline then had a cascading effect across the larger Bitcoin market, which dragged prices sharply lower.
A number of traders and market analysts also attributed the plunge to price manipulation by short-term profiteers who are deliberately driving prices down to eventually buy them back at lows.
Prices of the virtual currency have lost more than $100, or 17%, since the U.S. Consumer Financial Protection Bureau issued a lengthy set of risks that virtual currencies pose to consumers on August 11.
Bitcoin is digital cash and is not backed by a government or central bank to regulate or issue it. It can be used to purchase goods and services from stores and online retailers.
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What Does Bitcoin Mean For Austrian Money Theory?
Libertarians tend to agree with each other on most things. We all favor less government regulation, lower taxes, less involvement in international conflicts, and more personal freedom. There are a few areas, however, in which the movement remains sharply divided. One of these areas involves the nature of money.
The two schools of thought are essentially the “gold standard” crowd versus the “competing currencies” crowd. Nobel laureate F. A. Hayek argued strenuously in favor of competing currencies, pointing out that it made no sense to praise the benefits of competition in every good and service, while denying those same benefits for currency itself.
Ludwig von Mises, and his most celebrated student Murray Rothbard, on the other hand, argued that commodity money, specifically gold, was the only kind that could ever enjoy the stability needed to prevent inflation and credit busts.
Mises formulated this argument as “the regression theorem” of money in his first book, The Theory of Money and Credit, in 1912. The theorem, in brief, runs as follows:
People will only accept a medium of exchange if they observe that it has value, and can actually be exchanged for things. The only way to observe that is by looking at whether it was so used in a preceding time period. Thus, this chain of observations can be followed back until the first instance in which a particular type of money was used as a medium of exchange, and in order for those first adopters to accept it, it must have had value independent of its use as a medium of exchange, or in other words, be a commodity. Paper money, especially that with no commodity backing, is only adopted when governments force it upon people.
Mises’ theory is elegant, and for a long time it has been accepted wisdom among many Austrian economists. The only trouble is that Bitcoin is in the process of proving it wrong.
Although commodities have historically been successful, history does not prove inevitability, but merely what people have chosen in the past. Mises himself makes this point in his methodological treatise, Theory & History, in a scathing critique of statistical methods within economics.
The science of human action for which Mises coined the term praxeology, as Rothbard later pointed out, does not deal with why people choose one thing or another (psychology) or with what they should choose (ethics), but merely deals with the ramifications of the fact that they do choose and act towards goals. Economics, therefore, as a subset of praxeology, cannot predict what type of money will be chosen in the future or why. As Jörg Guido Hülsmann wrote in The Ethics of Money Production, “one cannot tell on a priori grounds what the natural money of a society is. The only way to find this out is to let people freely associate and choose the best means of exchange out of the available alternatives.”
The fact that Bitcoin, a fully digital currency with no commodity backing, is now being adopted by increasing numbers of people as an alternative currency would seem to cast doubt on the inevitability of commodity money.
When a theory, however logical, finds itself at odds with observed reality, there are only two possible courses of action for a rational thinker. The first is to discard the theory in favor of one that accurately describes the world as we observe it. The second is to find reason to doubt the reality of our observations. One explanation could be that while the regression theorem looks only at past value, it neglects to take into account the expectations of future value, which is what have driven Bitcoin. Another possibility is that only when commodities are actively prohibited as currencies by government, can a digital fiat money arise and gain popularity. AT this point, it’s too early to tell.
Bitcoin may yet fail, in which case Mises’ theorem will remain as a powerful argument in favor of the gold standard. If it ends up succeeding, however, an alternate explanation will have to be found.
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