License to print money... BitCoin?

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August 2nd, 2017 at 5:15:13 AM permalink
AZDuffman
Member since: Oct 24, 2012
Threads: 103
Posts: 6772
Quote: Fleastiff
Administrative rift splits bitcoin into two separate types of currency.


Effective today, though I think Bitcoin should have the staying power long term. 9 years so far. I went to a Bitcoin meetup and 20+ people there.
The man who damns money has obtained it dishonorably; the man who respects it has earned it
August 2nd, 2017 at 5:38:32 AM permalink
Pacomartin
Member since: Oct 24, 2012
Threads: 735
Posts: 8571
Quote: Fleastiff
Administrative rift splits bitcoin into two separate types of currency.


That is not surprising as Ethereum hard split a year ago on August 7, 2016. The two currencies diverged widely.
$222.14 Ethereum (up from $2.83)
$14.81 Ethereum Classic (up from $2.83)

Ethereum was created to speed up transactions. Bitcoin transactions have always taken on average 10 minutes each to process which is unsuitable for normal commerce.

EMV/chip credit cards take up to 10 seconds (notably longer than the magnetic strips) and millions are complaining.
August 14th, 2017 at 3:27:34 AM permalink
Fleastiff
Member since: Oct 27, 2012
Threads: 50
Posts: 4810
Bloomberg reports BitCoin surges past four thousand dollars.
August 14th, 2017 at 4:09:59 AM permalink
Pacomartin
Member since: Oct 24, 2012
Threads: 735
Posts: 8571
Quote: Fleastiff
Bloomberg reports BitCoin surges past four thousand dollars.


$4200 today

Bitcoin was only $2000 on 20 May 2017.

Market Cap is now $69 billion. In comparison the Mexican pesos in circulation via banknotes are worth ~ US$77 billion.
August 14th, 2017 at 5:59:52 AM permalink
AZDuffman
Member since: Oct 24, 2012
Threads: 103
Posts: 6772
Quote: Pacomartin
$4200 today

Bitcoin was only $2000 on 20 May 2017.

Market Cap is now $69 billion. In comparison the Mexican pesos in circulation via banknotes are worth ~ US$77 billion.


The split seems to have had no effect except to have slowed it all summer until it happened.
The man who damns money has obtained it dishonorably; the man who respects it has earned it
August 26th, 2017 at 9:48:34 PM permalink
Pacomartin
Member since: Oct 24, 2012
Threads: 735
Posts: 8571
BITCOIN PRICE: $4,344.21
USDHIGH: $4,393.30


Quote: China’s Central Bank Will Look To Issue Its Own Digital Currency “as Soon as Possible”
Samburaj Das on 21/01/2016
China’s central bank, the People’s Bank of China (PBOC) announced today that it will make the necessary moves to work toward issuing a digital currency, as soon as possible.

The PBC has announced in a release today that it intends to launch its own digital currency, following a meeting held in Beijing. The purpose of the meeting was discussed in today’s release by the central bank of the world’s second largest economy. A ‘special’ research team put together by the PBOC was set up as early as 2014 to conduct research and look into all possible regulatory frameworks for the issuance of a nationwide digital currency and the impact it may have on the economy, the media release revealed on the PBOC’s official website.

In no uncertain terms, the unofficial translated release from the PBOC states:

The digital currency team….should clarify the strategic objectives of central bank digital currency issuance, thoroughly research key technologies, research various applications for digital currency to help the central bank introduce a digital currency, as soon as possible. The PBOC also revealed that it engaged experts from Citibank and Deloitte to discuss the frameworks required for the issuance of a national digital currency.
...

Discussions were also held with card-payment operators, suggesting that a nationwide rollout of digital currency and its necessary framework and infrastructure are strongly in the works. No companies or operators involved in such talks were revealed.

The last time an official body of authority publicly spoke about digital currencies and Bitcoin, specifically, was in October 2015 when the Chinese Cyberspace Administration stated the world had already entered a ‘post-Bitcoin era’ and that it could ‘no longer ignore its revolutionary changes.’
August 28th, 2017 at 2:44:27 AM permalink
Pacomartin
Member since: Oct 24, 2012
Threads: 735
Posts: 8571
Sweden is getting prepared to be the first European nation to issue a digital currency.



On September 7, the first blockchain conference in Stockholm is being held. Blockchain & Bitcoin Conference is a series of Blockchain events taking place in Moscow, Saint Petersburg, Prague, Kiev and Tallinn.
https://stockholm.blockchainconf.world/en

We will focus on Sweden and foreign projects implementing Blockchain and cryptocurrencies. Experts will share their experience of implementing Blockchain in governmental institutions (Govtech), banking system, trading, media, healthcare and other spheres. We will discuss all the aspects of creating innovative IT products – from the emergence of idea to entering the market. The main participants are IT developers, entrepreneurs, investors, software

Tallinn 09.03.2017
Prague 19.05.2017
St. Petersburg 22.06.2017
Stockholm 07.09.2017
Almaty 28.09.2017
Kiev 12.10.2017
Moscow 15-16.11.2017
Malta 07.12.2017
September 6th, 2017 at 11:49:06 PM permalink
Pacomartin
Member since: Oct 24, 2012
Threads: 735
Posts: 8571
Ecuador unilaterally adopted the USD in 2000 to control run away inflation. Banco Central del Ecuador (BCE) introduced electronic Money in 2014. They state up front that he electronic money is not a new or parallel currency, and it is not comparable to popular digital currencies such as “Bitcoin”. It is more accurately a payment system implemented by the BCE that is no different from an electronic wallet system used in countries around the world. No new money is being created. It is a new and cheaper method to store and transfer existing money (U.S. dollars). The digital money to be 100% backed by liquid assets, which means that for every digital dollar created there has to be a physical U.S. dollar at the BCE.

40% of Ecuadorians lack banking services, while 90% of the population owns a cellphone or electronic device compatible with the digital money system.


About the New Electronic Payment System (“Digital Money”)

The Government of Ecuador is in process of implementing an initiative proposed in January 2014 by the Ecuadorian Central Bank (BCE), for the use of a new electronic payment system, which is being commonly referred to as digital money.

The new electronic payment system will be implemented and managed by the BCE. The goal of the system is to increase the economic inclusion of the 40% of marginalized and currently underserved sectors of the population with limited access to financial services by allowing them to make payments electronically, thus facilitating their economic and social inclusion.

The implementation of the new electronic payment system comes along and is also regulated in a major financial reform that was debated in the National Assembly and incorporates revisions and input from different political parties and the private sector. The Law was published on September 12 in the National Registry.

These instruments aim to provide higher security for all deposits, improve the utilization of financial resources, and change antiquated financial practices into modern ones based on the prevalence of human capital, inclusion and equity; the code also repeals several scattered laws inconsistent with the Constitution and provides a legal framework to prevent major crisis in the financial sector, such as the banking crisis of 1999 that bankrupted millions of Ecuadorians to the benefit of a few powerful bankers.

10 Things to Know about Ecuador’s Electronic Payment System:

1. The electronic money does not replace the use of the U.S. Dollar. Its value is a representation of the same amount of dollars deposited at the BCE that can be transferred to other users through the use of electronic devices. As outlined in article 94 of Ecuador’s new monetary code, all financial and monetary transactions in Ecuador must be performed in U.S. dollars.

2. The electronic money is not a new or parallel currency, and it is not comparable to popular digital currencies such as “Bitcoin”. It is more accurately a payment system implemented by the BCE that is no different from an electronic wallet system used in countries around the world. No new money is being created. It is a new and cheaper method to store and transfer existing money (U.S. dollars).

3. The electronic payment system is regulated by Ecuador’s Monetary and Financial Organic Code, which requires digital money to be 100% backed by liquid assets, which means that for every digital dollar created there has to be a physical U.S. dollar at the BCE.

4. The money used in the new electronic payment system will be transferrable via ATMs, text messages, applications, websites, NFCs, Tablets, and IVRs. 40% of Ecuadorians lack banking services, while 90% of the population owns a cellphone or electronic device compatible with the digital money system.

5. The electronic money can be redeemed for its equivalent in dollars without any discount, except for the expenses related to carrying out the transaction—similar to using an ATM card, where the customer can deposit money, receive money, make payments or withdraw the money.

6. The electronic payment system will be available to the general public, private and public institutions (including private and public financial organizations) that have the capability to adopt and implement the electronic money system.

7. Payments made by the government or private organization using the electronic money system are backed by the equivalent amount in U.S dollars deposited at the BCE. In practice, users will have to deposit dollars with the BCE that they can then spend electronically.

8.The digital money ensures that all citizens, regardless of their economic and social status, have the ability to open a digital money account and have access to electronic financial services.

9. The digital money system will reduce poverty by reducing the cost of money transfers and providing a tool for unbanked people, especially in rural areas, to have greater access to the labor market, government programs, and the ability to trade further than they have been able in the past.

10. The new electronic money system will foster the creation of new economic networks among segments that currently struggle to expand their markets due to the lack of banking services.
September 19th, 2017 at 3:57:45 PM permalink
Fleastiff
Member since: Oct 27, 2012
Threads: 50
Posts: 4810
China orders Peking BitCoin exchanges to close.


In a separate development,
Two researchers easily obtain access to CoinBank wallets simply by learning the email address an accountholder.
Both the gmail accountholder and the bitcoin account had two factor identification but could be pierced by security researchers equipped with standard network sniffer device.
September 19th, 2017 at 4:30:24 PM permalink
AZDuffman
Member since: Oct 24, 2012
Threads: 103
Posts: 6772
Quote: Fleastiff
China orders Peking BitCoin exchanges to close.


Rumors are that even as China closes exchanges it is mining Bitcoin like crazy. N Korea as well. Makes you wonder.
The man who damns money has obtained it dishonorably; the man who respects it has earned it
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