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The weakening Yuan is continuing to drive Bitcoin trading in China, pushing the cryptocurrency's price towards $700. Bitcoin's price reached a high of $686.80 on 27 October. Three major Chinese exchanges - Huobi, OkCoin and BTCC - have reached approximately 7m Bitcoin in a 24 hour period - although this should be taken with a pinch of salt, as there are accusations of trading bots at work to inflate volumes, says Charles Hayter, CEO of CryptoCompare. Hayter said: "The People's Bank of China's attempts to halt the slide have seen foreign currency reserves dwindle and a large leg up in the price was due to ceasing of market operations on behalf of the Government that saw the Yuan breach the psychological CNY 6.7 barrier. http://www.ibtimes.co.uk/china-bitcoin-trading-pushes-price-towards-700-1588659 |
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Almost one million bitcoins, worth more than half a billion dollars, are currently stuck in no man’s land as the network struggles to meet rising demand from China. At one point, 70,000 transactions were stuck, unleashing a mountain of complaints from worried bitcoin users who took to bitcoin’s main communication channels of r/btc and r/bitcoin to ask why their transaction does not confirm. Among the complainants was a parent who wondered why their son’s payment to Microsoft is not going through. Another asked why his transaction has not confirmed in 24 hours while others wanted to know how to “delete” unconfirmed transactions. The surge in demand acted as, in effect, a DDoS of the network, denying service to users due to a 1MB transaction space limit which has been the subject of debate for many years with no solution achieved due to refusal from some bitcoin developers, mainly employed by Blockstream, to in any way provide a solution in time for surging demand. https://www.cryptocoinsnews.com/bitcoin-network-breaks-demand-surges/ |
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A U.S. author and academic has written a book on how bitcoin supports the spread of extreme right-wing political views in a deceptive manner, claiming distributed ledger technology’s resistance to centralized control is an extreme right-wing concept. David Golumbia, an assistant professor in the Virginia Commonwealth University’s English department, denounced bitcoin in a blog post titled, “Trump, Clinton and the Electoral Politics of Bitcoin.” Golumbia also recently published a book, “The Politics of Bitcoin: Software as Right-Wing Extremism.” https://www.cryptocoinsnews.com/u-s-authoracademic-condemns-bitcoin-and-blockchain-as-promoting-right-wing-extremism/ |
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Amidst the backdrop of a chaotic presidential election between Democrat Hillary Clinton and Republican Donald Trump, the US Federal Election Commission is quietly debating whether to reclassify how it treats bitcoin donations. In May 2014, the FEC greenlit bitcoin donations to political campaigns, classifying them as an “in-kind” contribution in response to a request by a Make Your Laws PAC, a North Carolina organization. At the time, the agency put a cap of $100 per contributor, an amount that corresponds to whatever the current market price is at the time of the donation. By ruling that bitcoin donations are in-kind contributions, the FEC placed the digital currency in the same category of stocks or other kinds of valuable assets. This was largely driven by the fact that bitcoins can’t be deposited into a bank account. Instead, a campaign can hold on to any bitcoins received until it decide to sell them, at which time a 10-day deadline for depositing the funds kicks in. http://www.coindesk.com/us-elections-watchdog-might-change-its-bitcoin-donation-rules/ |
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The first time the ECB officially warned about the dangers of virtual currencies in general, and in particular, bitcoin - what was then a mostly unknown currency trading in the single digits (in USD terms) - was in November 2012 when in a report called "Virtual Currency Schemes" it warned that "in an extreme case, virtual currencies could have a substitution effect on central bank money if they become widely accepted. The increase in the use of virtual money might lead to a decrease in the use of “real” money, thereby also reducing the cash needed to conduct the transactions generated by nominal income. In this regard, a widespread substitution of central bank money by privately issued virtual currency could significantly reduce the size of central banks’ balance sheets, and thus also their ability to influence the short-term interest rates. Central banks would need to look at their existing tools to deal with this risk (for instance, trying to impose minimum reserve requirements on virtual currency schemes)."
Ironically, since then the ECB has moved significantly down the narrative of currency substitution, and in fact, following a recent push to eliminate paper currency (now that the €500 bill is no longer produced) the central bank has been urging for a shift away from real, paper money and into electronic variants.
However, overnight in a surprising reminder how the European central bank feels about bitcoin and other virtual money, the ECB urged EU lawmakers to tighten proposed new rules on digital currencies such as bitcoin, fearing they might one day weaken its own control over money supply in the euro zone.
In other words, first the ECB went after cash; now it is going after all virtual currencies like bitcoin. http://www.zerohedge.com/news/2016-10-19/ecb-wants-curb-bitcoin-use-over-fears-it-may-lose-control-over-money-supply |
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Posts: 17
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Position: Newbie
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