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This is a good idea and the good senator must have reasons for introducing such a bill. However, good at it maybe, we have to based things on the present reality...surely this can't win in any court challenge. Maybe what they should do is to follow the one done by Florida where Bitcoin is accepted like the real money in legal transactions...heck they can even have their own coin too if they want to. Arizona is not another El Salvador for that matter. Still, this is news worthy in sense of the growing interest with some politicians to go for Bitcoin or cryptocurrency.
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Anything will not any value if no one really cares about it. in fact, in the marketplace, there had been many good products (based on standards adopted) that eventually died because of the lack of demand. However, Bitcoin goes beyond the supply and demand thing...I would say that its value is based on the features it is offering. One, it is decentralized which means we are on the control and not anybody out there at the top who can even be unelected and can be unaccountable pulling the strings. Two, you can convert your money to Bitcoin and have it be transferred to anyone, anywhere in the globe at the least cost. Three, because of limited supply and the existing and presumably growing demand this is deflationary as a counter to fiat money which is always inflationary so in this case Bitcoin can also be considered as a good way to protect one's wealth - of course one can argue of its volatile nature so the solution is to hodl and never sell at a loss. There are many other factors but those can be technical and can be beyond my simple mind. In summary, to people who love Bitcoin and the ideas it represent BTC will always be valuable and to people who only see the "dark" side of it then it will just go away and be in the category of the Tulip Scam centuries ago. Now, the question is: Which side are you?
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A hack is a hack, even if the amount of money that got stolen is on the low side it does not change the fact that someone was able to find a bug big enough to allow them to do something like this, and if it takes so much time to fix something that is so small what is it going to happen the day a hacker finds a huge exploit on their platform? So while the amount is small compared to what we are used to see, it does not change the fact they need to improve their security before an even larger hack happens to them.
That's the point. There is a serious security problem in the OpenSea platform and this has to be fixed otherwise there can be another hacking to come later on and who knows if it can be more successful than this one. In an expanding and really exciting NFT industry, a huge platform catering to such an industry has to invest more on security as this can really affect the credibility of the whole industry itself. |
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I read through the documents, though many of the things there were speculated and not actually facts. There is not major threat to exchanges. I sense some kind of media hype. The major thing propose there was to extend bank secrecy act to cryptocurrency. This means exchanges will be compelled to remit every details of customers transactions to the state's criminal investigation file. My take:- The provisions will grossly go against people's privacy. So, such attempt will not work
- The major clause there about account freezing was just a speculation of the writer I think.
- Anyone using an exchange should expect anything of this nature, so it is not something so strange.
In case, this proposed bill will eventually be a law, centralized exchanges operating in the territory of USA can be affected and they would have no choice but to follow the guidelines in the implementation of the law. I am then waiting in case Coinbase will be issuing statement on this bill in the House since if this can be a law then their millions of customers can be affected. Surely, a bill like this can be a big deterrent factor why no one in his right mind would be basing in USA if the business is a centralized crypto exchange so they better be based in El Salvador instead. And then this can be another big reason why DEX is a lot better than CEX. |
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I think there will always be interest by many people on the supposed threats posed by Quantum Computing because we assumed that it can put the brake to Bitcoin as the technology can then be able to hack into your wallet and can take away your BTC and transfer them somewhere else - maybe to North Korea or Russia or even Iran rogue countries that are willing to use any technology to sow chaos and get money they need at the same time. Until this time, there is no categorical answer if QC can really be able to do this or not...so maybe we have no choice but just wait and see what can be and in the meantime we can continue on speculating on things.
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I think this is an exciting development on privacy-base messaging. Certainly, we could not expect this wallet-to-wallet messaging option to be on the mainstream - but then who knows years from now - head to head with popular messaging platforms like Telegram, Messenger and many others. However, this can be a good option one can use if one is really concern on privacy thing. But it has to make sure that scammers and hackers are not also using the same thing and will not be using this messaging option to victimize people. Let's then see how a platform like this can be developing.
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There is absolutely no reason to egret because this mayor is not really blind when he decided to took salary in Bitcoin...he knows that eventually Bitcoin will come back with a vengeance and it will not be taking a lot of months for that to happen. Of course, unlike this mayor, many people can be afraid to take something like Bitcoin or any investment tool for that matter when there is a big dip because they don't see that what we have is a big bargain sale. Unfortunately, many can be buying Bitcoin when it is already up presumably to go with the masses and they complain when they lose the value of their investment because they entered at the wrong time and do not have a long-haul mentality.
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One thing for sure...when the government will say something like this and like that, there is more chance that it would be the opposite that can happen. And it would be true with how they are viewing can happen with Bitcoin, cryptocurrency and stablecoin once there is already an operational CBDC in the USA while other countries are now in advanced state of introducing the same. CBDCs are just digital version of the fiat money...nothing more nothing less. Bitcoin is definitely more than being a digital money...its features and characteristics define Bitcoin and we already know what are they and we like them.
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We already know the many reasons why Bitcoin can be valuable and so far I see no new factor being added. We don't have to invent new stories whether they can be real or not to push Bitcoin to anyone. Eventually, Bitcoin will continue to rise in value no matter how many dips it will encounter as time goes on. In fact, one factor why there are many people into Bitcoin is because it is so volatile...it can go down yes anytime it wants to but it can also go up anytime which can be surprising anybody. Bitcoin is a great opportunity to ride with the new money...but of course there are some risks that one has to face and has to endure especially during correction days.
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When there is a big dip, it is time to buy big time - that is if you still have some funds to invest with. Now, the reason why many are running away from the market right now and seems many are not yet attracted to be back is that they are NOT sure if we have already hit the bottom which can mean a rebound can be starting after. Many think that there can be more retreat in the coming days...so they decided to not yet participate. Once, a consensus will emerge that the market is rebounding for good, we can expect a frenzy of buying and a sudden upward movement of prices. This story happened before, happening right now and will happen again and again into the future - with cryptocurrency actually there is nothing new!
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Things happening in Russia will not be affecting Ethereum and Vitalik Buterin. Just because he is Russian does not mean anything on this regard. Not unless, of course, if Russia is holding Ethereum and it suddenly decides to let go of the digital asset...but no this is not the case. Russia is not a big market for Ethereum and am sure not many Russians are actually holding Ethereum. Now, will Vitalik be affected in case Russia will follow the move of China on cryptocurrency? The answer is NO since the guy is not doing business in Russia...in fact I would guess that Russia is actually proud of the many big things Vitalik has achieved so far.
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Should El Salvador eventually drop Bitcoin as a legal tender because of the mounting pressures from different sides including IMF...this can be a sign that Bitcoin is actually a failure as far becoming a currency for a nation. We have to understand that actually there is no avalanche of people in El Salvador that are holding big amount of BTC...most are just getting the minute giveaway from the government so it is the government that is losing the value of its BTC holding...and of course they can lose only if they let their BTC go or be sold in today's price. I would be sending Bukele a big card of congratulations if he will not listen to naysayers waiting for the time when BTC can be rebounding - and it will surely come back just a matter of when not if.
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