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1
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Bitcoin / Bitcoin Discussion / Re: Deadliest Bug in Bitcoin history
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on: September 19, 2020, 07:45:56 PM
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This can be said to be really devastating and it goes a long to prove that the blockchain network is not infallible as it's being portrayed since the beginning of time but now a flaw has been identified. It was blocked now but what happens if the attack becomes so consistent that it can not be wandered off and that would be so devastating to the entire crypto industry which could bring an end to further development that could happen on the blockchain platform
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2
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Bitcoin / Bitcoin Discussion / Re: Binance sued for money laundering over stolen bitcoin.
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on: September 18, 2020, 04:02:05 PM
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I would really want to know the outcome of this action because the judgement no matter the side would be setting a preference that would likely shape the crypto industry.
For one, if the hackers did not send the hacked bitcoin to Binance but Electrum, or Blockchain.com or any of the myriads of wallets service providers we have in the crypto space, would they sue all of them or they would focus only on the site that have KYC?.
Another question the judgement would be answering would be the responsibility of keeping the funds of users safe. Is the the original platform provider or the settling platform provider?
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3
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Bitcoin / Legal / Re: US charges two Russian crypto hackers
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on: September 18, 2020, 01:57:02 PM
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This is a move that I would personally encouraged because it sends a message to people that the crypto world is not a free for all that you can come in because you have a special skill or smarter than other but you believe that those skills can not be put into better use than to steal people resources and make them cry just because they wanted to earn legitimate inflow of a platform that they have been provided such opportunity. Kudos to the United States government agencies for taking this initiative.
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4
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Bitcoin / Bitcoin Discussion / Re: India looking to Re-ban Bitcoin
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on: September 18, 2020, 11:05:25 AM
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A country so resolute like this in the ban of an emerging technology even after the Supreme Court invalidate their earlier action could as well channel their energy into endeavors that would better influence the life of their citizens and uplift their purchasing power thereby increasing their GDP and other economic indices. That being said, I think there is still need to understand the Indians way of life and the threat that they see in bitcoin for them to be hell bent on banning it rather than focusing on ways to ensure that its fully utilised and controlled to the best of its ability. |
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5
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Bitcoin / Bitcoin Discussion / Re: The Number of Bitcoin ATMs Hit 9,680 in September
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on: September 17, 2020, 06:48:09 PM
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When it comes to infrastructural development such as this, it will continue to be on the increase because the market still remains largely untapped and the market is still very fertile which makes it easy for entrepreneurs to enter the market and expand the market as well. Eventually, it will get to a point where the percentage increase in addition would be reducing because it would have been saturated and entry would become stiffer as regulations takes ground across the world.
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6
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Economy / Economics / Re: Boris is right a second lockdown could cripple UK economy.
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on: September 17, 2020, 02:34:31 PM
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Anthony Costello (ex who expert) has sensationally claimed that there’re 38k cases of covid infections taking place daily in UK, and there have been claims about lack of testing too. It is due to these claims that Chief Medical Officer for England Chris Whitty is pushing for a 2 week strict lockdown, but Boris is resisting this and like it or not I feel that he’s taking the correct decision at this stage. While I understand that covid effects are dangerous, but UK’s economy currently is fragile, and shutting it now could completely cripple whatever is left of their economy, hence I support Boris call that UK should not do a fresh lockdown.
Ex-WHO expert Anthony Costello tweeted: "I’m hearing from a well-connected person that government now thinks, in absence of testing, there are 38,000 infections per day.
"Chris Whitty is advising PM for a two week national lockdown."
Source: https://www.mirror.co.uk/news/uk-news/chief-medical-adviser-chris-whitty-22696770#source=breaking-newsEventually, the UK authorities will have to take a decision and choose which one they are going to save. The economy is very important at this point and its not the fault of the PM to take that stand eventually if the economy should collapse a lot of lives might be further lost that goes beyond the people that would be infected by COVID-19. The PM thoughts goes beyond health but the impact on every sector on the country should the lockdown happened again. |
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8
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Economy / Economics / Re: Internet shutdowns by governments are bad for corporate marketing
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on: September 16, 2020, 09:13:15 PM
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Before internet, people have been doing business and there are even companies that have survived for centuries and during those dark days, that was when they witnessed some of their massive growth. Internet comes with its own advantage but it does not means that without it, people wont still find a way to transact and do business with one another. Now when government shut down the internet, while businesses whose existence relied on that, they would surely have their reason for doing that and that is what the citizens needs to find out whether their reasons are valid or not.
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9
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Economy / Economics / Re: Your eyes can help your economy, please protect it for your good.
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on: September 16, 2020, 10:39:45 AM
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Not to sound pessimistic but in the real sense, my eyes would not matter in the scheme of things as it relates to the economy of my present country because there have been several eyes of the common people and even beyond that, their protests, reactions and comments but the managers of the economy from the position of the government likely does not care and because they hold the legitimacy to direct the country in anyway they so please, they are the one in charge which means the only eyes that matter is theirs.
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10
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Bitcoin / Bitcoin Discussion / Re: The acceptance of cryptocurrency worldwide
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on: September 13, 2020, 01:15:27 PM
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If all countries can accepted crypto currencies in there various countries, as a means of payment and as a means of online exchanges, such as money is, money is anything use as a means of exchange and general acceptable. With the means I think all cryptocurrencies (bitcoin) will definitely go round the world, and will be use as a means of exchange. I will be so grateful to the creation of crypto currencies. This will also help our future generation, Remember something when we do international transfer across the countries, it may take a while to get the money to your local bank account, but with cryptocurrency you can get instant reflection if bitcoin etc is transfer to wallet,And you can make use of your coin (bitcoin ETC).
This analogy you posits is not something that will likely happen and even if it's going to happen, I don't see it replacing the existing fiat each country is currently utilising. The reason is simple aside the primary currency function that fiat satisfy, it still goes a step further by being an identity of the country and that is something that cannot be quantified. |
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11
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Bitcoin / Bitcoin Discussion / Re: It is possible that bitcoin will use nowadays in cash less transaction?
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on: September 13, 2020, 06:29:17 AM
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Nowadays government thinking is a cashless society to avoid corona virus spread out to the community or society. It is possible that the bitcoin will used in different transaction? Many country nowadays are imposing the system of cash less basis of any transaction. Specially, particular in buying commodities in the department store, petroleum product in gasoline station. even in transportation government impose a cash less payment. Since bitcoin is one of the most popular digital currency in the world, do you think government adopt bitcoin as form payment in cash less transaction in our society?
I believe this is a discussion that has been going on now for years and it's still results to what the government takes as legal tender. The issue about other cashless means of payment is that they are fiat and not a conversion to fiat which is why they are allowed to be used in the economy other means of payment like PayPal or company specifics like the gift cards etc. So unless there is amendment to law to recognise bitcoin as legal tender or under the existing provisions there is allowance for it, it's not happening just yet. |
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12
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Bitcoin / Bitcoin Discussion / Re: New Stimulus Bill Rejected- Good News For Bitcoin..
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on: September 11, 2020, 09:28:03 PM
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The theory is not to be relied upon as a way to make a decision and I would even agree with the school of thought that held that it could be simply be a coincidence that the spike happen at the time stimulus package was released reason that the amount released to an average American is not to make rich or to be saved rather it's to meet basic essential need that needs to be met by majority of the people. This alone limits the amount of people that would divert theirs to crypto as I see it much more easier to buy groceries or pay for rent than to invest in crypto with high risk and be homeless.
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13
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Economy / Economics / Re: UK economy continues to rebound upwards - but yet to cross pre covid levels.
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on: September 11, 2020, 03:47:40 PM
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On evaluation with other countries, UK is doing very well in terms of getting back the economy on the right track and with the positive outlook, it shows that the future is not farther away which can not be said about other countries of the world because several countries are still grappling about tests, control and not even close to opening up the economy for recovery. So, its a good one, although not where it used to be prior to covid, but hope that its getting better is enough to rejoice about in this scenario.
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15
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Economy / Economics / Re: Our chance to reset
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on: September 11, 2020, 08:00:54 AM
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In truth, Coronavirus have changed the way we have been living. It came to show us that some of the things we thought were dependent on our survival were mostly things we can do without. A family where they believed they are not complete without annual vacation now understand that it was purely luxury to do. All of the inter-country travels for trainings or business propositions at the early stage can even be done from the comfort of your room. So, yes, it's a reset for everyone.
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16
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Economy / Economics / Re: Rampant inflation, yet a steady exchange rate.
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on: September 10, 2020, 03:52:17 PM
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I ordered a few boxes of pizza today, and the total bill was 3200 SDG. That's close to about $55. Imagine if you suddenly have to pay thousands of bucks for a few boxes of pizza, that would be madness for locals. Sudan has really been hit with bad, uncontrollable inflation that spirals up by two digit percentages every year. I should mention that the government thinks printing more money is going to solve the sky-high (at least for local residsnts) bread and gas prices. Which is causing shortages of those items to the point that keep selling out quickly. (I felt my share of those.) Before 2019, there wasn't a banknote printed larger than 50 SDG. And all of a sudden, I start seeing 100 and 500 SDG banknotes printed in large batches, what in the world is going to back the value of this currency? Nobody is going to buy SDG bonds. Speculators aren't helping improve this situation, just as with any other inflated currency. They keep shorting the Sudanese Pound and costing the central bank a lot of money, since in the Forex market, when somebody wins, someone else on the other side loses. These's even a crackdown on people who are holding US dollars you can read about here: https://allafrica.com/stories/202006190164.htmlInflation's up to 114% according to that link. Considering how it's been climbing up thr last several months, I don't expect it to get better at all in the future. This is part of the reason I started accumulating bitcoins, because it is immune to inflation. I just can't buy anything here with it. And yet, the USD/SDG exchange rate is stuck at 55 since Feburary (and I also felt my share of price hikes when that happened). Doesn't inflation also cause exchange rates to increase, in an inflationary way? The part of the exchange price being stuck in one point is the biggest scam of the century because its not stuck what the central bank is doing is to force it at that level by all means necessary and one of those ways is the criminalising of those holding the USD the moment the government removes all of those controls, the local currency will fall so hard that the inflation you are currently seeing will be a child's play. Now the managers of the economy especially the central banks are not foolish and when it comes to addressing inflation of the entire economy, it goes beyond basic economics that we have come to learn either in high school or at the university level. |
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17
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Economy / Service Discussion / Re: 15,000 restaurants in France start accepting bitcoin payments through Just Eat!!
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on: September 10, 2020, 08:18:36 AM
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This is something that actually be encouraged and its a good one coming from a country like France but what surprises me more is that a lot of other countries that are not even as developed as France are just focused and dwelling on the bad nature or what unscrupulous individuals are doing with bitcoin and using that to determine their course of action against the technology. Its to encourage the aggregator service provider to expand its services to other countries of the world.
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18
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Bitcoin / Bitcoin Discussion / Re: Bithumb In Trouble, Police Raids Exchange for Second Time In One Week
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on: September 09, 2020, 02:48:09 PM
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Anyone using this exchange? I always thought Bithumb to be trustworthly. Which exchanges are safe according to you? News articleThere is definitely something amiss with the activities of the exchange site because I don't expect the police authority to go on a fishing exercise without any back-up to their claims because they surely know the implications of such. There would surely be a bigger reason as to why they are raiding the business other than safety and to be safe, except you are running your own security architecture, you will have to still trust the exchange site and be sure to not keep the excess of your funds there. |
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19
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Bitcoin / Bitcoin Discussion / Re: Government aid being scammed. If the same had happened through bitcoin?
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on: September 09, 2020, 09:38:31 AM
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In my country our prime minister announced PM Kisan Scheme to directly benefit the farmers and the people who are associated with agriculture. This has been distributed in three installments directly to the beneficiary's bank account. Government employees are responsible for it, but to ease it on covid lockdown relaxations were given on applications and approval. This is being used by the brokers and has scammed 110 crore rupees. Now investigation has been started and 32 crore rupees have been retrieved directly from the banks. My question, if this has been done through bitcoin or any other cryptocurrency what'll be the remedy. Here atleast some amount is being recovered, as the transactions were made through a centralised banking services. This way does governments encourage the usage of cryptocurrencies in the future on official needs. Source : The Indian Express This is an unfortunate thing to happen in a country when government is trying to ensure that the economy is bouncing back but now the corrupted individuals have find their ways to penetrate the system and divert the funds for their own personal use. Now to the question about if it were to be in a situation of bitcoin while the amount cannot be recovered like the way they can from bank accounts but that would not have been needed in the first place because on the blockchain, everyone can see the source of the money and where its going to settle and whoever or whatever its being used for. In that case, on verifying the identity of the farmer and establishing their wallet addresses then it can go directly to their wallets and except the sender moves it to another account, we all know its not reversible which narrow down the culprits. |
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