#Blockchain Andrew Yang’s ‘Freedom Dividend’ Is Not Only Unnecessary, It’s Unethical

Andrew Yang’s 'Freedom Dividend' Plan Is Not Only Unnecessary, It’s Unethical

Andrew Yang has taken to Twitter in dynamic fashion as of late, advertising his universal basic income (UBI) proposal known as the “Freedom Dividend.” While throwing money at people out of pocket always generates a buzz, there’s a mathematically and ethically broken side to the plan few are talking about.

Also Read: Do You Know the Newspeak of the Looming ‘NIRP’ Economic Meltdown?

A Real-Life Political Cartoon

Not so long ago people used to joke about the typical shyster politician and their larger than life campaign promises. Wisecracks about the next White House wannabe centered around grease-ball politicians literally throwing money at voters to buy their support. Well now, under the guise of a hip new presidential campaign, the money throwing is actually happening. To critique Andrew Yang is no easy task, given the understandable and dynamic support he’s received against the backdrop of a totally corrupt and greedy political and financial system. It stands to ask, though: Is he really set to change things? Upon closer examination, UBI is little more than an inept and unethical ploy for socioeconomic power.

Generous (With Other People’s Money)

Math. It’s a discipline unlike others for its exact answers and lack of room for debate. One plus one is two. There’s not much dissent possible here, outside of the occasional stoner drum circle or deep metaphysical fireside discussion. Nothing wrong with either, of course, but this is just to lay the groundwork for an argument. Namely, that one cannot give away value one doesn’t have. While Yang is currently giving a “Freedom Dividend of $1,000 a month for an entire year to 10 American families” out of his own pocket, once in office that money set to “do the same for hundreds of millions of us” will come from your pockets.

Andrew Yang’s 'Freedom Dividend' Is Not Only Unnecessary, It’s Unethical
UBI: something doesn’t add up.

Mixed Up Math

Yang’s campaign website lays out the groundwork for his proposed “Freedom Dividend.” While a dividend is usually defined as a share of profits paid out to shareholders, Yang’s “dividend” will be made possible “by consolidating some welfare programs and implementing a Value Added Tax of 10 percent.” Not exactly a share of profits as much as money pulled from the pockets of Americans, but for the sake of argument, that will do for now. In assuaging fears of inflation, negative economic impact and even incoming communism, Yang maintains on the site:

The federal government recently printed $4 trillion for bank bailouts in its quantitative easing program with no inflation.

This assessment is massively dishonest, and if not, massively ignorant of basic economic realities. It ignores math, in other words. There are many types of inflation and some of the most pernicious hide beneath the surface of popular reference. While consumer price index inflation (CPI) may appear almost unaffected during some periods of quantitative easing (QE) due to a mix of market factors (including the psychological aspect of consumer confidence), asset price inflation is the real trigger for more serious problems. In other words, even as the debt racket of modern government paper spirals out of control, if the people are confident in their money and the state’s reassurance of its value, CPI may stay relatively stable, and businesses will be unable to increase prices due to this psychology and other factors such as healthy, corrective deflation.

Andrew Yang’s 'Freedom Dividend' Is Not Only Unnecessary, It’s Unethical
Source: St. Louis Fed, realinvestmentadvice.com

While Yang claims the printing of $4 trillion for bailouts caused “no inflation” the housing and asset market is calling BS in unprecedented and truly frightening fashion. If a house was worth $200,000 five years ago, and now is worth $300,000, this doesn’t necessarily mean the house changed, or that the property became legitimately more valuable. What it often means is that the dollar became significantly weaker against the asset. As these asset prices are thus inflated, banks are able to give out bigger and bigger loans against the asset collateral. Once the jig is up, the bubble bursts and the tumble down is severe, with collateral value no longer covering loans. The graph above shows just how dramatically this buildup is happening currently, with asset inflation signaled by U.S. household net worth against GDP at an all-time-high since 1952 of 535%.

Andrew Yang’s 'Freedom Dividend' Is Not Only Unnecessary, It’s Unethical

Stolen Generosity

Not only is Yang’s proposition economically unsound, it’s also morally objectionable. This is a hard pill to swallow for many hopeful millennials and Yang gang supporters of all ages, tired of scraping by and struggling in the current corrupt, Keynesian paradigm. That notwithstanding, Yang’s “Forward” is no different from the vague and vapid “Hope,” Change,” or “I’m a better man” of previous candidates.

To pay the Freedom Dividend, Yang proposes you be robbed. Business owners not wishing to apply his suggested VAT would be punished for refusal. Consumers not wishing to pay it, as well. It’s an unpleasant reality, but there’s no way to put it more accurately. Yang explains:

A Value Added Tax (VAT) is a tax on the production of goods or services a business produces. It is a fair tax and it makes it much harder for large corporations, who are experts at hiding profits and income, to avoid paying their fair share.

Many are unsure of what Andrew Yang’s fair share of their income should be. If I similarly were forced to pay every neighbor I have a portion of my paycheck because 15 or 20 of them said I must, or be put in a cage, people would be understandably scandalized by the sociopathic suggestion. But if the theft is euphemized as a “Freedom Dividend” it’s suddenly made much more palatable to the masses. While some maintain taxation is a necessary evil for preserving civilization, this position is illogical. There’s nothing civil about stealing from anyone under threat of violence, and a social need doesn’t justify criminal activity, anyway. If it did, the folks in the U.S. during the plantation slavery era would have been correct in their protests against abolition: “But who will pick the cotton!?”

Andrew Yang’s 'Freedom Dividend' Is Not Only Unnecessary, It’s Unethical

Bitcoin’s Fix

Leaving Andrew Yang’s universe for a moment, it seems important to address crypto as a potential solution for the current political corruption he supposedly stands against. A recent opinion piece in the Washington Post proclaims: “Facebook’s cryptocurrency won’t help the poor access banks. Here’s what would.” The piece goes on to detail the impossibility of Facebook’s upcoming Libra cryptocurrency actually helping the unbanked of the world, due to government regulations. The article un-ironically closes by suggesting that the very same overbearing government is the solution, stating: “It’s true that financial inclusion would help millions of Americans and benefit the economy. But it can be achieved through time-tested and democratic institutions. In fact, the United States already has a public payments system: the Federal Reserve.”

What so few in the space seem to realize about crypto is that the potential for banking the unbanked, pulling people out of poverty, and enabling savings and the building of wealth for the average individual is already here. The state stands in the way with endless surveillance, KYC/AML requirements, taxes and capital controls, so it happens in the regulatory cracks, at present.

Instead of a $1,000 monthly paycheck in trash money, why not drop all restrictions on trade and allow people to grow their wealth and businesses independently? If we’re worried that criminal warlords and kingpins would take over, just look around — they already have. It is precisely because of the illogical centralization of power and lack of a logical, level playing field that a candidate like Yang can gain any prominence at all. In a free society — and no offense here to Yang personally — he’d likely be known as just a common con artist.

What are your thoughts on Yang’s proposed UBI? Let us know in the comments section below.

OP-ed disclaimer: This is an Op-ed article. The opinions expressed in this article are the author’s own. Bitcoin.com is not responsible for or liable for any content, accuracy or quality within the Op-ed article. Readers should do their own due diligence before taking any actions related to the content. Bitcoin.com is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any information in this Op-ed article.


Images courtesy of Shutterstock, Eric Glenn, Fair Use.


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#Blockchain Trusted Friends Can Become Crypto Custodians With the Vault12 Platform

Trusted Friends Can Become Crypto Custodians With the Vault12 Platform

A firm called Vault12 launched its new passkey security solution for cryptocurrency assets. Vault12 is an application that allows people to enlist their trusted friends and family members to help safeguard their assets. According to the project’s creators, the new application leverages the cryptographic algorithm Shamir’s Secret Sharing which allows keys to be split in a distributed fashion.

Also Read: French Ministry of Education Publishes Bitcoin Resource Guide for Educators

Distributing Digital Asset Seeds Using Vault12 and Shamir’s Secret Sharing

Vault12 believes there’s a dire need to safeguard crypto assets as the onset of blockchain-powered innovation continues to grow exponentially. Since the birth of Bitcoin and a slew of other digital currencies, various applications and devices like hardware wallets have been created to protect cryptos. Vault12’s new product allows individuals to take advantage of trusted family members and friends who are willing to help them secure digital currencies. Moreover, guardians are rewarded with ethereum (ETH) to protect the assets as well, giving the trusted network of friends incentive to be a safe keeper. The project officially launched at the San Francisco Blockchain Week and the company is backed by investors like Naval Ravikant, True Ventures, Data Collective, and Winklevoss Capital.

 Trusted Friends Can Become Crypto Custodians with the Vault12 Platform

The Vault12 white paper explains when it comes to precious digital assets, there is an “unprecedented threat level” looming for people in need of a strong security solution. “To protect these assets, we need a new cryptographic security platform – one that does not leave security centralized in a single place, with a single person, on a single device or in a single organization,” the research paper details. In order to bolster the security of digital currencies even more, the firm created a decentralized storage system for digital assets via a hierarchical Shamir’s Secret Sharing (SSS) system. The SSS infrastructure is a well known algorithm in cryptography designed by the cryptographer and mathematician Adi Shamir. Essentially the secret (passkey) is shared in the distributed Vault12 system between 3-5 trusted contacts giving each participant its own unique part.

 Trusted Friends Can Become Crypto Custodians with the Vault12 Platform

Vault12 Hopes to Fill the Gap Between the Digital Currency Economy and Unresolved Security Challenges

Vault12 allows any owner to set up a vault with friends and family. Custodians can always be recruited from the owner’s personal network at any time. But high-net-worth individuals who need added security can opt for a professional custodian service (PCS). However, the registration for this service requires far more effort and additional safeguards like verifying the owners’ identity with a government-issued ID. “One of the unresolved challenges for the mass adoption of cryptocurrency and the blockchain economy is the continued challenge and burden associated with securing crypto assets,” said Max Skibinksy, cofounder and CEO of Vault12. Skibinksy further added:

Previously, to keep our digital money safe, we had to keep our extremely valuable cryptographic backups on pieces of paper and store them in traditional banks. It was ironic. We built Vault12 to be an innovative, convenient solution that replaced this cumbersome process.

 Trusted Friends Can Become Crypto Custodians with the Vault12 Platform

Vault12 Setup

Setting up the Vault12 application is a fairly simple process, but you need to decide on 3-5 trusted individuals to help secure your assets. That part of the process may take longer, but setting up the vault after this decision is made doesn’t take too long. The app works for Android and iOS devices and when opened, it immediately asks you if you want to set up a vault and then asks permission to access your phone’s contacts. The company claims the information is not held on the company’s server and you can skip this part and manually add each contact individually as well. After deciding on sharing your contacts with the application, the platform asks you for your name so you can be identified by your guardians helping you protect your vault.

 Trusted Friends Can Become Crypto Custodians with the Vault12 Platform

The platform then requires you to choose the number of guardians between 3-5 contacts and the more custodians you use, the more secure the vault will be. Once you save the security level (number of guardians), you cannot change it unless you start a whole new vault. If you opted to manually add contacts, you can send them an invitation or scan their device if they already have Vault12 installed. To add digital assets to the vault you simply upload a picture of the seed phrase or use a file containing the seed. The application will inform you of how many people are guarding the seed held within the Vault12 system.

 Trusted Friends Can Become Crypto Custodians with the Vault12 Platform

Overall the Vault12 method is an interesting, novel method of safekeeping digital assets but people may have a hard time with a few requirements such as sharing their name, phone number, and contacts. People also may not trust the upload part where the user is required to upload a file or an image that contains a seed phrase protecting digital assets. However, the project’s key elements are open source and Vault12 users can take a look at the ZAX relay network infrastructure and the distribution of how the shards work. “In the future, other elements of the platform will be released as open-source libraries,” Vault12’s website notes.

What do you think about the Vault12 digital currency storage system? Would you use an application like this or are there concepts about the security approach that you don’t like? Let us know what you think about this subject in the comments section below.

Disclaimer: Walkthrough editorials are intended for informational purposes only. There are multiple security risks and methods that are ultimately made by the decisions of the user. There are various steps mentioned in reviews and guides and some of them are optional. Neither Bitcoin.com nor the author is responsible for any losses, mistakes, skipped steps or security measures not taken, as the ultimate decision-making process to do any of these things is solely the reader’s responsibility. This editorial is not a recommendation or endorsement by Bitcoin.com or the author of any products, applications, software, services, or companies mentioned in this article.


Image credits: Shutterstock, Vault12, and Pixabay.


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#Blockchain Blockchain Conference TNABC Returns to Miami

Blockchain Conference TNABC Returns to Miami

On January 16-17, The North American Bitcoin Conference (TNABC) and Miami Blockchain Week are returning to the sunshine state as 2020 sets in motion. TNABC, celebrating its seventh year running, will feature prominent speakers, crypto developers, and blockchain executives during the event hosted in the financial district located on the gorgeous Miami coastline.

Also read: China Ranks 35 Crypto Projects as President Xi Pushes Blockchain

TNABC Returns to the Sunshine State

The longest-running and one of the largest crypto and blockchain conferences worldwide is coming back to Miami in 2020. The North American Bitcoin Conference has been a huge success since it started in 2013 and has seen crowds upwards of 20,000 attend the two-day event. The conference will return for its seventh year to Miami on January 16-17 to kick off the new year in 2020. The conference organizer and Keynote founder, Moe Levin, told news.Bitcoin.com that the Miami event will host a lineup of more than 60 world-class presenters that are deeply immersed in the Bitcoin, blockchain and cryptocurrency economy. Levin stressed that the speakers will be well-seasoned technology veterans who produce transformative blockchain software and work with these innovative concepts and ideas every day.

Blockchain Conference TNABC Returns to Miami

The first set of 2020 speakers announced for TNABC 2020 include crypto pioneer Nick Spanos, Shapeshift.io’s Veronica McGregor, Blockchain Tax Lead at Deloitte Alexia Hefti, Bitcoin pioneer Charlie Shrem, Bloq cofounder Matthew Roszak, and Marco Santori, President of Blockchain.com. TNABC has partnered with well known industry firms that are sponsoring the conference in Miami such as Bitcoin.com, Tradestation, and The Bitcoin Center.

Blockchain Conference TNABC Returns to Miami

A Pivotal Time for Crypto and Blockchain

The two-day conference will also showcase Q&A sessions, networking, investment themes, discussions about crypto regulation, taxation, and how blockchain is revolutionizing not only the financial industry, but a large swathe of public and private sectors worldwide. In the last seven years since the first TNABC, the ecosystem has seen crypto and blockchain infrastructure mushroom into a robust industry. TNABC is meant to keep everyone attending up to date in regards to the latest technologies being developed today.

Blockchain Conference TNABC Returns to Miami

Additionally, the Keynote founder detailed that the TNABC event will have a variety of satellite events like after parties, networking events, and hackathons.

“This conference comes at a pivotal time as innovation forces us all to make wise investing decisions,” Levin said during the TNABC announcement. “With an influx of new opportunities and new applications of the blockchain, Keynote wants to give our attendees the opportunity to meet the people and product they’ll be investing in and get a better understanding of the fast-expanding blockchain ecosystem.” Levin added:

We’re also excited for our attendees to meet and interact with our sponsors and exhibitors, who are the greatest blockchain companies active at the moment.

Blockchain Conference TNABC Returns to Miami

The conference plans to be another premiere event that melds the biggest names in traditional finance, banking, and multinational corporations with developers, executives, and influencers from the blockchain space. Tickets for the seventh annual TNABC event at the James L. Knight Center in Miami can be purchased today. The TNABC website highlights:

On both days of our highly curated agenda, attendees will attend stand-alone sessions, panel discussions and Q&A by leading experts and decision-makers, while also having the opportunity to learn about new and exciting projects.

Will you be attending The North American Bitcoin Conference 2020 in Miami? Let us know what you think about this subject in the comments section below.


Images credits: Shutterstock, Bitcoin.com, TNABC, Keynote Events, and Moe Levin.


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#Blockchain French Ministry of Education Publishes Bitcoin Resource Guide for Educators

French Ministry of Education Publishes Bitcoin-Resource Guide for Educators

As digital currencies transform the world, concepts like Bitcoin continue to percolate into academic courses and higher education worldwide. The French Ministry of National Education’s recently published economics and social sciences resource guide for teachers discusses cryptographic money like Bitcoin.

Also Read: ECB President: ’We Should Be Happier to Have a Job Than to Have Our Savings Protected’

A Bitcoin Resource Guide for Economics and Social Sciences Teachers in France

Economics and social sciences teachers from France may opt to teach students about cryptocurrencies in the near future. The French Ministry of National Education has issued a resource guide that touches on a wide variety of economic subjects. The eight-page guide discusses Bitcoin with a pedagogical activity card that teaches the different functions of money. The “educational activity two” lessons are comprised of classifying particular examples of money functions specifically with a cryptocurrency. The purpose is for educators to give the example of Bitcoin in order to show students the relationship between traditional money systems and trust as well as other properties. The Ministry of Education also provides resources and proposed activities which include four videos hosted by Dessine-Moi l’éco.

French Ministry of Education Publishes Bitcoin-Resource Guide for Educators

The videos are called “Do you have to trust your currency?”, “Can Bitcoin replace the euro?”, “Is Bitcoin a currency like any other?” and “Is Bitcoin the currency of the future?” The teachers’ resource guide of proposed activities explains that instructors can have students list the functions of currency and show how they apply to Bitcoin. Further, students can separate the euro and cryptocurrencies from a trust point of view. Prior to the Bitcoin section, the resource guide also discusses how central banks mobilize the instruments of monetary policy. According to the Ministry of Education, central banks “create sufficient money to support global demand, but also ensure the preservation of the purchasing power of the currency.” The activity card for French educators says that central banks such as the ECB and Federal Reserve must “react” if there is a risk of accelerated inflation.

French Ministry of Education Publishes Bitcoin-Resource Guide for Educators

Cryptocurrency and Blockchain Education in High Schools and Universities Continues to Grow

The four videos about cryptocurrencies and bitcoin on the Dessine-Moi l’éco website are a few years old as they were published in 2017. Despite the age, they are very informative and the transcript from the video “Is Bitcoin a currency like any other?” explains that Bitcoin is “a virtual currency that circulates on the internet.” The video also notes that cryptocurrencies allow people to measure the value of goods and services in a digital sense and the network transactions serve as a medium of exchange. The film further says that the cryptocurrency can be stored for future use, but also emphasizes that users should “be aware that the euro and bitcoins have different characteristics.” “The euro is a legal tender, this means that it is recognized by the public authorities and that everyone in the Eurozone is obliged to accept to be paid in euros,” the video’s transcript reads. “Even if more and more e-commerce sites and even some physical shops accept the Bitcoin as a means of payment, nothing obliges a merchant to accept them and no one guarantees that they will be accepted in the future,” the video hosted on Dessine-Moi l’éco adds.

French Ministry of Education Publishes Bitcoin-Resource Guide for Educators

Academic institutionsaround the world have embraced spreading blockchain and digital currency knowledge for years now. For instance, the University of Luxembourg provides crypto security courses, Columbia University and IBM offer a slew of educational resources, and the University of Tokyo offers a blockchain innovation course as well. Coinbase recently published findings that disclosed more than 40% of the top universities around the world offer a course in cryptocurrency or blockchain. The study also found that 25% of the students surveyed were interested in taking a course on cryptographic technology. A high school in Brisbane, Australia had a lot of interest in Bitcoin so it prompted Brisbane students to create a cryptocurrency information night. Students at Union Catholic High School in Scotch Plains, New Jersey were also curious about digital currencies and the school’s Business and Personal Finance class added a cryptocurrencies course during the second semester in 2018. Last year, news.Bitcoin.com reported on a Dutch high school exam that featured Bitcoin-themed questions. The French Ministry of Education teaching educators how to address current cryptocurrency trends indicates that academic institutions take the technology very seriously.

What do you think about the French Ministry of Education’s teacher resource guide that discusses Bitcoin and cryptocurrencies compared to the euro? Let us know what you think about this subject in the comments section below.


Image credits: Shutterstock, French Ministry of Education, Dessine-Moi l’éco, and Pixabay.


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#Blockchain ACIF – Asia Crypto Investment Forum Joins Thailand Blockchain Week

ACIF - Asia Crypto Investment Forum Joins Thailand Blockchain Week

This is a paid press release, which contains forward looking statements, and should be treated as advertising or promotional material. Bitcoin.com is not responsible for or liable for any content, accuracy or quality within the press release.

ACIF, Asia Crypto Investment Forum hosted by Hashcube, will hold its first meetup on 28th November at The InterContinental Bangkok, as part of Blockchain Thailand Week, to discuss the future of crypto investments.

The Forum will feature Global crypto-industry players such as Bitmain, Bitkub, BTC.com, Carboneum, Coinloan, CoolBitx, Six Network, and many more companies who are shaping the world of cryptocurrency today. Large stakeholders in the crypto industry will also be speaking and sharing their inside knowledge into building a profitable crypto investment portfolio in today’s constantly evolving crypto landscape.

In addition to company exhibits, you will also have the opportunity to speak and network with top individuals within the industry who will answer your questions and help you with your very own crypto investment portfolio.

ACIF will cover various crypto investment topics including:

The current landscape of cryptocurrency and where it’s headed

Investment opportunities in cryptocurrency today

How to start investing in cryptocurrency

How to build a high return crypto portfolio

Crypto Exchange and how you can invest and benefit through it

Mining your own cryptocurrency

Technologies to help you in crypto investment today

With an audience of crypto enthusiasts and top crypto visionaries all gathered together at the InterContinental Bangkok, you will build knowledge and network that will help you be successful in cryptocurrency investment. We hope to see you there!

Buy Ticket Here — Asia Crypto Investment Forum, Bangkok, 28th Nov’18

Contact Email Address
info@hashcube.co

Supporting Link
https://www.asiacryptoinvest.com/

This is a paid press release. Readers should do their own due diligence before taking any actions related to the promoted company or any of its affiliates or services. Bitcoin.com is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in the press release.

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#Blockchain Crypto Traders Rush to Revamp Their Security After Bitmex Dox

Crypto Traders Rush to Revamp Their Security After Bitmex Dox

The world’s largest crypto derivatives exchange Bitmex has accidentally doxed tens of thousands of its users. An email newsletter concerning forthcoming updates to Bitmex indices CC’d a large proportion of the company’s mailing list, exposing the addresses of its users to the public. In a second embarrassment, Bitmex had its Twitter account hacked shortly afterward.

Also read: ECB President: ’We Should Be Happier to Have a Job Than to Have Our Savings Protected’

Bitmex Suffers a Day of Reckoning

It’s been a rough 24 hours for derivatives exchanges. Shortly before Bitmex CC’d in its mailing list, Deribit was forced to reimburse traders who were liquidated due to an error in its price index. Bitmex users are now being urged to change their details, with hackers and phishers certain to try and crack the leaked email addresses, many of which are likely to be tied to accounts on different crypto exchanges. The leaked and then aggregated Bitmex database is now up for sale on the darknet.

Exchanges such as Binance have already advised their users to modify email addresses if they were also linked to Bitmex. The blunder is a stark reminder to traders to use a unique email address and password for each platform, utilizing a password manager if needed.

The PR disaster was compounded when Bitmex’s official Twitter handle was briefly compromised, with tweets reading “Hacked” and “Take your BTC and run. Last day for withdrawals.”

Crypto Traders Rush to Revamp Their Security After Bitmex Dox

In a statement, Bitmex cited a software error as the cause of the email breach, and stressed that, beyond email addresses, “no other personal data or account information have been disclosed and no further emails have been sent.” The statement also urged users to add official Bitmex email addresses to their contact lists and ensure Two-Factor Authentication (2FA) for all their accounts.

Tens of Thousands of Addresses Exposed

Bitmex deputy COO Vivien Khoo said that while the email was sent to the majority of Bitmex users, not all were affected. According to skew.com, the exchange – which operates out of Seychelles – has 22,000 average daily users. Larry Cermak said on Twitter that “30,000 unique emails in total” were jeopardized.

In the aftermath of the leak, Twitter was aflame with panicked users, some enquiring how to delete their Bitmex account and others claiming to have already received crypto spam emails in the wake of the leak. There was further anger when it emerged that Bitmex requires a user to undergo full KYC, including a selfie with their ID and the word “Bitmex” in order to change their email address.

The email breach does not come at a good time for Bitmex, which is reportedly being probed by the U.S. Commodity Futures Trading Commission (CFTC) over whether it permits U.S. traders to use its platform. Armed with thousands of user email addresses, the CFTC may well step up its investigation.

The reputational and regulatory cost of the blunder is still to be counted. In the interim, neglecting to use blind copy on a mass email has given Bitmex and its normally ebullient CEO Arthur Hayes pause for thought.

Do you think the email leak will permanently damage Bitmex’s reputation? Let us know in the comments section below.


Images courtesy of Shutterstock.


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#Blockchain GlobalBitcoinsPro.com Enables Offline BCH Cash Trades

GlobalBitcoinsPro.com Enables Offline BCH Cash Trades

This is a paid press release, which contains forward looking statements, and should be treated as advertising or promotional material. Bitcoin.com is not responsible for or liable for any content, accuracy or quality within the press release.

After the devastating news of the removal of offline cash trades and the new vigorous and intrusive KYC policy from popular P2P Exchange Platform (Localbitcoins) the community needed an alternative. We’re happy to announce the arrival of GlobalBitcoinsPro.com which has been created to revive the community.

Created by a group of OTC traders that grew from trading on Localbitcoins and noticed a decline in the community they were used to, they simply “Wanted to bring back the glory days”.

GlobalBitcoinsPro.com is a peer-to-peer (p2p) cryptocurrency exchange platform, it is the newest and most reliable platform allowing users to safely perform both online and offline trades. Their main attraction is the familiar, popular and easy to use interface that many traders already know how to use making it easier to just make an account and start creating ads and trading. They also added new and exciting features that serve two communities by offering the choice of trading between BTC (Bitcoin Core) & BCH (Bitcoin Cash). One of their primary objectives is to facilitate the efficient trade of cryptocurrencies on a global scale, which will ultimately result in a digital community coming together. GlobalBitcoinsPro.com has a very convenient, easy to use functionality making the usage of this platform smooth and hassle-free. This platform is available worldwide with active users in multiple countries. They have also competitively slashed fees in half by charging only half a percent as opposed to the competition that charges 1% fees on all trades.

Filling the gap in the market of p2p cryptocurrency trading platforms

After recognising a gap in the market, when the market leaders took down their offline trading features, they decided to fill that gap by recreating a similar platform with added features allowing users to trade with physical cash once again. A popular platform ‘LocalBitcoins’ took down offline trades early June resulting in numerous complaints and loyal users having no support. GlobalBitcoinsPro.com swiftly filled this and brought offline trades back therefore allowing users to still have an option for either offline and online trades.

Enabling more access to Crypto Currencies in developing countries where banks cannot reach

GlobalBitcoinsPro.com has worked on bringing the world of Crypto Currencies to every city and they are constantly expanding. This allows the access to Crypto Currencies to stretch globally to developing countries that would usually be ignored by the traditional banking world. This is evidently not only a platform just for trading, but they are also looking to advance the community and introducing Crypto to the world economy.

Contact Email Address
arthur@globalbitcoinspro.com

Supporting Link
https://globalbitcoinspro.com/

This is a paid press release. Readers should do their own due diligence before taking any actions related to the promoted company or any of its affiliates or services. Bitcoin.com is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in the press release.

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#Blockchain ECB President: ’We Should Be Happier to Have a Job Than to Have Our Savings Protected’

ECB President: ’We Should Be Happier to Have a Job Than to Have Our Savings Protected’

Newly installed European Central Bank President Christine Lagarde made controversial remarks in a recent statement prior to assuming her new role. The former IMF Managing Director implored: “isn’t it true that ultimately we have done the right thing to act in favour of jobs and of growth rather than the protection of savers?” Regarding former president Mario Draghi and the ECB’s negative interest rate policy, she went on to imply that people should be grateful for the job policies, savings protected or not.

Also Read: Low Interest Rates Are Crushing Young People and Fueling Global Riots

Easy for You to Say, Lagarde

Some commentators were taken aback by the bold remarks reported Wednesday, with one Twitter user remarking: “translation: You should be happy to be slaves.” Another felt Lagarde’s words embodied “The old mantra to make the tax slaves think they would be jobless without the government protecting them. Propaganda doesn’t work when you’re enlightened by Bitcoin.”

ECB President: ’We Should Be Happier to Have a Job Than to Have Our Savings Protected’

In her address, the new ECB leader chided the German and Dutch governments for not investing their budget surpluses in causes she deems worthy, such as infrastructure, education and innovation to “allow for a better rebalancing.” As far as the common folk go, the bigwig of financial policy noted in blatantly direct fashion:

We should be happier to have a job than to have our savings protected … I think that it is in this spirit that monetary policy has been decided by my predecessors and I think they made quite a beneficial choice.

Who Is ‘We’? – Poverty In the EU

When Lagarde says “we” one is inclined to wonder who exactly she is talking about. According to statistics, 16.9% of EU residents are living at risk of poverty even after welfare and social transfer factors are accounted for as of 2017. Many Europeans may be currently “employed,” but the nice sounding stats are often bolstered by extremely lax measures of what constitutes said employment. Spotty and unreliable jobs such as someone working only one hour a week still officially serve to make Draghi and Lagarde’s rhetoric appear sound. According to the August, 2018 study “Measuring employment and unemployment” by Bank of Italy researchers Andrea Brandolini and Eliana Viviano:

The employment rate is the proportion of the working-age population with a paid job: it is a headcount measure that disregards how working time and contract duration differ across the employed.

While the multimillion-dollar-net-worth Lagarde sips champagne in designer clothes and “power scarves,” the common plebs living paycheck-to-paycheck governed by ECB policy must remain grateful that although their savings are being eaten alive, at least they can work, maybe. Those taking issue with the new negative rate defender at the ECB are not necessarily opposed to high fashion and the good life, as much as the hypocrisy and arrogance required to utter such nonsense in a position like Lagarde’s.

ECB President: ’We Should Be Happier to Have a Job Than to Have Our Savings Protected’

Savings Are Essential to Healthy Economies

As American economist Murray Rothbard once wrote, “Savings and investment are indissolubly linked. It is impossible to encourage one and discourage the other.” Without the ability to save, there is no ability to invest. No chance to build for a future, or to create space by leveraging finance for personal time for innovation, exploration and rest.

Lagarde’s proclamation that those nations with surplus should invest, while calling for everyday individuals to essentially quiet down about retaining value, betrays an important disconnect and telling, underlying worldview: money and savings are for us, working is for you.

Ironic that the socialist lawyer from France would take such a position. Looping back around to Bitcoin, the statements also betray something else. The very reason most governments stand opposed to permissionless, decentralized finance and cryptocurrencies may be that Bitcoin enables saving and spending freely, regardless of what any disconnected third party might think about what should be done with your money.

What are your thoughts on Lagarde’s remarks? Let us know in the comments section below.


Image credits: Shutterstock, fair use.


Did you know you can buy and sell BCH privately using our noncustodial, peer-to-peer Local Bitcoin Cash trading platform? The Local.Bitcoin.com marketplace has thousands of participants from all around the world trading BCH right now. And if you need a bitcoin wallet to securely store your coins, you can download one from us here.

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#Blockchain Video: Will Bitcoin Crash or Double in Price After the Halving? Miners Have Their Say

Will Bitcoin Double in Price After the Halving? Miners Have Their Say

Will the price of bitcoin double or crash during the upcoming halving next year? And how will the mining industry adapt to their revenue stream being cut in half over night? See what professional miners from around the world have to say on the matter.

Also Read: US, EU and UK Companies Can Now Pay Workers in Bitcoin Cash via Bitwage

Miners Talk Bitcoin Halving 2020

The Bitcoin.com team has recently talked with ten prominent people from the crypto mining industry about the upcoming halving at the World Digital Mining Summit 2019 in Frankfurt. Some think that it might cause miners’ revenues to crash, others think prices will quickly rise to compensate for the diminished rewards, all agree it will be a pivotal event for the industry.

The full list of mining experts interviewed in the video includes: Marco Streng, CEO of Genesis Mining; Thomas Heller, F2Pool Global Business Director; Sean M. Walsh, CEO & Chairman of the Board, Hyperblock Inc; Dr. Mervyn G. Maistry, Board Member Cyberian Mine; Carson Blake, CEO of SBI Crypto; Alexander Levin, CEO of Asicseer.com; Eric P. Yingling, an independent miner; Nick Damico, CTO at BitPatagonia; Hugh Tian, Co-founder of Antpool; and Åsmund Myhre, CEO of Oslofjord Datacenter.

In terms of the professional mining industry it seems we should expect to see a major concentration of the business as the halving will take place. Those with larger hashing power and access to cheaper sources of energy will squeeze out from the market operations that need higher margins to survive and make a profit. “The halving is a brutal wipe-out event,” explained Marco Streng. “It knocks out immediately the miners who are not efficient enough and shows no mercy.”

We might also see fluctuations and changes in global hash power distribution during the few weeks that are expected to pass between the BCH halving and the BTC halving, as SHA-256 miners will switch to the most profitable chain to mine at the time.

With regards to the effect the halving will have on prices opinions are more split. We could see prices double as miners will need to keep their current revenue streams, or even take off not long after as has happened in the past. “If you look at six months before the halving and six month after the halving in both previous instances you see massive upward surge in the price of bitcoin,” commented Sean Walsh. “It is a bit scary being a miner and knowing that your revenue stream is gonna get cut in half over night but the exchange rate will more than compensate for the reduction in our bitcoin denominated revenue.”

Watch the whole video on the official Bitcoin.com Youtube channel for the full remarks from all the mining professionals, subscribe and make sure to leave a comment to join the discussion.

What and When Is the Next Halving?

Every time a new block is mined, those who facilitated it are rewarded with a set amount of coins. But once every 210,000 blocks this set reward amount is programmed to decrease by half, hence the name halving. This mechanism was created by Satoshi Nakamoto to ensure current supply is limited, making coins more scarce as there will never be more than 21 million in circulation. It can also create upward pressure on the price in contrast to most fiat currencies that only lose value over time due to inflation.

The first ever halving took place in 2012 when the block reward initially set to 50 coins fell to just 25. The second and last halving so far took place in 2016 when the block reward dropped from 25 to just 12.5 coins.

The upcoming bitcoin cash halving event is expected to be during April 2020. After this happens, BCH miners will lose half the current block reward (12.5 BCH) and receive just 6.25 BCH and fees per block mined. The BTC halving is expected not far after that in May 2020. A German bank recently predicted a tenfold increase in the BTC price when the upcoming block reward halving takes place.

Will Bitcoin Crash or Double in Price After the Halving? Miners Have Their Say

If you want to enter the crypto market before next year’s halving occurs, you can safely and securely purchase bitcoin cash (BCH) and bitcoin core (BTC) with a credit or debit card at buy.Bitcoin.com. You can also trade digital assets for cash in person privately on our noncustodial, peer-to-peer marketplace, local.Bitcoin.com, or try our recently launched premier trading platform, exchange.Bitcoin.com.

What do you think will happen to cryptocurrency prices after the 2020 halving? Share your thoughts in the comments section below.


Images courtesy of Shutterstock.


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#Blockchain Do You Know the Newspeak of the Looming ‘NIRP’ Economic Meltdown?

Do You Know the Newspeak of the Looming ”NIRP” Worldwide Economic Meltdown?

Negative and zero interest rate policy (NIRP and ZIRP) are becoming a new global norm. Endless printing of paper money is said to make economies stronger, while everyday individuals are seeing their savings worth less and less. These policies were traditionally viewed as last ditch, temporary measures to save economies, but are now increasingly being praised with smooth talk from central banks and policymakers as the answer to the world’s problems, paving the way for the next global downturn–possibly even a major economic meltdown.

Also Read: More Filthy Fiat: Two Dozen Central Banks Ramp up the Printing Presses

Sticks and Stones May Break My Bones But Words Make It Less Painful

In George Orwell’s classic dystopian novel 1984, the political language called Newspeak existed “not only to provide a medium of expression for the world-view and mental habits proper to the devotees of Ingsoc [the novel’s dystopian political system], but to make all other modes of thought impossible.” Politicians today employ the same techniques.

Euphemism is designed to make unpalatable realities sound inoffensive or even pleasant. Economic terms like “quantitative easing” and “NIRP” don’t sound particularly threatening or bad. The underlying realities successfully obfuscated, however, and central bankers are able to proceed with impunity in economic activity extremely damaging to the finances of the hardworking individuals they govern.

Do You Know the Newspeak of the Looming 'NIRP' Economic Meltdown?

NIRP and ZIRP

NIRP and ZIRP are acronyms for “negative interest rate policy” and “zero interest rate policy” respectively. The acronyms themselves take some of the punch away from the not-so-wonderful meanings, but the expanded terminologies are also misleading. A negative interest rate is commonly known in the real world as a “fee.” If interest is a payment one receives for lending money to another person, business, or financial institution, negative interest would be a charge for doing so.

With politicians and global financial advisory groups saying things like “Over in Europe and Japan they have NEGATIVE RATES. They get paid to borrow money” (Donald Trump), or “Without cash, depositors would have to pay the negative interest rate to keep their money with the bank, making consumption and investment more attractive” (the IMF), the reality of what is being advocated is hidden.

How Does NIRP Work?

Negative interest rates are set by a country’s central bank. They spur spending and discourage saving. Banks cannot afford to leave excess reserves being eaten away in the central bank at these rates, and are thus incentivized to provide more affordable loans. Some retail banks absorb this cost to keep their depositors from moving savings into cash; other banks charge their customers. The low rates and increased loans mean that more people borrow and spend, and the now stimulated economy is thus viewed as “strong” (more newspeak), juiced up on the speed-like drug of increased easy lending. The printing of more money can then justified under this pretext. At some point, however, the chickens of these policies come home to roost, as sound assets and resources are limited, no matter how much paper money a government prints.

ZIRP is the only slightly more conservative cousin of stimulus-addicted NIRP, and is a zero interest rate policy set by a country’s central bank. Unlike NIRP, zero is the limit as to how low nominal rates can be set, and so other measures such as quantitative easing are often implemented.

Do You Know the Newspeak of the Looming 'NIRP' Economic Meltdown?

Quantitative Easing

When zero interest rate policy fails to stimulate an economy adequately, QE, or quantitative easing, may be employed in conjunction. QE is the creation of more money by a central bank, temporarily easing the stress on a given economy. In QE, central banks create more reserves to buy debt and securities from their governments and sometimes even private entities. As finance website thebalance.com notes:

No funds change hands but the central bank issues a credit to the banks’ reserves as it buys the securities. QE has the same effect as increasing the money supply.

With the domestic money supply increased, economic activity is expected to be stimulated. Like the NIRP and ZIRP policies detailed above, however, it’s akin to taking an aspirin for a serious disease, or buying more credit cards to pay off the pile of old, already maxed-out plastic in one’s wallet.

Do You Know the Newspeak of the Looming 'NIRP' Economic Meltdown?
St. Louis Federal Reserve

An increased money supply means higher inflation and the resultant loss of purchasing power. In case QE fails to provide a shot in the arm to a given economy, a phenomenon known as stagflation can also occur where inflation continues in the absence of economic growth. It may seem surprising to consider many world leaders, central banks and financial planners are now praising and implementing policies designed to make money weaker in the name of progress, but that’s the reality.

The NIRP Zeitgeist

In its Global Banking Annual Review 2019, management consulting firm McKinsey & Company claimed that “60 percent of banks destroy value” as they are not economically viable. From 2009 to 2018, most banks studied showed a return on equity (ROE) less than their cost of equity (COE). In other words, they are not making ends meet and in the case of another crisis like the global downturn sparked in the late 2000s, may not survive.

Global trends toward negative rates and easing are nevertheless touted by policy makers as necessary. According to research by the Federal Reserve Bank of San Francisco, “Central banks that have yet to introduce negative rates may take some comfort from this evidence as there appears to be room below zero for additional economic stimulus.” The media is complicit in being the megaphone for these concepts of endless easing and low rates as well, with even respected financial publications praising such moves. None of the pretty language, of course, changes the stark reality underneath.

Do You Know the Newspeak of the Looming 'NIRP' Economic Meltdown?

Rearranging Deck Chairs on the Titanic

To see where all this is potentially heading, one only needs to look back at the long list of countries where inflation has already spiraled out of control, and the current talk from global monetary policymakers and central banks. While many countries have suffered independently before, the timing now suggests a broader, more global financial meltdown could be on the horizon.

Leadership at the European Central Bank continue to praise and advocate for the extension of NIRP and ZIRP policy. Japan, Sweden, Switzerland and Denmark don’t look like they’ll be escaping their deepening, respective NIRP sloughs anytime soon. The U.S., Australia and New Zealand’s rates are all rapidly approaching zero, and New Zealand’s central bank is even considering taxing cash to force people to spend and discourage saving.

The International Monetary Fund (IMF) maintained in February 2019:

Severe recessions have historically required 3–6 percentage points cut in policy rates. If another crisis happens, few countries would have that kind of room for monetary policy to respond.

As rates are already so low globally, another recession could spell real disaster. One of the IMF’s proposed solutions was to even eliminate cash, another emergent global theme.

At the end of the day, central bankers appear to be playing a board game. When the colorful strips of play money run out, the banker just writes some numbers on blank pieces paper and the game goes on. In Monopoly, this is all for the sake of fun and leisure. In reality, it’s a game being played with people’s very livelihoods, by saccharine-tongued politicians and central bank governors who have nothing to lose by gambling your money away.

What are your thoughts on NIRP and QE in the context of the global economy? Let us know in the comments section below.


Image credits: Shutterstock, fair use.


Did you know you can buy and sell BCH privately using our noncustodial, peer-to-peer Local Bitcoin Cash trading platform? The Local.Bitcoin.com marketplace has thousands of participants from all around the world trading BCH right now. And if you need a bitcoin wallet to securely store your coins, you can download one from us here.

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