Connect with us

Bitcoin News

Who Cares About The Real Bitcoin, I Don’t

Published

on

What is the true bitcoin? I truly do not care. Image: Shutterstock.

It doesn’t topic what the “real Bitcoin” is. In generation, “authenticity” is handiest vital insofar as potency permits it to be.

It’s not likely that is the primary time you’ve learn my paintings. I love to confer with myself as a cryptonaught. I’m anyone who has spent a significant portion of my lifestyles exploring cryptocurrencies and cryptography.

We’re ten years into the blockchain revolution. Bitcoin is now not the one cryptocurrency. It is now not the one virtual money. It is in fact now not the one Bitcoin. What Bitcoin lacks in strong point, it makes up for in retailer of worth, liquidity, and investor passion. Not to say safety. Perhaps a rational crypto international would all flock to platforms that let them to make use of the Bitcoin blockchain for safety.

I’m right here to let you know, reader, that there are a number of issues which don’t topic anymore. Maybe they by no means mattered. First, I must provide a restricted parameter for what it takes to “matter.”

What’s Relevant and What Will Gain Mass Adoption

For the aim of this newsletter, what “matters” is 2 issues: what’s related and what is going to garner mass adoption.

The very first thing I’d like to handle is the problem of relevancy.

I publish to you that the “real Bitcoin” argument is crooked to the bone. It does no longer topic if Bitcoin Core or Bitcoin SV or Bitcoin Cash is the “real Bitcoin.” They all are, they usually all aren’t. They percentage the transaction historical past of the blockchain that Satoshi Nakamoto advanced. They have other use instances, design philosophies, and so forth. Money talks, and there are billions in liquidity in every of them. This by myself makes them all topic, and neutralizes such arguments as this:

Including a screenshot since the Tweet’s author has a history of making his account private.

I’ve talked to a large number of individuals who know so much about markets. I will be able to communicate to much more. It’s a part of my occupation. I’m blessed with get right of entry to to one of the crucial brightest minds in monetary generation and cryptography. Some share of the time I don’t even submit those conversations or the result of them for quite a lot of causes. A not unusual conclusion is: Bitcoin will all the time be unstable. That approach it’ll by no means make a really perfect medium of alternate.

The Tale of Three Bitcoins

I think supplied to resolve what’s related and what isn’t from a philosophical point of view. Again, I state for the file: for my part, it’s not related what’s the “real Bitcoin.”

There are way more related topics to speak about inside every of those 3 bitcoins. In Bitcoin SV, they not too long ago introduced a messaging client that uses the blockchain. Bitcoin Cash continues to serve as as a broadly approved instant choice to Bitcoin. Bitcoin Core is all wrapped up within the creating of its scaling resolution, Lightning Network. These topics are all related. Arguments that any of those are “fake” are an obnoxious waste of time.

The 2nd factor I’d like to handle is mass adoption. I and others have come to comprehend that mass adoption of Bitcoin itself could be a idiot’s errand. I now not envision a long run the place everybody I do know has a Bitcoin pockets and prefers it over different monetary tools. For quite a lot of causes, that’s no longer the best way Bitcoin is understanding.

Familiarity, Usability, Lack of Pretension

What will garner mass adoption is the article this is least alien to the following era of customers. I’m no longer referring right here to stablecoins. In my view, stablecoins are very a lot a buying and selling software. They must be. They’re excellent at what they do. They aren’t a cryptocurrency in the similar sense that Bitcoin or Ethereum are cryptocurrencies. They depend at the central banking gadget that cryptocurrencies have been advanced to supplant.

I consider the article that may topic essentially the most within the subsequent 5 to two decades is the article that has the next homes:

  • Familiar to the userbase.
  • Once in use, is not going to make sense to head backward (just like the Internet).
  • Requires little if any person training.
  • Is broadly to be had.
  • Lacks pretension and competition.

The Future is dApps

What have I described right here?

I’ve described a decentralized software (dApp). The blockchain that this rising dApp is constructed on would be the person who society rewards with essentially the most worth. I consider any of the next blockchains may play host to the real killer app. (In no specific order.)

I don’t consider any individual is aware of at the moment what class it’ll in fact emerge inside. What if it have been one thing extra critical than gaming or playing, like water distribution? We don’t know such issues as of late.

I do consider it’ll be open supply. That its significance will likely be at the order of the Linux kernel itself. I consider that it’ll serve an important serve as in society. And I consider it’ll trade the panorama of the crypto marketplace, bringing such a lot of billions flooding in that, confidently, such beside the point and farcical arguments as “true Scotsman”-style fallacies we see between quite a lot of sorts of Bitcoin builders as of late will appear foolish to even those that interact in them as of late.

Let The Movement Breathe

There are dozens of businesses value extra marketplace capital than all the cryptocurrency marketplace. As a monetary software, it gives qualities that draw in a undeniable form of investor. This is handiest step 0 within the means of the blockchain revolution. Real-world packages that can not be correctly carried out with out the blockchain are step 1.

If I mentioned I knew what step 2 was once, I’d have some roughly cause. I reckon that any one who can let you know what step 2 is, from the place we’re as of late (without a large adoption), has a suspect cause. Technology doesn’t expand in a vacuum.

The maximum a hit generation adapts to markets and the wishes of society. Blockchain will likely be no other on this appreciate.

The infantile components of our tradition are great and entertaining, however at a undeniable level, they’re maintaining us again.

Disclaimer: The perspectives expressed within the article are only the ones of the writer and don’t constitute the ones of, nor must they be attributed to, CCN.

Like what you learn? Give us one like or percentage it in your pals
original post…

Continue Reading
Advertisement

Bitcoin News

Crypto exchange BTCNEXT seeking Japan license

Published

on

BTCNEXT, an Asian based cryptocurrency exchange, earlier this month announced it received notification from the Japan Financial Services Agency (FSA) that it must suspend services for Japanese residents.

As part of Noah Ark Technologies Ltd., BTCNEXT operates with a Virtual Currency Exchange license issued by the Cagayan special economic zone and Freeport Philippines.

The BTCNEXT team says that its legal department is currently working with the FSA in regards to getting a Japanese license and will take necessary steps to ensure full compliance with all FSA requests.

Like what you read? Give us one like or share it to your friends
original post…

Continue Reading

Bitcoin News

NEO Price Prediction: Long-term (NEO) Value Forecast – June 2

Published

on

  • The long-term outlook is in a bullish trend.
  • The 1.618 in the fibs at $19.17 is the bulls target in the long-term.

NEO/USD Long-term Trend: Bullish

Supply zone: $20.00, $30.00, $40.00
Demand zone: $2.00, $1.00, $0.50

NEO continues in the uptrend in its long-term outlook. The strong pressure on the cryptocurrency by the bulls’ comeback at the 61.8 on 18th May has kept price up with new high each week. $12.59 and $15.04 in the supply area were the highs on 20th and 30th May respectively.

The new week is started on a bullish note with today’s opening candle at $13.72 higher than last week opening price at $11.45, an indication that the bulls are more in the market.

Price is above the two EMAs that are fanned apart which suggest strength in the trend and in this case the uptrend.

The journey to 1.618 of the fib extension with price at $19.17 in the supply area is the bulls target in the long-term as the bullish momentum increase and more bullish candle open and closed above the two EMAS.

The views and opinion as expressed here do not reflect that of BitcoinExchangeGuide.com and do not constitute financial advice. Always do your own research.

Like what you read? Give us one like or share it to your friends
original post…

Continue Reading

Bitcoin News

Why Bitcoin’s ‘Culture War’ Matters

Published

on

Michael J. Casey is the chairman of CoinDesk’s advisory board and a senior advisor for blockchain research at MIT’s Digital Currency Initiative.


Let’s talk about bitcoin, toxicity and inclusiveness.

(Boy, my Twitter feed is going to have fun over the next few days.)

To start with, let me take a position: I stand with those people, especially women, who’ve lately been calling out maltreatment from members of the bitcoin community and citing rude and abusive behavior as proof of that community’s lack of inclusiveness. These are people who believe in cryptocurrency technology’s potential but feel discouraged to believe that they belong to the community’s dominant white-male subculture. If this technology is to fulfill its global potential, the community associated with it must confront this problem.

But the real point of this column is not to just defend these critics. It’s to debunk one of the more common positions adopted by those who take issue with their complaints, particularly on Twitter. In doing so, I hope to emphasize just how important the concepts of “community” and “culture” are to the healthy development of crypto technology and the ecosystem growing around it.

Hammer culture?

The line that’s most often thrown back at those calling out incivility is that bitcoin is nothing more than a technology, a tool, and that it’s meaningless to attach to it value judgments relating to human behavior. Bitcoin is amoral, apolitical and a-cultural, the argument goes, and like any technology it is used by good and bad people alike.

These pundits, warning of a political correctness-based threat to free speech, will then advise the injured party to take issue directly with the bad actors but refrain from agitating for community-wide change.

A perfect example of the genre came from outspoken lawyer Preston Byrne.

Clever, yes. But it’s extremely unhelpful, because the examples given do not share equivalent terms of reference.

Byrne’s “hammer” refers solely to the steel implement that tradesmen use. By contrast, people complaining about “bitcoin” are clearly using the word in a much wider context than in merely a reference to the code, to the ones and zeros that comprise the bitcoin protocol. They are inherently talking about the wider ecosystem and community gathered around the idea of bitcoin.

So, let’s equalize the terms, shall we? We can turn each of these nouns into a modifier of the word “community.”

While it might sound silly to talk about a “hammer community,” there may well be groups of hammer-obsessed souls who debate questions of design and ease of use at meetups and in chat rooms. If so, I’m going to guess that that community would probably also be predominantly male.

But the real issue is that such a hammer community is going to be far less important to the future design and evolution of hammer technology than bitcoin’s community is to its. I’m no expert, but I don’t see a great deal of change in hammer technology having occurred over the centuries and I’m not sure people expect much in the future. As such, we don’t see much jockeying among users to ensure that proposals for hammer upgrades are implemented and standardized to their preferred design.

By contrast, the open-source technology behind bitcoin is in a constant state of evolution. It is, by definition, under development, which is why we talk about the engineers who work on it as “developers,” not “custodians.” As such, there is a constant battle of interests over who gets to modify the code. Exhibit A: the block-size debate.

Counter-arguing that those who don’t like the process can just fork the code, as the large-blockers did, and set up their own new community, doesn’t cut it for me. Bitcoin is the brand that matters. Any newcomer will struggle to achieve the same network effects. Secession just isn’t viable for anyone who likes its current design but doesn’t like how its future is being defined.

Also, is there a “hammer ecosystem?” Maybe. But beyond producers of nails, and perhaps steel and rubber or wood suppliers, you can hardly call it a complex ecosystem.

Bitcoin, by contrast, which purports to reinvent the global system of money, has attracted an inherently vast array of different technology providers, all of whom have competing interests in how it is designed, managed and marketed to the world. I’m not just talking about businesses applications built on top of it, but also the developers of related encryption, payment channel, smart contract and other vitally important technologies, all of which are themselves in a constant state of flux.

(I’m guessing that the exhibition halls at hammer conventions don’t have quite the same spread of offerings as cryptocurrency events such as Consensus.)

Saying that bitcoin is nothing but a tool, is like saying that music is nothing but a system for ordering different audible tones.

Money = community

When Paul Vigna and I wrote The Age of Cryptocurrency, we spent a lot of time chronicling the emergence of the community that had formed around bitcoin, which we saw as fundamental to its success. It struck us that the notion of a bitcoin community was so prominent — the “c” word was always being bandied about — because bitcoin embodied a profound and sweeping social idea. It offered nothing less than a reinvention of money, a revolution in the entire system for coordinating human value exchange.

Money only works to the extent that there is widespread belief in it, that people buy into its core myth. Money, Felix Martin says, is a social technology, by which he means that its functionality and usability depend far less on the physical qualities of the token that represents it than on the collective agreement among large communities of people that their token captures, represents and communicates transferable value. This is true whether we’re talking about gold, dollar bills, entries in a bank account, or cryptocurrency.

By extension, then, for any form of money to succeed, it must sustain a vibrant, growing community.

Communities = culture

The thing about communities is that they inevitably develop cultures. In self-defining their boundaries of belonging, they develop shared ways of seeing and language — akin to a kind of social protocol – that regulate (in a very unofficial, and quite subconscious way) their members’ behavior.

As they evolve, cultures can become more or less open, more or less inclusive, more or less abrasive in their treatment of outsiders. And inevitably, these cultural features will either encourage or impede the growth of the community.

All this should hardly be a revelation. Anthropology, the study of culture, is a globally widespread and influential field (one that is now appropriately turning its attention to cryptocurrency communities.)

Studies of U.S. culture, from Alexis de Tocqueville down, have rightly pointed to the inclusiveness of the founding fathers’ ideas as a key driver of its economic expansion. In fact, American culture is arguably its most important ingredient for success, a social manifestation of Joseph Nye’s notion of the United States’ “soft power.”

So, yes, bitcoin culture really, really matters. If the compelling ideas behind permissionless, peer-to-peer exchange and censorship-resistant money that attract people of all stripes to it are to retain those people’s interest and grow in influence, the bitcoin community needs to evolve a more inclusive culture.

The only way to do that is to spur the kind of open debates that have always driven the progress of human culture — those which shifted norms and mores to the point that it became unacceptable to own slaves, to spit in public, or to jump a queue.

So, listen up, bitcoin. It’s time to confront your toxicity.

Hazard drums image via Shutterstock

Like what you read? Give us one like or share it to your friends
original post…

Continue Reading

Bitcoin News

Holiday Spending up 14.6% as E-Commerce Beats Brick-and-Mortar

Published

on

E-commerce sales hit record highs this year as Americans continue to move their holiday shopping online.

According to Mastercard’s SpendingPulse report, online retail grew 18.8% over last year’s holiday season. That’s enough to make online sales a record 14.6% of holiday shoppers total spend, the report says.

Online consumers this year spent 17% more on apparel, 8.8% more on jewelry, 10.7% more on electronics, and 6.9% more at department stores. 

Overall, holiday spending jumped 3.4% compared to 2018.

The strong numbers came in spite of 2019’s unusually short holiday season, commonly defined as the period between Thanksgiving and Christmas. Shoppers had six days fewer than they had in 2018.

Steve Sadove, an advisor for MasterCard, said in a press release that retailers adapted to the shortened season. 

“Due to a later than usual Thanksgiving holiday, we saw retailers offering omnichannel sales earlier in the season, meeting consumers’ demand for the best deals across all channels and devices.”

Interestingly – or ominously – retailers who accepted crypto or managed crypto payments were slow to respond when we asked them how their holiday shopping season went. eGifter, a gift card trading service, noted that it had not yet “crunched the numbers” on holiday sales but that “We saw growth in overall crypto sales,” said Bill Egan, the site’s VP of Marketing.

“We saw more gifting with crypto in 2019, compared to buy-for-self use cases in prior years,” he said.

Payment processor BitPay found the holidays quite inspiring as well.

“We saw twice our daily averages of processed volume leading up to the holiday,” said BitPay’s CMO, Bill Zielke.

It will be interesting to see what kind of statistics surface over the next few seasons as e-commerce becomes king and crypto payments come to the fore.

Disclosure Read More

The leader in blockchain news, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups.

Like what you read? Give us one like or share it to your friends
original post…

Continue Reading

Bitcoin News

Crypto Custodians Grapple With Germany’s New Rules

Published

on

Crypto firms in Germany are getting ready to exist under a new regime. 

Under a law going into effect Jan. 1 requiring digital asset custodians to be licensed, each company that currently custodies crypto and targets German clients must announce to Germany’s Financial Supervisory Authority (BaFin) its intention to get a license before April 1 and submit an application before Nov. 1.  

A clause allows current crypto custodians to keep serving German customers without being penalized if they declare their intent to apply, but those same companies are waiting on BaFin to release final regulations around the law.

“As long as the legislation is not in place, BaFin is not going to think about how to cope or how to deal with the legislation,” said BaFin press officer Norbert Pieper. The regulator declined further comment and Germany’s Federal Ministry of Finance did not respond to request for comment by press time.

Pieper added: “There is no date foreseeable [yet] by which we’ll be able to communicate the results of our assessment. We will certainly communicate that on our website.” 

While the final regulations haven’t been set yet, the new license requirement may not produce the same kind of exodus of crypto firms that New York saw after the BitLicense requirement, said Miha Grčar, head of business development at Bitstamp.

London-based Bitstamp, one of Europe’s largest crypto exchanges, plans to continue operating in Germany but declined to say whether it would apply for a license, said Grčar. Crypto firms could also use a white-labeled custody service to operate in Germany. 

Because the law is an “updated version of the existing banking regulation,” banks will likely have the most to gain from it, Grčar added. Companies that get the license will be German financial institutions, but not classified as banks.

The law also means that German regulators now see crypto as a “legitimate” industry, he said. 

Ulli Spankowski, chief digital officer and managing director of the crypto custody subsidiary of German stock exchange Boerse Stuttgart, called Blocknox, sees the license as a step forward for “the professionalism of the industry.” The subsidiary has already advised BaFin that it plans to apply.  

“There are other countries that won’t go for a full-fledged license,” he said. “If you want to get traditional, established players from the banking side, you need to give them this environment to feel safe.” 

DLC group is taking advantage of the new regulatory framework by offering consulting services for firms interested in applying, and its own white-labeled crypto custody service. 

Sven Hildebrandt, head of Distributed Ledger Consulting Group, is concerned some exchanges won’t understand the nuances of the new law.

“The law is only in German and no English translation of the law is out there,” he said. “What’s going to happen to exchanges? [Operating without a licence] is actually a felony and not a misdemeanor so that’s jail time.”

Hildebrandt predicts the costs of licensing will be similar to other German financial services licenses where firms will need two managing directors, an established German entity and 125,000 euros of starting capital. He also estimates installation will cost 250,000 to 350,000 euros and recurring yearly costs will be 350,000 euros. 

Switzerland-based Crypto Storage AG, a subsidiary of Crypto Finance AG, is opening a branch in Germany to offer crypto custody to banks and then financial technology startups. 

“Large banking houses will do custody business in the future,” Stijn Vander Straeten, CEO of Crypto Storage AG, said. “They are moving slowly, though. We’ll build it up now for a premium.” 

Berlin-based solarisBank this month opened a subsidiary called solaris Digital Assets to offer crypto custody as a service. So far, the bank has a handful of customers testing the service with more than 40 companies in the pipeline, said Alexis Hamel, managing director of solaris Digital Assets.

In addition to waiting for details from BaFin, crypto firms are also waiting to see if the law can be passported to other European Union states. 

“Germany is definitely at the forefront with the clearer regulation,” Hamel said. “We still need to see how other European countries level up.”

Disclosure Read More

The leader in blockchain news, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups.

Like what you read? Give us one like or share it to your friends
original post…

Continue Reading

Copyright © 2022 The Crypto Report