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Tuesday, November 7, 2017

Cryptocurrency News for 7 Nov 2017

 

Deutsche Bank Strategist Says End of Fiat-based Currency Systems Near, Recommends Bitcoin

Deutsche Bank Strategist Says End of Fiat-based Currency Systems Near, Recommends Bitcoin

 

Deutsche Bank lead strategist Jim Reid claimed that the current fiat-based currency system is unstable and nearing its end. He claimed that the system was only able to advance to its current state due to the disinflationary shock it experienced in the 1980s.

In his recent report, Reid claimed that the fiat system is now in reverse and is expected to affect all the traditional currencies being used around the world.

However, he said that the strategies being used to control inflation like loose policies, extensive leverage, and continuous printing of money may lead to the end of paper money. This is because consumers around the world will lose faith in the system as fiat currencies continue to lose their value.

Reid further stated that to help mitigate the risks of financial collapse, the use of virtual currencies should be promoted around the world. He reasoned that due to their decentralized nature, cryptocurrencies cannot be controlled by the governments but by the organic laws of the economy, particularly the supply and demand in the market.

“Although the current speculative interest in cryptocurrencies is more to do with Blockchain technology than a loss of faith in paper money, at some point there will likely be some medium of exchange that becomes more universal and a competitor of paper money.”


Full story at http://bit.ly/2j7mhz9


Source: CoinTelegraph


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A Closer Look at How Three of the Biggest Scamcoins Lure Its Investors

A Closer Look at How Three of the Biggest Scamcoins Lure Its Investors

 

Scams, taking advantage of people who trusted in a business’ integrity, are not okay. I will not for a second endorse such ways of doing business.

However, fraudulence is both an art and a science. It is worthwhile for investors and those enthusiastic about bitcoin to examine bad actors in our midst. We do well by understanding their techniques. We do better by publicizing them in 

Scams are not coins or projects you personally find abhorrent or objectionable. Though it might be true, these are sometimes necessary but never sufficient conditions to label something a scam. If that were the case, bitcoin would already be dust. Want to guess how many times a day someone who works in the ecosystem reads or hears the word “scam?” 

Instead, the kind of efforts discussed here can be considered circumstantial, as in maybe all the facts are not in yet. Important too, perhaps some of the people involved were not privy to certain amounts of information — it’s often true in these matters the last ones to know are zealous believers.


Full story at http://bit.ly/2j7yDaA


Source: Bitcoin News


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British Singer Lily Allen Regrets Declining Bitcoin Payment in 2009 Now Worth Over $1 Billion

British Singer Lily Allen Regrets Declining Bitcoin Payment in 2009 Now Worth Over $1 Billion

 

The history of the value of bitcoin has been incredible so far, with the world's foremost cryptocurrency ascending from a niche internet oddity to a financial powerhouse with a market capitalization of almost $127 billion. Bitcoin's transformation from trash to treasure has not only brought financial success to its early adopters, but also produced fascinating stories of regret and squandered opportunities.

In the early days of bitcoin, a popular use of the cryptocurrency was to facilitate transactions between users in online games. The British singer Lily Allen, for example, was offered "hundreds of thousands of bitcoins" to perform live in the virtual world Second Life. The singer declined and later expressed her regret in a 2014 Twitter post. Even though the $900 price tag already seemed incredible at the time of her tweet, bitcoin has risen to an astronomical $7572 at the time of this writing.

Others already ammassed a sizeable amount of bitcoins in the early days of the cryptocurrency, only to lose them in various ways. One such example is a British man called James Howells, who recounted his story in an interview with The Guardian. Howells mined 7500 bitcoins on his personal computer in 2009. When the computer broke due to Howells accidentally spilling liquid on it, he took it apart to try and salvage the parts that were still working. The hard drive was untouched and he left it in a desk drawer, throwing it away 4 years later when cleaning his house. Is it possible that landfills are becoming the treasure troves of the future, containing millions upon millions in digital gold?


Full story at http://bit.ly/2j7mhPF


Source: https://coincodex.com


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China Monitors Booming OTC Bitcoin Market After Shutting Down Exchanges

China Monitors Booming OTC Bitcoin Market After Shutting Down Exchanges

 

Ever since the Chinese government demanded in September that bitcoin exchanges in the country shut down, China’s on-exchange bitcoin trading volume has all but disappeared. Concurrently, yuan trading volumes on OTC platforms have significantly increased.

China Monitors Booming OTC Bitcoin Market After Shutting Down ExchangesThe National Committee of Experts on Internet Financial Security Technology published a report last week on the status of the Chinese OTC bitcoin market. The committee was formally established in August of last year under the guidance of the Ministry of Industry and Information Technology. The committee “monitored recent bitcoin off-balance-sheet transactions through the National Internet Financial Risk Analysis Technology Platform” settled in CNY to produce the report.

China Monitors Booming OTC Bitcoin Market After Shutting Down ExchangesThere are two types of cryptocurrency trading – intraday and OTC, the report began. “OTC usually has no fixed place, prescribed membership, and strict rules and regulations; mainly the one-on-one transactions are conducted by the counterparties through private negotiations.”

In addition to P2P trading such as on Localbitcoins, Chinese citizens also conducted transactions in-person or using live chat tools such as QQ, Wechat, Telegram, and Slack. “A wide range of payment methods, including bank transfer, cash remittance, third-party payment, [and] gift cards” were used, the report stated, adding that:

"Alipay, Wechat and bank transfer are the main payment methods for OTC BTC-CNY transactions."


Full story at http://bit.ly/2j71MCG


Source: Bitcoin News


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South Korea vs USA – Movie Stars Show How to Survive on Bitcoin for a Week

South Korea vs USA – Movie Stars Show How to Survive on Bitcoin for a Week

 

The South Korean mainstream broadcast TV station, Asia Economic TV, has produced and broadcasted a reality show that challenged two movie actors to live solely on bitcoin for a week each. The name of this survival challenge show is loosely translated as “Stay alive for a week with bitcoin.” It took place in two countries with very different levels of bitcoin adoption.

Actor Kim Bo-sung spent a week living on bitcoin in South Korea, while painter and actress Yun Song-ah did the same in San Francisco, United States. Their Wikipedia pages show that Kim has been in 34 movies and 13 TV series, while Yun has been in 8 movies and 10 TV dramas. They have also both won numerous awards.

The show contrasts how the two stars survived on bitcoin in the two locations. The rules stated that they must find merchants that accept bitcoin directly and only use bitcoin for the week. The show followed them as they spent it on food, shelter, travel and all other activities during that time.


Full story at http://bit.ly/2j7mi6b


Source: Bitcoin News


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Citizens of Zimbabwe Use Bitcoin to Access International Markets

Citizens of Zimbabwe Use Bitcoin to Access International Markets

 

Yeukai Kasangaya, a representative of Golix, has discussed the growing bitcoin adoption that is taking place in Zimbabwe. Golix rebranded from BitFinance on the 1st of October this year, a decision that was prompted by the company’s belief that “bitcoin will not be the only digital currency that succeeds,” according to Golix CEO, Tawanda Kembo.

Mrs. Kasangaya recently told local media that “the general trend shows an increase in interest in the bitcoin,” describing such as the “normal upward-growth trajectory of most innovations.” Due in large part to the financial crises brought about by ongoing cash shortages and hyperinflation that has crippled large parts of Zimbabwe’s economy, Mrs. Kasangaya reports that the majority of transactions on Golix occur electronically.

“IT IS NOT NECESSARY TO HAVE CASH TO BUY BITCOIN. MOST PEOPLE JUST USE THE GENERALLY AVAILABLE ELECTRONIC MEANS. AS SUCH, THE BUYING OF BITCOIN IS NOT AFFECTED BY THE PREVAILING CASH SHORTAGES… IN THE EVENT THAT A SELLER WANTS CASH FOR BITCOIN, THEY WILL HAVE TO IDENTIFY SUCH A BUYER WITH CASH ON THEIR OWN AND DO A PEER TO PEER TRADE.”

Citizens of Zimbabwe Use Bitcoin to Access International MarketsMrs. Kasangaya states that Zimbabwean citizens are adopting bitcoin in order to access a variety of international markets. “Some use it to pay for services provided outside the country, such as software. For example, a local software engineer developing an app can use bitcoin to pay for necessary software tools. Others use bitcoin to, say, import a car they can use to run a small business …. The good news with using bitcoin for such purposes is that no foreign currency leaves the country, unlike a situation where the same person was to ask their bank to do a telegraphic transfer… [which] reduces the country’s pressure on nostro balances.”


Full story at http://bit.ly/2xGesmn


Source: Bitcoin News


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