Categories
Crypto News Updates

Bonus Army, Occupiers, 2020 Uprising: Bitcoin’s Peaceful Protest Is Pure Civil Disobedience

For twelve days straight, American citizens and a number of countries around the world have been protesting the oligarchs and police brutality. The restlessness from the uprising has slowed down some, but continues in various cities across the nation. On June 3, 2020, a reporter from Los Angeles talked to a man about the protests and he said the powers that be are not listening to people, and the best form of protest is to purchase bitcoin.

Henry David Thoreau: ‘That Government Is Best Which Governs Least’

The United States is suffering and what it’s like in 2020, is a far cry from the country’s initial days in 1776. In 2020, the American people have been smashed down and kicked so much, the revolution that took place a few hundred years ago seems to be a lost cause. Americans have lost their will to resist the government’s fraud and manipulation, instead of listening to the great writings of people like Henry David Thoreau. The well known liberty advocate wrote in 1849 that the “government is best which governs least,” and he added, “I should like to see it acted up to more rapidly and systematically.” Instead, hundreds of years later the massive government and overbearing politicians have become a systemic infection on the American populace.

Bonus Army, Occupiers, 2020 Uprising: Bitcoin's Peaceful Protest Is Pure Civil Disobedience
Barack Obama’s America.

Unfortunately, people think that if they vote and remove Donald Trump from office, things can heal again. However, nearly every President in my lifetime, for the past 40 years, has been an aggressive war tyrant and they created militant police forces to quell uprisings. Between Bush Sr. and the Clinton era presidencies – 576,000 innocent children died. During the George W. Bush presidency, he orchestrated some of the worst wars in the Middle East and desecrated thousands of civilians. Following Bush, the American populace thought “change” was coming, but instead of bringing peace Barack Obama ordered “double-tap” drone strikes. These strikes destroyed first responders in various countries and the warfare was in express violation of the Geneva Convention. Barack Obama never repealed the Patriot Act, even though he promised he would before he was elected. Also, a 16-year old child from Yemen lost his life because of Obama’s playtime with drones. Donald Trump’s administration followed suit by killing the Yemen boy’s eight-year-old sister.

Smashing Down Occupy and Dismantling the Bonus Army

Just the other day, people complained that Trump allowed soldiers and police to squash the protests in D.C., but Obama also did the same. For instance, on June 4, 2020, protesters took over the Brooklyn Bridge and police did nothing. But on October 1, 2011, protesters took over the Brooklyn Bridge and police arrested 700 out of the 1,500 demonstrators. Americans who do their research understand that Obama helped militarize the police. Joe Biden, the Democrat who wants to be the next President, also helped too with the penning of the controversial “Tough on Crime Act.” Obama also signed the NDAA on Xmas Eve 2013. The NDAA law allows the federal government to imprison and assassinate any American citizen without trial and without charges. In fact, Barack Obama didn’t even mention the Occupiers once during press briefings and made a brief comment about the 98%, while American police tear-gassed, shot rubber bullets, and pepper-sprayed thousands of protesters.

In October 2011, 700 protesters out of 1,500 were arrested. During the Occupy Wall Street protests, Barack Obama did not address the American people about the situation and allowed police brutality throughout all the demonstrations across the nation.

But this is not the first time Americans were treated so unfairly with extreme force and violence. Not too many people know, but after World War 1, around 17,000 veterans who served went to Washington D.C. and started a movement called Shanty Town, sometimes called “Hooverville.” The soldiers wanted their money for all the time they spent in Europe, but instead, they were offered credit. When this happened to the former troops grew extremely upset, and the American Legion got them to move on Washington D.C. For a while, the vets were ok with the credit system the government came up with, but after the crash of 1929 many vets were unemployed. They wanted their money as soon as possible. So a large group formed called the “Bonus Army” and out of 17,000 soldiers owed money, family members, and friends also joined them to protest Washington D.C. for not paying them for time served in Europe. 17,000 quickly became 43,000 people in a matter of days. The protesters then formed Shanty Town. The White House at first, offered Shanty Town leaders roughly $10,000 to leave the White House lawn and Anacostia Flats. Reports also note that some soldiers took the money and left, while the majority stayed to protest.

The Bonus Army also took to the streets and headed to the White House for protest. Unfortunately, former President Herbert Hoover used police and military force to remove them.

DC Police and Infantrymen Injured 1,000 WWI Veterans

By July, the encampment was running out of food and was in turmoil. Because of the rotten $10k deal, Attorney General William Mitchell ordered D.C. police to disrupt the protesters. At the time, Waters felt he had been “double-crossed” by the men who took some of the money. So after the police arrived, the veterans fought back and the D.C. police fired rounds into the crowd. Two WW1 veterans were slain that day. Eric Carlson and William Hushka were shot dead because of Washington D.C. police. At this time, President Herbert Hoover was not pleased with the outcome and he ordered the military to remove the protesters. The battle was now between the current military versus World War 1 veterans. Ugly, atrocious men that the country still worships today, Major George Patton and General Douglas MacArthur moved in on the protesters with tanks and hundreds of army members. Many of Patton’s and MacArthur’s men had bayonets attached to their rifles when they moved in on the crowd. The newspapers at the time recounted the entire Bonus Army experience.

“Cavalrymen and infantrymen jerked gas masks out of their haversacks,” the Baltimore Evening Sun reported at the time. “The spectators, blinded and choking with the unexpected gas attack, broke and fled. Movie photographers who had parked their sound trucks so as to catch a panorama of the skirmish ground away doggedly, tears streaming down their faces,” the paper read.

By the end, Patton’s and MacArthur’s troops destroyed Shanty Town.

Following the Shanty Town members fleeing the scene, Patton’s tanks crushed Shanty Town and most of the protesting vets had fled via paths near the Anacostia River. At that time, President Hoover told MacArthur’s and Patton’s troops to stop. However, MacArthur didn’t like the President’s order and 1,000 men suffered injury from MacArthur’s military onslaught and another veteran died.

By 1933, Franklin D. Roosevelt (FDR) through Executive Order stole people’s gold and initiated the banking holiday. At the time the President basically gave JP Morgan and his gang keys to the castle. That same year, the Bonus Party formed again, trying desperately to get their money. Roosevelt wasn’t keen on paying them, but he did allow them to set up camp. People still love FDR to this day, but by 1936 when Congress passed a bill that would finally settle up with the vets, the so-called ‘hero’ FDR vetoed it. Congress finally overrode the Presidential decision and the Fed’s finally shelled out $2 billion in World War 1 payments, while the country was about to enter WW2.

LA Protester: My Natural Solution for the Problem Is for Everyone to Opt-Out and Exit the Economy

American citizens have been tread on enough and 2020 is no different. Over the decades, various movements have been destroyed and dismantled by U.S. politicians and police force. On June 3, 2020, a man was being interviewed by a reporter and he told the journalist that the only way to move forward is to opt-out.

“Unfortunately we live in a system that doesn’t allow us to thrive or strive and has continually been literally on our necks,” the man said. “My natural solution for this problem is for everyone to opt-out and exit the economy and the way to do that is by buying bitcoin.”

The person who was interviewed in L.A. understands that the only way the populace can win is by not playing the game. Bitcoin is a peaceful protest, and we’ve known for decades on end the political class has not changed and will not change. You see instead of a few weeks, months, or a couple of years of demonstrations in front of statehouses and the white house, cryptocurrencies allow you to protest peacefully all the way until the goal is complete. Government power can end as fast as the populace wants it to, by simply removing its control over our monetary system.

Right now the monetary system doesn’t work for everyone and it only benefits the sociopaths in government and the world’s 1%. Again the best way to protest the fraudulent and manipulated money system is to join the crypto economy. Systemic oppression stems from the nation state’s money system and it continues to bolster wealth inequality. All the money that goes into the crypto economy is essentially taking away power from all the nation-states and the fiat currencies they issue. Participating in leveraging bitcoin and the counter economy is nonviolent and you won’t get hurt or arrested by joining. You don’t have to be afraid of the mob, gunfire, rubber bullets, tear gas, or looting. What’s worse for protesters on the streets today, is the fact that the police are so militant thanks to Obama and the NDAA he signed years ago. Making matters even worse than that, is that the New York Supreme court ruled that protesters can be detained indefinitely. Civil rights activists are calling it a “suspension of habeas corpus” and it is not a good sign for American demonstrators.

Stop Using the Government’s Money and Practice Civil Disobedience

The protests are showing the American people are angry, but they are really not accomplishing much of anything by marching and demonstrations. Many observers think that the protesters are just making it worse and there are better ways to avoid the system. What could politicians really do if millions decided not to pay taxes? What could they do if the majority decided to opt-out of elections and voting, decided to stop using U.S. dollars, and once and for all choose to stop listening to the bureaucracy? They could not do anything because politicians would be powerless. This is exactly why bitcoin and the crypto economy is just one way, citizens from all around the world can escape the injustices of totalitarian governments.

Using bitcoin and a variety of other digital currencies allows people to opt-out of a corrupt and fraudulent monetary system.

“The authority of government, even such as I am willing to submit to — for I will cheerfully obey those who know and can do better than I, and in many things even those who neither know nor can do so well — is still an impure one: to be strictly just, it must have the sanction and consent of the governed,” Thoreau concluded in his essay “On the Duty of Civil Disobedience.” Americans and the rest of the citizens residing in many countries on earth have a duty to keep civil disobedience thriving, and bitcoin is an excellent way to make sure that goal is bolstered.

What do you think about bitcoin as a form of peaceful protest? Let us know in the comments section below.

The post Bonus Army, Occupiers, 2020 Uprising: Bitcoin’s Peaceful Protest Is Pure Civil Disobedience appeared first on Bitcoin News.

Source: Bitcoin News

Categories
Crypto News Updates

Fed Chair Jerome Powell Discusses Leveraging an Ethereum-Based Libor Replacement

The Federal Reserve’s Chair, Jerome Powell has hinted at using an Ethereum-based interest reference rate in a transition from the London Interbank Offered Rate (Libor). Powell also detailed in a letter to Senator Tom Cotton (R-AR), that the Ethereum version of Libor, a software called “Ameribor” may not be for everyone.

The United States Federal Reserve has expanded a great deal since the start of the coronavirus outbreak and a few months prior as well. This week a letter to Senator Tom Cotton from Fed Chair Jerome Powell indicates the Fed is contemplating using Ethereum for interest reference rates.

For instance, the Fed and many other international central banks leverage Libor, a benchmark interest rate where a great number of global financial incumbents use to lend funds to each other and clients.

Fed Chair Jerome Powell Discusses Leveraging an Ethereum-Based Libor Replacement

However, the public is well aware of the “Libor scandal,” a theory that claims that banks and Libor were manipulating rates in order to fleece the populace. Banks are supposed to submit realistic interest rates to Libor, but the organization and member institutions are accused of manipulating the benchmark rates since 1991.

“The way the inter-bank, or Libor, interest rate is set is no longer fit for purpose,” explained a written review by the Financial Services Authority. The megabank Barclays was one of the big name banks accused of messing with the Libor rates.

Powell suggested Ameribor which is a similar tool designed by the American Financial Exchange (AFX) and the system leverages Ethereum to make sure the rates are reliable. Essentially there is the use of nonfungible ERC721 tokens that represent payments services and settlement.

Fed Chair Jerome Powell Discusses Leveraging an Ethereum-Based Libor Replacement
A flowchart showing how the Ethereum-based Ameribor works.

In the letter to Senator Tom Cotton, Powell explains a few of the benefits tied to using AFX’s Ameribor system for the benchmark rates. Although, Powell said that he doesn’t think Ameribor would be a “natural fit” for everyone in the market.

“While it is a fully appropriate rate for the banks that fund themselves through the American Financial Exchange or for other similar institutions for whom Ameribor may reflect their cost of funding, it may not be a natural fit for many market participants,” Powell wrote.

The Fed Chair did note that “Ameribor is a reference rate created by the American Financial Exchange based on a cohesive and well-defined market that meets the International Organization of Securities Commission’s (IOSCO) principles for financial benchmarks.”

The letter doesn’t say whether or not the Fed will officially leverage Ameribor over Libor. However, the crypto community seems to enjoy the idea that the Fed is contemplating using the Ethereum-based product. The AFX-blockchain product has been operating since it was first announced on November 22, 2019.

“American Financial Exchange (AFX), an electronic exchange for direct lending and borrowing for American banks and financial institutions, the official Ameribor announcement detailed at the time. “AFX now mints two ERC721 non-fungible tokens for each Ameribor transaction on the AFX platform (for each counterparty to the transaction),” AFX added.

What do you think about the Fed contemplating using Ethereum-based Ameribor? Let us know in the comments below.

The post Fed Chair Jerome Powell Discusses Leveraging an Ethereum-Based Libor Replacement appeared first on Bitcoin News.

Source: Bitcoin News

Categories
Crypto News Updates

The Mysterious Satoshi Nakamoto Allegedly Leveraged a Russian Proxy for Communications

The Mysterious Satoshi Nakamoto Allegedly Leveraged a Russian Proxy for Communications4,171 days ago in 2009, Satoshi Nakamoto invoked the Bitcoin network after sharing the white paper with people since Halloween 2008. Just recently, it has been discovered that Nakamoto leveraged a Russian proxy to obfuscate his whereabouts and the inventor used the proxy back in January 2009. For quite some time now, armchair sleuths have been finding interesting clues within Bitcoin’s earliest codebases.

Satoshi Nakamoto and Ties to a Russian Proxy

The Satoshi Nakamoto mystery is like a holy grail of sorts, for a large number of cryptocurrency advocates. People have tried to hunt him down for well over 11 years now, and to this day no one knows his true identity. Just recently online detectives have discovered in the first version of Bitcoin (v0.1.0), Satoshi Nakamoto allegedly used a Russian proxy to hide his location and identity. The clues can be found in the file “irc.cpp” and line 212 is leveraged in a way where the proxy is hidden by a cipher.

The Mysterious Satoshi Nakamoto Allegedly Leveraged a Russian Proxy for Communications

After the discovery, people have been discussing a variety of theories as to why Satoshi may have used a Russian proxy. A proxy server is a tool that can be utilized to access web pages and networks without giving certain communications to the server. A proxy can also be leveraged to create a false IP address location. For instance, a person from China might leverage a EU-based proxy, in order to bypass the Great Firewall in the country. It is quite possible that Satoshi used the Russian proxy because he was located inside Russia’s borders. But it is more likely he was outside of Russia’s borders and he used the proxy to hide from Western intelligence services or the Five Eyes (FVEY).

Satoshi’s Alleged West Coast IP Address

A number of findings have been discovered as far as Satoshi’s original code is concerned. There is one theory that indicates Bitcoin’s inventor may have been in California. One clue we have is how back in January and February 2009, Hal Finney and Satoshi communicated together while working on the Bitcoin alpha codebase using an IRC.

At the time, Hal discovered an error in the code and he posted the vulnerability in the mailing list with a debug log. In the earliest versions of Bitcoin, the software included IP addresses within the debug log. The log on January 10, 2009, shows that there are three IP addresses available and one stemmed from Hal Finney.

The Mysterious Satoshi Nakamoto Allegedly Leveraged a Russian Proxy for Communications

Finney’s IP shows that his location was in California where he resided for years, while Satoshi’s IP and the unknown IP address indicates that the inventor’s location at the time was possibly Van Nuys, California. What is interesting is that the discovery from Van Nuys was not a Tor exit node, and it indicates that Satoshi was likely in Van Nuys on the 10th of January 2009.

Even though Satoshi Nakamoto wrote his words with double spaces and wrote like he was from the UK, for the first few months during Bitcoin’s launch many people have assumed he was on the West Coast in the United States. Unfortunately for Hal Finney and his family, as well as Dorian Nakamoto and his family, the California clues have made it so their private lives have been invaded on various occasions.

The Mysterious Satoshi Nakamoto Allegedly Leveraged a Russian Proxy for Communications
The virtual poker game inclusion.

Timechain, Virtual Poker, Coin, and Sergey’s Hotel Reviews

Bitcoin v0.1.0 and the earliest versions of Satoshi’s codebase, also has a number of other interesting factoids. Many people have discussed the fact that Satoshi had given copies of the original codebase to others, prior to the January 2009 launch. On November 17, 2008, Satoshi’s writings indicated that he had given the software to a pseudonym named “James A. Donald.” The source code was also reportedly distributed to Bitcointalk.org member “Cryddit”

The Mysterious Satoshi Nakamoto Allegedly Leveraged a Russian Proxy for Communications
Early codebase – Bitcoin (v0.1.0).

Early versions of Bitcoin show that Satoshi used the words “coin,” “cent,” “timechain,” and “miners.” Satoshi named Bitcoin’s smaller units a “coin” (1,000,000) and “cent” (10,000) rather than “satoshis,” the term most people use today. Early code also shows Satoshi wanted bitcoin to have a virtual poker game and marketplace built within the codebase.

The Russian proxy evidence indicates that the user may have been named “Sergey,” and the individual also used the Russian proxy for hotel surveys. Despite the recent discovery, not everyone believes Satoshi used a Russian proxy and the theories that suggest he did. Just like a great number of the Satoshi Nakamoto theories, the Russian proxy story was quickly dismissed by well known individuals within the cryptocurrency ecosystem.

What do you think about reports that are saying Satoshi Nakamoto leveraged a Russian proxy? Let us know what you think in the comments below.

The post The Mysterious Satoshi Nakamoto Allegedly Leveraged a Russian Proxy for Communications appeared first on Bitcoin News.

Source: Bitcoin News

Categories
Crypto News Updates

A Number of Hong Kong Vending Machines Support Bitcoin Cash Payments Over BTC

A Number of Hong Kong Vending Machines Support Bitcoin Cash Payments Over BTCJust recently, cryptocurrency evangelist Roger Ver shared a video on Twitter that shows a number of vending machines in Hong Kong that accept bitcoin cash and ethereum, but not bitcoin. A bunch of people got upset at the Tweet, including the crypto-pundit Tone Vays because they couldn’t deal with the fact that onchain bitcoin transactions could not provide such services. The reason bitcoin cash is supported by these vending machines in Hong Kong is because bitcoin transaction fees are 1,931x more expensive than bitcoin cash transactions.

Hong Kong Vending Machines Choose Ethereum and Bitcoin Cash

For years now the concept of leveraging cryptocurrencies with vending machines has been a popular trend because the two go hand in hand. In the early days, when bitcoin (BTC) fees were cheaper, vending machines that utilized BTC were gathering steam. News.Bitcoin.com reported on the subject back in 2016, just before BTC fees skyrocketed to $50+ per transaction at the end of 2017. The network clog and higher fees have made it so bitcoin vending machines are not realistic if they are powered by BTC transactions. There have been a few Lightning Network-powered vending and candy machines, but the Lightning Network is riddled with issues like failed transactions and a myriad of other vulnerabilities. Hardcore BTC maximalists don’t like to admit it, but in a much shorter period of time, the Ethereum blockchain handles more BTC-based offchain transactions by a long shot.

Just recently, the well known digital currency investor, Roger Ver, tweeted about a few vending machines in Hong Kong that only accept ETH and BCH. “Why do these Hong Kong vending machines accept bitcoin cash and ethereum but not bitcoin?” Ver asked his Twitter followers. The reason why cryptocurrency vending machines cannot use BTC is because it is currently 1,931.56x more expensive to transact on Bitcoin (BTC) in USD,” according to Coin Dance statistics. So let’s just say a candy bar or can of soda in the machine costs $1, and according to Billfodl’s BTC fees web portal the average transaction will cost a user between $1.23 or $1.72 per transaction. So that dollar soda would cost a person a minimum of $2.23 for an 8oz can of cola, and anyone with some brain cells knows that’s not sustainable for vending machine operations.

A Number of Hong Kong Vending Machines Support Bitcoin Cash Payments Over BTC
Bitcoin (BTC) network transaction fees on June 4, 2020, at 3:00 pm EDT.

Maximalists Dismiss Facts, Bitcoin Network Fees Crippled a Number of Concepts

Despite the facts, the Youtuber and crypto-pundit Tone Vays busted out a logical fallacy and said: “Because you probably paid for that feature of the machine.” Vays then switched goalposts, and said that the real question was “how many transactions have they processed since that demo.” Vays didn’t get into the fact that leveraging BTC is not sustainable to run a vending machine with dynamic and unreliable transaction fees. Vays forgot to mention that vending machines are not the only projects BTC’s high fees have neutered. Bitcoin cash fees are always low and less than a U.S. penny per transaction. BCH fees even remained that way in September 2018, when the BCH chain processed 2.4 million transactions in 24-hours.

A Number of Hong Kong Vending Machines Support Bitcoin Cash Payments Over BTC

Vays and the other people who decided to dismiss simple facts, didn’t mention that coin tumbling and coinjoin applications are much harder when BTC fees are so high. A number of mixers and tumbling services that operated in the early days are hardly used these days because of BTC high network fees. On the other hand, BCH fees are super low and have allowed for projects like Cashshuffle and Cashfusion to thrive. Both of these applications continue to allow people to shuffle millions of dollars because of low transaction fees. Let’s not forget that BCH developers pioneered Cashfusion and even BTC proponents are beginning to understand it offers more privacy than traditional coinjoin practices.

The Replace-by-Fee Vulnerability and No One Wants to Use Bitcoin for Color Coin Projects These Days

Critics of Ver’s tweet forgot to mention all the great companies that dropped BTC because of expensive and unreliable transactions. Well known companies like Fiverr, Expedia, Reddit, Steam, Stripe, Paypal, and Dell all dropped BTC support over the last few years. People on the vending machine thread on Twitter did discuss zero-confirmation transactions and how BCH benefits from them. Of course, maximalists claim that zero-confirmation transactions are “unsafe,” but the chances of them being unsafe are extremely minimal. However, as far as BTC is concerned the software called replace-by-fee (RBF) is not safe for zero-confirmation transactions and double spending can happen with any amount of funds on the BTC network using RBF.

A Number of Hong Kong Vending Machines Support Bitcoin Cash Payments Over BTC

Unfortunately, people forget that even color coins (tokens) were eclipsed from the BTC chain too for the most part because of fees. This reasoning alone is likely why Tether has moved most USDT over to other blockchains instead of relying on Omni. Ethereum is BTC’s sidechain because projects like Wrapped Bitcoin (WBTC) have outperformed the Lightning Network.

High transaction fees and network congestion has done a lot of damage to certain ideas like micropayments as well. If you cannot purchase a $1 soda in a reasonable manner, sending micropayments of $0.10 to $0.25 is even worse. The real reason the vending machines in Hong Kong accept bitcoin cash and ethereum is because it is not sustainable to run a vending operation with BTC’s expensive and unreliable transaction fees. No more no less.

What do you think about the response to Roger Ver’s tweet? Let us know in the comments section below.

The post A Number of Hong Kong Vending Machines Support Bitcoin Cash Payments Over BTC appeared first on Bitcoin News.

Source: Bitcoin News

Categories
Crypto News Updates

Chinese Government Crackdowns and Cheap Hydropower- Miners Migrate from North to South China

Chinese Government Crackdowns and Cheap Hydropower- Miners Migrate from North to South ChinaChina-based bitcoin miners have started to migrate southbound from North China, according to local reports. The operators are having difficulties and are transitioning mining facilities for cheap hydro-powered electricity. Testimonials also show that 64 mining operations in the prefecture in Yunnan have been threatened by local authorities. Sources say a hydropower station discharge sparked a number of investigations throughout the region.

Regional reports disclose that a number of bitcoin mining operations are up and moving from areas in North China to regions in South China. On May 22, news.Bitcoin.com reported on miners in Sichuan China having issues with electrical shortages. More recent news shows that local governments are giving owners of mining operations a hard time again.

Despite some of the issues with shortages and local law enforcement, miners are migrating from thermal powered facilities to hydro-powered operations in China’s southern provinces. 8btc financial columnist, Vincent Teh, details that “20% – 35% of hydropower-powered crypto mining farms are vacant in north China’s Yunnan, Guizhou, [and] Sichuan province.” Teh’s report adds:

For cheaper electricity, Chinese crypto miners often travel long distances or even take risks.

The local reporter discussed the situation with bitcoin miners operating in Sichuan, and he explained that farms in the province are not “saturated and in dire need of mining rigs.” Teh further revealed that when miners up and move operations from North China to South China, the extent of the migration can take anywhere between “10-17 days.” The rain season has started and this means that hydropower will be more plentiful over the next few months. Chinese miners have been migrating back and forth from the North to the South for years.

Additionally, Teh spoke with a Chinese miner named Yang Haolin who explained that in Inner Mongolia and the Xinjiang province, has electricity price around 0.35 Chinese yuan per kilowatt-hour (kWh) or $0.04. In Yunnan, Sichuan province, and Guizhou prices can be about 0.2 Chinese yuan per kWh. “This year is not the same as before,” Haolin stressed.

“Many mining farm owners who have signed annual contracts with thermal power plants choose to default. M21 runs with thermal power produces a profit of five Chinese yuan per day, while produces a profit of 15 Chinese yuan per day with hydro-power.” Haolin also added that he believes most of the migrating bitcoin miners have already left.

Despite the migration efforts in China, the city of Yunnan has been pressuring specific operations that don’t comply with regulatory policies. Hydropower plants are a big industry in Yunnan and Sichuan and a large concentration of bitcoin miners reside in those regions. However, a recent discharge at a power plant has invoked authorities to come into the region and investigate all the operations using large amounts of electrical resources.

In the prefecture in Yunnan, the lawmakers in Dehong are threatening 64 mining operations that are accused of being illegal. The explosion at the Yunnan hydropower station had injured five people and killed six individuals. Word on the street is Yunnan and Sichuan leaders will crackdown on illegal mining operations that have skipped out from asking permission from local authorities.

What do you think about the bitcoin miner migration from North China to South China? Let us know what you think in the comments below.

The post Chinese Government Crackdowns and Cheap Hydropower- Miners Migrate from North to South China appeared first on Bitcoin News.

Source: Bitcoin News

Categories
Crypto News Updates

Roger Ver Donates $10K in Bitcoin Cash to Casa de Amparo Children’s Shelter

Just recently Bitcoin.com’s Roger Ver donated $10,000 worth of bitcoin cash to the charitable organization Casa de Amparo, a 501(c)(3) charity that helps children escape child abuse and neglect. Since 1978, Casa de Amparo has offered a myriad of programs that help those affected by and at risk of child abuse in San Diego County.

Casa de Amparo: A Major Force in the Field of Child Abuse Prevention

In the 2019 28th edition of the Child Maltreatment Report, it notes that there are millions of U.S. children who are subject to various forms of neglect, physical abuse, verbal abuse, and sexual abuse. Children have little choices and it is very hard for them to escape violence and abuse without help from an adult. Since 1978, the nonprofit Casa de Amparo has been helping children who are currently affected by child abuse or are at risk of maltreatment. Casa de Amparo has expanded a great deal since it was initiated, and the organization offers “six programs serving all of San Diego County, with locations in Oceanside and San Marcos.”

Roger Ver Donates $10K in Bitcoin Cash to Casa de Amparo Children’s Shelter

“Casa de Amparo was founded by a small group of local women concerned about domestic violence and the welfare of children,” explains the charity’s mission statement. “Led by the Women’s Resource Center and supported by local police, this team pushed for a safe home for children (then known as The Crisis Center and now called Residential Services) for those affected by or at risk of child abuse. It was at this point that Casa de Amparo opened its doors.” Casa de Amparo message adds:

Our vision is that Casa de Amparo is recognized as a major force in the field of child abuse prevention. Partnering with the greater San Diego community, we ensure that children and their families receive unique and innovative services for healing, for stopping child mistreatment of any kind, and for ending generational cycles of abuse. The result is a community where child abuse and neglect are not tolerated, and where child abuse awareness and prevention are priorities.

Roger Ver Donates $10K in Bitcoin Cash to Casa de Amparo Children’s Shelter

Ver Donates $10K to Casa de Amparo – And Peter McCormack’s Maximalism

On June 1, 2020, Bitcoin.com’s Roger Ver donated $10,000 in bitcoin cash to Casa de Amparo. Ver had donated to the children’s shelter where Bitcoin.com’s new podcast host, Dustin Plantholt, lived as a young child. Plantholt is also currently a Board Member of Casa de Amparo. Ver donated the money to help the Casa de Amparo children’s shelter because it was one of the hardest-hit programs, after the coronavirus lockdowns and industry shutdowns hurt the local economy.

“Roger graciously made the donation, upon hearing of the financial impact to the home, that was caused due to the Covid 19 impact,” Plantholt told news.Bitcoin.com. Plantholt also detailed that news.Bitcoin.com readers can also donate via Casa de Amparo’s donation portal the nonprofit uses for cryptocurrency donations. Readers can also give to Casa de Amparo via credit card donation as well.

Readers can donate bitcoin cash (BCH) via Casa de Amparo’s donation portal.

Moreover, Ver had also challenged the host of the podcast “What Bitcoin Did,” Peter McCormack, to write a blog post documenting how Ver has allegedly lied to the crypto community. McCormack on many occasions publicly accused Roger Ver of telling lies to the Bitcoin community, but fails to give any real evidence or prove it. The podcast host always resorts to logical fallacies, ad hominem attacks, and many crypto users also believe McCormack doesn’t even understand the technology he talks about.

Despite all the accusations, Ver had offered McCormack to simply “document in a blog post” all the lies he thinks Ver is telling or has told. Just for writing a blog post, Ver offered McCormack another $10,000 to Casa de Amparo, if he simply wrote the blog post. However, McCormack has refused the offer, even when Ver offered to donate $10K in the name of the charity of his choice. Unfortunately, McCormack wouldn’t take Ver up on the offer no matter the cause. After the offer, McCormack also claimed to be creating a historical documentary that will likely be filled with maximalist revisionism, ad hominem attacks, straw men, and a poor understanding of Satoshi’s gift.

Donations Help Provide a Capable Staff That Can Support the Youth During the Post-Covid-19 Economy

When Bitcoin.com’s Roger Ver or any associate from our web portal donates funds, we leverage the software from Cashfusion.org to send the bitcoin cash in an anonymous fashion. That way no one can track the origin of the funds, making BCH the easiest to use, most widely accepted private cryptocurrency. Bitcoin Cash transactions are always lightning fast, and have super cheap transaction fees, and donations like these wouldn’t even be possible using Lightning Network. Bitcoin cash can be used to save 20% on Amazon purchases using Purse.io, so if Casa de Amparo uses the BCH on Purse they could actually get $12K worth of goods with Ver’s donation.

Ver’s gift of $10K worth of bitcoin cash to Casa de Amparo will go to children in need and kids who deserve shelter. Casa Family member and Executive Director Tamara Fleck-Myers recently explained that the charity is facing challenging times with the Covid-19 pandemic. Donations and community support give Fleck-Myers, Plantholt, and other Casa Family members hope that they can stay “prepared and have an amazing family of staff capable of supporting each other and our youth during these times.”

What do you think about Casa de Amparo and the recent bitcoin cash donation? Let us know in the comments below.

The post Roger Ver Donates $10K in Bitcoin Cash to Casa de Amparo Children’s Shelter appeared first on Bitcoin News.

Source: Bitcoin News

Categories
Crypto News Updates

Despite Russia’s Confusing Crypto Laws, P2P Bitcoin Trade Volumes Soar

Peer-to-peer cryptocurrency trading data shows digital assets like bitcoin are growing extremely popular in Russia, despite the State Duma’s opinions and regulations aimed at crypto assets. On Monday, the Russian government published a draft version of litigation mandates called “On Digital Financial Assets,” and lawmakers are looking for public opinion. Despite the strict proposal drafted by the Russian bureaucracy, trade volumes on certain exchanges have seen significant demand from the country’s citizens.

Russia’s Cryptocurrency Laws Remain in the Gray Zone

Just recently Russia’s State Duma released a draft of proposed litigation toward cryptocurrencies and companies that deal with the technology. The draft called “On Digital Financial Assets,” is an updated version on how lawmakers might regulate the crypto industry in the near future. The documents do not delve much into personal holdings, trading, and cross-border remittances, unless it is applied to startups and veteran companies that leverage cryptocurrencies. People can own bitcoin or other digital assets, but the new proposal does prohibit the widespread circulation and even evangelism when it comes to digital currencies versus the Russian ruble.

“Сryptocurrencies go completely into the gray zone in Russia,” explains Waves Enterprise representative Artem Kalikhov. “People who own one or two bitcoins are not at risk. But all cryptocurrency exchanges and wallets hosted on Russian sites with a .ru at the end are now at risk.”

Despite Russia's Confusing Crypto Laws, P2P Bitcoin Trade Volumes Soar
Russia’s State Duma recently published this draft called “On Digital Financial Assets.”

Demand for Cryptos Like Bitcoin and Bitcoin Cash Has Been Thriving in Russia

Despite the newly updated proposal, Russian trade volume for bitcoin (BTC) on the peer-to-peer trading platform Localbitcoins (LBC) has been surging. For two months straight Russia has outpaced a number of other countries who have also been seeing significant trade volumes stem from the Russian people. Coin Dance statistics indicate that Russia has accounted for 20% of May’s LBC trade volume. Even though regulatory clarity has kept Russians in the dark, LBC’s data shows that citizens from the region are demanding more bitcoin than they have in years.

Despite Russia's Confusing Crypto Laws, P2P Bitcoin Trade Volumes Soar

Data from Bitcoin.com’s local bitcoin cash (BCH) marketplace, Local.Bitcoin.com, indicates that Russians are trading a lot of BCH as well. In popular regions like Venezuela and Colombia, there are people who have traded 50 to over 100 times using Local.Bitcoin.com. In Russia, however, traders have settled over a thousand buys and sells in the local region. People accept credit cards, Advcash, Qiwi, and bank transfers. One trader from Russia shows that he/she has settled over 15,000 trades in the country purchasing bitcoin cash.

Despite Russia's Confusing Crypto Laws, P2P Bitcoin Trade Volumes Soar
Local.Bitcoin.com’s BCH marketplace is seeing a lot of action in Russia.

Russia was recently featured in an Onfo research report, which had shown the country saw a faster network effect than the likes of the U.S. and Germany. The trend of adoption continues despite Russian lawmakers proposing a law that will allegedly criminalize buying bitcoin with cash.

News.Bitcoin.com’s Jeff Gogo reported on how offenders from Russia could face seven years in jail if the law is enacted. While the Russian government seems like it will crack down on bitcoin, there have been rumors of the country banning digital assets for over seven years now. Even though, Russian residents are still in the “gray zone,” like Artem Kalikhov stressed, the demand for cryptocurrencies continues to thrive.

What do you think about the peer-to-peer exchange volumes stemming from Russia? Let us know in the comments below.

The post Despite Russia’s Confusing Crypto Laws, P2P Bitcoin Trade Volumes Soar appeared first on Bitcoin News.

Source: Bitcoin News

Categories
Crypto News Updates

Bitcoin Cash Vietnam-Based Fiat-to-Crypto Trading Support Added to Bvnex Exchange

Bitcoin Cash Vietnam-Based Fiat-to-Crypto Trading Support Added to Bvnex ExchangeThis week the trading platform Bvnex Exchange announced the support of bitcoin cash on the Vietnam-based fiat-crypto trading platform. The support gives the Vietnamese market and other regions in Asia, the ability to trade bitcoin cash for VNDT- Vietnam dong.

On June 2, 2020, the crypto exchange Bvnex listed bitcoin cash on the cryptocurrency trading platform with the VNDT- Vietnam dong. The move brings the peer-to-peer cryptocurrency BCH to the Vietnamese market and surrounding areas in Asia.

The official launch of VNDT with a myriad of other digital assets hosted on Bvnex took place last September. Adding bitcoin cash support gives Bvnex patrons a chance to trade against bitcoin cash (BCH), and buy and sell the fifth-largest cryptocurrency by market capitalization.

According to public trade data, Bvnex has roughly $55 million USD in crypto-to fiat trade volume. Bvnex also offers trades in stablecoin trading pairs as well like tether USDT. With bitcoin cash added there are now over 30 trading pairs with the core Vietnam fiat.

Bitcoin Cash Vietnam-Based Fiat-to-Crypto Trading Support Added to Bvnex Exchange

The company claims there are +150,000 Chinese users leveraging the exchange and +20,000 Vietnamese users to date. Adding bitcoin cash support gives users the ability to leverage a lighting fast digital asset with extremely affordable transaction fees.

“With a step by step preamble to introduce BCH to the Vietnamese Crypto Community, Bvnex already had an exclusive interview with ‘Bitcoin Jesus’ Roger Ver about ‘The potential of the Vietnamese market and the way BCH can be adopted as digital cash,’” explains the Bvnex announcement on Tuesday. “As a result, a written interview article will be distributed widely in the Vietnamese Crypto Community, this step will help bitcoin cash (BCH) gain significant attention from this emerging market in Asia.”

The Vietnamese crypto-asset market has been thriving for years, but the powers that be haven’t created clear regulations for cryptocurrency yet. Although, the “Vietnam government still embraces technology innovations and the blockchain field,” the Bvnex team stresses.

In 2019, Vietnam’s Ministry of Justice (MOJ) invoked a conference that spurred the regulation conversation concerning crypto assets. Bvnex CEO Trang Phung has worked as an adviser for legal seminars and discussions.

According to the Bvnex team, Trang Phung and many other blockchain movers and shakers, have been asking for a ‘sandbox’ for the technology. Something the Vietnam market can model from many other countries in Southeast Asia already leveraging digital assets.

Phung and Bvnex have also explained to news.Bitcoin.com that “Vietnamese traders are one of the most dynamic and emerging in the crypto-verse.”

“Traffic from Vietnam is usually in the top five of many major exchanges such as Binance, Huobi, and MXC,” the Bvnex team details. “The young population structure and a high percentage of smartphone users lead to widespread adoption in Vietnam.”

What do you think about the BCH/VNDT listing announcement on Bvnex? Let us know in the comments below.

The post Bitcoin Cash Vietnam-Based Fiat-to-Crypto Trading Support Added to Bvnex Exchange appeared first on Bitcoin News.

Source: Bitcoin News

Categories
Crypto News Updates

US Law Enforcement Promises $5M for the Capture of Venezuela’s Superintendent of Cryptocurrencies

U.S. Immigration and Customs Enforcement’s (ICE) and Homeland Security Investigations (HSI), has put out a bounty for $5 million for the arrest and conviction of Venezuela’s superintendent of cryptocurrency. Joselit de la Trinidad Ramirez Camacho is now added to America’s Most Wanted List, as he is accused of transgressing against U.S. sanctions and working with drug cartels. Reportedly, the Venezuelan Petro crypto asset is all part of Nicolas Maduro’s and Camacho’s scheme to avoid economic sanctions imposed by the American government.

ICE and Homeland Security Put Up a Bounty for $5 Million for the Capture of Ramirez Camacho, the Venezuelan Superintendent of Cryptocurrencies

On June 1, 2020, ICE and HSI published a press release concerning the Venezuelan government official Ramirez Camacho. The two government entities based out of New York are offering $5 million for the arrest and capture of Camacho or information leading to his whereabouts.

The Venezuelan government official Ramirez Camacho is now on America’s Most Wanted List.

The investigation is being conducted by HSI New York’s El Dorado Financial Crimes Task Force and Camacho is accused of “deep political, social and economic ties to multiple alleged narcotics kingpins, including Tareck EI Aissami.” Camacho was indicted for violations of sanctions imposed under the International Emergency Economic Powers Act and the charges were imposed by New York’s Southern District court (NYSD).

“Through the rewards program, up to $5 million is being offered for information leading to the arrest or conviction of Joselit de la Trinidad Ramirez Camacho, a Venezuelan government official,” explains the ICE and HSI press release. “Ramirez Camacho currently serves as Venezuela’s superintendent of cryptocurrency and has been indicted in the Southern District of New York for violations of the International Emergency Economic Powers Act, the Kingpin Act, and other sanctions imposed by the U.S. Treasury Department’s Office of Foreign Asset Control (OFAC).”

Ramirez Camacho (right) speaking with Venezuelan President Nicolas Maduro (left).

Petro Acceptance Is Now Mandated at All Gas Stations in Venezuela

Being the Venezuelan superintendent of cryptocurrency, Camacho is behind the petro crypto created by the nation-state and President Nicolas Maduro. Allegedly, U.S. law enforcement says that Camacho made plans with an American and opened a shell company based in Turkey.

Ramirez Camacho is responsible for Petro adoption and getting Venezuelan businesses to accept the crypto asset. Allegedly, Camacho has close ties with a drug cartel run by Tareck EI Aissami and he is accused of evading U.S. sanctions and setting up a shell company in Turkey with an American national.

Camacho and the American used a bank in Turkey and also leveraged the shell firm to evade U.S. sanctions. Furthermore, Camacho and the crypto entity from Venezuela published a blog post that explains to Venezuelans residents that petro acceptance is now mandated at petrol (gas) stations.

In addition to the oil-backed cryptocurrency support, petrol stations will be charging $0.02 per liter. The price is a massive spike in comparison to pre-Covid-19 petrol prices. Furthermore, in addition to mandating petro acceptance, there have been a lot of gas shortages for average citizens. Following the mandate, Venezuelan car owners are only allowed to get 120 liters per month and motorcycle owners can only use 60 liters per month going forward.

What do you think about the US bounty for the Venezuelan crypto superintendent? Let us know in the comments below.

The post US Law Enforcement Promises $5M for the Capture of Venezuela’s Superintendent of Cryptocurrencies appeared first on Bitcoin News.

Source: Bitcoin News

Categories
Crypto News Updates

US Turmoil and Negative Interest Rates – Billionaire Michael Novogratz Says ‘Watch Gold and Bitcoin’

US Turmoil and Negative Interest Rates - Billionaire Michael Novogratz Says 'Watch Gold and Bitcoin'For the first time since October 2019, Federal Reserve Chair Jerome Powell admitted to leveraging quantitative easing (QE) tactics. Powell explained on Friday, the central bank is now comfortable with leveraging QE on a regular basis. Furthermore, the Fed is planning on utilizing negative interest rates in the near future, according to a number of economists and analysts. The economic turmoil in the U.S., and abroad is causing a number of well known investors like Michael Novogratz to focus on bitcoin and gold.

Fed is ‘Comfortable’ With Regularly Invoking QE and Negative Rates in the US

The global economy has been shuddering and the U.S. economic system has been falling a lot harder than most. American debt relative to gross domestic product (GDP), jumped to 55% during the end of 2000 and twenty years later it is now 110%. The Federal Reserve has also created trillions of dollars on a whim, due to unprecedented panic sparked by the coronavirus outbreak.

US Turmoil and Negative Interest Rates - Billionaire Michael Novogratz Says 'Watch Gold and Bitcoin'
Federal Reserve Chair Jerome Powell is now comfortable with using QE on a regular basis.

The Fed balance has been jacked up to the tune of $6.9 trillion to date, as the central bank has expanded its powers beyond comprehension. In addition to all the dollars passed between the Fed and numerous financial incumbents, the central bank also chopped the benchmark interest rate to zero. If the Fed drops the interest rate below zero, to the negative zones, economists and market strategists think it will fuel the value of digital currencies like bitcoin and precious metals like gold.

Gold and Bitcoin

A recent report from the financial incumbent, Standard Chartered says that if the Fed starts to implement negative interest rates it will do so in a unique method. Meaning, it would likely go for a big “hail mary” and drop the benchmark rate to -0.5% to -1% fast. Standard Chartered’s report reveals that if the Fed does drop the rate below zero, then gold will jump to spectacular heights immediately after.

US Turmoil and Negative Interest Rates - Billionaire Michael Novogratz Says 'Watch Gold and Bitcoin'
Many investors are looking at gold and bitcoin during the economic storm and the Federal Reserve’s financial bazookas.

The bank thinks that the price per ounce of gold will skyrocket from today’s $1,700+ range, to a high of “$1,920 if Fed turns negative on rates.” Standard Chartered’s report doesn’t mention bitcoin, but the financial entity is very into blockchain technology concepts. Max Bronstein of Coinbase explained on Twitter, in response to a blog post written by former Fed chair Ben Bernanke, that the Fed may try to stave off lowering the benchmark rate below zero by creating more inflation.

“If you’re wondering how the Fed is going to try and stave off negative interest rates, here’s a potential preview, authored by Ben Bernanke himself,” Bronstein said. “The inflation target is going higher, expect another wave of debt monetization.” Moreover, Tesla founder Elon Musk believes the same and explained to the famous Harry Potter novelist, J.K. Rowling, that the Fed’s inflation problem makes the perfect case for bitcoin. Musk said:

Massive currency issuance by government central banks is making Bitcoin Internet money look solid by comparison.

Michael Novogratz: ‘When $10k Bitcoin Goes, It Will Move Fast – Get on the Train’

Despite people’s opinions that a wave of debt monetization may keep the interest rate from falling, Standard Chartered explained that the market may be convinced the Fed will leverage negative rates in the near future.

“Markets saw the Fed funds dipping briefly and very gently (1-2bps) into negative territory in mid-2021 before returning to positive territory (4-7bps) in mid-late 2022. We see this small move into negative rates as reflecting a strong market belief that the Fed will be on hold for an extended period. If the market is convinced that there is no room to raise rates, it will likely price in some probability of rates falling, however remote,” Standard Chartered said in the firm’s recent report.

US Turmoil and Negative Interest Rates - Billionaire Michael Novogratz Says 'Watch Gold and Bitcoin'
Galaxy Digital founder and billionaire investor, Michael Novogratz.

The prominent Wall Street investor and Galaxy Digital founder, Michael Novogratz explained that because of the “turmoil in the USA” people should watch bitcoin and gold. “Watch Gold vs Bitcoin,” Novogratz tweeted. “If that chart breaks higher it will turbo boost Bitcoin.” Novogratz further added:

Bitcoin is coiling. It will take out $10k soon. All the tragic turmoil in the USA adds to the narrative. Budgets are going one way and it’s the opposite of balanced. When $10k goes it will move fast. Get on the train.

Bitcoin (BTC) touched a high of $10,280 on June 1, 2020, as the American nation has been dealing with mass riots and protests. Since then the cryptocurrency is battling heavy resistance and the price is hovering just above the $10k zone at the time of publication.

What do you think about gold and bitcoin prospering from the economic meltdown? Let us know in the comments below.

The post US Turmoil and Negative Interest Rates – Billionaire Michael Novogratz Says ‘Watch Gold and Bitcoin’ appeared first on Bitcoin News.

Source: Bitcoin News