|submitted by moonshipcc to CryptoCurrencyTrading [link] [comments]|
|submitted by moonshipcc to PrimeXBT [link] [comments]|
|submitted by moonshipcc to CryptoCurrencies [link] [comments]|
submitted by HKBNews to Bitcoin [link] [comments]
Summary: Bitcoin was invented by the anonymous Satoshi Nakamoto as recently as 2008, but it is backed up by a rich intellectual foundation. For instance, The 1776 First Amendment separates church and state, and contemporary American liberation psychologist Nozomi Hayase (2020) argues that money and state should similarly be separated. Just as Isaac Newton’s study of alchemy gave rise to the international gold standard, so has the anonymous creator Satoshi Nakamoto's desire for a “modernized gold standard” given rise to Bitcoin. Indeed, Bloomberg's 2020 report confirms Bitcoin to be gold 2.0. Montesquieu (1774) asserted that laws that secure inalienable rights can only be found in Nature, and the natural laws employed in Bitcoin include its consensus algorithm and the three natural laws of economics (self-interest, competition, and supply and demand). J.S. Mill (1859) preferred free markets to those controlled by governments. Ludwig von Mises (1951) argued against the hazards of fiat currency, urging for a return to the gold standard. Friedrich Hayek (1984) suggested people to invent a sly way to take money back from the hands of the government. Milton Friedman (1994) called for FED to be replaced by an automatic system and predicted the coming of a reliable e-cash. James Buchanan (1988) advocated a monetary constitution to constrain the governmental power of money creation. Tim May (1997) the cypherpunk proclaimed that restricting digital cash impinges on free speech, and envisioned a stateless digital form of money that is uncensorable. The Tofflers (2006) pictured a non-monetary economy. In 2016, UCLA Professor of Finance Bhagwan Chowdhry even nominated Satoshi for a Nobel Prize.
Separation between money and state
The 1791 First Amendment to the U.S. Constitution enshrines free speech and separates church and state, but not money and state. "Under the First Amendment, individuals’ right to create, choose their own money and transact freely was not recognized as a part of freedom of expression that needs to be protected," Japanese-American liberation psychologist Nozomi Hayase (2020) points out (1).
The government, banks and corporations collude together to encroach upon people's liberties by metamorphosing their inalienable rights into a permissioned from of legal rights. Fiat currencies function as a medium of manipulation, indulging big business to generate market monopolies. "Freedom of expression has become further stifled through economic censorship and financial blockage enacted by payment processing companies like Visa and MasterCard," to borrow Hayase's (2020) words.
Satoshi is a Modern Newton
Although most famous for discovering the law of gravity, Isaac Newton was also a practising alchemist. He never managed to turn lead into gold, but he did find a way to transmute silver into gold. In 1717, Newton announced in a report that, based on his studies, one gold guinea coin weighed 21 shillings. Just as Isaac Newton’s study of alchemy gave rise to the international gold standard, so has the desire for a “modernized gold standard” given rise to Bitcoin. "In a way, Satoshi is a modern Newton. They both believed trust is best placed in the unchangeable facets of our economy. Beneath this belief is the assumption that each individual is their own best master," as put by Jon Creasy (2019) (2).
J.S. Mill: free markets preferable to those controlled by governments
John Stuart Mill (1806-1873) the great English philosopher would be a Bitcoiner were he still around today. In On Liberty (1859), Mill concludes that free markets are preferable to those controlled by governments. He argues that economies function best when left to their own devices. Therefore, government intervention, though theoretically permissible, would be counterproductive. Bitcoin is precisely decentralized or uncontrolled by the government, unconfiscatable, permissonless, and disinflationary. Bitcoin regulates itself spontaneously via the ordinary operations of the system. "Rules are enforced without applying any external pressure," in Hayase's (2020) words.
Ludwig von Mises (1958): Liberty is always Freedom from the Government
In The Free Market and its Enemies, theoretical Austrian School economist Ludwig von Mises (1951) argues against the hazards of fiat currency, urging for a return to the gold standard. “A fiat money system cannot go on forever and must one day come to an end,” Von Mises states. The solution is a return to the gold standard, "the only standard which makes the determination of the purchasing power of money independent of the changing ideas of political parties, governments, and pressure groups" under present conditions. Interestingly, this is also one of the key structural attributes of Bitcoin, the world’s first, global, peer-to-peer, decentralized value transfer network.
Actually, Bloomberg's 2020 report on Bitcoin confirms that it is gold 2.0. (3)
Von Mises prefers the price of gold to be determined according to the contemporaneous market conditions. The bitcoin price is, of course, determined across the various global online exchanges, in real-time. There is no central authority setting a spot price for gold after the which the market value is settled on among the traders during the day.
Hayek: Monopoly on Currency should End
Austrian-British Nobel laureate Friedrich Hayek’s theory in his 1976 work, Denationalization of Money, was that not only would the currency monopoly be taken away from the government, but that the monopoly on currency itself should end with multiple alternative currencies competing for acceptance by consumers, in order "to prevent the bouts of acute inflation and deflation which have played the world for the past 60 years." He forcefully argues that if there is no free competition between different currencies within any nation, then there will be no free market. Bitcoin is, again, decentralized, and many other cryptocurrencies have tried to compete with it, though in vain.
In a recently rediscovered video clip from 1984, Hayek actually suggested people to invent a cunning way to take money out of the hands of the government:- “I don’t believe we shall ever have a good money again before we take the thing out of the hands of government, that is, we can’t take them violently out of the hands of government, all we can do is by some sly roundabout way introduce something they can’t stop” (4). Reviewing those words 36 years hence and it is difficult not to interpret them in the light of Bitcoin.
Milton Friedman Called for FED to be Replaced by an Automatic System
Nobel laureate economist Milton Friedman (1994) was critical of the Federal Reserve due to its poor performance and felt it should be abolished (5). Friedman (1999) believed that the Federal Reserve System should ultimately be replaced with a computer program, which makes us think of the computer code governing Bitcoin (6).[\](https://en.wikipedia.org/wiki/Criticism_of_the_Federal_Reserve#cite_note-:2-12) He (1970) favored a system that would automatically buy and sell securities in response to changes in the money supply. This, he argued, would put a lid on inflation, setting spending and investment decisions on a surer footing (7). Bitcoin is exactly disflationary as its maximum possible supply is 21 million and its block reward or production rate is halved every four years.
Friedman passed away before the coming of bitcoin, but he lived long enough to see the Internet’s spectacular rise throughout the 1990s. “I think that the Internet is going to be one of the major forces for reducing the role of government," said Friedman in a 1999 interview with NTU/F. On the same occasion, he sort of predicted the emergence of Bitcoin, "The one thing that’s missing, but that will soon be developed, is a reliable e-cash, a method whereby on the Internet you can transfer funds from A to B, without A knowing B or B knowing A." (8)
“Of course, Friedman didn’t predict the block chain,” summed up American libertarian economist Jeffery Tucker (2014). “But he was hoping for a trustless system. He saw the need.” (9).
Bitcoin Computer Code as Constitution in the Buchananian Sense
American economist cum Nobel laureate James Buchanan (1988) advocates constitutional constraints on the governmental power to create money (10). Buchanan distinguishes a managed monetary system—a system “that embodies the instrumental use of price-level predictability as a norm of policy”—from an automatic monetary system, “which does not, at any stage, involve the absolute price level” (Buchanan 1962, 164–65). Leaning toward the latter, Buchanan argues that automatic systems are characterized by an organization “of the institutions of private decision-making in such a way that the desired monetary predictability will emerge spontaneously from the ordinary operations of the system” (Buchanan 1962, 164). Again, "Bitcoin regulates itself through the spontaneous force of nature, flourishing healthy price discovery and competition in the best interest of everyone" (Hayase 2020).
Shruti Rajagopalan (2018) argues that the computer code governing how the sundry nodes/computers within the Bitcoin network interact with one another is a kind of monetary constitution in the Buchananian sense. One of Buchanan's greatest inputs is to differentiate the choice of rules from the choice within rule (Buchanan 1990). One may regard the Bitcoin code as a sort of constitution and "the Bitcoin network engaging in both the choice of rules and choice within rules" (Rajagopalan 2018) (11).
Tim May: Restricting Digital Cash may Impinge on Free Speech
Cypherpunks are activists who since the 1980s have advocated global use of strong cryptography and privacy-enhancing technologies as a route to social and political liberation. Tim May (Timothy C. May [1951-2018]), one of the influential cypherpunks published The Crypto Anarchist Manifesto in September 1992, which foretold the coming of Bitcoin (12). Cypherpunks began envisioning a stateless digital form of money that cannot be censored and their collaborative pursuit created a movement akin to the 18th Enlightenment.
At The 7th Conference on Computers, Freedom, and Privacy, Burlingame, CA. in 1997, Tim May equated money with speech, and argued that restricting digital cash may impinge on free speech, for spending money is often a matter of communicating orders to others, to transfer funds, to release funds, etc. In fact, most financial instruments are contracts or orders, instead of physical specie or banknotes (13).
Montesquieu: Laws that secure inalienable rights can only be found in Nature
In his influential work The Spirit of Laws (1748), Montesquieu wrote, “Laws ... are derived from the nature of things … Law, like mathematics, has its objective structure, which no arbitrary whim can alter". Similarly, once a block is added to the end of the Bitcoin blockchain, it is almost impossible to go back and alter the contents of the block, unless every single block after it on the blockchain is altered, too.
Cypherpunks knew that whereas alienable rights that are bestowed by law can be deprived by legislation, inalienable rights are not to be created but can be discovered by reason. Thus, laws that secure inalienable rights cannot be created by humankind but can be found in nature.
The natural laws employed in Bitcoin to enshrine the inalienable monetary right of every human being include its consensus algorithm, and the three natural laws of economics (self-interest, competition, and supply and demand) as identified by Adam Smith, father of modern economics.
Regarding mathematics, bitcoin mining is performed by high-powered computers that solve complex computational math problems. When computers solve these complex math problems on the Bitcoin network, they produce new bitcoin. And by solving computational math problems, bitcoin miners make the Bitcoin payment network trustworthy and secure, by verifying its transaction information.
Regarding economic laws, in accordance with the principle of game theory to generate fairness, miners take part in an open competition. Lining up self-interests of all in a network, with a vigilant balance of risk and rewards, rules are put in force sans the application of any exterior pressure. "Bitcoin regulates itself through the spontaneous force of nature, flourishing healthy price discovery and competition in the best interest of everyone," to borrow the words of Hayase (2020).
A Non-monetary Economy as Visualized by the Tofflers
In their book, Revolutionary Wealth (2006), futurists Alvin Toffler and his wife Heidi Toffler toy with the concept of a world sans money, raising a third kind of economic transaction that is neither one-on-one barter nor monetary exchange. In the end, they settle on the idea that the newer non-monetary economy will exist shoulder-to-shoulder with the monetary sector in the short term, although the latter may eventually be eclipsed by the former in the long run. What both the Tofflers' The Third Wave (1980) and Revolutionary Wealth bring into question is the very premise of monetary exchange. The vacuum left over by cash in such a non-monetary economy may be filled up by Bitcoin as a cryptocurrency.
Satoshi Nakamoto Nominated for Nobel Prize by UCLA Finance Prof.
UCLA Anderson School Professor of Finance Bhagwan Chowdhry nominated Satoshi Nakamoto for the 2016 Nobel Prize in Economics on the following grounds:-
It is secure, relying on almost unbreakable cryptographic code, can be divided into millions of smaller sub-units, and can be transferred securely and nearly instantaneously from one person to any other person in the world with access to internet bypassing governments, central banks and financial intermediaries such as Visa, Mastercard, Paypal or commercial banks eliminating time delays and transactions costs.... Satoshi Nakamoto’s Bitcoin Protocol has spawned exciting innovations in the FinTech space by showing how many financial contracts — not just currencies — can be digitized, securely verified and stored, and transferred instantaneously from one party to another (14).
Fb link: https://www.facebook.com/hongkongbilingualnews/posts/947121432392288?__tn__=-R
Web link: https://www.hkbnews.net/post/the-intellectual-foundation-of-bitcoin%E6%AF%94%E7%89%B9%E5%B9%A3%E7%9A%84%E6%99%BA%E8%AD%98%E5%9F%BA%E7%A4%8E-by-chapman-chen-hkbnews
Disclaimer: This article is neither an advertisement nor professional financial advice.
#bitcoin #bitcoinhalving #jamesBuchanan #MiltonFriedman #AlvinToffler #FirstAmendment #LudwigVonMises #TimMay #freeMarket # SatoshiNakamoto #FriedrichHayek #Cypherpunk #Cryptocurrency #GoldStandard #IsaacNewton
submitted by Coinviva to u/Coinviva [link] [comments]
Coinviva BTC-USD Hourly Chart
The Bitcoin price was unable to break the $10,000 barrier last week and continued to show signs of a reversal after forming a lower high near $9,300. The BTC price is settling at around $9,200 at the moment.
The current support of the BTC price is at $8,900. If the price drops below $8,900, it will likely test the next support at $8,500 and then bounce back to the $9,000 level. The market will likely go sideways unless the volatility increases after testing the support level. If the volatility continues to increase, the price may experience further drop to $8,000.
Review of the week:Anthony Pompliano, the co-founder of Morgan Creek Digital, pointed out that the driving forces behind real estate and gold (Interest rates dropping, the excess printing of the US dollar, and additionally the recent halving) at the moment would end up being the major drivers and catalysts of Bitcoin, as in when it takes charge.
Aleks Svetski, CEO and co-founder of Bitcoin investment platform Amber, said Bitcoin needs time to solidify its position as an effective investment option in the eyes of the public. This is not a technological revolution, he adds, but a currency revolution that traditionally takes centuries to manifest, whereas in the digital age Bitcoin may take decades to achieve.
Messari's latest report shows the potential of Bitcoin in the market as it is the first time an asset has been created on a computer-based sovereign network. The concept of sovereignty underpins many important properties of Bitcoin. This asset is the only absolutely scarce currency asset in the world, and this particular feature is ensured by a global network of diverse players running all the Bitcoin nodes. Unlike other legal-currency systems today, it is unlikely that any geopolitical tensions surrounding larger economies will limit the value transfer of Bitcoin. Bitcoin is not portable compared to other value-storing assets, such as gold and silver. Unlike gold and silver and other monetary metals, Bitcoin can be sent around the world in a matter of hours, and can be stored safely by individuals with a mnemonic. While it's hard to foresee the coming price volatility of Bitcoin, it's hard to deny the currency's strong fundamentals and resilience in the face of the current economic crisis.
Disclaimer: The above market commentary is based on technical analysis using historical pricing data, and is for reference only. It does not serve as investment or trading advice.
About Coinviva:Coinviva aims to create the best crypto financial services ecosystem for both institutional and individual investors. We provide reliable fiat funding options, excellent trading liquidity, bank security level custody and one-stop high liquidity provision on-site & off-site. Our founding management team all come from top tiered investment banking (e.g. JP Morgan, Morgan Stanley, Bank of America Merrill Lynch), with fully comprehensive financial institution operation experience.
submitted by cryptoerapro to u/cryptoerapro [link] [comments]
What is Bitcoin?
Bitcoin is a computerized money framework which is decentralized, individual to individual, designed to give clients online the ability to have exchange utilizing an advanced unit for trade which is conspicuously known as Bitcoin. In basic terms, it is a type of a virtual money.
The arrangement of Bitcoin was created around 2009 by unrevealed programmer(s). Since that time, Bitcoin has been given a huge consideration as well as debates with respect to being an option in contrast to Euros, USD just as product monetary forms like gold and silver.
Ascend to Popularity
Bitcoin was not given a ton of consideration in the business and account world sooner than year 2009. Its fame rose in the year 2011-2012 after increasing over 300%. Bitcoin's worth expanded to 400% since the long stretch of August a year ago. In accordance with this outcome, worldwide speculators and funding firms have given a lot of consideration to detail with this digital money.
During the initial a half year of 2014, as much as 57 million USD was put by funding firms in Bitcoin during the main quarter. It was trailed by 73 million USD during the second quarter which sums to 130 million USD, making it half more prominent contrasted with the complete a year ago which was 88 million USD. This outcome is in opposition to the circumstance in 2012 in which Bitcoin firms accumulated an inadequate entirety of just 2.2 million USD.
The factual outcomes have demonstrated past sensible uncertainty that Bitcoin is extremely qualified to be put resources into, with the inquiry that follows, how would you buy and how to put resources into Bitcoin?
A basic rule for Bitcoin's amateur speculators
The simpliest and easy approach to put resources into BTC is through bitcoin purchasing. There are a few entrenched firms, found fundamentally in the US as well as abroad, who are so charmed in the bitcoin purchasing and selling business. Bitcoin is condensed as BTC.
Coinbase| Bitcoin Miner Trading
For individuals living in the U.S., you can consider Coinbase as your ideal spot. Coinbase furnishes its clients with bitcoin at an alleged increase of one percent extra to the present market cost. U.S. inhabitants can decide to adjust their banks records and Coinbase wallets. In accordance with this situation, installment moves later on will doubtlessly be an issue free one.
This organization will likewise give you the benefit to purchase bitcoin consequently now and again. For instance, on the off chance that you intend to purchase $50 in bitcoins during the main day of every month, Coinbase empowers you to set and calendar up and programmed purchase for that specific sum.
Continuously observe the organization's terms and conditions ahead before you begin to use their administration. On the off chance that you happen to buy in to an auto bitcoin administration, in this way you can't generally control the cost wherein the bitcoin will be purchased that day of every month. Recall that Coinbase doesn't fill in as a trade like you purchase and furthermore sell bitcoins legitimately from their firm. Since their firm needs to get these coins from other buyer, a deferral or interruption may emerge after laying orders when the quick market moves.
Bitcoin Miner Reviews
BitStamp fulfills the states of a conventional bitcoin trade. Bitcoin works as a middle person that empowers you to do exchanging with different clients, not with their own organization itself. The liquidity is extremely higher here and more often than not you have an incredible opportunity to get somebody who will do exchanging with you. There exists an underlying charge proportionate to 0.5% that can simply be diminished to 0.2% on the off chance that you can exchange $150,000 for only a time of three days.
Different approaches to purchase Bitcoins
Trading isn't only the sole venture technique in bitcoins. Neighborhood Bitcoins is every now and again used to buy bitcoins disconnected. The site is designed to connect potential purchasers and dealers. These bitcoins stays a storage from its dealer as a protection and can simply be released to purchasers.
Bitcoin Miner Cost
Disconnected bitcoin purchasing isn't generally sheltered or dependable constantly. Be that as it may, it is exceptionally preferred to meet the sellers in an open air and carry a companion with you for occurrences where things go south.
Bitcoin can't just be viewed as a modern pattern. Bitcoins will be viewed as a decent substitute to customary money later on by investment firms. There are different ways for you to join the hover of bitcoin speculation. As talked about previously, the most renowned diverts for bitcoin interest in the U.S. are Coinbase, Bitstamp and furthermore Local Bitcoins. Make certain to do your own examination and attempt to see which among them went through your norms.
This week, equity markets had their worst week in 12 years, and when this collapse happened, the crypto market also saw a blow.submitted by jakkkmotivator to thecryptobasic [link] [comments]
Cryptocurrency market had a significant sell-off this week, and this result is relatively reasonable given that people are selling their assets for fear of possible economic instability. Other safe havens such as gold and silver also saw a massive sell-off on Friday.
Will the crypto markets find support in the coming weeks, or will we see a sustained downward trend in momentum?
The Selloff takes place after Bitcoin lost key support at $ 9,400Bitcoin's price found resistance at $ 10,400, after which a test of $ 9,400 support was urgently needed. The $ 9,400 level was unable to provide sustained support, and when the price fell, it resulted in a significant sell-off across the crypto market.
The sell-off led to the next support range of $ 8,200 to $ 8,400, and many horizontal levels are in place to provide potential temporary support and space for an aid rally.
However, in the short term, many believe that the upward momentum is outside the markets as Bitcoin's price reaches a lower low (a key indicator of downward momentum) in the daily timeframe.
Does this mean that the entire crypto market will reverse course and start to decline? Not at all. Bitcoin's price is still 27% higher than January 1st, making Bitcoin one of the most powerful assets of the year.
The weekly chart focuses on the 21-week MAThe weekly chart is currently based on an exciting MA (Moving Average), namely the 21-week MA. The previous bull cycle held this level as support for the bull summit in December 2017, which makes it an interesting indicator for bulls to hold onto.
If the price could find support at this level, it could mean that the upward momentum will continue in the coming period.
The weekly chart also clearly shows the massive sell-off of the past week. However, it is currently based on potential support. Holding the green zone at $ 8,400 would be in line with the 21-WMA and may grant an aid rally.
For sustained upward momentum, it is critical that a break from the previous high of $ 10,400 take place, but such a move could take some time. The market must find support before these levels can be reached.
If the Bitcoin price at $ 8,400 doesn't find support, the next target is $ 7,500 to $ 7,700.
Recently I've been reading about the Intel Management Engine hardware chip, which is built-in into every computer or laptop since 2008. It is a spyware chip, a backdoor. It is a 486-derivative processor, which runs secretive UNIX-based OS. That chip is hooked-up in parallel with the main processor, it runs in security zone 0 and it has access to everything - to the RAM, the HD, the keyboard The best way to buy gold in the US will depend on a number of factors, including where you live, how much you’d like to purchase, and whether or not you want physical gold. For most people, the simplest and most cost-effective way is to shop with a trusted online dealer or broker. 0 complaints for Gold Silver Bitcoin. Gold Silver Bitcoin is rated with a AA rating from Business Consumer Alliance as of 7/15/2020. Check the complaint history, rating and reviews on this company. Buying silver from Coinabul Coinabul accepts bitcoin for silver coins and silver bars. Use bitcoin to buy the 90% Silver Coins $1,000 Face Value Bag, 90% Silver Coins $500 Face Value Bag, 100 oz Hallmark Silver Bar, 90% Silver Coins $100 Face Value Bag, 25 oz Bag Silver Grain/Silver Shot, NTR Metals 10 oz silver bar, Walking Liberty Halves 90% Silver 20-Coin Roll, Chinese Panda 1 Troy ounce, U Save gold, silver & Bitcoin.” In an earlier tweet on April 1, the businessman had pointed out a problem with the current monetary system that many other people seem to have a problem with. To save the financial market from a worse crisis especially as COVID-19 continues to spread, the Federal Reserve injected trillions of dollars into the market.
[index]          
THIS IS A MUST-READ: https://www.wealthresearchgroup.com/TRIO/ Disclosure/Disclaimer: We are not brokers, investment or financial advisers, and you should no... Mike Maloney - QE Infinity Will Ignite Bitcoin, Gold & Silver - Duration: 57:28. Nugget's News 132,132 views. 57:28. Tim Draper predicts the price of bitcoin after the halving! TOP REASONS I INVEST IN GOLD, BITCOIN AND SILVER - (NO ONE TELLS YOU THIS)... In this video I talk about investing in gold, bitcoin and silver. We talk about the financial system, why i do not ... Gold, Silver or Bitcoin? - Duration: 13:44. Guido Stackin 1,500 views. 13:44 🔴 Peter Schiff Argues w/ Bitcoin Activists in Heated Debate - Duration: 25:46. Peter Schiff Recommended for you. Gold is doing well. Although it is a bit stretched on the up-side, it might still try for $1700. Twitter: @MyFinanceTeache Support the channel with BTC donations ...