Is it possible to get a copy of what Mark Carney actually said? I couldn't find a video or transcript of the speech.

https://www.bankofengland.co.uk/-/media/boe/files/speech/2018/the-future-of-money-speech-by-mark-carney.pdf

Thanks a lot. This piece was very reassuring. Doesn't look like a regulatory crackdown in on the way to me. Even got a switch to cryptoasset at the end which warmed my heart.

Is it possible to get a copy of what Mark Carney actually said? I couldn't find a video or transcript of the speech.

Pretty bearish right now.

I wish they would talk to people with a clue. Mark Carney seems reasonably accurate in his assessment but I believe it shows a fundamental misunderstanding of the technology, a similar misunderstanding that infects members of the cryptocurrency community. I really wish the whitepaper was called cryptoassets or tokens.

I also resent the stupidity of his store of value example. Of course if you use a time frame that includes the absolute all time high and the current local low then bitcoin looks extremely volatile. However, if you used any other period above a monthly time span, you would see a positive return on the "value" stored. Its also a bit of a dumb metric because 2013 Bitcoin valued at 1000 has more spending power then 2017 1000 bitcoin.

Bitcoin is a great store of value because one bitcoin is always worth one bitcoin. No one can confiscate it, take it away from you or print more bitcoin beyond the current inflation structure.

To put this another way, lets compare it to the housing market. After you have bought a house you will always own this property. Is it a reasonable statement to say "Real estate is not a good store of value because q2 2002 the average uk house price was 180k and in q3 2004 it was 155k"

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Supply vs demand. Demand for houses is always increasing and supply is reduced as the available land diminishes. Bitcoin looks more like a ponzi scheme because demand for the product is tied to the price and because speculative value is still high and increases rapidly, presumably beyond current price levels due to market cycles.

Abbot is obviously clueless and doesn't understand the definition of a Ponzi. What would happen to a bank if everyone was to buy a car using all their funds at the same time? The bank would collapse. Does this make fractional reserve banking a ponzi scheme? Does this make the bank a ponzi scheme? Its really stupid and she should be ashamed. Politicians should have a basic understanding of economics. An economic bubble is not a ponzi scheme. Bitcoin/cryptocurrency is just exaggerated because it is an emerging technology with an unknown speculative value combined with low liquidity markets and concentrated retail investment.

Market cap is also a stupid metric for many cryptocurrencies because of the illiquid markets. I know someone who created a token and sold a miniscule portion that would mean the total market cap was 600 billion.

It is also a stupid metric because each bitcoin represents part of a network and networks derive value from having multiple participants. Imagine trying to buy the internet and taking sole ownership of it. Pretty pointless if your the only person who can access it. Imagine how valuable having the only Facebook account would be!

http://fortune.com/2018/02/26/circle-cryptocurrency-trade-bitcoin/

Another article on the Circle purchase.

Yeah Dan its one of the real world situations that are crazier then any movie. Saw claims from a reliable source as twitter could be saying they had seen the docket so it seems pretty legit.

So Craig Wright, a man who claimed to be Satoshi previously, but failed to sign a relevant public key, effectively eliminating himself as one of the people in the world who Satoshi actually could be, is being sued.

"Dave Kleiman’s estate just filed a claim against Craig Wright. The lawsuit was filed by Boies Schiller Flexner lawyers Devin "Velvel" Freedman (https://www.bsfllp.com/lawyers/velvel-devin-freedman.html) and Kyle Roche (https://www.bsfllp.com/lawyers/kyle-roche.html). It claims that shortly after Dave' death, Craig employed an elaborate scheme to steal between 550K and 1.1M bitcoins and other intellectual property owned by W&K Info Defense Research LLC - a Florida company Dave owned.

The complaint publishes documents evidencing a long history between Craig and Dave, including documents demonstrating their early involvement in Bitcoin mining. Interestingly, while the complaint discusses Craig’s claim to be Satoshi, it seems to really focus on evidence Craig and Dave mined bitcoin – as Satoshi’s identity is irrelevant to whether Craig stole from Dave.

Craig’s twitter silence is deafening...

Complaint: https://www.scribd.com/document/372445546/Bitcoin-Lawsuit Exhibit 1: http://www.lrb.co.uk/v38/n13/andrew-ohagan/the-satoshi-affair Exhibit 2: https://www.scribd.com/document/372445131/Exhibit-2 Exhibit 3: https://www.scribd.com/document/372445130/Exhibit-3 Exhibit 4: https://www.scribd.com/document/372445139/Exhibit-4 Exhibit 5: https://www.scribd.com/document/372445132/Exhibit-5 Exhibit 6: https://www.scribd.com/document/372445133/Exhibit-6 Exhibit 7: https://www.scribd.com/document/372445134/Exhibit-7 Exhibit 7A: https://www.scribd.com/document/372445135/Exhibit-7A Exhibit 8: https://www.scribd.com/document/372445137/Exhibit-8 Exhibit 9: https://www.scribd.com/document/372445138/Exhibit-9 Exhibit 10: https://www.scribd.com/document/372445144/Exhibit-10 Exhibit 11: https://www.scribd.com/document/372445141/Exhibit-11 Exhibit 12: https://www.scribd.com/document/372445140/Exhibit-12 Exhibit 13: https://www.scribd.com/document/372445151/Exhibit-13 Exhibit 14: https://www.scribd.com/document/372445147/Exhibit-14 Exhibit 15: https://www.scribd.com/document/372445142/Exhibit-15 Exhibit 16: https://www.scribd.com/document/372445145/Exhibit-16 Exhibit 17: https://www.scribd.com/document/372445146/Exhibit-17 Exhibit 18: https://www.scribd.com/document/372445149/Exhibit-18 Exhibit 19: https://www.scribd.com/document/372445148/Exhibit-19 Exhibit 20: https://www.scribd.com/document/372445150/Exhibit-20"

https://www.reddit.com/r/Bitcoin/comments/80e2l9/10_billion_lawsuit_filed_against_craig_wright/

Boies Schiller is a serious firm and the documents seem legitimate but its still early and the guy has made himself a target.

Also announced today was Circle buying Poloniex. Poloniex is one of the bigger altcoin exchanges with primarily alt/btc markets. It uses USDT as fiat and doesn't accept USD deposits. In a deal reportedly worth $400m the Goldman Sachs backed startup who pivoted away from Bitcoin in late 2016 to try and compete with Venmo are back. Bitcoin has moved around 10% today to break the 10k mark again, presumably on the back of this news, although the Poloniex markets alt/btc haven't moved on the presumption of liquidity so it might be a bit of a stretch to put everything on this.

https://www.reuters.com/article/us-crypto-currencies-circle/goldman-backed-startup-circle-buys-major-crypto-exchange-poloniex-idUSKCN1GA1N4

"In the “old days,” when good news was reported, the Stock Market would go up. Today, when good news is reported, the Stock Market goes down. Big mistake, and we have so much good (great) news about the economy!"

Trump already regretting hitching his wagon to the Stock Market.

https://twitter.com/realDonaldTrump/status/961253168968622086

Goes live in 8 minutes: https://www.banking.senate.gov/public/index.cfm/hearings?ID=D8EC44B1-F141-4778-A042-584E0F3B9D39

I guess judging by the 25% low to high swing on the day there has been some reasonable news?

Looking heavily at ICOs, want to protect main street investors from potential scams.

Don't want to take a heavy handed approach, but stressed the exchanges aren't regulated.

Emphasized they aren't quite sure how to classify Bitcoin and other cryptocurrencies but reinforced the view that ICOs = Securities.

"Clayton: There are pure cryptocurrencies, then there are ICOs, which are securities offerings."

CFTC Chairman Giancarlo: “We owe it this new generation to respect their enthusiasm about virtual currencies with a thoughtful and balanced response, not a dismissive one.”

"Clayton explains that for a “coin” to be a security the person who buys is has to expect to profit from the efforts of the person offering it. Doesn’t sound like it fits Bitcoin.

Interesting stuff, the senators made a wide range of interesting points despite some qualms about the overall space. CFTC has a Bitcoin website and a cryptocurrency podcast! Crazy times.

Edit: Clayton is Chairman of the SEC.

Gl Toby!

Friends with Ben, part of the Aussie rofl crew. Lived in Budapest too not sure hes coming back.

Everything is dumb because of the name cryptocurrency. No "crypto" in its current form will replace the fiat banking system and personally I think its a pretty dumb idea. I like bitcoin as a decentralised store of value, with the addition of being able to transact from places not connected to the traditional banking system. I think the idea of buying coffee with bitcoin is one of the stupidest things around and I think the larger group of cryptocurrencies is incredibly dumb, highly speculative and simply unnecessary. However, technological innovation is exciting, the decentralisation behind blockchains is really interesting and even the ICOs have some innovation, spreading the capital requirements of a startup across multiple people.

However, most of these projects are not decentralised. Most of the projects will not survive in the long run. I hold a significant number of projects I feel have a long term value of zero, or close to zero so I can sympathize with Acegooner, but his bias's are pretty obvious and it ruins this topic, and has continued to do so. His arguments largely come from generic statements and if I hear Buffet mentioned again I might burst into tears. He's regularly stated he thinks its a bubble for the last several years (article linked from 2014), but he seems to think bitcoin is a payment system, and the mainstream media are too lazy to seperate the assets. It seems silly to me to group Bitcoin and some of the shitty recent icos in the same "cryptocurrency" category. People involved in crypto certainly don't.


https://www.coindesk.com/legg-masons-bill-miller-buffett-wrong-bitcoin/


Everyone needs to zoom out a little bit and get some dam perspective.

We hit lows not seen since late November.

The market is unregulated and therefore we have to assume manipulated, at least to some degree. (see Korean officials insider trading the ban to things like Spoofy)


Here is the best piece of work I have found on Cryptoassets and it is largely the long term view I subscribe to, which funnily enough is probably closer to Acegooner then he would realise. I only really believe in Bitcoin for the long term so I completely understand the cryptocurrency bubble perspective but I would highly recommend any investor to put a small piece of their portfolio into Bitcoin. Perhaps you could argue that the risk to return ratio at the current price isn't so great, but as the world becomes to accept Bitcoin as its own asset class, which I believe the CME/CBOE futures as well as current price indicates, not holding Bitcoin increases volatility of your portfolio dramatically. Scaling in steadily, perhaps with 33% of your position invested now after the recent drop in price, with a plan to pick up the next pieces over the next 2-5 years, depending on when the next bear market appears for Bitcoin. This is particularly important due to the early stages of the marketplace and the number of naive investors within the market that are chasing such returns. Further diversification may be required, but 99% of other cryptocurrencies are extremely correlated, and I can understand an investor not wanting to play a game of chicken with altcoins. I suspect when that bubble pops properly, which may not occur this year, many coins will go to 0. This isn't to say bitcoin isn't also correlated, but long term I believe it will separate itself from the majority.

"In contrast, the potential value of a winning monetary store of value protocol can be
measured in relation to the total value of gold bullion and foreign reserves, suggesting a
potential value in the USD 4.7 – 14.6 trillion range. If Bitcoin were to become that monetary
store of value (and it currently appears to be the strongest contender by some margin), it
could be worth USD 260,000 – 800,000 per BTC, i.e., 20 – 60x its current value. If one
places a higher than ~5% chance of Bitcoin succeeding in this way, it is a rational and
attractive investment for a long-term investor before considering other potential upsides
stemming from payments and unit of account utility"

Quote from a long term investment thesis written by John Pfeffer, not sure if he is well known but its the best analysis I have seen.
https://s3.eu-west-2.amazonaws.com/john-pfeffer/An+Investor%27s+Take+on+Cryptoassets+v6.pdf

Finally 150 words by kadhim.shubber a writer for the Financial Times

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can you link to the apps on the home page of the phone?

I removed the news from my feed but nothing shows up- don't normally use this though so I'm not sure if this would work or just empty the space for you.

It did move btw about 4% to 10700 but it got bought up pretty quickly. Big red candle for 2 hours but then back to form. Tether losing their audit relationship caused a similar reaction last night despite it being relatively in the open. Hammered for 2.5% even though tether dying is short term bullish.

Not sure what Nem is. Seems like a worthless project now the team behind it can tag the hacked coins to stop them mocing. Seems like a shitty crypto.

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"I'm not in the least embarrassed, you can't choose your relatives" said the mummy.

I wish it was Boris and the mummy

Gorillas + man with rifle. Hide in a tree and pray. Better get your eagle smasher ready i suppose. Maybe an automatic would be enough?

I really thought it was going to be "You can contact the president at www.twitter.com" for a second.