Official cryptocurrency thread (Bitcoin, Ethereum, Altcoin)

[TightEnd]

EU finance head: we will regulate bitcoin if risks are not tackled

https://www.theguardian.com/technology/2018/feb/26/eu-finance-head-regulate-bitcoin-cryptocurrencies-risks?utm_term=Autofeed&CMP=twt_b-gdnnews#link_time=1519673396

[lucky_scrote]

https://steemit.com/cryptocurrency/@cryptoasis/blocknet-a-hidden-gem

One of my favourites blocknet will be launching their DEX on March 1st. It's not really highly anticipated since blocknet are an old project that didn't even have an ICO. They have spent zero on marketing but are really starting to pull some strings right now. I think decentralised exchanges will play a big role of the crypto future.

#Invalid YouTube Link#

[Marky147]

https://steemit.com/cryptocurrency/@cryptoasis/blocknet-a-hidden-gem

One of my favourites blocknet will be launching their DEX on March 1st. It's not really highly anticipated since blocknet are an old project that didn't even have an ICO. They have spent zero on marketing but are really starting to pull some strings right now. I think decentralised exchanges will play a big role of the crypto future.

[TightEnd]

Bitcoin faces regulatory crackdown, Bank of England warns

Cryptocurrencies inherently risky and fail most basic function as money, says Mark Carney

https://www.theguardian.com/business/2018/mar/02/bitcoin-faces-regulatory-crackdown-bank-england-warns?utm_term=Autofeed&CMP=twt_b-gdnnews#link_time=1520012224

[lucky_scrote]

Bitcoin faces regulatory crackdown, Bank of England warns

Cryptocurrencies inherently risky and fail most basic function as money, says Mark Carney

https://www.theguardian.com/business/2018/mar/02/bitcoin-faces-regulatory-crackdown-bank-england-warns?utm_term=Autofeed&CMP=twt_b-gdnnews#link_time=1520012224

This is a very positive post given its coming from Mark Carney. All these bankers always make up so much nonsense, it's very misleading for the public.

[TightEnd]

Diane Abbott: Labour would crack down on Bitcoin 'Ponzi scheme'

https://www.politicshome.com/news/uk/political-parties/labour-party/jeremy-corbyn/news/93234/excl-diane-abbott-labour-would-crack

[tikay]

Diane Abbott: Labour would crack down on Bitcoin 'Ponzi scheme'

https://www.politicshome.com/news/uk/political-parties/labour-party/jeremy-corbyn/news/93234/excl-diane-abbott-labour-would-crack

Oh dear, that'll keep Team Bitcoin awake at night.

[buffyslayer1]

Diane Abbott: Labour would crack down on Bitcoin 'Ponzi scheme'

https://www.politicshome.com/news/uk/political-parties/labour-party/jeremy-corbyn/news/93234/excl-diane-abbott-labour-would-crack

Could not think of a more ringing endorsement for Crypto if Diane is wading in......

[SuuPRlim]

Haha oh Diane!!

She said: “One of the problems with Bitcoin is the extent to which it is just a gigantic Ponzi scheme...

“If everyone took their Bitcoin money and tried to buy a new car all at once the whole thing would collapse.”

She added: “But we are certainly worried about how in the here and now it is being used to fund terrorist activity and that is something we are looking at.”

I'm not saying bitcoin isn't a ponzi scheme - and I'm DEFO not saying it's not used for crime but it's pretty obvious from these comments she's never done more than 20 minutes reading on the subject. She's seen it described as a ponzi scheme and parroting it - the example about people trying to buy cars with it crashing it is just kind of a silly thing to say really - thats the nature of a market commodity, if everyone sells then of course the price drops, again not defending bitcoin in this instance, but i think there are way more relevant cons to bitcoin she could have come up with rather than "BITCOIN BAD.WE STOP BITCOIN.NO MORE BITCOIN.BITCOIN BAD"

If you're going to say things in public, as a qualified person, might be a good idea to just know what it is you're actually talking about and not just quote a few lines from a daily mail article you read three weeks ago.

[rfgqqabc]

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"

Click to see full-size image.

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!

[rfgqqabc]

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.

[Longines]

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

[rfgqqabc]

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.

[rfgqqabc]

"other scholarly and historical analyses provide answers that are more philosophical. These often amount to “money is a convention” – one party accepts it as payment in the expectation that others will also do so."

"Money is an IOU, but a special one because everyone in the economy trusts that it will be accepted by others in exchange for goods and services. One might say money is a “we all owe you”

"As I mentioned before, trust is the fundamental tenet that underpins credible currencies, and this trust has to be earned and supported. There are many lessons from history and institutional economics on the earning of trust that we can use as we move further into digitalisation"



https://www.bis.org/speeches/sp180206.pdf

[acegooner]

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.

I disagree, Mark Carney has talked about "crypto-assets" being regulated in much the same way as shares or collective investments. That will have a massive impact on the speculatory aspect of each crypto-asset.
A lot of the price movements especially of the smaller coins are caused by people promoting them on social media. In a regulatory environment, you need to prove you are "fit and proper" before you can make any promotional or opinion based commentaries.

The G20 is reviewing crypto assets when they meet in Buenos Aires later this year, the market will be very volatile around this time as it seems cryptos don't like regulation.