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The Satoshi Revolution: A Revolution of Rising Expectations
Section 2: The Moral Imperative of Privacy
Chapter 6: Privacy is a Prerequisite of Human Rights
Segment 4: Privacy: Do Not Come Late to the Revolution
“I think the Mailman is taking us on one at a time, starting with the weakest, drawing us in far enough to learn our True Names—and then destroying us.” ― Vernor Vinge, True Names
Privacy is not dead, as many court intellectuals pronounce it to be, usually in preparation for its burial. Privacy is being renewed. Cryptocurrency is transforming it into a far stronger tool for human freedom. People with a fondness for the old version of privacy need not be concerned, however. Curtains can still be pulled over windows at night; financial transactions can still be encrypted. The new form of privacy is a compatible alternative. But much of it may seem counter-intuitive.
True Names provides a point of reference for science fiction fans. The 1981 novella by Vernor Vinge is sometimes credited with launching the cyberpunk movement because it explores so many of the themes that were later developed in great detail. One theme: the protection of a true identity is vitally important to the freedom and the survival of an individual. A true identity is the name or other identifying information that can lead people directly to someone else’s front door, whether the journey is to shake the person’s hand or to arrest him. True Names has special relevance to the new privacy being created by cryptocurrency because it highlights the shift in the focus of privacy away from transactions to identities. Transactions and identities are no longer irrevocably connected. Indeed, they can be totally separated. And there are great advantages to doing so.
People will stumble over the issue of transparency when they consider crypto privacy. Because transactions on the blockchain are 100% transparent and available to everyone, cryptocurrency is said to be the death of privacy. This is not death; it is a necessary redefinition. The nexus of privacy is shifting from the record of transactions to the identity of the transactors. An intimate connection between the two can exist, to be sure. Transactions can reveal identity in several ways. The user may not go through a mixer or tumbler, or he may not use a currency designed to protect privacy. It may seem like too much trouble to use a unique digital address for each transfer, as Satoshi Nakamoto suggested. Or he may make the cardinal error of all privacy mistakes; that is, open an account with a centralized exchange. A careless user can disclose a True Name.
A careful user has a greater ability to preserve privacy today than ever before. Consider just one question: Who is Satoshi Nakamoto? The identity of a public figure who had an immense impact and a definite computer presence may never be known because he used his own privacy tools.
The shift in the nexus of privacy should not be underestimated.
Relocating the Nexus of Privacy
The nexus of privacy used to be located in the transaction itself.
For centuries, the focus of governments and financial institutions has been to track transactions in order to tax and to control them. The full disclosure and monitoring of the flow of wealth is the government’s “business model,” so to speak. Authorities demand transparency as a way to identify the individuals who are exchanging or amassing wealth. Information on transactions is tantamount to control of the transactions themselves, as well as of the individuals making them. With such information, taxes can be collected, fees can be deducted, scofflaws can be imprisoned, social control can be imposed, and outright confiscation can occur.
Governments have devoted incredible effort, time, and expense toward the acquisition of data on the movement of currency. Every bank account must be documented by government-issued ID, with every transaction being reported to tax authorities and other agencies. This is true, at least, of the institutions that wish the privileges of being legal. On a more individual level, major investors must be “accredited” by governments. Employees have every cent of their wages reported through tax forms that include social security numbers (True Names), as well as location information, such as street addresses. Governments have used the unlimited data paradigm to control individuals and society for many decades.
In reaction, individuals have sought to make their transactions as private as possible, especially through the use of cash, which is currently being threatened. Businessmen keep two sets of books. People neglect to report income on tax forms. Investors send their money abroad to countries that are less likely to file reports. People keep their wealth in precious metals that are secreted under the floor boards. With justification, privacy and the secrecy of transactions have become entangled.
No more. The blockchain is transparent to all.
Bitcoin.com explains the transparency in its analysis of Satoshi’s White Paper,
“Nakamoto’s concept of an electronic ‘coin’ is a chronological series of verified digital signatures. To illustrate, think of Nakamoto’s virtual coin as a UPS or FedEx package that you sign at your doorstep before sending it to a forwarding address. But the difference is that a publicly-available ledger is placed right on the packing slip which shows the entire history of all prior deliveries of the same package. The information includes all originating addresses as well as timestamps detailing where and when exactly each delivery took place. Such a comprehensive audit trail, he argues, would provide assurance to both recipient and the entire network that the chain of deliveries/transactions is accurate and secure.”
For individuals and the free market, the blockchain offers commercially valuable data that assists in accuracy and security. For governments, the blockchain is an incredibly thorough and accessible record of wealth transfers. The foregoing should be a statist’s wet dream. Why, then, are governments scrambling to maintain the economic reins rather than popping champagne corks?
Because the nexus of privacy has shifted. It is no longer vested in the transactions that governments have so assiduously recorded. Those transactions are transparent and freely offered to all. This means the “ledger” has lost much of their value as instruments of social control.
The nexus of privacy is now vested in the identities, in the True Names of who is involved in the transactions; it is vested in the digital signatures, which technology increasingly places under individual control. Call it anonymity—the assumption of a non-identified persona. Call it pseudonymity—the adoption of a secondary persona. Call it polynymity—the use of multiple personas to achieve different purposes. It has never been more difficult to uncover an individual’s True Name in financial dealings. Having a record of transactions is becoming a dead-end strategy for governments.
A real-world example may be helpful. The best parallel to cryptocurrency in the traditional world of finance may be a Swiss bank account that is identified only by a number, not by a name. Even if the transactions for the account are published in the New York Times, the disclosure does not imperil a careful account holder. It is always upsetting to have personal data released without consent. But, as long as anonymity of the owner is maintained, privacy has not been seriously jeopardized.
There is a happy difference between numbered bank accounts and digital signatures, however. Such bank accounts were and are a privilege of the rich, if only because there were minimum balances and other costs to doing business with foreign institutions. With digital signatures, however, financial privacy is available to anyone who can afford a computer connection. Financial privacy has been democratized.
The Trusted Third Party Question
In the most literal sense of the word, Satoshi’s recasting of privacy is “revolutionary.” That is, it changes the world in a fundamental way.
Revolutions usually invoke images of angry mobs who rage in the streets against intolerable oppression. Revolutions are the stuff of legend because most people want to believe that average people can reclaim liberty for themselves and for their children. But, as with many legends, not much truth underlies the image. Revolutions usually dissolve into societies that are no better than their totalitarian predecessors. Often, they are worse.
Revolutions fail because of “the trusted third party” problem. The phrase is deceptively simple, and it is easy to skim over its pivotal importance. The problem describes a situation in which people give power over their lives to parties who say, “Trust me.” The parties are usually strangers who have been given positions of authority due to government privileges rather than due to market merit. Central banks are a notorious example. They derive power from government, which means government is the “customer” to whom they are loyal, not individuals.
Why do people play a game that is rigged against them? Even revolutionaries, who barricade streets and risk death to defy authority, will bow to a committee, or a revolutionary government, or a strong-man leader. The new ruling authority may be called a Committee of Public Safety (the French Revolution, 1793-94) or a Military Revolutionary Committee (the Russian Revolution, 1918). The new names and faces provide an illusion of change, but their purpose is much the same as the old names and faces–to exert power over others.
People surrender power for many reasons. A key one is simply because they see no viable alternative. They deal with central banks or affiliates because it is almost impossible to navigate ordinary life without a bank account. People comply because they need to function economically. The social cost is the surrender personal information at every point of every transaction. The price tag is privacy.
Or it was. Enter the crypto anarchists and Satoshi. They replaced the need for trusted third parties through a protocol that provided the same services as central banks without taking control from individuals. The control is retained because the nexus of privacy is no longer within transactions, which are easily traced, but within the iTrue Name of users, which can be retained. To draw again on the parallel of a numbered account, the concealment of transfers is not the nexus of privacy. The anonymity offered by the number is.
In the old-world view (pre-2008) of central banking and government data banks, a meticulous record of transactions was the most reliable way to track down and identify who owned what. It was the means by which government controlled the flow of the world’s wealth. No more.
Satoshi pointed to the blockchain. “Go ahead; examine every cent that moves around the globe,” he told governments. Perhaps he even smiled, because the blockchain’s transparency provides little of value to government, as long users are cautious. “No need to demand or subpoena documents,” he informed authorities. “just log in and access a public record that sits in the open.” If Satoshi smiled, then it was because the transparency did not damage privacy.
It seems paradoxical, but transparency is the new privacy for those who preserve their True Names. The open blockchain also strips government of what has been its most powerful weapon against individual freedom: usable and monopolized information.
The cryptocurrency revolution will work because it does not cede authority to a trusted third party. It is also bloodless, as a revolution must be to cause positive change: the printing press, the telephone, the computer, the Internet, cryptocurrency. Technology triumphs over social control.
[To be continued next week.]
Reprints of this article should credit bitcoin.com and include a link back to the original links to all previous chapters
Wendy McElroy has agreed to ”live-publish” her new book The Satoshi Revolution exclusively with Bitcoin.com. Every Saturday you’ll find another installment in a series of posts planned to conclude after about 18 months. Altogether they’ll make up her new book ”The Satoshi Revolution”. Read it here first.
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Thai regulators have reportedly agreed to enact two separate laws on cryptocurrencies and initial coin offerings. They will regulate crypto businesses, the purchase and sale of cryptocurrencies, as well as their taxation.
Two Laws Being Drafted
The Thai Minister of Finance, Mr. Apisak Tantivorawong, said on Thursday that the government is preparing to announce the regulations for cryptocurrencies and initial coin offerings (ICOs) by the end of this month, Channel 7 news reported.
After the cabinet’s meeting, the country’s deputy prime minister, Mr. Somkid Jatusripitak, explained that two laws are being drafted, according to Thai Rath newspaper.
The first is the Act on Digital Asset Businesses. It requires the registration and know-your-customer (KYC) compliance of cryptocurrency operators including agents, dealers, and brokers, the news outlet detailed. It also imposes penalties and remedies for violations.
The second is the revision of the country’s Revenue Code which concerns taxation related to cryptocurrencies and ICOs, the publication described.
Regulating Crypto Businesses & Taxation
According to Thai Rath, cryptocurrency and ICO businesses such as intermediaries will be required to identify themselves and the sources of crypto investment funds in order to prevent money laundering. These businesses will be obligated to provide transaction information as well as the names of buyers and sellers to the Anti-Money Laundering (AML) Office. The law also puts the Securities and Exchange Commission of Thailand (SEC) in charge of the regulations. The news outlet elaborated:
Thai private companies that have already issued an ICO must comply with the law within 6 months.
Moreover, Mr. Apisak has ordered the Thai Revenue Department to collect 7% VAT and 15% withholding tax on cryptocurrencies and ICOs, the publication noted, adding that taxpayers can combine their crypto tax liabilities with their annual income.
Central Bank Will Not Change Stance
The Bank of Thailand (BOT) said that it will not change its stance regarding cryptocurrencies and ICOs, the news outlet detailed. In February, the central bank prohibited financial institutions from five key cryptocurrency activities, which will remain in effect even after the regulations are in force.
Following the BOT’s prohibition, Bangkok Bank subsequently terminated the accounts of a local cryptocurrency exchange.
Another major bank, Krungthai Bank, soon followed suit and terminated the accounts of local crypto exchanges with them. Mr. Piyong Sriwanich, the bank’s president, was quoted by Thai Rath on Thursday declaring that his bank does not support and will not deal with cryptocurrencies in any way. Furthermore, he emphasized that if anyone opens “a deposit account with the bank and invests money in digital currency, the bank will close the account immediately.”
What do you think of Thailand’s cryptocurrency regulations? Let us know in the comments section below.
Images courtesy of Shutterstock, istock, and the Thai government.
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A crypto startup is seeking a skilled applicant to assume the role of Meme Specialist. At $ 48,000 per year plus 1% of tokens, they’ll earn more than the average U.S teacher, though there are a few caveats attached. The successful candidate must be blessed with at least 10 years’ experience of procrastination on Reddit and 4chan. Experience in MS Paint is also an advantage.
Don’t Let Your Memes Be Dreams
Memes are the real fuel of the cryptoconomy. Not tokens. Not blockchain. Memes, in all their dank, unadulterated glory. That an Estonian startup should be advertising the position of Meme Specialist is an inspired PR move or proof that we’ve hit peak crypto. Either way, it’s an offer that crypto shitposters may find too good to refuse. After all, there aren’t many jobs that will pay you $ 900 a week to post the illest memes from the comfort of your own bed.
Cynics may complain that an ICO with 192 Twitter followers seeking a Meme Specialist – prior to its pre-sale, no less – is simply seeking attention. Cynics would be right, but then how else is ECOS supposed to rustle up interest in its blockchain for the food chain – by banging on about the transformative potential of distributed ledgers? For all ECOS’ shortcomings, soliciting a “ninja of memology” was a masterstroke.
Advanced Memetics to Disrupt the Food Industry
The posting on Crypto Jobs List doesn’t specify the sort of memes that might be deemed suitable for a decentralized food industry project. There’s no word on whether they’re looking for exploitable image macros, rare Pepes, pink Wojaks, or something even more subversive. All that’s specified is that the right applicant has “Passed 4 grade in comprehensive school”, excels in “laughter, irony, cynicism”, and is willing to accept “Bonuses in kittens and puppies”. It’s all very frivolous, it’s true. But amidst the doom and gloom permeating the crypto space, anything that can elicit a laugh has got to be welcomed.
There’s every chance that ECOS’ ICO will prove to be a disaster, but their marketing game is on point, and for that they deserve credit. Well memed, obscure Estonian startup. Well memed.
What would you bring to the role of Meme Specialist? Let us know in the comments section below.
Images courtesy of the internet.
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This is a paid press release, which contains forward looking statements, and should be treated as advertising or promotional material. Bitcoin.com does not endorse nor support this product/service. Bitcoin.com is not responsible for or liable for any content, accuracy or quality within the press release.
Truegame is about to reintroduce innovative new iGaming concepts the likes of which have never been seen before, with a unique smart contract-enabled platform. To fully develop this innovative twist to iGaming, Truegame has launched its ICO with a pre-sale that began on March 5th, 2018, prior to the general event on April 16th, 2018.
The project has a strong team of professionals on board as well as some top industrial experts from blockchain to iGaming. Recently Truegame announced about a new exciting cooperation – they welcomed on board a new blockchain advisor – Mate Tokay, the COO of Bitcoin.com.
As the Chief Operating Officer at Bitcoin.com, Mate Tokay is without question one of Bitcoin’s & Bitcoin Cash most active and vocal proponents. His goal and passion is to make cryptocurrencies as popular as possible. In 2012, he graduated from the International Business School in Budapest but it’s only in late 2012 that Mate first heard about Bitcoin and in mid-2013 that he began bitcoin mining using custom-built ASIC miners. Later, Mate founded the highly renowned Bitcoin news and review website “Bitcoinist however he has been working on building Bitcoin.com since 2015”.
Mate Tokay: “I am really excited about Truegame because their main goal is to improve transparency in the gambling industry. With their new blockchain tech, you can be sure that there is no cheating or manipulation whatsoever…”
TrueGame is a blockchain and smart contract based iGaming platform that sets the issue of transparency straight; blockchain technology allows for a trustworthy open registry that displays every outcome of every game which cannot be manipulated. The combinations generated from the blockchain cannot be manipulated and are completely random boiling the winning conditions down to luck and mathematical probability; to further a commitment to absolute trust, the blockchain network is responsible for distributing the winnings within the rules of the game providing players and potential players with winnings via their innovative use of smart contract technology.
Truegame Token Sale:
Soft cap raised in just 5 days
Truegame is #1 – the most evaluated project among experts (current rating is 4.8/5)
The project is evaluated by more than 58 experts
The community on Telegram has exceeded 9000 members
Small hard cap – 9 million USD
Truegame’s ideas are very close to Mate’s philosophy and ideology. Even though there are lots of games presented on Bitcoin.com platform (games.bitcoin.com), Mate evaluated Truegame as a very promising gaming platform. Along with his advisory on the project, Mate will be helping Truegame with PR and promotion in big scale media.
The new era of iGaming is already here!
For more Information, visit the Truegame website at: https://ico.truegame.io/
Connect on Telegram: https://t.me/truegame_chat
Game Platform: https://truegame.io/
This is a paid press release. Readers should do their own due diligence before taking any actions related to the promoted company or any of its affiliates or services. Bitcoin.com is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in the press release.
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The “2018 Economic Report for the President” has recently been published with a whole chapter dedicated to cryptocurrencies like bitcoin, ethereum, and the future of blockchain regulation.
New Innovations and Markets Presents America’s Regulatory and Legislative Institutions With Unique Challenges
Every year the U.S. Congress publishes an economic report that discusses a variety of subjects that affect the economy such as technology, opioid abuse, employment rates, and the stock market. This year’s “2018 Economic Report” features a whole chapter focused on bitcoin, initial coin offerings (ICOs), and blockchain technology. Chapter nine is called, “Building a secure future, one blockchain at a time.” The congressional study takes note that last year cryptocurrencies had entered a mainstream awareness phase.
“Blockchain technology — providing cybersecurity and many other potential benefits—broke into the mainstream in 2017 driven by widespread interest and surging valuations in digital currencies such as bitcoin and ethereum,” explains the report.
These new innovations and markets presented America’s regulatory and legislative institutions with unique challenges as well as technology that could revolutionize the world’s digital landscape and economy.
The Study Compares Cryptocurrencies to the Internet
The economic study is meant to use analysis and create conclusions in order to assist individual government committees and Congress. Chapter nine calls 2017 “The Year of Cryptocurrencies,” and the technology’s phenomenal rise is considered a significant economic event that stands out to the report’s researchers. The study also emphasizes how well traditional stocks did last year, but they did not compare to digital asset markets.
“While both stock market measures experienced strong growth, cryptocurrencies dwarfed their performance,” explains the government research.
The buzz surrounding digital currencies resembles the internet excitement in the late 1990s when people recognized technology companies could change the world — Many internet companies launched and their valuations took off in short order — Many failed, but a few succeeded spectacularly and challenged the conventional ways of doing business.
Regulations Must Curtail Crypto-Growing Pains and Misuses
Of course, the report details that control is needed for these nascent technologies. It also highlights the possibility of fraud within the ICO market but recognizes how well the crowdfunding solution performed last year. Further, the paper explains how there has never been any evidence of anyone “hacking a blockchain’s underlying protocol, but digital currencies are still vulnerable to theft.” The report details that U.S. officials must combine efforts to combat “growing pains and misuses.”
“Policymakers, regulators, and entrepreneurs should continue to work together to ensure developers can deploy these new blockchain technologies quickly and in a manner that protects Americans from fraud, theft, and abuse, while ensuring compliance with relevant regulations,” the 2018 economic report researchers conclude.
What do you think about the U.S. government’s 2018 Economic Report dedicating a whole chapter towards bitcoin, and blockchain technology? Let us know what you think about this subject in the comments below.
Images via Shutterstock, and the 2018 Economic Report.
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As everyone knows, bitcoin has dropped roughly three-fold from its December peak. At the height of the mania it touched $ 20,000 but has since fallen to as low as $ 6,000. The question of what caused the great decline is one that most bitcoiners have an opinion on. In a bid to settle the matter once and for all, Chainalysis has pored over the data to determine what happened.
Also read: South Korea Planning to Formally Allow ICOs
Bitcoin and the Bottomless Dip
Chainalysis is a respected research team whose data scientists and blockchain analysts have previously claimed to have worked out where Mt Gox’ missing bitcoins wound up. In “The Great Bitcoin Price Dip: Its Causes and a Way Forward”, Chainalysis turns its attention to BTC price action over the past three months. A lot of what’s in the report could have been deduced without glancing at a graph, but it’s interesting to see these observations backed by evidence.
According to Chainalysis, bitcoin’s big sell-off was a result of “Regulatory news driving trading volumes and a peak of positive sentiment pushing price; and a lack of fundamentals resulting in herding behaviour across increasingly correlated exchanges and cryptocurrencies.” Basically, we’re all just a bunch of herd animals driven by our emotions, and when one of the flock gets spooked, we all do.
How Much Is a Bitcoin Worth?
Determining a “fair” valuation for the price of 1 BTC has kept the brightest cryptonomists up at night. Chainalysis acknowledges the difficulty of valuing bitcoin, part of a new asset class, writing “Traditional markets have an established set of market fundamentals that help investors understand and contextualize price and volume fluctuations. The cryptocurrency world is still figuring out the correct fundamentals to use in situations of massive price volatility.” It then adds: “Trading volumes were sensitive to regulatory news, while price was driven by sentiment.”
Anyone who followed bitcoin’s trajectory throughout 2017 will have been aware of bitcoin’s susceptibility to regulatory news; the cryptocurrency saw a major sell-off following news that China was to ban bitcoin, but made a full recovery within weeks. In its report, Chainalysis also references other commonly used markers to denote the mania phase that bitcoin settled into through the latter half of last year, Google searches climbing faster than the price. Bitcoin couldn’t maintain its insane upward trajectory and something had to give:
In the stock market, a price correction is defined as a decline of at least 10% and a bear market is a decline of over 30%. Between 17 December and 6 February, the Bitcoin price declined by 70%.
The broad conclusions drawn by Chainalysis – that regulatory events and emotions drive the markets – are not surprising. The report does contain some interesting findings however, such as the fact that trading volume across major exchanges became increasingly correlated through December and January compared to the whole of 2017. This meant that what happened on one exchange would be mirrored almost instantly on another. If one whale got spooked and dumped – say, the Mt Gox trustee for example – everyone got spooked.
As bitcoin mania reached fever-pitch in December, exchanges experienced a “new in-flow” of bitcoin: investors were depositing more crypto than they were withdrawing. “As a consequence, supply was increasing at a greater rate than demand, and therefore the high price levels could not be sustained,” notes Chainalysis. The report concludes by providing evidence that altcoin prices are “increasingly correlated with Bitcoin prices”. There might be more altcoins and tokens than ever before, but some things never change: what happens to bitcoin happens to them all.
Do you think Chainalysis’ findings are accurate, or do you think other factors contributed to bitcoin’s big sell-off? Let us know in the comments section below.
Images courtesy of Shutterstock, and Chainalysis.
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On March 15 the post-cable network Cheddar announced it will be broadcasting a thirty-minute show about cryptocurrencies called ‘Crypto Craze.’ The show will explore investment strategies for digital assets like bitcoin, litecoin, and ethereum.
Also read: South Korea Planning to Formally Allow ICOs
Online Stock Brokerage Firm Sponsors a TV Show Called ‘Crypto Craze’
The online trading platform that offers custom equities, options and bitcoin futures, Tradestation, has announced they are sponsoring a new television show about cryptocurrencies. The show called ‘Crypto Craze’ will air every Thursday morning between 10:30 am to 11:00 am ET from the floor of the New York Stock Exchange. Tradestation and the cable network Cheddar believe the prices of digital assets like bitcoin and ethereum have attracted a lot of interest. The new ‘Crypto Craze’ broadcast hopes to entice millennial investors who represent a good portion of Cheddar’s target audience.
“We’re excited to sponsor Cheddar’s new ‘Crypto Craze’ show,” explained John Bartleman, President of Tradestation during the announcement. “Tradestation has been at the forefront in offering our customers the ability to trade Bitcoin futures on the CFE and CME exchanges.”
Cheddar CEO Says Crypto Craze Will Cut Through the Noise
Besides cryptocurrency analysis and investment talk, the show will also dive into the realm of initial coin offerings (ICOs), mining, and the regulatory climate. “’Crypto Craze’ will examine all things crypto,” the show’s creators state. The show will be Tradestations second broadcast as they also sponsor ‘The Long and the Short’ a show about stock trading.
“The ‘Crypto Craze’ is real and it’s here to stay,” explains Jon Steinberg, founder, and CEO of the cable network. “Cheddar’s new show will give viewers real-time metrics with in-depth analysis of cryptocurrency, blockchain technology, regulation and initial coin offerings.”
It won’t be the old guard telling you about a phenomenon they don’t understand. The ‘Crypto Craze’ cuts through the noise and tells you what matters in the world of cryptocurrency.
Other shows on the financial news network Cheddar feature politics, cannabis, technology, and business. The network has broadcasts daily from the NYSE floor, Nasdaq, and the White House in Washington DC. According to the company the network garnered 148 million views in August of 2017 across all its platforms.
What do you think about a show that covers 30 minutes of trading analysis and news on television? Let us know what you think about this show in the comments below.
Images via Pixabay, Cheddar, and NYSE.
Do you like to research and read about Bitcoin technology? Check out Bitcoin.com’s Wiki page for an in-depth look at Bitcoin’s innovative technology and interesting history. Bitcoin is a decentralized digital currency that enables near-instant, low-cost payments to anyone, anywhere in the world. Bitcoin uses peer-to-peer technology to operate with no central authority: transaction management and money issuance are carried out collectively by the network. Read all about it at wiki.Bitcoin.com.
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The American libertarian and anti-war political activist, Adam Kokesh, is running for the 59th quadrennial U.S. presidential election in 2020. Kokesh says his platform is simple, because as soon as he is elected, he plans to sign one executive order to dissolve the entire federal government. In order to spread his message, Kokesh is raising money to deliver a copy of his 2014 book ‘Freedom!’ in every single residential mailbox in New Orleans right before the Libertarian National Convention.
The Book Bomb: ‘Dissolving the Federal Government in a Peaceful, Orderly Manner’
Adam Kokesh is running for president of the United States during the 2020 election cycle. In contrast to the variety of bureaucrats running for office who plan to make government bigger, Kokesh intends to end the federal government in its entirety. His platform is a mix between Dr. Ron Paul and Vermin Supreme, two candidates who ran for president during multiple elections. In order to get his message out, Kokesh plans to raise funds ($ 143,000 USD) to print and deliver copies of his book ‘Freedom!’ to every mailbox in the New Orleans region. Kokesh says he hopes to deliver roughly 205,000 copies just before the Libertarian Party’s National Convention. The promotion called “Operation Big Easy Book Bomb” was announced on March 15.
The fundraising will be completely transparent and all funds earned will be documented on Steemit and other platforms. The book will also include a letter describing the Kokesh platform for 2020.
“The platform is simple — When elected, I will swear in, walk to the White House, and sign one executive order — This executive order will lay out the process for dissolving the federal government in a peaceful, orderly manner,” explains Kokesh.
With it, I will be resigning as President to become “Custodian of the Federal Government.” The executive order will appoint heads of each federal department, or “Custodians” who will be instructed to carry out a mostly predetermined plan for their departments — The only authority that I will retain will be to replace Custodians if they are unable to complete their responsibilities or are not faithfully executing the plan.
Fueled by Crypto
Fans of the Kokesh campaign and the upcoming “Book Bomb” can donate using Paypal, but much of the Kokesh electoral funding is “fueled by crypto.” For the Book Bomb fundraising, Kokesh is accepting payments in bitcoin cash, dash, ethereum, bitcoin core, litecoin, and monero. Further, the plan for Kokesh to distribute the books has also been bolstered by organizations such as Steemit, Dash, Bitcoin.com, and the Libertarian Party.
“When I was in jail for civil disobedience and surrounded by all the great libertarian books that friends had sent me, I realized that we needed one ultimate conversion tool — So I combined all of their best features into one, easy-to-read, 100-page proclamation of ‘Freedom!’,” Kokesh emphasizes.
The fundraising begins today, and the closing date will be March 25, 2018. Kokesh has added three types of sponsorships for the book drive which includes the ‘Historic Sponsorship’ ($ 3K or more), Millennial Sponsorship ($ 700), and the Centennial Sponsorship ($ 70). All of the funds will go towards the New Orleans ‘Book Bomb’ and any funds not used will be directed towards the next city.
You can read more about “Operation Big Easy Book Bomb” here.
What do you think about Adam Kokesh running for president of the United States? What do you think about his ‘Book Bomb’ idea? Let us know in the comments below.
Disclaimer: Bitcoin.com is a supporter of the Adam Kokesh ‘Book Bomb’ alongside organizations like Dash.org, Steemit.com, and the Libertarian Party.
Images via Pixabay, Steemit, Adam Kokesh 2020, and the book Freedom!
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The Slovenian city of Kranj has inaugurated what it claims to be the world’s first public Bitcoin monument. A roundabout in Slovenia’s fourth largest city now hosts a large ‘B’ in the center that connects two roads at Kranj’s city center.
Slovenian Roundabout Becomes Tribute to Bitcoin
The Slovenian city of Kranj recently unveiled a public monument to bitcoin and blockchain technology, of which it claims is the first in the world. The monument was financed by major bitcoin exchange Bitstamp, and blockchain software company 3fs.
The three-tonne metal sculpture is situated near Kranj’s courthouse, approximately 20 miles from the city’s capital. The circle surrounding the bitcoin ‘B’ has a diameter of roughly seven meters. The statue was created by artists Selman Čorović and Aleksander Frančeškin.
The mayor of Kranj, Bostjan Trilar, told reporters that the bitcoin ‘B’ was chosen as the design for the monument by the cities citizenry, stating “We asked citizens on our Facebook page to decide what to place in the new roundabout and this was one of the first ideas we received… Kranj has a lot of companies dealing with high technology.” Mayor Trilar added that many of the city’s inhabitants are “tightly connected to modern technology companies, some of them have been successful precisely with the blockchain technology and we thought it was right to honor them.”
Slovenia to Create Favourable Business Climate for Blockchain and Crypto Companies
In a press release, the Kranj municipality stated: “We’re sending a message to the world that emphasizes our openness to digitization, susceptibility to the use of new technologies and hospitality towards progressive thinking.”
Last month, Slovenian officials promised to work alongside local companies operating in the distributed ledger technology sector in order to “educate the public on the benefits and the opportunities that the innovative technology brings.”
Following a recent meeting hosted by Viberate that was attended by Slovenian prime minister, Miro Cerar, distributed ledger technology (DLT)-based start-up Insurepal published a blog post indicating the government’s desire to create a “favorable” business climate for DLT businesses. “We have called for regulation that would assist blockchain projects with existing financial limitations and allow us easier recruitment processes. The government has agreed that it will provide us with more favorable conditions in due time,” the company stated.
What do you think of Kranj’s new bitcoin monument? Share your thoughts in the comments section below!
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Responding to media reports that South Korean internet giant Kakao plans to raise funds using an initial coin offering (ICO) abroad, the country’s financial regulator reportedly warned that the ICO could violate current cryptocurrency regulations.
ICOs Abroad Could Still Violate Korean Laws
Kakao Corp, which operates the country’s most popular chat app, Kakao Talk, plans to raise funds through an ICO overseas as well as issue its own Kakao coin, according to local media reports.
At a press conference held at the government building in Seoul this week, the chairman of the Korean Financial Service Commission (FSC), Choi Jong-ku, described his department’s assessment of Kakao’s situation. “Although there were media reports that Kakao and Kakao Pay are planning to raise funds through ICOs abroad, financial authorities have not confirmed this fact,” the Korean Financial Daily reported. Choi emphasized, “No funding has been confirmed.”
He reiterated that “current laws [in Korea] do not prohibit ICOs from abroad,” but pointed out that “it is highly likely to violate current legislation,” the news outlet conveyed. Citing that Kakao is a major shareholder of Kakao Bank, he explained that the company’s ICO overseas “will lead to the problem of credibility of Kakao Bank.” The chairman was further quoted by No Cut News saying:
Even if there is no prohibition on virtual currency, there is a possibility that it may be regarded as…[similar to] fraud or multi-level sales according to the issuance method…Since the risk is very high in terms of investor protection, the government has a negative stance on the ICO.
Kakao Says No Official Plans for ICO Yet
The Korean Economic Daily quote a Kakao official saying on Friday:
We have not yet officially released plans for the ICO…As far as the ICO of Kakao is concerned, there is nothing to be determined.
Meanwhile, the news outlet reported that a message pre-selling the Kakao coin has already been distributed through social media, which Kakao calls “an obvious fraud.”
An official of the company explained that the internet giant has been preparing for a blockchain platform business, emphasizing that “Virtual currency is inevitably required to activate the platform, but the development schedule is not yet known.”
While South Korea has already banned ICOs in the country, “there is no clear regulatory basis because the relevant legislation does not pass the National Assembly,” Sedaily detailed. “ICOs are likely to be fraudulent, multi-level…depending on the method of issuance,” Chairman Choi was quoted asserting, adding that:
In the case of ICOs in Korea, there is a problem in domestic law and there is a high risk from the perspective of protecting investors.
What do you think the Korean regulators will do if Kakao goes through with an ICO overseas? Let us know in the comments section below.
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