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| January 24, 2018

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JPMorgan CEO regrets calling bitcoin a fraud, and Kodak announces its own cryptocurrency

January 10, 2018 |

Jamie Dimon is having second thoughts about wading into the bitcoin controversy.

The JPMorgan Chase & Co. chief executive, who earlier called the cryptocurrency a “fraud,” said Tuesday that he wishes he hadn’t dismissed the technology in such broad terms.

“I regret making” those comments, Dimon…

L.A. Times – Business

Trump’s Been Calling for New Clinton Probes. Now, DOJ Acts

January 5, 2018 |

There’s a case brewing in DC, and the DOJ is on it. Actually, it’s an old case being given new life, seeking potential illegal activities tied to the Clinton Foundation while Hillary Clinton was secretary of state. The Hill first reported Thursday on the reinvigorated inquiry, with a witness and…

EU Central Banker: “Stop Calling the Bitcoin a Coin”

December 28, 2017 |

EU Central Banker: “Stop Calling the Bitcoin a Coin”

European Union central bankers are becoming increasingly vocal on the subject of the world’s most popular cryptocurrency, bitcoin. Its precipitous price increase this year seems to coincide with wide-ranging statements, including the digital asset’s threat or lack thereof. Recently, the governor of the National Bank of Belgium (NBB) explained that more people should be warned about the decentralized currency and how it isn’t a currency at all.

Also read: Bundesbank Board Member: No Plans to Issue State-Backed Cryptocurrency

Jan is Not a Bitcoin Fan

“We have to embrace the innovations and the efficiency gains that this can generate for the payment system,” NBB governor Jan Smets explained when asked about the possibility of a state-backed crypto for the Union. His answer came after a barrage of disparaging comments regarding cryptocurrencies’ market leader.

The NBB is Belgium’s central bank and part of the of the Eurosystem which comprise members of the European Central Bank. Mr. Smets, 66, has been its governor since 2015 after serving under two prime ministers as a cabinet chief. In addition to his NBB duties he participates in a dozen boards, academic and financial.  

Quoted in De Vrije Markt, Mr. Smets explains, “We need to warn people about the bitcoin, and people who invest in bitcoins can lose a lot.” With its being woven into new financial products, the digital currency could potentially be catastrophic for wider economies due to its volatile nature.  “Even if the risks are small at the moment,” Mr. Smets acknowledges.

EU Central Banker: “Stop Calling the Bitcoin a Coin”
Jan Smets of the EBB

Not a Coin

The last time a memorable statement was made by NBB regarding bitcoin came back in Summer of 2014 during a joint statement with its Belgian Financial Services and Markets Authority. In it, they warned about its not being legal tender, hacking, fluctuations and the usual litany of risks bitcoiners are all too familiar with. Prior to that statement, Belgium was thought to be at the forefront of crypto in Europe, at least in some circles.

Three and a half years laster, Mr. Smets worries about the purchasing power of the decentralized currency, pointing to its lack of stable backing such as that which the euro has with its tether to the European Central Bank. Bitcoin’s price moving from 1,000 USD at the beginning of 2017 to around 15,000 USD only buttresses his argument, he believes.

Finally, the EU central banker urges: “Let’s stop calling the bitcoin a coin. Unlike the euro, the bitcoin is not guaranteed by a central bank or government as a means of payment, so the bitcoin is not a currency,” he explained. 

What do think about the EBB governor’s comments? Let us know in the comments section below.

Images courtesy of Pixabay.

Keep track of the bitcoin exchange rate in real-time.

The post EU Central Banker: “Stop Calling the Bitcoin a Coin” appeared first on Bitcoin News.

Bitcoin News

People Are Calling Uber Instead of Ambulances, Study Finds

December 15, 2017 |

People are increasingly taking Uber instead of ambulances to get to the hospital, new research suggests. For a (non-peer-reviewed) research paper released Wednesday, economics professor David Slusky and Dr. Leon Moskatel looked at ambulance usage in 766 US cities upon the arrival of Uber from 2013 to 2015. Slusky tells…

‘F TRUMP’: Texts between ex-Mueller team members emerge, calling Trump ‘loathsome human,’ ‘an idiot’

December 13, 2017 |

Text messages between FBI officials Peter Strzok and Lisa Page in 2016 that have been obtained by Fox News refer to then-candidate Donald Trump as a “loathsome human” and “an idiot.”
FOX News

Tillerson Denies Castration, but Not Calling President ‘Moron’

October 15, 2017 |

The question of whether the secretary of state called the president of the United States a ‘moron’ remains open, with Rex Tillerson once again declining to put the matter to rest. On CNN’s State of the Union Sunday, host Jake Tapper asked Tillerson about reports from last week that he…


Kim Zolciak’s Not Letting NeNe Leakes Off Easy for Calling Family Racist

October 14, 2017 |

Kim Zolciak says NeNe Leakes is getting what she deserves … but it’s not enough — her ‘RHOA’ co-star still needs to pay the price for what she said about her family. We got Kim and her daughter Brielle Biermann at LAX…

Man Arrested After Phone Won’t Stop Calling 911

October 14, 2017 |

Police in Ohio say they’ve arrested a man after receiving random 911 calls for months from his apparently malfunctioning cellphone, the AP reports. According to the Review in Alliance , Sebring police arrested 33-year-old Nathan Hawkins Oct. 5 on a felony charge of disrupting public service.

Dove Apologizes for Ad Many Are Calling Racist

October 8, 2017 |

Dove is once again being called out for one of its ads. This time, the ad in question showed a black woman pulling off her brown shirt to reveal a white woman in a pale shirt, who then pulled off her shirt to reveal a non-Caucasian, but still light-skinned, woman…


Trump can’t accept brown people and women calling him out

October 4, 2017 |

Carmen Yulín Cruz’s criticism of the President triggered his angry tweets because the San Juan mayor is a woman of color, writes Issac Bailey. – RSS Channel – World