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| February 20, 2019

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Just Hours Before Nation’s Election, a Postponement

February 16, 2019 |

Nigerians have awakened to find the presidential election delayed until Feb. 23, a week from Saturday, per the AP . In an early-morning statement, the electoral commission cited unspecified “challenges” and said it would give more details Saturday afternoon. Some bitter voters in the capital, Abuja, and elsewhere who traveled home…
Newser

CNN

European nations recognize Juan Guaido as Venezuela’s interim president

February 4, 2019 |

Major European nations recognized Venezuelan opposition leader Juan Guaido as the country’s interim president on Monday, calling on him to hold fresh elections.
CNN.com – RSS Channel – World

CNN

European nations recognize Guaido as Venezuela’s interim president

February 4, 2019 |

A group of major European nations recognized Venezuelan opposition leader Juan Guaido as the country’s interim president on Monday, urging him to hold free and fair elections.
CNN.com – RSS Channel – Regions – Americas

Governmental Overreach in Developing Nations Will Hasten Hyperbitcoinization

January 23, 2019 |

Bad Government Policies Could Help Fast Track Hyperbitcoinization in Struggling World Economies

For bitcoin idealists, the coming utopia for global finance stars bitcoin dismantling the fiat hegemony, empowering citizens to own their money without central bank mediation, and facilitating borderless trade. Credited to Satoshi Nakamoto Institute co-founder Daniel Krawisz, hyperbitcoinization is a term which describes bitcoin coming to dominate the global currency basket through mass adoption.

Also read: Romania Imposes 10% Tax on Cryptocurrency Earnings

Fiat Currencies in Race to the Bottom

Should hyperbitcoinization occur, it will almost certainly be fast-tracked by bad policies. While some countries are clearing the turf for cryptocurrency through soft touch regulation, others are unwittingly doing the same by failing to contain inflation and maintain liquidity, culminating in a breaking point where citizens will be forced to take back their financial freedom through alternative currencies, primarily bitcoin.

Governmental Overreach in Developing Nations Will Hasten Hyperbitcoinization

In Zimbabwe, Venezuela and Sudan, fiat currencies are in a race to the bottom, prompting governments to implement dubious policies to stop the rot. But the invocation of special powers by presidents, price controls and surrogate currencies also compete with sanctions, bad governance and other structural factors that render government fiscal control efforts futile and deny citizens control of their money.

The humanitarian failures of fiat money can be seen in Venezuelan families being forced to buy rotten meat for consumption and give up their children for adoption in the face of a shortage of basic commodities. Such tragic cases impress an urgent case for an alternative currency that is not vulnerable to the whims of central banks. In Zimbabwe, government policies have robbed citizens of their savings twice in two decades as the national currency has dramatically shed value.

Repression Opens up New Possibilities for Bitcoin

Historically, economically failing and increasingly isolated governments resort to obsessive control of institutions and repression of citizens as they voice protests. Zimbabwe on Jan.  21 lifted a ban on popular social networks, ordered a week earlier to contain protests and black out coverage of a brutal government clampdown that reportedly resulted in 12 deaths, more than 60 gunshot victims in hospital and widespread beatings. Sudan has also responded to protests with rounds of fire in recent weeks.

Governmental Overreach in Developing Nations Will Hasten Hyperbitcoinization

However, repression has also been known to open up new technological possibilities. As citizens take back their democratic liberties through alternative communication channels, there is reason to believe they will follow suit in reclaiming their financial freedoms through censorship-resistant currencies such as bitcoin.

Zimbabweans responded to the total internet shutdown by migrating to Telegram, which has not been targeted by authorities of late, and is designed to resist surveillance and suppression. Citizens also unlocked banned social networks, Whatsapp, Facebook and Youtube through virtual private networks (VPNs).

Taking Back Ownership of Our Money

As bitcoin continues to make inroads across the globe, both through progressive government policies and rising user adoption, the failure of fiat currencies in developing economies will compel citizens to take back ownership of their money. Across the world, an increasing number of people cite bitcoin approvingly as a form of investment, with 27 percent of those polled in one recent survey preferring it over property.

Governmental Overreach in Developing Nations Will Hasten Hyperbitcoinization

For Zimbabweans, some of whom have lost pensions and savings a decade apart, the virtues of bitcoin are becoming increasingly evident. Whereas alternative currencies are subject to geopolitical considerations and fiscal discipline, bitcoin investors have little reason to worry about central banks or sanction committees, who are powerless to control a decentralized cryptocurrency.

At the tipping point of hyperbitcoinization, Daniel Krawisz’ radical vision of financial freedom and inclusivity will see citizens from poorer nations transact in a borderless and permissionless manner after breaking free from the shackles of state-controlled currency.

What do you think about hyperbitcoinization? Let us know in the comments section below.


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The post Governmental Overreach in Developing Nations Will Hasten Hyperbitcoinization appeared first on Bitcoin News.

Bitcoin News

EU Nations Set to Snub Washington’s Latest Anti-Iran Push

January 22, 2019 |

Fresh U.S. efforts to enlist Europe in its pressure campaign against Iran faced a setback after officials said ministers from several European Union countries will likely skip a summit organized by Washington on Iran and the Middle East.
WSJ.com: What’s News Europe

Nation’s Oldest WWII Vet Dies

December 28, 2018 |

A family member says the nation’s oldest World War II veteran, who was also believed to be oldest living man in the US, has died in Texas. Richard Overton was 112. Shirley Overton, whose husband was Richard’s cousin, says the Army veteran died Thursday evening at a rehab facility in…
Newser

TMZ

George Clooney and Amal Bring His Parents To United Nations Gala in New York City

December 6, 2018 |

George Clooney and Amal just made the United Nations gala in New York one helluva lot sexier, and George’s dashing date is definitely making his parents proud.  We don’t see George and Amal out too often, and she’s looking totally stunning…

TMZ.com

US Warns Nations Not to Allow Iranian Tankers

November 8, 2018 |

The United States is warning other countries not to allow Iranian oil tankers into their territorial waters or ports, saying such access may run afoul of US sanctions and not only incur penalties, but also result in catastrophic economic and environmental damage should an accident occur. The State Department reminded…
Newser

Richard Cordray was the nation’s consumer financial watchdog. Can that propel him to governor of Ohio?

October 12, 2018 |

You can call Ohio Democratic gubernatorial candidate Richard Cordray a nerd (he’s a five-time “Jeopardy!” champion who likes to tweet state trivia).

You can even call him boring (asked by the Columbus Dispatch to name his favorite beer, wine or liquor he answered, “grapefruit juice”).

Just don’t…


L.A. Times – Business

Who is Nikki Haley? 5 things to know about the US ambassador to the United Nations

October 9, 2018 |

Nikki Haley has been the ambassador to the United Nations since January 27, 2017.
FOX News