Can The Government Destroy Bitcoin?
China-based cryptocurrency exchange BTCC suspended all domestic trading in yuan last weekend. The decision came on the heels of a September 5 statement from regulatory authorities in China , which required all domestic cryptocurrency exchanges publish closing announcements, stop registering new users, and establish a schedule to cease yuan-denominated trading by September 15. Huobi and OKCoin two other exchanges based in China have announced similar plans to stop trading. To be clear: China has not banned the use of cryptocurrencies. It has banned cryptocurrency exchanges and initial coin offerings (ICOs). Even still, it has prompted some to consider whether a government might ban cryptocurrencies like bitcoin and, perhaps more importantly, whether such a ban would be effective. There seems to be no denying that governments can ban cryptocurrencies. Bolivia , Ecuador , Kyrgyzstan , and Bangladesh have already done so. Russia issued a draft bill to ban cryptocurrencies in October 2014 and recent rumors suggest it might follow through. More broadly, governments have taken steps to prevent other alternatives to their preferred monies. Cambodia recently suggested it might ban the dollar. Syria prohibited the use of any foreign currency in 2013. And the U.S. government shut down Liberty Dollar and E-Gold in the mid-2000s. Can governments ban cryptocurrencies? Absolutely. The question is whether or, to what extent a ban will actually discourage use. Some bitcoin proponents have argued that governments cannot really prevent bitcoin use. Jon Matonis once stated that a government ban on bitcoin would be about as effective as alcohol prohibition was in the 1920s. How could a government prevent people from using bitcoin? Its online. Its pseudonymous . And, as Matonis notes, deman Continue reading >>
China's Shutdown Of Bitcoin Miners Isn't Just About Electricity
China's Shutdown Of Bitcoin Miners Isn't Just About Electricity I write about the Chinese economy and financial sector. Opinions expressed by Forbes Contributors are their own. The most critical aspect to address for China, however, is criminal activity. A woman touches an ATM machine for digital currency Bitcoin in Hong Kong on December 18, 2017. (ANTHONY WALLACE/AFP/Getty Images) Chinas government is planning to shut down Bitcoin miners in its latest crackdown on the cryptocurrency. The Leading Group of Internet Financial Risks Remediation has requested that local governments make an orderly exit from the industry. China produces the most Bitcoin in the world using Bitcoin mining , which involves an energy-intensive process of solving complex math problems to add transactions to the Blockchain, a public ledger. But the crackdown is about more than the high levels of energy required to mine Bitcoin. China is planning to limit electricity to Bitcoin miners, and government bodies have expressed concern about energy usage. Bitcoin mining is estimated to use up to 4 gigawatts of electricity, equivalent to three nuclear reactors' production levels. However, this move isnt just about the electricity. In fact, it is telling that it was China's central bank that met on the issue of Bitcoin mining, underscoring the fact that the issue is not only, or even primarily, an energy issue. Its about clamping down on perceived risks of the cryptocurrency, which regulators have associated with malicious acts like fraud and money laundering. Authorities have already cracked down on thousands of criminal cases associated with alternative cryptocurrencies, including Onecoin and Ticcoin. These cryptocurrencies were viewed as Ponzi schemes used to raise illicit funds. Later, officials shut Continue reading >>
How Are Bitcoin, Cryptocurrency Prices Reacting To Government Shutdown?
How Are Bitcoin, Cryptocurrency Prices Reacting To Government Shutdown? While politics continues over the ongoing government shutdown in the United States, one federal agency is continuing to keep a sharp eye on the trading of cryptocurrencies. Prices of bitcoin and other virtual currencies, which had been on a losing streak through most of last week, recouped some of their losses following the government shutdown Friday. The Commodity Futures Trading Commission said in a statement Friday: One component of the agencys mission is to oversee orderly derivatives markets and to police those markets to ensure they are free of fraud and manipulation. In the event of a shutdown, the agency will have excepted staff in place who will continue to perform this function across the derivatives markets including the virtual currency derivatives market, Bloomberg reported . Bitcoin was trading below the $10,000 mark at the beginning of Thursday, having fallen from over $14,000 on the morning of Jan. 15. With the government shutdown looming, the price went up to a high of almost $12,000 on Thursday, and once the shutdown was confirmed, it touched a high of almost $12,900 Saturday night. There is volatility in the cryptocurrency market. Photo: Getty Images Where the price of bitcoin goes, other cryptocurrencies usually follow. So the price of bitcoin cash a bitcoin fork which was at a low of below $1,400 Wednesday night, had climbed up to almost $1,900 Thursday night and made the weeks high Saturday night, near the $2,100 mark. In the exact same time frame, ethereum rose from a Wednesday night low of about $790 to over $1,150 Saturday night. Litecoin, trading at below $150 Wednesday evening, crossed $210 Saturday night. But the prices of digital currencies have all lost value during th Continue reading >>
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Subscribe to the FT to read: Financial Times What happens now the US government has shut down? Keep abreast of significant corporate, financial and political developments around the world. Stay informed and spot emerging risks and opportunities with independent global reporting, expert commentary and analysis you can trust. Choose the subscription that is right for you Not sure which package to choose? Try full access for 4 weeks For 4 weeks receive unlimited Premium digital access to the FT's trusted, award-winning business news Purchase a Standard Digital subscription. Be informed with the essential news and opinion MyFT track the topics most important to you FT Weekend full access to the weekend content Mobile & Tablet Apps download to read on the go Gift Article share up to 10 articles a month with family, friends and colleagues All the essentials plus deeper insights and analysis In-depth analysis on trade, emerging markets, M&A, investing and more ePaper a digital replica of the newspaper Gift Article share up to 20 articles a month with family, friends and colleagues Purchase a Premium Digital + Newspaper subscription. FT Newspaper delivered daily plus unlimited digital access Continue reading >>
How Are Bitcoin, Cryptocurrency Prices Reacting To Government Shutdown?
How Are Bitcoin, Cryptocurrency Prices Reacting To Government Shutdown? With the government shutdown looming, the price went up to a high of almost $12,000 on Thursday Himanshu Goenka | IBTimes - January 22, 2018 Comments While politics continues over the ongoing government shutdown in the United States, one federal agency is continuing to keep a sharp eye on the trading of cryptocurrencies. Prices of bitcoin and other virtual currencies, which had been on a losing streak through most of last week, recouped some of their losses following the government shutdown Friday. The Commodity Futures Trading Commission said in a statement Friday: One component of the agencys mission is to oversee orderly derivatives markets and to police those markets to ensure they are free of fraud and manipulation. In the event of a shutdown, the agency will have excepted staff in place who will continue to perform this function across the derivatives markets including the virtual currency derivatives market, Bloomberg reported. Bitcoin was trading below the $10,000 mark at the beginning of Thursday, having fallen from over $14,000 on the morning of Jan. 15. With the government shutdown looming, the price went up to a high of almost $12,000 on Thursday, and once the shutdown was confirmed, it touched a high of almost $12,900 Saturday night. Continue reading >>
Could A Government Shutdown Affect Bitcoin? : Bitcoin
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Thank You For The Government Shutdown Bitcoin And Alts Looking Better
Thank you for the Government Shutdown Bitcoin And Alts Looking Better I stayed awake last night watching the speeches and the finger pointing and I know this hurts people that rely on the government for their services or money, food etc. On a positive side it looks like Bitcoin and alt coins are rallying after the downturn and for that I say, "Thank you" to the idiots that run our country. They should be required to stay shut down until they can create a balanced budget. It that is not possible they need to declare their insolvency and start over with a new American Dollar that is transparent and ran on a blockchain. This would allow for all Americans to see exactly where money is going with regards of how the government wastes our tax dollars. It would appear that shutting down the federal US government even for a day is beneficial for crypto currency traders and investors. I'm excited to see what several days or a week will do to the price of Bitcoin! Best wishes to those relying on the Government to save you or help you. Sell some crap get a laptop and make your own way in this world. You could also just hang out at the local library and change your position in life. There are websites like Steemit and SteemThat that could help you make as much as the meager amount the government is giving you. The quickest way to solve the budget crisis is to just stop spending money. They could have made sure every American had a great education and computer skills they need instead of funding wars and paying off dictators or giving so much foreign aid. Until every American is prosperous other countries should fend for themselves. If you live in the USA no matter what your skin color is or your heritage you should be able to work and provide for your family. When that isn't the ca Continue reading >>
Bitcoin Demanded When Hackers Shut Down Atlanta Gov't Computers | Fortune
Hackers have shut down key systems across computers in Atlanta, preventing the city from processing payments or accessing courthouse information in one of the boldest ransomware attacks to date. Mayor Keisha Lance Bottoms, announcing the attack in a press conference Thursday afternoon, said officials dont know the extent of the attack, but that anyone who has done business with the cityboth consumers and businessesis potentially at risk . We dont know the extent or if anyones personal data or bank accounts will be compromised , she said. All of us are subject to this attack. The city has not yet given any updates on Friday. Not affected, apparently, are public safety, water, and airport operations, noted Atlanta COO Richard Cox. City officials are working with the FBI and U.S. Department of Homeland Security, along with Microsoft , to determine the depth of the breach and how to resolve it. A screenshot shows a WannaCry ransomware demand, provided by cyber security firm [f500link]Symantec[/f500link], in Mountain View, California on May 15, 2017. Continue reading >>
Us: Hackers Shut Down Government Computers In Atlanta, Demand Bitcoin
US: Hackers Shut Down Government Computers In Atlanta, Demand Bitcoin Hackers shut down municipal computer systems in the US state of Atlanta, demand Bitcoin as ransom. Hackers have shut down key computer systems in the US city of Atlanta, Georgia and are demanding $51,000 in Bitcoin to reenable the affected systems, Fortune reports today, March 23. Atlantas Mayor Keisha Lance Bottoms announced the attack in a press conference on Thursday, March 22. She told members of the press that officials dont know the extent [of the attack] or if anyones personal data or bank accounts will be compromised. All of us are subject to this attack. The attack was first discovered at 5 a.m. on March 22. The City of Atlanta noted that the outages were affecting systems some customers use to pay bills and access court-related information. The City of Atlanta is currently experiencing outages on various customer facing applications, including some that customers may use to pay bills or access court-related information. We will post any updates as we receive them. pic.twitter.com/kc51rojhBl City of Atlanta, GA (@Cityofatlanta) March 22, 2018 City officials are reportedly working with the FBI, the US Department of Homeland Security, and Microsoft to ascertain the extent of the breach and how to resolve it. On March 23, city officials encouraged citizens to monitor their personal information and accounts if they believe their personal information could be compromised in the hack. As of press time, the situation is yet to be resolved. Bitcoin is currently trading at an average of $8,500 , which means the demanded ransom would cost the city approximately 6 bitcoins. This is not the first instance of hackers holding municipal computer systems hostage in exchange for cryptocurrency . In November Continue reading >>
The Govt. Realized Bitcoin Could Not Be Shut Down, Says U.s. Federal Prosecutor
The Govt. Realized Bitcoin Could Not Be Shut down, Says U.S. Federal Prosecutor Join our community of 10 000 traders on Hacked.com for just $39 per month. In an almost hour long interview, Kathryn Haun , Assistant Attorney for the U.S. Department of Justice in San Francisco and lecturer on digital currencies at Stanford Law School, who prosecuted her own colleagues, Shaun Bridges , a former Secret Services agent and Carl Mark Force , a DEA agent, for public corruption in an investigation arising from Silk Road, the infamous drug bazaar shut down in 2013, stated that the reason United States government did not shut down bitcoin is because they recognize you cant shut down bitcoin. There is simply no way Haun said, with these technologies once the genie is out of the bottle you cant put it back inbut even if we could hold the developers of these technologies accountable, the federal prosecutor continued, that would be counter to the legal system. The federal prosecutor wondered whether the law should be changed, emphasizing she was not saying so or otherwise, before arguing that developers state it is for privacy, which I like, but it is obviously the case a large percentage of criminals will use the technology. At what point you, as a developer, are comfortable with the technology being used for more harm than good? the prosecutor rhetorically asked. Ironic Bitcoin Exchanges Ask Us to Investigate Thefts It is ironic developers or exchanges ask federal agencies to investigate digital currency-related crimes, such as bitcoin thefts, Assistant Attorney for the U.S. Department of Justice in San Francisco stated. Haun compared the situation to a bank robber who, after prison, is assaulted. Its not like I would not take the case because we had previously been in an adversaria Continue reading >>
Bitcoin Futures Cop Says It Will Remain On Beat During Shutdown
Bloomberg the Company & Its Products Bloomberg Anywhere Remote LoginBloomberg Anywhere Login Bloomberg Terminal Demo Request Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world. Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world. Bitcoin Futures Cop Says It Will Remain on Beat During Shutdown Excepted to be on guard against market fraud, CFTC says Agency would be forced to halt many other normal activities GVA Research CEO Garrity Sees Bitcoin Falling to $5,000 Commodity Futures Trading Commission said it would keep tabs on Bitcoin futures trading and other markets during a government shutdown, even though it would be forced to halt many other normal activities. One component of the agencys mission is to oversee orderly derivatives markets, and to police those markets to ensure they are free of fraud and manipulation, the CFTC said in a statement Friday. In the event of a shutdown, the agency will have excepted staff in place who will continue to perform this function across the derivatives markets -- including the virtual currency derivatives market. The regulators cryptocurrency oversight responsibilities greatly increased last month when the Cboe Global Markets Inc. launched the contracts through a process that allows them to list products after pledging that trading doesnt run afoul of the law. The CFTC defines virtual currencies as commodities and has also asserted jurisdiction over underlying cash markets for anti-fraud or anti-manipulation purposes.The CFTC plans to keep about 10 pe Continue reading >>
When Is The Government Going To Shut Down Bitcoin
Doyou actually believe that the central banks of the world are going to sit backand do nothing while their monopoly over money creation is beingthreatened? Do you actually believe that the governments of the world aregoing to allow a digital currency that they have no control over to become thefuture of money? If so, then you are incredibly naive. Wars havebeen started over much less. The global elite are very, very sensitivewhen it comes to the creation of money, and Bitcoin has definitely gotten theirattention. Yes, there have always been alternative currencies created by localcommunities, but none of those has ever been a real threat to the centralbanks of the world. The truth is that Bitcoin is different. It hasthe potential to really be something, and I expect a serious move to be madeagainst Bitcoin before it explodes in popularity. If Bitcoin was solely adomestic currency, the U.S. government would have already shut it down longago. The fact that it is a decentralized international currency makesthings trickier, but without a doubt right now officials are thinking of waysto restrict the use of Bitcoin or shut it down altogether. Bitcoin isalready being portrayed as a currency that attracts criminals involved in suchthings as tax evasion, drug dealing, gambling, terrorism and moneylaundering. In fact, the Wall Street Journalrecently reported that the Treasury Department has ruled that money launderingrules will be applied to Bitcoin. But this is just the beginning. At some point, the establishment will bring out the bigguns. It is only a matter of time. And there are already some majorbanks that are shutting down the accounts of Bitcoin dealers. Just checkout what is happening Virtex,based in Calgary, is an online market that matches Bitcoin buyers with sellers,w Continue reading >>
U.s. Government Shutdown: Good For Gold Silver & Cryptos?
U.S. Government Shutdown: Good For Gold Silver & Cryptos? Republican Congressmen demand release of classified memo. South Korea catalyst for much of the price movement. Bitcoin regulation concerns move to India. Bundesbank to hold some Yuan in reserves. India considering Scraping 10% import duty. Gold backed ahem Oil futures contract delayed. Chinese Credit agency downgrades US Debt lower than Botswana. Twitters shadow banning backfires in an unintended way. Chinese Growth and Inbound Direct Investment fall sharply. Golds Environment Damage and Drug Connection. Watch the Video Commentary to U.S. Government Shutdown: Good For Gold Silver & Cryptos? Gold closed last week at $1337.40 an ounce and closed this week at $1330.60 -.05% Silver closed last week at $17.20 an ounce and closed this week at $17.00 -1.1% The gold and silver ratio ended the week at 78.32:1 Gold and silver are not the same metals, they have different properties and different uses. Relative rarity is not the only determinate in arrive at price. "Literally Hitler" didn't work, let's try "Literally Stalin": Senator Jeff Flake compares Trump and Gop to Stalin A car crashed into the second story of a building in Santa Ana, California, this morning. Officials say the vehicle hit the road's center divider and went airborne. Photos via Orange County PIO pic.twitter.com/8BwQe3srNa How original! I remember seeing that chart when #Bitcoin went from $20 to $1000 But there was a book "Extraordinary Popular Delusions and the Madness of Crowds" that gold bugs like to cite- also try SUN TZU the Art of War- that explains everything you need to know about the GOLD BACKED YUAN and Chinese Gold Reserves Because everyone knows former 90's pop stars and trusts them on issues relating to international relations: Moby claims Continue reading >>
What Happens When The Us Government Shuts Down?
What happens when the US government shuts down? US federal government shutdown ends after Democrats and Republicans pass temporary spending bill. A three-day US government shutdown came to an end late on Monday after Republicans and Democrats reached an agreement to temporarily fund the government. US President Donald Trump signed the funding bill, which will keep the government open for 17 days. The shutdown came late on Friday after the collapse of bipartisan talks on a US spending bill that hinged on continued protections under the DACA programme for undocumented immigrants, which Democrats support. Monday's bill does not include any provisions on DACA, but Senate Majority Leader Mitch McConnell said he would allow a debate on immigration on a "level playing field at the outset". While Senate Democrats ultimately accepted McConnell's promise, many, including Elizabeth Warren, Bernie Sanders, Cory Booker and Kamala Harris voted against the measure. Prior to the shutdown, Beth Ann Bovino, a senior economist at financial ratings agency Standard and Poor's (S&P), said it would deliver a "direct and indirect impact" on the US economy. The last shutdown was in 2013 and lasted 16 days. Al Jazeera examined what effect a government shutdown has on the US. The direct impact, Bovino explained, would be an immediate loss of productivity from about 700,000 government employees deemed "nonessential". These workers will be "furloughed", meaning they will be put on leave until the government resumes functioning. While there is no guarantee government workers will be paid for this leave, historically they have been paid retroactively in the case of a shutdown. Even if they are paid, the US government will experience "lost productivity" from almost a million people, Bovino said. The Continue reading >>
Here's What The Last Government Shutdown Looked Like
Here's what the last government shutdown looked like by Chris Isidore @CNNMoney January 20, 2018: 8:14 AM ET About 850,000 federal employees were sent home, with a total of 6.6 million work days lost. Hundreds of thousands of federal contractors, from janitorial and landscaping workers to engineers and scientists, were laid off temporarily. National parks and museums shut down for more than two weeks, hurting tourism and nearby economies . Some 700 small business owners seeking about $140 million worth of SBA loan guarantees were in limbo, leaving those businesses without financing. And daycare centers, grocery stores and youth sports programs at military bases were all closed due to lack of civilian employees. The 16-day long federal government shutdown in October 2013 was the most costly on record. With the U.S. government on the verge of yet another shutdown, it's worth noting just how much the episode five years ago disrupted the economy and the lives of millions of Americans. "Shutdowns waste money, interrupt services that taxpayers deserve and chip away the public's faith that Congress and the administration know what they're doing," said Tony Reardon, president of the National Treasury Employees Union, the union that represents 150,000 workers at 32 federal agencies and departments. The 2013 shutdown cost the economy an estimated $20 billion, according to an estimate from Moody's Analytics. An official government estimate said it shaved 0.3% percentage points off of the nation's gross domestic product that quarter, the broad measure of overall economic activity. Federal government spending is a significant portion of the nation's economic activity, adding more than $1.1 trillion a year to the economy, according to the GDP report. It's true that the government wi Continue reading >>