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Hier — 18 novembre 2019Divers

Governments Viewing Crypto as a Threat Will Be Left Behind

Par Graham Smith
Governments Viewing Crypto as a Threat Will Be Left Behind

In recent commentary at a New York blockchain conference, IRS Criminal Investigation Chief John Fort said the agency is now turning its focus to crypto ATMs and kiosks, as well as American users of foreign exchanges. While the continued push to regulate crypto is no surprise, the general narrative espoused by U.S. officials that cryptocurrencies are a “threat” is worth examining. Crypto is a tool like any other, and those individuals and institutions refusing to recognize the value of decentralized, permissionless trade may soon find themselves relegated to the scrap heap of history.

Also Read: IRS Dispels Crypto Tax Confusion

Tale of a Luddite Nation

As the pejorative verbal jab “OK boomer” is gaining quick currency on social media these days — designed as an outright dismissal of someone too old or out of touch to understand modern times — perhaps it stands to look at some “boomer governments.”

While the “OK boomer” quip is already cliché and a bit cringe-worthy (most who leverage it don’t realize how old baby boomers actually are, or seem cognizant of their own age-related incapacities), it still works as a convenient linguistic dismissal of ineptitude. Exemplifying this antiquated mindset of “if it’s not the old way, we’re not interested,” is the good ol’ US of A. Especially when it comes to crypto.

Governments Viewing Crypto as a Threat Will Be Left Behind

In a recent interview with Bloomberg Law, IRS Criminal Investigation Chief John Fort shared his agency’s renewed focus on crypto ATMs and kiosks, stating: “In other words, if you can walk in, put cash in and get bitcoin out, obviously we’re interested potentially in the person using the kiosk and what the source of the funds is, but also in the operators of the kiosks.” Fort went on to further detail that the agency is targeting folks fleeing to foreign crypto exchanges as a result of U.S. policy, noting:

We have concern that as things tighten up here in the U.S., that we are pushing people to foreign exchanges … We have to focus on that as well.

While the various alphabet agencies of the U.S. government continue waging war on inanimate objects like guns, cannabis and kiosks, they’re not alone. U.S. Treasury Secretary Steven Mnuchin also realizes that neutral tools such as cryptocurrencies pose a serious threat to all of us.

As he stated back in July: “This is indeed a national security issue.” Mnuchin further elaborated that “Cryptocurrencies such as bitcoin have been exploited to support billions of dollars of illicit activity like cyber crime, tax evasion, extortion, ransomware, illicit drugs, and human trafficking.” Wow. One would think we’re dealing with atomic weaponry or something, and not just another form of money. Unfortunately for Mnuchin, his boomer-esque view seems unwilling to consider the vastly superior amounts of terror and criminal activity financed by USD. He’s actually outright denied this even happens.

Governments Viewing Crypto as a Threat Will Be Left Behind

China’s Praise of Blockchain

As the U.S. federal government putzes around with half-hearted promotion of its Fednow payment system, a “new round-the-clock real-time payment and settlement service … to support faster payments in the United States,” the Chinese government is steaming ahead, openly promoting blockchain technology and on the cusp of releasing their own central bank digital currency (CBDC) which would effectively be a new, digitized yuan.

President Xi Jinping was quoted last month as saying “We must take blockchain as an important breakthrough for independent innovation of core technologies, clarify the main directions, increase investment, focus on a number of key technologies, and accelerate the development of blockchain and industrial innovation.” These factors seem to stand in stark contrast to U.S. leadership’s sluggish approach to getting with the times. Even as congressional representatives push for the U.S. to research similar tech in digitizing the U.S. dollar, movement is slow.

Governments Viewing Crypto as a Threat Will Be Left Behind

ATM Scandals Highlight Human Nature, Not the Evil of Crypto

Fort is not mistaken in pointing out that crypto ATMs can and do facilitate money laundering and criminal activity. Back in July several Madrid-based scammers were busted by Spanish police and Europol for using the machines to fund drug traffickers in Columbia. The mayor of Vancouver, Canada also notes the ATM threat and has been pushing for an outright ban on the over 70 machines currently installed in his city, with Canadian police commenting in June that bitcoin ATMs are “an ideal money-laundering vehicle.” A February, 2019 report from the Vancouver P.D. to the police board noted:

Since there are no requirements to register any customer details, it is easy to see how cash can be transferred into Bitcoin and vice versa. A user can also launder an unlimited amount of money using smaller transactions so as not to arouse suspicion, like they would at a regular bank.

As licensing requirements for owners of the machines in the U.S. are still in flux, it’s clear to see why officials like the IRS’s Fort are concerned. But where, some are asking, is the concern that ought to surround the U.S. dollar’s predominant role in such activities?

After all, the world reserve currency currently and historically financing endless warfare and the unnecessary deaths of millions of human beings, criminal trafficking of unprecedented proportions, and the perpetuation of crippling amounts of debt foisted onto the backs of hardworking people, is the United States dollar. Further, as former U.S. Treasury officer Jennifer Fowler has affirmed, “Although virtual currencies are used for illicit transactions, the volume is small compared to the volume of illicit activity through traditional financial services.” It stands to reason then that maybe it’s corrupt individuals, and not bitcoin or ATMs, that are the problem.

Governments Viewing Crypto as a Threat Will Be Left Behind

Tools in the Hands of Tools

Destined for the rubbish heap of embarrassed obsolescence, the anachronism known as legacy finance simply cannot last much longer if humankind is to progress and flourish. While China may praise “blockchain” in speech, and popular politicians issue similar virtue-signaling proclamations, one critical factor remains unaddressed: the future of finance is not simply blockchain-based fiat or heavily regulated decentralized cryptos like bitcoin; the future of finance is private and permissionless money.

The state depends on permissionless-ness, privacy and individual, brilliant minds to develop its tools. The internet and Tor, for example, were both initially government projects that relied on the genius and know-how of private innovators and scientists to come about. These projects helped to transfer classified, private information with nobody’s permission save the state.

Once any tech (whether from the private or public sector) becomes popular, attempts are made by this same state to suppress functionality. The activist-halted Stop Online Piracy Act (SOPA) of 2012 for example, would have made it legal to imprison people for up to five years simply for streaming copyrighted content online. Another example is how one cannot trade bitcoin nowadays (at least not freely) without the risk of being caged or extorted by the IRS. Further, encrypted chat applications are also under fire. It seems the folks called government are allowed their privacy in using such tools, but don’t want anyone else to have it.

Governments Viewing Crypto as a Threat Will Be Left Behind

Effective Anarchy

Instead of allowing communities of individuals to self-regulate, these “special people” called government retard progress and use new tech for evil purposes such as spying (as revealed by Edward Snowden), killing innocent humans (endless warfare and the war on drugs), and extortion (taxation). Government agencies do this by leveraging their systematic lack of accountability. After all, when you are judge, jury, and executioner, it is difficult to be held accountable. In the interest of equality, this same level of anarchic freedom ought to be afforded to everyday, decent people as well, and not just to state sociopaths. There is much good being done with the tool called bitcoin by everyday people, in spite of all the state’s propaganda.

Future generations will view attempts to regulate financial freedom with violent legislation much the same way as chattel slavery is viewed today. In the future, when someone so much as implies a private transaction ought to be reported to the violent and now dead antiquity called “government,” the reply will be as swift and detached a mocking dismissal as is apt for any bigot of modern times: “Okay, boomer. Thanks.”

What are your thoughts on state regulation of crypto and the FBI’s new targets? Let us know in the comments section below.

Op-ed disclaimer: This is an Op-ed article. The opinions expressed in this article are the author’s own. Bitcoin.com is not responsible for or liable for any content, accuracy or quality within the Op-ed article. Readers should do their own due diligence before taking any actions related to the content. 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 information in this Op-ed article.


Images courtesy of Shutterstock.


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The post Governments Viewing Crypto as a Threat Will Be Left Behind appeared first on Bitcoin News.

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Les 26 et 27 novembre prochains, les ministres responsables des affaires spatiales des 22 États membres de l’Agence spatiale européenne se réuniront à Séville, en Espagne. Ensemble, ils décideront du niveau de ressources et de la répartition du budget dédiés aux activités et programmes spatiaux...

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IRS Dispels Crypto Tax Confusion

Par Kevin Helms
IRS Dispels Crypto Tax Confusion

The U.S. Internal Revenue Service (IRS) has cleared up some confusion about how cryptocurrency transactions are taxed, particularly regarding like-kind exchanges and promotional airdrops. As the tax agency intensifies its enforcement efforts, more people are seeking the best tax software to help them.

Also read: Tax Guide: What Crypto Owners Should Know

Pre-2018 Like-Kind Exchanges

The latest IRS cryptocurrency tax guidance has raised a number of questions. Besides issues surrounding hard forks and airdrops, Bloomberg reported that tax practitioners had questions regarding how cryptocurrency transactions made before 2018 are taxed. This was due to the tax overhaul in December 2017 which enables taxpayers to postpone paying tax on the gain of a sale if the proceeds are reinvested in similar property.

Suzanne Sinno is an attorney in the IRS Office of Associate Chief Counsel (Income Tax and Accounting) who worked on the new crypto guidance. She explained at the American Institute of CPAs conference in Washington, D.C., on Wednesday that taxes on like-kind exchanges of cryptocurrency cannot be deferred, even for transactions that occurred before 2018. She clarified:

It is the agency’s position that like-kind exchange principles were never applicable to cryptocurrency.

The confusion concerns Section 1031 like-kind exchanges, which beginning Dec. 31, 2017, “applies only to exchanges of real property held for use in a trade or business or for investment, other than real property held primarily for sale,” the IRS website explains. “Before the law change, section 1031 also applied to certain exchanges of personal or intangible property.”

Promotional Airdrops

Another ambiguous area emerging from the new IRS crypto tax guidance is promotional airdrops where companies give away free coins for marketing purposes. Christopher Wrobel, another attorney in the IRS Office of Associate Chief Counsel (Income Tax and Accounting), confirmed that the revenue ruling does not apply to promotional airdrops, Bloomberg conveyed. He elaborated:

The IRS hasn’t yet decided whether such promotional airdrops should be treated as taxable.

The tax agency issued the latest cryptocurrency tax guidance in October to supplement its previous guidelines published in 2014. The new guidance states that “When you receive cryptocurrency from an airdrop following a hard fork, you will have ordinary income equal to the fair market value of the new cryptocurrency when it is received … provided you have dominion and control over the cryptocurrency so that you can transfer, sell, exchange, or otherwise dispose of the cryptocurrency.”

Growing Demand for Good Tax Software

The IRS has been ramping up tax enforcement efforts in the crypto space. For example, the agency sent out over 10,000 letters to crypto owners in July reminding them of their tax obligations. Claiming to have new tools at its disposal, the IRS is also collaborating with other countries’ tax authorities to identity crypto tax evaders. The agency’s tax collection efforts have led to increasing demand for good software programs that can help keep track of cryptocurrency transactions, calculate tax liabilities, file returns, and claim deductions. News.Bitcoin.com recently provided a list of useful tax tools for crypto owners.

Several tax preparation platforms reported increased numbers of visitors in the days following the IRS guidance and enforcement announcements. Beartax CEO Vamshi Vangapally revealed that traffic to his platform more than quadrupled to 1,300 visitors. Tokentax cofounder Zac McClure saw a similar spike, noting that the news got people interested even for those who were not contacted by the IRS.

Lawyer Katya Fisher said a growing number of her clients are using or looking for software to help them meet their crypto tax obligations. “We’re seeing significant growth because the market is demanding it,” she was quoted as saying. “One of the biggest complaints I get from crypto traders is, ‘I have all these trades with different cryptocurrencies — how am I supposed to keep track of it?'”

Crypto tracking and reporting platform Cointracking is also seeing higher traffic. The site’s monthly registrations total 10,500 users on average, 27.3% of whom are in the U.S., CEO Dario Kachel detailed, adding that the average monthly page views top 2.4 million, with the U.S. representing 29.1%. However, between July 26 and Aug. 25, registrations nearly tripled to 29,700 users and almost 50% of them are U.S.-based. The site’s page views also jumped to 7 million during that time, with 42.2% coming from the U.S.

What do you think of how the IRS taxes crypto transactions? Let us know in the comments section below.

Disclaimer: This article is for informational purposes only. It is not an offer or solicitation of an offer to buy or sell, or as a recommendation, endorsement, or sponsorship of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is 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 this article.


Images courtesy of Shutterstock.


Did you know you can buy and sell BCH privately using our noncustodial, peer-to-peer Local Bitcoin Cash trading platform? The local.Bitcoin.com marketplace has thousands of participants from all around the world trading BCH right now. And if you need a bitcoin wallet to securely store your coins, you can download one from us here.

The post IRS Dispels Crypto Tax Confusion appeared first on Bitcoin News.

How to Respond When a Coworker Adds Your Boss to an Email

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Market Update: Crypto Prices Improve After 3-Week Downtrend

Par Jamie Redman
Market Update: Crypto Prices Improve After 3-Week Downtrend

Digital currency markets have been trending downward in a triangular pattern since the 40% spike that took place on October 25. Following the three-week downtrend, cryptocurrency traders are quietly playing positions while patiently waiting for the next market signals.

Also Read: The Bank of Google Wants Your Spending Data

Crypto Markets Lose 20% Since the Late October Price Spike

During the third week of October, BTC jumped from a low of $7,300 to a high of $10,295. Most crypto markets that day saw a 30-40% rise in value, but since then digital currency prices have slipped. BTC shaved 20% since the last high, dropping to a low of $8,355 on November 15. On Sunday, November 17, crypto prices are a touch higher than the lows on Friday as most assets are up between 0.3% to 2% in the last 24 hours. The overall market valuation for all 3,000+ digital currency markets is roughly $235 billion today. With a market cap of around $154 billion, BTC captures 65% of the cryptoconomy’s entire valuation.

Market Update: Crypto Prices Improve After 3-Week Downtrend

Currently, BTC is swapping for $8,553 per coin and there’s a touch more than $2 billion in 24-hour volume. ETH markets are up 1.69% today as each coin is trading for $185 this Sunday. The cryptocurrency has a market valuation of about $20 billion and there’s $1.3 billion in global ETH trades today. Crypto trade volumes have been extremely slim compared to the volumes seen three weeks ago. XRP is trading for $0.26 per coin and the currency is up 1% over the last day. Lastly, tether (USDT) is the fifth-largest market valuation and the stablecoin is capturing more than two thirds of trades with nearly every digital asset today.

Bitcoin Cash (BCH) Market Action

Bitcoin cash (BCH) is up today more than 1% as each BCH is swapping for $267. BCH has a market cap of around $4.86 billion and $367 million in global trade volume. BCH is the sixth most traded crypto today above XRP and below EOS. USDT is capturing 52% of today’s BCH swaps while BTC commands roughly 24%. This is followed by USD (10.3%), ETH (9.3%), KRW (2.4%), JPY (0.42%), and EUR (0.39%). On Saturday, BCH saw an upside lift to the $274 range but there is major resistance beyond that region. If BCH fails to break upper resistance then the downward trend may continue to play out. At press time there is significant foundational support between $250-265 per BCH.

Market Update: Crypto Prices Improve After 3-Week Downtrend

Are Crypto Markets Still Bearish?

Crypto analysts everywhere are wondering whether markets are bearish or bullish since the big upswing three weeks ago. Since slowly losing a decent chunk of those gains, digital currency market onlookers and spectators are busy contemplating the next big moves. The CEO of Bitbull Capital, Joe DiPasquale, explained this week that a BTC price “drop to $8,000 is a real possibility.” “[BTC] is trading below the 50-day moving average of $8,600, which was acting as support throughout last week,” DiPasquale added. Another analyst from the company Signal Profits, Jacob Canfield, remarked about the consolidation in a similar fashion. “One thing is painfully clear,” Canfield stressed. “We are definitely in a downtrend.” Although, Nem Ventures advisor Nick Pelecanos has seen some different crypto market signals. “Currently Bitcoin appears to be struggling to stay above its support, however, it is showing some bullish divergences so I’d expect a rally in the short term,” Pelecanos noted.

Market Update: Crypto Prices Improve After 3-Week Downtrend

BTC Needs to Jump 1,670% for an ETF According to Fundstrat’s Tom Lee

Bitcoin perma-bull and Fundstrat Global Advisors cofounder Tom Lee told Bloomberg this week that BTC needs to surpass $150,000 per coin in order for an exchange-traded fund (ETF) to come to fruition in the U.S. Essentially that means BTC has to gain more than 1,670% to meet Lee’s ETF standards. At a conference in Singapore, Lee told the crowd that “demand for an ETF is monstrous” and “The SEC needs to punt the ETF until crypto becomes bigger.”

Market Update: Crypto Prices Improve After 3-Week Downtrend

Still, until the U.S. Securities and Exchange Commission does approve a regulated crypto ETF, “institutions aren’t going to touch crypto,” Lee stressed. “If you’re involved in crypto, the SEC can look like an obstacle,” the Fundstrat cofounder said. “They’re establishing protections for individuals and right now it’s not convenient for the industry, but if the SEC is someone that people trust to protect them, that’s how you get the mainstream willing to get involved in crypto.”

Long Term Uptrend Still Intact

Even though market prices have been sliding, a few crypto analysts and traders believe the overall long-term crypto uptrend is still in motion. On November 15, the CIO of Blockforce Capital shared a report from the research firm Delphi Digital which galvanized this opinion. “Optimism following bitcoin’s late October rally appears to be fading as investors and traders alike search for a short-term catalyst to push the crypto market higher,” Delphi Digital’s report notes. “Bitcoin broke below its 200-day moving average earlier this month on its drop back below $9,000, held steady for most of the week before dipping below its 50-day equivalent — a key support level for BTC in the near term — Short-term sentiment gauges have rolled over, the longer-term uptrend still remains intact.”

Market Update: Crypto Prices Improve After 3-Week Downtrend

Lower Prices and Lackluster Volumes Shake Traders

While traders patiently wait for more signs to make money off short-term moves, optimism is still bright in regard to the long-term. Not long ago, digital currency markets saw massive volume surges but crypto trade volumes today pale in comparison. Back then people thought that the high volumes and better prices would bring the bull trend around again, but lackluster volumes and descending prices currently don’t support those predictions.

Where do you see the cryptocurrency markets heading from here? Let us know what you think about this subject in the comments section below.

Disclaimer: Price articles and market updates are intended for informational purposes only and should not be considered as trading advice. Neither Bitcoin.com nor the author is responsible for any losses or gains, as the ultimate decision to conduct a trade is made by the reader. Always remember that only those in possession of the private keys are in control of the “money.” Cryptocurrency prices referenced in this article were recorded at 12:35 p.m. EST.


Images via Shutterstock, Trading View, Bitcoin.com Markets, Getty, Coinlib.io, Wiki Commons, and Pixabay.


Want to create your own secure cold storage paper wallet? Check our tools section. You can also enjoy the easiest way to buy Bitcoin online with us. Download your free Bitcoin wallet and head to our Purchase Bitcoin page where you can buy BCH and BTC securely.

The post Market Update: Crypto Prices Improve After 3-Week Downtrend appeared first on Bitcoin News.

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Guilty Verdict Against David Daleiden as Abortion Industry Flexes its Muscle

Par Eric Spracklen

In a decision that showed the influence of the abortion industry, a Federal Court in California found David Daleiden guilty and awarded Planned Parenthood approximately $2.2 million for Daleiden’s work exposing the abortion industry, including the potentially illegal sale of aborted baby parts.

Planned Parenthood did not contest the accuracy of Daleiden’s undercover video reports. They sued him for trespass and other alleged illegal methods he and his colleagues used to conduct the investigation.

Prior to the jury deciding the case, the judge ordered the jury to include in its verdict that Daleiden had, in fact, trespassed. This, coupled with some evidentiary rulings that went against Daleiden, left him in a precarious situation with respect to what the jury could rely on to decide his fate.

Some journalists and supporters of Project Veritas have described this verdict as a blow to undercover journalism. That’s an opportunistic, and wrong, conclusion. This civil lawsuit was never about undercover journalism. The jury verdict represents a simple affirmation of basic law: when you sign a document agreeing that you will or won’t do something, you are bound by it.  The allegations against Daleiden and his associates include that they signed some event applications and Non-Disclosure Agreements which allegedly prevented Daleiden from conducting his undercover investigation. The jury found that Daleiden had made agreements in those applications and NDAs that he violated.

Project Veritas undercover journalists will continue their intrepid pursuit of the truth unencumbered by this decision. Project Veritas journalists do not sign binding documents that purport to prohibit them from accomplishing their goal. Courts and juries will have a difficult time looking past a written agreement to keep things secret, regardless of the subject matter exposed by the undercover journalist. People who want to keep things secret have third parties sign written agreements to keep things secret.

Various states threatened and squeezed the Daleiden defendants with criminal prosecution. The result of these prosecutorial threats was that the defendants had to assert their Fifth Amendment privilege against self-incrimination when questioned in civil depositions. The result was that, in the civil case, the jury was allowed to draw an adverse inference that the defendants did something wrong and this clearly negatively impacted the defense and influenced the jury and the verdict.

Project Veritas has never asserted the Fifth Amendment in response to any questions posed by those who have sued us.  Project Veritas runs from nothing, stands by its reporting, and abides by the law. We have been sued eight times and have not lost a single case. Victory has come through an extremely rare Directed Verdict, through Summary Judgement, through a Motion to Dismiss and through two Anti-Strategic Lawsuit Against Public Participation (“Anti-SLAPP”) Motions.

[This post contains video, click to play]

Nevertheless, we recognize the real injustice here is the unequal application of the law. This case is, undoubtedly, ideologically motivated.  David Daleiden would be a national hero if he had done the same thing to an organization supporting animal cruelty, and California prosecutors would have exercised discretion, favoring the public’s right to know the facts he brought to light.  Imagine if he exposed puppies being aborted and their body parts sold illegally. The verdict against Daleiden for investigating the abortion of human babies and the sale of baby parts clearly demonstrates the power of the abortion industry. This case was never about the legality or importance of undercover journalism.

Peter Breen, Counsel for David Daleiden, said he didn’t do this, “for profit or for personal gain. He did it for the paramount public purpose of letting Americans know” what was going on. “The Planned Parenthood lawyers? They stated that the case is about ‘protecting the brand.’ But what is it that hurt the brand? The very words spoken by Planned Parenthood personnel on those videos is what hurt the brand.”

We must never forget that, in a democratic republic, the right to know information is of paramount importance. Justice is supposed to be blind, but we sadly we live in a country where, increasingly, there is lack of equal justice under the law as it pertains to the FirstAmendment.  This is particularly so in California where these types of investigations are needed more than ever.

This verdict will, undoubtedly, be appealed on many different grounds, so this case is far from over.

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Canadian Company Commissions 3 Bitcoin Mining Units to Restart Oil Well

Par Lubomir Tassev
Canadian Company Commissions 3 Bitcoin Mining Units to Restart Oil Well in Alberta

A nascent industry utilizing flared gas to power bitcoin mining units has been developing over the past year or so, in symbiosis with the oil and gas industry in North America. Companies providing services in this promising niche continue to install mobile datacenters at oil wells in the U.S. and Canada, helping producers to save on costs and optimize operations while minting digital coins.

Also read: China Removes Bitcoin Mining From Unwanted Industries List

Crypto Mining Provides Alternative to Gas Flaring

Natural gas obtained during oil extraction is a byproduct well operators working at remote sites have to get rid of at their own expense. It is often burned into the atmosphere as its transportation to remote consumers isn’t cost-effective, if possible at all. Direct venting is not always possible or is limited as the raw gas consists of many harmful compounds and producers have to comply with strict environmental regulations.

Canadian Company Commissions 3 Bitcoin Mining Units to Restart Oil Well

Several companies are now offering solutions to oil and gas producers in the United States and its northern neighbor that solve the problem with associated gas in an elegant way, thanks to Bitcoin. They install mobile units equipped with gas-electric generators at oil wells. The excess fuel is used to produce electricity to power the cryptocurrency mining hardware typically installed in modified shipping containers that are easily transported.

Upstream Data, a Canadian company we told you about this summer, is one of the pioneers in the market. It allows oil companies to buy or rent modular datacenters that can be installed at production facilities venting or flaring natural gas. Its Ohmm units are assembled with varying capacities in terms of mining power but they all utilize gas in a very efficient way. Using the free energy to mint digital coins ensures drilling companies receive much higher income from the gas than any market price would return.

Last time, we spoke with Upstream Data founder and CEO Stephen Barbour right after he announced the commissioning of a new Ohmm datacenter in the U.S. state of Texas. He was pretty excited with the expansion of his company’s services. This past Friday Upstream Data tweeted that three of its new Ohmm Mini, 50 kW bitcoin mining datacenters had been recently commissioned in the Canadian province of Alberta:

These beauties conserve the natural gas that would have otherwise been vented, which allowed the producer to turn on the well and increase oil production.

Helping the Oil Industry Meet Gas Venting Regulations

Upstream Data has been developing its creative solutions since 2017, providing an answer to persistent economic and environmental problems that have been dogging the oil industry for decades. Its datacenters need very little infrastructure to utilize the stranded gas; basically only a fuel source and internet connection. They are designed to scale to the available quantity of natural gas and can be operated remotely. Upstream’s projects prove that energy, which would otherwise be wasted, can be harnessed to mine bitcoin.

Canadian Company Commissions 3 Bitcoin Mining Units to Restart Oil Well
Ohmm datacenter in Alberta. The flare stack in the background was decommissioned after the waste gas was conserved.

Stephen Barbour told news.Bitcoin.com that the Alberta producer who installed the Ohmm Mini units had a multi-well production facility closed in due to high venting. Regulations in the province do not allow oil companies to continue production if the vented natural gas volume exceeds a certain limit of 500 m3/day. As a result, the well pad was shut in for approximately a year as the operator had no other way to conserve the vent gas. Building a pipeline network would be too expensive, while flaring is not an option in this case because of the facility’s proximity to local residents, the CEO explained.

The company supplied the three Ohmm Minis powered by gas gensets as part of its “Conservation as a Service” offer to oil and gas businesses. The bitcoin mining datacenters reduced the total vent rate to less than 500 m3/day, allowing the producer to start up the well and begin extraction again. Each Mini is rated for 50 kW, which is enough load to conserve 450 to 500 cubic meters or 18,000 cubic feet of stranded gas daily and is equipped with Antminer S9 mining rigs. The modular units can be easily redeployed to other sites where gas rates are depleting.

Besides the savings and profits from their main activity, oil producers can also earn some additional income in the form of digital cash. Due to this year’s crypto market recovery, bitcoin mining has returned to profitability. What’s more, anyone can start mining, even without having the necessary equipment at their disposal, thanks to services offered by platforms like the Bitcoin.com Pool.

Do you expect bitcoin mining at oil wells to continue to grow as an industry providing a solution to the gas venting problem? Share your thoughts in the comments section below.


Images courtesy of Shutterstock, Upstream Data.


Did you know you can earn BTC and BCH through Bitcoin Mining? If you already own hardware, connect it to our powerful Bitcoin mining pool. If not, you can easily get started through one of our flexible Bitcoin cloud mining contracts.

The post Canadian Company Commissions 3 Bitcoin Mining Units to Restart Oil Well appeared first on Bitcoin News.

Bitcoin Traders Are Finding Creative Ways to Avoid KYC

Par Kai Sedgwick
Bitcoin Traders Are Finding Creative Ways to Avoid KYC

Cryptocurrency traders on Bisq are using Revolut to buy and sell bitcoin without the need for KYC/AML. The decentralized, peer-to-peer marketplace allows anyone to buy or sell cryptocurrency via a range of payment processors and traditional banking services. With Localbitcoins now a twisted nightmare of KYC, privacy-conscious traders have few platforms to which they can turn. But in Bisq, they appear to have found a solution of sorts.

Also read: The Bank of Google Wants Your Spending Data

Trading Bitcoin Without the Awkward Questions

Unlike services such as Localbitcoins or buy.Bitcoin.com which work in-browser, Bisq requires users to first download the application before buying and selling crypto, with Windows, Mac and Linux systems all supported. A popular method of purchasing BTC on Bisq (formerly Bitsquare) is with Revolut, with many users opting for the virtual banking service on account of its speed and convenience. Although quick and easy at the initial point of use, there are potential pitfalls to relying on Revolut.

Bitcoin Traders Are Finding Creative Ways to Avoid KYC

As early as last year, Bisq issued a warning regarding the service and its suitability for avoiding unwanted attention. As the Bisq twitter account stated: “Payment methods based on traditional finance systems are going to require KYC at some level, sooner or later. Revolut is not special in this regard.”

It’s not just KYC/AML which poses problems either: a number of users have complained that after repeated transactions on Bisq, Revolut has suspended their accounts, leading to weeks of uncertainty and added complications. Revolut itself, it should be noted, requires KYC in order to obtain an account, and is not an anonymous or pseudonymous service.

most obvious with revolut, there are countless reports of accounts being blocked following a bisq transaction. Our guess is the messages in the transactions doesn't seem normal (who would send some random string as a message?) and some accounts take weeks to get unblocked

— nodl (@nodl_it) March 27, 2019

A Little Privacy Please

Since the onboarding process at centralized exchanges and the obligatory intrusion of KYC remains a bone of contention for many, bitcoiners continue to seek out dependable decentralized alternatives. The development team behind Bisq describe it as “pure P2P infrastructure” built on the Tor network and using local wallets with no custodial accounts. Bisq does not require the user to provide a name, email ID, or verification, so it ticks all the boxes for anyone who takes their privacy seriously. The decentralized exchange also offers a large number of fiat currencies with which users can onboard including the US dollar, Canadian dollar, Australian dollar, Euro, British pound and Russian rouble. That said, for all its benefits, there are still limitations to using the decentralized exchange, including higher spot prices, which means the platform won’t suit everyone.

Bitcoin Traders Are Finding Creative Ways to Avoid KYC

Perhaps one of the bigger issues at this time is liquidity, although Bisq is hardly the only decentralized exchange that has struggled in this regard. Trade volumes remain relatively low and the amount of bitcoin a new user can purchase is initially limited to just 0.01 BTC. This increases over time, with accounts maturing after 60 days, but some payment methods retain restrictions in any case. Bank-based payments are limited to 0.25 BTC for instance, while Perfectmoney and Alipay allow purchases of 1 BTC. It’s clear that Bisq are extremely safety conscious and mistrust many of the most popular fiat payment processors, especially those that offer chargeback facilities. Part of their efforts to mitigate ongoing risks include a deposit and arbitration system which adds another layer of security for traders.

Bitcoin Traders Are Finding Creative Ways to Avoid KYC

Options for traders who have tired of Localbitcoins.com and its kowtowing to onerous compliance regulations are thin on the ground, but there is an outlet for bitcoin cash proponents. Local.Bitcoin.com enables anonymous P2P transactions, providing a private way to buy and sell bitcoin cash. Between it and Bisq, there is at least a mechanism for exercising one’s right to purchase cryptocurrency without enduring the data-breach-waiting-to-happen that is KYC.

What other pro-privacy exchanges do you recommend? Let us know in the comments section below.


Images courtesy of Shutterstock.


Did you know you can verify any unconfirmed Bitcoin transaction with our Bitcoin Block Explorer tool? Simply complete a Bitcoin address search to view it on the blockchain. Plus, visit our Bitcoin Charts to see what’s happening in the industry.

The post Bitcoin Traders Are Finding Creative Ways to Avoid KYC appeared first on Bitcoin News.

Stop Using Public USB Ports to Charge Your Phone

Par Emily Price

Battery power is one of those things that’s always at a premium, especially when you’re traveling and need to use one of the precious few power outlets at the airport to keep your device charged.

Read more...

Voyager 2 est sortie du Système solaire

Par Lucas Gierczak

Sept ans après sa jumelle Voyager 1, la sonde Voyager 2, lancée en août 1977, vient à son tour de quitter l’héliosphère pour entrer dans le milieu interstellaire.

Bitcoin Cash Community Funds Eatbch Trip to Ghana

Par Jamie Redman
Bitcoin Cash Community Funds Eatbch Representative's Trip to Ghana

This week members of the Bitcoin Cash (BCH) community donated funds to Eatbch South Sudan volunteer Thiong Deng so he could spread the word about the benefits of BCH at the Young African Leaders Summit. According to Deng, his journey to Uganda and Ghana has been fully funded which includes flight, hotel, visa costs, and a ticket to the event.

Also Read: The Bank of Google Wants Your Spending Data

Eatbch South Sudan Volunteer Heads to the Young African Leaders Summit

Eatbch is easily recognized as the Bitcoin Cash community’s most favorite charity because the nonprofit organization has been using BCH to help people throughout Venezuela and South Sudan. People can follow Eatbch on Twitter and see how the “peer-to-peer electronic cash-to-food system” feeds families and children in need regularly. Just recently, the nonprofit published a new website called eatbch.org that shows the tremendous work being done in South Sudan and Venezuela. Moreover, the website’s visitors can donate bitcoin cash directly to the effort so people can help others experiencing economic hardships and difficult times.

Last September, news.Bitcoin.com reported on Eatbch South Sudan leader Emmanuel Lobijo, who was invited to attend the UN Secretary-General’s Climate Action Summit. Lobijo joined Greta Thunberg and many other activists at the UN’s event in New York. The Eatbch South Sudan leader explained how BCH can “bridge access to the world” and how the charitable organization is using bitcoin cash to fight water wars, drought, and famine in the African country.

Bitcoin Cash Community Funds Eatbch Trip to Ghana

This week members of the BCH community funded Eatbch South Sudan volunteer Thiong Micheal Deng’s trip so he could attend the Young African Leaders Summit in Ghana. On November 13 and 14, BCH proponents on Twitter and Reddit asked the community to help fund Deng’s trip. “Can we get Thiong, an Eatbch South Sudan representative to the Young African Leaders Summit? He still needs $800 dollars of funding,” one Reddit post asked. Deng disclosed all the anticipated expenses for the trip to the Young African Leaders Summit and thanked the community for the “generous donations” but he still had $835 left to raise.

Bitcoin Cash Community Funds Eatbch Trip to Ghana

BCH Community Funds Travel Expenses to Ghana

On Twitter, software engineer Josh Ellithorpe (who designed the eatbch.org website) also asked BCH supporters to help fund Deng’s travels. “This is the last day to get Thiong (an Eatbch South Sudan representative) to the Young African Leaders Summit,” Ellithorpe tweeted. “Let’s support him in spreading the word about Bitcoin Cash and the excellent work of Eatbch.”

Bitcoin Cash Community Funds Eatbch Trip to Ghana

After a few BCH proponents made requests to the community, Deng managed to get the funds needed to embark on the trip. “Thanks, Bitcoin cash community,” Deng said. “[You] have set up my journey to Uganda — 18-hour bus drive — then flight to Ghana for the conference. BCH you made it happen — thanks for the love.” The BCH community members who helped fund the trip and the work being done by Eatbch at large demonstrates how passionate BCH proponents are about peer-to-peer cash. The work Eatbch does each and every day showcases how decentralized, borderless cryptocurrencies can truly revolutionize the global economy.

What do you think about the BCH community funding Thiong Deng’s trip? What do you think about the nonprofit Eatbch’s efforts and activism in Venezuela and South Sudan? Let us know what you think about this subject in the comments section below.


Image credits: Shutterstock, eatbch.org, and Twitter.


Do you need a reliable Bitcoin mobile wallet to send, receive, and store your coins? Download one for free from us and then head to our Purchase Bitcoin page where you can quickly buy Bitcoin with a credit card.

The post Bitcoin Cash Community Funds Eatbch Trip to Ghana appeared first on Bitcoin News.

Buy a One-Way Holiday Flight on Frontier For as Low as $19 Today

Par Emily Price

If you’re still on the hunt for a holiday plane ticket, then you might want to work on making that purchase this weekend. Prices are only expected to increase for both Thanksgiving and Christmas travel from this point forward. That said, you can still snag a deal on some flights.

Read more...

Make Reading Articles on the Web Less Distracting With This Chrome Extension

Par Emily Price

Sometimes reading articles on the web can be distracting. Taking notes about what you’re reading can also get pretty complicated, depending on how involved that article is. Readermode is a Chrome extension that can help. Once enabled, the extension allows you to customize how you see an article on the web and…

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Les jardins flottants des Aztèques au secours de nos fermes

Par webmaster@futura-sciences.com (Futura-Sciences)
Une population en croissance rapide et de moins en moins de terres arables disponibles pour la production alimentaire. C'est une situation à laquelle Mexico doit faire face depuis plus de 700 ans. Et aujourd’hui, surgissent de plus en plus de centres urbains dans le monde. Pour y remédier, un...

Mars : les fluctuations de l’oxygène décontenancent la Nasa

Par webmaster@futura-sciences.com (Futura-Sciences)
Grâce à son rover Curiosity, la Nasa a pu suivre, pour la toute première fois, l’évolution de la composition de l’atmosphère martienne au fil des saisons. Mais les données recueillies laissent les astronomes perplexes. Elles révèlent des fluctuations inattendues de l’oxygène au-dessus du cratère...

Une nouvelle espèce de fourmi ressort de terre

Par webmaster@futura-sciences.com (Futura-Sciences)
Un soir chaud du mois d’août, dans son jardin situé dans l’Utah aux États-Unis, un entomologiste fait une drôle de rencontre avec quatre petites fourmis. Leur aspect l’interpelle toute de suite ! Elles ressemblent à s’y méprendre aux fourmis qu’on retrouve habituellement sous les tropiques. En...

How to create an S3 Bucket (Object Storage) on Amazon AWS

Amazon S3 (Simple Storage Service) is an object storage where you can store your objects (Files, Videos, Images, Documents, and any-type-of-file). In this article, I will show you how to create an S3 Bucket on AWS, upload an object and perform basic operations.

Relation Homme-chien : comprendre son chien n’est pas inné

Par webmaster@futura-sciences.com (Futura-Sciences)
Voilà plus de 40.000 ans que le chien est devenu le meilleur ami de l’Homme. L’un et l’autre ont appris à vivre ensemble. Mais la communication reste parfois difficile entre ces deux espèces aux capacités différentes. Des chercheurs nous apportent aujourd’hui un éclairage nouveau à ce sujet,...

The Bank of Google Wants Your Spending Data

Par Jamie Redman

The multinational technology giant Google has plans to get into the banking industry according to multiple reports that reveal the firm intends to work with Stanford Federal Credit Union and Citigroup. However, analysts assert that Google is not jumping into banking for revenue purposes and the move is simply an acquisition of more customer data.

Also Read: Banks Stopped Walmart Bank – Now the Retail Giant Hits Back With Crypto

Google Bank

One of the ‘Big Four’ technology companies, Google LLC, plans to launch checking accounts through a partnership with Citigroup, Stanford Federal Credit Union, and a number of other financial partners. The secret project has a code name called ‘Cache,’ according to sources stemming from the Wall Street Journal. However, people using the Google-backed checking accounts might not know the internet-related services company is behind the financial products. The checking accounts will still feature branding from the likes of financial incumbents such as Citibank and Google will only work behind the scenes. Google executive Caesar Sengupta explained:

Our approach is going to be to partner deeply with banks and the financial system — It may be the slightly longer path, but it’s more sustainable.

The move by Google follows the recent partnership between Apple and Goldman Sachs that produced the Apple Card product. Many speculators believe Google is planning to enter the fray of banking in order to stay competitive with the other three heavyweights Facebook, Amazon, and Apple. In a note to clients this week, Wells Fargo’s analyst Brian Fitzgerald said that Google is more interested in obtaining data. “Google is likely entering into these partnerships to increase its insights into consumer purchase behavior and consumer finances more broadly,” Fitzgerald said. At the moment, a lot of the giant tech firms are laser-focused on financial technology and Facebook’s Calibra project is a testament to the trend. “Google is primarily focused on data to feed its core ad business, and less so on acting as a full-fledged bank,” CB Insights senior intelligence analyst Arieh Levi remarked.

Another Extension of Surveillance Capitalism

Since the news went viral the ‘Bank of Google’ discussion has a lot of people wondering if Google will be privy to everyone’s finance behavior. Combing personal data like spending habits is just another extension of surveillance capitalism in the opinion of many skeptics. But Google believes the strategy is good for the internet in general. “If we can help more people do more stuff in a digital way online, it’s good for the internet and good for us,” Sengupta stressed to the Wall Street Journal. “Of course they plan to leave the nitty-gritty details to the traditional finance folks. All Google is really interested in is your financial data and for that I’m sure they’ll be willing to slap a kickass GUI and possibly a bit of value add as far as fees and rates are concerned,” Mati Greenspan, senior market analyst at Etoro explained in a note to investors about Google announcing “intentions to get deeper into financial services.”

”Facebook, Google, Amazon, Apple, they all just want to be like Tencent who’s been dominating Chinese payments for nearly a decade. In fact, the earnings report from Tencent today seemed to contain just as much valuable insight into the Chinese consumer than it did the actual company,” Greenspan added.

Many people believe massive tech firms like Apple and Google becoming financial behemoths is not out of the question, despite the kickback these companies receive from governments. However, the retail giant Walmart had its banking intentions stopped by financial institutions lobbying politicians. A few years later, Walmart is now exploring cryptocurrency concepts. To digital currency advocates, the Google checking account news is just one more sign of the surveillance state growing larger, which in turn could push people toward decentralized cryptocurrencies.

What do you think about Google’s ambitions toward being a bank? Do you think with big tech companies like Apple, Facebook, Amazon, and Google getting into financial services will drive more people toward decentralized cryptocurrencies? Let us know your thoughts in the comments section below.


Image credits: Shutterstock, The Intercept, Pixabay, Wiki Commons, Google Logo, Fair Use.


Do you want to dig deeper into Bitcoin? Explore past and present cryptocurrency prices through our Bitcoin Markets tool and head to our Blockchain Explorer to view specific transactions, addresses, and blocks.

The post The Bank of Google Wants Your Spending Data appeared first on Bitcoin News.

Revivez le transit de Mercure en images

Par webmaster@futura-sciences.com (Futura-Sciences)
Malgré la météo maussade de ce lundi 11 novembre, des chanceux, en France et ailleurs, ont pu assister au passage de la planète Mercure devant le Soleil. Voici une sélection des meilleures clichés et vidéos du dernier transit de Mercure avant celui de 2032.

Global Trend Against Cash Intensifies as China Joins the Squeeze

Par Lubomir Tassev
Global Trend Against Cash Intensifies as China Joins the Squeeze

For various reasons, a growing number of nations are experiencing the rapid development of cashless society. Paper money may become extinct in some countries in the not-so-distant future. Prompted by the spread of private and decentralized cryptocurrencies and the threat of losing control over their monetary policies, more and more governments are now working to create central bank issued digital currencies to replace banknotes and coins. China has joined the campaign against cash, although not at the expense of centralized monetary power.

Also read: Japan Pushes Cashless Agenda by Rewarding Non-Cash Payments After Tax Hike

China to Trial ‘Large-Scale Cash Management’

In a move that many consider part of Beijing’s plans to introduce a digital version of the national fiat, the yuan, the People’s Bank of China (PBOS) has revealed plans to implement pilot programs aimed at exerting greater control over cash transactions. According to a notice issued by the central bank, the trials will be conducted in three Chinese regions, the provinces of Hebei and Zhejiang and Shenzhen City, within the next two years.

In a report addressing fears that the initiative will restrict public access to cash, the state-run news agency Xinhua explained that despite the rapid development of non-cash payment platforms in recent years, the total amount of cash in circulation has remained at a stable level while large-volume cash transactions have in fact continued to grow. Besides, these have been concentrating in specific areas, groups of people and periods, arguably lowering the overall efficiency of cash flow.

Global Trend Against Cash Intensifies as China Joins the Squeeze

PBOS shares its own reasons to implement the new control mechanism. Large amounts of cash are widely used in China, the bank points out, and they are exploited in criminal activities such as corruption, tax evasion and money laundering. The regulator will impose stricter supervision and introduce reporting requirements for cash operations over certain thresholds – 500,000 yuan (approx. $70,000) for public accounts, and for private accounts – 100,000 yuan in Hebei province, 300,000 yuan in Zhejiang province, and 200,000 yuan in Shenzhen.

“Under the requirements of large-scale cash management, banks need to deepen their understanding of current customers, strengthen risk warning and information communication for customers who are prone to generate large cash transactions, and guide them to use non-cash payment tools,” the Chinese central bank demands. It also proposes the establishment of a special registration system for large cash withdrawals, emphasizing that as long as a bank customer fulfills their obligations under the applicable rules, access to large sums of cash will not be restricted.

Other developed countries have already adopted regulations to increase control over cash flows and China is now trying catch up. After the new system is tested in the three regions, it is expected to form the basis of a long-term large-scale cash management mechanism. According to the Xinhua report, Beijing’s main motive is to “promote the concept of rational use of cash.” But the new focus on increased oversight over cash transactions may also be related to the plan to issue a digital yuan, one of the main purposes of which is to exert greater control over financial transactions.

Is This the End of Paper Cash?

In the digital age, a walk away from cash sounds like a natural development. There is now a race between state actors, corporations, and communities to issue digital currencies that will replace paper notes and metal coins. There’s a lot of politics, geopolitics, macro- and microeconomics involved in the deepening competition to build the cashless society. If you visit a country like Sweden, you’ll realize it has already been created to a large extent. You’ll need a mobile app or a bank card far more often than banknotes to pay in stores. Consumer transactions with non-cash methods reach almost 60%. In fact, a number of bank branches in the country don’t accept or process cash deposits and withdrawals.

Global Trend Against Cash Intensifies as China Joins the Squeeze

Cash is disappearing in the Nordic nation, an article published recently by the Guardian noted. The piece describes Britain’s own rapid departure from paper money as well. The amount of Swedish cash in circulation has dropped from 80 billion to 58 billion kronor in the last four years, a reduction of over 27%. During the same period, ATM withdrawals fell by more than half. Meanwhile, in the U.K. cash transactions declined by over 50% between 2008 and 2018. Even Japan, where almost 80% of people use cash every day, is now promoting cashless payments, as news.Bitcoin.com reported this week.

But not all types of cashless relations are in the best interest of states and governments are starting to realize that. Paper money has certain advantages for ordinary people, like better privacy for the holder, that governments don’t mind getting rid of, which to a large extent explains the initial push to create cashless societies. A banknote is a contract in ink and paper between the issuer, a central bank, and the bearer, a citizen or a resident. In modern cashless societies these contracts are replaced by contracts between people and companies, on the one hand, and third parties such as commercial banks and payment processors, on the other. When bank branches and stores in Sweden reject government issued bills that is a problem for the Swedish state and its sovereignty over money. The threat is even greater in the case with currencies issued by corporations such as Facebook or Alipay, for example, where government money will not be part of the contract at all.

Global Trend Against Cash Intensifies as China Joins the Squeeze

It’s not surprising then that a growing number of states are trying to create their own digital currencies. Sweden’s Riksbank has been working on an e-krona for some time, which will be a central bank digital currency (CBDC). While the Bank of England has previously stated it is not planning to issue one, a couple of months ago Governor Mark Carney suggested that a network of CBDCs could unite to create a new “Synthetic Hegemonic Currency”. This sounds realistic as according to a study conducted by the Bank of International Settlements (BIS), 70% of 63 polled central banks are exploring the issue of CBDCs. Now as China is vowing to become the first nation with a digital fiat, pressure has been mounting on the U.S. Federal Reserve and the European Central Bank to create a digital dollar and a digital euro.

While paper notes and metal coins still have an appeal because of their physical qualities, since the invention of fiat money part of the subject of the contract they represent has been lost. Sterling in the name of the British currency doesn’t refer to a silver alloy anymore and this isn’t going to change with the introduction of its digital version. Money based on other contracts, such as with corporate entities and third parties, certainly comes with many disclaimers as well. That creates a real window of opportunity for permissionless decentralized cryptocurrencies, now when societies are going cashless, and a recently conducted survey showed that almost a tenth of Chinese students already own crypto. To use digital cash in financial interactions with others, you neither need a contract, nor a third party.

What’s your prediction about the outcome of the race between various digital currencies to replace paper money? Share your thoughts on the subject in the comments section below.

Op-ed disclaimer: This is an Op-ed article. The opinions expressed in this article are the author’s own. Bitcoin.com is not responsible for or liable for any content, accuracy or quality within the Op-ed article. Readers should do their own due diligence before taking any actions related to the content. 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 information in this Op-ed article.


Images courtesy of Shutterstock.


Did you know you can buy and sell BCH privately using our noncustodial, peer-to-peer Local Bitcoin Cash trading platform? The Local.Bitcoin.com marketplace has thousands of participants from all around the world trading BCH right now. And if you need a bitcoin wallet to securely store your coins, you can download one from us here.

The post Global Trend Against Cash Intensifies as China Joins the Squeeze appeared first on Bitcoin News.

Mobilité électrique : le smart charging, pierre angulaire des énergies renouvelables

Par webmaster@futura-sciences.com (Futura-Sciences)
D’un côté, il y a des voitures électriques. De plus en plus nombreuses sur les réseaux routiers. De l’autre, il y a les énergies renouvelables. Le challenge, en matière de mobilité bas carbone, c’est de réussir à faire le lien entre les deux. Grâce notamment au smart charging.

Royal Bank of Canada Patents Point to Crypto Exchange Launch

Par Jamie Redman

The largest bank in Canada by market capitalization, Royal Bank of Canada (RBC), is reportedly opening a cryptocurrency exchange. Patents have been discovered that reveal some of the technology the RBC may implement, which could be used to bring digital currency trading to the bank’s 16 million clients.

Also read: Bankers Start to Recognize Bitcoin’s Role in Financial Evolution

The Royal Bank of Canada May Launch a Crypto Exchange

A report stemming from the publication The Logic claims that the RBC is currently exploring the construction of a digital currency trading platform. Columnist Zane Schwartz wrote on November 11 that the bank will give customers the ability to invest and trade cryptocurrencies like BTC and ETH. The report reveals RBC is interested in creating funds with a basket of digital currencies as well. “The bank is also looking into letting customers open bank accounts containing cryptocurrency,” Schwartz wrote. If the crypto trading platform comes to fruition then the Canadian bank will be the first financial institution in the country to offer such services.

Royal Bank of Canada Patents Point to Crypto Exchange Launch

At the last World Economic Forum in Davos, the Royal Bank of Canada’s CEO, David McKay, told the public that the financial institution aims to leverage distributed ledger technology. “We’re experimenting with taking an asset and breaking it into smaller pieces and registering that in a decentralised register called blockchain. You can take an asset or even a company and create a unit on a decentralised blockchain and then sell that into the marketplace,” McKay said during a panel discussion.

Speaking with Schwartz, RBC spokesperson Jean Francois Thibault explained that the Canadian financial institution “like many other organizations, files patent applications to ensure proprietary ideas and concepts are protected.” Thibault would not confirm to Schwartz whether or not the RBC would be constructing a new trading platform for cryptocurrencies.

#RBC, the largest Canadian bank that banned its clients from buying #Bitcoin, could now become the first bank in the country to launch a #cryptocurrency exchange. Nice!#BTC #altcoins

— Weiss Crypto Ratings (@WeissCrypto) November 12, 2019

RBC’s Wealth Management Says the Possibilities of Cryptocurrencies Are Undeniable

Four new patents have been found that pertain to a crypto exchange, and RBC has roughly 27 blockchain-based patents in its portfolio. “In some situations, cryptographic asset transactions may take time to be confirmed, and/or may not be compatible or supported by merchant systems or point-of-sale devices,” an RBC trading platform patent states. “To individual users, managing cryptographic keys and transacting with different cryptographic assets can be a challenge,” the patent further emphasizes.

Royal Bank of Canada Patents Point to Crypto Exchange Launch
A while back, RBC’s wealth management service published a report outlining the benefits and risks tethered to digital currencies.

As early as 2015, the RBC expressed interest in blockchain and McKay explained that the technology was a “quantum innovation.” “It is a brand-new technology, and what do we really know about it? How cyber-secure is it? We are going to learn a lot more about it,” McKay told the publication American Banker. “Given what is at stake, it is not something you can rush to market with and fix as you go. You want it to work.”

Royal Bank of Canada Patents Point to Crypto Exchange Launch
Royal Bank of Canada patent CA 3038757: A system and method for handling crypto-asset transactions.

Alongside this, RBC’s wealth management arm also published a report called “Bitcoin and beyond: Five things to know about cryptocurrency.” The RBC study notes there are plenty of risks associated with decentralized blockchain assets, but in the long run “the possibilities of cryptocurrencies are undeniable.”

What do you think about the Royal Bank of Canada possibly building a cryptocurrency trading platform for customers? Let us know what you think about this subject in the comments section below.


Image credits: Shutterstock, RBC, Wiki Commons, and Fair Use.


How could our Bitcoin Block Explorer tool help you? Use the handy Bitcoin address search bar to track down transactions on both the BCH and BTC blockchain and, for even more industry insights, visit our in-depth Bitcoin Charts.

The post Royal Bank of Canada Patents Point to Crypto Exchange Launch appeared first on Bitcoin News.

The Crypto Companies Reinventing the Wallet

Par Kai Sedgwick
The Crypto Companies Reinventing the Wallet

You wouldn’t think there was much to improve about cryptocurrency wallets. Save for a few UX improvements here and there, what’s to reinvent? A surprising amount, it turns out. This year has seen a resurgence in wallet investment and innovation, with VCs throwing funds at startups intent on reinventing the humble wallet.

Also read: Bitcoin.com Wallet App Marks Over Five Million Wallets Created

There’s More Than One Way to Make a Wallet

At its core, a cryptocurrency wallet is simply software for aggregating public keys you possess and signing transactions with their corresponding private keys. The software is merely the lipstick applied to make this process more pleasurable. And yet, much like lipstick, wallets come in many colors and flavors, with the industry conjuring new variants every year, each promising to be more secure, seamless, feature-rich and long-lasting than its predecessor.

2019 has witnessed something of a renaissance in wallet development, spawning a diverse array of hardware and software solutions and attracting serious investment. This week, Bitski revealed it had secured $1.8 million in seed funding from VCs including Galaxy Digital and Coinbase Ventures. Its wallet, it promises, is the first to be designed for mainstream adoption, by eliminating the normal barriers to setup. Bitski’s solution requires only an email address and password, and is designed to be integrated into applications by developers.

The Crypto Companies Reinventing the Wallet

It’s an ETH-only wallet, and Bitski have yet to find a way for users to fund their accounts within the wallet without using a third party. In other words, there’s work to be done in realizing the startup’s goal of achieving mainstream adoption, but that’s where the seed funding will come into play. Next year, its much-vaunted wallet should look much more consumer-ready.

The Evolution of Mobile Wallets

In terms of mobile wallet development, the dominant trend this year has been multicoinery: existing wallets broadening the number of chains and coins they accommodate. Coin Wallet, for example, has expanded its range of supported cryptocurrencies, which now include BCH, BNB, DASH, and DOGE, as well as ERC20 tokens. A similar trend can be seen with mobile wallets such as the Binance-owned Trust Wallet and Exodus, which also offers a popular desktop client and provides Trezor integration.

The Crypto Companies Reinventing the Wallet

While some wallet developers have been intent on reinventing the wheel, and introducing as many features as possible, others have taken the “if it ain’t broke, don’t fix it” approach. This includes the Bitcoin.com Wallet which has just surpassed 5 million downloads. Rather than succumb to multicoinery, the wallet only supports BCH and BTC, but development has not been at a standstill; rather, it’s focused on enhancing the wallet’s core functionality, including adding the ability to purchase bitcoin with credit card. There are also plans to introduce support for SLP tokens in the near future, so that they can be managed directly within the wallet.

The Crypto Companies Reinventing the Wallet

Multisig Wallets Keep Multiplying

Another subset of wallet design that’s seen significant attention this year is multisig, primarily for BTC. The ability to enable X-of-Y multi-signature spending has been available with bitcoin for years, but it’s not been easy for laypersons to set up and manage, leading to low adoption of multisig. As wallet developers have turned their attention to improving the user-friendliness and speed of setup for multisig wallets, however, significant leaps have been made.

The Crypto Companies Reinventing the Wallet
Casa

Casa has expanded its suite of multisig services to include a 3-of-6 known as Casa Covenant that serves as a digital inheritance tool. The company explains: “This [sixth] key is activated after clients start the inheritance planning process with Casa, and it’s held by a client’s estate lawyer. In a scenario where the client passes away, the following keys can be used for fund recovery: Estate lawyer key. Casa Recovery Key.Safety Deposit Box Key.”

A more versatile bitcoin multisig is being developed by Unchained Capital. Caravan is a noncustodial multisig which is open source and can be configured to allow multiple users to control a single wallet address. Alternatively, a single user can retain all of the keys required to access the wallet and safely store them in separate places. Caravan can integrate with existing hardware and software wallets, bringing multisig functionality to bitcoiners without the need to abandon their existing wallet solutions.

With new hardware wallets being regularly released, and existing stalwarts such as Coldcard being revamped, the wallet development arms race is showing no signs of abating. Better custody options for cryptocurrency users, making it easier to store, manage, and secure funds, is vital in achieving greater ownership of digital assets and reducing reliance on third parties.

Which cryptocurrency wallets do you recommend and why? Let us know in the comments section below.

Disclaimer: Bitcoin.com does not endorse or support claims made by any parties in this article. None of the information in this article is intended as investment advice, as an offer or solicitation of an offer to buy or sell, or as a recommendation, endorsement, or sponsorship of any products, services, or companies. Neither Bitcoin.com nor the author is 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 this article.


Images courtesy of Shutterstock.


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The post The Crypto Companies Reinventing the Wallet appeared first on Bitcoin News.

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