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Yale Head: Bitcoin (btc) Isn’t “fundamental To The Economy”

William Goetzmann of the Yale school of management has quite a bit to say on Bitcoin (BTC) and the asset as a store of value.

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Why Gold Is Still The Best Basis For Money

The collective intelligence of central bankers cannot outperform a yellow rock.

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Cryptocurrencies Untether The Goat Of Sovereign Tender / The Financial Times

Cryptocurrencies untether the goat of sovereign tender The existence of digital currencies challenges the idea that money can only be created by nation-states Simon Gleeson Growing on trees: we have removed the real goats from the system and now use only notional goats © Dreamstime Back in the 1930s according to John Maynard Keynes one of the jobs of a district commissioner in Uganda was to inspect and evaluate goats. The local unit of currency was the goat so most goods were priced in goats. So when a local sought to discharge a debt by presenting an animal that was exceptionally sick old or otherwise undesirable the district commissioner would rule on whether that particular animal was fit to count as a “goat” for transactional purposes — whether it was as it were a negotiable goat. One way of understanding this system is that the relevant economy was in effect on a “goat standard” — the value of its standard currency unit was linked to the value of an underlying commodity. If the value of that commodity decreased relative to other commodities the value of the currency unit would decrease proportionately (that is there would be inflation) and vice versa. The goat standard and the gold standard are identical concepts. In both cases the idea is that money has value because it is in some way associated with a real thing for which it can be exchanged. However this “commodity standard” model has now been largely abandoned. Today’s “fiat” currencies derive their value solely from the promises of their sovereign issuers. In effect what has happened is that we have removed the real goats from the system and now use only notional goats. This means that we have stripped the idea of currency down to its barest essence — that it is no more than a token deriving its value exclusively from the expectation it will be generally accepted in payment. In a world that operates on this model anything that is accepted as payment functions as currency regardless of the identity of its creator. It should therefore be no surprise that we have seen a boom in the creation of cryptocurrencies: entirely private tokens created for the purpose of functioning as payment mediums. The existence of such currencies challenges head-on the idea that money can only be created by nation-states. In particular it refutes the idea that what gives money its status is the existence of national laws obliging citizens to use it — deeming it “legal tender”. If this were the definition of currency then it would provide the necessary link between sovereign status and money creation. However it is clearly not. Citizens of Weimar Germany for example did not stop using the mark because it ceased to be legal tender but because it ceased to be accepted in payment by their fellows. Equally the Zimbabwean economy switched in a relatively short period of time from the Zimbabwean dollar which remained legal tender to the US dollar which was not without losing a monetary function. In practice when a unit is no longer confidently expected to be generally acceptable in discharge of debts it ceases to be money regardless of its legal status. So where does this leave the sovereign link? In any economy the thing known to be acceptable as payment to the largest participant in that economy will function as money. Since the sovereign is the largest participant in any national economy anything it accepts as payment will be de facto “money” in that economy. This link however comes at a price. Because currencies are perceived as obligations of the sovereign they gain or lose value as a result of fluctuations in the creditworthiness of that sovereign. Viewed in this light the sovereign promise that backs currencies is simply a modern variation of the goat — the link tying a notional unit of account to an external thing. In 1971 the US untethered the dollar from physical gold; a move away from fiat currencies is the logical next step. Breaking that link through the use of privately issued payment instruments is equivalent to ditching the underlying goat. Once he is gone the goat will probably not be missed any more than the gold standard is missed today. The writer is a partner at Clifford Chance and author of ‘The Legal Concept of Money’

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Enjin Coin Review: Introduction To Enj

What Is Enjin Coin? Enjin is a social gaming platform in the world which has more 19 million users in over 250000 gaming communities. Enjin Coin (ENJ) is a token which runs on the protocol of the Ethereum blockchain which was created to serve as a customizable cryptocurrency for gaming platforms. The tokens can be …

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Risks And Rewards: The Future Of Blockchain Games

The roadmap for blockchain games is risky but it promises to bring innovative business models better security and true item ownership for players.

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Markets Update: Crypto Prices Show Improvement And Bch Rallies

Is crypto spring or altcoin season starting to ... The second highest valuation is held by ethereum (ETH) and each coin is swapping for $142 per unit. ETH markets are up 3.9% for today and roughly ...

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Year 1 Of Gdpr: Over 200000 Cases Reported Firms Fined €56 Meeelli... Oh That's Mostly Google

Welcome. You're now in a timeline in which US presidential hopeful Beto was a member of a legendary hacker crew European data protection agencies have issued fines totalling €56m for GDPR breaches ...

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Cboe Delists Bitcoin Futures

CBOE is reportedly putting on “hold” its Bitcoin Futures market. The exchange announced that it will not be adding a new bitcoin futures offering in March. The cited reason is that CBOE will need to ...

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Bitcoin: The Cryptocurrency Is On Ice As Rivals Build Momentum

BITCOIN’S gentle slide into stagnation has been amplified this week by the rise in popularity of its rivals.

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Coinbase Review [2019]: The Ultimate Beginner’s Guide To This Popular Exchange

New Coinbase review from Blokt. Is Coinbase safe? Are the fees high? We answer these questions and more in this extensive 2019 Coinbase exchange review.

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Coinbase Custody Runs Its First Direct Otc Trade From Cold Storage

Coinbase’s Custody and OTC services have been integrated to provide “easy and immediate liquidity” to customers’ offline funds.

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Colorado Governor Jared Polis Signs Blockchain Friendly Digital Token Act Into Law

Governor Jared Polis of Colorado signed the Colorado Digital Token Act into law last week. The legislation is designed to provide limited exemptions from

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Creating A Price-stable Cryptocurrency

It has been a tumultuous time for cryptocurrency investors and advocates alike who have watched the market value of the industry drastically drop in the past year ... The highly speculative nature of ...

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What Are Non-fungible Tokens? Unique & Authentic Digital Assets

Fungibility is a desired aspect of any currency that aims to be a store of value medium of exchange or unit of account. In cryptocurrencies fungibility is important to maintaining legitimacy of the currency’s interchangeability between units. Recently a new type of token known as non-fungible tokens (NFTs) have come to the forefront as an …

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Bitmex Research Discovers Potential Bug In Ethereum Parity

The Ethereum Parity full node was originated on 1 March 2019 and it has still not completely synced with the Ethereum chain.

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Kakao’s Crypto Business Raises $90m Funding

South Korea-based Kakao’s crypto unit has raised $90 million through a private coin offering and is planning another round targeting a similar sum this week.

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You Can Now Pre-order This $15000 Crypto-powered Beer Vending Machine

Decentralized identity startup Civic is rolling out a new product: beer vending machines that can verify ID.

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World’s 1st Crypto-based Live Property Auction [accepting Btc And Bnb] Finds An Admirer In Chengpeng “cz Binance” Zhao

In a recent tweet Binance CEO Chengpeng Zhao drew his followers’ attention to what is being described as the world’s first live property auction using cryptocurrencies.

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Is Bitcoin Dead In The Water? What's The Story With The Cryptocurrency Market?

The cryptocurrency market began rather unspectacularly with the release of Bitcoin (BTC) in 2008. The enigmatic Satoshi Nakamoto unveiled the Bitcoin White Paper to rapturous applause from tech aficionados and blockchain enthusiasts. At inception this digital currency and its peer-to-peer payment system was worth mere fractions of a penny on the dollar. Within a decade Bitcoin enjoyed a spectacular surge to superstardom briefly breaking...

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Us Sanctions Moscow-based Bank Accused Of Financing Venezuela’s Controversial Petro

The U.S. Treasury has sanctioned Moscow-based bank Evrofinance claiming it was the main international bank that helped finance Venezuela’s controversial oil-backed crypto.

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Texas Moves To Ban Private Cryptocurrencies Impose Universal Kyc

One of crypto's main use cases -anonymity- has taken a hit in the state of Texas this week. An untitled bill (4371) which will require all cryptocurrency

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Safetech Labs Releases Hardware Encryption Device Safekey Fido 2

SafeTech Labs a Belgian company based in Brussels and focussed on blockchain and security engineering announced today the release of SafeKey FIDO 2 a

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10 Best Bitcoin & Cryptocurrency Exchanges [2019] – Proven Safe Exchanges

What are the top 10 cryptocurrency exchanges in 2019? We've put together this handy guide featuring all the must-know Bitcoin and cryptocurrency exchanges.

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Crypto Mining Machines Among Top Illegal Electricity Consumers In Bulgaria Cez Says

Crypto mining machines were among the most commonly detected illegal users of electricity in 2018 in western Bulgaria the local unit of CEZ reported ...

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Un Panel Of Experts Claims North Korea Behind Majority Of Exchange Hacks

The compromise of Japan’s Coincheck exchange in January of 2018 resulted in the disappearance of $530 million in NEM cryptocurrency never to be seen of again. The obvious targets for many of these at...

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Us State Of Colorado Passes Crypto Exemptions Bill Into Law

The governor of Colorado Jared S. Polis has signed the “Colorado Digital Token Act” into law.

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Cryptocurrency Option For Buying Into Miami's Wework Building

Inveniam Capital Partners is seeking $65.5 million to buy the 17-story Miami WeWork building and cryptocurrency is an investment option.

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Swiss Exchange To List Xrp Exchange-traded Investment Product

Switzerland’s primary stock exchange SIX could soon list another cryptocurrency-based exchange-traded product (ETP) which will track the price of XRP the third largest crypto asset by market capitalization.

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Intel Vs. Amd: Battle For Market Share

2018 was a great year for both Intel and AMD particularly in the CPU market.

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Kakao To Start Another Round Of Funding Following $90 Million Initial Round

As reported on March 10 2019 their crypto department was able to raise the funds through a private coin offering and now plans to start another round of funding form March 12 2019 ahead of the lau...

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