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Bitcoin Is to Banking What YouTube Is to Broadcasting, Says MicroStrategy’s Michael Saylor

MicroStrategy CEO Michael Saylor is comparing Bitcoin to the disruptive video sharing giant YouTube. In a new episode of The Saylor Series with Robert Breedlove, Saylor says Bitcoin’s ability to let people manage their own money is similar to the way YouTube allows people to run their own digital broadcasting network. “YouTube allows you to […]

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MicroStrategy CEO Michael Saylor is comparing Bitcoin to the disruptive video sharing giant YouTube.

In a new episode of The Saylor Series with Robert Breedlove, Saylor says Bitcoin’s ability to let people manage their own money is similar to the way YouTube allows people to run their own digital broadcasting network.

“YouTube allows you to become your own TV station. So, what are we talking about here, well the cliche, ‘be your own bank,’ it’s kind of a cliche. And I think if we look at it a different way, it’s like, I’m a normal person, I endow my own monetary energy into Bitcoin, I plug it into some digital network, I give the keys to someone I trust, a family member maybe.

Maybe I do multi-sig instead of having five people on a board. If you have five people on a board of an endowment with a hundred million or a billion dollars in the endowment, they’re kept honest by filing annual tax forms with the IRS. And in theory, they can be personally liable if they defraud the foundation or abuse their fiduciary trust. But you know, it’s kind of like a 20th-century idea.

A better idea would be, I put the money into a Bitcoin, and I have like three or five digital keys and it takes three out of the five to vote on everything. And then, every three months they have to register that they’re online, and of healthy mind and spirit. If someone stops registering then the remaining four automatically appoint a fifth. Whenever anybody retires, they automatically transfer their key.

What I’ve done is, I’ve de-materialized an endowment board of directors, corporation, institution, and it’s just become maybe a simple application in cyberspace plugged into a base layer of monetary energy. It’s doing something, whatever that something is. That’s an operation of people and digital networks and crypto networks in order to allow people to achieve their hopes and desires over long periods of time.”

Saylor says he believes the mainstream remains too focused on Bitcoin’s use as a medium of exchange, and its potential as a store of value is far more valuable.

“If you go back 50 years, people talked about ounces of gold. So I think a Bitcoin will be like an ounce of gold, like an immutable self-sovereign unit of economic energy…

I think ultimately people focus too hard on medium exchange, unit of measure and underestimate the value of bitcoin as a store of value, and as an asset. I think they don’t do it justice because it’s so much better than every other asset…

It’s in my opinion utterly unimportant that you be able to engage in high frequency small transactions on the Bitcoin network and I think that it’s dysfunctional to pursue that vision. The magic of bitcoin is being able to catapult energy 100 years in the future and not lose the energy.”

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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

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Source: https://dailyhodl.com/2021/01/07/bitcoin-is-to-banking-what-youtube-is-to-broadcasting-says-microstrategys-michael-saylor/

Blockchain

Just Like Ripple’s XRP; Biden’s SEC Chair Nominee Gary Gensler to go after More “Unregistered Securities”

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Just Like Ripple's XRP; Biden’s SEC Chair Nominee Gary Gensler to go after More “Unregistered Securities”

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While Ripple grapples with the SEC lawsuit against the company and its executives, more cryptocurrencies may be facing the same fate soon. Gary Gensler, the nominee for SEC chairmanship under Biden’s administration says there may be more unregistered securities like XRP out there, hence the need for stricter regulation of the space.

Gensler who is a banker and former partner at Goldman Sachs also added that the entire cryptocurrency industry needs to come under federal regulation to prevent illicit use and protect users. In a 2018 interview, he mentioned that large crypto exchanges such as Coinbase need to come under regulation either by the SEC or the CFTC if mainstream adoption is to ever be achieved.

“I would say, you want some form of regulation, you want traffic lights and speed limits, because then the public is confident to drive on the roads,” he said during a Bloomberg interview.

Since the lawsuit against Ripple, the company’s CEO Brad Garlinghouse alleged that it was an attack and not just on Ripple but the entire cryptocurrency industry. Indeed, the XRP community considers the lawsuit to be an attack as evidenced by the petition it launched to force the government to regard XRP as a currency rather than a security.

Gensler is known for strict and tough law enforcement during his time as CFTC chairman and is likely to bring that into the cryptocurrency industry as the SEC chairman. Already, governments around the world have been calling for regulation of the cryptocurrency industry as they say it is a means for criminals to carry out illegal businesses.

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Co-founder of research site Coin Metrics Nic Carter agrees with the idea of regulating the space. 

“Gary is extremely dialed-in on the crypto markets and understands them extremely well. If his stated views are any indication of his priorities as commissioner, I would expect the SEC to continue with or even accelerate its agenda of discouraging unregulated securities issuance in the form of tokens,” he said.

If Gensler implements his plans during his time as SEC chairman, it could be a matter of time before many other cryptocurrency projects face Ripple’s current fate. The question is will this do more harm or good to the crypto industry?


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The views expressed in the article are wholly those of the author and do not represent those of, nor should they be attributed to, ZyCrypto. This article is not meant to give financial advice. Please carry out your own research before investing in any of the various cryptocurrencies available.

Source: https://zycrypto.com/just-like-ripples-xrp-bidens-sec-chair-nominee-gary-gensler-to-go-after-more-unregistered-securities/

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Blockchain

What explains Tether’s $25B market cap push?

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Tether’s market cap hit $25 billion today, with Bitcoin trading below $40,000 on the price charts. In fact, the stablecoin has been one of the most traded assets in all of crypto, with its trading volume surpassing even that of Bitcoin.

Source: CoinMetrics

Tether’s growth was stupendous in 2020, with the stablecoin enjoying a 72% market share. Moreover, year-on-year USDT grew 455%, from $3.2 billion in December 2019 to $17 billion in December 2020.

The reason behind Tether’s growth

While speculators have speculated about Tether’s credibility all along, the stablecoin has managed to cut through the noise and grow. In fact, looking at Tether’s growth makes sense, considering the demand for Bitcoin.

Lately, institutions have found their favorite alternative investment asset and are heavily investing in it. This on-boarding takes one of two things, USDT or USD. While it is clear that the USDT market far surpasses the USD market, it is also clear that institutions will not have used the fiat markets.

This partly explains the growth of Tether in 2019, and even in 2020. As far as 2021 is concerned, since Bitcoin blasted through the roof in the first and second weeks of 2021, more and more USDT has been minted.

In 2021 alone, Tether minted a record $2 billion in a single week, with $1.5 billion minted the week before that. With its market cap hitting a whopping $25 billion at press time, one can observe that Tether has hiked by 19% in just 15 days.

Alameda Research’s Sam Trabucco recently shared a pretty interesting take on the same. He noted that a lot of people buying Tether don’t do it via creation, but do it by selling or buying it via trading. Since the market is volatile, the Tether peg varies as well.

Alameda can arbitrage these opportunities via the direct creation/redemption of Tether. This helps stabilize the peg while also benefiting the arbitrageurs.

Sam Trabucco added,

“Other stablecoins like USDC don’t have anywhere near as volatile premia — that’s because the creation/redemption process is more involved for USDT, and fewer firms can actually do it. This is why, as I noted above, many who want it are going to markets and not creating, and when USDT gets above $1? A sophisticated firm like Alameda with great setups on all the exchanges and bots to execute more than one leg at a time is gonna want to sell! And we do — a LOT.”

While the New York Attorney General’s lawsuit against Tether is still ongoing, there’s no telling which direction it is going to go. However, regardless of what the decision is, Tether might get away with it since the stablecoin is available not on one blockchain but on multiple chains. As of this writing, Tether is on ETH, Omni, TRX, EOS, OMG, Liquid, etc. That’s what you call dominance.

Source: https://ambcrypto.com/what-explains-tethers-25b-market-cap-push

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Blockchain

Man Offers $72 Million To Search For Hard Drive With 7,500 BTC

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Man Offers $72 Million To Search For Hard Drive With 7,500 BTC

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James Howells, a 35-year old British Engineer, is reportedly on a hunt for his BTC hardware wallet that he had accidentally discarded in 2013 while doing some house clean-up.

According to a South Wales Argus report, Howells had appealed to the councils of the city where he resides, Newport, to excavate a landfill site where he had accidentally disposed of a hardware wallet containing 7500 BTC.

The report revealed that the city council has severally declined his initial pleads to scoop out the missing Fortune on the landfill site. Thus, Howells has offered to give 25% of the total worth of the missing BTC, in a bid to win the city’s support.

Howell explains his plight and the possibility of restoring the disposed of wallet saying;

“The way the landfill operated in 2013 was when a general waste bin was full, it was given a serial number, it was dragged off to the open pit and it was buried. It was also given a grid reference number.”

“So what that means is, if I could access the landfill records, I could identify the week that I threw the hard drive away; I could identify the serial number of the bin that it was in, and then I could identify where the grid reference is located.” He added, claiming he was confident of recovering the wallet even though it has been missing since 2013.

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The reward proposed to the city is worth $72 million and is presented as a form of Covid Relief Funds, hence gearing the residents’ interest in aiding the search.

Howell pleaded for the city’s support as he revealed that he got financial supports from a hedge fund that is willing to put up the funds for the project.

Howell is still yet to get approval to proceed with his proposal as a representative of the city council emphasized on their previous responses saying;

“The council has also told Mr. Howells on several occasions that excavation is not possible under our licensing permit, and the excavation itself would have a huge environmental impact on the surrounding area.” 


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DISCLAIMER Read More

The views expressed in the article are wholly those of the author and do not represent those of, nor should they be attributed to, ZyCrypto. This article is not meant to give financial advice. Please carry out your own research before investing in any of the various cryptocurrencies available.

Source: https://zycrypto.com/man-offers-72-million-to-search-for-hard-drive-with-7500-btc/

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