Blockchain

California Considers Universal Basic Income Via Cryptocurrency

The state of California has long played with the idea of leaving the union and becoming its own region. In other words, it would look to stand alone and sever any ties to the United States. California Looks to Become an “Island” Known as “Calexit” (similar with “Brexit” in the United Kingdom), the state of…

The post California Considers Universal Basic Income Via Cryptocurrency appeared first on Live Bitcoin News.

Published

6 months ago

September 8, 2020

Republished by Plato

The state of California has long played with the idea of leaving the union and becoming its own region. In other words, it would look to stand alone and sever any ties to the United States.

California Looks to Become an “Island”

Known as “Calexit” (similar with “Brexit” in the United Kingdom), the state of California would not be governed by U.S. federal regulators and look to potentially govern itself. One of the biggest steps in the movement to break California’s attachment to the American states is that it would implement several cryptocurrency regulations that would permit a universal basic income for all residents via digital currency. In addition, the region would grant citizens free healthcare.

Ziyen energy head Alasdair Caithness explained in an interview:

The policy will involve developing a blockchain-backed cryptocurrency. This will democratize ownership of the California government’s land, resources and assets through tokenization into a usable currency. It is the intention for it to be used to finance a level of free healthcare, free education and a form of basic income for all California citizens who have struggled to achieve economic liberty under the current U.S. federal government system.

While it may sound nice at first, there are several problems with this movement. For one thing, the ideas of basic income and universal healthcare are purely socialist. This means that while everyone is getting resources, taxes would likely have to be raised to extremely high levels to pay for such elements. A basic income for everyone and free healthcare for millions of people a year are rather costly ventures, and the only way to incorporate such items into our government’s offerings is through tax hikes.

This was the main problem with Medicare for All. Initially promoted by democratic senator from Vermont Bernie Sanders, the idea of Medicare for All seems sweet at innocent at first glance until one considers the expenses behind such a maneuver, and that people like Sanders initially think that massive tax shoves on the rich are going to do the trick.

This Would Be Very Expensive

However, there’s one thing that a lot of people forget, and that is that uber rich people often keep their money in stocks and other markets that cannot be touched by taxmen unless shares are sold. In addition, by incorporating themselves, members of the rich community can remain shielded from many of the tax implications that average employees cannot escape.

Interestingly, it appears most Californians see through the fine print of the plan, with a 2017 poll showing that nearly 70 percent of the state’s 40 million residents prefer to remain part of the United States, and just over 30 percent are leaning towards Calexit. In addition, California currently boasts one of the world’s top five economies, and socialist practices such as these would ultimately break that up, resulting in a loss of financial status for the Golden State.

Tags: california, crypto, free healthcare, universal basic income Source: https://www.livebitcoinnews.com/california-considers-universal-basic-income-via-cryptocurrency/

Blockchain

Another One: Galaxy Digital and CI GAM to Launch a Bitcoin ETF in Canada Tomorrow

Published

3 hours ago

March 8, 2021

Republished by Plato

Yet another Bitcoin ETF is to reach the markets in Canada as the country’s securities regulator has issued “a receipt for the final prospectus” for CI Global Asset Management’s application. Dubbed CI Galaxy Bitcoin ETF (BTCX), it’s expected to launch on the Toronto Stock Exchange (TSX) on March 9th, and Mike Novogratz’ Galaxy Digital Capital Management will act as the sub-advisor.

Founded in 1965, CI Global Asset Management is an asset manager with over $180 billion in AUM as of January 2021. The firm announced the nod of approval received from Canada’s securities regulator necessary to launch its own Bitcoin ETF earlier today.
The statement described BTCX as a tool that could “provide investors with a convenient way to gain exposure to bitcoin through an institutional-quality fund platform.” It will invest directly in the primary cryptocurrency with its holdings priced using the Bloomberg Galaxy Bitcoin Index.
CI GAM will serve as the manager of the ETF, while Galaxy Digital Capital Management, whose founder and CEO is the long-time BTC proponent, Mike Novogratz, will act as “the bitcoin sub-advisor.” Meaning, that GDAM will execute the BTC trading on behalf of the ETF
“We believe the emerging digital asset class presents compelling growth and diversification opportunities. The CI Galaxy Bitcoin ETF offers a simple and secure access point for traditional investors to gain exposure to bitcoin.” – commented Partner and Head of Asset Management at GDAM, Steve Kurz.
Apart from BTCX, the two parties have also filed for launching the “first ETF in the world to invest directly in Ether” – CI Galaxy Ethereum ETF (ETHX).
It’s worth noting that BTCX would not be Canada’s first Bitcoin ETF. CryptoPotato recently reported the first approval for the Purpose Bitcoin ETF, which enjoyed a highly-positive start, accumulating more than $400 million in a few weeks.

SPECIAL OFFER (Sponsored) Binance Futures 50 USDT FREE Voucher: Use this link to register & get 10% off fees and 50 USDT when trading 500 USDT (limited offer).

PrimeXBT Special Offer: Use this link to register & enter CRYPTOPOTATO35 code to get 35% free bonus on any deposit up to 1 BTC.

Checkout PrimeXBT
Trade with the Official CFD Partners of AC Milan
The Easiest Way to Way To Trade Crypto.
Check out Nord
Make your Money Grow with Mintos
Source: https://cryptopotato.com/another-one-galaxy-digital-and-ci-gam-to-launch-a-bitcoin-etf-in-canada-tomorrow/

Blockchain

Ethereum, Monero, FTX Token Price Analysis: 08 March

Published

3 hours ago

March 8, 2021

Republished by Plato

Ethereum recaptured a key resistance mark at $1,687, a level that had not been breached since the broader market pullback in late-February. Monero lacked the trading volumes and buying intensity to flip the 38.2% Fibonacci retracement level. Lastly, FTX Token eyed a rise above its overhead resistance but the indicators presented the chances of a short-term reversal.

Ethereum [ETH]

Source: ETH/USD, TradingView

Ethereum retook the $1,680 level from the bears thanks to a surge of 6% in the last 24 hours. Gains in the last eight days amounted to over 30% and underscored ETH’s bounce back from the $1,300 level. The On Balance Volume showed strong buying at two key support levels – one at the $1,300 mark and the other at $1,437 as the price headed northbound on the charts. However, the OBV made steady highs over the past few sessions and even dipped at the time of writing.

The RSI pointed lower from just below the overbought zone and showed weakening bullish strength in the market. This reinforced the idea that a hike in trading volumes could be needed before steering clear of the next test at $1,834.9 and especially if the uptrend were to sustain itself. In the event of a pullback, the newly flipped resistance at $1,687.65 could act as a crucial line of support.

Monero [XMR]

Source: XMR/USD, TradingView

Low trading volumes and short-bodied candlesticks on Monero’s 4-hour chart showed a dearth of interest in the market but the bulls still held on to the 23.6% Fibonacci retracement level. A breakout above the 38.2% level could depend on stronger cues from the broader market, which would spur buying in the Monero market as well.

The ADX pointed lower and towards the 10-mark, showing a lack of a strong trend. The flow of capital towards the cryptocurrency created some optimism, but the price remained within its channel even as the CMF rose sharply above the half-way mark. The index reversed direction and pointed towards the half-line at the time of writing.

FTX Token [FTT]

Source: FTT/USD, TradingView

The Bollinger Bands on FTX Token expanded at press time and showed rising volatility as the price looked to flip $31.49 resistance. The presence of volatility allowed for large price swings and a break above the upper ceiling looked imminent over the coming sessions. Even though the Stochastic RSI traded in the overbought region, it pointed upwards after retesting the upper line and indicated a delayed stay in its current region.

However, there was also a possibility of a short-term pullback due to saturation in the market. A fall below the press time support level would highlight the next line of defense at $24.67.

Sign Up For Our Newsletter

Checkout PrimeXBT
Trade with the Official CFD Partners of AC Milan
The Easiest Way to Way To Trade Crypto.
Check out Nord
Make your Money Grow with Mintos
Source: https://ambcrypto.com/ethereum-monero-ftx-token-price-analysis-08-march

Blockchain

Norwegian energy firm Aker’s three-pronged approach to Bitcoin

Published

3 hours ago

March 8, 2021

Republished by Plato

Energy company Aker ASA, which is based in Oslo, Norway has established a dedicated firm to invest in the Bitcoin ecosystem and related projects. Dubbed ‘Seetee AS,’ this new venture has a capitalization of $58 million and will invest Aker’s liquid assets in the digital currency.

Øyvind Eriksen, President and CEO of Aker stated that Seetee’s launch will help the Aker Group gain industrial opportunities “that will be unlocked by Bitcoin and blockchain technology.” He further said in a statement:

These technologies [such as Bitcoin and blockchain] have the potential to reduce frictions in our day-to-day lives, enhance the security of our digitally-driven economies, and unlock new business models for innovation.

In a letter to investors, Chairman Kjell Inge Røkke revealed Seetee’s three-pronged approach to Bitcoin, which is already running “open-source Bitcoin payment servers.” According to Røkke, the oil and gas firm will work alongside Canadian crypto-focused firm Blockstream and other partners.

Aker Group expects Seetee to set-up mining operations even though the local government no longer offers electricity subsidies to miners. However, the group’s ambition is to be “a valuable partner in new renewable projects:”

Seetee will establish mining operations that transfer stranded or intermittent electricity without stable demand locally—wind, solar, hydro power— to economic assets that can be used anywhere. Bitcoin is, in our eyes, a load-balancing economic battery, and batteries are essential to the energy transition required to reach the targets of the Paris Agreement.

Finally, Aker is keen on micropayments and how it could enable the firm to avoid users’ personal data being monetized. Røkke further said:

I’m fascinated by the prospect of bitcoin Lightning wallets that may enable instant credit via micropayments without the need to offer personal information that my counterpart can monetise without approval or compensation.

The Chairman also was bullish on Bitcoin and expects the asset to trade for “millions of dollars.” He believed that people who “know the most about Bitcoin” believe its future success is “nearly inevitable.”

Sign Up For Our Newsletter