Connect with us
[crypto-donation-box]

Blockchain

How Bitcoin Mimics the Earth’s Resources

Republished by Plato

Published

on

Ask any Bitcoin-positive person what the best feature of Bitcoin is compared to other cryptocurrencies. They will probably say: there will only ever be 21 million Bitcoin.

In other words, there is a predetermined, finite supply of this currency.

Can you even say that about any other currency?

No. And this is one huge reason for the hype. While it is true that the supply of Bitcoin can be broken down into much smaller amounts, the original protocol was written to produce a specific number of Bitcoin.

This is the number one reason I liken Bitcoin to a natural resource on our planet. It is because of this reason that it mimics the supply of all the other expensive and valuable non-renewable resources on Earth, such as gold, coal, oil, silver, and the often neglected finite resource — land.

“Bitcoin is a consensus network that enables a new payment system and a completely digital money… Bitcoin is controlled by all Bitcoin users around the world.” (bitcoin.org)

Some might consider Bitcoin the closest we have to the first global currency. It is not based out of the U.S., as is the U.S. dollar. It is not based out of China, as is the yuan. You get the picture.

This means that it shares similarities with the most basic of Earth’s resources regularly available to everyone around the world: sun, air, and water.

That may not sound like a big deal at first, but — it is a big deal. Those 3 parts of life I just stated are the building blocks of our lives!

Plus, just look at how the internet has changed our world. This is our best example of a human-made technology available to a majority of people on the planet. And what does it tell us? That being available to (almost) everyone makes it an incredibly valuable resource.

Having a financial resource available to a global network may show us that universal currency is as vital to modern human life as the sun, air, and water.

I think we can all agree; no one owns the Earth. People say they “own” portions of the planet. Someone can buy a plot of land in a country and claim they “own” it, and not allow others to trespass on their private property.

But no one owns the planet. No one owns the wind, air, and sunshine.

Same with Bitcoin.

This is straight off the bitcoin.org website:

Just like nobody owns the email technology, nobody owns the Bitcoin network. As such, nobody can speak with authority in the name of Bitcoin.

Satoshi Nakamoto created the network (though no one knows for sure who that is), while others helped steward it. But no one owns it. Instead, it is spread across an international web of servers. And people can only own Bitcoins, but they cannot own the network.

We live on an interconnected planet. There is no escaping that fact anymore.

Photo by freestocks on Unsplash

Climate change tells us that our everyday actions affect the greater whole of the planet.

In other words, many of us are slowly waking up to see that what we thought was an independent life in our one human body is actually a vast web of interconnectedness: we are all linked to some extent. And it is because of that interconnectedness that we will either thrive or die.

Same with Bitcoin. Bitcoin relies on the interconnected web of servers to work. If those aren’t operating — there is no Bitcoin. Just like if there are no bees to pollinate our plants — there is no food.

Right now, humans do not understand an important fact of our natural world. We like to think that we can continue to mine and extract oil and precious metals each year. So we are willing to risk greater environmental degradation to do so.

Instead, we should realize that their finite nature makes them precious and valuable, and trend away from them.

Wind, sun, and water are around all day — every day — on some part of Earth. But it’s not every day you find gold and oil.

It’s not every day you can find stores of Bitcoin, either.

Bitcoin is like digital gold in many ways. Like gold, bitcoin cannot simply be created arbitrarily; it requires work to “extract”. While gold must be extracted from the physical earth, bitcoin must be “mined” via computational means. (Investopedia.com)

Source: https://medium.com/climate-conscious/how-bitcoin-mimics-the-earths-resources-636413ac5a93?source=rss——-8—————–cryptocurrency

Blockchain

Crypto Exchange Binance Under Investigation by Department of Justice and IRS

Republished by Plato

Published

on

Crypto exchange giant Binance is allegedly under investigation by the U.S. Internal Revenue Service (IRS), as well as the Department of Justice (DOJ) for money laundering and tax evasion.

According to Bloomberg, the federal probe is confidential, with both the DOJ and IRS having “sought information from individuals with insight into Binance’s business.” The report accused Binance of succeeding without strong government oversight, with its lack of corporate headquarters and incorporation in the Cayman Islands — which levies no taxes and offers more lenient business practices. 

“We take our legal obligations very seriously and engage with regulators and law enforcement in a collaborative fashion. We have worked hard to build a robust compliance program that incorporates anti-money laundering principles and tools used by financial institutions to detect and address suspicious activity,” said a Binance spokesperson in response to the recent probe. 

Binance and Crypto Markets Continue to Face Regulatory Scrutiny

One of the biggest criticisms of Bitcoin and the crypto space at large has been their use for criminal activity. Back in January, Treasury Secretary Janet Yellen raised concerns over cryptocurrencies being used in terrorist and illegal financing, with other major financial figures like Charlie Munger associating the industry with “kidnappers” and “extortionists.” 

Chainalysis, a blockchain-based data analytics firm used by U.S. federal agencies, reported in 2019 that Binance saw more funds tied to criminal activity than any other exchanges based on the transactions that it had analyzed.

Binance and Huobi, which are two of the largest cryptocurrency exchanges in the world by volume, saw over 51% of total illicit transactions in the space. Source: Chainalysis Blog

“Binance and Huobi lead all exchanges in illicit Bitcoin received by a significant margin. That may come as a surprise given that Binance and Huobi are two of the largest exchanges operating, and are subject to KYC regulations. How can they be receiving so much Bitcoin from criminal sources? Let’s start by looking at the specific accounts receiving illicit funds at both exchanges.”

This is certainly not the first time Binance has been embroiled in legal troubles. Recently, the exchange’s venture into tradable stock tokens landed the company under the scrutiny of European regulators, including the U.K’s Financial Conduct Authority (FCA) and Germany’s BaFin. In March, Binance hired former U.S. senator Max Baucus as a regulatory advisor. 

Binance Coin (BNB) on Tradingview.com
Featured image from UnSplash 

Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://bitcoinist.com/crypto-exchange-binance-under-investigation-by-irs-and-doj/?utm_source=rss&utm_medium=rss&utm_campaign=crypto-exchange-binance-under-investigation-by-irs-and-doj

Continue Reading

Blockchain

Mark Cuban Responds to Elon Musk, Says Bitcoin and Crypto Will Benefit Society and the Environment

Republished by Plato

Published

on

Dallas Mavericks owner Mark Cuban says his NBA franchise will continue to accept Bitcoin as payment despite Elon Musk’s recent announcement that Tesla will not.

Cuban tells his 8.4 million Twitter followers that, as a store of value, BTC is in fact a better environmental alternative to gold.

ADVERTISEMENT


The billionaire Shark Tank star also argues that the largest crypto asset by market cap will benefit society.

Cuban goes on to note that Mavericks fans are buying “thousands of dollars per week” in tickets and merchandise via Bitcoin. The professional basketball team is a relatively early cryptocurrency adopter, first enabling BTC payments in May 2019.

Musk made waves across the crypto space this week when he told his 54.4 million Twitter followers that Tesla will no longer accept Bitcoin for purchases. He cited concerns over Bitcoin’s extensive energy use as the reason for the sudden change.

“Tesla has suspended vehicle purchases using Bitcoin. We are concerned about rapidly increasing use of fossil fuels for Bitcoin mining and transactions, especially coal, which has the worst emissions of any fuel.”

Musk says the company is considering utilizing other crypto assets that consume less power in their business.

ADVERTISEMENT


“Cryptocurrency is a good idea on many levels and we believe it has a promising future, but this cannot come at great cost to the environment.

Tesla will not be selling any Bitcoin and we intend to use it for transactions as soon as mining transitions to more sustainable energy. We are also looking at other cryptocurrencies that use <1% of Bitcoin’s energy [per] transaction.”

Tesla began accepting Bitcoin back in February. That same month, Tesla announced it purchased $1.5 billion worth of BTC.

Bitcoin is trading at $48,845.76 at time of writing and is down 6.5% in the 24 hours since Musk’s announcement, according to CoinGecko.

Don’t Miss a Beat – Subscribe to get crypto email alerts delivered directly to your inbox

Follow us on Twitter, Facebook and Telegram

Surf The Daily Hodl Mix

Check Latest News Headlines

ADVERTISEMENT

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.

Featured Image: Shutterstock/Tithi Luadthong

Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://dailyhodl.com/2021/05/14/mark-cuban-responds-to-elon-musk-says-bitcoin-and-crypto-will-benefit-society-and-the-environment/

Continue Reading

Blockchain

Kraken Daily Market Report for May 14 2021

Republished by Plato

Published

on


Overview


  • Total spot trading volume at $3.17 billion, 5.3% higher than the 30-day average of $3.01 billion.
  • Total futures notional at $638.8 million.
  • The top five traded coins were, respectively, Ethereum (+2.3%), Bitcoin (-1.4%), Tether (0%), Dogecoin (12%), and Polkadot (-0.6%).
  • Strong returns from Dogecoin (+12%) and Synthetix (8.5%).

May 14, 2021 
 $3.17B traded across all markets today
 Crypto, EUR, USD, JPY, CAD, GBP, CHF, AUD 
ETH 
$3796.7 
↑2.3% 
$825.8M
XBT 
$48974. 
↓1.4% 
$779.3M
USDT 
$1.0009 
↑0.08% 
$508.9M
XDG 
$0.5503 
↑12% 
$407.6M
DOT 
$39.663 
↓0.6% 
$165.0M
ADA 
$1.8208 
↓6.1% 
$154.1M
USDC 
$1.0 
↑0.01% 
$95.7M
XRP 
$1.3287 
↓2.5% 
$79.3M
LTC 
$312.26 
↓1.4% 
$52.4M
ETC 
$88.401 
↓0.4% 
$51.6M
EOS 
$10.559 
↓0.07% 
$34.0M
BCH 
$1232.1 
↓1.5% 
$34.0M
LINK 
$43.633 
↑1.2% 
$33.6M
XLM 
$0.6651 
↑1.4% 
$30.2M
NANO 
$10.933 
↓5.4% 
$28.7M
AAVE 
$532.69 
↑4.9% 
$23.0M
KSM 
$510.58 
↓3.3% 
$19.2M
FIL 
$116.34 
↓0.9% 
$14.4M
SC 
$0.0307 
↑0.7% 
$13.3M
YFI 
$67698. 
↑2.6% 
$10.4M
TRX 
$0.1212 
↓0.19% 
$9.58M
ATOM 
$23.629 
↑0.7% 
$8.93M
SNX 
$19.964 
↑8.5% 
$8.79M
ALGO 
$1.3422 
↓0.6% 
$8.75M
XMR 
$398.66 
↓0.9% 
$8.7M
XTZ 
$6.0497 
↓0.9% 
$8.06M
ZEC 
$288.35 
↓2.5% 
$7.03M
UNI 
$37.991 
↑1.8% 
$6.93M
FLOW 
$24.679 
↑2.2% 
$6.27M
DASH 
$357.46 
↑0.18% 
$5.15M
DAI 
$1.0002 
↓0.01% 
$5.09M
OMG 
$9.7649 
↑1.4% 
$4.35M
OCEAN 
$1.1936 
↓0.3% 
$4.12M
KAVA 
$5.3777 
↑0.5% 
$3.99M
EWT 
$15.814 
↓4.4% 
$3.78M
QTUM 
$20.106 
↓3.0% 
$3.46M
CRV 
$3.3409 
↓0.4% 
$3.04M
WAVES 
$30.683 
↓3.4% 
$2.88M
MANA 
$1.2435 
↓0.5% 
$2.75M
GRT 
$1.2896 
↓1.7% 
$2.63M
ICX 
$2.0734 
↓0.8% 
$2.48M
PAXG 
$1852.2 
↓0.12% 
$2.45M
COMP 
$774.63 
↑1.1% 
$2.31M
BAT 
$1.1887 
↓0.12% 
$2.23M
KEEP 
$0.5042 
↑0.5% 
$2.19M
REPV2 
$36.097 
↓0.4% 
$2.06M
LSK 
$6.7568 
↓5.2% 
$1.98M
STORJ 
$1.6898 
↓0.4% 
$1.89M
KNC 
$2.9788 
↓0.21% 
$1.26M
OXT 
$0.5575 
↑1.7% 
$1.05M
BAL 
$60.560 
↑1.2% 
$979K
GNO 
$250.55 
↑3.0% 
$883K
ANT 
$8.0996 
↓0.8% 
$867K
MLN 
$105.13 
↑1.2% 
$864K
REP 
$39.528 
↑1.6% 
$423K
TBTC 
$50620. 
↓1.8% 
$95.5K



#####################. Trading Volume by Asset. ##########################################

Trading Volume by Asset


The figures below break down the trading volume of the largest, mid-size, and smallest assets. Cryptos are in purple, fiats are in blue. For each asset, the chart contains the daily trading volume in USD, and the percentage of the total trading volume. The percentages for fiats and cryptos are treated separately, so that they both add up to 100%.

Figure 1: Largest trading assets: trading volume (measured in USD) and its percentage of the total trading volume (May 14 2021)



Figure 2: Mid-size trading assets: (measured in USD) (May 14 2021)



Figure 3: Smallest trading assets: (measured in USD) (May 14 2021)



#####################. Spread %. ##########################################

Spread %


Spread percentage is the width of the bid/ask spread divided by the bid/ask midpoint. The values are generated by taking the median spread percentage over each minute, then the average of the medians over the day.

Figure 4: Average spread % by pair (May 14 2021)



.


#########. Returns and Volume ############################################

Returns and Volume


Figure 5: Returns of the four highest volume pairs (May 14 2021)


Figure 6: Volume of the major currencies and an average line that fits the data to a sinusoidal curve to show the daily volume highs and lows (May 14 2021)



###########. Daily Returns. #################################################

Daily Returns %


Figure 7: Returns over USD and XBT. Relative volume and return size is indicated by the size of the font. (May 14 2021)



###########. Disclaimer #################################################

The values generated in this report are from public market data distributed from Kraken WebSockets api. The total volumes and returns are calculated over the reporting day using UTC time.

Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://blog.kraken.com/post/9130/kraken-daily-market-report-for-may-14-2021/

Continue Reading
Blockchain4 days ago

Palantir Accepts Bitcoin for Payments and Considers Adding BTC to Balance Sheet

Blockchain4 days ago

Justin Sun Offers $50M Dogecoin For TRX And BTT SpaceX Satellite Launch

Blockchain3 days ago

Billionaire Druckenmiller says ledger-based system could replace USD worldwide

Blockchain3 days ago

Bitcoin Vault inks major deal with ESE to co-produce Gaming & Esports Talent Show in five countries

Blockchain3 days ago

XRP Lawsuit ramifications: Is the SEC hurting the same community it vows to protect?

Blockchain4 days ago

Sigmax.io introduces an innovative trading bot that simplifies arbitrage trading

Blockchain3 days ago

Raze Network Kicks Off Testnet Phase With UI Community Voting

Blockchain4 days ago

Dfinity’s ICP token sees violent first day of trade on major exchanges

Blockchain3 days ago

First Spot: Coinbase’s App Surpassed TikTok, Instagram, and Facebook on iOS in the US

Blockchain4 days ago

Binance Lists SHIB, Will It Become The Next DOGE?

Blockchain3 days ago

Casper Network’s CSPR Spot Trading Now Open on OKEx

Blockchain5 days ago

Data Agnostic Oracle Network ORAO Chooses TRON’s Blockchain Over Ethereum’s

Blockchain2 days ago

dotmoovs Raises $840,000 From Strategic Investors and Partners

Blockchain3 days ago

The challenges with designing a CBDC, explained

Blockchain3 days ago

How did Internet Computer (ICP) become a top-10 cryptocurrency overnight?

Blockchain4 days ago

Block.one and partners raise $10B to launch EOS-based crypto exchange: Bullish Global

Blockchain3 days ago

PARSIQ Integrated Into Polkadot For Smart Triggers Across the Relay Chain

Blockchain3 days ago

When dollars meet the hype: The biggest NFT hits from celebrities

Blockchain4 days ago

AI-powered crypto trading app BlockBank to use API3’s data feeds

Blockchain3 days ago

Uniswap flips Bitcoin on daily revenue… and it’s more impressive than you think

Trending