Daily Crypto Nooooooz

[indiamikezulu]

'Coinbase tweeted that traffic on its platform hit an all-time high at eight times the peak demand experienced in June. Access remained unavailable to some users.'                         

https://cointelegraph.com/news/bitcoin-exchanges-outages-prove-their-sway-on-mass-market


'It's because bitcoin is an alternative, a counter-power, the resistance. And dammit, it's shown the resistance can work.'


https://www.coindesk.com/theres-one-way-bitcoin-rich/

' "It's an orgy" is how one strategist described the breaking news that US regulators have approved Bitcoin futures to start this month.'
https://cointelegraph.com/news/its-an-orgy-industry-reacts-to-us-bitcoin-futures-go-ahead

FEMINISM, TRADE-UNIONS, AND CRYPTOS??

'Co-option' is the term that describes how revolutionists end up working for the Federal Government Department of Vanilla-Flavoured Beige-ness.

Plenty of second-wave feminists went this way after a decade or more of exhausting and unacknowledged activism. They got offers from some guvvy-sponsored mob: little Asian-dictatorship car in the car park, office without a window, endless meetings and paper-shuffling.

Last year, I had cause to ring an Australian trade-union office. The first question I was asked was what company I represented.

Recall my interest in crypto communities. There is always 'the pure thing' – the revolutionary concept or the code that is the crypto. There is always the community, which contextualizes/actualises the concept or the crypto.

I remain full of energy and enthusiasm. But it is appropriate at this juncture to say loudly and clearly that co-option (of cryptographic currencies as a revolutionary payment instrument) is well underway. We have piling into the space Governments, green corporatists, Wall Street, and the shonksters running the centralised exchanges.

[indiamikezulu]

https://cointelegraph.com/news/us-senate-moves-to-criminalize-non-disclosure-of-cryptocurrency-ownership

Of course, we shan't get too excited about a single article; but it's a valuable sign of the times.

My Very First Thought: using cryptographic currencies as currencies is the best thing you can do with cryptographic currencies.

[indiamikezulu]

https://medium.com/@4pplet/best-ios-wallet-for-grs-my-opinions-950ef887f13b

[indiamikezulu]

http://www.zerohedge.com/news/2017-12-03/crypto-surge-sparks-establishment-panic-bans-crackdowns-fatwas-bitcoin-undermines-go



'First, the bitcoin undermines the government because a lot of transactions are about money laundering and tax avoidance.

[You mean tax avoidance . . . like banks and accountants help rich people do?]


Another problem is that the profits of new bitcoins that come with it do not benefit the government (as with normal money creation), but are absorbed in heavily environmentally harmful computer power.

[Note One: the electricity-consumption argument is just not substantially true.

Note Two: but even if it were benefiting the government, what would the government do? Give us more of the great cultural management that has put Nazis back into the German parliament? Perhaps what we really need is much more profits kept from governments, so they can do less harm!]


Central banks also have less influence on keeping the economy stable.

[The sort of Central-Bank stability that crashed the global economy into a ditch a decade ago?]


The investor has air in his hands when the bitcoin crashes, but also when the company turns out to produce baked air.

[Luckily, people in Venezuela and Zimbabwe and Cyprus didn't end up with 'air in their hands.']

[indiamikezulu]

https://www.reddit.com/r/CryptoMarkets/comments/7hix37/preparing_for_the_worst/


Wheeeeee! We have a tug-of-war tug-of-war tug-of-war!

These guys predict Bitcoin's death (again): https://cointelegraph.com/news/pboc-governor-believes-bitcoin-will-die-but-chinese-market-disagrees

These guys are adopting Bitcoin: https://cointelegraph.com/news/bitcoin-can-pay-your-traffic-fines-in-south-africa

These guys are regulating cryptos: https://icodaily.net/2017/12/05/15-million-ico-scam-halted-by-sec/

Groestl is a Top-100 crypto

[indiamikezulu]

https://www.coindesk.com/bitcoin-futures-make-way-new-kind-whale/


Hey, everyone. I am posting this article because I don't understand this stuff.

But if even a half of what the writer claims is correct, a range of new influences will come into play.

[indiamikezulu]

Only two classes of folks on Planet Krypto today: those who have seen this sort of Bitcoin-spike-induced drop in altcoin prices, and those who haven't. Good time to pick up GRS!!

[indiamikezulu]

'We're basically in the dark ages of Altcoins, where all alts are directly tied to BTC.
As BTC increases, becomes more stable, less volatile, more and more room opens up for alts. As long as BTC holds 60%+ dominance, all hail the king, basically.
We're just not at the time yet where all alts can be disconnected from BTC.'

https://www.reddit.com/r/CryptoCurrency/comments/7ifqon/futures_will_tame_bitcoin_people_will_pour_back/

I still don't have an opinion, readers; but IMHO we need to understand this dynamic.

[indiamikezulu]

https://www.reddit.com/r/CryptoCurrency/comments/7ini72/whats_your_deal_breakers_when_researching_a_coin/

[jjbillabongboy]

https://www.reddit.com/r/CryptoCurrency/comments/7ini72/whats_your_deal_breakers_when_researching_a_coin/

Couldn't help but disagree with a lot in this post! I mean on the surface a lot of what they say is agreeable but in MY experience, horseshit. Your favourite coin has anonymous devs! I've bought into two icos And neither of them have traded lower than the ico price (yet). And both of them had early bonus. I feel like there is a crypto old school. Icos got a terrible name for a while there but now we are seeing more and more amazing business ideas from the ico scene.


Sent from my iPhone using Tapatalk

Morning, J.! Couldn't agree more -- but it's an interesting array of opinions, and that's why I put it up for discussion. Yes, the anonymous devs thing is one I disagree with. And it pained me to note that there isn't a single mention of community organisation/dynamism in there.

[indiamikezulu]

http://www.zerohedge.com/news/2017-12-09/new-cme-bitcoin-futures-and-goldman-sachs-connection

[indiamikezulu]

'The economy globally has continued its strong uptick throughout 2017, partially spurred on by very low interest rates and massive investment into various markets. However, according to Deutsche Bank Chief International Economist Torsten Slok, the major risks for the global economy in 2018 include a crash of Bitcoin.'

https://cointelegraph.com/news/deutsche-bank-bitcoin-crash-among-2018-financial-worries


This paragraph is embarassingly bad journalism.

Firstly, there's no 'partially spurred' uptick. The uptick is now openly understood, by every financial entity in the world, to be wholly and solely driven by funny money.

Secondly, Deutsche Bank Economist Guy should be pointing that Deutsche Bank itself is a billion times greater risk to global economy than Bitcoin. If Bitcoin crashes . . . no matter: it's self-contained. But if Deutsche crashed, it'd be lucky not to take the entire global economy down with it.

[indiamikezulu]

POW-Crypto Electricity Consumption Is The Latest Hysteria


" 'Bitcoin miners' power needs could soar higher than global energy production by 2020' — is this correct? Bitcoin mining could eventually consume more than all the electricity produced in the world? Where would the rest of the electricity come from?"

https://www.reddit.com/r/CryptoCurrency/comments/7j31xg/if_you_support_crypto_as_a_whole_love_the_tech/


I will stay on the case. Before I came to cryptos, I spent time studying the politics of climate-change data. It's awful: if an activist/scientist believes a thing is both true and bad, then she/he may simply lie about the data.

'Bitcoin miners will consume an estimated 8.27 terawatt-hours per year. That might sound like a lot, but it's actually less than an eighth of what U.S. data centers use, 1 and only about 0.21 percent of total U.S. consumption.'                 

http://www.zerohedge.com/news/2017-12-11/no-bitcoin-wont-boil-oceans


'Despite what you might've read, we don't have exact figures on Bitcoin's energy consumption. A site called Digiconomist keeps stats on how much energy Bitcoin is consuming, and it's the primary source for the stories circulating on the subject. Some of these stats look horrific: Bitcoin's current energy consumption is 30.2 terawatt-hours (TWh), which is more than 63 specific countries, and a single Bitcoin transaction consumes enough energy to power nearly 10 U.S. households for an entire day. But we shouldn't blindly trust those numbers.'                 

http://mashable.com/2017/12/01/bitcoin-energy/#cXgELVbGEPqU

[indiamikezulu]

This is interesting: http://www.zerohedge.com/news/2017-12-11/oil-producers-turning-crypto-solve-sanctions-problems

[indiamikezulu]

https://cointelegraph.com/news/belarus-signs-super-liberal-blockchain-support-legislation

Even if only a few nations follow the lead of Belarus, the future of cryptos is assured. That is, the more nations try to over-regulate/ban the technology, the more talent and capital will simply pack its suitcases, and move to Belarus and nations like it.