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The U.S. Government Tried To Shut Down Bitcoin

Bitcoin conspiracy theorists have long suspected the U.S. government, among others, would like to shut down bitcoin.

Bitcoin’s first decade has seen its price explode, making early adopters overnight millionaires, and prompting some of the world’s biggest technology companies to create their own versions of bitcoin.

Now, it’s been revealed federal prosecutor-turned bitcoin and cryptocurrency expert Katie Haun was asked to look into “shutting down” bitcoin by her boss at the U.S. attorney’s office in 2012.

“They said ‘we have this perfect assignment for you’–there’s this thing called bitcoin and we need to investigate it,” Haun told CNBC in a wide-ranging interview, adding a colleague asked her to take down bitcoin.

“That was the first time I’d ever heard of bitcoin.”

Over the next few years Haun would go on to sit on the board of U.S. bitcoin and cryptocurrency exchange Coinbase and teach a class on cryptocurrency at Stanford Law School.

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Any serious attempt made by the U.S. Department of Justice to shut down bitcoin inevitably came to naught, with Haun saying, “it would have been akin to saying ‘let’s go prosecute cash.'”

Haun, who is now the first female general partner at U.S. venture capital firm Andreessen Horowitz and co-heads its $350 million cryptocurrency fund, has worked closely with social media giant Facebook in development of its troubled libra cryptocurrency project.

U.S. government opposition to bitcoin and cryptocurrencies has become far more transparent since Donald Trump entered the White House.

Earlier this year, U.S. president Trump sent shockwaves throughout the bitcoin and cryptocurrency industry when he tweeted a vicious attack on Facebook’s bitcoin rival plans, branding it and bitcoin “unregulated crypto assets.”

Others in the U.S. government were quick to tow the line, with U.S. Treasury secretary Steven Mnuchin adding his voice to the assault on bitcoin, Facebook’s planned Libra crypto project, and other cryptocurrencies, warning they pose a “national security” risk to the country.

Elsewhere, Apple chief executive Tim Cook has warned companies against creating their own cryptocurrencies.

“What we heard with libra were the same criticisms [I’d first heard about bitcoin]” Haun said.

“They were just heightened and they got more attention because of the high-profile nature of the project and the fact that Facebook was involved. I think it would be a really dangerous thing, and frankly a dangerous precedent to start shutting down technology before it’s built.”

Facebook’s libra has been under fire over the last week, with internet payments company PayPal, one of the Libra Association’s founding members, suddenly pulling out of the group on Friday.

Mark Zuckerberg, Facebook founder and chief executive, had hoped to work with global regulators to clear libra’s path to launch in June 2020 but appears to have underestimated the level of opposition to the scheme.

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I am a journalist with significant experience covering technology, finance, economics, and business around the world. As the founding editor of Verdict.co.uk I reported on how technology is changing business, political trends, and the latest culture and lifestyle. I have covered the rise of bitcoin and cryptocurrency since 2012 and have charted its emergence as a niche technology into the greatest threat to the established financial system the world has ever seen and the most important new technology since the internet itself. I have worked and written for CityAM, the Financial Times, and the New Statesman, amongst others. Follow me on Twitter @billybambrough or email me on billyATbillybambrough.com. Disclosure: I occasionally hold some small amount of bitcoin and other cryptocurrencies.

Source: The U.S. Government Tried To Shut Down Bitcoin

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Bitcoin Is The New Gold

I always write about this basic idea when it comes to any investing: which way is the market going, up or down?

If you know, you are in great shape; if you don’t, you should not be playing at all.

This is the question on bitcoin.

All last year I was saying, “It’s going down, hopefully to about $2,500.” It hit the low $3,000s.

Now bitcoin is going up and I will be saying “It’s going up.” I think it will hit $6,000 soon and go on to $10,000.

At $10,000 I will look to recalibrate.

For now the crypto winter is over.

Here is the chart:

The Bitcoin chart: the crypto winter is over

This is a simple chart with some guidelines and there is a clear pathway upwards.

There is apparently a lot of China interest in crypto right now, with tether selling at a premium. This makes sense if the market considers a yuan dollar depreciation on the cards. Tether has been shown to be resilient, even if it is still a controversial coin. It remains a good place to stash capital from short-term moves, be that from bitcoin volatility or ‘fiat’ privations.

Money flowing into stablecoins is going to lift bitcoin because fundamentally  money flowing into crypto is what sustains and raises prices.

Bitcoin and altcoins have to have positive money flow because they are “mined” and have their monetary bases expanded with every block. For bitcoin $9 million of new money must enter every day to match new supply. It’s not that straight forward because if miners hodl on to some or all of their bitcoin, less money needs to enter on a daily basis to prop up the price. In the end, however, supply and demand creates the price and for new supply to be matched at current levels, more than $3.3 billion dollars has to flow into bitcoin to make it go up.

That might seem a lot but it is not when you see the scale of modern markets. Gold production is $140 billion, so that’s the amount of fiat that most come into the system to keep its price around $1,300 an ounce.

Both assets have about the same emission as a percentage; the difference being the market cap of gold is about $5 trillion and bitcoin is $0.09 trillion.

Gold is the global asset to hedge against risk and investors are incredibly interested in it. It is a mainstream asset dwarfing equities and other assets in the mind of the man in the street as an “investment.”

Google searches for gold and Bitcoin in the US

Google searches for gold and bitcoin in the U.S.

Credit: Google

When you drill down into mindshare, when you look at interest in the financial news,  you can see what looks like bitcoin eating into the interest in gold, at least in the U.S.

If you look at the global picture this trend can’t be seen as clearly and when you appreciate global interest in gold is driven by countries with low tech penetration it suggests that as time passes, bitcoin and crypto will increasingly share the flight capital/risk asset crown with gold.

Google searches for gold and Bitcoin worldwide

Google searches for gold and bitcoin worldwide

Credit: Google

Even if bitcoin takes 20% of that market, bitcoin will be through its previous $20,000 high. That is without bitcoin continuing to be used for transactions or any other emergent use case or situation.

Bitcoin winter is over, the price is going up, the only question is how high. For now $6,000 is an easy target and $10,000 a coin this year is not such a hard target. I’m still accumulating.

Forbes Special Offer: Be among the first to get important crypto and blockchain news and information with Forbes Crypto Confidential. It’s free, sign up now.

Clem Chambers is the CEO of private investors Web site ADVFN.com and author of Be Rich, The Game in Wall Street and Trading Cryptocurrencies: A Beginner’s Guide.

In November 2018, Chambers won Journalist of the Year in the Business Market Commentary category in the State Street U.K. Institutional Press Awards.

 

Clem Chambers Clem Chambers Contributor

I am the CEO of stocks and investment website ADVFN . As well as running Europe and South America’s leading financial market website I am a prolific financial writer….

Intelligent Investing is a contributor page dedicated to the insights and ideas of Forbes Investor Team. Forbes Investor Team is comprised of thought leaders in the area…

Source: Bitcoin Is The New Gold

Bitcoin Power and the Uncensorable Cloud – A New Ode to Crypto Predicts the Return of Retail Investors in 2019 | The Daily Hodl

In an epic ode to crypto, Ben from Los Angeles penned a glittering summation of the state of the market in verse, with plenty of wordplay and analysis of market psychology, the behavior of traders, the future of adoption and the strength of Bitcoin. He made the submission to Laura Shin for her weekly podcast Unchained which covers trends, insights and interviews on blockchain and cryptocurrency…….

Source: Bitcoin Power and the Uncensorable Cloud – A New Ode to Crypto Predicts the Return of Retail Investors in 2019 | The Daily Hodl

Stop Using “Transactions Per Second:” Bitcoin’s More Than That -Nigel Dollentas

1

While bitcoin serves many functions, one its most substantial uses is as a payment system. Typically the metric that has been used to compare Bitcoin to companies like VISA, Paypal, or even newer blockchains that tout higher transaction capacity, is through how many transactions the system can handle, usually seen as transaction per second (tps). An article published on November 10, 2018, argues that not only is the three-four tps rate of Bitcoin fine, but perfectly suitable for the kind of transactions Bitcoin is catered for…………

Read more: https://btcmanager.com/transactions-per-second-bitcoin/

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