Indian Govt. Panel Could Propose Illegalizing Holding of Unregulated Crypto Assets: Report

It could soon be illegal in the world’s largest democracy to hold cryptocurrencies that lack the government’s seal of approval. According to Moneycontrol, a report which is being prepared by a committee headed by India’s Economic Affairs Secretary, Subhash Chandra Garg, may propose amendments to the existing laws with a view of making it illegal … Continued

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The Daily: A Dirty War on Bitcoin

Today’s installment of The Daily is all about dirty tricks. The sort of tricks designed to convince the world that Bitcoin is bad. Spending bitcoin, mining it, or allowing the Chinese to mine it ahead of the U.S. — all bad, according to American Express, the White House (allegedly) and a handful of other haters. Needless to say, we’ll set the record straight on all counts.

Also read: How Bitcoin Mining Can Help Nuclear Reactors

American Express Fuels Anti-Bitcoin FUD

American Express’ decision to promote a tweet emphasizing the energy consumption of Proof-of-Work cryptocurrencies has been met with astonishment, with r/Bitcoin describing the act as “anti-crypto propaganda.” As one Redditor quipped: “Ah we’ve moved into the ‘then they fight you’ with shitty marketing phase.” Mining is the most widely misunderstood component of Bitcoin, and one which the media and corporations consistently get wrong, be it through ignorance or ulterior motives.

The Daily: The Dirty War on Bitcoin

As news.Bitcoin.com recently noted, “You’ll often hear from mainstream media and uninformed economists that bitcoin burns more energy than a whole country. And while that accusation is far from the truth, as we’ve explained before, you’ll be surprised to hear something you are not being told — it’s way better to burn excess energy than waste it.” Readers can reach their own conclusions as to why American Express might be interested in playing up Bitcoin’s energy consumption, but it’s safe to say that environmental concerns have nothing to do with it.

No, the White House Doesn’t Care
About Bitcoin Mining

The Daily: The Dirty War on BitcoinHow much thought does the White House give to bitcoin mining? “Not a lot,” would be most people’s response, but then most people don’t work for Ripple. A clickbait piece in Forbes yesterday (Oct. 16) titled “China’s Bitcoin Dominance Is Worrying Trump’s White House — And Pushing It Toward Ripple” provoked derision in most quarters of the cryptocurrency space. Few, outside of XRP acolytes, took the article seriously, but there was one notable exception — Nouriel Roubini.

The fervent bitcoin-hater shared the Forbes article, asserting that the White House was “waking up” to the risks of Chinese mining pools, and credited his U.S. Senate testimony with highlighting the “national security risks” of enabling China to control 80 percent of bitcoin mining. As previously noted by news.Bitcoin.com, the location of cryptocurrency mining has no bearing on the network’s security, and Bitmain’s dominance is unlikely to feature in President Trump’s daily briefings. Nor, for that matter, is the mining-free alternative offered by Ripple’s native cryptocurrency, no matter how desperately its marketing team tries to insinuate such. Preston Byrne, predictably, was having none of it:

The Daily: The Dirty War on Bitcoin

The Case for Post-Bitcoin Maximalism

You’ve heard of Bitcoin maximalism. Now say hello to post-Bitcoin maximalism, the next level of wokeness. While thought pieces generally aren’t the preserve of The Daily, which is more news-oriented, Ferdous Bhai’s treatise on post-bitcoin maximalism warrants a mention. The widely shared post, published on Oct. 15, takes aim at those who wish to define what Bitcoin is and how it should be used. By way of example, the post includes Giacomo Zucco’s much-maligned slide that professes to share four universal truths about Bitcoin.

The Daily: The Dirty War on Bitcoin

Dismissing these notions, and others expressed by maximalists, Bhai writes: “One of the major reasons I believe we haven’t seen a war on Bitcoin is the existence of altcoins. Altcoins are insurance against state-level attacks on Bitcoin … From a game theory perspective, state-wide attacks on Bitcoin is a dumb idea, as long as the threat of one or more altcoins to replace Bitcoin’s role exists … Bitcoin is not the end-goal; it’s a means to our goal of censorship-resistant, permissionless, denationalized money that we can opt in and out voluntarily, not by coercion, social engineering or threats of violence.”

As Bitcoin grows stronger, attacks against it from governments, from legacy payment providers, and from concern trolls will only increase. It’s a dirty war.

What are your thoughts on today’s news tidbits as featured in The Daily? Let us know in the comments section below.


Images courtesy of Shutterstock, Twitter, and Medium.


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PR: Bithumb to Hold Special Promotion for New Registered Foreign Users

Bithumb to Hold Special Promotion for New Registered Foreign Users

This is a paid press release, which contains forward looking statements, and should be treated as advertising or promotional material. Bitcoin.com does not endorse nor support this product/service. Bitcoin.com is not responsible for or liable for any content, accuracy or quality within the press release.

Bithumb to Hold ‘Special Promotion’ for New Registered Foreign Users

Provide benefits for KRW 20 Million transactions with new registration during event period

Bithumb, a global cryptocurrency exchange will offer a new registration event to global users who newly join and start making cryptocurrency tranactions.

Bithumb is planning to hold a ‘New Registration Event’ for overseas users from October 15 to November 14, 2018 (GMT +9) Korean Standard Time. The event is for overseas users who have signed up for the Bithumb and completed transactions over KRW 20 Million (Approx. USD 17,490, Bithumb cash standard). The users who are satisfied with above conditions are expecting to receive benefits of 20,000 Bithumb cash after the event period.

Bithumb cash benefits will be given in consecutive order from December 3 until December 7, 2018 for five days (GMT+9) Korean Standard Time.

According to Head of Marketing Department of Bithumb, Andy Choi, “global interest in cryptocurrencies such as Bitcoin and Ethereum is growing.” And he added, “We appreciate our foreign global users for their trust in and transaction on Bithumb. We are planning to hold various events in order to express our gratitude.”

Bithumb is now holding a ‘Cryptocurrency Transaction Fee Refund Event’ and ‘Super Airdrop Festival Season 2’ as well.

For global customer’s convenience, Bithumb provides a foreign language counseling service in English, Japanese and Chinese, further strengthening its position as a leading cryptocurrency exchange in the world.

Contact Email Address
sam.m@creativeclicks.com

Supporting Link
https://www.bithumb.com/merchant/gwbanner?bsid=PR1015WAA&utm_source=btc&utm_medium=ww&utm_campaign=PR

This is a paid press release. Readers should do their own due diligence before taking any actions related to the promoted company or any of its affiliates or services. Bitcoin.com is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in the press release.

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India’s Largest Internet & Mobile Body Forms a Blockchain Committee

In a marked move to advance the development of the domestic blockchain ecosystem in India, the country’s influential internet industry association has formed a committee dedicated to the decentralized technology. With the new blockchain committee, the Internet and Mobile Association of India (IAMAI) is looking to engage with the government, the wider industry and startups

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