Crypto News 

Incoming NY Fed chief: Bitcoin ‘doesn’t make sense’ as a currency

“Rather, they hope that a system of competing, private cryptocurrencies government-issued currencies, with or without the approval of the government” writes Ap Photo Kin for washingtonexaminer.com. A currency should have stable value and facilitate transactions, he noted.He also compared bitcoin to the gold standard, saying that an inelastic currency is inferior to an elastic currency that can “evolve” in line with the economy. “I feel that this whole cryptocurrency as a currency just doesn’t pass a basic test of what a currency should be or what a supply of an…

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A.G. Schneiderman Embodies the Hostile Approach…

“As such, it is not surprising to see A.G Schneiderman probe 13 different exchanges and trading platforms” writes Jp Buntinx for livebitcoinnews.com. As such, A.G Schneiderman wants to take a closer look at these trading platforms.Cryptocurrency exchanges are a vital piece of the ecosystem’s infrastructure.Centralized cryptocurrency exchanges offer a high degree of convenience.Yet too often, consumers don’t have the basic facts they need to assess the fairness, integrity, and security of these trading platforms. Source: livebitcoinnews.com Share This:

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IMF Head Says Underlying Technology of Cryptocurrencies Could Aid Finance System

“Then she said that the same reason digital currencies are so appealing is also what makes them so dangerous due to the fact that they have an element of anonymity” writes Rebecca Campbell Is for coinjournal.net. Notably, she went on to say that in order for cryptocurrencies to transform the finance system, they must first earn the confidence and support of consumers and authorities.The price of bitcoin saw a boost in value, which coincided with remarks from the chief of the International Monetary Fund (IMF) after she wrote about the…

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What Drove the Mid-April Cryptocurrency Rebound?

“What could be behind the mid-April bump to the digital currency space?” writes Nathan Reiff for investopedia.com. One of the major questions about digital currencies has been how they will be taxed by governments around the world.The turbulence associated with digital currencies could be picking back up again after a few months of general disappointment.In the U.S., regulatory bodies determined that digital currencies would be classified as property, making certain transactions subject to capital gains tax.With this massive tax payment looming over the heads of cryptocurrency enthusiasts across the country,…

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IMF Chief Says Bitcoin Tools Could Make Traditional…

“The head of the International Monetary Fund (IMF) has said that the underlying technology of bitcoin and other digital currencies could make the finance system function more effectively” writes Rebecca Campbell for livebitcoinnews.com. Back in February, the chief of the IMF said that it was only a matter of time before digital currencies fall under government regulation.At the time, she expressed that there was ‘probably quite a bit of dark activity [in cryptocurrencies],’ which called for the need for international regulation and proper supervision. Source: livebitcoinnews.com Share This:

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This cryptocurrency startup with a 12-year-old CEO is trying to solve a common frustration among gamers

“George initially asked for an 80% stake in their cryptocurrency-based gaming platform Pocketful of Quarters, a proposal his father, Michael, balked at” writes Zo Bernard for businessinsider.com. “A 12-year-old mind can see the world unpolluted by all of the silly compromises we’ve made, and that’s exactly what happened when I explained cryptocurrencies to George,” Michael said.So when my dad told me about cryptocurrencies, creating a cryptocurrency for games made sense to me.”.  Source: businessinsider.com Share This:

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How bitcoin is fueling America’s opioid crisis

“He stockpiled bitcoin even as he worked at outposts of Apple and eBay in Utah over the next few years” writes Ylan Mui for cnbc.com. He began hunting for — or “mining” — bitcoin soon after it was created in 2009, while he was still a student at Utah Valley University.Shamo is accused of trafficking the deadly opioid fentanyl and financing the operation with bitcoin.The 28-year-old former Eagle Scout was an early convert to cryptocurrency, a digital form of money that exists independently of any country or central bank. Source: cnbc.com…

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Russian Bitcoin thieves get sentenced after stealing data from cryptocurrency forum

“Russian authorities continue to prosecute cryptocurrency fraud, with the latest example of such actions coming from the town of Nyagan” reports financefeeds.com. The Russian police today announced that two men, born in 1993, have been charged with fraud and sentenced over stealing BTC-e codes from online forum users.During the course of the investigation, the police found that the criminals obtained access to the database of a cryptocurrency online forum and illegally tapped into the information of the users of the forum. Source: financefeeds.com Share This:

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Why cryptocurrencies could be the solution to Africa’s payments challe…

“And many cell phone owners take advantage of mobile money features” writes John Stevens for thenextweb.com. In fact, Gabon, Ghana, Kenya, Namibia, Tanzania, Uganda, and Zimbabwe now have more than 40 percent of adults as active mobile money users, according to the GSM Association.BitMinutes is a blockchain-powered P2P payment service with features similar to Venmo.There is a genuine need for a secure way to make digital payments and loans for small transactions.However, one area where technology has the potential to help those living in underdeveloped parts of the globe is…

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Cryptocurrencies lack one element needed to become a legitimate form of currency

“Bank deposits are just bank liabilities (customer assets) that exist because a bank made a loan” writes Cullen Roche for businessinsider.com. Most of the money in today’s world is comprised of bank deposits.Your loan is your liability and the bank’s asset.This renders it a relatively inferior form of money because it cannot be used as credit.The remaining 25% or so exist because people buy cars and have revolving credit lines on their credit cards: Importantly, loans (and hence deposits) are an elastic form of money. Source: businessinsider.com Share This:

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