Archives of “BITCOIN” category

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WSJ says “Ban Cryptocurrency to Fight Ransomware” (relax folks, its an opinion piece)

  
Analysis, BITCOIN

The Wall Street Journal editorialising on “The existence of bitcoin and the rest benefits nobody except criminals and speculators.”.

WSJ point to the latest (AFAIK) example of a ransomware attack, Colonial Pipeline. And:
  • nearly 2,500 cases of ransomware reported to the Federal Bureau of Investigation last year
  • ransomware victims paid hackers $350 million in cryptocurrency last year
Says the article:
  • The solutions floated after the Colonial hack—improved cybersecurity in the private sector and public-private collaboration to protect critical infrastructure—are pro forma and inadequate. There is a simpler and more effective way to stop the ransomware pandemic: Ban cryptocurrency.
  • Ransomware can’t succeed without cryptocurrency. 
Here is the link for more. Which side of ledger do you fall? Iin the comments please!

Shady looking character:

The Wall Street Journal editorialising on "The existence of bitcoin and the rest benefits nobody except criminals and speculators.".

ICYMI – Major China hub for Bitcoin mining issues harshest crackdown measures yet (draft at this stage)

  
Analysis, BITCOIN

Via state media mouthpiece Global Times in China:

  • North China’s Inner Mongolia Autonomous Region issued what appears to be the harshest crackdown measures yet on mining activities
  • possible revocation of licenses for telecom and internet companies that engage in cryptocurrency mining activities
  • Big data centers and cloud computing firms could also face cancellation of policy support by the government if they engage in cryptocurrency mining activities
  • draft measures at this stage 
Link here to the GT for more.
BTC price is relatively (for it) stable:
Via state media mouthpiece Global Times in China:

Deutsche Bank jumps on the BTC-bashing bandwagon – says its value is based on wishful thinking

  
Analysis, BITCOIN
DB:
  • Those few words caused bitcoin’s value to plummet from nearly $60,000 in the days before to below $48,000
  • on Tuesday, the PBoC reiterated that it would ban digital tokens as a means of payment, thus causing Bitcoin to plunge just above $30,000 at one point
DB then argues that
  • the real debate is whether rising valuations alone can be reason enough for bitcoin to evolve into an asset class, or whether its illiquidity is an obstacle
  • the value of bitcoin is entirely based on wishful thinking
Hmmmm. DB not mentioning other cryptos now competing with BTC, other cryptos with higher utility (can be used for reliably for payments etc., see this here: Bitcoin crumbles after Elon Musk bails. Why it may never recover).
A client note from analysts at DB on Bitcoin. Follows the rout in the crypto over the past week or so.

A BTC ICYMI – China bans financial institutions from offering cryptocurrency services

  
Analysis, BITCOIN

Info comes via Reuters, the wire citing three industry bodies in a joint statement on Tuesday.

China ban institutions, including banks and online payments channels:
  • must not offer clients any service involving cryptocurrency, such as registration, trading, clearing and settlement
Also warned investors against speculative crypto trading
  • “Recently, crypto currency prices have skyrocketed and plummeted, and speculative trading of cryptocurrency has rebounded, seriously infringing on the safety of people’s property and disrupting the normal economic and financial order”
  • virtual currencies “are not supported by real value,” their prices are easily manipulated, and trading contracts are not protected by Chinese law
—
The three industry bodies statement cited:
  • National Internet Finance Association of China
  • China Banking Association
  • Payment and Clearing Association of China
Info comes via Reuters, the wire citing three industry bodies in a joint statement on Tuesday.
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