Nearly two-and-a-half years after the CFTC officially declared that bitcoin and cryptocurrencies more broadly would be regulated like securities, a federal judge has ruled that the agency does, in fact, have the authority to regulate the fledgling asset class, according to the same rules governing energy and metals, effectively defining cryptocurrencies as commodities.
US District Judge Jack Weinstein ruled that the CFTC had the standing to bring a fraud lawsuit against New York resident Patrick McDonnell and his company Coin Drop Markets, permitting the case to move forward. Weinstein also preemptively barred McDonnell and CDM from engaging in commodity transactions, according to coindesk.
“Virtual currencies are ‘goods’ exchanged in a market for a uniform quality and value. … They fall well within the common definition of ‘commodity’,” the judge wrote in the order on Tuesday.
The first beta release of a NiftyHash 1.0b3 is now available for download. This is the first Mr. NiceHash specific client for the Apple Mac. It supports all the typical functionality and adds a few new elements for usability. This is a Graphical User Interface (GUI) for command line mining software. This makes it easy to use your computer to mine.
Adding to the pressures on bitcoin early this morning, the Sydney Morning Herald reported that bitcoin users across Australia are reporting that their accounts have been abruptly frozen by the country’s “Big Four” banks. And while the banks have remained largely tight-lipped about the closures, many angry account-holders are jumping to conclusions and blaming the banks for punishing them because of their involvement with bitcoin.
Bitcoin investors are claiming Australia’s banks are freezing their accounts and transfers to cryptocurrency exchanges, with a viral tweet slamming the big four and an exchange platform putting a restriction on Australian deposits.
According to the Herald, cryptocurrency trader and Youtuber Alex Saunders called out National Australia Bank, ANZ, the Commonwealth Bank of Australia and Westpac Banking Corporation on Twitter for freezing customer accounts and transfers to four different bitcoin exchanges – CoinJar, CoinSpot, CoinBase and BTC Markets.
via Zero Hedge – Another dip to be bought as the weekend’s pump’n’dump in Bitcoin has led to yet another new record high this morning at $11,850.
Bitcoin’s market cap is now $200 billion…
This resurgence comes after a week of considerably more active propagandizing from the establishment.
As we noted previously, this week has seen a new group of establishmentarians jump on to the offensive against anti-decentralization, de-control, pro-freedom cryptocurrencies – urging bans, crackdowns, fatwas, taxation, creating their own cryptocurrencies, demanding citizens sell, and outright confiscation (this group includes governments world wide and their mainstream media mouthpieces)…
via ZeroHedge.com – While Bitcoin bulls will probably never have it so good as they have in 2017, we wonder whether many of them have stopped to think about the environmental downside of this roaring bull market. After all, back in the dot.com boom, people had ideas about potential internet businesses, issued pieces of paper representing ownership and watched their prices go parabolic parabolic. All it took was a Powerpoint presentation, some computer programming expertise and a “research” report, courtesy of Mary Meeker, Henry Blodgett et al.
The environmental downside we’re referring to in Bitcoin is, of course, is energy.
The primary energy requirement, however, goes into the computing power to “mine” the Bitcoins. The Bitcoin mining industry can consume 24 terawatt hours of electricity and still be profitable – the Motherboard website provides some context…
Caracas (AFP) – Inside a locked room in an office building in Caracas, 20 humming computers use their data-crunching power to mine bitcoins, an increasingly popular tool in the fight against Venezuela’s hyperinflation.
In warehouses, offices and homes, miners are using modified computers to perform complex computations, essentially book-keeping for digital transactions worldwide, for which they earn a commission in bitcoins.
While practiced worldwide, Bitcoin mining is part of a growing, underground effort in Venezuela to escape the worst effects of a crippling economic and political crisis and runaway inflation that the IMF says could reach 720 percent this year.
Having no confidence in the bolivar and struggling to find dollars, many Venezuelans, who are neither computer geeks nor financial wizards, are relying on the bitcoin — currently valued around $6,050, or other virtual currencies.
Question #1) Apple produces iPhones. Amazon produces fulfillment services for millions of products. What does Bitcoin produce?
Digital Assets produce a functioning alternative to UNLIMITED RE-HYPOTHECATION of DEBT; that is called “The Federal Reserve” and “Debt as Money Ponzi scheme.” The value is in its processes, and the ability to be TRUSTLESS.
Question #2) Bitcoin’s “value” has increased by 350% in the last 12 months. What has Bitcoin introduced in that time period that would justify a 350% increase in its value?
The Money Laundering Act conceptually declares digital crytpo-currency mining, usage, and holding an act of money laundering and counterfeiting, particularly in regards to Federal Reserve Notes maintaining their fictitious Valueless Perception of Worth.
This could make Nevada a hub for blockchain startups and it certainly offers agorist opportunities. In this video, Vin Armani examines a brand new law in his home state of Nevada that creates a free-trade zone for cryptocurrencies and other blockchain applications exempting them from regulations. The law prohibits taxing and regulating blockchain businesses.
The goal is to “regulate bitcoin and virtual currencies.” However, there is nothing “legal” about virtual currencies. Digital Currencies are entirely NON-LEGAL and only LAWFUL. The NY-DFS has been sneaky about it too:
A business must obtain a BitLicense if it engages in virtual currency business activity involving New York State or persons that reside, are located, have a place of business, or are conducting business in New York.
Given all the non-sense with the banking system… and that there literally isn’t enough value to go around for most people on the planet, Digital Currencies are a perfect replacement available right this very moment, NOW.
Review this article describing the Importance of Negative Interest Rates. The public behavior between positive interest rates and negative interest rates is non-linear; beset with dramatic changes in public behavior. The effects of the changes in behavior is amplified within the fiat banking system. Switzerland seems to be going to negative interest rates, and their people are turning to Cash, gold, silver, bitcoins, and alt-coins: