Don't know.So what now happens to cryptocurrencies already owned by Chinese citizens?
Do they have a viable option to sell that in exchange for Chinese or foreign fiat currency or some other asset or have they simply lost their money outright?
Don't know.
If they keep their wallet on a hard drive say, then they can still keep the coins I presume, but given that the CCP has made all crypto transactions illegal, I don't see how they can exchange them within Chinas jurisdiction.
The underground mining setups will struggle, as will anyone invested heavily in bitcoin within china if they cannot realise their investment.
be interesting to see what happens next.
Mick
Not sure if I would agree with the good Frank, but I am not a crypto expert.(Kitco News) - Ethereum is going to be the next cryptocurrency to explode to the upside, Frank Holmes, CEO, and CIO of U.S. Global Investors predicts. Ethereum, the second most-valuable cryptocurrency behind Bitcoin, is already up 830 percent for the past year.
Holmes, who is also the Executive Chairman of HIVE Blockchain, spoke to David Lin, Anchor for Kitco News. HIVE Blockchain is the first publicly traded crypto miner listed on the Toronto Venture Exchange.
Holmes compared the phenomena of when there is a run up on gold, and then silver follows -- to the same phenomena happening to Bitcoin and Ethereum. "When gold goes to a 50 day moving average, and it goes up 15-20 percent, silver all of a sudden surges 30 percent. Ethereum is to Bitcoin -- is like silver is to gold," he explained. "Bitcoin makes the big charge, then all of a sudden Ethereum explodes to the upside. That's the sweet spot for us."
"The biggest challenge we have mining for Ethereum is that so many young people have GPU chips for gaming, and they are all mining Ethereum so we get less coins. Our prices are up dramatically from a year ago, but the machines that used to produce 300 Ethereum a day when Ethereum was $300 -- are now producing 80 a day," Holmes emphasized. "Our net revenue or gross revenue is higher because all these gamers around the world are in crypto. Gaming as a whole is a $600 billion business."
Holmes said his biggest concern for Ethereum is that "we are going from proof of work, which is mining and validating the encryption, to proof of stake. But it hasn't happened -- every upgrade -- all it does is shrink the supply outside, but it doesn't stop the demand and people mining for it," he said. "It's actually much more decentralized around the world than Bitcoin miners are."
He explained why he is so bullish on Ethereum. "It is a smart contract -- Ethereum has many more uses than Bitcoin does, the same way silver does -- 20 percent of demand for silver is for solar energy. It has a green footprint, viruses can't live on silver, it has many medical uses, etc.," Holmes added. "The same thing with Ethereum, it is used for DeFi, for NFT'S. It's a much more important backbone for growth in blockchain."
But Holmes said Bitcoin has positive attributes too. "Bitcoin is a store of value. Its greatest asset is its ability to transfer immediately and cheaply versus traditional transfers of money like Western Union. So, remittance between developed nations and developing nations is a classic reason why Bitcoin is a superior way of moving money," he said.
Holmes encourages young and aggressive investors to own both Bitcoin and Ethereum. "Gold is a great trade for the conservative or older investor, but it has lagged the markets on a relative basis for the money printing. Gold should have a projectile potential for $3,000 an ounce in the short period," Holmes said.
I'm only interested in what's 10-10000 bagging.According to one of the 18billion commentators on markets, Etherium is next crypto to go on a run.
FromKitco
Not sure if I would agree with the good Frank, but I am not a crypto expert.
Perhaps someone here who is closer to that Nirvana can do it for me.
Mick
Tether is grand scale scam..the more you learn the more puzzled you are at how the hell did they manage to keep that level of fraudulent activity so long and so farTether is looking really worrying. Looks worse than Evergrande.
The narrative is that bitcoin is the new gold (meaning inflation hedge). I just showed the US10Y correlation.I don't like the comparisons between Bitcoin and Gold. Both are very valuable, but I think they are too different to compare them.
Obviously the punters were keen to get on board.The roaring success of BetaShares Crypto Innovators exchange traded fund has reinforced plans by the company to bring two new cryptocurrency funds to market.
Investors ploughed almost $42.5m into the BetaShares Crypto exchange traded fund on its opening day of trade.
Almost $5.2m was traded in the first five minutes of trade when the fund debuted on the market at 11.01am on Thursday.
The size of the market reception topped previous ASX records for first day trading value, which had previously been notched up at $8m in March this year.
Exchange traded funds are offered to investors as an opportunity to buy a basket of investments, spreading risk.
The crypto offering was marketed as opening the opportunity for investors to take a slice of the booming cryptocurrency market, which despite its risky nature saw investors pile in.
READ MORE:Aussie crypto fund Apollo Capital bets big on DeFi|CBA to offer crypto trading on its banking app
BetaShares even acknowledges the “very high risk” of the sector, noting “crypto-assets are highly speculative in nature and companies with significant exposure to crypto-asset markets can be expected to have a very high level of return volatility”.
Underneath the fund lies investments in Silvergate Capital, which takes 12.3 per cent weight of assets, followed by Marathon Digital Holdings, Galaxy Digital Holdings, Coinbase Global, and others.
Shares in Silvergate Capital open the door to Silvergate Bank, which offers technology platforms to fintechs and digital currency companies.
Marathon Digital Holdings is the parent company of Uniloc which owns Bitcoins and Bitcoin mining operations.
Tether is looking really worrying. Looks worse than Evergrande.
Still not sure if it will really resolve anything, unless someone somewhere comes up with the private key for the orignal bitcoin mining wallet.A seemingly run-of-the-mill trial is playing out in Florida: The family of a deceased man is suing his former business partner over control of their partnership’s assets.
In this case, the assets in question are a cache of about one million bitcoins, equivalent to around $US64bn ($87bn) today, belonging to bitcoin’s creator, the pseudonymous Satoshi Nakamoto. The family of the dead man says he and his business partner together were Nakamoto, and thus the family is entitled to half of the fortune.
Who Satoshi Nakamoto is has been one of the financial world’s enduring mysteries. Does the name refer to one person? Or several? And why has he or she or they not touched a penny of that fortune?
The answers to those questions are at the centre of the Florida dispute and of bitcoin itself. Bitcoin has become a trillion-dollar market, with tens of millions of investors. It has challenged governments trying to regulate it and has been endorsed by some. The technology behind it is seen by some as a way to rewire the global financial system. Yet, who created it and why has remained a mystery.
And that is all before you get to who controls one of the largest private fortunes in the world.
That is what a Florida jury will try to tackle. The family of David Kleiman is suing his former business partner, a 51-year-old Australian programmer living in London named Craig Wright. Mr Wright has been arguing since 2016 that he created bitcoin, a claim dismissed by most in the bitcoin community. Mr Kleiman’s family argues that the two worked on and mined bitcoin together, entitling Mr Kleiman’s family to half a million bitcoins.
“We believe the evidence will show there was a partnership to create and mine over one million bitcoin,” said Vel Freedman, a lawyer for the Kleiman family.
The plaintiffs plan to produce evidence showing that the two were involved in bitcoin since its inception and worked together.
“It is about two friends who had a partnership, and about how one of them tried to take everything for himself after the other died,” said Tibor Nagy, a lawyer who has been observing the trial.
The defence said it has evidence that will show Mr. Wright is the creator of bitcoin and never included Mr Kleiman. “We believe the court will find there’s nothing to indicate or record that they were in a partnership,” said Andrés Rivero, a lawyer for Mr Wright.
For bitcoiners, there is only one piece of evidence that could conclusively prove the identity of Satoshi Nakamoto: the private key that controls the account where Nakamoto stored the one million bitcoins. Anyone claiming to be Satoshi Nakamoto could show that he or she has them by moving even a fraction of a coin out of it.
Craig Wright has claimed he is Satoshi Nakamoto, inventor of virtual currency bitcoin. Picture: Kristina Uffe
The mystery of Satoshi Nakamoto is one of the curiosities of bitcoin. On October 31, 2008, somebody using that name sent a nine-page paper to a group of cryptographers explaining a system of “electronic cash” that allowed people to exchange value without the need for a bank or other party. A few months later, the bitcoin network went live, and Nakamoto collected one million bitcoins in its first year.
It was earlier in 2008 that the family of Mr Kleiman claims his business partner Mr Wright asked for Mr Kleiman’s help in what would become that nine-page paper. They collaborated on the white paper and launched bitcoin together, the suit alleges.
Bitcoin combined encryption, cryptography, distributed computing and game theory. With bitcoin, two people, anywhere in the world with an internet connection, could transact without a middleman in minutes.
For every single one of the more than 650 million bitcoin transactions, all publicly visible on a ledger called the “blockchain,” there are two strings of numbers that control how the digital currency is moved: a public key and a private key. Anybody can send bitcoin to the public key, or the destination address, which is similar to a bank account. Only the person who controls the account will have the private key and essentially own the bitcoin.
In bitcoin’s early days, nobody cared much about Nakamoto’s identity. Bitcoin had no tangible value and only a small group of backers. Nakamoto was active in its development for about two years, writing on message boards and emailing with developers. In December 2010, Nakamoto, who was known to use two email addresses and have one registered website, stopped posting publicly; essentially, Nakamoto disappeared.
The universe of people with the technical knowledge to create bitcoin is limited. Most of the prominent names in cryptography have been tagged as Nakamoto. All have denied it, and no evidence has ever linked anyone conclusively to bitcoin’s creation
A bitcoin mining facility in upstate New York is using electricity from a local hydro-electric plant powered by the Niagara River. The company is part of a group of miners attempting to make the industry more sustainable, both environmentally and financially. Illustration: Alex Kuzoian/WSJ
Meanwhile, in 2011, Mr Kleiman incorporated a company in Florida called W&K Info Defence Research. His family alleges that it was a partnership and that Mr. Wright later tried to claim outright ownership. The defence says there was in fact no partnership.
Mr. Kleiman died on April 26, 2013.
The next year, Newsweek reported that a man with the same last name as Satoshi – Dorian Nakamoto – was bitcoin’s creator. He denied the claim, and on a message board, a one-sentence post from an account known to have been used by the real Nakamoto agreed: “I am not Dorian Nakamoto.” If that was a genuine message from bitcoin’s creator, it is the last public correspondence from Nakamoto.
In May 2016, Mr Wright claimed that he was bitcoin’s founder. He met with several early bitcoin pioneers, gave exclusive interviews to three media outlets and filled a website with papers he had written about cryptography and bitcoin.
Three days later, facing withering criticism, he dropped the claim. He pulled everything off the website and replaced it with a four-paragraph apology.
“I broke,” he wrote. “I do not have the courage. I cannot.” He has since renewed his insistence that he created bitcoin.
Whether Mr Wright or Mr Kleiman possesses or possessed the knowledge to have created the cryptocurrency is contested.
Mr Wright “has been hacking, bamboozling and fooling people, playing the confidence game,” said Arthur van Pelt, a bitcoin investor who has emerged as one of Mr Wright’s most vocal critics.
“There is no genuine, independent, credible proof whatsoever.”
Mr Kleiman’s computing expertise was known to be extensive. It is possible that Mr Kleiman created bitcoin, Emin Gun Sirer, founder of Ava Labs, said, but there isn’t enough information to be sure. “It’s an open question,” he said.
All i can see coming from this is that Gensler will be the mechanism whereby the US Fed crushes the bitcoin industry, mainly because it cannot control it.How long would you hold a live grenade after the pin has been pulled ?
I was doing some research on the question of how well backed Tether is as a Stable Coin. And in fact if matters anyway.
A long read but perhaps a consideration for ASF punters playing at the CCC (Crypto Currency Casinos.)
Untethered
It’s time to get very worried about Tether, the “stablecoin” at the center of the crypto economy.
Many things that are terrible for you in high doses are pretty fun in low ones. For example, I enjoy some light gambling, or used to before the responsibilities of adulthood robbed me of the luxury. Two good things about gambling: It’s social—at least if you do it in person—and you can drink alcohol while doing it. Sometimes you win, sometimes you don’t, but you get time with fellow humans, an adrenaline rush, and a story to tell later. As long as you’re doing it with money you can afford to lose and you know the risks involved, it’s usually fine.
One place where it looks increasingly not fine is the cryptocurrency industry, which Securities and Exchange Commission Chairman Gary Gensler has compared to betting in unlicensed, unregistered casinos. “We’ve got a lot of casinos here in the Wild West,” Gensler said in a chat last month with the Washington Post. “And the poker chip is these stablecoins.” In this casino, the chips themselves might be just as risky as sitting down at the blackjack table.
... The question of whether Tether is a fraud, then, matters less than the questions that animate so much crypto trading: Can I make money from it? Is the gamble worth it?
A prominent Tether critic who goes by the pseudonym Bitfinex’ed defined Tether’s profound risk by way of a vivid thought experiment. “I’m going to give you a grenade, and this grenade has a random timer,” he said. “It could be 30 seconds. It could be six months. I’m going to pull the pin. And for every 10 seconds you hold that grenade, I’m going to give you a thousand bucks in cash. How long are you going to hold the grenade for?”
There’s a Potential Grenade at the Center of the Crypto Economy
The stablecoin Tether appears to be neither stable nor especially tethered.slate.com
All i can see coming from this is that Gensler will be the mechanism whereby the US Fed crushes the bitcoin industry, mainly because it cannot control it.
Best to outlaw it, but you need a scapegoat to get away with it.
Mick
I have certain rules about investing/trading.Fair enough Mick. Your money. Your choice.
Perhaps you should consider pushing all the chips into the pot and betting up big before the game is stopped. You could win big.
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What struck me about the analysis was the comparison to unregulated gambling and Big Players vs Little Players. I.E Who was going to get screwed and who was going to do it. In my younger days I played poker in a couple of schools. Initially I wasn't bad, generally held my own and came out somewhat ahead.
But as time wore on the weaker players dropped out as they consistently lost and their bank balances faltered. As they left it became clear to me I was now in the bottom half of the school.So regretfully I too didn't turn up. The writing was on the wall.
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