What is Money?
Money, what is this thing? Is it gold, well it used to be. Is it love, well, it has become that. Is it a need, well Buddha lived without it. Is it a weapon well it could be used to buy them. Money is evolving and it is helping and enabling whole large ass chunks of societies with it. It is some creative, outer space incepted, unicorn-poop, dangly cluster-fuck of a creation that has driven countries mad and turned the world into a concrete jungle. No, we are not haters like that, it is just what it is. Money turns the world bonkers, while it continues to fuel things, empower people and help charities do all their good work. We have no intention of being a warmonger, just shining some light into the true side of things.
What has changed now?
We are stuck up people who have evolved from apes. Similarly, our money has evolved from barter, trade, giant gold coins, gold bricks, copper, metal, to paper money backed up by an international gold standard, to fiat and now to bitcoin and its descendants. That is a hell of a journey. The journey of the first bank by the Medici family in Spain, during the late 2000 BC, to the case of a 100-year-old bank by the Leeman Brothers failed, to today’s state of the art blockchain developments that are identical to banks, has been harder on its own people.
Perhaps this is the way that capitalism and meritocracy works. Or the myth of meritocracy and as some ancient medieval souls call it, fate has done more harm than good, but today technologies that empower self-employment and decentralization are ready to put forth an unprecedented battle. And people are shaken.
Something like 30 years ago, when Mario Kart first came out our notions of money were shooketh. A kid from that time would have had a heavy time explaining to their parents how does the game money matter, why are we collecting that gold, what for, why when there is no value of it. Sure, yes, it is a game, sure it is fun to play, sure Pacman eats cheese and this is a tad bit more creative than that, sure this is the new narrative and all the Atari’s, King Kong’s and Family computers can be cooler but we are liking ourselves right now and its all because of Mario, his girl, and their gold coins.
the fuck is transparent money?
No, it is not physically transparent, although it can be argued that it is, that beautiful and pun-loaded argument is for another time. Transparent money is crystal clear and written in stone, a digital stone. The etching in stone here really means that no changes can be made to it, well, you can try, as people try, but at some time people catch up and they find what the fuck is happening after all. The system is self-guarding and the participants work as a team not as a team working under a person, authority or ruler, but as a democratic and truly decentralized team that agrees on a consensus that gives it all the intellect it needs to be self-sufficient and effective.
Digital money, internet money, cryptos, whatever you call them, whatever people may call them, they changed humanity. This was the biggest disruption of a lazy industry that wouldn’t change itself that mankind has seen so far in the history of disruption.
Money is now transparent, i.e it can be asked about who has done what to it, with it, when, how, why and what not. It has all the answers people need that fiat fails to provide. The record keeping is kept forever. It is decentralized, this means that bitcoin is not owned by some Leeman Brothers, so the double spending really is not possible, it is smart that way.
Bitcoin is for everyone. Finally, Martin Luther King Jr. can have his dream. Finally, the Lincoln Memorial can be visited with lesser guilt, pain, and shame. Because, bitcoin does not differentiate people and discriminate them on the basis of their color, creed, caste, status or nationality. It is the true essence of a world of tomorrow and it means major political and social changes are to follow us. Because now money can be free for all to use, even if banks fail people, communities, refugees, and countries, bitcoin does not.
Bitcoin Hash Rate alcanza 102 quintillones en el hito histórico de la red
Bitcoin’s (BTC) network hash rate has passed a record 102 quintillion hashes for the first time in history in a historic milestone for the cryptocurrency.
Bitcoin adds another zero to hash rate
As data from monitoring resource Blockchain confirmed on Sept. 18, hash rate, ultimately a function of how secure the Bitcoin network is, has reached a high of 102.8 quintillion hashes.
Bitcoin network hash rate. Source: Blockchain
The achievement follows a string of records for the metric this year, Cointelegraph reporting on various stages of its expansion over the past few months.
Hash rate refers to the amount of computing power involved in processing Bitcoin transactions. The higher the number of hashes, the more implied competition there is among miners to obtain the block reward.
Since December 2018, the hash rate has progressed from its recent low of 31 quintillion hashes per second, equating to the progress of 230%.
Bitcoin proponents eye price implications
Current growth has excited commentators, despite coming in tandem with a moderate decline in Bitcoin price.
As many noted, new upward action for hash rate tends may hint at future price growth. Hash rate began growing in January after several months of decline, with price then following in April.
Commenting on the current rate of growth, Lightning Torch organizer Hodlonaut said the figures spoke to underlying confidence among miners.
“Last readjustment period (2016 blocks, or around 2 weeks) increased 10.38%. We are about half way through the current readjustment period, and on track for another 11.85% increase,” he forecast.
Others have already given more bullish predictions. Max Keiser, a firm believer in Bitcoin’s prowess over altcoins, has frequently doubled down on his depiction of giant surges in both hash rate and price in the near future.
Bitcoin needs to be ‘better regulated’ before it is traded on major exchanges
Speaking at a conference today hosted by CNBC and Institutional Investor, Securities and Exchange Commission Chairman Jay Clayton said that bitcoin would need better regulation before being listed for trading on major traditional exchanges like NYSE or Nasdaq.
“If [investors] think there’s the same rigor around that price discovery as there is on the Nasdaq or New York Stock Exchange … they are sorely mistaken,” said Clayton. “We have to get to a place where we can be confident that trading is better regulated.”
Clayton’s comments come a few days after VanEck and SolidX’s decision to withdraw their bitcoin ETF proposal. Earlier this month, Clayton also said that while “progress is being made” on the bitcoin ETF, bitcoin businesses still need to address some of the SEC’s lingering concerns, citing crypto custody and the threat of price manipulation on unregulated exchanges.
Bitcoin (BTC) Crashes Below $10,000 Days Ahead Of Bakkt Futures Launch
Bitcoin (BTC) has declined well below $10,000 just before the most anticipated Bakkt futures launch. This has unnerved a lot of the bulls that were hoping for a rally to the moon by Monday. However, when everyone starts thinking the same way, it is best to think the opposite. Remember, Bakkt is “scheduled” to be launched on Sep 23, 2019.
It was “scheduled” to be launched on December 12, 2018 as well and if you had been hoping in November 2018 that $6,000 was going to hold just because Bakkt was going to be launched then you would have made quite a loss as the price nosedived to $3,130 from there in a matter of weeks. So, what does this recent crash mean in light of what has happened in the past?
The market makers were waiting for investors to enter margined longs. They gave them plenty of time to do that as the price consolidating and doing nothing much. So, they kind of forced traders into making the decision now instead of waiting to enter a trade after the breakout because these past few days traders have been made to be comfortable buying into sideways action in anticipation of a pump as we saw in the case of Ethereum (ETH) and other altcoins. Most of them entered leveraged longs on BTC/USD in the hopes of profiting off a potential Bakkt rally. Those that had their stops just below the symmetrical triangle were shaken out but there are a lot more stops to be run just yet. The market makers might want to give investors another chance to long these dips so they can trap them again.
Bullish or bearish doesn’t matter from the market makers’ perspective. They are in the business of shaking out the traders hoping for easy money in this market. As I have said before this is not legal and if someone were to do this in the stock market they would find the SEC knocking on their door. However, anything is possible in this market in the absence of regulation. If we look at the 1H chart for Bitcoin Dominance (BTC.D), we can see that it broke out of a falling wedge and is now primed for further upside.
Bitcoin dominance (BTC.D) rises when either Bitcoin (BTC) is planning on outpacing the market at a certain point or we are primed for further downside and Bitcoin (BTC) is expected to hold its ground better than other coins. In both cases, this rising dominance in Bitcoin (BTC) does not bode well for the altcoin market which has yet to experience serious pain. There are a lot of useless projects in the altcoin market and it is only a matter of time before we see a strong downtrend that shakes out most of such projects. The fact that Bitcoin dominance (BTC.D) just broke out of a falling wedge and has now begun an uptrend is a testament to the fact that recent hopes of an altcoin season were just orchestrated attempts by the big players to lure retail investors into buying their altcoin bags before the next crash.