U.S. Midterms: Bitcoin-Friendly Politicians Elected in Colorado, California

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To many crypto savants, the modern political scene, which promotes centralization and censorship in some cases, is far from a topic of importance. But, as Tuesday’s U.S. midterm poll results have started to roll in, the ears of cryptocurrency enthusiasts have metaphorically perked up, as it was unexpectedly divulged that pro-Bitcoin/crypto politicians have been sworn into office in the nation’s highest levels of government.

Pro-Bitcoin Jared Polis & Gavin Newsom Elected As U.S. Governors

Amid the mainstream media’s coverage of the U.S. midterms, which has become the western world’s flavor-of-the-month, key details important to crypto advocates have slipped far under the radar. But, Francois Pouliot, a Quebecois-Canadian Bitcoin proponent, has sought to change this, doing his utmost best to raise his digital voice over a clamoring crowd of commentators.

On Tuesday night, Pouliot, a self-proclaimed “skin-in-game Bitcoin entrepreneur,” took to his Twitter page, which sports 40,000 dedicated followers, to announce that Colorado’s Jared Polis (Democrat) has been elected into Congress via the democratic process.

Congratulations to early Bitcoin advocate @jaredpolis on being elected Governor of Colorado!

“Polis said that he will use his powers in Congress to fight against any attempts by the government to enact policies that restrict the growth of bitcoin” – 2014 pic.twitter.com/LOjTsYwiyK

— Francis Pouliot (@francispouliot_) November 7, 2018

So why does this pertain to crypto? Well, Polis, who is arguably one of the most progressive governors in America’s political environment, has long been a fan of cryptocurrencies and is open to aiding the asset class on a regulatory stage.

In an exclusive interview with CoinDesk just months before 2014’s midterms, the Boulder, Colorado native explained that he would do everything in his power to hamper anti-Bitcoin policies, whether it be through rallying against governmental agencies or touting the benefits of crypto assets. Furthering this sentiment, speaking from the point of view of an innovator, Polis added that “it’s about time” for cryptocurrencies to rise to prominence.

And in spite of the relative age of this interview, the politician’s pro-crypto views have persisted well into 2018, even to this day. In February of this year, NewsBTC reported that the Colorado governor requested for Congress to draft a guideline for crypto holding disclosures. Although this could be seen as an anti-crypto move, especially considering that this industry values pseudonymity, at the time, the lawmaker claimed that the growing legitimacy of crypto necessitated the body to take appropriate action.

Regardless of the fallout caused by his request, the bottom line is that Polis is seemingly poised to tackle Congress’ crypto issues head-on.

Pouliot, following up on his aforementioned tweet, issued another message just half-an-hour later, making it apparent that Polis isn’t the only Bitcoin-friendly politician to be voted in as a governor.

Gavin Newsom (Democrat), one of the first politicians to open his war chests to accept Bitcoin (BTC), has been elected as California’s new governor.

Congratulations to early Bitcoin adopter @GavinNewsom on being elected Governor of California!

“I should promote the technology ever so subtly by saying I’ll accept bitcoin in the campaign”. “I’m ready for it”. “But how the hell do I explain it to anybody?” – 2014 pic.twitter.com/4RLGa9BdMf

— Francis Pouliot (@francispouliot_) November 7, 2018

Considering that California is a hotspot for innovation, with the Bay Area and Silicon Valley being world-renowned for its proclivity for all things tech (crypto included), Newsom’s office could catalyze the widespread use of blockchain technologies and crypto assets in the region.

In 2014, Newsom, remaining cautiously optimistic on Bitcoin, claimed:

“I should promote the technology ever so subtly by saying I’ll accept bitcoin in the campaign… I’m ready for it, but how the hell do I explain it to anybody?”

Although two is far from a crowd, and Newsom’s acceptance of BTC donations is far from all-in, these governors could be the match that sparks regulatory change in favor of crypto assets. But for now, there’s going to have to be a waiting game, as seldom have politicians kept all their promises, especially those made in a bid to garner voter traction.

Featured Image from Shutterstock

Tags: , , , Francis Pouliot, Gavin Newsom, Jared Polis, ,

BitcoinAgile on Twitter: “#bitcoin a long story by trader muhammadabdullah published November 05, 2018 https:

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Hilarious Superwog episode on Bitcoin mining https://t.co/Fma7gYfJf1″

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WIREX: Bitcoin XRP Ethereum Litecoin Wallet 2.5.2 Apk latest

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Build a cryptocurrency portfolio with your multi-currency account, you can add Bitcoin (BTC), Litecoin (LTC), Ethereum (ETH), XRP (Ripple) to monitor and take advantage of price fluctuations. We use live exchange rates for instant conversion ensuring that you get the best value for money. You can easily buy Bitcoin, Litecoin, Ethereum, XRP with any credit/debit card linked to your account, or by bank transfer*. In addition, you can send funds instantly to your friends and family within the Wirex platform for free.

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Bitcoin is 10 years old today

Bitcoin’s popularity has waned somewhat in recent months, as its current price of £4,908 ($6,337) is a long way below it’s all-time high of just over $20,000 on 17 December last year.

Take a look at our guide on how to buy Bitcoin here.

The cryptocurrency space has seen a rough year as a bear market continues to reign supreme. As with any market, it’s extremely difficult to point to a single reason as to why this is, but the cryptocurrency market being unregulated makes it even more susceptible for manipulation or even just emotional reactions.

Bitcoin is currently operating just above its ‘operating cost’. To understand what that is, you first need to appreciate that the Bitcoin ecosystem runs off the backs of ‘miners’ who use powerful computers to complete complex algorithms to process transactions.

These algorithms enter and encrypt records of Bitcoin transactions into the blockchain. The miners are paid for this work with new Bitcoins that are ‘mined’ as this work is completed. However, this is only profitable if miners have an incentive to keep mining, which means the price of one Bitcoin must always be slightly higher than the cost of mining it – otherwise the miners will stop and everything will grind to a halt.

This means that the price of a Bitcoin shouldn’t drop below its current threshold for very long, if at all. However, as with literally everything in the cryptocurrency space, nothing is certain.

Take a look at our breakdown on blockchain technology here.

Bitcoin still holds a 54.2% market dominance over the space, and with the nature of how cryptocurrency is purchased, Bitcoin (and Ethereum) will be the first two coins to rise when (if) the market starts to pick up speed again. However, the ‘alt’ coins will see the biggest gains when the market really gets going.

The space is, as ever, extremely interesting to watch and the next year will be as unpredictable as the last. With prominent analysts claiming that by the time Bitcoin reaches its 20th birthday its value could have increased by 5000%, this could well be the perfect time to buy, but claims like these are made fairly often in this space, so be sure to think very hard before you do any investing.

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“Bitcoin is a scam, Sell Everything”… Says The Living Bitconnect Meme Carlos Matos

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“Bitcoin is a scam, Sell Everything”… Says The Living Bitconnect Meme Carlos Matos

Carlos Matos loooooooooooooooves Bitconneeeeeeeeeeeeeeeeeeeeeeeeeeeect… but he absolutely hates Bitcoin (BTC). The famous promo-maker of the most notorious Ponzi scheme in the world of cryptocurrencies, published a tweet a few hours ago advising all his followers to “sell everything” they had in Bitcoin (BTC) as it is a Scam:

Bitcoin Is A Scam. Sell Everything It’s NEVER Going Back Up

— Carlos Matos (@CarlosMatos80) October 26, 2018

Bitconnect was a cryptocurrency that promised investors a 1% daily return on their investments. Its capitalization was so important that at one time each token cost more than $450, for a total capitalization of more than 2.7 Billion dollars, occupying the 17th spot of the strongest cryptocurrencies in the ecosystem.

The problem is that after several lawsuits, the scheme could not keep on being sustained, and like all Ponzi schemes, fell by its own weight, driving the token from costing $450 to having a value of less than 6 dollars in less than 2 weeks.

The countless cases of desperate people who lost everything in Bitconnect went mainstream on social media:

However, weeks earlier, Carlos Matos gained fame because of a presentation in which he declared himself an authentic and convinced Bitconnect fan. He mentioned that all the warnings about the site being a scam were pure lies and that thanks to the platform, he had managed to get hundreds of thousands of dollars.

The effusivity with which he promoted the platform, made him into a meme. Perhaps one of the best-known crypto-verse along with “Bitcoin Sign Guy,” “Roger Ver Rage Quit” and the term “HODL.”

For those who have not seen the original presentation, the video is available here (watch it.. it’s worth it):

The reactions were not long in coming. The remixes of this presentation became viral and caused a lot of laughter within the user community (of course, before the scam was exposed)

Even Carlos Matos himself seems to have been a victim of the fraud, declaring that he lost 100k USD, but despite the situation, he was able to draw positive learning from the situation:

My Thoughts On What Bitconnect Did To Us 05/03/2018 pic.twitter.com/j216DLFLPE

— Carlos Matos (@CarlosMatos80) March 6, 2018

After becoming a meme and being associated with one of the worst scams in the world of crypto, Carlos Matos moved on to sell Herbalife, and for fans of healthy living, he also has good advice.

— Carlos Matos (@CarlosMatos80) March 14, 2018

So now you know: Either believe in Tom Lee, Mike Novogratz, and Tim Draper… or believe in Carlos Matos. It’s up to you

10 years later, we still don’t know what Bitcoin is for

Click here to view original web page at www.telegraph.co.uk

The first mention of Bitcoin appeared online a decade ago this week, admittedly without much fanfare. A technical paper describing a new “electronic cash system” was sent around an obscure internet mailing list for cryptography nerds.

Its author, who went by the name Satoshi Nakamoto, detailed how the system would mean online payments being sent directly between people, without having to rely on a bank. It was unveiled without much bombast, and seemed like more of an experiment than a revolution.

A few months later, the Bitcoin network went online. Embedded in the code was a newspaper article about Alistair Darling, then the chancellor, preparing a new bank bailout (one of several reasons some believe the pseudonymous Nakamoto was British).

In the decade since, Bitcoin has been met with a combination of fascination, fervent excitement and deep scepticism. It has been called the end of money as we know it, hailed as a new gold for the digital world, and feared as the fuel for a new digital anarchy.

It has been through multiple boom and bust cycles. An early crash in 2011 saw Bitcoin’s price fall from $30 to $2. Last year, it peaked at almost $20,000, making all the Bitcoins in the world worth more than $300bn.

The internet currency turned many of those who found out about it early into millionaires. It also created two ideas that some believe rank as the greatest inventions of this century: cryptocurrencies, of which Bitcoin is only one, and blockchain, the record-keeping technology that underpins it.

The appeal of both is that information of any kind could be stored and moved without having to rely on any central party or institution. In the case of money, when we make a card payment, a bank or credit card company typically takes a fee. Globally, these fees add up to billions each year.

But with cryptocurrencies, there is no such greedy payments provider. The system is “decentralised”: transactions are signed off and recorded by those who use the network. The people have the power.

The blockchain, the technology that underpins it, has been heralded as a new kind of information system, impervious to fraud and cyber attacks, and one whose potential uses extend well beyond cryptocurrencies.

In the same way that the road system was developed for journeys on horseback, but became many times more useful once cars came along, the blockchain supposedly has applications well beyond money.

Philip Hammond, the chancellor, recently proposed it as the solution to the Irish border problem. Lawyers are wondering if it will make them obsolete, through the introduction of “smart contracts” that run on the technology. You name it, they can blockchain it.

That is the idea, at least. The reality is that 10 years after the idea for Bitcoin and the blockchain came online, it still feels like a solution searching for a problem. Billions of venture capital funding has been put into cryptocurrency and blockchain start-ups, but as of yet, there seems to be little to show for it. Few of us are using cryptocurrencies to make payments.

The handful of real-world applications of blockchain that do exist – a tracking system for shipping containers, settlements on the Australian stock exchange – seem more grounded in flashy marketing than actual benefits.

When interest in the technology spiked last year, it was almost entirely to do with Bitcoin’s price: there was little interest in using the cryptocurrency as first intended, and lots of interest in getting rich quickly.

Ask somebody who works in the industry about this, and they will tell you to be patient. They will tell you that cryptocurrencies and blockchain represent an idea as profound as the internet itself, and one so powerful that it will inevitably take hold eventually. Miss out, and you miss out on the future.

But something can’t be the future indefinitely. At some point, a technology has to start being used. Otherwise it is simply a failed promise. And Bitcoin is starting to look like just that. A decade after it was invented, it has gained no traction as a form of payment. Nor have the thousands of other cryptocurrencies that have taken its place. Instead, it has served as a wild form of gambling. As for the blockchain, nobody seems to be using it for anything other than experiments and publicity stunts.

Technologies do take time to catch on. The first email was sent in the early 1970s but it took more than two decades for us to be sending missives to each other several times a day.

But just as often, things fail to catch on not because the world isn’t ready for them, but because they are bad ideas.

Internet money may well be one of these ideas. Generally, our payment systems work. We can rely on our banks to hold our money. Few of us are paranoid enough to want to rip up the system. It is easier, generally, to rely on someone else.

The world wide web was also founded on democratic, grassroots, ideals, but has come to be dominated by massive companies. Decentralisation, it seems, is perhaps not as powerful a force as its backers had hoped.

Bitcoin and the blockchain have been presented as the future for a decade now. Time is running out for that prediction to come true.

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