Pentagon Documents Reveal The U.S. Has Planned For A Bitcoin Rebellion

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Bitcoin has struggled to find support in the U.S. government, with president Donald Trump, along with Treasury secretary Steven Mnuchin, leading the criticism.

Now, it’s been revealed the U.S. Department of Defense has wargamed scenarios involving a Generation Z rebellion that uses bitcoin to undermine and evade “the establishment.”

In the Pentagon war game, young people born between the mid-1990s and early 2010s use cyber attacks to steal money and convert it to bitcoin, documents published by investigative news site The Intercept revealed.

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9 predictions for 2020–2029

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The world as we know it is about to change fast.

I like to think about the future a lot, so this year I decided to make some predictions.

My predictions for this decade

  • Federated Learning will unlock value from previously inaccessible sensitive data.
  • Deepfakes will impact democracy and bring about a need for publisher certified content.
  • Nationalism will rise around the world, the internet will splinter.
  • eSports will take a huge chunk of attention and advertising dollars from sports.
  • Blockchain will get adoption in enterprise. Mainstream adoption will struggle until there are key custody solutions that everyone can use.
  • Self-driving cars will open up new business models. Regulations will be the main barrier to adoption.
  • Welfare systems will get strained.
  • Digital currencies and negative interest rates will open Pandoras box.
  • Search will get reimagined.

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Bitcoin exchanges see massive surge in new users this month

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Stuck in the coronavirus lockdown, people have flocked to exchanges to start trading Bitcoin. But trading volumes tell a different story.

In brief:

  • Five exchanges reported an uptick in new users.
  • Kraken saw an 83% increase in users, while Paxful doubled its signup rate.
  • On the other hand, Bitcoin is moving away from exchanges.
  • Many top Bitcoin exchanges have seen an influx of new users since the coronavirus lockdown started.

Five exchanges saw a notable increase in both signups, and trading volume—with some citing a doubling, or in some cases, a tripling of their usual rate of new signups. These exchanges are: Kraken, OKex, Bitfinex, Paxful, and Luno.

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French court recognises Bitcoin as “money”

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The ruling, the result of a dispute between Bitcoin marketplace Paymium and crypto investment firm BitSpread, could benefit the French crypto market.

A French court has ruled that Bitcoin is money, for the first time.

The result of the ruling could lead to more action in the French Bitcoin market.

It’s the first time a French court has issued such a ruling, according to French publication Les Echos.

The ruling came from a dispute between French Bitcoin marketplace Paymium and crypto investment company BitSpread. Paymium had loaned BitSpread 1,000 Bitcoin in 2014. But in 2017, Bitcoin forked into Bitcoin Cash.

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Bitcoin’s guardian angel : Inside Coinable billionaire Brian Armstrong’s plan to make crypto safe for all

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Near the foot of San Francisco’s California Street stand the august stone pillars of a bank dating to the 19th century. A few paces away sit the offices of Coinbase, the largest American exchange for cryptocurrencies like bitcoin. It’s a beehive of software engineers and young marketing executives. There, the worlds of by-the-books banking and crypto-anarchism collide.

In style and philosophy, Brian Armstrong, the 37-year-old billionaire cofounder and CEO of Coinbase, is in the camp of the financial anarchists. He sits, jammed alongside lieutenants, in a row of tiny desks resembling library carrels. He wears a black T-shirt, black pants and shiny white sneakers. He talks about a brave new world in which we are liberated from the shackles of giant banks and government-controlled money supplies. During an expansive interview, this usually reserved and press-shy entrepreneur declares why he got into this business: “I wanted the world to have a global, open financial system that drove innovation and freedom.”

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What can we learn from Sweden, the ultimate cashless society?

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Demand for notes and coins in Sweden is so limp that cash is literally disappearing: the amount in circulation has fallen 27.5pc in the last four year

The collapse of cash in Britain has been dramatic. There were 11.5 billion fewer cash transactions in 2018 than in 2008 – a decline of 51pc. It’s a pace of change that has surprised everyone, even industry insiders.

“The rise of the debit card and the decline of cash is the phenomenon of the last decade,” says Adrian Buckle, head of research for UK Finance, the banking sector trade body.

But Britain, while on the podium, is not the world champion in cashless. That title goes to Sweden, where demand for notes and coins is so limp that cash is literally disappearing: the amount in circulation has fallen from 80bn kronor (£6.6bn) to Skr58bn (£4.8bn) in the last four years, a reduction of 27.5pc. The same period has seen ATM withdrawals fall by more than half.

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Should central banks issue digital currency? Suddenly, it’s an urgent question.

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Stable digital currencies—and particularly Facebook’s plans to launch one—have central bankers playing defense.

For years, powerful central banks around the world have claimed to be studying digital currencies, and most have left open the possibility that one day they might launch their own. That day may be dawning—much earlier than anyone expected.

In a recent blog post, IMF economists Tobias Adrian and Tommaso Mancini-Griffoli called on policymakers to take “prompt regulatory action” to address the “notable risks” posed by privately issued digital currencies, called stablecoins, that are designed to maintain a consistent value. More to the point: central banks may need to get into the stablecoin business themselves.

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China plans to kill most of the world’s bitcoin mining operations

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The price could spike again.

The Chinese government will end bitcoin mining operations in the coming months, Bloomberg reported over this January, a move that could have a massive impact on the price of the world’s biggest digital currency.

China has been a central player in the development of bitcoin in recent years, but Beijing has spent the last six months cracking down on the cryptocurrency industry — shutting down local exchanges and banning initial coin offerings.

Leaked documents suggest the Chinese government plans an “orderly exit” for bitcoin mining operations in the coming weeks and months.

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Bitcoin And Cryptocurrencies are a hedge for bad government

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World leaders and delegates depart a family photo session at the Group of 20 (G-20) summit in Osaka, Japan, on Friday, June 28, 2019.

There’s been a lot of news recently, especially with the advent of a news cycle focused on a potential recession, on the role of bitcoin and cryptocurrencies from a short-term investment perspective. Some have placed bitcoin and cryptocurrencies in the category of hedges, a form of digital gold or silver that can be used to store value through inflation and the debasement of fiat currency.

Yet that misses the forest for the trees. Bitcoin and cryptocurrencies at scale are not just a hedge for inflation and an ever-expanding monetary supply — they are a fundamental hedge against bad governance and bad governments. In this respect, it may be easier to evaluate them along a longer-term horizon than just a short-term store of value.

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IRS says it’s sending warning letter to US cryptocurrency owners

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The U.S. Internal Revenue Service (IRS) announced Friday that it has begun sending letters to taxpayers who own cryptocurrency, advising them to pay any back taxes they may owe or to file amended tax returns regarding their holdings.

In a news bulletin, the agency said that it began mailing what it called “educational letters” last week. According to the statement, there are three variations of the letter that were sent.

The IRS further said that it will have sent such letters to “more than 10,000 taxpayers” by the end of this month,” adding that “the names of these taxpayers were obtained through various ongoing IRS compliance efforts.”

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How Crypto could bring tax evasion to the masses

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Loopholes in lending laws are allowing cryptocurrency users to escape taxes — and the government can’t keep up

WWealthy families and merchants first conjured up the idea of offshore banking in 19th century Europe, seeking a place to store funds away from tax-hungry governments in the aftermath of the Napoleonic wars. Since then, it’s been a race to the bottom. Over the course of the last two centuries, deregulation and lenient financial laws have allowed the rich to tread the fine line between legal tax avoidance and illegal tax evasion.

But blockchain, which first emerged as a concept in 2008, is now offering ordinary people the same possibilities. Using cryptocurrency, anyone with a little technical know-how can open what is effectively the equivalent of an offshore bank account — albeit offshore in cyberspace.

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New ECB boss Christine Lagarde issued a serious bitcoin warning

 

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Bitcoin and other crypto-assets have long divided traditional economists and bankers with some warning over their instability and others praising their ingenuity.

The bitcoin price rebound so far this year has caused some to change sides, though many continue to warn bitcoin and other cryptocurrencies will be a mere flash in the pan.

Earlier this year, Christine Lagarde, who has just been nominated to replace Mario Draghi as president of the European Central Bank (ECB), warned that cryptocurrencies are “shaking the system”—something that could signal a change in the ECB’s approach to bitcoin and crypto and potentially spur adoption.

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