bitcoin

Chinese Communist Party-Backed Bitcoin Firm Invests Millions In Texas Crypto Center.

BIT Mining Limited – a China-based company backed by state-run entities with histories of cyber attacks – invested over $25,000,000 into a Texas-based bitcoin mining operation. The partnership between the Chinese company and a Texas-based subsidiary of Bitdeer on “Bitcoin mining” – the process by which new bitcoins are entered into circulation – will lead to the construction of the  Texas Mining Center. BIT Mining, formerly known as 500.com, has extensive financial and personnel ties to the Chinese Communist Party. Reuters has identified “Chinese state-backed chipmaker Tsinghua Unigroup as a major shareholder,” amassing nearly one-third of the company by 2018

Inflation Ahead? Gold, Bitcoin Price Spikes Signal Weakening Dollar

Today, gold surged to a six-year high following signals from the Federal Reserve that rate cuts could be coming as soon as next month. While some believe that a more dovish Fed would be bullish for economic growth, the recent spike in gold prices offers a more cautionary note. RealClearMarkets editor John Tamny explains: To paraphrase the classical economic thinkers whom supply siders have historically (and rather wisely) sided with, gold is the commodity least influenced by outside influences. Precisely because there’s so much gold stock versus new discoveries of the yellow metal, its price is impressively stable. It’s no

Will the Cryptocurrency Boom Continue in 2018? Here’s One Clue…

In the final days of 2017, Bitcoin captured the attention of global markets when the price of a single digital coin surged to a record-high price around $20,000. While the price of Bitcoin has since pulled back (to around $14,600 today), there is one market indicator that suggests digital assets will remain bullish in 2018 — the price of gold. One cannot overstate the role that ‘bad money’ has played in the explosion of demand for digital assets. Though the mainstream financial press often frames the digital asset boom as a product of blockchain technology’s faster transaction speed or greater

How Bitcoin Is Redistributing Wealth to a New Generation of Innovators

This article was posted originally at the Epoch Times. Normally, the concept of wealth redistribution involves government using force to take from some people and give to others. But the bitcoin revolution is redistributing wealth differently. For the sake of simplicity, and to avoid confusion, we will talk about only the original bitcoin in this article and avoid the likes of cryptocurrency products such as ethereum and initial coin offerings, as well as recent duplicates of the original protocol. On the one hand, at a price of $15,500 and a market capitalization of $277 billion at the time of writing, bitcoin has made many people

Why Does Bitcoin Have Value?

This article was posted originally at the Epoch Times. Up 158 percent against the U.S. dollar this year, bitcoin is now the best-performing currency. Many are confused as to how this mathematical protocol can be worth more than $2,600, and why it keeps going up. The short answer: Bitcoin is money, just a little better and cheaper than the alternatives. If you don’t understand money, you cannot understand bitcoin. For most of us, money is the U.S. dollar, the fiat currency of the United States issued by the Federal Reserve and maintained by the commercial banking system. But even this system

Is Bitcoin’s Surge Pointing Us to the Gold Standard?

Last week, the “digital currency” Bitcoin raised eyebrows when, for the first time, a Bitcoin became more valuable than an ounce of gold. While Bitcoin remains unimpressive as a form of money, the torrent of investment it’s receiving is potentially a sign of something much bigger — a golden opportunity to make the case for the gold standard. I share Peter Schiff’s view that Bitcoin is a speculative asset rather than a medium of exchange. Bitcoin fails the single most important test of any currency — the ability to maintain a stable value. In the last year alone, Bitcoin’s price

Cruz Is Right About Gold

Ted Cruz grasped the nettle in the debate and explicitly upheld gold as the “ideal” monetary foundation. Perhaps he understands the scandal of money: that gold currency is now effectively illegal in the U.S.; that the murky $5.3 trillion a day churning of currencies now muddles rather than defines all value in the global economy. The next step from the nettle is an actual program for the net, which should include digital currencies such as bitcoin as well as the cancellation of capital gains taxes on the alternatives to the dollar. As Hayek wrote: “The source of all monetary evil is the government monopoly on money.”

With New Tech Pick, Is Rand Paul Also Making Statement on Money?

There’s been a lot of talk about Rand Paul’s Internet operations, most of it good.  The presidential candidate has  invested in his online presence on a scale not seen since Barack Obama’s insurgent win in 2008 against Hillary Clinton.  This week, his campaign announced his next acquisition: Patrick Byrne of Overstock.  In and of itself, this would be a major coup since Byrne is well known for innovative tech ideas (decentralizing Overstock’s exchange being the latest), but it’s also notable for another reason: Byrne is also a well known advocate of the digital currency Bitcoin. Personally, I’m skeptical on the

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