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NY Regulator Proposes Relaxing New Coin Listing Requirements

NY Regulator Proposes Relaxing New Coin Listing Requirements

NY Regulator Proposes Relaxing New Coin Listing Requirements

The New York State Department of Financial Services, the Bitlicense regulator, has published a proposed framework for licensed companies seeking to list new coins. This is the first time the regulator has proposed changes to its crypto regulation in five years. Among the changes, licensees will be able to self-certify the compliance of their new coins without having to obtain prior approval from the regulator.

Also read: SEC Approves Bitcoin Futures Fund

First Regulatory Changes in 5 Years

The New York State Department of Financial Services (DFS) published “proposed guidance regarding the adoption or listing of virtual currencies” on Wednesday. “To provide regulatory clarity and efficiency, and to ensure that our approach to regulating virtual currency businesses reflects the realities of an evolving market,” the DFS announced:

We are reviewing our virtual currency regulations and the manner in which they are implemented.

NY Regulator Proposes Relaxing New Coin Listing Requirements

The department started regulating the crypto industry in July 2014. So far, two dozen Bitlicenses or trust charters have been granted to crypto companies to operate in the state of New York. The regulator explained that some of its licensees have asked to list new coins in addition to those listed in their initial applications with the DFS. The department is now seeking comments from all interested parties and the general public regarding two proposed coin adoption or listing options it wants to make available to licensees. Comments should be submitted by Jan. 27, 2020.

The Proposed Framework

Firstly, the DFS proposes creating a webpage listing all of the coins it has pre-approved for all licensees to list without having to obtain prior approval. The list “may be updated from time to time, as long as such listed coins have not been subject to any modification, division, or change after their listing on the DFS web-page,” the regulator detailed, adding:

Coins currently contemplated for the list include bitcoin, bitcoin cash, ether, ether classic, litecoin, ripple, paxos standard, and Gemini dollar.

NY Regulator Proposes Relaxing New Coin Listing Requirements

Secondly, the regulator is proposing a framework that allows the listing policy to be tailored to a licensee’s specific business model and risk profile to create a firm-specific listing policy. The DFS clarified:

Upon approval, the company may self-certify the listing of new coins on an ongoing basis, consistent with the company’s approved policy, with prior notice to the department and without the need for prior approval.

The DFS reiterated that licensees that do not have DFS-approved company coin-listing policies are required to seek its prior approval in order to offer coins that are not on its approved list. Furthermore, all licensees “are required to keep DFS informed, no later than at the time of their next quarterly filing, of all coins to be used or offered in connection with their Virtual Currency Business Activities.”

A licensee’s coin-listing policy “should consist of robust procedures that comprehensively address all steps involved in the review and approval of virtual currencies in connection with the Virtual Currency Business Activities of the licensee,” the DFS described. The policy must be tailored to the licensee’s “specific business model, operations, customers and counterparties, geographies of operations, service providers, and the use, purpose and specific features of the coins being considered. It should also include procedures for notifying DFS of new coin listings.”

What do you think of the New York regulator’s proposed coin listing policy? Let us know in the comments section below.

Disclaimer: This article is for informational purposes only. It is not an offer or solicitation of an offer to buy or sell, or as a recommendation, endorsement, or sponsorship of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.


Images courtesy of Shutterstock.


Did you know you can buy and sell BCH privately using our noncustodial, peer-to-peer Local Bitcoin Cash trading platform? The local.Bitcoin.com marketplace has thousands of participants from all around the world trading BCH right now. And if you need a bitcoin wallet to securely store your coins, you can download one from us here.

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approval, approved, BCH, Bitcoin, bitcoin cash, BitLicense, BTC, DFS, ETH, ether, ether classic, Gemini Dollar, litecoin, LTC, new coin listing, new regulation, ny regulator, NYDFS, Paxos, Ripple, self-certify
Kevin Helms

A student of Austrian Economics, Kevin found Bitcoin in 2011 and has been an evangelist ever since. His interests lie in Bitcoin security, open-source systems, network effects and the intersection between economics and cryptography.

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CBD Coffee Company Leverages Censorship-Resistant Nature of Crypto

CBD Coffee Company Leverages Censorship-Resistant Nature of Crypto

CBD Coffee Company Leverages Censorship-Resistant Nature of Crypto

On December 8, the U.S.-based coffee firm that uses cannabidiol (CBD) in its product, Crazy Calm, launched a promotion that aims to send $5 per order to the charity EatBCH. The founder of Crazy Calm, Matt Aaron, also detailed that the startup wanted to leverage the payment processor Shopify but the company closed their account because they sell CBD infused goods. Aaron notes that bitcoin cash is quite helpful because of its censorship-resistant benefits by removing the middleman from the equation.

Also Read: The Coolest Jobs in Crypto

When CBD Businesses Suffer from Banking Censorship Crypto Comes to the Rescue

Over the last five years, cannabis and cannabidiol (CBD) products have become extremely popular. CBD products are a bit more mainstream because they are legal in most jurisdictions and they can help people suffering from anxiety and pain. In addition to this, CBD oils do not have the same psychoactivity that can be found in tetrahydrocannabinol (THC). The startup Crazy Calm uses CBD in its coffee products from a blend of organic, fair-trade coffee and CBD derived from organic compliant hemp.

CBD Coffee Company Leverages Censorship-Resistant Nature of Crypto

Crazy Calm was founded by Bitcoin.com’s podcast host Matt Aaron and he’s been steadily preparing for offering CBD-infused coffee products. Of course, Aaron accepts BCH for his Crazy Calm coffee, but the startup attempted to utilize the payment processor Shopify in order to accept fiat as well. Shopify is not the only payment processor that gives CBD startups issues. Aaron told news.Bitcoin.com on Tuesday that it’s common for CBD companies to have banking issues in the U.S.

“The banking issue makes it very difficult to find a bank that’s willing to work with a CBD company even though CBD is legal in all 50 states due to the 2018 farm bill. Finding a credit card processor was even more difficult and we are grateful to both of them for accepting us.”

CBD Coffee Company Leverages Censorship-Resistant Nature of CryptoCrazy Calm’s coffee product.

Highlighting the Power of Cryptocurrency

In order to drive more cryptocurrency spending, Aaron told news.Bitcoin.com that Crazy Calm offers a 10% discount on orders paid with cryptocurrency. Moreover, Crazy Calm is donating $5 per order to the well known food drive charity Eatbch. The charitable organization is one of the BCH community’s most popular nonprofits as it feeds people in Venezuela and South Sudan using BCH payments. The Crazy Calm team considers Eatbch “family,” Aaron remarked, explaining that the startup has committed to giving $5 in BCH to Eatbch for the first 100 orders for a few reasons. “[The first is] we love what Jose, Lizzie, John Bior and the entire Eatbch family does and it’s a great cause,” Aaron told news.Bitcoin.com. The podcast host added:

We want to highlight the power of cryptocurrency so we are offering 10% off to end users and wholesaler customers (stores like CBD vape shops) because of the uncertainty that we face. We could have banking and payment processing interruption at any moment.

CBD Coffee Company Leverages Censorship-Resistant Nature of CryptoCrazy Calm’s checkout cart shows that BTC, LTC, BCH, and ETH will give customers 10% off their order.

Crazy Calm’s founder wholeheartedly believes that just like the wide variety of health benefits CBD offers, cryptocurrencies offer financial sovereignty from banks and third parties who don’t approve the medicine. Crazy Calm’s website highlights that the freeze-dried organic coffee infused with CBD gives a profound combination of “relaxing energy.” Since initiating the latest 10% offer with digital currencies, Aaron noted that three potential wholesale CBD shops have contacted Crazy Calm about the crypto discount.

What do you think about the issues companies like Crazy Calm face when selling products that contain CBD? Do you think digital currencies like bitcoin cash can help CBD merchants? Let us know what you think about this subject in the comments section below.


Image credits: Shutterstock, Crazy Calm, and Pixabay.


Did you know you can buy and sell BCH privately using our noncustodial, peer-to-peer Local Bitcoin Cash trading platform? The local.Bitcoin.com marketplace has thousands of participants from all around the world trading BCH right now. And if you need a bitcoin wallet to securely store your coins, you can download one from us here.

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Banking Issues, banks, BCH, bitcoin cash, Bitcoin.com’s podcast host, BTC, cannabidiol, cannabidiol products, CBD, CBD Infused Coffee, CBD products, Censorship Resistant, Crazy Calm, Cryptocurrencies, Digital Assets, ETH, fair-trade coffee, LTC, matt aaron, organic, organic compliant hemp, Payment Processors, Shopify
Jamie Redman

Jamie Redman is a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open source code, and decentralized applications. Redman has written thousands of articles for news.Bitcoin.com about the disruptive protocols emerging today.

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Weiss Ratings Downgrades EOS to ‘C-‘ Due to Centralization – How Other Coins Measure Up

Weiss Ratings Downgrades EOS to ‘C-‘ Due to Centralization – How Other Coins Measure Up

Weiss Ratings Downgrades EOS to 'C-' Due to Centralization - How Other Coins Measure Up

Weiss Ratings has downgraded EOS once again, taking its ranking from a B to a C-. The group cites “failure to decentralize,” “misallocation of resources,” and a congested network as reasons for the fall in rank. “Weiss Crypto Ratings model is not based on opinion. It’s driven by data,” the group claims. In this article we’ll look at EOS, as well as top coins by market cap to see how Weiss — and other voices in the space — view their progress.

Also Read: Bitcoin Cash Represents 93% of November’s Crypto Spending in Australia

The Weiss Rating System

The self-described “only ratings agency that combines the broadest coverage, strictest independence, complete objectivity, high ethics, and a commitment to safety,” has moved EOS down to a C- rating. Weiss Crypto Ratings took to Twitter over the weekend to explain their reasoning. “We’ve had great respect for work and thinking that went into the EOS project. But the Weiss Crypto Ratings model is not based on opinion. It’s driven by data,” the group tweeted. “And that data has now caused a downgrade from B to C-. Here’s why (full article to be published soon).”

The first reason given is a perceived failure to decentralize. Weiss notes that 0.01% of EOS token holders “control a whopping 68% of the voting power. So much for the claim that EOS is a major improvement over older cryptos like Bitcoin (BTC) and Ethereum (ETH),” the group asserts. The second reason is a “misallocation of resources” that has resulted in network congestion, and frozen transactions for small token holders. “The issue of CPU, REX and the clogged network is too complex to explain in a simple Twitter format, so on this topic, see our article explaining EOS downgrade in detail, coming out soon,” Weiss details.

Weiss Ratings Downgrades EOS to 'C-' Due to Centralization - How Other Coins Measure UpThe Weiss Crypto Rating Scale. “A plus or minus sign indicates the upper third or lower third of a grade range, respectively. In addition, an F grade is assigned to cryptocurrencies that have failed or are subject to credible allegations of fraud.” Source: https://weisscrypto.com/en/about

How Other Cryptos Rate

Bitcoin Core

Weiss gives market cap leader Bitcoin Core (BTC) an overall rating of B+. Weak areas are “risk” and “momentum” and the coin receives a D grade in market performance. Adoption and technology both score well, getting an A. In a recent article published to the American Institute for Economic Research, Austrian economist and Bitcoin advocate Jeffrey A. Tucker seems to lend credence to the Weiss assessment on momentum, writing:

Consider the core data. Transactions per day are at 2016 levels. Exchange volume is at 2017 levels. Wallet use is at an all-time high but most new users come in through exchanges and keep their money there, which belies the hope of disintermediated money.

Ethereum

Ethereum also garners a B+ grade by the Weiss system, ranking “fair” and “excellent” in technology and adoption, respectively. A D- score in market performance counterbalances this positivity. While some in the crypto space would argue that there are serious scaling issues with Ethereum and question the technology and adoption score, Weiss nonetheless gives these an A, based on its ranking system.

XRP

XRP receives a B-, rated “very weak” in the momentum category and “weak” in the risk category. “Momentum,” according to the Weiss system, “evaluates the upside potential an investor could benefit from.” XRP’s most highly scored aspect is adoption, categorized as “excellent.” Centralization has been a big issue in the crypto space for critics of XRP, as some see the asset as being controlled directly by the company, and not a decentralized community.

Weiss Ratings Downgrades EOS to 'C-' Due to Centralization - How Other Coins Measure Up

Bitcoin Cash

Bitcoin Cash, whose community and tech seek to address some of the issues with BTC Tucker discusses in his article, gets an overall Weiss rating of C. Interestingly, no 90-day performance history is shown for BCH at press time, and this metric would ostensibly be needed to effectively establish risk and momentum, both of which Weiss rates as weak. In any case, BCH shines most brightly in the category of adoption, which is rated “good.”

This perhaps comes as no surprise to the BCH community, whose devs, merchants, charities, meetup organizers and influencers have been working tirelessly to increase and innovate adoption and make Bitcoin a true peer-to-peer permissionless cash as Satoshi Nakamoto intended. Low fees, fast speeds, and scalability all factor into this.

Issues With Ranking Systems

As Weiss themselves state:

Every grade issued by any rating agency is ultimately an opinion, to be used by the public in the context of opinions from analysts, developers and users … No ratings model, no matter how well designed, can evaluate all factors.

Ultimately it will be the market which decides which cryptos sink, tread water or take off moon-ward into 2020 and beyond, but the Weiss Ratings system provides an interesting analytical backdrop for those investigating various digital assets. Tether (USDT) was not included in the list of rated top market cap coins as it is a stablecoin, and does not have a ranked Weiss rating.

How does your favorite crypto rank? Do you agree with Weiss’s rating system? Let us know in the comments section below.

Disclaimer: This article is for informational purposes only. It is not an offer or solicitation of an offer to buy or sell, or as a recommendation, endorsement, or sponsorship of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.


Images courtesy of Shutterstock, fair use.


Did you know you can buy and sell BCH privately using our noncustodial, peer-to-peer Local Bitcoin Cash trading platform? The local.Bitcoin.com marketplace has thousands of participants from all around the world trading BCH right now. And if you need a bitcoin wallet to securely store your coins, you can download one from us here.

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adoption, BCH, BCH Adoption, Bitcoin, bitcoin cash, Bitcoin Core, Blockchain, BTC, Cryptocurrency, Decentralization, EOS, Ethereum, Jeffrey Tucker, weiss ratings, XRP
Graham Smith

Graham Smith is an American expat living in Japan, and the founder of Voluntary Japan—an initiative dedicated to spreading the philosophies of unschooling, individual self-ownership, and economic freedom in the land of the rising sun.

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Buy Presents or a Christmas Trip Using Gift Cards Purchased With Crypto

Buy Presents or a Christmas Trip Using Gift Cards Purchased With Crypto

Buy Presents or a Christmas Trip Using Gift Cards Purchased With Crypto

Gift cards have become a popular payment tool for cryptocurrency users. Plenty of platforms now offer a wide variety of cards which can be purchased with your digital coins. You can use them to buy just about any product or service from major and small retailers, order food and drinks, or book a flight. And with the Christmas holidays approaching, don’t forget their main purpose is to make someone else happy.

Also read: These Debit Cards Will Help You Spend Your BCH Anywhere

Why It Works

For various reasons, crypto enthusiasts in many countries find it hard to obtain a crypto debit card these days. They used to be a sought after payment instrument that expanded the use of decentralized digital currencies in a fiat-dominated world. However, many early offerings have disappeared and while there are new products in the niche, these now often come with more and more strings attached. Although limited to a specific retailer, crypto gift cards are much easier to acquire in comparison to debit cards.

Buy Presents or a Christmas Trip Using Gift Cards Purchased With Crypto

Bridging the gap between the crypto space and the traditional payments universe is undoubtedly an attractive business opportunity for many companies in the digital asset industry. At the same time, retailers that are still uneasy about adding cryptocurrencies to their payment options get additional revenue that would otherwise go somewhere else. Many people who run businesses or are employed in the crypto sector would prefer to spend the cryptocurrency they earned rather than convert it to fiat first.

Buy Gift Cards With Bitcoin

Sending some satoshis to someone you like or love is of course a great gift for any occasion. But money is such a common present that it betrays you might not have a clear idea of what the person you’d like to surprise really likes or wants. If you do know that, however, sending a gift card is a better option. Being able to buy it with cryptocurrency is great too.

The Bitcoin.com store offers you a wide choice of gift cards for major retailers and service providers, from the Home Depot and Macy’s, to Domino’s and Dunkin Donuts, even Uber. These and dozens of other options are sorted in multiple categories, from Electronics, Clothing and Restaurants, to Holiday Gift Ideas. You can buy a card for yourself or send it to a friend. At checkout you’ll be prompted to pay with either bitcoin cash (BCH) or bitcoin core (BTC).

Buy Presents or a Christmas Trip Using Gift Cards Purchased With Crypto

Another platform that lets you buy gift cards with bitcoin is Egifter. You can order cards from over 250 retailers. Both BCH and BTC are supported, along with several other cryptocurrencies like ethereum (ETH), litecoin (LTC) and dash, as well as numerous fiat options like major bank cards and popular payment processors such as Paypal, Skrill, Apple Pay, and Amazon Pay. Those who have an account with Egifter can earn points on most purchases and later claim them for free gift cards.

A website called Ipayyou.io not only sells but also buys gift cards with cryptocurrency. It accepts and pays in BCH, BTC and BSV. The cards you can order are issued by Amazon, Ebay, Best Buy, Starbucks, Uber, and iTunes. They are fully returnable until the recipient logs in to claim them. If you receive a gift card that you don’t really need, you can sell it back to the platform for crypto but a restocking fee may apply.

Swych, a mobile gifting platform in the U.S., entered the crypto market earlier this year. In February, Swych announced it’s starting to accept cryptocurrencies for the virtual gift cards it issues for more than 600 retailers, including Amazon, Best Buy, Target, and many more. In the app, which is available for Android and iOS devices, you can pay with BCH, BTC, LTC, ETH, and ETC, as news.Bitcoin.com reported. If you receive one of Swych’s virtual cards but you don’t want to spend the money in that particular store, a nice feature allows you to swap it for a card you can use with a different retailer.

Buy Presents or a Christmas Trip Using Gift Cards Purchased With Crypto

If you need another mobile service accepting cryptocurrencies for a variety gift cards, you can check out Gyft. The app can be downloaded from Google Play and Apple’s App Store. “Use Bitcoin to shop for hundreds of gift cards. Instant delivery. No fees,” the platform promises. You can use it to buy, send and redeem gift cards from any mobile device. Gyft also lets you keep track of your gift card balances and currently accepts bitcoin core. Walmart, Lowe’s, Cabelas, and CVS are among the supported retailers.

You can also purchase gift cards using dozens of decentralized cryptocurrencies and stablecoins from the payments provider Bidali which is based in Canada. According to the dedicated page on its website, bitcoin cash and bitcoin core are among the supported cryptos. It also lists many well-known places where you can spend your digital money via gift card. The platform accepts coins for mobile top-ups as well.

Bitrefill sells gift cards from around the world for crypto. Its website detects your location and tailors its suggestions to your region. You can, for instance, list the most popular gift cards in the Eurozone countries. If users in the U.S. often buy cards for Google Play and the App Store, those in Europe’s single currency area would purchase cards for Skype, Viber, and Amazon.de. Bitrefill offers prepaid mobile phone refills too, for which it accepts bitcoin core, ethereum, litecoin, dash, and dogecoin.

Buy Presents or a Christmas Trip Using Gift Cards Purchased With Crypto

If you are planning to travel for the upcoming Christmas holidays, several gift card platforms like Gyft, Egifter and Giftoff will offer you the opportunity to pay for services provided by airlines like Delta, Southwest, American Airlines, and Virgin. Using gift cards purchased with bitcoin to cover accommodations is not a problem either. Websites such as Flightgiftcard, Jet2Holidays, and Lastminute sell cards you can use to book flights and make hotel reservations.

Have you bought a gift card with cryptocurrency? Let us know and share your experience in the comments section below.


Images courtesy of Shutterstock, EZ Blockchain.


Do you need a reliable bitcoin mobile wallet to send, receive, and store your coins? Download one for free from us and then head to our Purchase Bitcoin page where you can quickly buy bitcoin with a credit card.

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BCH, Bitcoin, bitcoin cash, Bitcoin Core, Bitcoin.com, booking, BTC, buy, cards, Christmas, crypto, Cryptocurrencies, Cryptocurrency, Flights, Gift Cards, Gifts, holidays, Hotels, Platforms, presents, purchase, retailors, travel, Websites
Lubomir Tassev

Lubomir Tassev is a journalist from tech-savvy Bulgaria, which sometimes finds itself at the forefront of advances it cannot easily afford. Quoting Hitchens, he says: ”Being a writer is what I am, rather than what I do.“ International politics and economics are two other sources of inspiration.

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The Fed’s Money Creation System Is Fueling One of the Biggest Heists in History

The Fed’s Money Creation System Is Fueling One of the Biggest Heists in History

The Fed's Money Creation System Is Fueling One of the Biggest Heists in History

Since mid-September, the Federal Reserve has injected three trillion U.S. dollars into the hands of private banks and Wall Street. Despite the fact that massive amounts of money was created out of thin air, the central bank still believes repurchase agreements (repos) are needed to tame the turbulent economy. Nearly every day the Federal Reserve Bank of New York gives primary lenders billions of dollars. Like clockwork on Tuesday, December 3, the entity introduced another $95.56 billion to private institutions.

Also read: Despite St. Louis Branch Warnings, New York Fed Pumps $108 Billion Into US Economy

The Fed Created $3 Trillion Dollars for Private Banks and Continues to Create More

Around two and a half months ago, the U.S. Federal Reserve cut interest rates and started creating massive amounts of money using repo operations because of a so-called short-term lending crunch. It started on September 17 at 10 a.m. with a massive $53 billion repo, which was accepted by the NY Fed. The following day, the Fed pumped another $75 billion into private financial markets claiming an “unusually high demand for cash.” When it all started, the Fed made sure to inform the press the move wasn’t another form of quantitative easing (QE). The last time the central bank cut rates and initiated colossal repurchase agreements was 10 years ago after the 2008 financial crisis. Beth Hammack, the Goldman Sachs Group treasurer, told the Wall Street Journal that the “market will be waiting to see if the Fed makes this a more permanent part of the playbook.”

The Fed's Money Creation System Is Fueling One of the Biggest Heists in HistoryA number of economists believe the financial crisis stems from the Federal Reserve’s money creation tactics.

So far it has continued and a mountainous $3 trillion dollars later, the Fed has continued to gift the private banks. A recent video published by Youtuber “The Hated One” reveals how the Fed creates free money for big banks by explaining the subject in great detail. The video emphasizes that private lenders the Fed deals with are either short on reserves or can’t pay their taxes. Now when ordinary folk are short on dough, the banks will repossess their items or foreclose their mortgage. The Hated One underlines the fact that if an average Joe can’t pay their taxes, the IRS will surely come knocking and possibly toss tax offenders in a cage. But the film also highlights that in contrast, when these issues arise for bankers, the fat cats get $3 trillion dollars in freshly created fiat. While all these funds are being distributed by the Fed on a daily basis, the narrator remarks:

GDP growth is slowing down, inflation rates are teetering, U.S. manufacturing is shrinking, Treasury yields are irreversibly going down, wages are stagnant, the Federal Reserve is lowering interest rates, household prices are rising as all the strong identifiers of an economic downturn are pointing in the same direction. But somehow earnings of the top 1% and stock prices are going up.

The Fed's Money Creation System Is Fueling One of the Biggest Heists in HistoryTop 1% earnings and the U.S. stock market continue to rise despite the warning signs of an economic crisis.

The video goes on to detail how the entire economy is rigged against working-class citizens and a true free market in order “to favor speculators and their currency manipulation.” After the stimulus injections are given to certain financial entities, common people can gain access to these funds in the form of loans and by accruing more debt. Even though the same financial incumbents were seemingly broke or couldn’t pay their taxes, they are more than willing to lend the freshly created dollars with interest. As the money supply grows with daily creation, massive amounts of emerging funds typically eat away at an ordinary citizen’s purchasing power.

The Fed's Money Creation System Is Fueling One of the Biggest Heists in HistoryPurchasing power of the U.S dollar: (1913-2019) The USD has lost more than 95% of its value since 1913.

‘Inflation Is Legalized Robbery’

A great number of economists call state-induced inflation “legalized robbery” that’s likely more damaging than taxes. In 2006, the Future of Freedom Foundation author Gregory Bresiger gave his readers a “proper understanding of what inflation is.” “[Inflation] is the debasement of fiat currency through the overprinting of money without any stated limits — there is only one party responsible: the government’s banking authority.”

The Fed's Money Creation System Is Fueling One of the Biggest Heists in History

Bresiger and other economists have stressed that the victim is the average citizen who is required by law to follow legal-tender guidelines. Taxation is far more noticeable than inflation and a majority of people don’t notice the silent robbery of purchasing power until years later. This is usually when they reminisce about the cost of a loaf of bread compared to today’s prices. Central banks like the Fed act like inflation is ‘natural,’ but in fact the banking authority behind legal tender is the root cause of cost-push inflation. In Bresiger’s opinion, this fact highlights that “inflation is a tax, because only the government creates money.” Bresiger adds:

You don’t see the costs of inflation listed on a pay stub but its fearsome power eats away at your income. It is the sneakiest tax because most Americans don’t understand who or what causes it and why. Therefore, I believe, inflation is the greatest, most effective, form of robbery in history.

Tools That Allow Individuals to Opt Out of the Manipulated Monetary Game

Free market advocates, cryptocurrency proponents, Austrian economists and people who are tired of the manipulation understand the state and the country’s banking authority ignores private property rights and confiscates the average citizen’s wealth arbitrarily. Much like the American rally cry that there is no “taxation without representation,” freedom activists believe there should be no “inflation without representation.” There is zero representation when it comes to inflation in the U.S. and the central bank makes monetary choices without any accountability. Even with the repurchase agreements shown on the balance sheet, the Fed has been accused of creating way more money than what’s written in the books. 2013 reports indicate that the Fed created $9 trillion dollars of “off-balance-sheet” money and they don’t have a clue where the money went.

The Fed's Money Creation System Is Fueling One of the Biggest Heists in HistoryLearn how you can avoid the manipulated monetary system here with tools like cryptocurrencies.

When the NY Fed gave $95.56 billion to private institutions on Tuesday, only private members of the Fed board were in charge of monetary policy-making. No ordinary American citizen had any say in the stimulus injection and they will never get to vote on the most important part of society. However, strong believers in laissez-faire wholeheartedly believe that there are tools that can be used to combat the banking authority’s system through counter-economics. Tools like cryptocurrencies, precious metals, and participating in barter and trade allow individuals to remove themselves from state-induced inflation, taxation without representation, never-ending wars, and the intrusive surveillance of people’s monetary affairs.

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What do you think about the Fed creating money for private banks? Do you think this helps the economy and the average citizen? Let us know what you think about this subject in the comments section below.


Image credits: Shutterstock, Fed Logo, Wiki Commons, The Hated One, Goldbroker.com, and Pixabay.


Are you looking for a secure way to buy Bitcoin online? Start by downloading your free Bitcoin wallet from us and then head over to our Purchase Bitcoin page where you can easily buy BTC and BCH.

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Average Citizens, Bail Outs, barter trade, Bitcoin, bitcoin cash, counter-economic currency, Cryptocurrency, Fed, Federal Reserve, money, Money Printing, Ordinary People, Precious Metals, private banks, Wall Street
Jamie Redman

Jamie Redman is a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open source code, and decentralized applications. Redman has written thousands of articles for news.Bitcoin.com about the disruptive protocols emerging today.

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Bitcoin Cash Price Prediction: BCH/USD Remains Above $210 After Declining by More Than 0.89%

Bitcoin Cash Price Prediction: BCH/USD Remains Above $210 After Declining by More Than 0.89%

Last Updated on December 3, 2019

BCH Price Prediction – December 3

BCH/USD seems to have a support level at $210; gearing up for a rebound.

BCH/USD Market

Key Levels:

Resistance levels: $235, $245, $255

Support levels: $190, $180, $170

BCHUSD – Daily Chart

Since yesterday, Bitcoin Cash has been ranging between $212 to $224 levels and currently, the coin is aiming to trade above $215. Over the last two days, BCH/USD has gone through a substantial price fall. BCH coin was firmly above $223 when it opened on the last day of November, and it slipped below $221 before noon. Continuing the decline, the coin closed as low as $218.19. Yesterday, after touching a support level at $209, the Bitcoin Cash had shown a price escalation above $216.

Moreover, Bitcoin Cash has maintained a downward trend for the better part of today. Over the past few days, the highest recorded Bitcoin Cash (BCH) value was approximately $215 and it dropped almost suddenly in less than an hour to go below the $215 level. The market broke down today, reaching its lowest daily level at $211. The current performance of the coin in the market is below the normal expectations of traders and the coin could soon recover from these downtrends.

However, if the market drives below the $200 support, the BCH price may likely see support levels at $190, $180 and $170, bringing the price to a new low. Meanwhile, a strong buying pressure may take the price to $255 resistance. While trading at $255, a bullish continuation may likely reach the resistance levels of $235, $245 and $255. In other words, the RSI (14) is near 37 moving in the same direction.

Comparing with Bitcoin, the daily chart reveals that the traders are yet to show a strong commitment to buying in the market. Meanwhile, in as much as the bulls turn strong now, we may expect the market to skyrocket to the resistance levels of 0.0300 BTC and 0.0305 BTC.

BCHBTC – Daily Chart

In addition, the 0.0280 BTC and 0.0275 BTC levels may likely produce support for the market should in case the buyers couldn’t push the price to the north. The BCH/BTC pair may continue to remain in a downward range while the MACD signal lines are already on the negative side.

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