Australian Business Commentator Wants Bitcoin and Crypto Assets to be Canned From the Country

Australian Business Commentator Wants Bitcoin and Crypto Assets to be Canned From the Country

Peter Switzer, a prominent financial and business commentator from Australia, has recently called out for the ban of the largest crypto asset of the world, Bitcoin. According to Switzer, known as a an award-winning journalist and owner of the Switzer Financial Group, BTC should be outlawed from the country.

Often, Switzer publishes articles on his site and sends them via newsletters to his followers. Today, he took a swing at Bitcoin. After telling CNBC recently that all cryptos should be “shut down”, Switzer affirmed that there is no need for Bitcoin.

Why? Because it is too volatile and used primarily for speculative reasons. According to him, there is some value in digital payments, but they need to be backed on currencies like the dollar, which is backed by the U. S. government, not by something as Bitcoin.

According to him, Bitcoin is really not much more than a way for inexperienced investors to lose their money because cryptos are unnecessary, risky and its cons far outweigh all the pros.

Because of all this, he believes that BTC should be banned and that all “imitators” (AKA other cryptos) should go down with it.

Bans Often Make Bitcoin Black Market Grow

The truth is that it is simply not so easy to effectively ban Bitcoin. In most of the countries in which Bitcoin was already banned, such as India and China, the market tends to be driven underground. This is obviously not good. Bitcoin has several legitimate uses, so driving it underground is pretty much a horrible idea.

In a black market, people have to pay more for Bitcoin and it is more likely to be bought only to be used in illegal activities. Since there is no way to unplug BTC from your country, illegal trading will continue for as long as it is needed by the people who want to trade it.

It is also important to remember that several banks are also involved in money laundering and illegal activities. Bitcoin is far from the only tool used by criminals.

Recently, the Commonwealth Bank of Australia has decided to pay $530 million USD in order to settle a money-laundering suit. Other important banks such as JP Morgan, Commerzbank, HSBC and others are also responsible for enabling money laundering.

He Got The Idea To Ban Bitcoin From The TV

Curiously, it looks like Switzer got his idea from a TV show. He was recently watching an episode of the U. S. TV series Billions and one of the episodes called his attention.

In one episode, a hedge fund manager sets up an elaborate insider trading scheme and wants to be paid only in BTC because it would not be detected by other regulators. According to him, it was partly this depiction of Bitcoin being used for a crime that got him riled up.

We just have to agree that this is kind of lame, right? TV shows are often not very accurate, so it doesn’t help him a lot that he got his idea from Billions. In fact, Bitcoin is pretty much traceable, so he was not completely right in affirming that a criminal could securely use it to do illegal activities.

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Author: Gabriel Machado

Bitcoin Hater Peter Schiff’s Goal is to “HODL” a Whole BTC with “Lambo” Dreams

Bitcoin Hater Peter Schiff’s Goal is to “HODL” a Whole BTC with “Lambo” Dreams
  • So, now we all know Bitcoin hater Peter Schiff owns Bitcoin.
  • Is he a hypocrite?
  • Schiff says No, he just doesn’t say no to free stuff.

Who wants to Say No to Free BTC? Not Peter Schiff!

Schiff, in his latest podcast, tried to “set the record straight” that he is in no way pro-Bitcoin, he just had been given some free BTC.

But did he want to buy Bitcoin ten years back when one BTC was worth a hundred dollar?

“Of course,” said Schiff emphasizing, “I would be an idiot not to wish I bought Bitcoin before the bubble really formed when I first heard about it.”

He could have made a lot of money buying Bitcoin under $100, “so, why wouldn’t I regret that. Clearly I’d be richer had I done that, but that doesn’t change how I feel about it now.” Even his fellow Bitcoin haters Warren Buffett or Nouriel Roubini wishes they had bought it at that time, said Schiff.

It’s two different things to buy it when few people know about it and when it’s a huge gigantic bubble, he says.

In his Defense, he doesn’t know how to “Reject” the Gift of BTC that keeps on coming. Schiff says he didn’t buy any bitcoin rather was given to him by Eric Voorhees, CEO of ShapeShift, with whom he debated at an event.

The gold proponent says he has been given Bitcoin gifts and he doesn’t know “how to reject it” and why would he:

“if somebody wants to send me some free Bitcoin I’ll take it I mean I can turn right around and sell it.. I mean I know that there’s a market for it now.”

It’s just people who are giving him Bitcoin are “idiots” or just generous as he doesn’t need money.

Well, he isn’t no Bitcoiner, but believes “it’s kind of cool that you can send it very quickly.” This is “one of the good features” of Bitcoin but it has no market value, said Schiff, because it’s based on perception and demand.

But keep on sending so he could finally have a “whole BTC”

He says believing that he supports Bitcoin because he owns “free” BTC is the same nonsense as “golden asteroid.”

These stories, according to him are spun by Bitcoin supporters because it is marketed as a disrupter of the gold market.

So, Schiff, in his defense says, if Bitcoin community want to send him Bitcoin, “keep on sending them” because he wants to “get up to a whole Bitcoin.” Once he does, he’ll figure out if he wants to HODL, which “would be the right thing to do.” And once it goes to million he’ll “buy a Lambo.”

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Author: AnTy

Bitcoin is a Bet Against Gold, not Fiat Currencies, Precious Metals Proponent Argues

  • Bitcoin is not really scarce because there’s an infinite supply of other cryptocurrencies – Peter Schiff
  • Bitcoin has more in common with fiat than gold

Long term gold proponent Peter Schiff is yet trying to school the crypto community over Bitcoin’s scarcity or the lack of it.

The world’s top cryptocurrency, as we all know has a fixed, hard supply set at 21 million which is deflationary in nature, as every four years an event called Bitcoin halving occurs that puts a restraint on its supply by reducing the block rewards in half.

Not to mention that it is portable, verifiable, and unconfiscatable, that makes it far more precious than the yellow metal, gold.

However, gold proponents would never agree to that and one such supporter is Peter Schiff, Chairman of SchiffGold who says, the flagship cryptocurrency has more in common with fiat currencies than gold and that’s why it is a more of a bet against gold than fiat currencies.

Is Bitcoin the same as Ethereum, XRP, Bitcoin Cash or more than two thousand other cryptocurrencies present in the market?

Well, the answer is a clear no, not only because different cryptocurrency has different use cases and the market they are targeting, but also because the level of network growth, community support, and institutional interest this cryptocurrency is seeing is unparalleled.

And we also know, the hard forks of Bitcoin are nothing more than cheaper alternatives to the original king of cryptocurrency, the majority of which have already lost most of their value or barely surviving.

However, for Schiff, this isn’t the case as he says there is an unlimited supply of those other cryptocurrencies that can be created out of thin air.

Well, Schiff forgets in that case, the yellow metal isn’t either that scarce as there are other metals like silver available in the market.

“Gold is not really scarce, as there is an infinite supply of other metals,” as retorted by Dan Hedl.

Schiff further shone a light on his understanding of Bitcoin as he tries to explain,

“The network is not Bitcoin. Plus the network is very expensive to maintain, and without it Bitcoin can’t be exchanged. If demand for Bitcoin falls, the network will collapse.”

And just to put it here,

It’s not all, recently, Schiff has taken to Twitter where he weighs in the upcoming release of Facebook’s new cryptocurrency called GlobalCoin claiming it won’t go well for Bitcoin.

If he had said this in context with Ripple, it would have been possible to take him seriously given the fact that Ripple’s XRP and Facebook’s GlobalCoin have at least overlapping market.

According to industry experts, the opposite is true as the involvement of giants like Facebook is good for Bitcoin as an organization with billion of users using blockchain and cryptocurrency gives validation to the technology.

This also has been as industry experts says, one of the reasons Bitcoin is rallying hard that is hitting the level seen over 1 year before and a new 2019 high at $9,391.

beg-single-coin-widget coin=’bitcoin’ graph=’false’ coin_data=’true’ title=’Bitcoin (BTC) Live Price’]

All of Today’s Bitcoin Price Analysis, Chart Forecasts and Industry News

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Author: Carl T

Crypto Chart Analyst Peter Brandt: You Should Buy Ripple’s XRP and Litecoin (LTC)

Crypto Chart Analyst Peter Brandt: You Should Buy Ripple's XRP and Litecoin (LTC)
  • Litecoin (LTC) and XRP prices will likely go up significantly.
  • This, according to prominent Crypto trader Peter Brandt’s recent analysis which he shared via Twitter.

Many people follow cryptocurrency gurus in order to discover the best investments. They all have their hot takes and sometimes they are actually spot on in what is going to happen in the markets. Peter Brandt is often considered a very prominent crypto guru and he spoke on social media this week predicting the future of two popular crypto assets.

According to the crypto specialist, both Litecoin (LTC) and Ripple’s XRP token are going to get price increases soon.

He has affirmed that Litecoin will grow against Bitcoin soon and that the prices of the XRP tokens are also bound to increase in the next couple of months, reaching a price between $0.5688 and $0.6260 USD.

Litecoin To Go Up In August

While the expert did not talk a lot about XRP, which was only mentioned when he affirmed that prices would go up, he did talk about Litecoin and how the asset is ready for the price increase in August.

Both tokens were trading very well this morning, which is a signal that their price might start to enter full bull run mode soon. Litecoin was up by 9% this year while XRP was up around 5%. These were the two best assets at the time. Both of them remained in the Top 10 list of crypto assets, too, and were the best-performing ones.

Another point that should be taken into account is that Litecoin is going to halve its block rewards in August, which is certainly affecting prices. The halvings happen from time to time and they cut the block rewards by half, meaning that mining will become less profitable as time passes. This generally pushes the price of the tokens upward.

The other halving will be Bitcoin’s, which is set to happen next year and will possibly impact the whole market since the crypto market generally does well when Bitcoin is doing well.

Nobody is really sure how the halving will impact the assets, though. There some strong consensus that they will go up, but how much? Some people say that the asset, which is now trading around $112 USD, can go as high as $1,000.

All of Today’s Litecoin (LTC) Price Analysis, Chart Forecasts and Industry News

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Author: Gabriel M

Craig Wright Takes What Bitcoin Did Podcaster Peter McCormack to Court for Libel

Craig Wright Takes What Bitcoin Did Podcaster Peter McCormack to Court for Libel

Podcaster of ‘What Bitcoin Did’, Peter McCormack has recently revealed that he is being taken to court by Bitcoin SV’s Craig Wright. On Friday, May 31, 2019, McCormack took to Twitter to express the position he is currently in and what he has to do moving forward.

First, he revealed that RPC will be acting as defense on his behalf against Craig Wright, noting that the former is

“the best and most equipped UK firm to defend in cases of libel.” Later on, he expressed his financial concerns. In particular, he shared that he will only be able to cover part of the cost, insisting that he needs help and is “accepting the advice and support of everyone.”

Following this, McCormack plans to create a “trusted group of Bitcoiners” who will help him to decide how to raise the remaining funds needed to strengthen his end of the case, the types of currencies this fundraising will accept, along with other aspects including “management of funds, audit of funds and use of any surplus funds.”

With all that’s going on, McCormack, did not hold back, as he remains firm on the fact that there’s no way Craig Wright is “Satoshi”. Here’s as per his words:

According to crypto news outlet, Craig Wright believes that McCormack’s goal has been to ruin both his and Bitcoin SV’s reputation, hence the initial reason for this lawsuit dated April 17, 2019. Given the reasons, McCormack should hold back his words, as it can work against him (i.e. the aforementioned tweet).

As per McCormack’s claims dated May 29, 2019, the initial defense cost can be anywhere between 25,000 and 50,000 pounds, adding that if this grows out of proportion, he can be sitting at anywhere between 500,000 and 750,000 pounds (which is roughly USD$884,000). He also stressed that if he loses the trial, then he will be left with a total sum of 1.5 million pounds in legal fees (approximately a little shy of USD$1.8 million).

Upon McCormack’s frequent updates on what’s going on, it seems like he has gotten the attention of Binance’s CZ, who has since offered to help with the podcaster’s costs by initiating a Binance Charity program. As seen below, CZ posted a mini survey of sorts in which 65% of voters have recorded that they will donate, with only 35% supporting Craig Wright.

How do you think things will play out moving forward? Who will succeed, McCormack or Wright? Let us know in the comments below!

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Author: Nirmala Velupillai