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Fed-Up Bitcoin Community Favors Censorship on Twitter

Fed-Up Bitcoin Community Favors Censorship on Twitter

By CCN: In a recent Twitter poll by previous Bitcoin developer Jimmy Song, blockchain advocates overwhelmingly voted (54%) in favor of suspending the @Bitcoin handle for fraud. Only 30% of voters think that the handle should be “left alone.” And less than 10% believe that Twitter should shadowban the account.Source: Jimmy Song/TwitterThe Controversial Twitter HandleThe @Bitcoin Twitter handle has been under fire due to its continuous brigade against bitcoin. While sporting the bitcoin logo and handle, the account churns out pro-Bitcoin Cash tweets and resources. Bitcoin proponents argue that these paradoxical actions confuse blockchain newbies which, in turn, damages the overall industry.Although the person behind the handle is unknown, many speculate that Roger Ver, arguably the most outspoken Bitcoin Cash supporter, is operating the account. However, Ver’s company, Bitcoin.com, has publicly contradicted the claim:“…no one at Bitcoin.com is in control of the account or exerting influence over it.”While the identity of the handle operator remains unknown, the mystery continues to spark anger in the bitcoin community. And, it appears folks have had enough. WhalePanda, a member of the Magical Crypto Friends alongside Litecoin’s Charlie Lee and Monero’s Riccardo Spagni, is part of the group calling for account suspension.The @Bitcoin twitter account should be suspended like the @internet account.The account was sold which is against ToS. The account is actively involved with defrauding people. It really is that simple.https://t.co/Innp81a2GW— WhalePanda (@WhalePanda) April 21, 2019Twitter Censorship, So Hot Right NowThe call for suspension comes at an interesting time for social media censorship. A few short months ago, crypto enthusiasts were up in arms about Patreon’s banning of several controversial figures. The content-sharing company removed notable alt-right creators James Allsup and Milo Yiannopoulos for violating the platform’s rules on hate speech. The banning inspired a flood of others including Jordan Peterson to leave in protest.Dave Rubin, founder and host of the Rubin Report, is part of the crew that jumped ship. Instead of relying on Patreon, Rubin is currently accepting cryptocurrency payments for his content. He argues that cryptocurrency’s censorship-resistant properties are necessary as payment processors further their censorship reach.The blockchain community at large tends to agree. In the wake of Twitter shadowbanning several crypto-related accounts in 2018, members flocked to Peepeth, a decentralized and censorship-free alternative. So, why the recent change of heart regarding Twitter censorship?You Can’t Have Your (Censorship) Cake and Eat It TooThe bitcoin community appears to be split on its views of censorship. There’s an almost unanimous agreement that financial censorship-resistance is a human right. Yet, when it comes to free speech, there’s undoubtedly some dissonance.Craig Wright has repeatedly declared that he is Satoshi Nakamoto. Even though these claims are more than likely false, advocating for his silence is contradictory to a fundamental pillar of bitcoin. You can’t promote the censorship of people you disagree with and then turnaround and chastise banks for doing the same thing.Outside of Twitter, r/Bitcoin subreddit moderators are continuously accused of censoring any bitcoin-critical posts. Unfortunately, they’re not alone. Most cryptocurrency projects, at some time or another, have seen critics throw claims of censorship their way.To evolve as a community, we need to take a firm stance against censorship, even on something as trivial as Twitter. It’s a black-and-white issue where a grey area involves some form of centralization.If you believe in selective censorship, the question becomes, “Where do you draw the line?” Who gets to decide what constitutes fraudulent or misleading statements? In a decentralized world, the answer isn’t so clear.
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Bitcoin Beats Other Cryptos in ‘Smarter’ Bull Market, Says Billionaire Investor

Bitcoin Beats Other Cryptos in ‘Smarter’ Bull Market, Says Billionaire Investor

Bitcoin Beats Other Cryptos in ‘Smarter’ Bull Market, Says Billionaire InvestorBitcoin’s dominance will only be more pronounced in this bull market and that’ll show in its value, according to Mike Novogratz. | Source: ShutterstockBy CCN: Mike Novogratz, the billionaire CEO of Galaxy Capital and a former hedge fund manager at Fortress Investment Group, believes alternative cryptocurrencies, or altcoins, will be outperformed by bitcoin in the bull market.Not this time. Market getting smarter. $btc will outperform.— Michael Novogratz (@novogratz) May 19, 2019The statement of Novogratz comes after the bitcoin price risen by more than 115 percent year-to-date against the U.S. dollar, leading the crypto market to add $124 billion to its valuation.Will bitcoin continue to outperform altcoins?Historically, altcoins have relied on the price trend of bitcoin and have rarely demonstrated independent price movements in extended time frames.Altcoins typically surge in value when the bitcoin price shows stability at a tight price range, leaving investors to take high-risk and high-return options over the dominant cryptocurrency.The optimism towards bitcoin, despite the emergence of sophisticated altcoins, is well founded due to the involvement of major financial institutions in the likes of Fidelity and TD Ameritrade building infrastructure on top of bitcoin.Fidelity and ICE, the parent company of the New York Stock Exchange, are initially launching custodial services for bitcoin, targeting institutional investors.According to TD Ameritrade’s executive vice president Steven Quirk, tens of thousands of clients at the brokerage already trade crypto assets in some capacity.But, traders suggest that if the sentiment around the crypto market remains overwhelmingly positive, investors will eventually explore alternative opportunities for high-return trades, which then may fuel a rally for altcoins.One cryptocurrency trader said that bitcoin is likely to climb further throughout 2019, triggering a healthy market for altcoins:The rest of this year will be characterized by rapid BTC advances, healthy corrections and periods of sideways price action, when altcoins will fly. Put that nonsense rhetoric about waiting for capitulation and still not making our bear market lows away. Wrong cycle.Full on degen altcoin season still on track for June. Next few weeks, as BTC finds a range, we’ll continue to see the popular altcoins bounce back 1st. In June, all altcoins across the board will bounce back hard. More disbelief on its way.The concern of some investors like Novogratz on the prospect of a booming market for altcoins is that many retail investors were hurt in the 2017 bull market taking high-risk trades, trading against stable assets like bitcoin.As the market matures and as investors in the market become smarter, Novogratz indicated that the appetite for altcoins could decline.The crypto market has added more than $100 billion to its valuation year-to-date (source: coinmarketcap.com)Similarly, Jeff Sprecher, the chairman of the New York Stock Exchange, said in November 2018:Somehow bitcoin has lived in a swamp and survived. There are thousands of other tokens that you could argue are better but yet bitcoin continues to survive, thrive and attract attention.At the time, Sprecher emphasized that Bakkt, a futures market operator created by NYSE’s parent company ICE, will focus on building a regulated infrastructure for bitcoin first ahead of other assets.Sentiment is generally positiveOn May 17, as CCN reported, the bitcoin price plummeted by 18 percent within hours following an unexpected 5,000 BTC sell order on Bitstamp that led prices of bitcoin and ethereum to crash on BitMEX.The market absorbed the abrupt decline in the bitcoin price fairly well, indicating that the confidence in the near-term price trend of crypto assets remains strong.While investors have cautioned that bitcoin has shown oversold conditions in recent weeks as it surpassed key resistance levels, the momentum of the asset could prevent it facing a large correction some expect would occur in the near-term. About The AuthorJoseph YoungHong Kong-Based Finance and Cryptocurrency Analyst. Contributing regularly to CCN and Hacked. Providing unique insights into the crypto and fintech space since 2012.This article was edited by Samburaj Das.
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Bitcoin’s price has pumped beyond its ‘intrinsic value,’ JPMorgan says

Bitcoin’s price has pumped beyond its ‘intrinsic value,’ JPMorgan says

Banking behemoth JP Morgan Chase & Co. has taken another shot at Bitcoin, BTC claiming the cryptocurrency‘s latest rally has pushed its price beyond its “intrinsic value.”
“Over the past few days, the actual price has moved sharply over marginal cost,” JPMorgan analysts wrote in a note obtained by Bloomberg. “This divergence between actual and intrinsic values carries some echoes of the spike higher in late 2017, and at the time this divergence was resolved mostly by a reduction in actual prices.”

To come to this conclusion, the JP Morgan team treated Bitcoin as a commodity, calculating its “cost of production” based on a number of factors, including estimated computational power, electricity expense, and hardware energy efficiency.
“Defining an intrinsic or fair value for any cryptocurrency is clearly challenging,” the analysts continued. “Indeed, views range from some researchers arguing that it has no fundamental value, to others estimating fair values well in excess of current prices.”

Bitcoin‘s price briefly dropped from almost $8,000 to $7,050 on May 17, after $250 million of long positions got liquidated on BitMEX. Since then, BTC has surged back to $7,893 at the time of writing.
By now, JP Morgan has made a habit out of thrashing Bitcoin and cryptocurrencies. Back in 2017, CEO Jamie Dimon called the currency a “fraud” – a statement he later softened, suggesting he simply doesn’t care about Bitcoin. Since then, JP Morgan launched its own blockchain-based “digital currency,” which was neither a cryptocurrency, nor a stablecoin.

Published May 20, 2019 — 11:54 UTC

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