Poloniex Closing to U.S. Customers

On October 18, 2019, Poloniex announced spinning off from Circle into a new company, Polo Digital Assets, Ltd. Poloniex would be backed by a “major” Asian investment group. While the announcement said that this investment group would focus on global crypto traders, those traders do not include U.S. based traders.

Beginning October 18, 2019, U.S. based users will no longer be able to create and setup an account on Poloniex. Then, as of November 1, 2019, trades will no longer be possible, the message advised U.S. users to not deposit funds to Poloniex accounts. Funds will be available for withdrawl through Circle until mid-December, according to the announcement.

Some have speculated Justin Sun, Tron Foundation founder and CEO of BitTorrent was looking to buy Poloniex. This was soon put to rest when in a tweet Justin Sun responded:

I’m not buying anything. Just invest some and help out my friends. Actually I have a huge bag of $BNB, $HT, $OKB etc and bet on all exchanges that support $TRX & $BTT.

8:27 PM · Oct 18, 2019·Twitter for iPhone

Poloniex, founded in 2014, was purchased by Circle in 2018 for $400 million USD.
The Poloniex announcement also includes as Q&A section which you can read here

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Who is Satoshi Nakamoto? Does it Matter? with @CryptoStache

In this interview from CIS 2019 for Los Angeles Blockchain Week, I chat with CryptoStache as we discuss his time in Cryptocurrency, the HODL Masters Golf Tournament presented by Crypto Blockchain Plug and Melrose PR. We also discuss who is Satoshi Nakamoto and does it matter? For more on CryptoStache, visit his website: https://www.cryptostache.com and be sure to subscribe to the CryptoStache YouTube channel. If you would like to connect with CryptoStache on Twitter, he can be found @cryptostache

Teaching Cryptocurrency with @MidEarthCrypto

In this episode, I chat with Quinn @midearthcrypto and DecentralizeAmerica.com as we discuss Cryptocurrency education in colleges and universities and Crypto in South America. We also discuss Libra, the letters sent to Stripe, Visa, and Mastercard by two U.S. Senators and how Facebook’s reputation tainted Libra from the start. Please like, share, comment and subscribe for more.

If you would like to read the letters to Stripe, Visa and Mastercard, click the link: http://bit.ly/35BWwe1

Let’s Talk Crypto with Dragonwolftech & Exciting World Cryptos

In this episode repost, I sit down with JR of Exciting World Crypto on his channel as we discuss…me and how I became involved in the Cryptocurrency space, and answer questions related to issues facing Cryptocurrency and who I would most like to interview from history. We also discuss Ross Ulbricht and his unjust sentence of two life sentences for creating the Silk Road website. For more Exciting World Cryptos check out the following: Check out JR’s website: http://www.excitingWC.com Follow JR on Twitter @ExcitingWorld32 To contact JR via email: exciting@excitingWC.com

What is the Anchor Stable Coin?

In this episode, I chat with Tijana Gertner, Chief Product Officer with Anchor. We talk Anchor, Stablecoins and the Cryptocurrency space.

About Anchor: Anchor is a two-token, algorithmic stable coin pegged to global economic growth.

For more information on Anchor go to theanchor.io

For the Anchor Whitepaper please go to https://theanchor.io/whitepaper/

Anchor can be found on Twitter @theanchor_io

President Trump Unites Crypto…Against Him

On Thursday, July 11th, 2019, a miracle happened.

Donald Trump, the 45th President of the United States, managed to unite (however briefly) the various factions in Cryptocurrency…against him.  In a series of tweets, President Trump declared his views on Bitcoin:

Tweet 1: “I am not a fan of Bitcoin and other Cryptocurrencies, which are not money, and whose value is highly volatile and based on thin air. Unregulated Crypto Assets can facilitate unlawful behavior, including drug trade and other illegal activity….”

Tweet 2: “…Similarly, Facebook Libra’s “virtual currency” will have little standing or dependability. If Facebook and other companies want to become a bank, they must seek a new Banking Charter and become subject to all Banking Regulations, just like other Banks, both National…”

Tweet 3: “…and International. We have only one real currency in the USA, and it is stronger than ever, both dependable and reliable. It is by far the most dominant currency anywhere in the World, and it will always stay that way. It is called the United States Dollar!”

So as you can imagine, that went over like a ton of bricks on Bitcoin/Crypto Twitter, some even questioning if these tweets were by Donald Trump, maybe one of his staff being behind them. Several prominent members of the Crypto community responded with brilliant retorts.

From Erik Voorhees, CEO of Shapeshift:
Unlike children, Mr. President, you can’t put Bitcoin in a cage. 

From Brian Armstrong, CEO of Coinbase:
Achievement unlocked! I dreamt about a sitting U.S. president needing to respond to growing cryptocurrency usage years ago. “First they ignore you, then they laugh at you, then they fight you, then you win”. We just made it to step 3 y’all.

From Anthony Pompliano of Morgan Creek Digital:
Dear @realDonaldTrump,

You can’t change Bitcoin’s monetary policy, supply schedule, interest rate, or transaction history. There is no CEO or employees. No one will answer customer service complaints. But you can always count on Bitcoin. 
It never goes down.
Love,

Pomp

But it was the response from Caitlin Long, a Wall Street veteran and a supporter of Cryptocurrency from Wyoming who is a member of the Wyoming Blockchain Task Force, that had the best response, one that may even help to change President Trump’s mind: 

From Caitlin Long, Wyoming Blockchain Task Force: 
1/ Mr President—#Wyoming, the state that gave you the highest margin of victory in 2016 (even bigger than Reagan), welcomes law-abiding #crypto companies & created a new type of bank charter to allow them to comply w/ the law. You are just wrong on this—ur staff is misleading you

2/ Your staff isn’t giving you good advice (I don’t see anyone on your staff who has experience in this new asset class). The US payment system hasn’t really innovated in 50 yrs—it’s unstable & inefficient. I’ve been surprised that your administration has coddled it instead of…
3/ …opening it up to healthy competition. The #crypto genie can’t be put back in the bottle & if the US fights this we will simply be bypassed by other countries that are welcoming it. Banks tried to shut down #crypto by shunning the industry & look what happened—it didn’t die.
4/ Why? Because this is the first serious payment innovation in decades. Yes, #crypto is used for illegal activities, but much less frequently than the dollar is—& crypto is easier to track (check w/ the FBI! Mr President, you don’t need to choose between #crypto & the dollar!
5/ To close, pls invite #crypto experts to advise you—you need to hear the other side. And you need to understand how #Wyoming has created a regulatory-compliant framework to let this innovation thrive Cryptosin a lawful manner & ensure the US keeps our lead in financial services! 🤠🇺🇸

Now, let’s go back over what the President said:

Tweet 1: “I am not a fan of Bitcoin and other Cryptocurrencies, which are not money, and whose value is highly volatile and based on thin air. Unregulated Crypto Assets can facilitate unlawful behavior, including drug trade and other illegal activity….” 

Bitcoin is, in fact, money. The Merriam-Webster Dictionary defines money* as: “something generally accepted as a medium of exchange, a measure of value, or a means of payment” and which fits the character of Bitcoin just right. President Trump says that Bitcoin is based on thin air. Code is not thin air Mr. President, Code is the Internet, Code is the automation that is changing the world, Code is how Visa, Mastercard, and American Express can provide credit cards and their transactions. Code is how Wall Street can function and move trillions of dollars around the world. 

So now we have to look at what gives the United States Dollar its value, we have not been on the gold standard* for almost fifty years, so what is backing the dollar? The word of the government of the United States and if I’m not mistaken, words are not only thin air but hot air as well.

 Next, we have to talk about the unlawful behavior and activity part of this tweet. Sure, people have used Bitcoin for nefarious reasons, but not nearly as much as the United States Dollar (USD) has. So if the measure of a currencies validity is its use for criminal activity, the United States may need a new form of currency. 

Tweet 2: “…Similarly, Facebook Libra’s “virtual currency” will have little standing or dependability. If Facebook and other companies want to become a bank, they must seek a new Banking Charter and become subject to all Banking Regulations, just like other Banks, both National…”

We need to understand that most politicians are not going to come out and support Bitcoin and Cryptocurrency. They will use the threat Bitcoin poses to US monetary dominance and how the USD will be affected by Bitcoin or that Bitcoin will allow countries to ignore US Sanctions (which is all true btw), but that was the point from the beginning. And we can never forget that the banking industry has powerful lobbyist and lawyers to fill politicians heads with all sort of nonsense related to Cryptocurrency.

Tweet 3: “…and International. We have only one real currency in the USA, and it is stronger than ever, both dependable and reliable. It is by far the most dominant currency anywhere in the World, and it will always stay that way. It is called the United States Dollar!” 

This last tweet is purely political fist pumping and quite frankly was not unexpected from any sitting President. Why would they say anything other than the United States Dollar is the best currency, especially if their platform is basically “America! F— Yeah!”

In the end, the Crypto community is going to have to understand that it is us vs. them. Even those Cryptocurrencies like XRP and BSV who claim they are bank-friendly or government-friendly, they have to realize that if they pose a threat to USD dominance, they will be attacked by the fiat banking system and their cronies in Government. The only reason why we are having more and more politicians talking Crypto is that Facebook’s Libra scared them. More likely, scared the people funding them, so why should we be surprised that Trump went on a Twitter rant about Bitcoin?

During his interview at Bitcoin Conference 2019, in San Francisco, Edward Snowden said that Bitcoin needs a lobbyist. People to fight for Bitcoin and Crypto in Government and while many would argue against that, it’s true. If Bitcoin and Crypto, in general, want to be used as a global currency, it will need support in Governments around the world. If nothing else to keep anti-crypto laws from being passed or harmful regulation. 

Unpopular Opinion I know but that’s the world we live in.

Thank you

Jason Nelson

Twitter: @dragonwolftech

Dragonwolftech.com

“Definition of MONEY.” 2019. Merriam-Webster.Com. 2019. https://www.merriam-webster.com/dictionary/money.

Wikipedia Contributors. 2019. “Gold Standard.” Wikipedia. Wikimedia Foundation. July 9, 2019. https://en.wikipedia.org/wiki/Gold_standard.

 

 

The Crypto Community Pushes Back Against Coinbase.

Coinbase, the popular US-based Cryptocurrency exchange, recently came under fire from the crypto community for hiring ex-members of the group The Hacking Team as part of Coinbase’s acquisition of the analytic company Neutrino. The push back from the community on Social Media under hashtags like #deletecoinbase or #boycottcoinbase have caused Coinbase to rethink its position and part ways with those ex-members of The Hacking Team.

So what does this mean?

The crypto community is very active and vocal on platforms like Twitter, Facebook, Instagram, and Minds.com and on these platforms, the call to close user’s Coinbase accounts became louder and louder to the point where Coinbase could no longer ignore it.

As Cryptocurrency becomes more and more mainstream, an unfortunate side effect will be more companies looking to get an edge and having comprehensive analytics and tracking information can give this edge. The problem is that the community that grew up around Crypto, Bitcoin in particular, are not known to be fans of surveillance and tracking whether it be by government or private companies.

Even though this can be considered a win for the community, it should not be assumed this is the end of the conversation. What happened to Coinbase was the result of their attempting to be open with their community of users, which lead to an investigation by that community. In the future, it is safe to say that companies will be less transparent or outright lie about the level of surveillance or who they use or share our data with.

Healthy skepticism should always be kept when dealing with industry, especially industry that asks for our trust.