Connect with us

Blockchain

All Aboard the Bitcoin Express Says Max Keiser on Asian Capital Flight

For investors, Hong Kong has long served as the global financial system’s friendly intermediary with China. But after a year of social upheaval, the Chinese Government has imposed a comprehensive new national security law that would reportedly grant it “semi-autonomy” until 2048. Passed on June 30, 2020, the new law features 66 articles that affect […]

The post All Aboard the Bitcoin Express Says Max Keiser on Asian Capital Flight appeared first on BeInCrypto.

Published

on

For investors, Hong Kong has long served as the global financial system’s friendly intermediary with China. But after a year of social upheaval, the Chinese Government has imposed a comprehensive new national security law that would reportedly grant it “semi-autonomy” until 2048.

Passed on June 30, 2020, the new law features 66 articles that affect many aspects of life in Hong Kong, including the potential for financial censorship by Beijing. The conditions for capital flight are ripe in the wake of this legislation.

Investors Move 10% of Their Gold From Hong Kong

Initially, things were quiet, but in the six weeks that have passed since the law was enacted, evidence and further speculation are beginning to mount. On Aug. 7, the Financial Times reported that wealthy Hong Kongers were trying to move gold offshore.

The same article notes that some 10% of private holdings have been moved to safer jurisdictions such as Singapore or Switzerland since the beginning of protests. Some have even speculated that recent developments in the world’s 6th largest financial hub, have been responsible for bitcoin’s latest rally.

In an August 10 tweet, well-known Bitcoin advocate and TV anchor Max Keiser argued that bitcoin is being used to move large amounts of money out of Asia.

Max KeiserMax Keiser
Source: Max Keiser

Keiser’s point is underscored by the fact that leaving the region with large amounts of physical gold in tow is next to impossible. For instance, a Chinese national was recently detained trying to illegally cross into the U.S. with $28,000 worth of gold bars.

History Repeating Itself

Hong Kong citizens have started looking for hedges against a future clouded by an uncertain political climate. Liquidating assets into bitcoin is a logical move, but it’s worth noting that such actions are not without precedent.

After the Sino-British Declaration of 1994, many assumed that Hong Kong would completely lose its autonomy. As a result, thousands of Hong Kongers emigrated to North America, the United Kingdom, or other western countries.

And as they did, they purchased billions in real estate abroad to protect their wealth in the event of a crackdown. This time around, instead of real estate, they may be gobbling up bitcoin.

Want to know more?

Join our Telegram Group and get trading signals, a free trading course and daily communication with crypto fans!

Blockchain

NYC Auction House Features Bitcoin-Themed Art Containing Original Code

Christie’s New York auction house is featuring a piece of bitcoin-themed artwork that represents a portion of the protocol’s original launch code.

Published

on

A massive piece of artwork containing a portion of bitcoin’s code is being auctioned at Christie’s New York. 

According to the official website, Christie’s auction house in New York is hosting a massive piece of bitcoin-themed artwork. The project, dubbed “Block 21,” is one of forty pieces of art in a series depicting the entire 12.3 million digits of bitcoin’s original code. 

Block 21 contains 322,048 digits of hexadecimal code, some inscribed in gold. The art collection, which currently spans the globe, is more than 50 meters long in total, with the entirety of bitcoin’s historic v0.1.0 code hand-inscribed on its surface. 

Ben Gentilli, the artist behind the project, calls the collective series “Portraits of a Mind.” He described each piece as a digital fingerprint carved out of paint and attributed the artwork as a portrait of bitcoin’s anonymous founder Satoshi Nakamoto. 

Gentilli told Decrypt, 

Bitcoin’s original codebase is like a historical document, and I wanted to celebrate it and preserve it in the same way as a document like the Magna Carta. But I also wanted to try and answer the question of how one might make a portrait of Satoshi Nakamoto, when there is no image of him.

He continued, calling Portraits of a Mind a decentralized piece of art reflecting the underlying nature of bitcoin. 

Featured Image Credit: Photo via Pixabay.com

Continue Reading

Blockchain

Crypto Market Cap Gained $10 Billion, Bitcoin Eyes $11,000? (Saturday’s Market Watch)

Published

on

The cryptocurrency market continues to rebound and has added another $10 billion to its market cap since yesterday. Bitcoin trades around $10,700, while some leading altcoins mark serious gains.

Bitcoin Price Trades Around $10,700

Following yesterday’s increase in which Bitcoin topped at $10,800, the primary cryptocurrency retraced to its intraday bottom at about $10,550. However, the bulls intercepted the price dip and drove the asset upwards once again. Just as 2020 goes so far, this Bitcoin spike followed the 1-2% gains seen on Wall Street at the Friday trading session.

The S&P 500 (1.6%), the Dow Jones Industrial Average (1.34%), and the Nasdaq Composite (2.26%) were all deep in the green.

At the time of this writing, BTC has dipped to $10,760 after getting rejected at the first major resistance at $10,790.

As per the analysis, if BTC price breaks above, it could head towards the next resistance at $11,000, followed by $11,200, $11,360, and $11,530. Alternatively, should the asset fall, it could rely on the support levels at $10,580, $10,440, and $10,390, if necessary.

You Might Also Like:
BTCUSD. Source: TradingView
BTCUSD. Source: TradingView

Despite stocks and cryptocurrencies, gold had failed to increase: Recording an intraday high of $1,875, the precious metal dived and closed the session at $1,860.

Altcoins Gain Traction

Some alternative coins lost significant chunks of value lately, but they have been recovering in the past few days. Ethereum has continued its upward movement with another 3% increase to above $350.

Ripple has surged by 5% to $0.243. Bitcoin Cash (1%), Polkadot (3%), Binance Coin (1%), and Litecoin (3%) are also in the green from the top 10. However, Chainlink has outperformed them all by marking an 11% increase. LINK has overtaken BNB and DOT and currently occupies the 6th spot.

Cryptocurrency Market Overview. Source: coin360.com
Cryptocurrency Market Overview. Source: coin360.com

As it typically happens, the most volatile price moves come from mid and low-cap alts.

CyberVein leads with a 21% surge. Ren (20.5%), Yearn.Finance (17%), The Midas Touch Gold (14%), DFI.Money (14%), Cardano (11%), Zilliqa (11%), HedgeTrade (10.5%), and Nervos Network (10%) follow.

In total, the cryptocurrency market cap has increased by $10 billion since yesterday. On a 48-hour scale, the metric is up by 8% since its bottom at $319 billion to $344 billion.

Total Market Cap. Source; CoinMarketCap
Total Market Cap. Source; CoinMarketCap
SPECIAL OFFER (Sponsored)
Binance Futures 50 USDT FREE Voucher: Use this link to register & get 10% off fees and 50 USDT when trading 500 USDT (limited – first 200 sign-ups & exclusive to CryptoPotato).

Click here to start trading on BitMEX and receive 10% discount on fees for 6 months.

Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. See Disclaimer for more information.

Cryptocurrency charts by TradingView.


Source: https://cryptopotato.com/crypto-market-cap-gained-10-billion-bitcoin-eyes-11000-saturdays-market-watch/

Continue Reading

Blockchain

Bitcoin Always Online In Venezuela: Launched The First Satellite Node In Collaboration With Blockstream

Published

on

Bitcoiners in Venezuela don’t need the internet to send some Satoshis. Today, the crypto payments startup Cryptobuyer announced the successful launch of the first Bitcoin satellite node thanks to a collaboration between Cryptobuyer, Blockstream, and a team led by a crypto enthusiast named Aníbal Garrido.

The initiative allows interacting with the Bitcoin blockchain without the need of an internet connection. A satellite antenna installed in Venezuela is in charge of the communication between the node and the blockchain.

How the Satellite Node Works

This novel solution allows the Venezuelan node to process information in real-time completely off-line. Thus, the normal functioning of the network in case of connectivity failure (something widespread in the country) is guaranteed. It also facilitates the use of cryptocurrencies in remote places where internet service is scarce, expensive, or even non-existent.

The project works as follows: Blockstream contracts a number of satellites to provide the communication service between the nodes and the blockchain. Cryptobuyer bought the necessary equipment to receive the signal and connect to the satellite, and Anibal Garrido and his team were in charge of assembling the antennas and making the required adjustments.

You Might Also Like:

For Alvaro Perez, a software programmer from Valencia City who helped set up the whole infrastructure, the node’s synchronization was an inspiring moment. In statements compiled by Cryptobuyer on an official blog post, the expert says that the operation was a “great achievement.”

“We downloaded the whole Bitcoin blockchain and successfully carried out the first transaction through a Bitcoin satellite node in our country on September 23, from the city of Valencia (…) We received bitcoin through the satellite connection without any internet connection. It was a moment of great achievement.”

The journey is just beginning for Bitcoiners in Venezuela

This would be the first of three antennas that Cryptobuyer plans to deploy to cover the country’s most critical areas. The remaining two will be placed in the country’s capital, Caracas, in the north of Venezuela, and Puerto Ordaz, an industrial city located south of the country.

Later on, they plan to deploy a large number of small devices that will serve as a sort of repeater antenna to create a sizeable mesh-type network that will facilitate transactions in Bitcoin even far away from the primary antenna.

Now there’s no excuse to start using some satoshis in the country. Venezuela keeps proving that it has plenty of reasons to be on the podium of the three countries with the most adoption of Bitcoin around the world.

SPECIAL OFFER (Sponsored)
Binance Futures 50 USDT FREE Voucher: Use this link to register & get 10% off fees and 50 USDT when trading 500 USDT (limited – first 200 sign-ups & exclusive to CryptoPotato).

Click here to start trading on BitMEX and receive 10% discount on fees for 6 months.


Source: https://cryptopotato.com/bitcoin-always-online-in-venezuela-launched-the-first-satellite-node-in-collaboration-with-blockstream/

Continue Reading

Trending