China's Financial Channel Reports that Huobi Violates the Spirit of the PBOC’s Document


China’s Financial Channel (CCTV-2) aired a special bitcoin documentary this week to analyze reasons behind the recent price rally. The program invited Li Cangyu, financial columnist and Wan Zhe, chief economist at China National Gold Group Corp. as commentators who believe that Huobi has undoubtedly violated regulations on cryptocurrency services. 

Also Read: South Korea Outlines Proposed Legislation for Cryptocurrency Exchanges

Does Huobi Violate the Spirit of the PBOC’s Document?

Earlier this November, CCTV journalist reported that many OTC platforms don’t have any KYC requests, which leaves room for illegal activities. The latest documentary exclusively mentioned that Huobi and have no legal base to provide RMB-related OTC services.

China's Financial Channel Reports that Huobi Violates the Spirit of the PBOC’s Document

Log-in to Huobi and one can see that they still use RMB to measure bitcoin and altcoins. At the front page of, there are a large banner reading “buy coins with RMB, three steps only” along with a detailed guidance teaching newbies how to register and trade with RMB.

China's Financial Channel Reports that Huobi Violates the Spirit of the PBOC’s DocumentLi Cangyu

Commentator Li Cangyu believes that this is obviously a breach of the PBOC’s notice. “The PBOC had made it clear this September that crypto platforms must not provide services between RMB and tokens, including price bidding or middleman service for the exchange of tokens or cryptocurrency,” he said. “I really don’t understand why they put that on their websites.”

When the program aired, many users dashed to to either withdraw coins or cash out, worrying that the platform will be shut down again.

Why People Buy Bitcoin?

China's Financial Channel Reports that Huobi Violates the Spirit of the PBOC’s DocumentWan Zhe

Mainstream media tend to be negative about bitcoin. They often report bitcoin as a tool for money laundering and speculation. But as bitcoin price keeps rising, more people are showing interest in it. Wan Zhe thinks there are three main factors at play.

First, as the stock market is losing traction, people are looking for alternative investments to store their assets and thus switch to bitcoin. Second, though China is tough on the crypto industry, other governments like Japan, Korea and some small countries are friendlier. This makes investors optimistic about bitcoin’s future. Third, as more merchants accept bitcoin and big enterprises support the blockchain technology, users hold the belief that bitcoin will become a mainstream currency.

Uncertainties Hanging Over Bitcoin

The documentary ended with some big question marks regarding bitcoin.

Will bitcoin remain decentralized? Wan Zhe explained that mining has become centralized as top mining pools and miners are all based in China. And as individual mining is not so profitable, bitcoin mining might be monopolized by some giant companies in the future.  Will users still support it if decentralization were weakened?

Will bitcoin evolve into a global currency? Though bitcoin itself is not a bubble, but it contains many bubbles, which makes it far less competitive to fiat money. Li Cangyu noted that the issuance of a national currency is a symbol of sovereignty and economic decision-making freedom. He believes that no governments will give up these to use bitcoin.

When will the bitcoin price crash? In the 1720s, Isaac Newton lost 20,000 pounds due to his speculation in the South Sea Company stock. He initially invested around £3,500 and sold out when he doubled his money. But he was induced to get back into the market at the height of the bubble. Later Newton said: “I can calculate the motions of heavenly bodies, but not the madness of people.”

Li Cangyu cited Isaac Newton’s story to warn bitcoin investors that nobody knows who will be the last participnats. “They think they are on a sure thing only to have it blow up.”

Do you think Li Cangyu have a point? Tell us in the comments below!

Images courtesy of: Shutterstock, CCTV-2

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Trump's Federal Reserve Nominee Under Oath: Cryptos


President Donald Trump’s nominee for Chair of the Federal Reserve, current Board Governor Jerome “Jay” Hayden Powell, participated in the constitutionally mandated US Senate confirmation process by way of a hearing on 28 November 2017. Bitcoin and “cryptocurrencies are something we monitor very carefully,” Mr. Powell answered in direct questioning about current and future Fed policy toward decentralized currencies.   

Also read: After Mugabe, Zimbabwe Pushes Bitcoin to $17,875

Trump's Federal Reserve Nominee Under Oath: Cryptos "Don't Really Matter Today," "Not Big Enough"

Federal Reserve Under Oath about Bitcoin

Incredible valuations. Historic price rise. Mass adoption numbers. The Year of Bitcoin has achieved yet another official milestone: it is now a formal policy consideration by regulators of the world’s largest economy.

Tuesday afternoon in Washington, DC, Jay Powell sat before a sparsely attended, mostly pro-forma senate hearing. A current Fed governor nominated by President Obama to serve a 14 year term, Mr. Powell is widely considered to ease through to confirmation in the Republican-controlled upper body.

Georgia Senator, Republican David Alfred Perdue, Jr took asked the nominee a series of questions. Completely switching topics, he ended his line of thought with queries at the 1 hour and 35 minute mark about a subject sweeping professional finance circles: bitcoin.

Senator Perdue began, “We have another bubble that is some 4 to 5 times the size of the dot com bubble in the late 1990s, and that has to do with the cryptocurrencies like bitcoin,” he said.

Trump's Federal Reserve Nominee Under Oath: Cryptos "Don't Really Matter Today," "Not Big Enough"

Junior Georgia Senator Asks about Bitcoin

Mr. Perdue is junior senator from the Peach state, having been elected in 2014 to a six year office. His background include heading many businesses.

“Bitcoin’s market value now is bigger than all but 29 of the S&P 500 corporations in America,” he continued. “Assuming that this continues, and talking about that bubble, and the size and the growth of these cryptocurrencies, if that continues to grow … to what extent does that effect your ability to effect results from your typical monetary policy options that you typically have as a central bank?”

Nominee Powell answered, “You know, in the long, long run things cryptocurrencies of that nature could matter,” he said. When confirmed, Mr. Powell will be the 16th person to assume chairmanship of the Fed in its 103 year history.

“They don’t really matter today,” Mr. Powell said dismissively. “They’re just not big enough. They’re just not anywhere near close to enough in volume for it to matter for us.”

Senator Perdue then again made parallels between the 1990s dot com boom and bitcoin, implying Mr. Powell should see the same.

Bubble Fear

“There’s no question the valuations have gone up quite a lot in the last year or so. I don’t have a view on the appropriate level of the valuation, of course,” Mr. Powell explained.

Trump's Federal Reserve Nominee Under Oath: Cryptos "Don't Really Matter Today," "Not Big Enough"Jay Powell

The price of bitcoin, as of this writing, has reached 10,000 USD on global exchanges, skyrocketing hundreds of percent in eleven months.

“From our standpoint, cryptocurrencies are something we monitor very carefully. We actually look at blockchain as something that may have significant applications in the wholesale payments part of the economy,” Mr. Powell expanded in his answer.

“It’s something we pay close attention to,” the Board Governor noted.

The Senator from Georgia then asked if the Fed were watching technologies used around the world and in companies such as Alibaba with regard to blockchain and cryptocurrencies.

“We are watching all of those technologies. It’s something we have to do, I think. It’s actually something that is kind of enjoyable and interesting,” Mr. Powell smiled.

What do you think of incoming Fed Chair’s comments? Tell us in the comments below!

Images courtesy of: Pixabay, imagur, Wiki Commons.  

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Central Bank Round-Up: Brazil & New Zealand Issue Statements, Cryptos are Assets or Securities in Canada


During November, several central banks addressed bitcoin and cryptocurrencies. New Zealand’s central bank has issued a statement seeking to educate citizens of the fundamentals underpinning cryptocurrencies, as well as the implications of such on monetary policy.  The senior deputy governor of the Bank of Canada has stated that cryptocurrencies comprise assets or securities, rather than currencies. Brazil’s central bank also addressed cryptocurrencies during November, issuing a warning to investors.

Also Read: 1 Million Yen, 100 Million INR – Bitcoin Sets New Price Milestones on International Markets

Reserve Bank of New Zealand Does Not Believe Cryptocurrencies Pose Existential Threat to Mainstream Financial Institutions

Central Bank Round-Up: Brazil & New Zealand Issue Statements, Cryptos are Assets or Securities in CanadaThe Reserve Bank of New Zealand (RBNZ) has published a paper on cryptocurrencies titled “Crypto-currencies – An introduction to not-so-funny moneys.” The 44-page document seeks to “increase public understanding these technologies, highlight some of the risks involved in using crypto-currencies, and discuss some of the potential implications of these technologies for consumers, financial systems, monetary policy, and financial regulation.” The document also details the fundamental underpinnings and history of cryptocurrency, and provides definitions for terminologies relevant to the industry.

The document states that “Crypto-currencies expand the mechanisms by which people can transact with each other, strengthening competitive pressures on payment systems providers.” Despite such, the RBNZ states that due to the “relatively small volume of transactions” conducted using cryptocurrencies, “These new payment mechanisms are unlikely to completely supplant traditional payment systems.” The document also emphasizes the “incompatab[ility] of “the (pseudo) anonymity… of crypto-currency” with credit issuance – concluding that such prevents cryptocurrencies from posing a threat to many functions of traditional financial institutions.

Canada Views Cryptocurrencies as Assets or Securities, Not Currency

Central Bank Round-Up: Brazil & New Zealand Issue Statements, Cryptos are Assets or Securities in CanadaEarlier this month, Bank of Canada’s senior deputy governor, Carolyn Wilkins, stated that “so-called cryptocurrencies actually aren’t currencies at all, they’re not money.” Speaking with Bloomberg, Mrs. Wilkins stated “If you look at standard monetary theory… this is really an asset, or a security. And so it should be treated that way, and in fact, that’s the way it’s treated in Canada.”

When asked specifically of ICO’s Mrs. Wilkins stated “I’m not a securities regulator, and it’s not the Bank of Canada’s role to comment on any specific ICO, but… these look more like securities to me than a currency and they should be regulated as such.”

Mrs. Wilkins also expressed enthusiasm for blockchain technology, adding “What is promising… is… the distributed ledger technology that underpins it, because it provides the opportunities to create efficiencies in financial markets and other places that could actually be beneficial to market participants, businesses, and households.”

The Banco Central Do Brazil Issues “Alert on [the] Risks Arising From Custody and Trading Operations of So-Called Virtual Currencies”

Central Bank Round-Up: Brazil & New Zealand Issue Statements, Cryptos are Assets or Securities in CanadaThe warning emphasizes the lack of protections afforded to investors choosing to trade cryptocurrencies, stating that virtual currencies “are not issued or guaranteed by any monetary authority.” Brazil’s central bank states that “the purchase and safekeeping of virtual currencies” exposes investors to “imponderable risks, including… the possibility of loss of all capital invested.”

Despite the dire tone of the warning, the document states that “the need to regulate [cryptocurrencies] has not been identified to date by international organizations”, adding that “In Brazil, for the time being, no significant risks are observed for the National Financial System.”

What do you make of the central banks’ statements regarding crypto? Share your thoughts in the comments section below!

Images courtesy of Shutterstock, Bank of Canada

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Libra Launches Enterprise Grade Tax and Accounting App 'Crypto Office'


As the cryptocurrency economy’s market capitalization surpasses $320Bn, lots of digital asset proponents are trying to figure out ways to write off capital gains and stay tax compliant. This week the cryptocurrency and blockchain accounting firm, Libra, has launched a new compliance application for market makers and exchanges. Additionally, the company raised $7.8Mn in a Series A funding round to promote expansion.

Related: 4 Apps Helping Bitcoiners With Tax Compliance

Libra Reveals New Tax Software for Market Makers and Cryptocurrency Exchanges

Libra Launches Enterprise Grade Tax and Accounting App 'Crypto Office'The cryptocurrency-centric tax compliance and accounting agency, Libra, has launched an auditing application dedicated to enterprise companies and exchanges who deal with a lot of digital assets. Libra says the program called ‘Crypto Office’ performs “middle office processes and reporting, while improving operational and financial analysis and control.” Libra started its operations back in 2014 by providing tax applications for average bitcoin enthusiasts and crypto-focused day traders. The company has established blockchain connectivity to multiple public networks, exchanges, and wallet software. This gives individuals and organizations the ability to process real-time accounting, reports, tax calculations, and regulatory compliance.          

“Further, we found without the right systems and processes, institutional investors were unwilling to allocate significant investment into the industry,” explains Libra’s CEO Jake Benson.  

With the introduction of Libra Crypto Office, we hope to continue industry efforts to upgrade information accuracy, transparency, and compliance practices.

Libra Launches Enterprise Grade Tax and Accounting App 'Crypto Office'Libra’s software calculates gains, losses and accounting information for tax purposes.

Libra Raises $7.8 Million This Week

According to Libra, the company is already working with two firms that focus on large transactions and vast amounts of cryptocurrency trades which include Shapeshift, and XBTO. Libra also raised $7.8Mn on November 27, adding to their previously raised $2Mn Seed round from firms like Fenbushi Capital. Investors who participated in Libra’s funding round this week include Liberty City Ventures, Boost VC, and early Facebook investor Lee Linden. Libra’s founder Jake Benson explains that the funding will be used to scale Libra’s tax applications and data services.

“We provide our customers three core components of value. First, a single on-ramp that connects to the many data sources within the ecosystem,” says Benson.  

Second, the real-time data processing engines and services required to continuously and automatically standardize and deliver accurate financial information. And third, blockchain-native software that’s purpose-built for this industry.

Libra also has various competitors within the cryptocurrency industry offering tax compliant and crypto-auditing software. This includes firms like Node40, Cointracking, Bitcoin Transaction Coordinator, and the startup, Bitcoin Taxes.

What do you think about Libra’s application that focuses on exchanges and cryptocurrency market makers? Let us know in the comments below.

Images via Shutterstock, and Libra.

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Chasyr - Blockchain Ridesharing

This is a paid press release, which contains forward looking statements, and should be treated as advertising or promotional material. does not endorse nor support this product/service. is not responsible for or liable for any content, accuracy or quality within the press release.

It won’t be long before Chasyr becomes synonymous with ridesharing in California. In order to make that happen, they have been diligently building the foundation for their project to succeed as a ridesharing company powered by cryptocurrency and blockchain technology.

With the early support from their online and offline community, it seems they will not have problems with obtaining a huge demand when they launch in 2018, especially after partnering with the Fresno Grizzlies aka the Houston Astros farm team. The team will be exhibiting their prototype while building it out at future blockchain and startup events in California to prepare their potential userbase for what is coming. They are currently in search of accredited seed investors to accept funding from and plan to have a token sale once their app is ready to put Chasyr Credits to use.

“Were not making this to see what it does. This is it, we are going to change the ridesharing industry with cryptocurrency regardless.” – CEO Tommy Marquez

This six month bootstrapped startup is going to be a licensed transportation network company to run on cryptocurrency and is now testing their alpha prototype which is available on

Contact Email Address
Supporting Link

This is a paid press release. Readers should do their own due diligence before taking any actions related to the promoted company or any of its affiliates or services. is not 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 the press release.

This Bitcoin Domain Can Be Yours for $2.75 million


A rising tide floats all boats and a rising bitcoin inflates all domains. Stocks in graphics card manufacturers and crypto mining companies aren’t the only beneficiaries of the bitcoin bounce: BTC-themed web domains are also hot commodities. Sellers are asking hundreds of thousands of dollars for prime bitcoin domains, with some even priced into the millions.

See also: Stay Safe By Keeping Your ‘Bitcoin Business’ to Yourself

Bitcoin Enters the Public Domain

The bitcoin brand has soared in tandem with its market cap, with enterprising vendors cashing in on the cryptocurrency craze. Purveyors of a memorable bitcoin domain will need to dig deep though to claim a desirable URL. While the best bitcoin domains have already been snapped up (you’re looking at one of them), is still available for $350,000. Just two weeks ago, it was priced at $275,000, proving that bitcoin’s upward trajectory really does drag everything heavenward with it.

Domain provider Uniregister has a host of bitcoin-based titles available to monied buyers seeking to splash the cash and declare their intent. For aspiring buyers who can’t quite stretch to’s $350k price tag, can be bought for just $2,888.

This Bitcoin Domain Can Be Yours for $2.75 million

Did Someone Say Blockchain?

Blockchain has become one of this year’s buzzwords for better or worse. It should come as no surprise therefore that blockchain-based names are also attracting a high premium. Anyone considering forking out the $2.75 million required to obtain had better have a killer app utilizing bitcoin’s underlying ledger if they’re to recoup their investment.

Disciples of the enigmatic Satoshi Nakamoto, meanwhile, may be tempted to hand over the $8,500 it will take to secure It’s just a shame the URL reads so unfortunately.

Bitcoins Are Scarce, Bitcoin Domains Likewise

Just because a domain is advertised for an exorbitant price doesn’t mean there are going to be any takers. It’s hard to imagine anyone coughing up the $1.5 million required for such dot-coms as cryptocurrencyoffers, cryptocurrencyhacked, or cryptocurrencyvillas.

This Bitcoin Domain Can Be Yours for $2.75 millionBitcoin might command the highest cryptocurrency market cap, but when it comes to domains, it’s the second most valuable coin – ethereum – that is dominating the domain game. Anyone wishing to host their WordPress blog on will need to pay a cool $10 million. While that particular URL has yet to be snapped up, went for a reported $2 million back in October., on the other hand, was sold for a bargain $28,000 in March. Had the seller only hodled, there’s a good chance they could now have flipped that domain for several times its original price. Bitcoin’s still got a long way to go before growing demand causes domains to reach record levels. The highest price ever paid for a web domain was $90 million for

Do you think premium bitcoin domains are overpriced? Let us know in the comments section below.

Images courtesy of Shutterstock.

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How to Buy Bitcoin When You’re Underage


There’s no such thing as a legal age to buy bitcoin. If you’re old enough to appreciate it, you should be old enough to buy it. In practice though, most exchanges mandate a minimum age of 18, in keeping with KYC requirements. It doesn’t matter how clearly you’ve scanned your documents and signed your name: if you’re underage, you’re not getting in. How, then, can minors buy bitcoin without breaking the law?

See also: 12.6M Viewers Will Hear About Bitcoin Watching The Big Bang Theory

New Kids on the Blockchain

how to buy bitcoin when you're underageA recent survey found millennials to have a greater interest in cryptocurrency than any other age group. If 18-year-olds are big on bitcoin, it stands to reason that their younger tech-savvy siblings will be just as curious. Many well-known bitcoiners got into cryptocurrencies at 16 or younger and have been hooked ever since. Some of bitcoin’s earliest miners were quite literally minors. Coinbase used to permit under-18s to buy bitcoin in fact but have since debarred them from signing up. In bitcoin’s nascent years, regulation was laxer and, with the aid of an accommodating relative, getting money into an exchange was relatively easy.

That option still exists in some places today, but what about teens who are old enough to live alone but not old enough to buy bitcoin? Or minors whose family unit is incapable or unwilling to facilitate their request? That’s when underagers who are intent on buying cryptocurrency are forced to take matters into their own hands.

Underage and Overeducated

Teenagers eager to buy bitcoin have a number of options at their disposal. The ‘legality’ of each method is subject to interpretation, but from a technical perspective, the following are at least viable:

eBay: It’s not just sneakers and bumper stickers that can be picked up on eBay – sellers will also furnish you with bitcoin. Using eBay and/or Paypal to buy small amounts of bitcoin is easily done but you will pay dearly for the privilege and are urged to check seller ratings before parting with cash.

How to Buy Bitcoin When You’re UnderageBitcoin listings on eBay.

Bitcoin ATM: In theory, ATMs are the perfect way for under-18s to buy cryptocurrency. In practice, they’re few and far between in most countries. Unless you happen to live in the heart of Tokyo, brace yourself for an epic trek.

How to Buy Bitcoin When You’re UnderageLocalbitcoins: Technically, the same rules that govern cryptocurrency exchanges also apply to sites like Basic verification is easily achievable however, and once complete you’re free to buy and sell P2P, transferring funds directly from your bank account. It’s also possible to meet local sellers in person and buy bitcoin with cash, but caution is advised, especially when purchasing for the first time. Buyers should be accompanied by an adult.

P2P exchanges: Aside from Localbitcoins, there are sites such as Solidi in the UK whose terms and conditions advise that “Persons under the age of 18 wishing to trade must contact us first”. Under 16s in particular will only be granted low purchase limits, though the exchange has suggested that minors get a parent or guardian to set up an account in their name. Bitcoinprijzen in the Netherlands is another site where under 18s seem able to purchase cryptocurrency using iDEAL.

Local cryptocurrency groups: Look on Facebook or Twitter and you’ll probably find crypto meetups in your area. The organizers of these groups are keen to encourage bitcoin adoption and may be happy to help. As always, exercise caution when meeting and trading with someone for the first time and don’t hand over a penny until you can see the transaction on the blockchain.

How to Buy Bitcoin When You’re Underage

Some teens determined to get their hands on bitcoin have gotten creative, purchasing Amazon gift cards and swapping them on sites such as Paxful. Other options include earning bitcoin online and asking for it as a gift from friends and relatives.

Should Minors Be Buying Bitcoin?

How to Buy Bitcoin When You’re UnderageAdults with a keen interest in bitcoin need little encouragement to preach the decentralized gospel to their kids. The chances of growing up in a cryptocurrency “house-hodl” and not being exposed to bitcoin are slim to non-existent. Teaching the next generation about cryptocurrency’s potential, though, should also include a word of warning about its risks, both in terms of volatility and security.

Regardless of what the law says, under-18s who are determined to buy cryptocurrency will find a way. Compared to some of the vices that teens could be spending their money on, bitcoin seems utterly benign.

Do you think under-18s should be allowed to buy bitcoin? Let us know in the comments section below.

Images courtesy of Shutterstock, Redbubble, and eBay.

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Love It or Hate It: Anarcho-Capitalist Luminaries Weigh In On Bitcoin


Bitcoin is a fascinating monetary tool that many believe will help fight the central banking system, corrupt economic planning, and help stop a small group of individuals from controlling the world’s money supply. Often times bitcoin is associated with anarcho-capitalism, free markets, and sometimes the Austrian school of economics. Today we will look at a large group of anarcho-capitalists, ‘gold bugs,’ and well-known economists to see how they feel about the bitcoin revolution.

Also Read: The Age of Disruption: Individual Anarchism Grows Alongside Peer-2-Peer Devices

Libertarian Luminaries and Anarcho-Capitalist Personalities Weigh In On Bitcoin Over the Years

Some people believe the decentralized cryptocurrency bitcoin is a tool that Austrian economists, anarcho-capitalists, libertarians, anarchists, and agorists should embrace. However, the many luminaries that have studied the works of Ludwig von Mises, and Murray Rothbard are still unsure about bitcoin. Some have embraced the cryptocurrency right away, while other individuals who pride themselves as ‘gold bugs’ changed their tune after initially dismissing bitcoin. Either way, bitcoin is very much a part of the anarcho/libertarian based ideologies and has been for quite some time.

Doug Casey

Love It or Hate It: Anarcho-Capitalist Luminaries Weigh In On Bitcoin The writer and anarcho-capitalist, Doug Casey, is well known for his economic beliefs and essays about politics and markets. A few years ago Casey did not like bitcoin and dismissed the cryptocurrency when asked if he supported the new technology. However, these days Casey has a different perspective as the writer believes bitcoin is money, but he’s not confident it will last.

“As far as the cryptocurrencies are concerned, my original objection to Bitcoin was that it’s not backed by anything — So, it’s really a fiat currency — It’s very much like the US dollar, the Zambian Kwacha, the Argentine peso, or any of the other 150-plus currencies in today’s world — It’s a floating abstraction,” Casey explains in a recent interview.

But I missed something when I said, back then, that it had no value. It’s a fiat currency, but it has much more value than any other.

Dr. Ron Paul

Love It or Hate It: Anarcho-Capitalist Luminaries Weigh In On Bitcoin Ron Paul is a former U.S. politician and a very popular Libertarian. Many believe Paul had sparked the interest of libertarianism in the minds of thousands of people when he ran for the U.S. presidency three times. Paul is also an author who wrote the famous book “End the Fed” among other classic works, as well as a student of the Austrian school of economics. The former politician has always been a fan of gold and precious metals, and at first, Paul was bit hesitant about bitcoin. However, Paul has changed his mind over the years as he now does television ads for a cryptocurrency IRA. During the cryptocurrency IRA commercial Paul states;

As a firm believer in currency competition, I’m excited to see the options what bitcoin opens up.     

 Robert Murphy

Love It or Hate It: Anarcho-Capitalist Luminaries Weigh In On Bitcoin Robert Murphy is an anarcho-capitalist and popular writer and scholar at the Mises Institute website. Murphy likes bitcoin, and has co-authored a book called “Understanding Bitcoin: The Liberty Lovers Guide to the Mechanics and Economics of Cryptocurrencies.” In Murphy’s guide, he explains that bitcoin has become a medium of exchange and the often touted ‘Mises Regression Theorem’ has no relevance.  

“We are not predicting that bitcoin will eventually become a genuine money, rather we are arguing that at this point, the regression theorem of Ludwig von Mises has no bearing on the question at all,” explains Robert Murphy and Silas Barta’s book.    

Whether bitcoin becomes a money, or forever remains a medium of exchange, is a purely empirical question to which the regression theorem has no relevance.

David Kramer

Love It or Hate It: Anarcho-Capitalist Luminaries Weigh In On Bitcoin David Kramer, another libertarian-leaning writer for the anti-state, anti-war, and pro-market website, does not like bitcoin. Back in 2011, Kramer wrote an article called “Bitcoin: Just Another Bogus Medium of Exchange” and compared the decentralized currency to the now-defunct e-gold system. Kramer argues that bitcoin’s previous value was zero, and because it’s “bits in a computer” it still is zero. Only the free market can determine a fixed monetary source, “not a computer programmer,” explains the author. Kramer’s arguments have been refuted by many well-known bitcoiners like Jon Matonis.

Peter Schiff

Love It or Hate It: Anarcho-Capitalist Luminaries Weigh In On Bitcoin The notorious Peter Schiff is a gold bug and American investor who has hated on bitcoin for quite sometime. Nearly every time Schiff talks about bitcoin he relates the technology to the likes of collectible Beanie Babies and ‘tulip mania.’ It doesn’t seem like Schiff will ever appreciate bitcoin due to the fact it doesn’t have intrinsic value. has reported on Schiff’s many arguments against bitcoin over the years and his recent debates with the bitcoin proponent and RT talk show host Max Keiser, and CNBC’s Brian Kelly.

“It’s digital ‘fools gold,’” declares Schiff on CNBC. “You know today’s bitcoins are like beanie babies. The whole principle behind bitcoin was to replicate the properties that made gold uniquely suited to be money and act as an alternative to fiat currencies. But it’s not really viable as a money — I mean it is a potential medium of exchange, but it’s not a store of value.“

Konrad Graf

Love It or Hate It: Anarcho-Capitalist Luminaries Weigh In On Bitcoin Konrad Graf is a well-known writer and economist that has published many articles on bitcoin monetary theory. Graf has written essays such as the “On the Origins of Bitcoin,” the “Bitcoin Decrypted Series,” and more recently “Are Bitcoins Ownable?” Back in November of 2015 Graf spoke with and told our readers that “bitcoin is among the greatest inventions in history.”   

“My ‘On the Origins of Bitcoin’ also focuses on differentiating the pure theory aspect from historical and anthropological approaches,” Graf explains. “It seeks to integrate both Menger’s and Mises’s contributions with some distinctive insights from Nick Szabo (aspects of “Shelling Out: On the Origins of Money”) into a single account that can handle bitcoin, shell beads, silver coins, and anything else, all in a way I argue is compatible with the Misesian regression theorem.”

Hans-Hermann Hoppe

Love It or Hate It: Anarcho-Capitalist Luminaries Weigh In On Bitcoin The German-born American Hans-Hermann Hoppe is a popular anarcho-capitalist and Austrian School economist. Hoppe doesn’t believe bitcoin is money and has never been a fan of the cryptocurrency at least in public. However, the economist does think a radical form of decentralization will end the nation states and wreak havoc on the parasites pushing for democracy. Hoppe explained this position last year stating;

Don’t put your trust in democracy, but neither should you trust in a dictatorship. Rather, put your hope into radical political decentralization, not just in India and China, but everywhere.

Dr. Walter Block

Love It or Hate It: Anarcho-Capitalist Luminaries Weigh In On Bitcoin The well known Walter Block is an Austrian School economist and anarcho-capitalist theorist. Block is also a senior fellow of the Ludwig von Mises Institute in Alabama. The economist doesn’t seem to appreciate bitcoin and has stated it goes against Carl Menger’s monetary theory and has said it only exists because gold is suppressed.

“I favor money based on real commodities (gold, silver, whatever the market settles upon), and, I gather, bitcoins do not qualify — So, I oppose bitcoins,” explains Block.

I favor 100% backed (by a commodity) currency for reasons that Rothbard and Mises have written about, over and over again.

Gary North

Love It or Hate It: Anarcho-Capitalist Luminaries Weigh In On Bitcoin One particular Austrian economist who dislikes bitcoin is Gary North. In fact, North believes “bitcoin is the second biggest Ponzi scheme in history” in one of his controversial essays. North discusses the primary aspects of what a Ponzi scheme is and how the origin of money works using the Austrian school of economics. North’s anti-bitcoin rhetoric has been refuted several times by other economists but the and Mises Institute author has not been swayed.

“I hereby make a prediction: Bitcoin will go down in history as the most spectacular private Ponzi scheme in history,” details North.

It will dwarf anything dreamed of by Bernard Madoff. (It will never rival Social Security, however.)

Jeffrey Tucker

Love It or Hate It: Anarcho-Capitalist Luminaries Weigh In On Bitcoin The author and economist Jeffrey Tucker is the director for digital development for the Foundation for Economic Education (FEE) and a well-known bitcoin advocate. Tucker has written many articles about the prospects of bitcoin, decentralization and digital entrepreneurship. At one time Tucker was a skeptic but soon become a very passionate believer in the cryptocurrency revolution.

“Distributed networks change so much, perhaps everything,” Tucker details back in 2015.

As capital, it is not owned by any one institution, which is amazing. And yet it puts massive economic power into the hands of the individual.

Stefan Molyneux

Love It or Hate It: Anarcho-Capitalist Luminaries Weigh In On Bitcoin The Irish born Canadian Stefan Molyneux was once a big proponent of bitcoin but has since quieted down about the subject. The anarcho-capitalist now alt-right libertarian is well known for his Freedomain podcasts, books, and YouTube videos. One video called, “The Truth About Bitcoin” is a very in-depth depiction of how Molyneux believes Bitcoin could be a tool to end the nation states.

“If we have a bitcoin universe, you don’t get to print money for war,” Molyneux once stated.

You don’t get to have money for a prison/industrial complex. You don’t get money for a war on drugs. You have to ask the people.

Is Bitcoin Anti-State, Anti-War, and Pro-Market?

There are many more well known Austrian economists and anarcho-capitalists who have a wide range of different views about bitcoin. We really can’t say what Mises, Menger or Rothbard would say about bitcoin with them not being around to witness the internet and blockchain technology. What we can do is formulate our own opinions by reading their works like the Misesian regression theorem, and other theories of what makes money. There are plenty of Austrian economists like Konrad Graf, Daniel Krawisz, and Robert Murphy who believe in bitcoin. It may take a long time for some of these other personalities to accept bitcoin, and some of them like Peter Schiff may never accept it at all.

What do you think of these economists and libertarian philosophers who are for or against bitcoin? Let us know what you think in the comments below.

Images via Pixabay, the Mises Institute, FEE,, and wiki commons.

We got it all at Do you want to top up on some bitcoins? Do it here. Need to speak your mind? Get involved in our forum. Wanna gamble? We gotcha. 

Bitcoin's Meteoric Price Rise This Year Crosses the $10K Zone

Markets and Prices

Bitcoin’s price has reached $10,000 USD per BTC across global exchanges, and bitcoiners everywhere are celebrating with glee. The decentralized currency has captured the five-digit price range just a few weeks before the end of 2018.

See also: 12.6M Viewers Will Hear About Bitcoin Watching The Big Bang Theory

‘If You Don’t Believe It or Don’t Get It, I Don’t Have the Time to Try to Convince You, Sorry’ ~ Satoshi Nakamoto 

Those famous words continuously ring in the ears of bitcoin naysayers to this day. Now, all the believers who predicted bitcoin would reach $10K by 2018 were right on the money this year as BTC has touched new boundaries. The digital asset just surpassed $9K just two days ago and at approximately 9:45 pm on November 28, 2017, bitcoin’s value captured $10,000 price range. Bitcoin has outpaced every single nation-state issued fiat currency by miles and continues to perform better than commodities like precious metals. Earlier this year many people forecasted bitcoin would hit $10K by the end of 2017 however one man predicted it would three years ago.

Bitcoin's Meteoric Price Rise This Year Crosses the $10K Zone

Tim Draper the ‘Bitcoin Nostradamus’

Bitcoin's Meteoric Price Rise This Year Crosses the $10K Zone Back in September of 2014 the notorious tech-venture capitalist, Tim Draper, told the world that bitcoin would reach $10K by 2018. At the time the price was $400 as it was entering a year-long price slump and was dubbed “Worst Currency of the Year” by many mainstream news publications. Mr. Draper also threw down on a monstrous cache of bitcoin purchased from the Silk Road Auction. The man purchased 30,000 BTC for $13M, and now that stash is worth over $300M making him a cool $287M in just a few years. Other notable financial moguls that had predicted the latest price high include former Fortress tycoon Mike Novogratz, Fundstrat’s Tom Lee and many more. Even Mark Cuban recently explained to Business Insider that bitcoin would continue to rise as long as it remains a store of value.

New All Time High – A Single Bitcoin is Now Worth $10,000Bitcoin 2013 to now.

Last Year Asked Readers: What Would You Do If Bitcoin Hit $10K?

Additionally back in May of 2016, we asked readers what would happen if bitcoin hits $10K? Many cryptocurrency enthusiasts revealed what they would do if the digital asset reached this price territory. One reader explains;

There is no ‘cashing out’ from my standpoint. This is about exiting the Federal Reserve note-based (FRN) system. I always ask gold bugs about their exit strategy and they never answer me. If one ounce of gold traded for $10,000 would you cash out? If so why would you want FRN if you need $10,000 to obtain one ounce of a shiny metal?  

New All Time High – A Single Bitcoin is Now Worth $10,000Bitcoin surpassed $10,050 per BTC on November 28, 2017, on Bitstamp.

Cryptocurrency Markets Show Enormous Energy This Month

Today alone, bitcoin’s market cap has surpassed over $167B, and BTC markets have seen over $6.3B worth of bitcoin trade volume over the past 24-hours. Further, since bitcoin was unleashed into the world, there are now over 1,322 cryptocurrency clones out there trying to compete. It took eight years for the entire cryptocurrency market cap to reach $200B, but it only took 24 days for the crypto-universe to capture $300B. The top ten exchanges swapping the most bitcoin this month include Bitfinex, Bithumb, GDAX, Hitbtc, Bitflyer, Bitstamp, Coinone, Bittrex, Poloniex, and Korbit. The top three countries right now exchanging the most substantial sums of BTC are Japan, the U.S., and South Korea commanding the majority of this month’s trade volumes.

Bitcoin's Meteoric Price Rise This Year Crosses the $10K Zone

$10K Is No Moon; This Is Just the Beginning

Now more than ever people hear about bitcoin and the benefits it has to offer. Bitcoin is discussed on every financial news outlet, the technology is talked about on television shows with millions of viewers, and the world’s nation states are now taking bitcoin very seriously. In reality, true BTC believers know that the masses are just getting their first taste of digital asset technology and $10K is only the beginning.

What do you think about bitcoin reaching $10,000 per BTC? Let us know in the comments below. 

Disclaimer: Bitcoin price articles and markets updates are intended for informational purposes only and should not to be considered as trading advice. Neither nor the author is responsible for any losses or gains, as the ultimate decision to conduct a trade is made by the reader. Always remember that only those in possession of the private keys are in control of the “money.”

Images via Nasa, Star Wars, Imageflip, Coinbase, and Pixabay. 

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Bitfinex Faces Further Scrutiny Over Tether Liquidity Concerns


Keeping a smaller currency constantly pegged to a larger national one, to a regional one or even to a global reserve currency, is a difficult task which many central banks around the world have failed to do in the past in times of crisis. When enough speculators attack the currency, or capital outflows are just too great to handle, keeping the peg becomes unsustainable and it cracks. Despite this the people behind one controversial altcoin, Tether, are trying to achieve just that.

Also Read: Exchanges Suspend USDT Transactions After $30 Million Tether Treasury Wallet Hack

Unbreakable  Tether?

Bitfinex Faces Further Scrutiny Over Tether Liquidity ConcernsNow the entire Tether idea is coming under intense scrutiny by voices in the cryptocurrency community in online forums and social media where people are raising their concerns. The most recent spark for this maelstrom is an apparent unintentional admission by the Tether PR team that the USTD is backed by other cryptocurrencies and not the USD. This means that in case of a crisis analogous to a traditional ‘run on the banks’ Tether might not be able to back up all its USTD with hard fiat cash.

In addition to Tether, the Bitfinex exchange has received much of the flak arising from this issue. It was recently revealed that Bitfinex’s Giancarlo Devasini and Philip Potter established Tether in the British Virgin Islands in 2014. The exchange was already facing harsh scrutiny over its relationship to the altcoin and its failure to adequately answer for a $30 million hacking of the Tether Treasury Wallet.

What Can Be the Repercussions?

Bitfinex Faces Further Scrutiny Over Tether Liquidity ConcernsUsually when a peg is no longer sustained despite previous promises it can have detrimental short-term effects on traders, exporters, importers, brokers or anyone else which relayed on a fixed exchange rate. Such was the case when George Soros “broke” the Bank of England in 1992, when the Swiss National Bank dropped the cap on the franc in 2015 and many other instances along the years.

In the unfortunate case of a Tether unpegging, the first to suffer the consequences will probably be cryptocurrency exchanges that use it as a proxy for fiat trading – unless they are already working on contingency plans unbeknownst to the public that is. In the longer term it could likely lead to financial regulators clamping down harder against cryptocurrency altogether, as many already fear. The bad press that will come out of it can also shake the confidence of bitcoin investors, many of them new to the field as they were attracted to the recent rally which took BTC from $1,000 to $10,000 this year, leading to a crash.

How do you think Bitfinex will be affected by the latest developments? Share your thoughts in the comments section below!

Images courtesy of Shutterstock

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