Tuesday, June 22, 2021

Here Comes Bitcoin’s Big Test: The Empire Strikes Back (Repost)

by John Rubino, Dollar Collapse:

One of the flaws in the revolutionary mindset is a tendency towards overconfidence. Combine absolute belief in a new idea with a couple of early wins and you get an absurd level of cockiness. This leads the would-be revolutionary to underestimate the challenges involved in getting from there to ultimate victory.

Why? Because those early successes happened when hardly anyone was paying attention. Once the threat is recognized, the Empire usually strikes back with intent, and the revolution turns out to be a lot harder, and a lot less certain, than it seemed.

Bitcoin vs. Gold: A Tired Debate

by Matthew Piepenburg, Gold Switzerland:

Bias vs. Logic

We’ve written elsewhere about the ironic over-use of logic to justify otherwise illogical biases.

As Swiss-based precious metals professionals who see physical gold and silver as currency protection outside of an openly illogical (and dangerously fractured) banking system, it is more than fair for some to challenge our own “logic” (bias?) when it comes to precious metal ownership.

We understand such critiques.

Google Aims for Commercial Quantum Computer by 2029, What Would That Do to Bitcoin?

by Mish Shedlock, The Street:

Let’s explore quantum computing, problems it might solve, and what it will do to current security protocols and blockchain.

What is a Quantum Computer?

The New Scientist answers the question What is a Quantum Computer?

Classical computers, which include smartphones and laptops, encode information in binary “bits” that can either be 0s or 1s. In a quantum computer, the basic unit of memory is a quantum bit or qubit.

“Tesla only sold ~10%” of its Bitcoin Holdings: Musk Speaks, Bitcoin Moves. But it Takes Two to Tango

by Wolf Richter, Wolf Street:

Pump and dump just for the heck of it?

Why can’t this dude just shut up? That’s what people, including the SEC, want to know. But look, he just can’t. Apparently, no one can take his Twitter account away from Elon Musk, and Tesla isn’t putting it under adult supervision, as the SEC has suggested. So he was at it again today, responding to accusations by Magda Wierzycka, CEO of South African tech and financial services firm Sygnia, that he’d pumped up the price of Bitcoin by tweeting all manner of things, and then “sold a big part of his exposure at the peak.”

World Bank Refuses To Support El Salvador Bitcoin Rollout, Citing Environmental Concerns

by Ian Haworth, Daily Wire:

Citing environmental concerns, The World Bank rejected a request from El Salvador to help implement the use of Bitcoin as legal tender.

According to the BBC, the “international lender” also “cited concerns over transparency,” indicating that El Salvador may struggle to meet its deadline of accepting Bitcoin throughout the country within the next three months.

Artists Plan to Erect a Bronze Satoshi Nakamoto Statue in Budapest to Honor Bitcoin’s Creator

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by Jamie Redman, Bitcoin:

Hungary plans to be the first country in the world to erect a statue of Satoshi Nakamoto, as a life-size bronze bust of Bitcoin’s creator will be displayed in Budapest. The bronze bust design is being constructed by two sculptors, Tamás Gilly and Réka Gergely.

A Reflective and Hooded Bronze Bust of Satoshi Nakamoto to be Erected in Budapest

A statue of Satoshi Nakamoto is being created to be erected in Budapest, Hungary when the project is complete. The creators of the bronze bust, Tamás Gilly and Réka Gergely, have recently revealed design plans for the famous cryptocurrency inventor’s statue.

Paraguayan Lawmaker to Present Bitcoin Legislation Next Month — Aims to Make Paraguay Global Crypto Hub

by Kevin Helms, Bitcoin:

A pro-bitcoin congressman in Paraguay says he will present bitcoin legislation in congress next month with the aim to make Paraguay a hub for cryptocurrency investors worldwide. His efforts follow El Salvador passing a bill making bitcoin legal tender.