by Justin O’Connell, Gold Silver Bitcoin:
2020 was a revolution. Here is what actually happened.
The IMF-dubbed Great Lockdown saw fear taking the front seat and the social contract rewritten posthaste.
At first, you stayed at home as germophobia gripped society. Leaders had determined who was essential and who was not. No man deems another man ‘non-essential.’
by Joeri Cant, Coin Telegraph:
The Canadian central bank is reportedly considering launching a proprietary digital currency.
Digital currency could share info with police and tax authorities
On Oct. 16, news outlet The Logic reported that the Bank of Canada is exploring the possible opportunities and challenges related to launching its own digital currency. The central bank purportedly believes that a public central bank digital currency (CBDC) could be the answer to the direct threat that cryptocurrencies apparently present.
by Mish Shedlock, The Maven:
Canadian crypto exchange QuadrigaCX says it cannot repay most of $190 million in client holdings after its 30-year-old founder Gerald Cotten, the only person who knew the passwords to its “cold storage,” unexpectedly died in India in December 2018, Coindesk reported on Friday.
by Helen Partz, Coin Telegraph:
Switzerland‘s principal stock exchange SIX Swiss Exchange will list the world’s first multi-crypto-based exchange-traded product (ETP) next week, the Financial Times (FT) reported Saturday, Nov. 16.Backed by the Swiss startup Amun AG, the first global multi-crypto ETP will be listed under index HODL, and will track five major cryptocurrencies: Bitcoin (BTC), Ripple (XRP), Ethereum (ETH), Bitcoin Cash (BCH), and Litecoin (LTC).
According to the article, each cryptocurrency will acquire a certain market share within the upcoming ETP, with Bitcoin accounting for around half of the ETP’s assets. The rest are set to be divided in fractions, with 25.4 percent in now-second cryptocurrency XRP, and 16.7 percent in Ethereum, while Bitcoin Cash and Litecoin will acquire 5.2 and 3 percent of the market, respectively.
by Chris San Filippo, Sprott Money:
Cryptocurrencies had a good run in 2017. The most prominent of these, Bitcoin, rose in value from $1,000 to $20,000 within that year, while some altcoins saw more rapid growth. While this has attracted a lot of new participants to cryptocurrency trading and blockchain endeavors, it’s also drawn the attention of governments, some of whom are less than enthusiastic.
Within the first few weeks of 2018, Chinese and South Korean regulators have made moves toward restricting cryptocurrency activity in their countries. South Korea’s government is preparing a bill to ban trading of virtual currency on domestic exchanges. Meanwhile, one Chinese central banker has called for a wider ban on services related to cryptocurrency trading in the country on top of their existing ban on ICOs.
Other states are likely to act within the near future in one way or another. Venezuela’s president has announced plans to use an oil-backed cryptocurrency to get around international sanctions. The plan is clearly a flimsy last-ditch attempt—claims of it being backed by oil or being a cryptocurrency at all are suspect—but does show that governments may take actions related to cryptocurrency other than banning it. Whatever the case, government involvement will mean an uneven regulatory environment for cryptocurrencies around the world.
It’s difficult to tell just what these policies might be, but if current methods are an indication, they will be mainly enforced through geo-blocking. Geo-blocking, also known as the use of geoIP bans, restrict access to web content by filtering users according to the region their IP address corresponds to. On top of the obvious problems this poses to cryptocurrency trading, it could also complicate the simple act of managing cryptocurrencies while travelling.
Because geo-blocking screens IP addresses, it’s easily bypassed through the use of virtual private networks (VPNs). A VPN creates an encrypted tunnel between a user’s device with a server elsewhere in the world. This effectively masks their actual IP address and, by selecting servers in specific regions, they can circumvent geoIP bans. Most VPNs allow for several IP addresses across various regions, rendering nearly all geoIP bans ineffective.
Some sites use VPN detection technology to enforce their geoIP bans, but there are ways around this. A polyserver approach, alternating among low-profile VPN services or different servers from the same provider, makes it more difficult for VPN detectors to keep a user out. Cycling your IP address regularly can also help bypass VPN detection.
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