Is it Curtains for Cryptocurrency?
A friend of mine casually remarked the other day in the midst of the highly destructive Bitcoin Cash hash war — “but surely Bitcoin is now trading below the cost of mining? Isn’t there a minimum floor price?” Unfortunately, there is no floor when it comes to cryptocurrencies — the same way that there is no ceiling. To try to postulate what drives cryptocurrency prices one way or the other is akin to telling the future in tea leaves — whatever you’re looking for is there. The cost of mining Bitcoin differs from country to country and the figures that we do have for the cost of Bitcoin mining is an estimation at best.
- 20/11/2018
- 6
Countries Cracking Down on Video Games & What That Could Mean for Cryptocurrencies
The next time someone remarks casually that cryptocurrencies are not “real money” because nobody would use real money to buy digital goods, ask them if they’ve ever played the highly addictive mobile game Clash of Clans or any one of the other hugely popular mobile gaming titles available. In Clash of Clans, prices start as low as US$2.60 for 500 gemsbut can go much crazier from there. Yet not only are players happy to fork out real cash for virtual goods, at least in the case of Clash of Clans, they’re forking it out to the tune of a cool US$1.5 million a day, making the Helsinki-based company enormously rich. What are the developers going to spend all that real gold on anyway? A better ice house? Nowhere is the addictive nature of gaming more apparent than in China — the world’s largest biggest video game market. But just as the Chinese have been plonking down some hard-earned yuan for some virtual armor, the Chinese government has been coming down hard to limit what it has determined to be a highly malicious influence on Chinese society.
- 19/11/2018
- 5
IMF Chief Christine Lagarde Calls for Digital Currencies, But We Need to Go Further
As the minister in charge of France’s economic policy in 2008, Christine Lagarde is no stranger to financial crises. During the 2008 Financial Crises, she described her encounter with her then U.S. counterpart, Treasury Secretary Henry “Hank” Paulson when news of the likely insolvency of Lehman Brothers, one of the world’s largest investment banks at the time, as, “It’s like a tsunami was coming and we were discussing what bathing suit to wear.”
- 18/11/2018
- 4
Conventions & Cryptocurrencies
The institutions of American governance are curious in their reliance on convention. Which is all fine and dandy when you consider that conventional mindsets and more importantly, conventional minds prevail. But throw a spanner in the works and its easy to see how quickly and easily these conventions can thrown by the wayside. Take for instance a presidential candidate’s release of their tax returns — it’s not the law, it’s a convention. And the independence of the Federal Reserve from the Administration? A convention as well. So it should have come as no surprise that exactly one month ago, President Donald Trump railed against the Fed that the Fed had gone “crazy” by tightening monetary policy.
- 16/11/2018
- 5
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