Civil tokens cryptocurrency
In my opinion, cryptocurrency seems to be a trading vehicle and nothing more. If you wish to trade digital coins in this vast sector, please consider the possibility that in the long-term, many cryptocurrencies could fail as a store of value. I am neutral on Bitcoin in the short-term, and bearish for the long-term. Introduction Bitcoin, as well as other 'alt-coins,' have declined precipitously in value since last November, to the point where many market participants are now wondering if it is the right time to buy into the sector.
Trading in cryptocurrencies has gained in popularity over the years, and while many in the younger generation see this sector as the 'future of finance,' some notable investors in the older generation sees this, as Charlie Munger eloquently put it in a recent interview, " an open sewer full of malicious organisms. According to Forbes. For money to be considered money, it must be both a medium of exchange and a store of value.
Bitcoin is most certainly a medium of exchange, but the main problem is that no one is obligated to take it from you as payment for goods and services - the debt aspect of crypto is hazy. Throughout history, the idea and acceptance of what was considered to be money has varied. It used to be that the dollar was pegged to a fixed quantity of gold, and there have been long stretches in history where gold and silver were thought of as money.
Like Bitcoin, it could also be argued that gold does not produce cash flow, so it has no intrinsic value either. Many notable investors will have differences of opinion on this matter. The main difference is that many people are still unsure whether Bitcoin should be considered a currency, an asset, or a commodity. In my opinion, it fits none of the criteria for any of these classifications.
In today's modern era, one cannot have money without also having debt, as this is why paper dollars exist and are circulated in society. If a government, business, or other entity is not required to take Bitcoin or other cryptocurrencies as payment, then it has no value and problems may arise. Such an entity may choose to accept cryptocurrencies as payment, but there is no obligation to, and this is where things get tricky legally.
History shows examples of this problem which far predate modern cryptocurrencies, but the underlying phenomenon remains apparent. Paradoxes, Stores Of Value, and Sentiment A paradox of cryptocurrency is that there will always be another coin that comes along, similar to Bitcoin but improved upon on some small way. To upgrade the existing coins and how they function, such as Bitcoin, one must have something of a committee that decides on changes, which makes the prospect inherently centralized.
This has proven to be a nightmare in the past , with multi-year and drawn out discussions, and even Bitcoin Core contributors quitting development as a result. The whole point of cryptocurrency is that it is supposed to be decentralized, so the paradoxes continue to mount and one struggles to make sense of the complexities. In my opinion, if there is always a coin that comes along which is better, or more enticing for a use-case, then cryptocurrency will never be a true store of value and the speculators will just abandon ship for the better, more novel coins.
This makes trading and speculating on the sector inherently risky. Due to the nature of speculators, as well as government intervention like we have seen recently with China, there is much uncertainty in terms of price movements within the sector.
History has shown on numerous occasions that as manias and bubbles happen, the underlying object of speculation always goes back to its true value, which I will discuss later in this article. In my opinion, cryptocurrency is for market speculators to make a quick profit and move on, and not something long-term investors should invest in with the hope that their coin will one day become the 'standard' currency.
In regards to the current state of the sector, market sentiment has been so terrible and pessimistic with crypto platforms filing for bankruptcy and such, that it is more likely that at this time, the sector will invite optimism from contrarians. To quote Howard Marks once again, Skepticism calls for pessimism when optimism is excessive.
But it also calls for optimism when pessimism is excessive. The best I can say for Bitcoin is that I am neutral on it, and for all intents and purposes, I view it currently as a Hold. Having something listed with a 'Hold' rating implies that one must first buy it, but I will leave this up to readers to decide if speculating on digital tokens is something that they are interested in after reading a quick history lesson.
These tokens were a revolutionary new technology at the time during the s, which were privately minted and distributed throughout the United States of America. It could be argued that these tokens were some of the world's first widespread 'crypto' currencies, as they were used in place of government-issued money in America but were not backed by anything.
The economy began to suffer, as this made it "difficult for businesses to conduct transactions. It is estimated that from to , there "25,, Civil War tokens, nearly all redeemable for one cent. Lindenmueller tokens "are one of the best-known and commonly struck types" of Civil War tokens, which at the time " had more than one million one-cent tokens Here's the story - The Third Avenue Railroad Company of New York, which had willingly accepted a large quantity of the Lindenmueller tokens in lieu of actual currency, asked Lindenmueller to redeem them.
He refused, and the railroad had no legal recourse. Incidents such as these eventually forced the government to intervene. This act "effectively ended the usage of Civil War tokens. These replaced the old, somewhat clunky, large cent pieces. These new one-cent pieces were accepted by the general public far better than the Civil War tokens, and the tokens quickly became obsolete.
It wasn't until later that year, on June 8th, , that the legality of Civil War tokens was decided as Congress enacted legislation which deemed all minting of non-government issued coins punishable by law. While the tokens had become impractical already, they were now considered counterfeit money and a forgery.
However, this law did not make it illegal to own Civil War tokens, just illegal to use them as money for everyday transactions. The tokens almost instantly became collectors' items, and the rarity of the tokens determined their value. Some of these Civil War tokens fetch high prices today, but nowhere near the cost of one single Bitcoin. Perhaps those who love to speculate on digital tokens could instead find some value in owning a piece of history.
Lesson Learned? Actually, there are many parallels between the Civil War tokens and today's modern cryptocurrencies. The first timestamping scheme invented was the proof-of-work scheme. The most widely used proof-of-work schemes are based on SHA and scrypt. Another method is called the proof-of-stake scheme. Proof-of-stake is a method of securing a cryptocurrency network and achieving distributed consensus through requesting users to show ownership of a certain amount of currency.
It is different from proof-of-work systems that run difficult hashing algorithms to validate electronic transactions. The scheme is largely dependent on the coin, and there's currently no standard form of it. Some cryptocurrencies use a combined proof-of-work and proof-of-stake scheme. For this effort, successful miners obtain new cryptocurrency as a reward. The reward decreases transaction fees by creating a complementary incentive to contribute to the processing power of the network.
Consequently, the reward for finding a hash has diminished and often does not justify the investment in equipment and cooling facilities to mitigate the heat the equipment produces , and the electricity required to run them. By July , Bitcoin's electricity consumption was estimated to be approximately 7 gigawatts, around 0.
A "share" is awarded to members of the mining pool who present a valid partial proof-of-work. As of February [update] , the Chinese Government has halted trading of virtual currency, banned initial coin offerings and shut down mining. Many Chinese miners have since relocated to Canada [63] and Texas.
The country built a compound containing 50, computers near Ekibastuz. Miners regularly buy up the entire stock of new GPU's as soon as they are available. With the public key, it is possible for others to send currency to the wallet.
There exist multiple methods of storing keys or seed in a wallet. These methods range from using paper wallets which are public, private or seed keys written on paper , to using hardware wallets which are hardware to store your wallet information , to a digital wallet which is a computer with a software hosting your wallet information , to hosting your wallet using an exchange where cryptocurrency is traded, or by storing your wallet information on a digital medium such as plaintext.
Block rewards Proof-of-work cryptocurrencies, such as Bitcoin, offer block rewards incentives for miners. There has been an implicit belief that whether miners are paid by block rewards or transaction fees does not affect the security of the blockchain, but a study suggests that this may not be the case under certain circumstances. By making sure that verifying transactions is a costly business, the integrity of the network can be preserved as long as benevolent nodes control a majority of computing power.
The verification algorithm requires a lot of processing power, and thus electricity in order to make verification costly enough to accurately validate public blockchain. Not only do miners have to factor in the costs associated with expensive equipment necessary to stand a chance of solving a hash problem, they further must consider the significant amount of electrical power in search of the solution.
Generally, the block rewards outweigh electricity and equipment costs, but this may not always be the case. However, the efficiency of the Bitcoin system can be significantly improved by optimizing the rate of coin creation and minimizing transaction fees.
Another potential improvement is to eliminate inefficient mining activities by changing the consensus protocol altogether. Crypto marketplaces do not guarantee that an investor is completing a purchase or trade at the optimal price. As a result, many investors take advantage of this by using arbitrage to find the difference in price across several markets. The kiosk installed in Austin, Texas, is similar to bank ATMs but has scanners to read government-issued identification such as a driver's license or a passport to confirm users' identities.
An ICO may be used by startups with the intention of avoiding regulation. However, securities regulators in many jurisdictions, including in the U. In an ICO campaign, a percentage of the cryptocurrency usually in the form of "tokens" is sold to early backers of the project in exchange for legal tender or other cryptocurrencies, often Bitcoin or Ether. The Swiss regulatory agency FINMA stated that it would take a "balanced approach" to ICO projects and would allow "legitimate innovators to navigate the regulatory landscape and so launch their projects in a way consistent with national laws protecting investors and the integrity of the financial system.
Bitcoin's value is largely determined by speculation among other technological limiting factors known as blockchain rewards coded into the architecture technology of Bitcoin itself. The cryptocurrency market cap follows a trend known as the "halving", which is when the block rewards received from Bitcoin are halved due to technological mandated limited factors instilled into Bitcoin which in turn limits the supply of Bitcoin.
As the date reaches near of a halving twice thus far historically the cryptocurrency market cap increases, followed by a downtrend. The falls were attributed to warnings about inflation. By comparison, in the same week, the Nasdaq tech stock index fell 7. Compared to the blockchain, databases perform fast as there is no verification process. Early Bitcoin supporter Roger Ver said: "At first, almost everyone who got involved did so for philosophical reasons.
We saw Bitcoin as a great idea, as a way to separate money from the state. Bitcoin undermines governments and disrupts institutions because Bitcoin is fundamentally humanitarian. The FATF and financial regulators were informed as the data model was developed. As of December , the IVMS data model has yet to be finalized and ratified by the three global standard setting bodies that created it. This included a draft regulation on Markets in Crypto-Assets MiCA , which aimed to provide a comprehensive regulatory framework for digital assets in the EU.
This is a more extreme standard than banks are usually held to when it comes to other assets. However, this is a proposal and not a regulation.
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Existing buyers now have the option of asking for an immediate refund of the money they used to buy tokens, getting an automatic refund on October 29, or retaining the tokens and remaining part of the Civil funding drive. Some token holders had already asked to exercise the latter option, Iles wrote. Overly ambitious goals given the current state of the cryptocurrency market—which some believe is a bubble—combined with what even some Civil staffers have told CJR was an overly time-consuming process of buying the tokens.
In part, Civil says this was done to weed out speculators and others who might not be in sync with the goals of the project. But those methods also seem to have weeded out a lot of potential supporters. Yesterday, after the failed token sale, Civil staffers remained determined to raise money to operate the platform and to fund the Civil Foundation, a non-profit that also administers the Civil Council.
The question is: Will there be enough interest in helping, now the first attempt at funding has failed so publicly? A new constitution: One of the key documents in the Civil ecosystem is the Constitution, which the project has been crowdsourcing via an open Google Doc, as well as asking for input from media professionals in a series of symposiums both in the US and a number of other countries. More than 2, counties now have no daily newspaper and have no newspaper at all.
Twitter has suspended about 1, accounts that were either created by or are associated with a troll campaign that started on the site 4chan, according to The New York Times. We set out to decentralize how the news is vetted, how journalism is funded, and how we stay informed as a society. We were among the first startups in the world to experiment with blockchain and cryptocurrencies in the media space. We built innovative technology, supported award-winning journalists, and inspired many people all over the world with our vision for a more participatory media landscape.
But ultimately, we failed to sustain ourselves independently. Several months ago, we started to develop products related to decentralized identity in the media and advertising space, which attracted enterprise interest for use cases such as trackable content licensing and transparent ad decisioning. This pivot led to closer coordination with ConsenSys and the team building solutions for identity and provenance tracking, which in turn started conversations about a strategic merger.
We are excited to share that the Civil team and technology will join ConsenSys to be a part of these efforts. Although the journey for Civil is over, our new team continues to develop cutting-edge technology that I believe will contribute to building a better internet. This isn't the outcome we had envisioned, but nevertheless, we're proud of what we accomplished. Newsrooms on Civil have always operated independently, and therefore will remain unaffected.
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