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Bank of England Governor Says Bitcoin has Failed



Bank of England (BoE) Governor Mark Carney has recently claimed that Bitcoin has failed, and it cannot be considered a real currency.

Bank of England: Bitcoin Failed?


He said that Bitcoin failed to meet two essential requirements of a traditional currency. Carney believes that Bitcoin is neither a means of exchange, nor a store of value.

At an event at London’s Regent’s University, Carney stated:

“It [cryptocurrency] has pretty much failed thus far on… the traditional aspects of money. It is not a store of value because it is all over the map. Nobody uses it as a medium of exchange,”

However, just like many other before him, Carney did say that cryptocurrency’s underlying Blockchain technology  “may still prove useful” because of its decentralized nature :

“Cryptocurrency’s underlying technology may still prove useful as a way to verify financial transactions in a decentralised way,”

On the other hand the US Internal Revenue Service (IRS), states that virtual currencies are a “digital representation of value that functions as a medium of exchange, a unit of account, and/or a store of value.”


Is Bitcoin just a Brilliant Scam?




According to Business Insider Elliot Management, one of the biggest hedge funds in the world, founded by Paul Singer, made a very clear statement showing a negative side of Cryptocurrencies, saying they are  “one of the most brilliant scams in history.”

Brilliant Scam

The firm insisted that cryptocurrencies are the “equivalent of nothing” and that those who invest in it shows a clear “indication of the limitless ignorance of swaths of the human race”

“This [cryptocurrency] is not just a bubble. It is not just a fraud. It is perhaps the outer limit, the ultimate expression, of the ability of humans to seize upon ether and hope to ride it to the stars…

But is it not glorious that when the equivalent of nothing attracts priests and parishioners who run up the price, the very willingness of the mob to buy it at higher and higher prices is seen as validation of the thing, rather than an indication of the limitless ignorance of swaths of the human race?”

The statement also shows some skepticism about the scarcity of Bitcoin. Even with the fact that Bitcoin’s supply is currently capped at 21 million coins, Elliot discusses that the forking of the Bitcoin Blockchain could worsen the scarcity that is already in play, saying:

 “this limitation [scarcity] is not nearly as sacrosanct as the bitcoin evangelists would have you believe.”

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Da Hongfei: NEO’s Future in the Crypto World




Da Hongfei, the founder of NEO and one of the biggest figures in the cryptocurrency world, especially when it comes to Blockchain adoption in China.

In an interview with Da Hongfei at NEO DevCon by Alex Moskov, Colin Harper, and Bennett Garner they covered several topics concerning Hongfei’s thoughts for NEO, the cryptocurrency world, and some insight into the mind of one of the most influential figures in the crypto community.

Coincentral Interview

CoinCentral: The focus of this conference is on NEO’s vision and the community initiative and trying to foster a robust ecosystem. NEO seems to be very careful about its ICO partnerships and its partnerships in general. Can you go into what goes into the NEO team’s mind when they’re vetting a project and deciding to back it? What makes you think, “This is a good project.

Hongfei: At this very early stage, we’re not very selective. We’ll check their background and look at that vision. Most projects that approach us are legit projects, so we don’t have a very strict standard whether to support or not. We’re gradually becoming more selective though.

Could you comment on your personal psychology in overseeing the entire NEO ecosystem? What’s a day in the life inside Da Hongfei’s head look like?

Things just happen. Sometimes you’re pushed to do things so it’s not like I’m planning for everything. The cryptoworld is 24/7. When I wake up, I grab my phone and there’s maybe 200 messages on my WeChat that I have to check. It’s not that I’m doing everyone’s jobs, but people will come to me for decisions. If you see enough things, you will have a better understanding of this industry and what the direction is.

Earlier this month, you did an interview with Bloomberg. In that interview, you said that you thought regulation was a good thing and you’ve said that previously as well. What are your thoughts on US and EU regulations? If you were making the rules, what would you like to see in those markets?

That’s a tough question. I think everything comes down to exchange. Speculation is a regulated business in most of the countries, you cannot run a centralized exchange freely. So, if a country wanted to regulate cryptocurrency or a token, the best way to do it would be to regulate the exchange.

Specifically, Fiat gateways or just in general?

Even token to token exchange is speculation, yes. There are two ways to make a fortune. One way is to create value, the other way is to divide value. Speculation is a zero-sum game. It’s not about creating something, it’s about how many I should have and how many are left to you. If everyone’s doing speculation, that means no one is creating new values. Human nature likes to do speculation and that’s why I believe speculation is regulated in almost every country.

To read more about the interview, which includes more thoughts on crypto regulation and price speculation, click here


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Cryptocurrency Scams in Australia




Australia has been very affected by the crypto scams in 2017, ith more than 1200 complaints to the country’s consumer watchdog.

Australia and Twitter Impersonator


The local news ABC said that the data came from the Australian Competition & Consumer Commission (ACCC) and it shows 1289 complaints, some of which appear to be related to token offerings.

“These are quite speculative products and they can be quite high-risk,” said John Price, commissioner for financial regulator the Australian Securities and Investments Commission (ASIC)

He told the publication:

“It’s been quite well documented that some of these products are scams, so please don’t invest unless you’re prepared to lose some or all of your money.”

These scams even affect cryptocurrency’s biggest names, with Ethereum co-founder Vitalik Buterin telling investors about a Twitter impersonator that promises to offer free money on his behalf.


The fake giveaway made it to the headlines in cryptocurrency news media as legitimate news.


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