Blockchain technology and the use of smart contracts is already positively impacting all kinds of businesses. When it comes to cryptocurrency, a smart contract strengthens all the advantages of transparency, speed and security while opening the door to even more possibilities.
In all likelihood, this means that (tens of) thousands of bitcoin traders are refusing to pay the IRS, either betting on the anonymity of the blockchain to conceal their identities, or perhaps in some cases they simply don’t have the money to pay, having lost most of their profits during the market’s spectacular meltdown.
The ongoing cryptocurrency craze has spawned an epidemic of impracticality, with increasing numbers of people desperate enough to get in on the crypto action to take dangerous levels of risk to feed their FOMO (fear of missing out).
When it comes to mainstream media coverage of cryptocurrency, the silicon valley bros with their mansions and lambos seem to be getting all of the attention, but there is another much more important side of this community that is using their newfound wealth to make a difference all over the world.
The likelihood that Soros’ investments and those of other major financial players will soon drive the price of Bitcoin into bull market territory is quite high, but investors should maintain a level of caution.
While the smartest minds have created some game-changing companies backed by the power of Blockchain and cryptocurrencies, nefarious minds have also jumped on the bandwagon, fleecing unwitting investors in elaborate scams.
This week has seen some bold predictions by actors in the crypto space, as investment tycoon Tim Draper predicted that he saw BTC hitting $250,000 by 2022 – a claim held up by CNBC Fast Money’s Brian Kelly – and bullish Wall Street predictor Tom Lee repeated his stance that BTC will reach $25,000 in 2018.
Given all the negative press that Bitcoin has to fight against, the arguments in favor of Bitcoin may sometimes be lost in all the noise. So let’s have a look at the typical attacks on Bitcoin and how the community could respond to them.
The bill had been opposed by privacy advocates like the Electronic Frontier Foundation (EFF), which had written after the bill’s passing that “this final, tacked-on piece of legislation will erode privacy protections around the globe.”
The risks of regulation are huge but unseen: they consist mostly in improvements we don’t get, self-governing models that do not emerge, better user experiences that consumers do not enjoy, and new applications not seen.
Decentralized cryptocurrencies like Bitcoin and Ethereum have strong advantages over centralized financial systems, primarily because of their ability to function and operate without a single point of failure, which hackers and bad actors can target.
At his lecture in Zurich, Bannon stated that cryptocurrencies and the Blockchain will “empower [the populist] movement, empower companies, [and] empower governments to get away from the central banks that debase your currency and makes slave wages.”