Trump takes office and signs executive orders like they’re autographs. We discuss a letter from a listener. Bloomberg has a revealing article detailing how Deutsche Bank helped the world’s oldest bank Banca Monte dei Paschi di Siena hide a 367 million euro gambling loss in 2008. Pedro talks about Project Alchemy, an effort to create a bridge between Zcash and Ethereum blockchains. We also talk about a bill in the Washington state Senate proposing to bar legal marijuana companies from using bitcoin and about how they are already denied bank access thanks to Federal policy. A draft of changes to Israeli tax code sees bitcoin users suffering a 25% capital gains tax and a 17% VAT. Some WhatsApp users are not taking the time to carefully configure security features. Abra bitcoin wallet app focuses on inter-currency exchange through local human ATMs called Tellers… Local Bitcoins just went International. Bots are good for trading but the real news is that Bloomberg bitcoin news coverage has matured. Ziftrcoin is no more.
All this and more on the Neocash Radio podcast, episode 191 — Wednesday January 25th, 2017!
We’ve written out short overviews of the topics discussed on today’s show below! Be sure to listen in to the whole podcast to get more information, insights, and thoughts on each of them from JJ, Darren, and Pedro!
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|Traditional Markets||Crypto Markets|
|Gold $1,201||Bitcoin (BTC) $894|
|Silver $16.97||Litecoin (LTC) $3.66|
|Oil $52.38||Zcash (ZEC) $39.94|
|Dow Jones 20,068 points||Ethereum (ETH) $10.44|
|30Y UST Yield 3.102%||DASH $14.55|
|Euro (EUR) $1.08||Monero (XMR) $11.81|
|Chinese Yuan (CNY) $0.15||Augur REP $4.29|
|British Pound (GBP) $1.26||1 Doge = 1 Doge|
After months of bitter fighting and mud slinging, President Obama does some heavy lifting for the Trump administration.With only days left until his term ends, Obama signed Executive Order 12333 which enhances the power of the surveillance state. The royal decree allows the NSA to share more information with the FBI, DEA, and the Department of Homeland Security; cementing the domestic spy agency as a core part of criminal justice.
A quote from the New York Times describes it as, “reducing the risk that the N.S.A. will fail to recognize that a piece of information would be valuable to another agency, but increasing the risk that officials will see private information about innocent people.”
But wait there’s more! Here is a list from PBS of the executive orders signed by President Trump so far! He even signed an order to start building that wall he campaigned on.
Letter from listener
I really enjoy the show and have been trying to increase my knowledge base regarding bitcoin and blockchains over the last few months after seeing your lecture about bitcoin and ECC on youtube. The biggest question I still have that I haven’t been able to answer with independent reading is how, if at all, the bitcoin community plans to deal with the fact that huge numbers of bitcoins were mined by or allocated to people before 99.9% of the world had any idea they existed, let alone had value, and when the difficulty level of mining was significantly lower. It seems like if bitcoin were to become a major part of the global economy that it would only further inequality if the statistics about concentrations of bitcoin holdings and bitcoin’s gini coefficient are reliable. In traditional markets, people who risk time, effort, and capital can in large part justify such accumulations when their initial investments lead to innovation or creation of wealth for others, but it seems like the heavy lifting as far as innovation goes was already over once Satoshi Nakamoto published their work and birthed the BC blockchain, and that miners simply played the role of early adopters rather than innovators.
I’d also like to ask what you believe are the best educational avenues to take for someone wanting to gain the knowledge and skills to assist future development of blockchains and cryptocurrencies.
Bloomberg Expose on Deutsche Bank Scandal
In Episode 178 we covered the scandal at Banca Monte dei Paschi di Siena that involved executives at Deutsche Bank. Bloomberg has a great article describing how Deutsche Bank and Banca Monte Paschi hatched a plan to conceal a 367 Million Euro loss.
Pedro talks about Project Alchemy – Zcash and Ethereum integration and Washington State proposes a ban on cryptocurrency being used in the recreational marijuana industry.
An announced change to the tax laws could have a major effect on the bitcoin start-up culture that is so strong in Israel. The proposed changes would have crypto users paying a 25% capital gains tax. Miners and Exchanges would have to include a 17% Value Added Tax.
Once again a mainstream news agency is running a story that may not be well sourced or not researched at all. The shocking title, “WhatsApp vulnerability allows snooping on encrypted messages“ from the Guardian, is actually a story about how many users do not take the time to understand the nuances of security when configuring their mobile applications.
In this article from Macworld, Glenn Fleishman describes how he found the configuration issues months ago and published a blog about it. He goes on to talk about how the issue is actually in how the user has configured the app and what steps are being taken to add more security.
Abra worldwide looks like a promising new app. The core of the app is a bitcoin wallet with the ability to exchange those bitcoins for local currencies via Tellers. Tellers use the app much the same as the consumer but offer to exchange bitcoin for the local currency via an in-app link up.
Bloomberg reporting on bitcoin is maturing. In a television segment they discussed how chinese traders are using bots to dominate the exchanges. The discussion also covered the concern over China’s central bank, the People’s Bank of China, and their recent inspection of the Chinese Bitcoin Exchanges.
The customer rewards platform has closed up shop with the core idea being evolved into a new platform called GoPayWin with the Ziftr team moving on to a marketing company called AirTank.
Want to learn more about Bitcoin, mining cryptocurrencies, and blockchains? Check out our intro video: “Decrypting Bitcoin: Blockchain Technology Explained”
We will be producing more in-depth videos to explain Ethereum, Dash, and the Federal Reserve soon! We’re also building a video podcast room here at Neocash Radio HQ! Until that’s finished, we’ve started uploading our audio feed to our new YouTube channel! We hope to have video added to the podcast by spring 2017! Construction is moving along nicely!