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Story October 29, Why is there a rush for cryptocurrencies in places that don't exist? A story set in the post-Soviet At the edge of a lake on a fault line of the new Cold War stands a building that, depending on how you look at it, is either a relic of a failed revolution or the beating heart of a new one. In Soviet times, the Kuchurgan electricity plant powered a swath of the empire from Romania to Ukraine. Today, its red and white striped smokestacks still loom over the surrounding cornfields, making ants of the workers who file out at quitting time.
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- Revisit safeguards against crypto rush
- How Cryptocurrencies Can Help Global Economy and Build a Better Future
- To the moon? Bitcoin roars back, fuelling $100,000 predictions
- MC Insider: Crypto mania, investor gone quiet, deal buzz, talent flight and more
- The Most Informative Nuggets On Bitcoin From Dave's Winklevoss Interview
- Cryptocoin Mining?
Revisit safeguards against crypto rush
Read this in The Manila Times digital edition. In this file photo taken on October 09, , workers install a new row of Bitcoin mining machines at the Whinstone US Bitcoin mining facility in Rockdale, Texas. Likewise, the central bank should review its policies on cryptocurrencies and on decentralized finance or DeFi in general to protect consumers not only from scams, but also from making poor investment decisions.
There has been so much hype about cryptocurrencies over the years. And our concern stems precisely from their growing popularity even among Filipinos. Some may be rushing to invest in them without actually understanding the concepts of these new instruments and the risks involved. For instance, many might not realize that not all cryptocurrencies are Bitcoins, as there are more than 6, others available. If one thinks about it, the very concept of a cryptocurrency seems troubling because it was designed to operate outside the formal financial system and beyond the control of government regulators.
That alone should raise red flags given the problems with money laundering and various other illegal dealings of terrorists and criminals everywhere.
Another troubling feature is the anonymity of buyers and sellers allowed in the new system. That undermines the know-your-customer policy imposed by regulators, partly to prevent fraud and other crimes. Of course, the idea behind these features was to simply facilitate transactions or more technically, peer-to-peer exchanges.
But it is not hard to imagine that anything beyond the reach of regulators could attract opportunists in the criminal underworld. More in government, not just those in law enforcement, should be concerned about the integrity and stability of the Philippine financial system and the risks posed by cryptocurrencies and DeFi. It is a digital infrastructure ecosystem based on blockchain that seems to be emerging as a substitute for formal financial intermediaries like banks and brokerages.
Blockchain, of course, is like a digital ledger that claims to be impregnable to hackers, which partly explains its appeal. They are responsible not only for economic growth and development, but also for balancing inflation and unemployment. Of course, many recognize central banks as regulators of the banking system and lenders of last resort, among other things.
As such, policymakers and others in authority should be protective of BSP and its ability to function effectively. While it may be wrong to swim against the current, so to speak, and resist technological advances, policies should also evolve at a pace that keeps up with the developments.
Another concern has to do with consumer protection, which applies to investors in cryptocurrencies and users of DeFi. Admittedly, they seem alluring to people looking to preserve or grow their wealth. Because of their popularity, these technological advances have even spread to other sectors, particularly the art world that now offers non-fungible tokens or NFTs. They are minted on blockchain in a process paid for with a cryptocurrency, typically Ethereum.
The "crypto" rush evokes memories of an economic disaster a century ago. In the s, Americans risked their life savings to invest in a bull market even though many had little understanding of intrinsic value and how the bourse actually worked. They were simply drawn to an opportunity to make a quick fortune. Of course, the US stock market crashed later that decade, and the impact was global. Something similar could happen today. People are rushing to cryptocurrencies even though they have no intrinsic value and only superficial understanding of them.
Like investors in the s, people today can hardly resist any possibility of becoming wealthy in a short period. Warren Buffett, arguably the best investor today, said the value of cryptocurrencies was based largely on the demand of the next buyers.
He describes it as like a bubble although he did not use that term. For its part, the BSP has issued statements and materials that educate the public about cryptocurrencies and blockchain. More can always be done though. The best defense against losing money in cryptocurrencies and new technologies related to them may be financial literacy.
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How Cryptocurrencies Can Help Global Economy and Build a Better Future
In the financial markets, one of the trending things in the cryptocurrency market and its performance. It has been a surprising sector in the past year when you look at how it is faring. The crypto market reached impressive highs in mid-February It set the financial world talking with many parties interested in exploring this market.
To the moon? Bitcoin roars back, fuelling $100,000 predictions
Hush-hush tales from the world of stock markets, banking, corporate world and corridors of power. With crypto becoming an increasingly popular trend among the Indian youth, consultants are gearing up fast to get a share of the potential business pie. A Mumbai-based public relations agency, we hear, has formed an in-house team to look for Crypto clients--mainly advisory firms, research houses and trading houses. The offer on the table is publicity and image management. This isn't official but the company has put some of its experienced staff on the job. In a separate development, a technology firm promoted by a well-known businessman has just launched a new company that will offer services on crypto which include information on arbitrage opportunities in crypto trading. All this is happening even before there is any law in India on crypto assets. Legal or not, clearly, no one wants to miss the bus. In the startup funding party, this well-known investor has almost gone under the radar.
MC Insider: Crypto mania, investor gone quiet, deal buzz, talent flight and more
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The Most Informative Nuggets On Bitcoin From Dave's Winklevoss Interview
As recently as , the estimated value of a single bitcoin was less than a penny. Now, one bitcoin is worth thousands of dollars. On the other side of the coin, the fact that cryptocurrency transactions are irreversible makes investing in cryptocurrency a potentially perilous endeavor. The largest crypto exchanges— virtual marketplaces that traders use to buy and sell cryptocoins— contain vast amounts of digital cash. This makes them very attractive targets for hackers.
Cryptocoin Mining?
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Cryptocurrency Coverage. Crypto fallout: Robinhood, Coinbase shares plunge to lowest values but rebound The bloodbath in the cryptocurrency market is taking a gigantic toll on online brokerage stocks Robinhood and Coinbase. Shares of both companies, which each went public last year, slid Monday to new all-time lows before bouncing back. Here's the latest.
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Sign In. Crypto House This group allows anyone to post. Latest Replied Latest Trending Hottest. OpuLabs Airdrop? LaoQ Posted at Fairfax County Retirement Systems has released details about its investment in a blockc
Cryptocurrencies are described by their fans as a people-powered revolution, digital banking unchained from the interests of the wealthy and powerful. This may well have been the original intention. But the modern reality is that almost all Bitcoin investors own less than one per cent of one Bitcoin. The top Bitcoin accounts own more of the currency than the bottom 38 million.
It is a pity, that now I can not express - it is compelled to leave. I will return - I will necessarily express the opinion on this question.
what in such a case to do?
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