LATEST NEWS (CRYPTOCURRENCY TODAY )

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POLITICAL VIEW
The  government of united states  brings cryptocurrency out of the shadows.This  is summons for bitcoin exchange data on millions of users present in the market of Coinbase
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In the summons, the IRS said that all of Coinbase’s users in that period “have not been or may not be complying with US internal revenue laws”. by sweeping nature of the request some are dismayed

Cryptocurrency cooperation is literally a response to malfeasance by global governments, mega-banks and mega-corporations. .
Cryptocurrency is trending , this is because our  oligarchs financial system  have proven themselves not to be trusted, and today’s FCC ruling against a policy that 81% of Democrats and 73% of            Republicans support is further proof of this maxim. Bitcoin has become a store of value that is something like a

Swiss bank account for the common man—but with a better interest rate (for now). Bitcoin cash was forked off of bitcoin to make good on the initial promise of bitcoin’s whitepaper, and create a peer to peer transaction system that exists outside of the international monetary system’s reach. Ethereum aims to create a decentralized internet where this FCC ruling would theoretically have far less of an impact. Per CoinDesk:

LIVE MEETUP
A tech meetup at a dimly lit New York City bar – so far, nothing out of the ordinary.
But what’s significant about this particular meetup is that other locations connected throughout the East Village are being  to the bar’s enabled-Wi-Fi node, direct signals but visit websites only accessible to others on the network.
The genesis block of bitcoin

had this Financial Times headline coded in to it: The Times 03/Jan/2009 Chancellor on brink of second bailout for banks

Today’s FCC ruling is only good for the free market if you believe that companies like Time Warner, Comcast, Facebook,  etc…will not engage in predatory practices that the FCC now deems to be legal, and that Congress will not try to rein in those bad actors if it happens. If you believe that can happen, then give me whatever the hell you’re smoking, because this is a serious bummer and I feel the need to vacate reality right now.

Called a mesh network

, it’s a decades-old technology allowing users to surf the internet without using a traditional internet service provider (ISP), and it could be finding new life among blockchain enthusiasts as the U.S. Federal Communications Commission (FCC) gears up to repeal “net neutrality” on Thursday.

Karl Floersch, an ethereum

developer and Casper researcher, told CoinDesk:

“If we get some crazy net neutrality regulation, then they can expect a crazy mesh-network fire-back.”

Latin America has already seen its economies dramatically affected by bitcoin, as people have parked their savings in this new digital commodity while their state-issued currency depreciated in value.In truth, no-one can be sure what will happen. Chinese authorities have in the last few days banned their banks from handling bitcoin and, anyway, it may not be bitcoin that eventually triumphs. Peercoin, Anoncoin, Zerocoin, Litecoin are all bring different strengths and benefits, from privacy and anonymity to the efficiency of the transaction. What bitcoin is however showing us is that Vires in Numeris is not ringing hollow. We will likely wake up to a world that uses currencies secured by cryptographical systems, and it is time that our social and political institutions seriously consider what this will mean for them and the people they protect and represent.


In commerce, the volatility of Bitcoin's actual value remains a huge problem. Over a few hours, the healthy daily profit of a Bitcoin-using pub can turn into a terrible loss as Chinese operators change their mind about its value. Last week Bitcoin lost a third of its worth against the dollar in 48 hours. Consumers will remain worried about how secure it, to hacks, dubious brokers and exchanges, and how to deal with refunds and thefts.

 Prices for bitcoin in Zimbabwe skyrocketed during the November 14 coup d’état. Bitcoin is a loaded gun pointed at the head of every non-United States government who doesn’t have their financial house in order. I’m of the opinion that if this dynamic can happen in Argentina, Venezuela and Brazil, then all it would take is one big shock to Europe for countries like Greece, Italy and Spain to swap some of their euros for bitcoin.

Bitcoin is the biggest existential threat to banking in the history of mankind, and a wave of cryptocurrencies are following in its wake to challenge other established orders.  At least we have a wave of new technology which aims to accomplish the same task, but not by altering your body chemistry, but by changing reality itself.


A US government request to trawl through the personal data of millions of users of the cryptocurrency exchange Coinbase signals the start of an effort to pull digital currencies like bitcoin into the mainstream, experts have said.
This new kind of money serves not the interests of the banking and corporate elites, or the corrupt government ministers who kowtow to them; but the people who control them alone
The “John Doe” summons, a broad order for data on all Coinbase users in 2013, 2014 and 2015, was filed by the Internal Revenue Service (IRS) in a federal court in California on 17 November.

Coinbase has said it will fight the request in court.

We have seen cryptocurrencies like Bitcoin
, Ethereum, Litecoin and Monero gain +10,000% returns over the last several years, and they simply continue their climb against all of the harping of bankers, economist, and purported ‘experts’ of finance. They  have declared cryptocurrencies are a scourge and something to be detested; a grievous wound against all of society, and they must be destroyed.  Again and again we hear from them that this is a bubble, that it has no social value, and that it is going to ‘crash’–and yet we find that the honey badger of money continues its slog upward and to the right despite all of their raging cries.

This is by no mistake, as cryptocurrencies are fundamentally better at storing value than any fiat currencies in existence today. This is because the fixed and known monetary supplies and inflation rates of cryptocurrencies; but more importantly, the social consciousness and consensus that allows for them to exist. People can now control their wealth with nothing more than the power of cryptography. Cryptocurrencies are rewriting the entire way that money is understood and used–and with that, who gets to control and benefit from these systems.
City banks plan to hoard bitcoins to help them pay cyber ransoms
 Read more
Cryptocurrencies – digital assets which exist entirely online but are exchangeable for goods or services – have grown in popularity in recent years, in part because they grant a degree of user anonymity. Coinbase is the largest bitcoin exchange and its best-known brand.

But user confidentiality has also caused headaches for governments, who worry the currencies are being used for drug dealing, money laundering or tax evasion. Digital currencies are currently taxed as an asset like gold, with capital gains tax due when there is an appreciation in value.

However, the extent to which bitcoin users with US tax liabilities have been declaring such assets is unclear.

In documentation supporting its petition, the IRS referred to three anonymous cases of taxpayers who had used virtual currencies to evade tax, two of which were “corporate entities with annual revenues of several million dollars” which used Coinbase wallets and concealed bitcoin transactions as “technology expenses” on their tax returns.

Several experts in cryptocurrency said that the IRS was on a “fishing expedition”, and pointed out that it followed an excoriating report by the US treasury’s inspector-general for taxation which said the IRS was not doing enough to regulate and investigate cryptocurrencies.As more people use it, it is going to grow in a way which affects national and global economies, so the IRS needs more clarity on how citizens are using it,” he said. “Globally, we’re seeing regulators grapple with how to regulate and tax [cryptocurrencies].”



“If bitcoin,ethereum,litcoinn and other digital currencies are going to be viewed as legitimate financial instruments,

Almost  all of them, however. Juan Llanos, an advisor in financial technology regulation and compliance, said he was seeing a lot of anger within the cryptocurrency industry at the IRS’s move, but also some schadenfreude from the more anarchistic parts of bitcoin’s user base.

“Coinbase has been attacked by ultra-anarchists from the beginning, because they are the closest to a digital bank there is,” he said. “Many anarchists – usually the early adopters of bitcoin – who are against the customs of Coinbase are celebrating,” he said.

This is not the first time the IRS has used blanket John Doe summonses as part of an investigation, though it is possible that the Coinbase request will be the largest of its kind.

In 2014, a federal judge approved similar summonses for FedEx, DHL and UPS to produce information about taxpayers who use an offshore asset-management service called Sovereign Management & Legal, and in 2015 a judge approved another summons for US taxpayers with offshore accounts at Belize Bank International Limited.

“The government has no idea that anybody has committed a crime,” said Jerry Brito, the executive director of Coin Center, a lobbying and research group focused on cryptocurrencies.

In a statement, Coinbase said: “Although Coinbase’s general practice is to cooperate with properly targeted law enforcement inquiries, we are extremely concerned with the indiscriminate breadth of the government’s request.”

It added: “In its current form, we will oppose the government’s petition in court.”

Some experts, though dismayed by what they saw as the overly broad and invasive nature of the request, said that more government scrutiny on cryptocurrencies was inevitable as they became more mainstream.

“We are moving to a world that uses currencies secured by cryptographical systems. It's time our social and political institutions seriously consider what this will mean for them and the people they protect and represent, argues argues Carl Miller, Research Director at the Centre for the Analysis of Social Media at think tank Demos. Follow him on Twitter at @carljackmiller it is a cheaper way to do business. Buying something using a credit card can cost three or even five percent for the buyer, and sellers stump up merchant fees, usually around 2.75 percent.

Vires in Numeris -- "Strength in Numbers" -- is the motto printed on minted bitcoins. Of course, these gleaming little discs of metal are fake. The real bitcoin (and the meaning of the motto) is hidden on the back. Under a sticker is a string of numbers and letters, a private key that, in a system involving cryptography, 'blockchains', mining, hashes and community authentication, allows you to hold and exchange units of value.


The strength of numbers, not government fiat, to secure value for a currency is not a new idea. . Chaum subsequently developed Ecash, one of the first electronic money systems. It failed. After Ecash, other electronic currencies such as 'bit gold', 'RPOW' and 'b-money' also tried and failed to depose fiat currency.

Now, unlike its less illustrious predecessors, Bitcoin looks like the first cryptocurrency that is really giving fiat currencies a run for their money (pun intended). A long-time favourite of travellers of the Silk Road, the "amazon.com of illegal drugs" -- by 2011 most had passed through it -- bitcoins had taken on a dangerous, threatening reputation as something you'd use to buy guns, drugs or child porn, and not much else. When the Silk Road was busted in October, Bitcoin plunged in value, and many thought that it was going the way of the earlier failed attempts. Instead, it has gone through a kind of purging.
In 1982 , David Chaum a computer scientist wrote a groundbreaking paper on the concept of a cryptographically secure digital currency
It is now attracting significant venture capital investment, and its exchange with offline currencies is growing more intense. It has taken the first steps along the road towards recognition and legitimation by authorities

Germany has recognised it, kind of, as a "unit of account" and Ben Bernanke, the Chairman of the Federal Reserve has carefully said they " may hold long-term promise". A number of other organisations, from The Department of Justice, the FBI, even the Royal Mint, have begun to admit they are not intrinsically illegal. Over the last three weeks, the value of the cryptocurrency has quadrupled, and there are now 60,000 bitcoin transactions a day.

It now stands at a crossroad: will it be a currency or commodity? It is currently used more as a store of value -- something that can be speculated to increase, decrease or at least maintain a value. Rather like London real estate, it is something that money can flee to: the number of people using it sharply spiked after it was announced that accounts in Cyprus were about to receive an infamous haircut.

However beyond either hedge-fund speculation or the Silk Road, it's easy to see the appeal of Bitcoin to normal people like you and me.

For this reason, both small traders and corporates are not necessarily hostile to it (you can buy a Subway with bitcoin in honey, Pennsylvania, in Denver). For those living in shaky, uncertain financial systems, the mathematical rig-our of cryptographical guarantees can look reassuringly secure. So many people  see a system that replaces central control with flat, peer-to-peer authentication as inherently safer: impossible to completely control and much harder to manipulate.

But when bitcoin does indeed step over the threshold and into our world as a living currency -- as I think it probably will, starting with online purchasers and then migrating into the offline world -- the possible challenges will make Silk Road trading seem like small fry.

But the most fundamental and existential issues are reserved for nation-states (as the founders would have wanted). Peer-to-peer currencies reduce the ability of central banks to manipulate the money supply; have significant implications for how to track illegal transactions and may erode tax raising powers. Rubbing salt into the wound, it is now bitcoin miners, not Governments that receive 'seigniorage', revenue earned by issuing the currency. Many bitcoiners are avid anarchists, who may wish and actively work to keep bitcoin separate.


In the Future, launching a series on cryptocurrencies and their long-term impacts on society and politics. The mission now is to ensure that if cryptocurrencies creep into our lives, they make them better; that they encourage business freedom, innovation, consumer choice, without undermining the key functions of the state; to promote basic social goods without washing this promising and fragile new asset away in a sea of regulation. Cryptocurrency is the future now........
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