UK Government Seizes $185 Million From Dormant Bank Accounts for Crisis Relief

The UK government is seizing funds in dormant bank accounts worth approximately $185 million to fund its coronavirus relief efforts. So far, 30 banks have been voluntarily transferring money from dormant accounts to the government, including HSBC, Barclays, Clydesdale, Credit Agricole, Danske, Santander, Lloyds, and Bank of Scotland. The government has also proposed adding other types of assets that can be seized, such as insurance policies and share proceeds.

Government Unlocks Funds From Dormant Accounts

The U.K. government announced last week that “£150 million [$185.74 million] from dormant bank and building society accounts is to be unlocked to help charities, social enterprises and vulnerable individuals during the coronavirus outbreak.”

Culture Secretary Oliver Dowden detailed that “This includes accelerating the release of £71 million of new funds from dormant accounts alongside £79 million already unlocked that will be repurposed to help charities’ coronavirus response and recovery.” According to “The Dormant Assets Scheme: A Blueprint For Expansion” report, published by the British government in April last year:

UK banks and building society accounts collectively hold over £1.3tn of customers’ money in savings or current accounts that would be eligible under the Dormant Bank and Building Society Accounts Act 2008.

30 Banks Voluntarily Transfer Dormant Funds to Government

The U.K. government’s asset seizure program under the Dormant Bank and Building Society Accounts Act 2008 began in 2011. Currently, 30 companies, including all major high street banks, are participating in the program. They include Allied Irish Bank UK, ANZ (London branch), Bank Leumi UK, Barclays Bank, Clydesdale Bank, Commonwealth Bank of Australia (London branch), Co-operative Bank, Credit Agricole, Danske Bank, HSBC Bank, Lloyds Bank, Bank of Scotland, Nationwide Building Society, Riyad Bank, Santander UK, and TSB Bank.

These banks “have voluntarily transferred funds from accounts that have been inactive for 15 years into the scheme and so far over £600 million has been distributed to good causes,” Dowden said, elaborating:

The government is currently consulting on expanding the dormant assets scheme to include a range of financial assets from the insurance and pensions, investment and wealth management, and securities sectors.

According to the government, consumers can still reclaim the amount owed to them even if their funds have been transferred to the scheme. Reclaim Fund Ltd., an entity regulated by the Financial Conduct Authority (FCA), is supposed to hold enough money to cover any claims.

Other types of assets that the British government has proposed adding to the program follow different rules of when they can be seized. If approved, insurance policies and pensions could be seized after seven years, cash assets after six years, and non-cash assets, shares and dividends of public companies could be seized after 12 years. The UK government expects that “The expansion has the potential to bring billions more pounds into the scheme.”

What do you think about the UK government seizing dormant accounts for crisis relief? Let us know in the comments section below.

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With Riots Erupting in US Cities, Using Tools of Peaceful Protest Can be More Meaningful

During the last six days, America has been feeling the wrath of a myriad of protests and riots in nearly every major city across the nation. The U.S. is experiencing an uprising like never before, but some of the protests and demonstrations could be more peaceful. Acts like not voting for the political class, and using alternative monies like bitcoin can go a long way when it comes to civil protest.

America Is on Fire, Governors Invoke Curfews, National Guard Deploys, and Martial Law Starts Trending on Twitter

The protests have become unruly and that is because law enforcement has attacked crowds of innocent peaceful protesters, there are hired groups of inciters there to start violence, state provocateurs have been caught on camera inciting violence, and people are fed up with the decades of police brutality.

However, there are other ways people can protest the nation-state’s wrongdoings and immorality, by simply not participating in the corrupt system. By leveraging bitcoin and other means of counter-economics, by not voting for masters, and avoiding the status quo at all costs can be far more peaceful than any street demonstration.

Just recently a man named George Floyd was killed when an officer kneeled on his neck for close to ten minutes. There is video footage of the incident and three other officers watched their coworker cause harm to the unarmed man. Floyd is not the only individual that American police have killed and most of the time, U.S. officers never get in trouble for police brutality or killing an innocent.

Floyd’s death was followed by six days of demonstrations, protests, and riots. Cities like Boston, LA, Oakland, Eugene, Portland, Seattle, Minneapolis, Chicago, Denver, San Jose, Orlando, Jacksonville, Tampa, Miami, Lincoln, Des Moines, Austin, Louisville, Dallas, Atlanta, Richmond, Cincinnati, Detroit, Milwaukee, Indianapolis and many more saw major protests with tens of thousands of people.

What Pushed People Over the Edge?

We have to understand that people were locked down and told to stay-at-home for three straight months. They are forced into lines, plexiglass windows in their faces, and fined for not wearing masks. Three months later the data is very concrete— And Covid19 wasn’t as scary as everyone thought. The very “best estimate” was 0.4% by the CDC and a lot of people know it’s lower than that with antibody tests and the fudged death counts. People lost their jobs and they can’t eat.

Some people live in the projects and inner cities with barely anything to their name. Paycheck to paycheck they live. More than 1/3 of the American nation is unemployed. Many are hungry. Can’t pay the rent. Suicide and depression are rising super fast. Mortgages are not being paid. Rent can’t be paid. People are still being harassed for social distancing, masks, and the lines and circles painted on the ground. The media hyped them up. The government and ‘expert’ doctors lied and over-projected by 1000X or more. They scared people and caused trauma to their children and took them all out of school.

Then some officer kills a man for allegedly passing a counterfeit $20 bill, after the Federal Reserve has been serving counterfeit money for decades. Police have done this so many times before. A man’s neck was kneeled on for close to ten minutes straight. It took the police days to put this officer in cuffs. The three other officers have not been cuffed. Crimes like this have been committed so many times before, and officers are hardly ever held accountable.

In addition to the police brutality that is never really addressed, the U.S. government has been manipulating the populace and stealing from the people for years on end with austerity measures and heavy taxation on income and property. They inflate the dollar and never have jailed a banker – except Bernie Madoff, because he stole from them. Wall Street, the banking cartel and Federal Reserve have destroyed the nation’s money system.

The elite in America and many other nation-states, has pushed and pulled people using division by leveraging democrat and republican parties, divided us by race, gender, and made us hate our brothers and sisters, family members. US healthcare sucks, the American education system is horrible, the monopoly of US law enforcement is more about revenue than protecting and serving.

There have been endless wars initiated by U.S. forces for 20 years straight. Multiple countries. Drones and bombs. Kids are taught violence on TV and they are taught to respect the militant officers. Salute them. Death by war is memorialized by the celebration of war. Kids from inner cities and kids who don’t know what to do with their lives are recruited into this madness. Children are taught violence is good and to solve things with force.

A new President Will Not Fix a Dysfunctional America, But Opting Out and Counter-Economics Will

The hierarchies and the system in America is wrong and immoral. And people should continue to peacefully assemble and protest if they want to because it is most definitely warranted. But they should refrain from violence, looting, and burning. That’s not the way to solve the issues at hand. “We the people” are made up of individuals and we need to evolve. Evolution, not Revolution. If we violently overthrow the system, then a violent regime will simply take over again.

The madness and insanity will never end, unless we remove the political class nonviolently. There are ways we can peacefully protest without madness. We can use the counter-economy and things like bitcoin to opt-out. We can walk away from the hierarchical systems of manipulation. Stop participating in the system. Don’t vote. A new President will not fix a dysfunctional America. Avoid the political class at all costs. Remove yourself from the division.

Libertarians have been saying things like this for years. The system of law is unjust and the monetary system is fraudulent. They use censorship-resistant money in order to avoid the corrupt system and the more people that follow, the more power “we the people” have. Think about it, instead of taking a chance of getting arrested and hurt in a violent mob, you can use your money to circumvent the elite instead. Without the power of money, the immoral state is useless. They could not fund endless wars and create machines of destruction.

If the people remove themselves from the fraudulent economy by leveraging barter and trade, hedging with precious metals, and leveraging digital assets, then there’s a great chance of removing the state’s monetary power. If we stop voting and ignore the left and right parties, we can opt-out of the political system and move forward. If we continue to participate in the corrupt system, then people will never learn and fraud will continue with no end in sight. Bitcoin is peaceful protest. Not voting is a peaceful protest. These two acts alone, can help the country a great deal than any mass protest will ever do in a lifetime.

What do you think about peaceful acts of protest like leveraging bitcoin and the counter-economy? Let us know in the comments below.

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Amid Youtube Censorship, Individuals Flock to Decentralized Video Sharing Apps Like Lbry.tv

In mid-May, news.Bitcoin.com reported on one of our mining pool videos being censored and banned from the video-sharing platform Youtube. The report had shown how Youtube has been censoring videos for a long time now, and the CEO specifically told the public certain coronavirus films would be removed. Youtube’s censorship has caused a number of individuals to search for decentralized video sharing platforms, and one particular project called Lbry.tv has been gathering a lot of traction.

Censored Youtubers Are Migrating to Lbry.tv

Censorship is abundant these days, as many of the massive social media platforms and video sharing sites are censored and policed on a regular basis. Just recently, Bitcoin.com’s official Youtube account was warned for sharing a video about bitcoin mining and people witnessed mass censorship on Youtube caused by the coronavirus.

Months before Covid-19, many crypto-focused Youtube channels were also banned and removed from the platform. The iron curtain tethered to Youtube has invoked a number of crypto advocates to leave and join a more decentralized concept called Lbry.

Lbry is a sharing platform that uses blockchain technology to enable users to publish material and get paid for doing so. People using Lbry’s service can monetize their published material with its built-in payment system. The creators of the Lbry project state:

Lbry is a new protocol that allows anyone to build apps that interact with digital content on the Lbry network. Apps built using the protocol allow creators to upload their work to the Lbry network of hosts (like Bittorrent), to set a price per stream or download (like iTunes) or give it away for free (like Youtube without ads). The work you publish could be videos, audio files, documents, or any other type of file.

Lbry.tv.

In addition to the main Lbry blockchain, the project has also introduced Lbry.tv, a similar platform to the likes of Youtube but without censorship and centralization. The creators of Lbry call the platform Lbry.tv, “a nearly feature-complete web version of Lbry desktop, a browser for the Lbry network.”

Because of the censorship and centralized video sharing platforms manipulating video shares and adding horrible advertisements, many people have migrated to the Lbry platform for quite some time now. The developers behind the project note that the video sharing portal has:

• Hundreds of huge YouTubers, like Veritasium, minutephysics, John Stossel, and 3Blue1Brown. Tens of thousands of popular YouTubers co-publish or publish unique content to LBRY.
• Hollywood films, including the catalog from Oscilloscope Studios, which includes award-winning films starring actors like James Franco, Julia Stiles, David Cross and more.
• Creators who stand up for free speech and free expression like Jordan Peterson, Benjamin Boyce, Justin Murphy, and more.
• 20,000 top college lectures that almost disappeared forever due to the threat of censorship.
• All kinds of weird and original gems.

Decentralized and Censorship-Resistant Social Media and Video Sharing Platforms Will Someday be the Norm

It will take some time, but censorship-resistant and decentralized platforms will someday be the new norm. The masses are slowly beginning to see the problem and there are tools out there that can decentralize social media and video sharing techniques across the web.

Platforms that pay content producers and artists directly, instead of large fractions of profits going to middlemen like Facebook, Twitter, Reddit, and Youtube. There are projects like Twetch decentralizing Twitter and concepts like Memo.cash removing third parties from social media forums. Lbry.tv is an alternative to Youtube, Amazon, and other hosting sites. It may be nascent project and may not even be the end solution, but its a start in the right direction.

What do you think about Lbry and Lbry.tv? Let us know in the comments below.

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The Most Reliable Bitcoin Mixer BitMix.Biz – Your Fast Crypto Security in 2020

The one who called himself Satoshi Nakomoto, created cryptocurrency so that anyone can keep their financial life untouchable and protected from the interference of others. However, requirements of customer disclosure put these principles at risk and ordinary users under threat of theft, extortion, and even kidnapping by bandits. Find out how you can protect yourself from this.

Why Should Your Cryptocurrency Be Anonymous?

To ensure the inviolability of personal financial information when creating cryptocurrency, Blockchain, which is a decentralized data storage system that can not be cracked, was taken as the basis. But the requirements of mandatory checks KYC / AML, then put forward by governments of many countries to companies operating with cryptocurrencies, do not contribute to maintaining the confidentiality of users personal info.

The problem is that companies such as crypto exchanges are favorite targets for hacker attacks, when personal data of users fall into the hands of attackers. Because of this, users whose data has been stolen are not only in danger of losing their digital assets, but also run the risk of real physical harm.

In the modern world, cyber crime it’s not a separate thing, criminal gangs often consist of representatives of different professions, so the data stolen by hackers is not only used to crack email and digital wallets, but also used by bandits and professional extortionists. Due to the analysis of transactions in the open cryptocurrency blockchain, attackers can easily identify the real owners of crypto addresses, and then their location. After that, getting under the pressure of various criminal gangs who can knock out information from their victims is easy.

So the anonymity of cryptocurrency transactions becomes not just a matter of preference, but a prerequisite for maintaining your digital assets, health, and in some cases even your life. This is especially true for those crypto holders who own significant amounts. Your data that is stored on the crypto exchange due to hacking can fall into the hands of interested parties who can use it against you.

Unfortunately, there are already quite a lot of cases of robberies, abductions and even killings of crypto owners and they are happening all over the world, so you should not assume that digital currencies concern only the virtual world. Tracking transactions on the blockchain, people were tracked down, abducted, and even burst into their houses with weapons. The only reliable way to protect yourself from such incidents is to follow the elementary safety rules on the network and ensure the anonymity of your crypto transactions.

How to Protect Against the Threat of Tracking?

You can prevent the identification of your personality. You can do this if you mix your Bitcoin. Special Bitcoin mixing services have been developed for a relatively long time. Using algorithms for mixing coins from different wallets, they break the chain of transactions between two addresses that could be tracked.

Your crypto operations can be easily monitored in an open blockchain system if you directly send coins to the address of another person or company. When using the Bitcoin mixer, your transaction is distributed in parts among many unrelated addresses and passes through different wallets several times. After that, the transaction amount comes to the address you specified from different sources, which confuses the traces of coins and therefore does not allow any to track you.

That is why most professional traders and crypto investors use the BTC mixer when they withdraw earned cryptocurrency from exchanges and investment platforms, because they usually operate with large amounts that are always of interest to attackers who analyze the blockchain.

However, not every Bitcoin mixer is worth using, trusting it your digital money. In addition to frankly fraudulent sites that simply steal your money, there are those that promise anonymity, but do not actually provide it.

Use the Most Reliable and Fast Bitcoin Mixer

This is not the first year that BitMix.Biz has been the best Bitcoin mixer and it will probably remain so in 2020. This is proved by that on the Internet there are many fakes posing as BitMix.Biz. In order not to run into one of these sites, you can check any BitMix.Biz mixer address using the key 1BitmixQRMUHYYEi11KBRhSfACa1BtcZrZ

There are no other domains for BitMix.Biz – be careful! Also, the most reliable Bitcoin mixer has a bitmixbizymuphkc.onion mirror in the TOR network. Using a proven method of mixing over the years, you will never lose your crypto assets.

BitMix.Biz mixing service, which has been working since 2017, does not have negative reviews, but it is highly rated in many ratings on the most respected and popular cryptocurrency info resources. Also, in some closed forums, there are guarantee deposits worth $15,000 from the BitMix.Biz, which act as insurance to compensate for losses in case of fraud. You can write to bitmixbiz@protonmail.com to get a link to such a forums.

This confirms that the crypto community trusts the reliable BitMix.Biz service, because even if something goes wrong, for example, due to heavy network load or other possible failures or bugs you can always easily contact BitMix.Biz to solve the problem. Be sure to keep the letter of guarantee that you will receive when making a deposit, and also do not clear the logs until the situation parsing begins, but no later than 72 hours later, after which all data is automatically deleted to protect your privacy. For the same purpose, the site does not use any analytical tools.

BitMix.Biz Features

– No registration required.
– In addition to mixing BTC (Bitcoin) and LTC (Litecoin) BitMix.Biz is the first crypto mixer that supports mixing Dash coins, which, despite having its own mixing system, does not give complete anonymity.
– Completely prevents the possibility of transactional analysis.
– The maximum level of difficulty and randomization.
– Large pools of coins that are completely unrelated to each other.
– Variable manual or automatic commission.
– Constantly mixed coins, which provides instant withdrawal after confirmation.
– Transaction delay, which does not allow to detect the sender and receiver by the time of sending.
– Ability to use the public API on your website.
– Simple and intuitive interface with support for 10 languages, it is possible to save settings.
– The presence of an affiliate program.
– Maximum performance without the use of unnecessary visual effects.

More info in the FAQ

To protect your privacy with the best Bitcoin Mixer BitMix.Biz just do the following:

1. On the BitMix.Biz website, specify the amount and select the mixing parameters;
2. Indicate the final wallet where you want to get clean coins;
3. Send crypto coins to the mixer;
4. Get a clean cryptocurrency in accordance with the selected mixing parameters.

Watch this video https://youtu.be/JCn2QyvLQEM to see for yourself how it works.

BitMix.Biz Protects Crypto Community Principles

Contact Email Address
bitmixbiz@protonmail.com

Supporting Link
https://bitmix.biz

 

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This is a press release. Readers should do their own due diligence before taking any actions related to the promoted company or any of its affiliates or services. Bitcoin.com is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in the press release.

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American Panic Led to the Creation and Expansion of the Corrupt Federal Reserve System

The Federal Reserve System was created after the “Panic of 1907” and ever since its inception in 1913, the Fed is one of the most powerful modern central banks in the world. Moreover, the Fed has always been either celebrated or criticized for stepping in whenever the U.S. is stricken with some kind of fear. During the coronavirus outbreak, the central bank has unleashed a massive number of monetary easing tactics, which has prompted editors from Wikipedia to add updated information to the Fed’s Wiki page. The central bank’s page now states: “[the] COVID-19 pandemic in 2020 [has] led to the expansion of the roles and responsibilities of the Federal Reserve System.”

Panic at the Knickerbocker Trust – 1907

During the last few months, Americans have witnessed the power of the Federal Reserve’s shenanigans as the central bank has created trillions of dollars out of thin air. The expansion of the Fed’s balance sheet has ballooned to upwards of $6.9 trillion and the bank slashed the benchmark interest rate to zero percent. U.S. citizens have been indoctrinated to believe that the central bank is there to protect the country’s monetary system and keep it stable.

Bank runs were rampant in 1907 and it stemmed from the public’s mistrust in bankers who were using deposits for side bets and bucket shops.

The Fed is also a secretive bank that works very closely with private dealers, smaller financial incumbents, and the country’s largest asset manager Blackrock. Since the very creation of the Fed in 1913, a group of America’s banking and corporate elite used a specific panic to make the public believe that the central bank would keep them safe. However, the Fed was initiated by the very people who destroyed the American economy in 1907 as a cartel of bankers used fear to get the populace on board with fraudulent schemes.

The fall of Knickerbocker Trust made the Panic of 1907 worse and JP Morgan stepped in with a number of New York bankers to provide the American economy with liquidity.

In mid-October, for three weeks the American economy suffered as the New York Stock Exchange dropped 50% during the first week. At the time the U.S. populace was much smaller than it is today with only around 87 million citizens. The panic that ensued caused many runs on banks, savings and loan firms, and trust companies. Depositors panicked because bankers were caught red-handed setting up ‘bucket shops’ with people’s deposits and only keeping a fraction of reserves on hand. This ultimately led to the fall of the Knickerbocker Trust and this is why some people call the panic of 1907 the ‘Knickerbocker Crisis.’ Scholarly articles show that one man, JP Morgan, and his crew of New York bankers saved the day. Even though Morgan and his cronies were responsible for the side bets, he and his crew also stepped in to offer a solution.

The Money Trust’s Creation of the Fed and the Group’s Tethered Relationship With Politicians

Interestingly, the heirs, descendants, and well known banks run by Morgan and his pals in the early 1900s, are still in operation today and these financial institutions still run the American monetary system. One report shows that eight families are still in charge of America’s finances which include descendants and close friends from “Goldman Sachs, Rockefellers, Lehmans and Kuhn Loebs of New York; the Rothschilds of Paris and London; the Warburgs of Hamburg; the Lazards of Paris; and the Israel Moses Seifs of Rome.” The creation of the Fed took place six years after the fall of Knickerbocker Trust and it was created out of fear that lingered from the 1907 bank runs. People often focus on the fact that President Woodrow Wilson created the Fed on December 23, 1913. This is because it’s said that it was done on Christmas Eve in order to provide a distraction. What’s not very well known among the public is that Morgan’s secret cabal called the ‘Money Trust’ was instrumental in creating the Fed. At that time five unelected men were responsible for shoving the Federal Reserve system down the population’s throat.

People are aware of Woodrow Wilson pushing the Federal Reserve Act on Christmas Eve, but the general public is not fully aware of the ‘Money Trust’s’ participation. The elite banker Paul Warburg called the creation of the Federal Reserve an “Economic 4th of July.”

The reason we know that Morgan and his cronies started the crisis and created the Fed is because it is well documented by the nation’s journalists and a few investigations. The five unelected men included JP Morgan, John D. Rockefeller, Jacob Schiff, Paul Warburg, and Baron Rothschild. The bankers involved were investigated in Congress during the Pujo hearings which gives a comprehensive view of the entire situation involving the ‘House of Morgan.’

The five unelected men who flipped the American economy upside down back in the early 1900s. The family members and friends of these very same bankers still run the American monetary system today.

The Pujo hearings are no secret, and even the St. Louis Fed has shared the investigation publicly. The Pujo Committee identified a massive system made up of 341 directorships, and 112 different corporate entities. At the time, the U.S. was going through the Industrial Revolution and Morgan and Rockefeller manipulated the economy from behind the scenes. After the Fed was created the central bank and the banking cartel that messed up the economy in 1907, the banking cartel also ruined America’s financial system again in the ‘20s and ‘30s. At this point, the ‘Money Trust’ gang was interwoven with the U.S. bureaucracy and Franklin D. Roosevelt (FDR) defrauded the populace with the bankers this time around.

The ‘House of Morgan’ or the ‘Money Trust’ is well documented by journalists from that era and the Pujo investigations.

Wall Street Bankers Fund All Three Factions During World War 2, Dollarization, and the 2008 Financial Crisis

With the help of an executive order and Morgan’s crew, FDR created the bank holiday and made gold ownership illegal. FDR confiscated the American citizen’s gold while Morgan’s banking crew, specifically Warburg, Schiff, and Rothschild funded many factions of WW2. It is well documented that Morgan and his friends funded not only the allied forces, but also Stalin’s movement and the Nazi regime as well. By 1944 the Bretton Woods pact was initiated and the bankers invoked the power of the U.S. dollar by leveraging gold. Years later a few nations figured out that the Federal Reserve was printing massive amounts of money from thin air.

The gold standard was removed from the USD by President Nixon after a number of countries realized that the US was printing massive amounts of funds for Vietnam.

Other countries really started noticing because of the enormous Vietnam War expenditure. So President Richard Nixon removed the gold standard away from the USD and descendants of the House of Morgan continued to run the American economy. The U.S. bankers and political elite had to make a deal with Saudi Arabia and they created the petro-dollar. The petro-dollar made it so every country in the world has to purchase oil with U.S. dollars.

During the rest of these years the U.S. military-industrial complex funded by the unaudited Federal Reserve continued to grow under President Reagan, Bush, Clinton, GW Bush, Obama, and Trump as well. Because of the Fed’s manipulation with Wall Street, politicians, and weapons contractors, American generations have been at war every year for decades. By the year 2000 and the decade that followed heirs, descendants, and the same banks from 1907 still ran the U.S. financial system. Banks like Wells Fargo, Morgan Stanley, Chase, Citigroup, JPMorgan Chase, and Goldman Sachs all have shares in each branch of the Federal Reserve.

Thanks to the Bush family, the Clintons, Obama, Trump, and many other US presidents, generations of Americans have been born and the country has been at war every day of their lives. The wars are kept going by the bureaucracy and banking cartel that has run the world for decades on end.

The Federal Reserve and Wall Street incited the panic of 1987 (Black Monday) as well. Years later the same banking families and Wall Street elite created the subprime mortgage crises which saw the Federal Reserve initiate quantitative easing (QE) and massive stimulus bailouts. Bitcoin was born from the fires of the 2008 financial crisis and Satoshi Nakamoto mentioned the bailouts in the genesis block.

Opting Out and the Counter Economy

Libertarians, gold bugs, agorists, and bitcoiners have understood long ago that the Federal Reserve and the ‘Money Trust’ that still exists today, run the U.S. financial system just like Charles Ponzi. The Federal Reserve and Wall Street elite have popped the economic bubble once again and it started well before the coronavirus outbreak. The Fed has added over $6 trillion to the bank’s balance sheet and it creates money as if it grows from trees. Similarly to the five unelected men who destroyed the economy in the early 1900s, in 2020 five unelected Fed board members created trillions of dollars with a push of a button.

Free market supporters, agorists, libertarians, and bitcoiners believe counter-economics and opting out is the best form of protest. People can avoid the Fed’s monopoly by leveraging the Federal Reserve’s promissory notes less and less. People can opt to barter and trade, leverage precious metals as a hedge, and use censorship-resistant money like cryptocurrencies.

Many economists now believe the Fed has no limit and at some point, America will be faced with hyperinflation no different than Venezuelan bolivars or Zimbabwe trillion dollar notes. With the Fed and more than 37 modern central banks worldwide creating fiat like no tomorrow, a number of crypto investors think that these acts will propel bitcoin to new heights. However, the U.S. dollar and a few other fiat currencies are the most dominant measures of money worldwide, and cryptocurrency would likely be valued very differently if they fail.

What do you think about the fact that the same banking cartel from the early 1900s still runs the system today? Let us know in the comments below.

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China Passes Law Protecting Cryptocurrency Inheritance

China has passed the country’s long-awaited civil code which expands the scope of inheritance rights to include cryptocurrency, such as bitcoin. Inherited cryptocurrencies will be protected under the new law. Meanwhile, several Chinese courts have recently ruled that bitcoin and ethereum are properties protected by law.

Inherited Cryptocurrencies Protected by Law

The third session of the 13th National People’s Congress (NPC), China’s top legislature, voted on and passed the “Civil Code of the People’s Republic of China” on Thursday. In addition to general and supplementary provisions, the civil code ”includes six parts on real rights, contracts, personality rights, marriage and family, inheritance, and tort liabilities,” Xinhua News Agency reported.

Noting that the decision to draft a civil code was announced in October 2014 and the legislative process started in June 2016, the news outlet detailed:

[The new civil code] states that the property rights of individuals are equally safeguarded to those of the State and collective, and online virtual assets are protected, too.

Chinese President Xi Jinping at the third session of the 13th National People’s Congress where the country’s long-awaited civil code, which addresses crypto inheritance, was voted on and passed.

Wang Chen, vice chairman of the Standing Committee of the National People’s Congress, told the session that “The compilation of the civil code is an important component of the plans of the Communist Party of China (CPC) Central Committee with Comrade Xi Jinping at the core for developing the rule of law,” the publication conveyed. This new civil code will enter into force on Jan. 1, 2021.

The scope of inheritance has been expanded from the existing law. Under the new civil code, “virtual assets, such as bitcoins, [can] be inherited,” as are all property legally acquired by a natural person, the news outlet emphasized.

Wang Liming, executive vice president of the Renmin University of China and a law professor, was quoted as saying: “The civil code is the first law to carry the title ‘code’ for the People’s Republic of China. It lays down the fundamental principles and regulations regarding civil activities and relations. It reflects the will of the people and protects their rights and interests.”

Several Chinese courts have also ruled that cryptocurrencies are property that should be protected by law. For example, the Shanghai No.1 Intermediate People’s Court ruled that bitcoin is an asset protected by law while the Shenzhen Futian District People’s Court ruled that ethereum is legal property with economic value.

Meanwhile, China is working on issuing its own central bank digital currency but there is currently no timetable for the launch, Yi Gang, governor of the People’s Bank of China (PBOC), told reporters this week. Internal pilot tests have been conducted in various cities “to check the theoretical reliability, system stability, conveniency, applicability and risk controllability of the digital currency,” the governor confirmed.

What do you think about China’s new civil code protecting inherited cryptocurrency? Let us know in the comments section below.

The post China Passes Law Protecting Cryptocurrency Inheritance appeared first on Bitcoin News.

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ViaBTC Group Announces Strategic Upgrade to Advance Innovation and Improve Customer Experience

Hong Kong, 30 May, 2020 – ViaBTC Group, an innovative technology company specialized in blockchain and dedicated to providing users with comprehensive digital asset management services, today announced a strategic upgrade, which included a new organizational structure, product innovations and service improvements.

As part of the change, the Group has established three dedicated business units (BU): the financial services BU, consisting of ViaBTC mining pool and CoinEx exchange; the infrastructure services BU, including ViaWallet and Blockchain Explorer; and the ecological development BU, focusing on the research and development of public chain technology and the construction of the ecology.

“This new streamlined structure will empower our next phase of evolution by further aligning the group’s activities with the development of customer solutions,” said Eddie Jiang, VP of the Group. “Operations of CoinEx exchange and ViaBTC mining pool will be integrated, deriving diversified product combinations to meet miners’ financial service needs.”

The group has always focused on product innovations. With a wallet embedded in the mining pool account, users can store, deposit and withdraw their revenue, and transfer assets to CoinEx at any time without charge. Besides, a smart mining service that can bring more profit was launched. The Group also plans to set up a resource sharing platform, providing quality resources and cooperation opportunities.

Based on the experience of serving more than 100,000 miners worldwide, ViaBTC carried out a brand-new service upgrade. It pioneers revenue distributions on an hourly basis, and provides detailed lists of income distribution, making it more transparent. In addition, daily or monthly investor-oriented income analysis reports are also available.

SAAS mining pool service will also be launched soon. ViaBTC will share the technology and experience, as well as provide one-to-one consultant to help customers build their own mining pools within one week.

“Last month, ViaBTC joined the Cambridge University for a research report on the global mining industry, and results show that areas with low energy costs, such as China, the US and Russia, are preferred. We will set up offices in these regions to better communicate with our users,” said Eddie. “Our fourth anniversary year is coming, and we are ready to take the next step in our journey. This strategic upgrade will make us more competitive in the industry.”

About ViaBTC Group

Established in 2016 with Bitmain-led investment, ViaBTC Group is an innovative technology company specialized in blockchain and dedicated to providing users with comprehensive digital asset management services. It is one of the companies in the world with the most complete global digital asset business layout with three dedicated business units: the financial services BU (ViaBTC mining pool and CoinEx exchange); the infrastructure services BU (ViaWallet and Blockchain Explorer); and the ecological development BU (R&D of public chain technology and the construction of the ecology).

Website: www.viabtc.com

Twitter: https://twitter.com/ViaBTC

Contact
Phneos Peng
ViaBTC PR Department

Contact Email Address
pengweijie@coinex.com

Supporting Link
www.viabtc.com

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This is a press release. Readers should do their own due diligence before taking any actions related to the promoted company or any of its affiliates or services. Bitcoin.com is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in the press release.

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Bitcoin Fees Fall 60% While Transaction Count Declines

Bitcoin (BTC) average transaction fees dropped by nearly 60% in the last week, as the number of transactions queuing up to be processed on the network eased.

According to data from Bitinfocharts, the cost of making a transaction over the Bitcoin blockchain fell to around $2.61 on May 28, down from just over $6.28 six days earlier.

As a percentage of revenue for BTC miners, fees have also declined to just under 10% from 21% on May 20.

Transaction costs had soared over 220% since the May 11 scheduled bitcoin supply cut, capping off a rally that began two weeks prior to the event.

The sharp fall in fees is thanks to transaction activity getting back to normal, helping to decongest the network, as represented by the Bitcoin memory pool, called mempool. The memory pool consists of all transactions waiting to be confirmed by the Bitcoin network.

Data shows that the number of unconfirmed transactions in the mempool has dropped by more than 70% over the last seven days, causing fees to decline.

A higher number of transactions waiting to be confirmed in the mempool causes the opposite effect on transaction costs, as was the case during and immediately after the halving.

Then, demand for processing transactions on the BTC network outstripped the supply of miners, forcing fees higher as people paid more for faster settlements.

Fees are also determined by other factors as such the size of the transaction, mining difficulty as well as the actual number of transactions passing through the network – all of which have continued to decline.

As per the Bitinfocharts figures, the overall number of Bitcoin transactions fell by 49% during the week to May 28, down to about 151,000 from 298,000 transactions previously.

What do you think about falling Bitcoin transaction fees? Let us know in the comments section below.

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Bitcoin Hashrate Bounces Back- 2x the Mining Pools, Farm Diversification, 100 Exahash

Around 18 days ago, the Bitcoin protocol experienced it’s third block reward halving and the network saw a 33% hashrate loss. Since then, however, bitcoin miners have increased in both number and hashpower, as the network has seen a 15-20 exahash per second (EH/s) increase. Moreover, on May 22, there were 17 mining pools hashing away at the Bitcoin network and now there are 32 pools.

Bitcoin Hashrate Rebounds

Mining bitcoin is a competitive industry. The mining competition grows stronger each and every year. After the Bitcoin (BTC) network’s third halving, a number of miners dropped off the network. During the worst of it, the overall SHA256 hashrate lost around 47 exahash per second (EH/s).

Since then the hashrate has increased around 15 to 20 EH/s, depending on which monitoring tool you use. For instance, Blockchain.com’s data shows the hashrate measured on May 27, 2020, is around 92 EH/s. According to the web portal fork.lol, which gives a closer look at today’s current hashrate, data shows the BTC hashrate is above the 100 EH/s zone.

Last week, news.Bitcoin.com’s post-halving mining report had shown that there were only 17 pools at that time. Today there are 32 BTC mining pools and F2pool is still the most dominant mining operation. A number of smaller farms and pools seemed to have joined the fray during the last seven days.

Today there is F2pool, Btc.com, Poolin, Antpool, Viabtc, Slushpool, Huobi, Btc.top, 58coin&1thash, Bitfury, Okex, Bytepool, Novablock, Wayi.cn, Bitcoin.com, Lubian, Spiderpool, Bixen, Bitclub, Binance, 1m1x, Ukrpool, Mining City, Kanopool, Bitminter, Hummerpool, Solock, Ckpool, Eobot, Luxor, and Tiger Pool.

Next-Generation Mining Rig Shipments and Whatsminer Orders Diversify Into the US and Europe

Reports also noted last week that officials from Sichuan China were allegedly giving mining operations in the region a hard time. Purportedly mining operations had been dealing with electrical shortages, and some operations were allegedly forced to shut down machines. More recent reports from China say that bitcoin miners expect the BTC hashrate to rise.

One report highlights the situation when the columnist, lylian Teng, discussed the subject with a few bitcoin mining industry leaders from Chengdu. According to miners from the region, the latest next-generation Antminers have been shipped to large farms. Both S19s and Microbt’s Whatsminer M30 series have allegedly been sent out to customers.

Furthermore, lylian Teng talked to Whatsminer representative, Sully Yu, who told the reporter that despite deliveries and mining rig shipments, some mining operations are having difficulties.

“The mining circle is suffering from big changes. It is those capitals who dare to buy (high-powered mining machines), small miners dare not,” Sully Yu told Teng. “Big capitals are eyeing on the long-term return from bitcoin mining, and the mining activity is developing into a large-scale, intensive, and refined industry. It will be unrealistic to expect a quick payback from mining like it used to.”

Interestingly, Sully Yu also disclosed that Microbt has seen a lot more international orders. North America and Europe have accounted for 40% of the company’s latest orders according to Yu’s statements.

What do you think about the hashrate increase and next-generation mining shipments? Let us know in the comments below.

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Bitpay Has ‘No Current Plans’ to Support Liquid or the Lightning Network

According to Bitpay’s Chief Marketing Officer, Bill Zielke, onchain bitcoin payments still rule the roost as far as payments are concerned. Zielke detailed that at least in the near future, Bitpay won’t be supporting the Lightning Network or Blockstream’s Liquid project.

Liquid or the Lightning Network Not on the Roadmap

The top cryptocurrency payment processor Bitpay says the company won’t be leveraging the Liquid project or the Lightning Network any time soon. Both projects are offchain solutions that have been touted as the answer to BTC’s scaling issues. However, both projects have seen little adoption compared to the Ethereum chain’s solutions. As far as bitcoin total value locked (TVL) within the chain, Ethereum is BTC’s most prominent sidechain. This week, Bitpay’s Chief Marketing Officer Bill Zielke told fintech and crypto columnist, Kyle Torpey, that onchain bitcoin payments are the most prevalent of payments on the Atlanta-based company’s system.

“As of March, Bitcoin continues to be both the largest and most popular crypto asset representing over 95% of transactions by volume for Bitpay,” Zielke explained in the report. Zielke also noted that bitcoin cash (BCH) transactions get a fair share of use as well. “Bitcoin Cash ranks second representing nearly 2%. Bear in mind, Bitpay has been processing Bitcoin for almost 9 years and stablecoins for less than one year,” the company’s Chief Marketing Officer stressed.

Bitpay’s processing supports bitcoin (BTC), bitcoin cash (BCH), xrp (XRP), ethereum (ETH), and four different stablecoins. The stablecoins the firm supports include USDC, BUSD, PAX, and GUSD. “Bitpay launched PAX, GUSD, and USDC last year and BUSD this year,” Zielke explained further. “Since then Bitpay has seen stablecoins grow to about 2% of its overall volume in dollars and has successfully processed several thousand stablecoin transactions.” As far as the Lightning Network and Blockstream’s Liquid project the company doesn’t have plans to utilize these solutions at the moment. Zielke stated:

Lightning Network and the Liquid sidechain are not in our current plans or roadmap but we are always evaluating new and innovative alternatives and collecting customer input on use cases, importance, and priority.

Empirical Privacy Analysis, Criticism, and Centralization Issues

Both the Lightning Network (LN) and Liquid have been getting a fair share of criticism lately, as the concepts don’t seem to be gathering a solid network effect. Just recently, the digital currency and blockchain developer, Tim Ruffing, explained that people who assume the LN payments are private should rethink the claim. Ruffing also shared a scholarly study called “An Empirical Analysis of Privacy in the Lightning Network.” Earlier this week, Bitcoin pundit John Carvalho got a few people riled up when he tweeted: “Any notable Bitcoin company without an actual plan or timeline for supporting Lightning doesn’t actually care about Bitcoin – Time is up.”

The commentary was controversial, as the official Samourai Wallet Twitter account and a few others took issue with Carvalho’s tweet. Moreover, Blockstream’s Liquid project was recently disparaged for not allowing an Iranian bitcoiner Ziya Sadr’s firm to become a Liquid Functionary. With more Liquid members added in March, digital currency proponents still condemn Liquid’s tech for centralization issues.

Bitpay, on the other hand, continues to believe people will utilize digital assets for payments and the firm has seen an “increase in crypto spending” since the start of the Covid-19 outbreak.

What do you think about Bitpay’s comments about Liquid and Lightning Network? Let us know in the comments below.

The post Bitpay Has ‘No Current Plans’ to Support Liquid or the Lightning Network appeared first on Bitcoin News.

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