Bits and Pieces
Japan is back in the bitcoin news cycles with this story from Jamie Redman and bitcoin.com. The Japanese BitGirls show brings blockchain voting, cryptocurrency to TV. The show will revolve around counterparty tokens which are transacted in bitcoin transactions. I don’t know if this is an X-rated show, it doesn’t look like it, but it definitely involves scantily clad girls doing things for money. I have no problem with that, I just won’t be letting my daughters watch this probably. The show is aired weekly in Japan and will be broadcast online with English and Chinese subtitles. While the tokens themselves are bitcoin, they use the bitcoin network adding bloat, but it exposes millions of people to the possibilities of future applications. It sounds as if they are building a centralized service layer called Mijin to deal with the many transactions they hope to have.
Global Capital Controls
What’s old is new again, capital controls are gaining popularity among the sociopath class. This is an article from the Wall St Journal from Sept 9th, (Capital Controls, Not Global Accords, Touted As the New Fix for Currency Volatility).
They are worried about the US going increasing protectionist with the trade policies, especially because it’s starting to look like Trump will win the election. Instead of an open market effort like the 1985 Plaza Accord, they are leaning toward straight up capital controls. The quote from Obstfeld is telling. It says to me that they know they are fucked when in comes to increasing centralization of government powers. They think, ‘We haven’t tried capital controls in a while, why the hell not.’
Some Economists Really Hate Bitcoin: An Overview | Bitcoin Magazine
Do you remember professor bitcorn? He’s an economist from Boston University that in 2014 predicted sub $10 bitcoin by mid-2014.
At least two Nobel laureates in economics are on the record being very wrong about bitcoin. Bernanke and Stiglitz have both shown a glaring ignorance of bitcoin and money in general I might add. Recently Joseph Stiglitz put his foot in his mouth.
Stiglitz comments, he inadvertently pumps bitcoin because he mentions it can circumvent taxes and regulation. Then he tries to save it at the very end by saying he thinks the US has been successful in shutting it down.
‘Bitcoin Maximalist’ vs ‘Blockchain Maximalist’
Term coined by Vitalik
‘It is difficult to get a man to understand something when his salary depends upon his not understanding it.’ – Upton Sinclair
My reaction to the Voorhees blog post about bitcoin maximalism.
Charles Hoskinson is at it again. He was a founder of Ethereum, then Bitshares (DPoS failure), then Lisk (joke blockchain sales opportunity with no whitepaper), and now back to Ethereum Classic. His company IOHK was part of a team that published a new paper about provably secure PoS that no one cares about.
The Fed is building a narrative for negative interest rates. They failed to move today, and the next easing cycle is on the horizon. I take a look at an overlooked footnote from her recent Jackson Hole speech where she continues to build this narrative.