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Brazilian Crypto Expert Rejects Tulip Bubble Comparison

Brazilian Crypto Expert Rejects Tulip Bubble Comparison

Brazilian Bitcoin pioneer Samuel Maurer has claimed that Bitcoin cannot be compared to the Tulip bubble. Maurer regards this debate as an “outdated matter”, believing that even if the most seasoned economists want to draw analogies, there is no similarity between the Bitcoin and a tulip bubble.

Usually, in mainstream media and economic expert’s circles, Bitcoin is compared to the bubble described by the Tulip mania of the 1600s. A Tulip bubble is a term of economics that is used to describe an economic bubble. Those who are skeptical of the high volatility in the price of Bitcoin have been known to use this term to describe the digital asset

In an article he authored to present the justification of his claims, Maurer explains that upon analyzing the cost/price ratio in assets, one can see the differences between the two.

He added that a certain cost is associated with the Bitcoin creation, electric energy, equipment and the difficulties associated with mining. The high cost of Bitcoin attracts the miners, as it leads huge to profits. However, as the price goes high, the cost of mining also increases. Hence, the cost would always be tied to its price. Sometimes, the price might be lower than the cost of production, pushing miners not to sell until the price goes higher.

He maintained that the low price of Bitcoin in 2018 and then a brief recovery in 2019 proves the health and liquidity of the market. Therefore, it is incorrect to compare it with the Tulip bubble.

Maurer concluded that crypto-coins are completely different in nature and technology from any other commodity. Hence, due to their novelty, they should not be compared with any other commodity or investment, suggesting they instead be treated as an upmarket.

Maurer is a renowned analyst at the Bitcoin Banco Group based in Brazil. He is considered among the first in Latin America to support cryptocurrency-related businesses and invested a lot in it.

 

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Brazilian Crypto Holders Seek Physical Vaults for Storing Their Digital Assets

Brazilian Crypto Holders Seek Physical Vaults for Storing Their Digital Assets

For some Brazilian whales and cryptocurrency investors, the best defense against crypto theft is not just a secure password, but an actual vault.

To secure their digital assets, Brazilian residents have turned towards private companies that offer secure vaults for storage of their assets. Once a dead industry, the rising theft of cryptocurrencies has forced holders to shift their assets to cold storages and place them inside the safes.

Several companies are offering their services for vulnerable cryptocurrency investors in the country. Some of the features seem to come from a Mission Impossible movie. The vaults are kept secure through seven armored and reinforced steel doors. The doors themselves can only be accessed through a combination of biometrics of authorized persons only. There are palm scanners that read up to an immense 5 million individual points on the hand and then inspects the blood flow through infrared waves.

Packages may range from less than $50 to hundreds of dollars per month depending on the type of service. The packages seem to have a pretty steep price, but crypto thieves are becoming more daring in order to get their hands on cryptocurrencies. On 29 December last year, the owner of KriptoBR’s home was raided by dacoits who took away 150 units of Ledger Nano S and 35 Trezor Model T. KriptoBR is the official vendor of the hardware wallets in Brazil.

While normally stealing cryptos require knowledge of computer systems in order to hack, the thieves are now turning towards traditional methods of extorting money. This includes kidnapping and torturing known cryptocurrency holders until they give in and hand over their private keys.

Early last December, a group had called upon a known Bitcoin investor to visit and give a lecture on cryptocurrencies. That was a ruse and they drugged and beat him nearly to death in order to steal his Bitcoin.

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South America: Crypto and Blockchain News Roundup, 7th to 13th December 2018

South America

South America

Welcome to our weekly roundup of all important blockchain and cryptocurrency news from around the world. Follow the latest developments in the cryptocurrency space continent by continent, country by country.

Venezuela

Government starts converting pension payments to Petro: The government of Venezuela has started converting pensioners’ payment to state cryptocurrency Petro, away from the national currency Bolivar without taking them on board. The move is part of latest measures by the Nicolas Maduro-led government to power through Petro cryptocurrency into the national fold.

According to local daily Caracas Chronicles, the country’s pensioners were notified of the move only after the funds were converted. The government’s message indicated that the funds were now in the state’s cryptocurrency for savings purposes.

According to the local publication, originally, bolivars were sent to the pensioners but the government unilaterally converted them into the allegedly oil-backed cryptocurrency.

The Venezuelan government has been trying to push for Petro adoption for months despite serious issues regarding its operation, circulation and government’s control on the affairs. Other countries and trading partners including India and Russia have also refrained from using the cryptocurrency for international payments.

Brazil

Blockchain Academy co-founder optimistic about crypto regulation: Rosine Kadamani, the co-founder of the Blockchain Academy based in Sao Paulo, has expressed optimistic views regarding the future of cryptocurrency regulation in the country.

Speaking with the local media, Kadamani said, “It is not possible to predict how this will happen in the short and medium term, as we have many variants in this process, but I can assure you that the technicians who are currently meeting (from the government and from the crypto ecosystem) are immensely qualified and very knowledgeable well the subject. The good seeds were planted, so I have a very positive view on the future of this relationship.”

Kadamani further predicted that 2019 might be a difficult year for cryptocurrencies but eventually, positive things can be expected from the industry overall in the future.

Exchange in $35 million transfer blunder: A local cryptocurrency exchange based in Brazil accidentally sent USD 35 million to a user who only requested a withdrawal of USD 127. The exchange in question is Bitcambio and the news was broken by local news outlet Portal do Bitcoin.

According to the news, the user Kaique Nunes soon received frantic calls from the exchange’s support to send back the extra USD 34.473 million.

According to Rodrigo Souza, an administrator at the exchange: “People, the mistake really happened. Kaique will be reimbursed for all the costs he has to go to the notary’s office to solve this shit. The note is already being canceled.”

Chile

Chile court says banks can ban crypto exchanges: Top Chilean court has finally ruled in favor of the state-owned Banco Estado and has declared that banks have the authority to shut down banking accounts as they see fit. The ruling overturns earlier decision by a lower court that forced the bank to open the accounts during the trial itself.

The affected cryptocurrency exchange, Orionx, had filed the complaint earlier this year when Banco Estado closed its account without prior warning. The court cited the bank’s concerns regarding its ability to monitor transactions and identities of cryptocurrency traders the reason behind this decision.

The ruling said: “These characteristics and elements determine, therefore, the current impossibility for the Bank to comply with the aforementioned obligations, since it prevents it from knowing in depth the financial activities related to cryptocurrencies developed by the appellant, the most relevant characteristics of its operations, the foundations on which these are supported and, finally, if their amounts are excessive or not.”

It is yet to be seen how the cryptocurrency market will react to the ban.

 

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South America: Crypto and Blockchain News Roundup 30 November – 6 December 2018

South America

South America

Welcome to another weekly blockchain news roundup from around the world. Here, we present to you all the latest Bitcoin news, continent by continent and country by country.

Brazil

Major Crypto Events Held in Brazil: The recent month of November saw two main cryptocurrency related events taking place in Brazil including Blockmaster Forum in Sao Paulo and the Traditional Bitconference in Fortaleza. 

Both events were attended by thousands of people who were interested in understanding more about the sector and invest in it. Several leading cryptocurrency entrepreneurs made keynote addresses in the events and had interesting panel discussions.

Crypto Association to Adhere to Fintech Ethics: The Brazilian cryptocurrency exchange association ABCripto helped launch the Code of Ethics and Best Practices of the Fintech segment in association with Fintech Committee of ABStartups and Brazilian Crowdfunding Investment Association (CrowdInvest).

According to a communique from the partnership, the document is part of a new self-regulatory landscape, an idea that cryptocurrency exchanges are trying hard to legitimize in the country.

Former Nasdaq CEO Launches Blockchain Services in Brazil: Kaidi Ruusalepp, former Nasdaq CEO is aiming to launch new blockchain projects in the country including Funderbeam, a three-stage platform built for the investors.

Funderbeam is closely working with the Brazilian Securities and Exchange Commission (CVM) to start operations in the South American country.

Bitcoin Regulation Bill Postponed till 2019: The newest Bitcoin legislation bill 2303/15 authored by the Federal Deputy Aureo Ribeiro which was slated to be voted on by 5 December is now put on hold till next year.

The move was made after a recent meeting of the Special Committee of Regulation of Virtual Currencies organized by the Central bank. Eventually, the members decided to withdraw the motion and cancel the immediate vote on the matter.

It is reported that further feedback from the industry including ABCB and ABCripto associations will be considered before deciding more on the matter.

Argentina

G20 Summit Puts Greater Emphasis on Cryptocurrencies: Global leaders belonging to the top G20 group of countries have put greater emphasis on the cryptocurrency side of things during a recent summit in the capital of Argentina, Buenos Aires.

The summit was attended by global leaders as well as some of the world’s largest corporations including Bank of America, Inter-American Development Bank, The World Trade Organization (WTO) and World Health Organization (WHO).

The influential leaders especially addressed the issue of cryptocurrencies and decided to work on combined regulatory frameworks for them.

Chile

Exchange Loses Case Against Banks: In a major loss to the country’s crypto sector, cryptocurrency exchange Orionx lost the right to open accounts in the state-run bank after having them closed earlier this year.

The decision was announced by the apex court of the country despite earlier assurances that the right of the exchange to have a bank account was protected under the law. The new judgement states that the bank did not violate the rules of the constitution and thus cannot be declared unconstitutional.

Venezuela

President Nicolas Maduro Wants to Use Petro for Selling Oil in 2019: Venezuela’s national cryptocurrency project Petro is once again in the news as President Nicolas Maduro has declared that the embattled country will bypass the US sanctions by using its national cryptocurrency, Petro for oil sales starting next year.

While Venezuela’s government is still facing a host of problems in getting the prized cryptocurrency project to work, there is also the issue of lack of international adopters as both Russia and India have refused to pay in Petro for their imports.

The effort to use Petro is part of a six-year financial plan by the government to mitigate the impact of US sanctions on the country’s oil-reliant economy.

 

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