Tag Archives: cryptocurrency

"USD-backed stablecoin is 10x better than your savings account," runs the headline on an unsolicited press release in my inbox yesterday. And it goes on to explain: The average interest rate for savings accounts in the US currently stands at 0.09%, with some German banks even charging negative interest rates. Universal Protocol, a coalition of leading blockchain organizations, including Uphold, Cred, Blockchain at Berkeley, and Bittrex Global, has recently introduced interest rates of 10%...

"USD-backed stablecoin is 10x better than your savings account," runs the headline on an unsolicited press release in my inbox yesterday. And it goes on to explain: The average interest rate for savings accounts in the US currently stands at 0.09%, with some German banks even charging negative interest rates. Universal Protocol, a coalition of leading blockchain organizations, including Uphold, Cred, Blockchain at Berkeley, and Bittrex Global, has recently introduced interest rates of 10%...

Facebook has led a consortium which has unveiled a white paper on a proposed Libra cryptocurrency. It is described as being backed by a multi-currency portfolio of government bonds, and so it might be looked at as a currency basket. I am not an expert on Libra, but I just wanted to comment on the pros and cons of such a basket for small online commerce players (such as BondEconomics.com). I also conclude with a short discussion of systemic risk posed by this platform.... Bond Economics ...

The headline is a bit sensational (clickbait) but the head of the Central Bank of Russia is positive about considering it, although she doesn't see it as the priority. The Central Bank of Russia (CBR) is studying a proposal to create a gold-backed cryptocurrency, which could be used for cross-border settlements with other countries.The bold proposal was made by Russia’s State Duma member Vladimir Gutenev. He has suggested initiating discussion to set up national cryptocurrency, denominated...

Here is a Public Service Announcement.Since @Galgitron, who I think is certifiably insane, has called for the XRP Army to deprive me of income by spamming the adverts on Forbes, I have decided to write future posts about XRP here on Coppola Comment. Moving to Coppola Comment negates accusations that I make money from posting what Ripplers call "FUD" on Forbes. Coppola Comment is widely read, but certainly doesn't have the reach of Forbes. There are no adverts here and I don't get paid for...

This development in Venezuela could be viewed as a very real step away from Fiat currency and a very real step toward a permanent commodity-backed currency. A crypto currency that is actually a currency in the sense of a zero maturity liability issued by a sovereign nation that is exclusively accepted in exchange for at least some liabilities to the state.This is quite interesting since the Bolivar remains the unit of account. Zero Hedge The Post-Fiat World Begins: Venezuela's...

This piece grew from a number of conversations with people of Austrian economic persuasion, mostly Bitcoiners and goldbugs (which these days seem mysteriously to have converged). I thought of calling this "Monetarism for goldbugs", but decided to preserve the mathematical slant of the previous pieces in this series. But it's monetary arithmetic, of course. And as Austrians tend to obsess about "sound money", it is specifically sound monetary arithmetic. (Note: Someone has pointed out on...

More than two months after Venezuelan President Nicolas Maduro announced his intention to launch the world's first state-sponsored cryptocurrency to try and help Venezuela raise some badly needed foreign capital, the Petro - backed by 5 billion barrels of oil that are still waiting to be pumped out of a local oilfield - is now a reality.... To fuel demand, the government guarantees that it will accept the Petro as payment for taxes and fees. It has also said it will seek to promote the...

There's a huge amount being written about Bitcoin, cryptocurrency, and blockchain with the focus on Bitcoin volatility. so I am going to be selective in posting. John Aziz is a good analyst and MMT-friendly. He sorts through some of the complication.azizonomics Bitcoin Is Failing As Money—But Bitcoin Cash Isn’tJohn Aziz

Peter Schiff, the guy who has been so wrong about everything, is now saying that bitcoin is going to zero. This is why you should probably buy every single dip.Remember Schiff's predictions?QE will cause hyperinflation. The Chinese will stop "lending" to us and interest rates will skyrocket. Gold is going to $10,000.And more.Bitcoin is not a bubble. It's a symptom of the world's desire to "de-dollarize." And while it will not become any kind of mainstream currency anytime soon because of its...