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Black Bitcoin-Friday project announces the closure
Black Bitcoin Friday announced its closure. According to the creator of the project, Jon Holmquist, the mission is fully completed, and the use of BTC for consumer payments no longer appeals to him personally. https://preview.redd.it/m03r3ikf58141.png?width=1200&format=png&auto=webp&s=d43bd59e85ac6fe08be3fc84c379a40d68ef9810 Holmquist explained that over the seven years of the project, he fell out of love with the use of bitcoin as a means of payment for consumers. In his opinion, the first cryptocurrency is primarily an investment and financial instrument. He recalled that the project was launched to dispel the image of bitcoin as a shadow market currency. In partnership with retailers, Holmquist organized the participation of coin owners in the traditional Black Friday sale day. He does not oppose anyone else to continue the project and is opened to negotiations. This material is considered a marketing communication and does not contain, and should not be construed as containing, investment advice or an investment recommendation or, an offer of or solicitation for any transactions in financial instruments. Risk Warning: CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 81.65% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money. Legal Information: ITRADER is operated by Hoch Capital Ltd., a Cypriot Investment Firm (CIF), authorized and regulated by the Cyprus Securities and Exchange Commission (CySEC) under the license no. 198/13, in accordance with the Markets in Financial Instruments Directive (MiFID II).
Black bitcoins will be worth more than white bitcoins
There is a schism coming in Bitcoin, due to bureaucratic overreach such as we're now seeing from NYDFS. This schism will not manifest as a fork in the block chain, but we are going to see two classes of bitcoins emerge, differing only in color. We'll have white bitcoins and black bitcoins. Both will exist on the same block chain and will move on the same P2P network, but they won't be interchangeable. The "white" bitcoins will be those held at addresses for which personally identifying information has been registered in a state-mandated database. Bitcoins held at licensed depository institutions will be white bitcoins, as will all bitcoins moving through licensed payment processors (e.g., BitPay, Coinbase, etc.). The "black" bitcoins will be all the rest — those held at addresses for which no identity information has been entered into the state's registry. Almost all bitcoins today are black bitcoins, but this will change. There will be incentives for converting black bitcoins into white bitcoins. The opposite conversion will be illegal. What do I mean by converting? Well, converting black bitcoins into white bitcoins will be easy: just register your bitcoin addresses with the state, either by directly submitting your addresses and identifying information to the government or by importing your private keys into your account at a licensed depository institution. Converting back the other way (from white bitcoins to black) will be tricky at best and practically impossible for most. The catch is that white-market businesses will be forbidden by law from receiving black bitcoins and from sending white bitcoins to unregistered addresses. Since the block chain is public, the regulators will be able to monitor for violations of this law and will prosecute companies and individuals who break it. What this means is that there will be two incompatible classes of bitcoins. White-market businesses will not be able to accept black bitcoins; they'll be required to bounce any received black bitcoins back to the sender. Also, they will not be allowed to send bitcoins to unregistered addresses. Black-market businesses and individuals (i.e., those operating outside the law — not necessarily immorally) will not be able to trade with white-market businesses and individuals. This will cut them off from a large part of the market. They will be under a strong incentive to convert their black bitcoins to white (necessarily paying any taxes due at the time of registration), just so they can do business in the white market. Once a black bitcoin is converted to white, making it black again won't be legally possible. For this reason, the supply of white bitcoins will grow, and the supply of black bitcoins will shrink. As long as the demand for black bitcoins (for purposes such as use on anonymous online marketplaces) remains strong, there will develop a disparity in price between white bitcoins and black bitcoins. Black bitcoins will have fewer everyday uses but will become much more highly valued than white bitcoins. Black bitcoins will be the only bitcoins with which anonymous transactions will be possible. The only way for white bitcoins to become black bitcoins will be through theft from white-market institutions. Regulators will shut down such an institution upon observing the theft (which will appear as a movement of bitcoins from registered addresses to unregistered addresses), but in many cases the theft itself would have doomed the institution to failure anyway. There will be a great incentive for criminals to steal white bitcoins (thereby converting them into black bitcoins) because black bitcoins will be worth so much more. It'll be like an instant multiplier on whatever the thieves can take. Of course, subsequently converting the black bitcoins back into white bitcoins will incur a tax, which will sap the added value back out of them, but if the thieves are smart, they will trade the stolen (black) bitcoins for goods and services on the black market where they can get the most bang for their bit. TL;DR: If you have the option, don't register your bitcoins. Keep your bitcoins "black." They'll be worth more in the future than if you color them white.
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