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Why is bitcoin superior to gold as a new standard of value?



This material is a review of the book by economist Seifedin Ammus “A Brief History of Money, or Everything You Need to Know About Bitcoin”.

After reading the title of the book “A Brief History of Money, or Everything You Need to Know About Bitcoin,” you might think that it will deal with Bitcoin . A person who is alien to the topic of cryptocurrency and who knows only that the price of Bitcoin has fallen from $ 20,000 to $ 4,000 is unlikely to consider this work worthy of his attention and would prefer to buy a volume of Tony Robbins in order to “wake the giant in himself”. And it is in vain.

Seyfedin Ammus decided not just to tell the story of Bitcoin and describe the ideology of the people who stood at its source, but to follow the development of money from primitive societies to this day and answer the question of how and why we came to Bitcoin.

Many representatives of the academic community in the economic sector are usually very distant from objective reality, creating theories for theories and fitting facts to hypotheses, and not vice versa.

This is explained as follows :

  • They really do not understand that the basic tenets of their science in practice lead to the most dire consequences [incompetence].
  • They depend on government budgets and are forced to defend the Keynesian economic model, which in practice is contrary to common sense [self-interest].

However, academics have an undeniable advantage: they know how to structure large amounts of data and build them into a logical chain (even if the data is false). Ammus demonstrated this virtue in all its glory and abandoned the traditional pomp of scientists, which is expressed in the complexity of the wording.

Money is a medium of exchange, a means of accumulation and a unit of account. If these things seem obvious to you, then you will probably be surprised when you realize that the advocates of the current economic model pervert this extremely simple paradigm.

There are two types of means of payment or money: hard and soft. The ratio of two simple indicators helps to determine the hardness and softness of any means of payment:

  • reserve [how many units there are],
  • inflow [how much will be manufactured].

And it so happened that the whole history of money revolves around this simple formula.

Most modern economists refuse to understand a very simple fact: the state can oblige all citizens to use a certain means of payment, but cannot make it a firm decree of parliament. For thousands of years, mankind has determined the best means of payment, whose inflow is low enough so as not to depreciate savings. And so it happened that a long search by trial and error led society to the answer that it was gold.

All beads, stones, shells, coins from other metals and pieces of paper lost the monetary battle to gold. Silver held the longest, but it eventually fell. The period when Europe moved to the gold standard was characterized by unprecedented economic prosperity, the rapid development of new technologies and art. Currencies were backed up by reserves of gold, which simplified the conversion and favored free trade.

Society accumulated capital to invest in the future, because the higher the standard of living, the lower the temporal preference: people are willing to limit themselves to something in order to get more in the future. This is possible only when hard currency is in use.

Unfortunately, even a prosperous society is not immune from unforeseen events. Until now, historians [one more theorists] cannot thoroughly explain why the conflict between Austria-Hungary and Serbian nationalists turned into a world war, but this is no longer so important.

It was then that the very clever people who decided to reshape the economic system for themselves and their beliefs appeared, which naturally led to the catastrophe. When gold in the form of money was in the hands of the population, the government could wage war only at the expense of its own treasury and additional taxes. But the abandonment of the gold standard, the creation of central banks and the transition to monetary nationalism allowed the powers that be to print money, up to the complete impoverishment of the population to maintain their aggressive adventures. And now we are not talking about history, but about the current state of things, since the theater of the absurd has been going on for more than a century.

More than a hundred years ago, the government turned on the printing press, Europe found itself in ruins, the population lost almost all the savings in a war that did not have any clear reason. But instead of recognizing the rejection of the gold standard as a mistake, the authorities blamed the economic collapse on this standard, and the British economist John Maynard Keynes managed to turn this insanity into a science that is being taught at universities around the world today.

Keynes quickly realized that politicians and bureaucrats wanted to hear, and he developed a doctrine that said that the state of the economy was determined by the level of total expenditures. The more expenses the better. If you spend nothing, then you need to print more money. Thus, in the hands of the states turned out to be the apparatus that made them virtually omnipotent – the printing press. The fact that real life has repeatedly proved the inconsistency of this doctrine still does not bother anyone.

Modern educational programs claim that the cause of economic crises lies in the late or improper intervention of states in the life of the market, but they overlook one simple axiom: it is government intervention in market relations that is the cause of any crisis, the root of all problems.

“Seriously to believe that the central bank can overcome or curb the recession is as naive and dangerous as putting the pyromaniac at the head of the fire brigade ,” writes Ammous.

In the West, the communist planned economy was constantly ridiculed as untenable, but all central banks are planning on the most important market — the capital market. Thus, the interest rate is not determined by the natural balance between supply and demand in the investment market, but imposed by a group of bureaucrats and academics who think that they should know better how the market should work.

Now, instead of producing goods and engaging in productive economic activity, enterprises are forced to follow fluctuations in floating rates and analyze possible actions by governments and central banks. Thus, a small group of people took from society a solid means of payment, which is necessary for prosperity, and created a system where banks make a profit, but do not bear any risks.

The emergence of Bitcoin in this context, Ammus believes, was a turning point. Despite the frank hostility of the traditional system, he managed to survive because he was chosen by society and not imposed from above. This is the first and only asset whose ratio of reserve and inflow exceeds gold due to strictly limited emissions and dynamic changes in the complexity of mining. The latter does not increase the supply with a sharp increase in demand, which indicates the phenomenal hardness of the first cryptocurrency.

At the same time, Bitcoin is a real scarce resource, the first after time. The lack of other resources is relative, because you can always get and produce more if you invest more man-hours. In this sense, Bitcoin once again proved its uniqueness.

Bitcoin is a distributed system, no one can manage the offer or withdraw it from use, as was the case with gold. If you join a network, you voluntarily agree with its rules. It’s like the rotation of the Earth, since you can only agree with that.

The rules can be changed only if the nodes supporting the functioning of the network that are interested in its prosperity agree with this. Thus, all changes are aimed only at its strengthening. Arranging attacks on the network is unprofitable for the attackers, since the loot will immediately lose its value, which guarantees the safety of the savings.

Thus, Bitcoin not only has all the advantages of gold, but also offers previously inaccessible options to society – a completely new standard of value that can fundamentally change the economy of the world, currently working in accordance with the insane doctrine of John Maynard Keynes, who claims that politicians and bureaucrats have magical abilities.

Seifedin Ammous is a professor of economics at the Adnan Cassar Business School at the American University of Beirut. He is also a foreign representative at the Center for Capitalism and Society at Columbia University.

Ammus has a doctoral degree in sustainability from Columbia University in New York and a master's degree in management systems from the London School of Economics.

Publication date 15/04/2019
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JPMorgan will start testing its stablemobile JPM Coin by the end of 2019



JPMorgan Chase, the largest US banking institution, is preparing to begin testing its stemblecoin JPM Coin by the end of this year.

Umar Farouk, the head of blockchain development at the bank, spoke about the company's intention to initiate a pilot testing of steyblcoin with certain customers at the end of this year. This will be possible when the relevant regulators give the nod to it. Farooq said the company is watching the increase in interest from its international clients to the benefits that JPM Coin has to offer. Recall that the details of the project JPM Coin were disclosed in mid-February 2019.

Interestingly, JPMorgan Chase customers from the United States, Europe, and Japan expressed interest in exploring the capabilities of JPM Coin technology in speeding up transactions related to securities and stocks. Farooq noted that banking steablcoin technology really has the potential to realize the ability to instantly transfer shares through the blockchain. Faruk also drew attention to the fact that the bank is positively tuned to the use of tokenized and digital securities – in 5-20 years certain stocks will be represented in digital form.

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In Russia, you can allow the legal use of steblokoinov



In Russia, you can allow the legal use of steyblkoinov

5 (100%) 1

In the State Duma allow the legal use of steyblkoinov in the Russian market. This was announced on June 24 during a press conference by the chairman of the lower chamber committee on the financial market, Anatoly Aksakov.

In particular, the legislator reported:

“As regards stablcoins, in principle, according to the formulations that are spelled out in the draft document prepared for the second reading, their use is possible. And we prescribed just at the request of the business. In the initial version of this was not. Then there was the appeal of the business. And we tried to prescribe so that this tool could be used, involved. "

According to Aksakov, the Central Bank of the Russian Federation also does not see any obstacles to the use of steyblcoins.

Recall that today the head of the State Duma Committee on the Financial Market also announced that the deputies will try to adopt a package of bills on regulating relations in the cryptocurrency industry by the end of July 2019.

Publication date 25.06.2019
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Review of cryptocurrency blockchain-casino FairPlay – registration, bonuses, reviews



Review cryptocurrency blockchain-casino FairPlay – registration, bonuses, reviews

5 (100%) 24

FairPlay is the world's first licensed cryptocurrency casino with embedded integrity control on blockchain technology . The best games of the most popular genres are available for players – slots, roulette, card games and lotteries.

A distinctive feature of the project is the transparency of the game itself, carried out using the blockchain, quick deposits and instant payments. The number of games is more than 300 and is constantly updated.

To play on the Fairplay platform, the TPLAY token is used to conduct all settlements within the online casino. This token can be purchased for Bitcoin (BTC) or Ethereum (ETH) cryptocurrency.

Software. TruePlay Security

Fairplay is the first project implemented on the basis of TruePlay technology. The uniqueness of the product lies in the deep integration of the blockchain, in particular in the integrity control system.

Players can check the operation of the random number generator at any time, in which it is impossible to intervene from outside. Game content, of course, is optimized for mobile devices and tablets.

It is important to note that Fairplay provides its players with exclusively licensed content from the world's best game providers. The project operates under the auspices of the Kahnawake Gaming Commission.

Registration and starting bonuses

The first thing that catches your eye when entering the FairPlay website is an intuitive and user-friendly interface. The casino is not cluttered with meaningless and not informative banners or advertising of other projects. Each section of the site is accompanied by the most accessible descriptions of casino functionality.

On the Fairplay platform, simple registration is not time-consuming, and there is also the possibility of a free game for review. Also TPLAY – the casino's internal currency – is a convenient token, which stores a huge amount of information related to the control of honesty and the life cycle of players.

At Fairplay casino, registration on the site allows you to receive a welcome no deposit bonus in the form of 30 free spins. To receive the bonus, it is enough to create a single account in FairPlay / TruePlay, indicating the phone number and the current E-mail. Next you need to wait for the call operator. After confirming the data, the no deposit bonus will be activated.

The first four deposits will allow you to receive a deposit bonus at Fairplay casino:

  • On the first deposit, the bonus amount will be up to 100% of the deposit amount plus 30 free spins.
  • On the second deposit bonus up to 75% plus 30 free spins.
  • On the third deposit – up to 75% bonus plus 30 free spins.
  • On the fourth deposit – bonus up to 200% plus 50 free spins.

For deposit bonuses, a wager is x20. Bonus validity period is 5 days. Also in the section with bonuses can be found on the website Fairplay casino Promo Code, for which additional gifts are available. The casino site allows you to receive additional income from participation in the affiliate program.

Available games

In the "game room" casino FairPlay when choosing a gambling entertainment is convenient to navigate by category:

  • All games.
  • Slots – slot machines of different genres and with different percentages of payments.
  • Roulettes – various variations, including American, European, VIP and others.
  • Card – baccarat, blackjack and poker in various variations.
  • Video poker – 33 models of gaming machines with poker.
  • Lotteries – instant draws and other types of lotteries.

In addition to sorting games by these categories, you can search by game name and sort by manufacturers. The following providers act as providers of software on the casino site:

  • NetEnt.
  • Microgaming
  • Spinomenal.
  • iSoftBet.
  • Play'n GO.
  • Playson.
  • Betsoft.

Only people over 18 can play for money. Online slots have a training mode that allows you to play for free. However, for this you still have to register on the game portal. Also there are games with live dealers!

Does the casino fairplay bonus system?

Fairplay offers two types of bonuses to its players – one-time and periodical.

By one-time include :

  • First registration bonus: 100 TPLAY to the account
  • First Deposit Bonus: Up to 100% of the amount deposited by the player
  • Bonus of the first four deposits: increasing, up to 200% of the amount

Periodic (usually twice a week) promotions and offers :

  • Cashback – 10% or more
  • Free Spins – up to 200 free attempts
  • From 50% to 175% of bonus accruals on deposits, starting with the fifth

How to check casino honesty?

Usually, third parties are invited for inspections, people or legal entities for whom their own reputation is important. The casino went further, having connected to the TruePlay platform, which uses blockchain technology to guarantee fair gaming and fair calculations, you want to know more, read the review of casino volcano bet.

It works like this:

  • A person starts a game, the data on which (moves, bets, combinations, etc.) are recorded in blocks during the game.
  • These blocks are copied by random users of the system and stored on their personal PCs, and the users themselves do not even know what kind of data these are – betting results, casino balance, chances of winning the game or something else.
  • If someone wants to make changes to this data, he will need the consent of all holders of a copy of the necessary base.
  • The player can at any time check the data of the game session on third-party resources to make sure that they do not change.

What is TPLAY?

TPLAY Tokens is a special currency of casinos operating in the TruePlay system. Players do not bet in money, but in tokens – electronic casino “chips”. The transfer of the deposit to TPLAY is done automatically after the player is registered in FairPlay / TruePlay.

It is important to note that the player is registered at the casino partner. This was done so that in the future a player could use his account to play in other casinos cooperating with the service. Single account – a single personal account, a single currency for payments.

How to withdraw funds?

Withdrawals are carried out on the same wallet from which the deposit was made. Money transfer to TPLAY and back occurs automatically, which simplifies the withdrawal procedure. Now output is available only in Bitcoin, Ethereum and Skrill payment system. But in the near future, TruePlay promises to connect also other EPS and cryptocurrencies.

Withdrawals are made during the working day, although more often it takes a few minutes.

Anonymity and security

Given that the turnover of funds in a casino is cryptocurrency, and you can get a crypt anonymously, yes, the game in such a casino is safe. The registration data of the player is also protected – the casino does not trade the base of its subscribers. Malicious software is also missing.

Is the casino available on both the PC and the phone? mobile version

Yes. The site works correctly in all popular browsers on the PC and is correctly displayed on modern smartphones and mobile devices of recent years. For rest in your favorite game you do not need additional applications, everything works directly from the browser.

User Reviews and Opinions

The list of platform features based on user reviews:

  • The site is fast, advertising is not overloaded, the design is nice, UI convenient.
  • Works equally well on PCs and mobile devices.
  • Background information is written “for people”, and technical support knows its business.
  • Regular bonuses.
  • The project is supported by well-known gaming providers.
  • Large selection of games.
  • The site is developing, new providers and deposit methods are connected to it.
  • Operational withdrawal of funds to the player’s wallet.
  • The ability to make a minimum bet.
  • Blockchain provides anonymity of the player, fairness of the game and a guarantee of payments.
  • TruePlay technology is unique, which immediately attracted interest from gambling and cryptocurrency media, including Forbes magazine.

Publication date 25.06.2019
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