Bitcoiners Slam Andrew Yang for ‘Cash is King’ Comment

Democratic candidate for the U.S. presidential elections Andrew Yang just shocked the Bitcoin community with one simple tweet “cash is king.” …
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Christina Comben| May 23, 2019 | 10:00


Democratic candidate for the U.S. presidential elections Andrew Yang just shocked the Bitcoin community with one simple tweet “cash is king.”


Andrew Yang Says Cash Is King

To be fair, Andrew Yang was always something of a long-shot. But he was gaining the respect of a handful of technologists, humanists, and the Bitcoin community as well. Until yesterday, that is, when he either got his Twitter account hacked or just randomly decided to post one of the dumbest tweets ever.

Cash is king.

— Andrew Yang (@AndrewYang) May 22, 2019

Three small words with a lot of meaning. That’s all the tweet said, not in reply to anyone or anything but a standalone voice of opinion:

Cash is king.

If this is the U.S.’ best shot at a Bitcoin-friendly president in 2020, it looks like we’re fresh out of options. His comments unsurprisingly whipped up a Twitter storm of replies, most of which were also three words.

Bitcoin is king.

Digital Asset Director at VanEck Gabor Gurbacs replied, along with many others:

Bitcoin is king.

— Gabor Gurbacs (@gaborgurbacs) May 22, 2019

There were the usual GIFS and memes and murmurs of disbelief. Others simply looked on agape at the horrific statement made by the “Bitcoin-friendly” Democratic candidate.

The Basis of Yang’s Presidential Campaign

Yang is basing his campaign on two key things. Firstly, that he is the opposite of Donald Trump (Asian and likes Math). Secondly, his Universal Basic Income (UBI) policy.

If Yang is elected, he will award every American adult $1,000 a month just for breathing. He calls this a fair policy to protect workers against the unstoppable march of AI robots.

Whether it’s a great idea to give a grand a month to a meth head and what effects this type of policy could have on inflation aren’t really concerning to the Bitcoin community.

After all, if Yang’s policy triggered massive inflation, quantitative easing, and rising prices; there’s always Bitcoin.

Bitcoin advocate Max Kieser even came out in support of Yang. His seemingly ludicrous monetary policy could be an intentional plan to drive adoption of Bitcoin as a store of value as the dollar value erodes.

Yang Is a Bitcoin Bull Back to 2013

Yang’s knowledge and affinity with Bitcoin go back to at least 2013. Moreover, last month, he publically came out in support of Bitcoin and cryptocurrencies.

He said that if he were elected, he would adopt clear federal regulation along the lines of the state of Wyoming and the Token Taxonomy Act. He would also abolish the “onerous” New York BitLicense.

All this understanding of Bitcoin and all this support seem entirely at odds with that ghastly tweet.

So, Then, This Piece of Paper Beats Bitcoin?

With his track record until now, coming out and saying that “Cash is king” seems entirely incomprehensible.

How can cash be king when it can be printed out of thin air? What about mining economics and scarcity and the vast superiority of Bitcoin over fiat? To use the words of Morgan Creek Digitex co-founder, Anthony Pompliano:

Imagine if daily printing of US dollars was suddenly cut in half forever. Bankers would be FOMOing even though USD isn’t a scarce asset.

Now imagine what they’re going to do when the daily Bitcoin supply is cut in half for one of the scarcest assets in the world.

I can’t wait.

— Pomp 🌪 (@APompliano) May 22, 2019

This leaves just two possibilities. Either Yang’s Twitter account was hijacked by a Republican or fellow Democrat candidate in this race aiming to smear his image or… He doesn’t, in fact, understand Bitcoin at all, something that would put him at immediate odds with blockchain policy advocate in Wyoming state Caitlin Long.

She recently announced:

If you don’t understand how fiat money works, you’re not qualified to judge whether cryptocurrency will be successful or not, period.

1/ “If you don’t understand how #fiat money works, you’re not qualified to judge whether #cryptocurrency will be successful or not, period.” https://t.co/AYVjcW2ApA

— Caitlin Long 🔑 (@CaitlinLong_) May 18, 2019

And that:

Equally, if you don’t understand the mechanisms for mining, the underlying technology that powers cryptocurrency or the economics of scarcity you aren’t qualified to tell anyone why it is a revolution.

Sorry folks, it seems that Andrew Yang might not be our guy, after all.

Would Andrew Yang be a boon for Bitcoin if elected? Share your thoughts below!


Images via Shutterstock

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Bitcoin Cash price analysis: BCH/USD defends 61.8% Fib level support

While trading at $386 at press time, Bitcoin Cash is above the 100 Simple Moving Average 4-hour chart. A weak bullish motion is building from the …

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BSV STN is mining 1.4-gigabyte blocks; Is this a scaling solution or a journey towards centralization?

Bitcoin SV, the fork of Bitcoin Cash, has set up an STN [Scaling Test Network], specifically intended to test on-chain scaling for large blocks, which also …

Bitcoin SV, the fork of Bitcoin Cash, has set up an STN [Scaling Test Network], specifically intended to test on-chain scaling for large blocks, which also acts as a standard network in the latest update of Bitcoin SV. It was noted that the STN was mining blocks that were more than 1 GB in block size, a development that was celebrated in the BSV camp after a Twitter user, @two2wheel2life, tweeted,

So the #BSV test network mined 6 blocks over 1GB 👀

Two of them were 1.4GB & one of these contained 359,793 transactions! Check out https://t.co/tArDkAwpFR

Just wait until this is happening on main net! 🙂

Are you paying attention yet??#BSV is #Bitcoin#CraigisSatoshi

— Conor McGee – $two2wheel2life (@two2wheel2life) May 22, 2019

BSV has a total of four such networks defined, i.e., Mainnet, testnet, regtest, and STN. According to the website, STN was implemented to reduce the impact of scalability testing on testnet and to preserve testnet as a network for testing of applications built on top of Bitcoin SV, without requiring testnet users to make significant hardware available.

Block 11891 on the STN was 0.95 GB in size and processed a total of 9530 transactions in the block. Block 11901 was 1 GB in size, and block 11902 was 1.4 GB in size, which could possibly be the biggest block mined on the STN.

Source: Stn.satoshi.io

Is Bigger Better?

The question of bigger block sizes has sparked quite a few debates, be it Bitcoin, Bitcoin Cash, or Bitcoin SV. It was one of the reasons why Bitcoin Cash forked from Bitcoin and why Bitcoin SV forked from Bitcoin Cash.

However, does massive block size really solve the scaling problem without any drawbacks? The Operations Manager of STN, Brad Kristensen, had some interesting things to say to AMBCrypto about the recent achievements of the STN.

Brad stated,

“We’re very pleased with the results, and I think it’s a strong signal of what is to come from Bitcoin SV on mainnet as we continue to increase adoption. The STN is running the same public release available right now (0.2.0). Anyone can join the STN to test their applications /services.”

According to BSV’s roadmap, the first upgrade for the project will be ‘Quasar,’ which is proposed for July 24, 2019, and will concentrate on scaling by increasing the default block size hard cap.

Centralization or scaling?

Andreas Antonopoulos, a prominent Bitcoin advocate, had a different opinion on the rise in block size for Bitcoin SV. When AMBCrypto reached out to him, he commented,

“Large blocks have a centralizing effect on mining and node operators. It is unlikely that the main BTC chain will increase the blocksize as it has taken a different path for scaling, via layer-2 payment channels (Lightning Network) and on-chain optimizations (Segwit, Schnorr etc.).”

As stated by Antonopoulos at the ‘Bitcoins in Bali’ meetup on June 27, 2017, if the block size is increased in orders of magnitude at a rate that is proportional to the increase in user base, a difficult problem will emerge wherein Bitcoin transitions from a decentralized to a centralized system.

Additionally, Antonopoulos said,

“If my block takes 11 minutes to validate, then i’m off the blockchain, which means fewer people can validate independently, which means the system becomes centralized. With which one of these increases, fewer people can participate in the validation process, fewer people can participate in storing the data, and fewer people can participate in being independent actors. We go from a system that is decentralized to a system that gradually gets more and more centralized.”

The above gives a clear idea of what could happen if the block size increases. However, Craig Wright announced in one of his Medium articles of his plans to increase the block size, giving his opinion on the same,

“The reality is that scaling on-chain is much simpler than anyone likes to admit. There is nothing special to be done in order to achieve this, it is just allowing commercial systems to compete and to remove the false idea that home use and hobby nodes need to be subsidized”

So, how will BSV fare? Will it still be successful after implementing larger blocksize or will it accept the centralization that comes with increased block sizes? Only time will tell.

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US Presidential Hopeful Eric Swalwell accepting Bitcoin SV donations

The donation form is easy to use, allowing the user to select one of six cryptos – Bitcoin Core (BTC), Ether, Bitcoin Cash (BCHABC), Stellar, BSV and …

The Democratic primary race is full of choices, and all of the candidates need to do something to set themselves apart from the pack for a chance to battle U.S. President Donald Trump for the executive office in 2020. An unlikely nominee, California representative Eric Swalwell, is trying to do just that by accepting cryptocurrency donations, including Bitcoin SV (BSV).

The candidate has launched a crypto deposit page with the blockchain firm The White Company. The page is simple and easy to use, and features a short Youtube video of Swalwell where he discussed blockchain technology. He said:

“Blockchain can change the world, if we let it. So much of our public life now exists online, and there’s no reason to believe we can’t extend this further into our democracy and our economy – from exercising our right to vote, to how we look at cryptocurrency.”

The donation form is easy to use, allowing the user to select one of six cryptos – Bitcoin Core (BTC), Ether, Bitcoin Cash (BCHABC), Stellar, BSV and The White Company’s native token White standard (WSD). After selecting an amount and filling out a donor’s form, the user can simply send their donation.

Swalwell is the second candidate in the field to begin accepting digital currency donations. Andrew Yang began soliciting crypto donations recently as well, and made it a big part of his platform should he win the nomination.

Both candidates have a lot of ground to make up if they hope to win the nomination. The latest Quinnipiac University National Poll has Yang polling at 1% support, and Swalwell at 0%. It goes without saying that those numbers lag far behind the leaders of the pack, who have been consistently Joe Biden at 35%, Bernie Sanders at 16%, and crypto critic Elizabeth at 13%.

That’s of a 23 candidate field though, and one that’s growing every day. The candidates will have a lot of time to hash things out before the first debate takes place between June 26 and 27, and even more time before the first ballots are cast in the Iowa caucus on February 3, 2020.

Launching this crypto donation page might just be the little kick Swalwell’s campaign needs to enter the conversation and gain some momentum by the time the real conversation begins.

Note: Tokens on the Bitcoin Core (SegWit) chain are referenced as BTC coins; tokens on the Bitcoin Cash ABC chain are referenced as BCH, BCH-ABC or BAB coins.

Bitcoin Satoshi Vision (BSV) is today the only Bitcoin project that follows the original Satoshi Nakamoto whitepaper, and that follows the original Satoshi protocol and design. BSV is the only public blockchain that maintains the original vision for Bitcoin and will massively scale to become the world’s new money and enterprise blockchain.

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Looking for a Bitcoin alternative? Check out these three altcoins

Bitcoin Cash is a fork of Bitcoin and holds an important place in altcoin history due to it being one of the earliest and most successful hard forks.

If you’re on the lookout for a Bitcoin alternative, then you might want to check out these three popular altcoins.

Bitcoin might dominate the market, but its competitors are increasing in popularity every day. Altcoins were created to resolve some of the limitations of Bitcoin, and as a result, they use different protocols and algorithms that many people prefer.

Altcoins often focus on either privacy, stability, or alternative payment methods. In this article, we will go through some of the most popular Bitcoin alternatives.

Ethereum (ETH)

Ethereum is a great Bitcoin alternative. It is an open-ended decentralised software platform that supports smart contracts and the creation of dApps. Launched by Vitalik Buterin in 2015, Ethereum runs on a blockchain and can be traded on digital currency exchanges. Ethereum is currently the second-largest cryptocurrency by market capitalisation according to CoinMarketCap.

This altcoin was not created with the sole purpose of being a payment method. It can also be used to monetise work and allows smart contracts and distributed apps to be built and run without any fraud, downtime, or participation from third parties.

All applications on the Ethereum blockchain are run on its cryptographic token, Ether. Ether is sought after by most developers looking to develop and run apps inside Ethereum. But it is now commonly in demand from investors wanting to make purchases of other digital currencies using Ether.

Both Bitcoin and Ethereum use the Proof-of-Work (PoW) algorithm to verify and add transactions onto the blockchain. However, Ethereum has a long-term goal that goes beyond PoW, and will soon make the switch over to a hybrid Proof-of-Stake (PoS) algorithm. Ethereum wants to move away from miners hashing for blocks and instead lock users’ funds into smart contracts.

Ethereum also has the potential to revolutionise the future of many industries, including healthcare, finance, and the government. It is a powerful altcoin and is a top competitor to its rival cryptocurrencies.

XRP

XRP is the token of Ripple and is continuing to gain attention from cryptocurrency fans and investors. XRP seeks to create a system of direct value transfers and offer alternative ways of transferring money globally.

XRP differs from many altcoins as it is centralised, meaning there is a central authority involved. This centralisation often causes many crypto enthusiasts to dismiss XRP. However, XRP’s transaction time is only a few seconds, whereas Bitcoin can often take up to 10 minutes to complete transactions.

Ripple is unique in the fact it does not require mining due to its consensus ledger. Because it does not require mining, it reduces the usage of computing power and therefore costs less to create and transfer. So far, XRP has seen great success from this model and remains one of the most enticing altcoins on the market.

Bitcoin Cash

Bitcoin Cash is a fork of Bitcoin and holds an important place in altcoin history due to it being one of the earliest and most successful hard forks. This hard fork took place as the result of debates and arguments between the miners and developers of the original Bitcoin chain.

Bitcoin Cash was created in August 2017 and aims to solve the issue of scaling through the use of bigger blocks. Bitcoin has a strict block size limit of one megabyte. However, Bitcoin Cash (BCH) increases this block size to eight megabytes with the idea that having larger blocks will allow for faster transaction times. This does come with the downside of creating a larger blockchain, which those that believe in Bitcoin argue will lead to mining becoming centralised.

BCH is backed by evangelist Roger Ver and mining giant Jihan Wu along with other industry leaders and experts. Ver says that Bitcoin Cash is the true Bitcoin as it is a form of P2P electronic cash, as described in the white paper. As of May 2019, Bitcoin Cash is the fourth-largest cryptocurrency by market cap and is trading at $286.

For guides on cryptocurrencies, exchanges, and blockchain technology, click here. Make sure you take a look at all the latest crypto and blockchain news.

The post Looking for a Bitcoin alternative? Check out these three altcoins appeared first on Coin Rivet.

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