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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Swiss Stock Exchange Owners to Launch Their Own Stablecoin

Stablecoins backed by central bank (preferably) or bank money will drive adoption of the D3 Ledger and other financial DLT [distributed ledger …

The SIX Swiss Exchange, Switzerland’s principal stock exchange, is reportedly developing its own stablecoin, a crypto token that will be pegged 1-to-1 with the Swiss Franc (CHF). 

According to CoinDesk, the Zurich-based stock exchange’s stablecoin will be used to conduct transactions on the SIX Digital Exchange (SDX). Commenting on the initiative, a representative from SIX confirmed: 

Yes, we are currently working on a CHF Stable Coin – so Swiss franc.

Stablecoin May Be Used For Atomic Swaps With Security Tokens

SIX’s management has not yet clarified whether the Swiss franc-based stablecoin will be developed for public or private (or internal) use within the SDX (like J.P. Morgan’s JPM Coin).

As noted by the coin’s developers, the fiat-pegged cryptocurrency may be used to settle transactions involving atomic swaps of security tokens and other financial assets on distributed ledger technology (DLT)-based platforms.

In July of 2018, SIX’s management announced that SDX would become operational during the second half of 2019. Per the exchange’s support team, the SDX will begin providing services by tokenizing shares of common stock and bonds.

Working On Creating Security Tokens

The developers of the SDX platform will also experiment with trading digital representations of other traditional assets. These include fine art and other real-world items which can be tokenized.

In addition to introducing a stablecoin, SDX’s management is also planning on launching a security token offering (STO). According to the exchange’s Chairman, SIX’s developers may introduce their own STO in order to raise funds for various initiatives.

The stock exchange managers of other leading European nations, such as the Frankfurt Stock Exchange’s parent company, Deutsche Börse is currently working on a project that involves tokenizing various assets. Switzerland’s government-backed Swisscom is reportedly working with Deutsche Börse’s on its security token project.

Stablecoins Allow Us To “Automate More Processes On The Blockchain”

The Russian National Settlement Depository (NSD) also revealed recently that it’s planning to introduce its D3 blockchain and supporting cryptoasset DLT network in Switzerland.

Explaining why stablecoins may form an integral part of the future economy, Artem Duvanov, the Head of Innovation and Director at NSD, stated:

Stablecoins backed by central bank (preferably) or bank money will drive adoption of the D3 Ledger and other financial DLT [distributed ledger technology] platforms.

He added:

The reason is very simple – when you have a stable coin INSIDE of the blockchain, you can automate more processes and provide more value with smart contracts. It is not just about [delivery versus payment], it is also about many corporate actions, for example, dividends distribution.

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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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Colorado Appoints its First Ever Blockchain Architect

“The creation of this Blockchain Solution Architect role is breaking new … the deployment of distributed ledger technologies such as blockchain,” as …
Colorado Appoints its First Ever Blockchain Architect 101
The flag of the state of Colorado. Source: iStock/TinaFields

Interesting news come from Colorado, USA, as the state got their own, very first Blockchain Solution Architect.

“The Colorado Governor’s Office of Information Technology (OIT) announced the appointment of Thaddeus (Thad) Batt as the state’s first ever Blockchain Solution Architect”, stands in the OIT’s press release from May 14th, 2019.

Indeed, the new position is reflected on the LinkedIn profile of this IT veteran who worked as chief technology officer for Spire Digital, a Denver-based software development company, for almost twenty years, and who’s also been running his own blockchain consulting practice for the last year, Blockchain Industries.

According to the press release, Batt “will lead the blockchain program and explore how these technologies can be used to help protect the vast amount of data entrusted to the State of Colorado, solve digital identity-related problems, and ensure the integrity and security of distributed workloads.” Furthermore, his duties include developing the state’s blockchain infrastructure, educating others on the value of blockchain, identifying optimal criteria for blockchain usage in applications, as well as working with agency teams in identification of blockchain use cases, stand up pilot programs, and finally evaluating the results.

“The creation of this Blockchain Solution Architect role is breaking new ground and a step in the right direction to secure Colorado as a leader in blockchain innovation,” said Jared Polis, the Governor of Colorado and a blockchain supporter. It was Gov. Polis’ office that created and filled the new position for a Blockchain Solution Architect, in an effort to greatly expand the use of blockchain technology in this U.S. state.

His office managed to create the role thanks to state legislation passed in 2018, called “Cyber Coding Cryptology For State Records”, which created a mandate for the OIT to explore advanced ledger technologies such as blockchain, as well as seek out and implement new solutions to protect trusted, sensitive, and confidential information from “criminal, unauthorized, or inadvertent manipulation or theft”. Within this, the role of the Blockchain Solution Architect’s position is to lead the initiative by “utilizing enterprise architecture methodologies to define opportunities and execute the deployment of distributed ledger technologies such as blockchain,” as stated in the release.

“The state is actively looking at ways emerging technologies such as blockchain can help us better serve Coloradans, and this role will help lead the way,” Chief Information Officer and Executive Director Theresa Szczurek was quoted as saying in the release.

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