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Renowned Basketball Team Owner says that he Sees Bitcoin and Gold as the same.

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A billionaire and owner and owner of the Dallas Mavericks professional basketball team Mark Cuban, had issued a statement saying that be dislikes hold as a form of investment and basically sees Bitcoin and Gold as the same thing.

Cuban had said this in an interview with Kitco News on August 9. He also made reference to the Bitcoins as having a definite supply which in his view was awesome and adds more to its value.

 

“They’re both collectables. The value is based off supply and demand. And the good news about Bitcoin is there’s a finite supply that’ll ever be created.”

 

He expressed his deeply rooted prejudice for the precious metal while and expressed totally, his view of it. He specifically said that:

 

“Hate with extreme prejudice is not enough. Hate with double-extreme prejudice with an ounce of hot sauce.”

 

Gold Vs digital gold

It is still unclear how the term “digital gold” which refers to Bitcoin had gained this much recognition in the space. However going back in time in a bid to retrace its origin, we could legitimately make reference to a time when The New York Times journalist Nathaniel Popper published his book “Digital Gold” back in 2015. And seeing that Bitcoin had successfully rivalled the precious metal, the name stuck.

We could see now that in 2019, the response has been seen by experts as to whether or not they should Bitcoin should be seen as Gold o the digital world. The head of communications at the Zcash Foundation, Sonya Mann, made reference to its finite supply as well as demand and supply factor, from her remark it had seemed that she happens to be more optimistic about the digital currency than Cuban:

“Bitcoin is deflationary by nature, due to the capped 21 million supply and the clever incentive structure that has reliably safeguarded its inviolability. The emergent order governing Bitcoin, as both a software product and a phenomenon, is undeniably path-dependent, attributable in large part to Satoshi Nakamoto’s design decisions. There is no guarantee that BTC will increase in value, but past trends and the underlying supply-demand dynamics suggest that it’s a reasonable long-term prediction.” She had said.

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It will be a mistake to evaluate Bitcoin and crypto based on what it is today – Anthony Pompliano ‘Pomp’

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The owner of Off the Chain podcast Anthony Pompliano ‘ Pomp’ has said it will be a mistake to evaluate Bitcoin and crypto based on what it is today. This he said in this week’s letter to investors.

‘According to Pomp, technology evolves and advances at an impressive rate. What feels inefficient today will be replaced by interfaces and experiences that are sleek, fast and ultra-efficient in the future.’

He compared the early internet to Bitcoin and crypto in general saying just as the internet went from ARPANET to dial up internet to broadband connections, Bitcoin and crypto will do the same.

It will be the same Bitcoin, but the experiences will feel very differently from before.

Pomp said it will be a mistake to evaluate Bitcoin and crypto based on what it is today. According to him, people are simply looking at a snapshot in time.

What it looks like today is very different from what it will look like tomorrow. And that is very different from what it will look like a decade fromnow.

Layer 2 and layer 3 solutions will be developed, we will see exchanges, wallets, data providers and other infrastructure drastically improve.

According to Pomp, we will feel like the technical aspects of the product will disappear into the background and what users will be using will feel like something magical.

However the magical elements that will be seen in crypto someday, Pomp warned that this will take time because building technologies especially with compelling UI/UX takes time.

Therefore investors today should look at the pace of innovation, at the current speed of evolution of a technology if they want to understand where they are going.

Because according to him, technology is never about where we are currently. It is always about where we are going. And what resources it will take to get there.

And that is why ‘personally, I am optimistically patient because the potential of this will be worth the wait’, Pomp ended his letter.

Image Credit: Off the Chain Podcast.

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Pomp Compares Bitcoin to the Early Internet; We Will Have Human Friendly Digital Wallet Addresses Eventually.

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Anthony Pompliano popularly known as Pomp compares Bitcoin to the early internet, says we will eventually have human friendly digital wallet addresses as seen in today’s internet and email services.

In his weekly letters sent to investors, Pomp says the internet was originally not meant for consumers and the interface proved that.

The interface was complex compared to what is seen in today’s internet. The early users of the internet weren’t the only one confused with it but, also bystanders who were either (a) confused by the new advancement and (b) those who thought it was vastly overhyped.

According to Pomp, the early internet is just like how Bitcoin. The early users of bitcoin were highly technically skilled and those who were incredibly curious as to what the technology was and could be, however, to use bitcoin, only technical persons were able to due to its unfriendly user interface just like the early internet.

And like the internet at its early days, as it grew, consumer applications and nicer interface started surfacing just as we can see in Bitcoin and crypto today. However, he said, the position today is not where Bitcoin and crypto will be in 10 to 20 years from now.

Just as to locate resources on the internet, one had to type in series of numbers (IP addresses), but now it has been changed to human readable and easily understood characters, that is what will happen to digital wallet addresses too.

He is quoted saying “today you have to send Bitcoin or other digital currency to a random string of letters and numbers………….. This can be confusing. The addresses are hard to remember. It is easy to mistype one of the characters etc.”

But eventually, Pomp continued

“we will have much more human-friendly digital wallet addresses. They won’t be these random strings of letters and numbers, they will be a word or a phrase that feels more like the internet, URLS, and email addresses feel today.”

And this will help ensure bitcoin is on its way to truly becoming a global, decentralized, digital currency. We need patience as the asset, and related infrastructure has to mature, Pomp concluded

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Pioneer of Proof of Keys Trace Mayer Urged Bitcoiners to prepare for January 3rd PoK

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The pioneer of the proof of keys event Trace Mayer, a crypto type of Bank Run that is targeted at cryptocurrency exchanges to check if there are as liquid as they claim.

The event is expected to hold on the 3rd day of January, 2020 to commemorate the day the first block of the bitcoin blockchain was made.

He wants bitcoiners to declare their financial sovereignty on that day.

The Proof of Key annual event is designed to test the solvency of cryptocurrency exchanges. It works by having users of cryptocurrency exchanges withdrawing their crypto assets from the exchanges to their personal wallets.

Exchanges that could handle the mass withdrawal are seen to be solvent and safe to use while those without the ability to manage the withdrawal request of its users is notably known to be unsafe for trading or any other crypto related businesses.

According to a tweet made on twitter, Trace Mayers, he encouraged bitcoiners to add certain characters and emojis to their names to help spread the word across the industry since according to him, there has been new entrants into the space.

https://twitter.com/TraceMayer/status/1191559821746565120

Backing his resolve to see the Proof of Keys event hold in another 60 days from now, Trace Mayer quoted several exchanges that have gone down with users funds or having issues currently owing to various factors which includes shady business practices etc he listed QuadrigaCX, Mt. Gox, Bitfinex etc.

The event will commemorate the bitcoin genesis block.

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City of Johannesburgs Refuses to Pay BTC Ransome to its Website Hacker

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City of Johannesburg, South Africa has refused to pay a ransom in bitcoin to a hacker who targeted the city’s website a few days ago.

The cyber attack which occurred on the 24th of October, was followed up by a request from the cyber criminals to the city to pay a ransom of 4 BTC.

The city’s official has released a statement on the issue clearly stating its stance on the attack and request.

According to the statement which was made available on Twitter through the handle of the City, the Authority acknowledged the attack affected its operations significantly.

But it however, will not concede to their demands and believes that it will be able to restore the system to full operational capacity.

According to the statement from the office of Councillor Funzela Ngobeni,

The City has always taken a position against lawlessness of any nature and form, this cyber-attack is being seen not only as an attack on the City’s system – but as an attack on the people of our City.

We have vowed not to rest until we have gotten to the bottom of this matter.”

The statement revealed the city has been able to bring up some of its critical systems such as Billing, Property Valuation System, Land Information system, eHealth and Libraries services.

The statement read

“We have made significant progress, if we continue on this trajectory we should be able to restore 80% of all our systems. “

The city’s e-Service system is been worked upon and in the meantime, the city advised customers to pay their average consumption.

While the estimated time for full system to be operational is unknown, the city expressed confidence the city’s system will be restored to its full operating capacity but will not rest until it has gotten to the end of the matter.

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