PewDiePie on the Blockchain, Is Bitcoin a Bubble? | Hodler’s Digest

PewDiePie on the Blockchain, Is Bitcoin a Bubble? | Hodler’s Digest


The entire world saw Julian Assange half-carried
into the back of a police van this week, as his seven year stint in the Ecuadorian Embassy
came to an abrupt halt. Following his arrest, media outlets around
the world posted about the “spike” and “surge” of Bitcoin donations to the WikiLeaks
campaign, which had tweeted about accepting donations right away. However, spike is a bit of an overstatement,
as it seems that 24 hours after his arrest, about 6 Bitcoins were donated,
roughly 30 grand. Good luck, Assange, truly, but don’t expect
your crypto followers to fund your attorney. I have a hunch it will cost
a tad bit more than six BTC. Ladies and gentlemen, I’m Molly Jane, and
this is the adventures of the crypt raider. Help Chinese miners and crypto enthusiasts
all over the world to survive! Chinese authorities are planning
to ban crypto mining in the country. This also seems like a task
for the crypt raider! The powerful Chinese National Development
and Reform Commission added crypto mining to a list of 450 undesirable industries that
should be eliminated. Reportedly, the reason for it is that mining
does not comply with regulations, it is unsafe and it pollutes the environment. The public will be able to comment on the
draft until the 7th of May, when the ban is supposed to come to force. The move does not come as a surprise given
China’s ongoing crackdown on the crypto industry in general. Everyone remembers China’s ban on ICOs in late 2017
and the following shut down of crypto exchanges. Despite this crypto-hostile environment, crypto
mining has been thriving in China because of very low electricity prices and according
to some estimates, half of the global mining network is presently located in China. As of today, China is the largest market for
crypto mining equipment, and the ban will potentially be a huge blow for companies such
as Bitmain, among the largest producers of mining hardware. Many observers think China’s ban could have
a positive effect on Bitcoin after all. In fact, many critics of the main cryptocurrency
have been pointing at the excessive centralization of mining operations in China, which undermines
the decentralized part of the foundation of crypto. Mining hardware producers Bitmain and Canaan
declined to comment on the new regulation. We reached out to Jehan Chu, co-founder and
managing partner at Hong Kong-based investment firm Kenetic Capital, and asked him to give
us his perspective on the imminent ban. So what impact is this ban going to have
on the industry if it’s implemented? I think what we’ll see is just a vast type
of flow of mining activity out of China and around to the other places. It’s really like water finding its level. There’s always going to be an economic incentive
to conduct mining at a certain price and it will just flow from currently where it seems
to be the cheapest to other areas of the world, similar to the way that a lot of kind of natural
resources are spent. All right, interesting. The NDRC draft seems to be more of a policy
guide than an actual law. What are the chances that the draft document
will result in an actual ban of crypto mining? I think you know when it comes to China, when
it comes to policy, nothing is never so clear cut and there’s always a lot of different
layers both at the state level, as well as at the kind of provincial level. And, you know, the implementation of something
of a ban like this really boils down to the actual provinces rather than
the federal government in a sense. So I think that stating it and actually putting
into place is a very different thing. There have been a number of types of overall
kind of bands or not necessarily related to crypto that have actually been much more difficult
to put into place in practice because of local politics. And I think that’s really
just a feature of China. I’m cautious in terms of just calling it an
outright ban the way that people are thinking about it. So, let’s wait and see and I think that’s
often how a lot of these kind of very sweeping changes are in practice implemented. Besides the reasons enumerated in the draft,
do you think there are some other, maybe less transparent reasons behind China’s plan
to crack down on crypto mining right now? I find it hard to believe that they’re looking
at this from an environmental perspective, because the overall type of footprint of crypto
mining versus many of the other types of environmental concerns that take place in China I think
is pretty small in comparison. So I can only guess that the real motivations
are potentially in terms of order of finding control, ways to control the rapidly expanding
growth of crypto and interest in crypto. It’s possible that a mining ban is a proxy
to try and put some kind of cooler on public sentiment. Public sentiment, obviously in China, is very-very
influenced by how the government sees particular industries and if there’s a mining ban on
top of the exchange ban perhaps they think that it will ideally scare people away from
being too speculative in trading which really was a problem and with the recent price run
up I can only imagine that there’s a lot of people who were not finished kind of speculating. Okay, interesting, I see. In case the ban will come into force, how
will it impact top mining hardware producers such as Bitmain? That is an issue, at least for the corporate
side of things, because obviously the mining companies and especially Bitmain have been
under a lot of pressure both from public, as well as from their shareholders, as well
as from the withdrawal of the IPO application in Hong Kong and Canaan as well. So I think it will definitely put a lot more
pressure on them to be able to find new customers in other countries. And so I think in the short term it will place
additional financial pressure to keep the revenue flowing. On the other hand, again I do think that people
are not going to stop mining. It’s just going to move
from one place to another. I imagine there are many other developing
countries out there that would potentially be interested to take on this 10 as I imagine
multibillion dollar industry. Destroy scam icos! Mission accepted! According to unconfirmed sources, Facebook
is seeking to raise $1 billion in external funding to finance
crypto-related projects. The New York Times’ reporter Nathaniel Popper
said in a tweet this week that the tech giant intends to use the funds raised among venture
capitalists as collateral for its soon to be launched stablecoin. But why would one of the richest companies
in the world rely on external fundraising? According to Popper’s sources, attracting
external capital would give the impression that the crypto project is decentralized and
less controlled by Facebook itself. The coin will be allegedly pegged to a basket
of foreign currencies held in bank accounts. While Facebook has not exactly confirmed this
latest information, last December Popper had also reported on its intentions to release
a stablecoin for money transfers via popular messenger WhatsApp. The coin is expected to be launched in the
first half of 2019 and Facebook already has agreements with a number of exchanges, but
this information is also unconfirmed. According to Barclay’s analyst Ross Sandler,
the coin could bring Facebook up to $19 billion of additional revenues by 2021. Many in the industry are sceptical towards
Facebook’s initiative, pointing at the tech giant’s stained reputation when it comes
to issues of users’ privacy and data ownership, which should be at the foundation of every
crypto project. Still, others welcomed it as a huge step forward
towards crypto mass adoption given the over 2 billion Facebook monthly users, many of
whom don’t have access to traditional banking services. The founder of Kik Messenger, Ted Livingston goes
as far as stating that Facebook’s new stablecoin could potentially replace the dollar as the
global reserve currency. Crypto entrepreneur and hedge fund manager
Jeremy Gardner is also sure the Facebook coin is going to have a huge positive impact on
the crypto industry. Imagine if every Facebook user in the United
States or in the world all of a sudden has this cryptocurrency. Let’s say everyone gets a few bucks and
then, you know, they don’t have an off-ramp in their jurisdiction through Facebook or
they don’t have a bank account. They can now go and sell
that at a cryptocurrency exchange. I can only see it being a
net positive in the short term. The best way to go long on
this is probably to own a little bit more Bitcoin. This episode is sponsored by SovereignWallet. For most people, blockchain and
crypto are still difficult. SovereignWallet changes this attitude by introducing a messenger app-style
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the link is in the description below. Identify Satoshi Nakamoto and save his life! Earlier this week, Bloomberg referred to the
crypto market as a bubble, Ran Neuner, perhaps in response, tweeted out that he can’t respect
any publication that uses this term. But what the hell is a bubble anyway
and can it really pop twice? The first recorded economic bubble is of course
the notorious Tulip bubble of the 1600’s. Tulips were the hot new thing, and bought
in large quantities by the masses. This caused tulip prices to shoot up. After hitting record highs, tulip prices crashed,
leaving tulip holders bankrupt in some cases. A more recent bubble was the dot-com bubble. This refers to the speculative investment
bubble involving internet companies in 1995 to the year 2000. The value of internet start-ups skyrocketed
and a tech gold-rush ensued, investors threw money into anything that ended with a “.com”. Over the past couple of years, some companies
did the same, but put “blockchain” in their name. This excess capital back then encouraged internet
companies to form, often with very little planning, in order to get in on some of the
easy money that was available at the time, does that sound familiar? But can we really compare Bitcoin to these
historic bubbles, is there a more nuanced view that we could take? How is it possible that Bitcoin burst in 2011,
2013 and 2017? To find out we spoke to David Gerrard, author
of “Attack of the 50ft blockchain”. Can we even still compare
Bitcoin to a Bubble at all? I would say it’s actually a fair call that
in April 2019 we are not in the throes of a Bitcoin bubble so that’s a reasonable point. But it’s we’re still sort of on the tail of
it, it’s a bubble that happened and still affects the perception of Bitcoin and where
it went and what it will go in the future. Bitcoin is not a commodity with any use
value like say gold or even with Beanie Babies you have a cute cuddly toy, you know. What about institutional investment, does
that not indicate that BTC is not a bubble? I’m not sure that in institutional investment
is a proxy for this is good news for Bitcoin. I think that the good news
is yet to happen again. In terms of bubble economies, I do think it’s
quite possible Bitcoin will bubble again and get mainstream interest again. People take comfort in the fact that Coinbase has a high
valuation as a business and is getting investors. A lot of this phenomenon there is there’s
a lot of venture capital sloshing around with nowhere to go, because times are tough, economy
is having trouble, poor people are getting absolutely wrecked, rich people are discovering that they
can’t get a good return on sensible investments, which is why a lot of them looked
into crypto during the bubble, because you know this is a very volatile investment, if
you’re looking at it as an investment. But they were thinking we can’t get good returns
on safe investments let’s look at the crazy ones, Fine, you know. Pay you money, take a risk,
maybe get rich. Will Bitcoin ever trade to zero? I mean Bitcoin is super hard to kill. All you need is a copy of the software, a
copy of the blockchain and two or more enthusiasts. And how much it connects the real world of
ordinary money in the real economy – that’s a good question. There is no sort of circular flow of income
in the crypto economy. There’s no one actually does their books in
Bitcoins these days. Functionally people are pretty much trading
cryptos as a proxy for actual dollars or whatever. It’s basically used by people who can’t use
real dollars for whatever reason, they’re having trouble with capital controls or they’re
buying something their government doesn’t want them to or something. Help John McAfee get Bitcoin to 1 million
by 2020 or make sure you followed through with his promise! PewDiePie, the most followed YouTuber on the
planet, announced a partnership with decentralized streaming platform DLive. In one of his latest videos, Swedish youtuber,
better known as PewDiePie, announced he will be producing exclusive weekly
live streams on the blockchain based platform. DLive is a decentralized platform designed
to be “YouTube on the blockchain”. The project, which raised $20 million dollars
in an ICO in February 2018, aims at empowering both viewers and content creators with a new
reward system. While platforms like Youtube charge fees as
high as 50% to content creators, DLive claims it is not taking any earning
from users performing on it. At the moment, the platform counts around
3 million monthly users and 35,000 active streamers. PewDiePie’s partnership with DLive comes
amidst controversies around the YouTuber’s alleged affiliation with white supremacism,
which intensified after the Christchurch gunman invited people to subscribe to PewDiePie’s
channel, before going on a killing spree leading to the death of 50 people. A petition asking YouTube to ban his channel
has been signed by over 83,000 people, and the Supreme Court of India demanded that YouTube
take down two of his videos that allegedly contained racist content. The Swedish streamer has dismissed these allegations,
calling them defamatory and baseless. PewDiePie counts over 93 million subscribers
and is among the top earning YouTubers with reportedly over $15 million revenue in 2018. His decision to perform on DLive can potentially
be a big step forward in bringing crypto to the mainstream. PewDiePie has also said that he will donate
$50,000 to 100 content creators active on DLive in order to support the project. Which cryptocurrency do you want
me to kill for you?! Let us know in the comments, and remember
to like, subscribe and hodl!

Author:

39 thoughts on “PewDiePie on the Blockchain, Is Bitcoin a Bubble? | Hodler’s Digest”

  • HamidiyeLegion says:

    Kill XRP pls. It is against the whole meaning of cryptocurrencies. And it is the main power behind so called decentralized coins getting along with conventional financial establishment. Kill XRP so that nobody can think that they can create a coin to boom their financial product developing company again. Cryptocurrencies are the killer of modern (!) financial system and they should keep it like the way it is.

  • the weird 'themes' are making it harder to take yall seriously. just my humble opinion as constructive feedback

  • Research: Electroneum the 2017' ICO that had 140k investors and raised $40mil.
    BUT… they sold all investors in 2017' with white paper, then pulled a bait n switch with investors and the invested $40mil.. and deleted the white paper. Crazy right!!
    Please do a segment on the bait n switch of ELECTRONEUM…
    This seem like FUD, but it's 100% the truth: https://captainaltcoin.com/electroneum-etn-community-is-melting-off-real-trading-volume-is-non-existant/

  • Sean Lemmermann says:

    1) Assange (more accurately someone he's entrusted) held well over 4000 btc, more than enough to fund legal fees. Sorry cointelagraph, your reporting is pretty weak.
    2) better info here, China can't do much to stop mining as bribery is commonplace. Worst case miners will move and there's plenty of OTC's for holders.
    3) Facebook is losing money and selling private data, it's an effort to bail them out. Let it die!
    4) I don't want my behavior tracked by my own wallet, doesn't sound sovereign to me…
    5) what else is new, bubbles are healthy it's the inflation (fiat) that is the problem.
    ***6) Dlive and Lino are the same people but different companies based in Beijing… READ THE TOS!!! Dlive doesn't take profit from creators but Lino does! They own 99.5% of the supply! Don't use Lino!!!

  • I like this kind of outfit. Now I can better focus on the awesome content. But thank god the belly button was hidden though. I clearly notice that Molly looks better than ever. Her hair, skin, maybe she lost weight dunno or eating healthier, more sleep. And she clearly is all powered up because now she is experimenting with new things. I like it. Not that one style is better than the other but it is entertaining and she got humor haha. "help Mac Afee getting Bitcoin to 1 million or keep his promise" Love the detail that she let out what that promise was. Good job Molly. You are the true queen of crypto.

  • Hotsauce is Lethal says:

    Bitcoin will see a series of bubbles until it eventually becomes mass adopted. The high price in the future will reduce volatility while strengthening the store of value and currency use cases. This is just the very beginning my friends, just consider yourselves lucky to have been here before anyone else.

  • Splendid, I agree with you more than most ever will. I think it is ok buying loads of coin for a future that could moon or completely dip and cost you your hodling that is primarily why I stopped hodling. I lost more than 3/4 of my BTC and way more than half the value of my $8,000 xrp. I was devastated and got desperate seeking for options to recover my loss when I stumbled upon Malthe William on youtube. After considering the odds, I contacted him via mail, and the result was life-changing. He gave me a basic understanding of the benefit of trading over hodling especially in a speculative market. He then provided me with his daily signals and trading patterns, and within a month, I was able to make almost 80% on my ripples. Malthe never asked me to give him access to my account, and he would warn me against doing that with anybody as it’s a way many Fakes use to defraud people. If you have any inquiries reach him at via *<<[email protected]>>*, you can reach and gain reliable profit with your little experience on crypto.

  • Bitcoins & Gravy says:

    Ok so you're reading some sort of teleprompter. I get it.
    How about a conversation so we can tell whether or not you actually UNDERSTAND what is coming out of your mouth?
    Just a thought. Reminds me of Amanda B. Johnson who had only a mediocre understanding of 1/2 of what she READ about.
    Do we really need another Crypto anchorman or anchorwoman?
    I guess we do.
    : )

  • Kill Scopuly >They have used the same ticker as Skycoin #Sky @Scopuly how does Sky even match their name ??? Biggy backing of another coins ticker is just wrong well in my books anyway. Love the channel keep it up.

  • The Cushty Life says:

    What a dimp she is you do realise Assange made hundreds of millions on the bull run ? you want to make 6 btc relevant haha wow

  • If you wanna get 2times your trade in the market ,there are few basic things which you need to know too.was so painful loosing $25000 not until I met Mr Mahmoud Abbas who thought me how it’s done and gave me guidelines too which was put to good use and now I have double all I have, you can share your own testimony also by giving success a try , email him now via : [email protected] com

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