'); $("#expandable-weather-block .modal-body #mrd-alert"+ alertCount).append(""+val.title+""); if (val.poly != "" && val.polyimg != "") { $("#expandable-weather-block .modal-body #mrd-alert"+ alertCount).append('"+val.ihtml+""); $("#expandable-weather-block .weather-index-alerts").show(); $("#expandable-weather-block .modal-body h2").css({"font-family":"'Fira Sans', sans-serif", "font-weight":"500", "padding-bottom":"10px"}); $("#expandable-weather-block .modal-body p").css({"font-size":"14px", "line-height":"24px"}); $("#expandable-weather-block .modal-body span.wxalertnum").css({"float":"left", "width":"40px", "height":"40px", "color":"#ffffff", "line-height":"40px", "background-color":"#888888", "border-radius":"40px", "text-align":"center", "margin-right":"12px"}); $("#expandable-weather-block .modal-body b").css("font-size", "18px"); $("#expandable-weather-block .modal-body li").css({"font-size":"14px", "line-height":"18px", "margin-bottom":"10px"}); $("#expandable-weather-block .modal-body ul").css({"margin-bottom":"24px"}); $("#expandable-weather-block .modal-body pre").css({"margin-bottom":"24px"}); $("#expandable-weather-block .modal-body img").css({"width":"100%", "margin-bottom":"20px", "borderWidth":"1px", "border-style":"solid", "border-color":"#aaaaaa"}); $("#expandable-weather-block .modal-body #mrd-alert"+ alertCount).css({"borderWidth":"0", "border-bottom-width":"1px", "border-style":"dashed", "border-color":"#aaaaaa", "padding-bottom":"10px", "margin-bottom":"40px"}); }); } function parseAlertJSON(json) { console.log(json); alertCount = 0; if (Object.keys(json.alerts).length > 0) { $("#mrd-wx-alerts .modal-body ").empty(); } $.each(json.alerts, function(key, val) { alertCount++; $("#mrd-wx-alerts .alert_count").text(alertCount); $("#mrd-wx-alerts .modal-body ").append(''); $("#mrd-wx-alerts .modal-body #mrd-alert"+ alertCount).append(""+val.title+""); if (val.poly != "" && val.polyimg != "") { $("#mrd-wx-alerts .modal-body #mrd-alert"+ alertCount).append(''); } else if (val.fips != "" && val.fipsimg != "") { // $("#mrd-wx-alerts .modal-body #mrd-alert"+ alertCount).append(''); } $("#mrd-wx-alerts .modal-body #mrd-alert"+ alertCount).append(val.dhtml+"

Instruction

Read more from the original source:
Hartford Police seized $20,000 from a Bitcoin ATM after it was linked to a fraud - WFSB

A new dawn?

For bitcoin enthusiasts, one of the most compelling things about the cryptocurrency is its ability to side-step fiat monetary systems that dilute the value of cash holdings through inflation.

That isnt anywhere near as complicated as it sounds. Put very simply, central banks grease the wheels of their economies by continually printing new money. A higher money supply makes it easier for companies to spend and service their debt. But theres a catch: for every new dollar you add to the spending pool, the buying power of each individual dollar falls proportionally.

Again this is simpler than it sounds: changing the money supply doesnt magically create wealth or value. If your economy is a nursery and your money supply is crayons, then doubling the number of crayons in the room doesnt make the kids any richer. They all have twice as many crayons as they had before, so they all double the number they offer when bartering for toys, books and so on. In real terms, nothing has changed because the new supply of money is being evenly shared between everyone in the nursery.

Where things get more complicated and where bitcoiners have rightly identified a need for a different, fairer system is what happens when supply and distribution arent evenly matched?

Central bankers claim this isnt a concern, because they contend that all the cash ultimately trickles down to the man on the street be it through stimulus checks or higher wages or fatter pension funds or whatever other pathway they conjure up. In practice, of course, we know that simply doesnt reflect reality.

In the real world, billionaires have, by far, been the biggest winners from covid-era money printing. Theyve taken their higher money supply (including vast sums of borrowed money, which is cheaper and easier to obtain when interest rates are low) and theyve pumped it into inflation-beating asset classes such as the stock market, real estate, collectibles and so on. The middle classes have done the same, but on a smaller scale: building their savings during covid lockdowns and then allocating a healthy chunk of those funds to assets that have appreciated in value nicely.

Now consider the poor and the working classes. What little bonus cash theyve received during the pandemic has either been spent on survival or stagnated. Unable to get on the property ladder, they can neither benefit from rising house prices nor start building equity by replacing rent (money that goes into someone elses pot) with mortgage payments (money that goes into their own). Stock markets may, technically, be within their reach, but at a profound handicap due to high transaction fees and a limited understanding of investment strategies (the kind of knowhow that rich people simply pay someone else to worry about).

This imbalance results in one thing: inequality.

If youre rich, you can take a higher money supply and use it to your advantage. If youre poor, you really cant. Youre stuck with whatever cash holdings you have in the new economy. And, as we know, the value of those holdings is actively being diluted through inflation. The more money is printed, the poorer you get.

Interest rates, of course, could save the day if central banks wanted them to. When the interest rate rises above the inflation rate, any of us can grow the value of our cash simply by dumping it in a savings account. But policymakers dont want this, because just about the only thing holding up the global economy right now is easy access to debt. As soon as the interest rate paid by borrowers increases, the shaky foundations of our covid-era economic recovery will collapse. Businesses and homeowners who binged on cheap loans will suddenly be unable to make repayments. Waves of bankruptcies and foreclosures will cripple the global economy.

Small wonder that central bankers none of whom are working class, by the way prefer the easy option of hammering poor people. This might not be perfect, they rationalize, but everything seems to be stable and everyone I know is doing rather well! That, in a nutshell, tells you why central banks are the biggest driver of wealth inequality.

So, what to do? Well, as long as central bankers and politicians are in the driving seat, theres really no way of changing the direction of this economic journey. Those in power will always promote policies that advance their own personal interests, and they will do whatever is necessary to delay a global economic crash even one that would, in the long-run, probably be good for society as it would precipitate structural reforms to the current, broken system.

If there is a solution, it would have to be an alternative monetary system thats resilient to both inflation and central bank manipulation.

No prizes for stating the obvious there: civilization has aspired to have such a system for millennia. Trouble is, its never been that easy to build a monetary network thats backed by no-one and yet protects the interests of everyone so convincingly that ordinary people will trust it with their life savings. Never, that is, until 2009, when the launch of the bitcoin monetary network gave the world its first taste of decentralized blockchain technology.

Convincing readers about the technical benefits of blockchain is a bit like convincing overweight people about the health benefits of dieting. The proof is in the pudding, as it were. And the average person on the street has no more inclination to become an expert in food science the how or why a given diet is effective than they do computer programming.

That said, you cant understand the genius behind bitcoin without having at least a basic grasp of the revolutionary nature of blockchain technology so here goes.

Trust is everything. Ive already alluded to the fact that creating a monetary system from scratch is virtually impossible because money has no value unless enough people believe it has value. The easiest way to foster that belief is to get a government to pledge to uphold or back its value (think of that promise to pay the bearer on demand you see on banknotes). Another, more tenuous way is to come up with a universally appealing asset that has a fixed supply. Gold ticks this box nicely: its aesthetically attractive; it cant be forged because of its unique density; and it cant be manufactured by anyone, so therell only ever be as much gold on the planet as the planet already holds (shiny asteroids notwithstanding).

Then again, gold is a pain in the ass. Its heavy, so its a burden to carry and transfer. Its not easily divisible, so its hard to pay precise amounts with it. Not many people do their weekly shop with gold. But what if you could create a digital version of gold that weighs nothing, moves at the speed of light, and is divisible to the tiniest fraction of value. Sounds great. Also impossible. Until 2009.

If you only understand one thing about what blockchain technology does, let it be this: for the first time in history, blockchains give us genuinely immutable data.

That means the information contained within them cannot be changed. Ever. How they achieve this takes time to understand: its to do with the decentralized nature of the ledger, which lists all the transactions ever made on the blockchain and is secured by 1) the number of copies in existence (full nodes, all of which are cross-checked against each other); 2) the process through which new data is written (cryptographic encryption); and 3) the energy consumption of the network (the hashrate, which makes it impossible to overpower or change the course of the encryption process). I might have lost you there. But the end result isnt difficult to grasp. Once you have immutable data, you have the ability to create autonomous digital money.

By ensuring that bitcoins transaction history can never be altered, mankind has created a digital asset that satisfies five of the criteria for money: its durable, portable, scarce, divisible and fungible (interchangeable). The final criteria acceptability, or the willingness of people to conceive of bitcoin as real money will be determined not by its technical traits but by humanitys attitude towards it. In an increasingly digital age, the outlook is favorable.

Bitcoins detractors and there are many; typically old, middle class people whove become very rich from the status quo cite a different definition of money: that it must be embraced by society as a medium of exchange; a unit of account; and a store of value.

Bitcoin fails on all fronts, they say, as too few people use it on a daily basis, and the price is too volatile to measure or store value. Maybe so, today. But its also attained a market cap of $1 trillion in just 12 years. Is that not rather swift progress?

And what of the dollar and the other fiat currencies? Are they convenient mediums of exchange across international borders? Do they give us stable, predictable prices year after year? Most important of all, are they are a store of value in an era of high inflation? If youve ever complained about the rising cost of living, you already know the answer.

Read more here:
Why Bitcoin Is The Best Weapon Society Has Against Inflation And Wealth Inequality - Forbes

Bitcoin has risen dramatically in 2021 but is highly volatile.

REUTERS/Dado Ruvic

When the shocking October inflation numbers first flashed through to traders' screens, showing US prices were rising at the fastest rate in 31 years, bitcoin shot higher.

To many crypto fans, the token's gains confirmed what they'd long argued: Bitcoin is the new inflation hedge on the block, and it's "digital gold" for the 21st century that will soon be a key diversifier in portfolios around the world.

But that logic sustained some heavy fire in the last few days when bitcoin's price plunged 18%, from a record high of above $68,600 on November 10 to below $56,000 on Friday.

The inflation-hedge narrative "should come with some very big caveats," said James Malcolm, a top currency strategist at investment bank UBS. "It's not a robust way of thinking about things."

Digital gold

Although bitcoin was originally intended to be a digital version of cash, these days crypto investors are more likely to tell you that it's digital gold.

Like the precious metal, there's a limited supply of bitcoin. Only 21 million coins are supposed to ever be minted, with 18.9 million already in existence. That scarcity should help the cryptocurrency hold its value over the long run, or so the argument goes, even as other assets wobble in the face of inflation or other scary problems.

The view has picked up steam in the past few months. When bitcoin climbed in October, JPMorgan analyst Nikolaos Panigirtzoglou said in a note "the perception" that the token is an inflation hedge was a key factor. Then its price spiked when the inflation numbers came through, delighting the bitcoin-is-digital-gold crowd.

Many drivers

But then bitcoin reminded everyone why most major investors are steering well clear of it - it plunged.

Malcolm, the UBS strategist, said the sharp fall is a reminder there are a lot of other things driving the token. "Inflation is one of many demand-side factors," he said. "It's just a popular one at the moment."

Watch now: 4 crypto experts break down the future of digital assets and how clearer regulation will lead to mass adoption

A key problem for major institutions is that there are a large number of risks surrounding bitcoin, which an asset like gold doesn't face.

Malcolm points to regulation, arguing that it could slow down adoption sharply, which could in turn whack the price. "That should make it a very poor inflation hedge. In the sense that inflation may continue to go up, and crypto can fall a lot more, for all sorts of other reasons," he said.

Bitcoin is 'too raw'

Proponents of the digital-gold argument point out that bitcoin has risen sharply over the last year, when inflation has also climbed dramatically.

Yet skeptics argue that investors can't rely on that trend continuing. If past episodes are anything to go by, bitcoin could fall into another 2018-like "winter" at any time. Back then, its price tumbled from around $20,000 at the end of 2017 to below $4,000 a year later.

Catherine Doyle, a strategist at BNY Mellon Investment Management, said she sees bitcoin as more of "risky" asset like stocks. "It wouldn't be part of that stabilizing base [in a portfolio]," she said. "It just feels too speculative and too raw."

However, it must be said that bitcoin was only created in 2009. Even some of its biggest skeptics admit it could yet become an inflationary hedge, particularly if investors start to really believe it is. JPMorgan's Panigirtzoglou has said there's "little doubt" that bitcoin's competition with gold will continue among investors.

But in the eyes of many big players, it's nowhere near there yet. Rather, it's an asset that's been soaring for a whole host of reasons - and that could easily crash again.

Go here to read the rest:
Bitcoin was looking good as an inflation hedge then it plunged nearly 20% - Markets Insider

The Internal Revenue Service (IRS) has revealed that $3.5 billion in crypto was seized during the fiscal year 2021. This represents 93% of all funds seized by its criminal investigation unit during the same time period. The agency expects to seize billions of dollars more in cryptocurrency next year.

The Internal Revenue Services Criminal Investigation (CI) unit, the tas authoritys law enforcement branch, released the 2021 Criminal Investigation Annual Report Thursday. IRS Commissioner Chuck Rettig explained that CI agents are the only federal law enforcement officers with the authority to investigate criminal violations of the U.S. tax code.

The report details statistics, partnerships, and significant criminal enforcement actions from IRS-CI for the past fiscal year, which began Oct. 1, 2020, and ended Sept. 30, 2021. Among several major crypto cases highlighted in the report is the longest-running bitcoin money-laundering service on the darknet dubbed Bitcoin Fog.

The 49-page Criminal Investigation Annual Report states that $3.5 billion in cryptocurrency was seized during the fiscal year 2021. This represents 93% of all CI seizures during the period.

The agency has indicated that it expects to seize billions of dollars more in cryptocurrency in the next fiscal year. IRS Criminal Investigation Chief Jim Lee said on a call with reporters Thursday:

I expect a trend of crypto seizures to continue as we move forward into fiscal year 22 Were seeing crypto involved in a number of our crimes as we move forward.

Jarod Koopman, the acting executive director of the IRS Cyber and Forensic Services division, commented that large cryptocurrency seizures have become the new normal for IRS criminal investigations.

He was quoted as saying: Its a huge, huge number Certainly were seeing a shift in our investigative work. Koopman believes that the IRS Criminal Investigation unit could seize even more in cryptocurrency in the coming fiscal year, stating:

We do expect that to stay somewhat in that range, based off of some investigations were currently working on that are pretty large in size and scope We might be topping that figure next year.

The full report can be found here.

What do you think about the IRS expecting to seize billions of dollars in crypto next year? Let us know in the comments section below.

Image Credits: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

Excerpt from:
IRS Expects to Seize Billions of Dollars in Cryptocurrency Next Year More Than $3.5 Billion in Crypto Seized This Year Regulation Bitcoin News -...

The American social media personality and model, Alexis Ren believes the fiat economy is collapsing and recently she told the press she thinks cryptocurrencies offer a viable alternative. In a recent interview, Ren explained her interest in crypto is fueled by the socialites reservations in the dollar-based economy.

During the last 12 months, numerous analysts and economists have said that the U.S. economy faces uncertainty. At the end of October Robert Kiyosaki, the best-selling author of Rich Dad Poor Dad, explained that he believes America is sliding into depression. On Friday, Harvard economist Kenneth Rogoff told the media that he thinks were on a knife-edge in terms of where inflation in the U.S. is going. However, famed novelists, analysts, and American economists are not the only ones predicting bad times are ahead for the U.S. economy.

Business Insiders (BI) Jim Edwards discussed the subject with the socialite and model Alexis Ren after shes been telling people that she thinks the economy is based on lies. I think the economic structure we have been living on is a lie and its delusional and its just an agreement and so we need to find something better, and I think bitcoin and cryptocurrency is that, Ren explained in a Youtube video she crafted called Truth or Drink.

Speaking with Edwards, the Instagram star with 15 million followers told the BI reporter in a video call that the devaluation of USD is an issue. They keep printing more of it, so that it has no value, Ren stressed. It used to be backed by gold and its not anymore. And so we dont have any value except their belief and faith in it and thats even scarier. Because now theyre just utilizing our faith in the dollar. And then theres no set amount. And so there needs to be a new thing, she went on to say.

The popular model further detailed that the U.S. economy was collapsing and she highlighted that the current money creation issue is a never-ending cycle. I know that but were in debt, so were trying, were printing more money to pay back debt and then we just keep accumulating more debt. Its a black hole, Ren said. The social media star thinks that the economic system is not sustainable and opined what she thinks American citizens want. An economy thats sustainable and that can move with us, Ren added.

The interview further explains Rens appreciation for cryptocurrencies and non-fungible token (NFT) assets. Ren is the founder of a tech platform called Yourstage.io and the project recently revealed its plans to tie NFTs to the companys brand. Yourstage.io will leverage NFTs for a subscription to the service rather than cash payments. Concluding the interview with BIs contributor Jim Edwards, Ren told the reporter that people should invest a small amount in cryptocurrencies every month.

What do you think about the recent interview with the social media star and model Alexis Ren? Do you agree with her that the dollar-based economy is collapsing and cryptocurrencies are a viable alternative? Let us know what you think about this subject in the comments section below.

Image Credits: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

Continued here:
Socialite and Model Alexis Ren Doesn't Trust the Dollar Economy, Says Crypto Is a Viable Alternative Featured Bitcoin News - Bitcoin News