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American Founders Would Likely Be Bitcoin (BTC) Holders

Bitcoin-BTC-Independence Day

There is a lot of criticism levied against cryptocurrencies, and the most common is that they are a fraud. However, if the critics were to take a time machine trip back to the 1700s, they would find equal skeptics of paper currency. They would find founders who vehemently opposed paper money. Lawyer and crypto enthusiast Jake Chervinsky in this tweet, suggests America’s founding fathers would have loved Bitcoin. They would be Holders too. Jake bases his hypothesis on the American Founders’ view on paper money.

They would love Bitcoin because governments cannot manipulate it. It is a public open ledger, which works by proof rather than pure trust. The digital currency is fungible and as durable as gold. Bitcoin is also rare. There will only be 21 million of these coins while paper money is infinite in supply. All a government needs to do is press “print”.  Bitcoin is also divisible into Satoshis and can, therefore, facilitate micro trades.

American Founder’s Distaste for Paper Money

The lack of money was a very persistent problem in colonial America. With the colonies under British control, the legal tender was silver and gold. The bimetallic system, however, had a huge flaw; circulation. The precious metal coins were hard to come by in the colonies.

Meanwhile, domestic gold and silver
mining was nonexistent.  The colonists
eventually adapted other commodities for money. Top amongst them was the use of
Spanish coins as legal tender.

However, soon came the civil war, and
paper money backed by loans was printed to cover rising costs. Soon, the paper
bills surpassed their backing in loans, and inflation hit the States. The
government debt skyrocketed. Soon, Congress and every other state were
experimenting with its own paper currency.

The founding fathers were outraged. In
his letter to Thomas Jefferson, George Washington wrote:

“Paper money has had the effect in your state that it will ever have, to ruin commerce, oppress the honest, and open the door to every species of fraud and injustice.”

Writing to Colonel Edward Carrington,
Jefferson said “Paper is poverty … it is only the ghost of money, and not money
itself.” Thomas Jefferson in reference to banks said that they “are more
dangerous than standing armies; and that the principle of spending money to be
paid by posterity, under the name of funding, is but swindling futurity on a
large scale.”

Founders Would Likely Be Bitcoin (BTC) Holders

If they had had the choice of paper money and Bitcoin, they would probably debate over it a whole lot. However, it is highly probable that they would go for the currency that reflected gold’s store of value features. Bitcoin is the answer to the failures of the current monetary system as cited by the founding father’s skepticism of fiat.

On releasing Bitcoin, Satoshi Nakamoto said that conventional currency only run by the trust people had given to the central bank and governments. However, banks and many world governments have repeatedly walked all over that trust.  They lend cash in out in bubbles, leaving no fractions in reserve.

The Framers, for instance, knew that
no government would ever refrain itself from uncontrolled spending. They,
therefore, opposed a national central bank. 
They went on further to strike out part of the Constitutional Convention
draft on the powers of Congress that allowed it to “emit bills of
credit.” Bills of credit back then were synonymous with paper money.

The Framers, consequently, had no intention that paper would be legal tender, but gold and silver. President Richard Nixon changed this statute when he in 1971 asked the Treasury to drop the gold standard. Henceforth, the M3 money-supply measure rose to unimaginable highs. In 2007, for instance, it stood at $10.3 trillion in 2007 in contrast to 1971’s $688.4 billion.

The post American Founders Would Likely Be Bitcoin (BTC) Holders appeared first on Ethereum World News.

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Happy Birthday Ethereum Classic (ETC)!

Today is a holiday for Ethereum Classic. The popular and controversial blockchain published its Declaration of Independence after the famous hard fork produced after the DAO Hack.

Ethereum Classic has been a model of perseverance and commitment of a community. Despite the difficulties, the philosophical debate that underpins its birth is interesting to analyze.

ETC Ethereum Classic InvestRead Also: What is Ethereum Classic?

Since its inception, Ethereum Classic has maintained its philosophy of immutability and decentralization. Its motto, “The Code is Law” is already widely known in crypto-verse, and although the Ethereum community (ETH) disagrees with the point of view of those who believe in ETC, the respect and debate has been much more serious than it has been in other hard forks – such as the BCH case regarding BTC, to cite an example.

Currently; IOHK, the team behind the development of Cardano, has a group of developers actively working to make Ethereum Classic (ETH) a better and better blockchain.

Despite not having a large market cap, Ethereum Classic’s initial image as a “shady” blockchain has been successfully overcome.

Explanation of a Hard Fork. Courtesy: Blockgeeks

The Story Behind ETH/ETC

It is difficult to say whether it was Ethereum Classic (ETH) or Ethereum (ETH) the crypto that was born on July 20, 2016. Everyone is free to make their own conclusions.

The truth is that two years ago there was a fork in Ethereum’s blockchain. The famous DAO Hack happened due to an exploit that allowed a hacker to take about 60 million dollars in ETH (before the hack).

To combat this situation, the Ethereum community (pre-hack) was in favor of a hard fork in which a roll-back would be made to the point before the hack. About 97% of the users supported this decision.

However, the other users objected. They consider that such a change damages the essence of a blockchain as immutable. ETC adopters also argue that such modifications could reduce the decentralization of the network. They also believe the code to be perfect and human error to be a voluntary act. Making changes each time a system is attacked could reduce its stability.

From that moment on, those who opposed the change became the Ethereum Classic (ETC) community and who supported the amendment and were the community with the most significant number of users kept the name Ethereum (ETH); a logical decision that was respected by all.

Screenshot of ETC’s Timeline posted on its website

Ethereum Classic (ETC): A Crypto With a Very Active Development Behind It

Ethereum Classic has had several substantial improvements, recently the development team removed the difficulty bomb, which eliminates the possibility of migration to PoW for now. It also makes mining more profitable and maintains stability in the number of blocks mined.

Another significant milestone is the addition of Ethereum Classic (ETC) to the Atomic Wallet, which allows atomic swaps between different blockchains.

Also, a few weeks ago, RobinHood and Coinbase announced that they would support the Ethereum Classic (ETC).

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Tron (TRX) Launches its TronWallet DApp

Polite Notice: Before using the TronWallet, the team at the Tron Foundation advises that you do not deposit any TRX on the wallet just yet. Your funds might get lost. Tron Foundation requests that you first apply to test the wallet before the final release by the team.

The Tron Foundation has launched the first version of the TronWallet Decentralized Application that promises to go far and beyond your regular crypto wallet. The wallet provides a fast, reliable and secure way to sign contracts and transactions on the blockchain as well as storing your digital assets. This will in turn provide a frictionless user experience in the process.

The wallet features the following:

  • Login / Signup
  • MFA — 2 Factor Authentication
  • Send (Offline sign with TronVault)
  • Vote (Offline sign with TronVault)
  • Freeze (Offline sign with TronVault)
  • Unfreeze (Offline sign with TronVault)
  • Participate in ICO Tokens (Offline sign with TronVault)
  • Create ICO (Offline sign with TronVault)
  • Official news from Justin Sun Twitter
  • User Dashboard
  • Balances widget
  • Frozen Tokens widget
  • Bandwidth widget
  • Receive widget
  • Transactions list widget
  • User Tokens widget
  • TRX price chart widget
  • List Tokens
  • Create Tokens
  • Profile Page

Downloadable via the Tron Website and available for Android download as well as for use on the Web, the TronWallet was created using the Tron Protocol, AWS, Javascript, React, React Native, Redux and Node.js. The wallet supports multi-factor authentication and encryption of data-at-rest and in-transit. It will use AWS Cognito for user authentication and federation.

The Wallet will never ask for your secret keys. Accounts on the wallet are managed offline by TronVault and can be restored using 12 seed words plus the vault number.

An online video demonstrating the new wallet is now available on youtube with a similar demonstration available on the same platform for the Android version of the wallet.

The release of the TronWallet is significant progress for the project and in line with the current Road-map that includes the ongoing testing of the MainNet and the now released TronWallet. What now is on every TRON HOLDers calendar, is the Independence Day on the 25th of June. The current countdown on the Tron Website indicates that we are 10 Days from the launch of the Genesis Block on the said Independence Day.