U.S. too focused on ‘freezing out asylum seekers’ to fix refugee deal with Canada: researcher – CBC.ca

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The U.S. might not want "to play ball" if Canada wishes to renegotiatethe Safe Third Country Agreement, according to an expert on refugees and immigration.

"The reality is that most asylum seekers cross over from the U.S. into Canada and not the other way around," said Robert Falconer, a researcher specializing in immigration and refugee-related issues, at the University of Calgary School of Public Policy.

The Safe Third Country Agreement recognizes both countries as safe for refugees, so people fleeing persecution are required to claim asylum in the first country they enter.

The agreement is being challenged in federal court this week on the grounds that the U.S.'s immigration crackdown under President Donald Trump's administrationhas made it unsafe for refugees.

The Liberal government is arguing against the legal challenge, but has suggested the deal signed in December 2004 could be renegotiated to modernise it, and cover all border crossings.

A revised agreement might mean Canada could return refugees to the U.S., Falconertold The Current's interim host Laura Lynch.

"And U.S. immigration policy is all about freezing out asylum seekers right now."

Texas-based immigration lawyer Luis Campos thinks Canada should scrap the agreement.

"I don't see the United States as a safe place for asylum seekers," he said.

Campos has been working with asylum claimants for 20 years. He said he has "never seen circumstances as poor" for refugees and migrants being held in U.S. detention centres, while theywait for their asylum claims to be processed.

He's worked on cases where 150 to 200 people were packed into cells designed for 50. A lack of bedding meant people had to sleep in shifts, and the single toilet was in full view, and prone to overflowing.

He said he has also heard of the officials in charge dissuading detainees from seeking medical attention, with threats it could delay their case from being heard.

"In one specific case, an individual was forced to extract his own tooth because he wouldn't get dental attention," Campos said.

Falconer warned that a successful legal challenge could lead to a suspension, and"negatively impact" Canada-U.S. relations.

"We're already in a sort of a tenser period ... than we have been," he said, pointing to ongoing issues with trade and the fact that the revised NAFTA agreement isn't yet "across the finish line."

Craig Damian Smith suggested that Canada should wait for a change in U.S. leadership before trying to renegotiate the deal.

"My policy prescription is essentially keep our heads down until we have a rational partner to negotiate with in the U.S.," said Smith, the associate director of the Global Migration Lab at the Munk School of Global Affairs and Public Policy in Toronto.

He said the Safe Third Country Agreement is similar to the deal known as the Dublin Regulations that made the EU member countries an "open-border regime."

That deal works by pooling countries' resources to control the external borders, he explained, with the aim of sharing the burden internationally.

Refugees are expected to claim asylum in the EU country the first arrive in. However the system has been put under strain by the migrant crisis, which has seen hundreds of thousands of displaced people to seek asylum.

Faced with those numbers, Smith said that countries like Italy, Greece or Hungary have begun accepting support like equipment and personnel from non-port-of-entry states.

But other states have been less forthcoming in offering to take in the "hundreds of thousands" of people stranded in the countries they arrive in, he said.

"When states can't co-operate, then they make deals with less scrupulous states, states that aren't signatories to the convention, or just autocratic states," he told Lynch.

"When you have a fight between France and Italy over who is going to accept these asylum seekers, Italy will go and make a deal with Libya to keep the people at bay," he said.

Smith said something similar is happening with the U.S. right now, as the country "is trying to control migration to its southern border by cutting deals with Central American states."

The Trump administration is working onagreements with Guatemala, El Salvador, and Honduras that would require refugees on their way to the U.S. to seek asylum in those countries first.

Falconer said that migrants travelling through those countries are at a high risk of violence.

The researcher cited a 2015 UNHCR report that said women fleeing through Central America preemptively "took contraceptives before traveling, in order to reduce the possibility of becoming pregnant if they were raped during flight."

The U.S. is signing these agreements "not with the idea of burden sharing for asylum seekers, [or] that everybody will get a fair chance of safety," he said.

"They're using it more in a way to avoid taking asylum seekers within the U.S."

Written by Padraig Moran. Produced by Karin Marley.

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U.S. too focused on 'freezing out asylum seekers' to fix refugee deal with Canada: researcher - CBC.ca

UN official says fight for women’s equality is far from over – Daily Inter Lake

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UN official says fight for women's equality is far from over - Daily Inter Lake

There’s Still No Plan to Deal With Migrants in the Mediterranean – The Nation

A rubber dinghy carrying migrants is pictured at sea in the Mediterranean. (Reuters / Karsten Jager / Sea-Eye)

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On the night of July 7, 2019, Alessandra Sciurba of the humanitarian rescue organization Mediterranea was aboard a sailboat in Libyan territorial waters. The boat wasnt meant to save people at sea; she and the crew were just supporting another ship from the German NGO Sea Eye. But suddenly an Alarm Phone alert notified them of a nearby boat in distress, so the crew sailed toward a rapidly deflating dinghy with 59 migrants aboard.Ad Policy

We got there and found men, women, children, even a 5-month-old baby. Some of them had signs of torture, signs of electrocution with wires. They were all sitting there in this dinghy that didnt have a hull anymore, it was just a few wooden planks on a black tarp, recalled Sciurba, who is a researcher in law and human rights at the University of Palermo and has volunteered with Mediterranea since its start in 2018.

As the crew started transferring people from the dinghy to the boat, the Libyan Coast Guard arrived; some of the rescued migrants remarked that they would have rather been thrown into the sea than handed over to the Libyan authorities, says Sciurba. The Libyan Guard ultimately declined to intervene, leaving them at sea with a boat that was too small to carry 59 migrants plus an 11-person crew, had no food, and whose two toilets had broken immediately.Related Article

At that point the EU abandoned us for 50 hours, she told The Nation. All we got from them was a written order not to dock in Lampedusa [an island off the coast of Sicily], which was handed over to us from an Italian police patrol boat while we were still outside of Italian territorial waters.

The Mediterranea crew eventually declared an emergency and the coordination center of the Italian Coast Guard allowed the boat to dock on the island, which sits only a few nautical miles from the borders of the Libyan search-and-rescue area. As soon as everyone disembarked, the boat was sequestered by Italian authorities and the migrants were transferred to mainland reception centers to begin the seemingly interminable process of claiming asylum.

For years, such an episodemarked by peril, confusion, and desperate hopeshas been the norm in Southern Europe. Matteo Salvini, leader of Italys far-right Lega party, famously cracked down on immigration; his open war on NGOs in the Mediterranean made life for rescuers like Sciurba so difficult that many rescue organizations ceased to operate. His policies also emboldened the Libyan Coast Guard (a group comprising former militiamen from the UN-backed Libyan government that Italy struck a deal with in 2017) to go after migrants crossing the Mediterranean and bring them back to war-torn Libya, or just let them die. Salvinis hard-line stance sent ripple effects throughout Europe, embroiling neighboring countries in disputes over who was responsible for welcoming the migrants that Italy was rejecting.

A month and a half after the sailboat rescue, Salvini was ousted. His departure seemed to herald a new era not only in Italy but in Europe at large. French President Emmanuel Macron and Italian Prime Minister Giuseppe Conte made public pledges to remove right-wing populist rhetoric from the discourse on immigration. We must make sure the issue of migration isnt left to those that use it as a permanent topic for their propaganda, said Macron during a meeting with Conte in September.Current Issue

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These leaders bid to overcome what we could call the Salvini doctrine rested on the assumption that European countries would find a long-lasting way to cooperate on the intake of people arriving in Europe via seathat asylum seekers like the ones Sciurba encountered would no longer be ignored for days on end.

Nearly four months after Salvinis ouster, that assumption has not been borne out.

In the wake of an inconclusive meeting of interior ministers in Luxembourgwhich itself followed another promising but ultimately inconclusive meeting two weeks earlier with representatives of France, Italy, Germany, and Finland on the island of Maltathe question of migrant intake is no closer to being answered.

Participants of the Malta summit proposed a voluntary disembarkation scheme in which governments could offer a port of entry to rescue ships, and migrants would then be relocated within Europe according to quotas. Its an informal accord that only a handful of European countries seem interested in observing; some of the countries most deeply impacted by the question of migrant intakenamely, Greece and Spaindidnt even have a seat at the table.

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Plus, the plight of those who attempt to cross the central Mediterranean on unsafe vessels still isnt resolved when they get rescued by humanitarian boats. The provisional, voluntary, nonbinding nature of the Malta accord still makes it possible for rescue ships to be stranded at sea for a long time before a government reacts. In the latest such case, it took 11 days for Italy, France, and Germany to come up with a plan to take in roughly 200 migrants rescued at sea.

The imminent renewal of the 2017 Libya-Italy deal lays bare the difficulty not only of moving away from Salvinis policies but also of changing the core principles that have shaped European migration policy for the past two years. An explosive report by the Italian daily Avvenire recently revealed that the Italian government in office before the latest 2018 elections negotiated strategies to limit departures of migrants from Libya with a man who turned out to be a ruthless human trafficker. The deal, which could have terminated by November 2, is now set to be renewed as of February 2, 2020, for three more years.

The ethics of pulling migrants back into a country where gross human rights violations are regularly documented is highly questionablebut so is the policy flipside. Preventing people from leaving Libya doesnt work, because some keep wanting to leave, notes Matteo Villa, a research fellow in the migration program at the Italian Institute for International Political Studies (ISPI).

Salvini purported to resolve the issue of migrant intake in Southern Europe by declaring Italian harbors closed to them. But he did very little at the institutional level to solve a key exacerbating factor in the migration issue: regulations that weigh disproportionately on Mediterranean countries. Salvinis call for other European governments to absorb the migrants pushing to enter Italy never resulted in actual policy discussion at the European level. Yet the post-Salvini discussions are failing to move beyond the same old flawed models.

Italys new interior minister, Luciana Lamorgese, for example, saluted the Malta agreement as a pathway to revising the common European asylum system. But this pathway, experts note, builds on previous attempts to reform the Dublin regulation (which requires asylum seekers to be registered and processed in their first EU country of arrival) that were never effective.Related Article

Politicians seem to have difficulty understanding that reform of the Dublin treaty must happen via legal principles that are applicable under all circumstances, says Leonardo Marino, a lawyer in the Sicilian city of Agrigento who has represented Carola Rackete, the German ship captain arrested for docking a migrant rescue ship in Lampedusa this past June.

In the absence of new strategies and of a concerted effort by European leaders to manage immigration in an effective and humane way, the promise to move away from Salvinism is doomed to remain unfulfilled.

We are left with what has traditionally been the EUs most fundamental policy, says Massimo Frigo, a senior lawyer and expert on migration with the International Commission of Jurists. What this new [Italian] government did was realign itself with the traditional agenda on immigration. It certainly isnt a pro-immigration government. EU policy on migration hasnt been an open harbor one for almost 20 years now.

While humanitarian organizations like Mediterranea are still fighting their legal battles to regain access to sequestered ships in the aftermath of Salvinis tenure, the European Parliament voted down a proposed resolution that would have enjoined member states to keep their ports open to humanitarian ships. Even though the vote wasnt binding (a decision on rescue operations at sea would need to come from the European Council, after consideration by every member state), it sent a clear signal.

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This is a red flag showing how much Europe is divided about the choice around its ethical-political guiding principles, says Matteo Villa from ISPI.

The Malta agreement also states that NGOs shouldnt create a pull factor for migrationan idea thats infected the institutional lingo since at least 2016 and which is based on faulty evidence.

Even moderate governments trying to reach an agreement and show solidarity with other EU countries need to reckon with the mainstream narration of the past yearsthat to take action so that people are saved at sea is to create a pull factor for more migrants to come in, Villa says.

Meanwhile, people continue to die, some a mere few nautical miles from the patch of Italian land closest to Africa.Related Article

On October 6, 13 women and eight children drowned right off the coast of Lampedusa as their vessel capsized. The sixth anniversary of one of the islands most infamous and disturbing milestonesthe fiery shipwreck that saw the deaths of over 360 Eritrean, Somalian, and Ghanaian migrantsfell only five days earlier.

The only way out of the deadlock, many analysts and activists maintain, is to open legal pathways for migration into Europe.

The only way to properly remember those dead people would be to reopen government-backed European rescue missions and open a humanitarian corridor from Libya, Annalisa Camilli, an Italian journalist and expert on migration, wrote on Facebook.

Our goal is to never have to go out to sea and save people again, insists Alessandra Sciurba.

While Salvinis exceptionally cruel reign may have ended, the underlying facts of the migrant crisis remain effectively unchanged. As Europe picks up where it left off before Salvini, the collective efforts necessary to reform European migration policy still arent on the horizon.

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There's Still No Plan to Deal With Migrants in the Mediterranean - The Nation

France to set migrant worker quotas in bid to appeal to rightwing voters – The Guardian

France will start setting quotas for migrant workers from next year as Emmanuel Macron toughens his stance on immigration in an apparent attempt to appeal to rightwing voters.

The French labour minister, Muriel Pnicaud, said on Tuesday that France would set quotas for the first time, with the government working with employers to identify industries lacking qualified candidates and where foreigners could fill the gap.

This is about France hiring based on its needs. Its a new approach, similar to what is done in Canada or Australia, Penicaud told BFMTV.

She did not say how many foreign workers would be granted visas, nor if an applicants nationality would be taken into account, a proposal floated last month by the prime minister, douard Philippe. The quotas were presented as a way to simplify the hiring process for businesses.

Currently, employers have to take part in a complex administrative process and justify why a French citizen cannot be hired for a position they intend to give to a foreign worker needing a visa.

With Marine Le Pens far-right National Rally hoping to make gains in local elections in March and Le Pen still seen as Macrons main political rival in the run up to 2022 presidential elections, the centrist president has recently begun focusing on immigration and hardening his stance.

The number of foreigners in France is not the main worry of the electorate who are more concerned about making ends meet and growing fears over the climate crisis but Le Pens anti-immigration party continues to focus on the issue and is seeking to win over voters from the mainstream right.

Macron, who was elected with support from voters on both the right and left, appears to be preparing the ground for a second presidential stand-off with Le Pen, seeking to address rightwing voters who complain there are too many foreigners in France.

Macron has steadily heightened his rhetoric on immigration since September, when he told Europe 1 radio: France cannot host everyone if it wants to host people well. In order to be able to welcome everyone properly, we should not be too attractive a country.

The question of setting quotas for economic migrants was an idea of the former rightwing president Nicolas Sarkozy in 2007 but was never put in place. Macron distanced himself from the idea of quotas during the 2017 election campaign andpraised the German chancellor, Angela Merkel, for saving our collective dignity by allowing in large numbers of refugees.

However, he recently sparked criticism on the left when he gave an interview focused on immigration and Islam to the conservative weekly magazine Valeurs Actuelles, where his views were considered as appealing to readers on the right and far right. When an outraged voter criticised Macron for doing the interview, he said: You have to speak to everyone.

The prime minister, will unveil a series of measures on Wednesday after France received a record 122,743 asylum requests last year, up 22% from the year before.

The new measures could include restrictions on migrants bringing over family members or limiting access to health care for asylum seekers while their claims are processed.

France has also called for an overhaul of the EUs efforts to halt the surge of migrants fleeing conflict and poverty in Asia, the Middle East and Africa since 2015.

The French president wants more EU members to share the burden of taking in migrants allowed to stay, a move opposed by several countries in eastern and central Europe.

But Macron sparked anger from Bulgarias government last week after he said he wanted legal migrants from Guinea or Ivory Coast rather than clandestine networks of Bulgarians and Ukrainians.

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France to set migrant worker quotas in bid to appeal to rightwing voters - The Guardian

The White Houses Build the Wall Game Was Horrible. It Was Also Really Boring. – Yahoo Lifestyle

On October 25, the White House hosted a Halloween party for the families of executive branch employees. It featured costumes, candy, and, because were all living in the darkest timeline, a Build the Wall game where kids were encouraged to wear construction gear and paste red paper bricks to a wall. (It should be noted that the wall is not made of bricks.) This game was without a doubt, as many, many have noted, wildly inappropriate, un-American, and xenophobic. As far as kids party games go, it was also really, really boring.

Horribleness of the game aside which, lets face it, was almost definitely conceived by that walking corpse Stephen Miller who doesnt need to wear a Halloween costume to terrify children what was the point? To attach tape to a piece of red paper and stick it on a wall? Yay? After you build it, what do you win? What makes you the winner? The Trump White House is all about winners, right?

If this was a shoddy rip-off of Pin the Tail on the Donkey, at least the players shouldve been blindfolded, spun around, and, teetering, tasked with placing a useless brick that wont help migrants or solve the migrant crisis in the correct spot. Thats fun and challenging and has an actual goal. Kids enjoy that. Thats why its a classic party game, right? Even the most boring kids birthdays hosted by the most boring parents have some version of it.

But no. Kids walked up and pasted a brick to the wall. Could they have put less thought into this game? At least when presented with the loose concept of a Build the Wall game, the party planners for this terrible idea of fun could have sent out an intern to get some, I dunno, building blocks. At least letting kids actually do some building has a goal and allow children to flex their creative muscles and fine motor skills. Hell, there couldve been prizes set up for the best section.

But what happened when the final red brick was laid in the Build the Wall game? Did a cage of toy snakes and alligators fall from the sky like those that President Trump wanted to fill a moat around the wall with? Did a kid get a commercially available power tool to saw through the wall, because thats what smugglers are doing on the Southern Border, because the wall is an exceptionally dumb idea? Do tubes oftoothpaste and soap, two things which have been withheld from border detainees, rain down on the champion?

Seriously, though: Did any child laugh with joy when taking part in this assembly-line-of-hate simulation? What was the point?

We all know the answer: there was no point. And here we are talking about yet another horribly tone deaf thing the White House did on a day that was made for children and supposed to be a short pause from the terrible things they have wrought. This physical manifestation of how the GOP has embraced fascistic immigration policies, separated more than 5,000 migrant children from their parents, let dozens die in ICE custody, abandoned the Statue of Libertys mandate of accepting all who come to America for a better life was the best they could come up with? Stick to egg rolling.

The post White House Asks Kids To Play Build the Wall Game At Halloween Party appeared first on Fatherly.

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The White Houses Build the Wall Game Was Horrible. It Was Also Really Boring. - Yahoo Lifestyle

Winter poses new threat to migrants in Bosnian forest camp – The Wider Image

Hundreds of migrants from the Middle East and Asia living in a freezing camp in the forests of Bosnia are short of food and bedding and at growing risk as the bitter Balkan winter approaches, aid workers say.

Bosnia has faced an upsurge in migrant numbers since Croatia, Hungary and Slovenia closed their borders against undocumented immigration.

The Vucjak camp.

In June, authorities in the northwest Bosnian town of Bihac moved migrants who were sleeping rough there to an tent settlement at Vucjak, a former landfill site 8 km (5 miles) from the Croatian border.

Aid agencies have urged the authorities to close Vucjak and find better accommodation for the migrants as the weather gets colder.

A migrants from Syria sleeps inside an abandoned house amid smoke after trying to cross the border with Croatia on the hills near Vucjak camp.

"Otherwise it's very clear what's going to happen. If people stay there for the winter, people will die ... in a couple of days or in a few weeks time because the temperatures are going down very rapidly," said Peter Van der Auweraert, the Western Balkans Coordinator for the International Organisation for Migration.

The site lacks running water and electricity. The nearby woods are littered with landmines left over from the Yugoslav wars of the 1990s.

A Bosnian police officer tries to line up migrants as they wait for blankets and clothes donation at the Vucjak camp.

On a rainy late-October day, with the temperature close to zero, police officers restrained migrants quarrelling over the small amounts of food provided by the local Red Cross.

Some, wearing flip-flops in the mud, washed by pouring cold water over themselves from plastic containers. Most inmates were not dressed warmly enough for the cold weather.

Migrants warm themselves by the fire inside Vucjak camp.

Several men lit a fire and cooked a meal with the Red Cross rations. Others slaughtered a sheep, hoping for a more substantial lunch.

"I saw houses in Slovenia and Croatia for animals that are better than this camp," said Mohammed Idriz Neeaziv from Afghanistan. "This is not a camp. This is not for humans."

Migrants from Syria walk back through the woods after trying to cross the border with Croatia on the hills near Vucjak camp.

The migrants have all tried many times to cross into Croatia, but have been turned back at the border. Many say police beat them and smash their mobile phones, accusations that Croatia has repeatedly denied.

Hamza from Pakistan said he had just been returned to the camp by police after being prevented from entering Croatia. He said he was now worried that the weather would get worse and snow would stop him from trying to cross again.

A migrant smokes a cigarette inside Vucjak camp.

More than 40,000 migrants have entered Bosnia since 2018. Nearly one fifth are children. Many manage somehow to make it into Western Europe.

Bosnian authorities have not been able to decide on where to house the migrants that are stuck in their country. The government says it has offered alternative accommodation but regional authorities have not agreed.

A migrant baths inside Vucjak camp.

On the top of the crisis at the Vucjak camp, officials in Bihac have threatened to close down the Bira migrant centre, which is located at an old factory in the town, in about two weeks.

Van der Auweraert said closing the Bira centre would be a "disastrous decision" that would add 1,300 people to the 2,000-2,500 who are currently not in safe accommodation in this corner of Bosnia.

Migrants warm themselves wrapped in blankets inside Vucjak camp.

"I do hope that reason will prevail in the end and that authorities will allow Bira to continue at least for the winter because we have no alternatives at the moment," he said, blaming political leaders for poor handling of the migrant crisis.

"We have about 7,000 migrants in the country, that should not to be a problem to deal with for a country of 3.5 million people," Van der Auweraert told Reuters TV.

Photo editing by Marika Kochiashvili, Writing by Daria Sito-Sucic; Editing by Giles Elgood

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Winter poses new threat to migrants in Bosnian forest camp - The Wider Image

Senator Romney Considers Action As A Nation On Cryptocurrency Threat To Homeland Security – Forbes

As Senator Romney has recently been in the news on his criticism of the President as impeachment proceedings, it seems the former Presidential Candidate and Republican Senator from Utah might want to impeach cryptocurrency from the United States based on the threat level it may pose to national security.

During a hearing in the U.S. Senate Committee On Homeland Security And Governmental Affairs, Senators asked leaders from the FBI, Homeland Security, and the National Counterterrorism Center questions on Threats To The Homeland, Senator Mitt Romney (R-UT) raised the prospect of whether the U.S. needed to take action on cryptocurrencies or not worry about them. The FBI took no time in responding how cryptocurrencies are a significant problem that will get bigger and bigger.

WASHINGTON, DC - September 23: Senator Mitt Romney (R-UT) speaks to journalists before votes on the ... [+] Senate floor on Capitol Hill in Washington, DC on Monday September 23, 2019. (Photo by Melina Mara/The Washington Post via Getty Images)

Im not in the Banking Committee. I dont begin to understand how cryptocurrency works. I would think it is more difficult to carry out your work when we cant follow the money because the money is hidden from us and wonder whether there should not be some kind of effort taken in our nation to deal with cryptocurrency.

While the Senator invited all three of the witnesses to respond to his question, FBI Director Wray jumped in to note how big of a problem cryptocurrency already is. The FBI Director stated, Well certainly for us cryptocurrency is already a significant issue and we can project out pretty easily that its going to become a bigger and bigger one. Whether or not that is the subject of some kind of regulation as the response is harder for me to speak too.

FBI Director Wray, while being careful not to provide any policy or regulatory recommendation, noted the issues of cryptocurrencies and how they are used by terrorists is part of a larger issue involved with our enemies increased capabilities in using tech and the ability to process anonymous transactions.

...it is part of a broader trend...in terms of the terrorist threat in terms of our adversaries of all shapes and sizes becoming more facile with technology, in particular various types of technology that anonymize their efforts...

WASHINGTON, DC, UNITED STATES - 2018/06/28: Christopher A. Wray, Director of the Federal Bureau of ... [+] Investigation, at the House Judiciary Committee in the Rayburn Building at the US Capitol. (Photo by Michael Brochstein/SOPA Images/LightRocket via Getty Images)

The FBI Director did note that Were looking at [cryptocurrencies] from an investigative perspective including tools that we have to try to follow the money. He also noted that it is not just cryptocurrency but various types of technologies that, if the U.S. doesnt get its act together, could result in the FBI being walled off by technology from doing their jobs in the future.

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Senator Romney Considers Action As A Nation On Cryptocurrency Threat To Homeland Security - Forbes

Bitcoin passes $1 billion milestone on cryptocurrency anniversary – The Independent

Bitcoin has reached $1bn (770m) in cumulative transaction fees, passing themajor milestone on the eleventh anniversary of the worlds first cryptocurrency.

Data gathered by analytics firm Coin Metrics revealed thatover 200,000 bitcoin have now been paid in transaction feessince it launched in 2009 three months after its creator Satoshi Nakamotoa, a pseudonym, published the white paper unveiling it to the world for the first time.

Nakamoto laid out the details of a new electronic cash system thats fully peer-to-peer that negated the need for banks and other third parties, on 31 October 2008.

Sharing the full story, not just the headlines

Its popularity has soared in recent years but despite transaction volume increasing considerably, the actual cost of transactions has fallen over the last year. This is thanks to the implementation of solutions like the Lightning Network, which helps speed up and simplify blockchain transactions.

Bitcoin users transacted consistently on the network throughout the year, and solutions like the Lightning Network grew in size, Galen Danziger, co-founder of blockchain accelerator MouseBelt, toldThe Independent.

On 3 January, 2009, the genesis block of bitcoin appeared. It came less than a year after the pseudonymous creator Satoshi Nakamoto detailed the cryptocurrency in a paper titled 'Bitcoin: A peer-to-Peer Electronic Cash System'

Reuters

On 22 May, 2010, the first ever real-world bitcoin transaction took place. Lazlo Hanyecz bought two pizzas for 10,000 bitcoins the equivalent of $90 million at today's prices

Lazlo Hanyecz

Bitcoin soon gained notoriety for its use on the dark web. The Silk Road marketplace, established in 2011, was the first of hundreds of sites to offer illegal drugs and services in exchange for bitcoin

On 29 October, 2013, the first ever bitcoin ATM was installed in a coffee shop in Vancouver, Canada. The machine allowed people to exchange bitcoins for cash

REUTERS/Dimitris Michalakis

The world's biggest bitcoin exchange, MtGox, filed for bankruptcy in February 2014 after losing almost 750,000 of its customers bitcoins. At the time, this was around 7 per cent of all bitcoins and the market inevitably crashed

Getty Images

In 2015, Australian police raided the home of Craig Wright after the entrepreneur claimed he was Satoshi Nakamoto. He later rescinded the claim

Getty Images

On 1 August, 2017, an unresolvable dispute within the bitcoin community saw the network split. The fork of bitcoin's underlying blockchain technology spawned a new cryptocurrency: Bitcoin cash

REUTERS

Towards the end of 2017, the price of bitcoin surged to almost $20,000. This represented a 1,300 per cent increase from its price at the start of the year

Reuters

On 3 January, 2009, the genesis block of bitcoin appeared. It came less than a year after the pseudonymous creator Satoshi Nakamoto detailed the cryptocurrency in a paper titled 'Bitcoin: A peer-to-Peer Electronic Cash System'

Reuters

On 22 May, 2010, the first ever real-world bitcoin transaction took place. Lazlo Hanyecz bought two pizzas for 10,000 bitcoins the equivalent of $90 million at today's prices

Lazlo Hanyecz

Bitcoin soon gained notoriety for its use on the dark web. The Silk Road marketplace, established in 2011, was the first of hundreds of sites to offer illegal drugs and services in exchange for bitcoin

On 29 October, 2013, the first ever bitcoin ATM was installed in a coffee shop in Vancouver, Canada. The machine allowed people to exchange bitcoins for cash

REUTERS/Dimitris Michalakis

The world's biggest bitcoin exchange, MtGox, filed for bankruptcy in February 2014 after losing almost 750,000 of its customers bitcoins. At the time, this was around 7 per cent of all bitcoins and the market inevitably crashed

Getty Images

In 2015, Australian police raided the home of Craig Wright after the entrepreneur claimed he was Satoshi Nakamoto. He later rescinded the claim

Getty Images

On 1 August, 2017, an unresolvable dispute within the bitcoin community saw the network split. The fork of bitcoin's underlying blockchain technology spawned a new cryptocurrency: Bitcoin cash

REUTERS

Towards the end of 2017, the price of bitcoin surged to almost $20,000. This represented a 1,300 per cent increase from its price at the start of the year

Reuters

2019 has been relatively positive for bitcoin, especially when compared to the seemingly terminal decline the cryptocurrency market experienced in 2018.

After peaking at close to $20,000 in December 2017, bitcoin fell to below $4,000 before finally making a recovery earlier this year.

It still faces a number of challenges before it can ever be considered as a legitimate and mainstreamform of payment, including regulatory hurdles, price volatility and security issues that make wallets and exchanges vulnerable to hacking.

It is estimated that around $4.2bn worth of cryptocurrency hasbeen stolen by hackers so far this year, surpassing the record total from last year.

As we celebrate the eleventh anniversary of bitcoin, its important to reflect on just how far weve come as an industry, Pascal Gauthier, chief executive of blockchain security firm Ledger, toldThe Independent.

The market is maturing, institutional investors are continuing to embrace cryptocurrencies, and the long crypto winter is behind us. Despite these strides forward, security is still lagging behind."

He added that Bitcoins underlyingblockchain technology "has the potential to change the world in so many ways beyond finance, but without security this potential cannot be realised.

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Bitcoin passes $1 billion milestone on cryptocurrency anniversary - The Independent

Stellar’s Foundation Just Destroyed Half the Supply of Its Lumens Cryptocurrency – Coindesk

MEXICO CITY The Stellar Development Foundation has burned 55 billion of its XLM tokens, over half the cryptocurrencys supply, CEO Denelle Dixon announced from the stage of the Stellar Meridian conference Monday.

Previously, there had been 105 billion XLM in existence, with 20 billion in circulation. With this burn, the supply has shrunk to 50 billion.

We didnt start by wanting to burn. We started by asking, What do we need?' Dixon told the room of roughly 200 attendees.As much as we wanted to use the lumens that we held, it was very hard to get them into the market.

The organization decided instead it was better to project how much it could actually use over a 10-year period and calibrate to that number. To derive a plan from an arbitrary number serves no purpose, Dixon said.

The news was greeted warmly by the crowd, many of whom likely own the token. One participant in the packed room stood up and asked everyone to give Dixon a round of applause, which they did.

In the hour following the announcement, XLMs price jumped about 14 percent, to $0.08, according to data provider Nomics.

Dixon told CoinDesk that she couldnt anticipate how the crypto market might react, saying:

I dont know. I really just dont have a sense at all of what the market response is. From my standpoint, its how the ecosystem feels about it. We got a lot of positive response from the ecosystem because we are rightsizing what the foundation has and the foundation holds.

The foundation now controls 30 billion XLM, divided into several buckets.It has 12 billion XLM in the direct development fund (formerly called operations), to support the organization.

In ecosystem support it has 2 billion XLM remaining (1 billionfor currency support, and 1 billion for infrastructure grants).

Stellar has 10 billion XLM set aside to makeinvestments (with 2 billion XLM for new products, and 8 billion XLM in its enterprise fund).

Finally, under user acquisition, the foundation has 6billion XLM (2 billion for marketing stellar and 4 billion for in-app promotions).

The supply of XLM is fixed now because the community of token holders voted to discontinue inflation on Oct. 28.

SDF will not burn any additional lumens, Stellar said in a blog post.

Denelle Dixon and Jed McCaleb, Stellars founder, on stage at Stellar Meridian, Nov. 4, 2019, photo by Brady Dale for CoinDesk

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Stellar's Foundation Just Destroyed Half the Supply of Its Lumens Cryptocurrency - Coindesk

CRYPTOCURRENCY: China calls on Huawei to help with crypto ambitions – Express

Despite insisting the direction of Beijings financial future lay with blockchain not bitcoin, it would appear China is covertly looking to beef up its rumoured plans to launch a national cryptocurrency as it has been revealed that the government has signed a deal with phone giant Huawei.It is understood the coin research department of the Shenzhen-based manufacturer has been drafted in by the Peoples Bank of China following talks between the banks governor Fan Yifei and Huaweis top brass yesterday. Although cagey about details of the deal, the bank confirmed it had signed a strategic cooperation agreement.

While the agreement may well fit into the current blockchain-only script, the changing narrative behind Chinas public stance on cryptocurrency is causing concern among many international observers.

Last month, Chinas president Xi Jinping appeared to back bitcoin and other cryptocurrencies before the government stepped in on his behalf a few days later to backtrack on comments the leader had made.

Officials were quick todenyany endorsement of cryptocurrency, instead insisting that China would be pulling out all the stops to embrace and develop blockchain the technology which underpins bitcoin rather than pursuing crypto adoption.

The scenes played out against the backdrop of whispers and rumours that China has indeed been engaged in developing a crypto version of the Yen behind the cloak of blockchain.

Ever since Facebook unveiled its controversial plans for a global digital currency called Libra earlier this year, it is believed China has been furiously working behind the scenes to develop its own state-issued e-currency.

With Facebook banned in China, the idea that this huge global social media network could create what many in Beijing view as a new world order in finance is a notion which has spurred China on to ensure it creates a nationwide form of digital money before Libra envelops the planet, assesses Hong Kong-based financial analyst Tan Leung Wai.

China is desperate to protect its sovereign currency from what it sees as a massive threat in the shape of something which has the potential to one day become a sovereign currency throughout the world.

Mr Wai also suggested that while Huawei may be publicly acknowledging its involvement with the Peoples Bank of China, it was likely that the smart phone manufacturer was the tip of the iceberg.

Authorities in Beijing will, without any doubt, have called upon the services of many of the countrys major industry leaders to assist with ensuring the protection of Chinas financial independence, so to think that Huawei is acting alone here is slightly ridiculous, he added.

The rumours from Beijing are that several other big names are involved in talks to get cryptocurrency moving in China behind the cloak of blockchain.

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CRYPTOCURRENCY: China calls on Huawei to help with crypto ambitions - Express

Governments race to beat Facebook’s cryptocurrency, libra, at its own game: Don Pittis – CBC.ca

Facebook's scheme to create its own money in the form of the libra digital coin has set off a globalrace to beat the social media colossus at its own game, and Canada maybe an importantplayer.

Since the initialmild reaction from U.S. Federal Reserve chair Jerome Powell the day after thelibraproject was announcedin June, the world's governments and central banks have realized what somesuggested at the time, that with its global reach and technological savvy, Facebook was blazing a path to dominate money.

Canada has been one of theleaders in researching how to create and managea digital coin backed by a national central bank. But the arrival of thelibra idea, with its persuasive scheme to launch what was essentially a credible new global currency, kicked off a flurry of fresh activity that could transform the way we think of money.

Not only are the world's governments gathering at bodies such as the International Monetary Fund, theBank for International Settlements and the G7 group of large industrial economies toworkon the idea, but there are signs that individual governments, notably China, are racing to be the first to create a functional, tradable government-backed digital coin.

And while the final results are difficult to predict, it is not clear that ordinary citizens, who have grown used to money in its current form,will be happy with the outcome.

"It's interesting how exciting these developments can be," enthused Bank of Canada senior deputy governor Carolyn Wilkins at last week's monetary policy news conference.

Introduced by her boss, bank governor Stephen Poloz, as "one of the world's foremost experts" on the subject,Wilkins has attended global conferences, armed with several years of groundbreaking Canadian research.

As Wilkins explained, what central banks hope to create is not a digital coin like bitcoin and its many imitators. With thatcurrency rising and falling as inexperienced investors triedto make a killing, critics, including me, pointed out years ago that the volatility of such cryptocurrenciesmade pricing goods in bitcoin impractical.

Far more interesting and functional, according to people like Wilkins, is a kind of digital money called a "stablecoin," which is how the libra is conceived. Rather than shooting up in value and plunging like bitcoins, a stablecoin is managed to maintain a relatively constant value.

"There's a whole class of crypto assets called stablecoins," said Wilkins last week. "What's exciting about it is the fact that these kinds of innovations can address what I think are important issues in global payment systems, particularly the cost of cross-border payments."

Wilkins suggested a stablecoin could be used, for example, for people from the Philippines trying to send money home from elsewhere in the world. And in developing countrieswithout a stable banking system it mightbe used domestically as a reliable unit of exchange.

That innovation is exactly what the libraproject has proposed, offering a service to millions of the world's "unbanked" so that they too can buy and sell and save up the value of their labour in a place they know won't be wiped out by inflation or governmentmismanagement.

But the more the world's central banks and the governments they represent thoughtabout the libra, theless they liked it.

To oversimplify, the two main objections to having a private company with such monetary clout were the wrenchingof monetary power out of the hands of central banksand the worry that eventually, without the backstop of a government, a private sector currency would collapse, creating global chaos.

"We know that innovations never come without risk," said Wilkins.

There are benefits to such a stablecoin system, but there are dangers: "The costs that we all know that are related to money laundering and terrorist financing, but also, with respect to safeguarding the value of that stablecoin properly, as well as potentially getting in the way of monetary sovereignty of different countries," she said.

By current thinking, that sovereignty is important. With people using something like libra, the currencies ofsmaller countries such as those in the Caribbean, or notoriously unstable currencies such as those of Rwanda or Argentina would be completely upstaged, aspeople use libra as a better alternative.

"I think Facebook hadn't thought through carefully how important control of currencies is for governments and central banks," said longtime U.S. central banker Simon Potterin an online video interviewby the Financial Times.

Globally, digitization of nationalcurrencies is already underway. Sweden is well on the road to phasing out conventional cash. Canadians have been world leaders in paying with alternatives like chip cards.China, with its powerful centrally controlled state, is ideally placed to push through a digital stablecoin that will also help it keep track of themoney flows of everyone who uses it.

Watch the International Institute of Finance discuss the future of money:

As reported by CBC Radio's The Current, access to information requests by the tech news site The Logicshow that the Bank of Canada has looked into the possibility of following Sweden and gradually eliminating those polymer bills, but such a plan would require a decision of the federal government to proceed.

Unlike China, a Canadian government might be unwilling to take such a radical step when such obvious moves asreplacing low-denomination bills by coins and eliminating the penny attracted such popular wrath.

But the difficulty for governments is that commercial stablecoins such as libra arenot the only competition. If one country creates a functioning state-backed digital stablecoin, it may be difficult to stop thecitizens of other countriesfrom using it.

For Wilkins, no doubt, working out a solution is part of what makes it all so exciting.

But whatever the final outcome, it does seem that our concept of money is changing. Just last month, Bank of Canada deputy governor Timothy Lane participated in a discussion at the International Institute of Finance titledThe Future of Money. The fact is, as cash disappears, digital stablecoins may become an essential alternative for certain purposes.

Lane pointed out that as merchants, banks andconsumers increasingly stop using bank notes for transactions, we may reach a tipping pointwhere those notes effectivelydisappear from circulation so that even people who want to use bills don't have the option.

"In the immortal words of Joni Mitchell," quipped Lane, "'You don't know what you've got till it's gone.'"

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Governments race to beat Facebook's cryptocurrency, libra, at its own game: Don Pittis - CBC.ca

Bitcoin and Cryptocurrency mining industry still has a future in China – FXStreet

The final catalogue released by the National Development and Reform Commission (NDRC) of China has excluded the crypto mining industry. The list titled "Industrial Structure Adjustment Guidance Catalog" is released by the agency to encourage support for certain industries while advising elimination of other industries.

The agency had included crypto mining in a draft of the same cataloguein April. The current catalogue excludes Bitcoin from the industries to scrapped and is set to come into effect on January 1, 2020.

The Chinese region hosts some of the largest Bitcoin and crypto mining plants in the world including Bitmain, Canaan and Ebang. The development is massive gesture towards the crypto industry for a country that has a selective preference for the industry.

This also comes after the President of China Xi Jinping pledged support for the blockchain technology. Jinping told industry players to take advantage of blockchain, however, China still discourages speculation.

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Bitcoin and Cryptocurrency mining industry still has a future in China - FXStreet

Ron Paul: No, cryptocurrency is not something the Fed should be getting its ‘hands around’ – Fox Business

NYU School of Business professor Scott Galloway discusses Facebook CEO Mark Zuckerberg's threat of China launching a similar version of cryptocurrency before Facebook's Libra can start.

PayPal is perhaps the best way ever designed to move money from one person to another. Yet it started in failure.

In his book, Zero to One: Notes on Startups, or How to Build the Future, founder Peter Thiel explains that PayPal was originally intended to allow owners of PalmPilots to beam money to each other. That idea did not work, but it evolved into using similar technology on eBay auctions.

The point is that PayPal was a private company competing in the market economy. That meant it was subject to market discipline. It had to develop an effective product or it would go out of business. The same thing cannot be said of the federal government.

In its latest bad idea, movement is building for the Federal Reserve to establish its own cryptocurrency exchange to compete with others in the marketplace and even replace physical cash.

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It is inevitable, Federal Reserve Bank of Philadelphia President Patrick Harker reportedly said at a recent conference. I think it is better for us to start getting our hands around it.

Its an apt metaphor, since what the Fed always wants to choke off is any competition to its monetary monopoly. This comes hot on the heels of another bad idea, called FedNow, which is supposed to speed up the processing of financial transactions.

INSIGHT INVESTMENTS GAUTAM KHANNA: LOW INTEREST RATES CAN HURT YOU HERE IS WHAT YOU NEED TO KNOW

Speed is great, of course. It can take a full business day for transactions to clear. Thats too slow in our 21st century world of instant communication.

But the Fed is late to the party. The Clearing House launched a real-time payment system two years ago that now reaches half the banks in the country. Its expected to be everywhere by next year.

Judging by the non-answers that the central bank has given to members of Congress on its interoperability with private sector systems, FedNow would seemingly not compete on a level playing field; it would simply use the power of the federal government to crush a private-sector competitor.

Proponents of a Fed-run crypto exchange argue that such an exchange could stop the current delays in the U.S. bank transfers entirely on its own. This thought proves just how bad the Fed is at making good investments, anticipating changes in technology, and keeping up with the speed of innovation.

If board members of the central bank believe that blockchain may soon supplant the need for real-time payment services like FedNow, why the Fed would spend the next 3-5 years building FedNow from scratch when The Clearing House already offers the same type of service is beyond me.

If board members of the central bank believe that blockchain may soon supplant the need for real-time payment services like FedNow, why the Fed would spend the next 3-5 years building FedNow from scratch when The Clearing House already offers the same type of service is beyond me.

The Fed should stay out of the wayand let the private sector blockchain and real-time payments marketplaces settle this debate. Instead, the central bank seems poised to set itself up as both the regulator of all monetary exchanges and a participant in that business.

Without assurances on interoperability from the central bank, businesses will always choose the Feds offerings instead of a private companys, since doing so would make the business look better to its regulator.

LIZ WESTON: HOW MUCH THE WRONG HEALTH CARE PLAN CAN COST YOU

The Fed cannot handle real competition, and so it is trying to shut it down. It worries about Bitcoin, it worries about The Clearing House, and it will be worried about the next bright idea for money sharing that comes along. Its got a monopoly to protect.

We need to open up the field for new forms of money. While I served in Congress, I introduced the Free Competition in Currency Act, which would have defined money as whatever people are willing to trade with each other, whether thats paper, tokens of some sort, or direct barter. It would have ended the Feds power to declare that only certain pieces of paper are currency.

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Lets allow companies to compete, and let the market set the value. Thats where the next PayPal will come from, and consumers everywhere will be the winners.

Dr. Ron Paul, a former congressman from Texas, is the chairman of Campaign for Liberty.

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Ron Paul: No, cryptocurrency is not something the Fed should be getting its 'hands around' - Fox Business

Cryptocurrency market update: Bitcoin, Ethereum and Ripple get ready the weekend action – FXStreet

Bitcoin has remained relatively unchanged from the time the price prediction was published. Besides, the entire market is lethargic and showing signs of longer consolidation periods. The few conspicuous cryptos in the green are Stellar (XLM) and Chainlink (LINK).

Bitcoin is struggling to hold above $9,100 (short-term week support). The buyers are looking forward to breaking above $9,200. However, the prevailing selling pressure coupled with the high volatility suggests thatBitcoin is likely to trend towards $9,000.

Meanwhile, Bitcoin is trading at $9,110 and battling the resistance at the 50 Simple Moving Average (SMA) on one-hour chart. The 100 SMA together with the descending trendline is in line to limit movement as well.

Ethereum, on the other hand, is working hard to stay above $180. Despite the high volatility levels, the price has only managed to touch highs of $183.28 and lows of $180.65. This shows that bulls are present and only hat they lack a catalyst or a technical breakout to push Ether to higher levels.

The one-hour chart shows support emanating from the ascending trendline. Like Bitcoin, Ethereum is in consolidation ahead of the weekend session.

Ripple is also stuck in a narrow range between $0.29 and $0.30. The upside is capped by the 50 SMA on the 2-hour chart. Moreover, rapid movements can be expected on either side as the Relative Strength Index (RSI) is moving horizontally beneath 50. The 61.8% Fib retracement level continues to offer support. The risk of approaching $0.25 support is quite high.

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Cryptocurrency market update: Bitcoin, Ethereum and Ripple get ready the weekend action - FXStreet

The Bitcoin time-traveler Reddit post has been edited, but nobody knows who did it – The Next Web

A mystery is playing out on the Bitcoin BTC subreddit: the infamous Bitcoin time traveller post has been edited, and nobody knows who did it.

In 2013,a Reddit user appeared to present a bleak outlook of the year 2025, where rampant inequality and parabolic Bitcoin value has pushed the world to the brink of collapse.

Thepost is absolutely ridiculous, but surprisingly, it appears someone has recently doctored it to read as if OP themselves returned to edit the post, despite their account being deleted years ago.

Strangely, its now prefaced with: Well gee, this blew up, Bitcoin should not be treated as an investment, it should be recognized as a speculative negative-sum game.

The editor then launches into scathing attacks on its mining infrastructure and the software developers that maintain its code.

As a self-professed time-traveler, OP claimed that on average, the value of Bitcoin would increase by about a factor ten every year: from $0.10 in 2010, to $1 in 2011, to $10 in 2012, and so on.

This trend would eventually lead a single Bitcoin to be worth $1 million by 2021. From then, there will be apparently no good way to express Bitcoins value in dollars, as the dollar is no longer used. In this version of the future, land and cryptocurrency will be the only relevant assets of value left.

In my world, soon to be your world, most governments no longer exist, as Bitcoin transactions are done anonymously and thus most governments can enforce no taxation on their citizens. Most of the success of Bitcoin is due to the fact that Bitcoin turned out to be an effective method to hide your wealth from the government. Whereas people entering rogue states like Luxemberg, Monaco, and Liechtenstein were followed by unmanned drones to ensure that governments know who is hiding wealth, no such option was available to stop people from hiding their money in Bitcoin.

OPs post is also the origin of Bitcoin Citidels, automated future-cities formed by the Bitcoin rich to protect themselves (as well as their worth) from no-coiners.

Bitcoin Citadels have evolved into a permanent part of the Bitcoin vernacular; a meme to help imagine what life would be like post-hyperbitcoinization.

The moral of the original post was to implore the reader to reconsider theirinvestment, as widespreadBitcoin adoption is tosupposedly ruin the world beyond repair.

Sadly, this piece of Bitcoin history now has an ironic problem with legitimacy. If the OPs account is deleted, how can they return to edit it something Redditors have been quick to highlight.

Hard Fork has reached out to thesubredditsmoderators to learn more and will update this piece should we receive a reply.

Still, its certainly possible to access the original post via archive links, but one must wonder: why the hell is this happening to one of the mostpopular Bitcoin shitposts of all time, and why now?

Update 07:31 UTC, November 5: A /r/Bitcoin moderator has since contacted Hard Fork to shed some light on the status of OPs account.

The post was originally made on August 31st, 2013 and was edited by the original account onOctober 27th, 2019, they said.

It is unclear when or why the original account became inactive. The account was never banned by moderators of ther/Bitcoinsubreddit, and such site-wide actions can only be performed by reddit site administrators, they added.

The moderator then went on to explain that there could be a number of reasons for the current status of OPs account.

Spam, malware, vote cheating, or ban evasion were listed as possibilities. It couldve also been flagged as compromised, and the site took action to disable it.

However, depending on the technique that Reddit admins used to disable the account, the account holder is not prevented from editing previously posted threads and comments, said the moderator.

It should be noted that there is no indication whatsoever that any time travel is involved, and that the original unedited post was held in high regard solely as an imaginative piece of fan-fiction. It is also unclear whether the original thread was intended to be an ominous warning about Bitcoin as the edit portrays, or if the account holders motive and outlook shifted since 2013. It also seems unlikely that one could contact the account holder directly since there is no way to send them a private message, they noted.

The moderator then concluded by highlighting that there are more exciting things happening in Bitcoin than a six-year-old post that had recently been edited.

Published November 4, 2019 17:00 UTC

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The Bitcoin time-traveler Reddit post has been edited, but nobody knows who did it - The Next Web

Cryptocurrency saves a 110-year old power plant from demolition – The Next Web

A US power plant thats more than 100 years old, and is of significant historical value, is being saved from demolition by cryptocurrency.

The 110-year old power plant, Old Rainbow, is being allowed to become a cryptocurrency mining farm, after being granted approval by the Federal Energy Regulatory Commission (FERC).

Proposal documents submitted to the FERC say the mining machines will be placed in just one part of the building, and there are plans to expand; presumably if the endeavor proves profitable.

Cryptocurrency mining operations at Old Rainbow will be staffed and run 24 hours a day, 365 days a year.

Theres perhaps a subtle irony in the fact that Old Rainbow used to produce clean, hydroelectric power but will now participate in an industry thats incredibly resource hungry. The proposal doesnt state how the new mining center will be powered, though.

However, in 2013 a new hydroelectric plant was constructed further down the river that Old Rainbow is based on, and used to generate electricity. Hopefully the data center will be powered by this hydroelectric renewable energy.

As it happens, when plans for this new power plant were announced in 2009, the FERC demanded Old Rainbows owners to find a new use for the building or to take it out commission.

The Old Rainbow power plant, located in Montana, completely ceased operations in 2013 and since then has been the focal point in a series of discussions over what to do with it. Montanas locals however, are hesitant to demolish it because of its cultural and historic value to the local community.

Importantly for some locals, the plan to turn the building into acryptocurrencyminingfarm means it will remain largely unchanged. The proposed data center will have minimal impact and maintain the historic character of the building, the proposal states.

H/T The Block

Published October 30, 2019 10:17 UTC

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Cryptocurrency saves a 110-year old power plant from demolition - The Next Web

US fines founders of worthless cryptocurrency over $4.25M binary options scam – The Next Web

A US federal court has ordered defendants to pay $4.25 million in penalties as a result of operating a virtual currency scam known as ATM Coin.

Blake Harrison KantorandNathan Mullins, both from New York and corporate entities Blue Bit Banc, (UK); Blue Bit Analytics, (Turks and Caicos); andMercury Cove Inc and G. Thomas Client Services, (New York) are accused of committing fraud and misappropriating customer funds.

According to the court, Kantor, Blue Bit Analytics, and G. Thomas Client Services, took customer funds and illegally actedas Futures Commission Merchants without having registered with the Commodity Futures Trading Commission (CFTC).

The case was first submitted in April last year and charged the defendants with fraud in connection with a binary options scam.

The CFTC said defendants asked public customers to invest in binary options,promising the opportunity to earn predetermined amounts based on the price of the commodities at specific points in time.

Although customers could trade for themselves, or have a Blue Bit Ban representative do so for them, Mullins and Kantor failed to tell customers that a computer software program used by Blue Bit Banc fraudulently changed the data associated with their binary options investments.

This meant that the probability of customers earning a profit favored Blue Bit Banc, rather than investors.

Kantor and Mullins told most investors to transfer their funds to a bank account located in the island nation ofSt. Kitts and Nevis, making it harder to trace investor funds.

In addition, the defendants also converted Blue Bit Banc investments into ATM Coin, a worthless cryptocurrency that Kantor had misleadingly told victims was worth a substantial amount.

Even though prosecutors have indeed ruled against the dodgy firm, it might not mean much for victims, with the CFTC warning them that the wrongdoers may not have sufficient funds or assets to reimburse their losses.

Published November 4, 2019 11:39 UTC

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US fines founders of worthless cryptocurrency over $4.25M binary options scam - The Next Web

Inside the Icelandic Facility Where Bitcoin Is Mined – WIRED

Less than two miles from Icelands Reykjavik airport sits a nondescript metal building as monolithic and drab as a commercial poultry barn. Theres a deafening racket inside, too, but it doesnt come from clucking chickens. Instead, tens of thousands of whirring GPUs perform the complex, exhaustive calculations needed to verify cryptocurrency transactions and add them to the public record, otherwise known as the blockchain. Hundreds of thousands of fans blast cold air to keep the machines from overheating, aided by six giant ceiling turbines that spin with the collective force of 360 washing machines.

The facility, called Enigma and established by Genesis Mining in 2014, is easily the loudest environment that British photographer Lisa Barnard has ever documented. She visited two years ago while shooting her project Bitcoin. "The biggest thing I remember was just the noise and the flashing lights and wiring," Barnard says. "It was like being inside a computer."

The high-tech barn seems worlds away from the geysers, waterfalls, and lagoons that inspire 2.3 million tourists each year (not to mention a few Bjrk lyrics), but its as much a product of Icelands unique geology as any of those. The Nordic island country straddles the Mid-Atlantic Ridge, where the Eurasian and North American tectonic plates meet, molding a volcanic terrain webbed by glacial rivers and studded with gemstone-aquamarine lakes. The abundant water and underground heat is harnessed by hydroelectric dams and geothermal power stations to produce cheap, green electricity that facilitates the energy-intensive process of confirming cryptocurrency transactionscalled mining, since miners are rewarded for their efforts with newly minted and extremely volatile coins. The fact temperatures rarely top 57 degrees Fahrenheit also helps.

It wasn't long after Bitcoin's creation, on January 3, 2009, that cryptocurrency companies began moving to Iceland. In 2016, large data centers accounted for nearly 1 percent of its GDP, with cryptocurrency mining operations making up 90 percent of those. They now use more electricity than all of Icelands homes combined, with electric bills at Enigma running more than $1 million per month. But however green the energy, miners still cant escape a dilemma as old as picks and shovels: how to extract resources without marring the landscape. According to local experts cited by The Wall Street Journal, keeping up with demand for electricity requires building more dams and power stations that could alter Icelands unique, sensitive environment.

That tension intrigues Barnard. She became interested in cryptocurrencies while working on her new book The Canary and the Hammer, a visual exploration of gold. It piqued her interest in digital gold that isnt controlled by a central bank, leading her from Bitcoin meet-ups in Japan, the first country to officially recognize cryptocurrencies, to data centers in Iceland, where theyre mined on an industrial scale. I was interested in this idea of it being an equitable currency, Barnard says, and yet it has the potential to be very destructive as far as the land is concerned.

So, after photographing Enigma, she also ventured out to Svartsengi geothermal power station (which supplies electricity to crypto-miners and water to the Insta-famous Blue Lagoon) and other sites of thermal activity. Standing before ethereal, bubbling pools, she felt an almost palpable connection to the inner workings of the earth, both terrifying and beautiful at the same time, she says. The sulphur-smelling waters steamed and hissed, many decibels below the crypto-digital roar to which theyre weirdlyand maybe inextricablylinked.

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The never-ending Mt. Gox saga: Cryptocurrency recovery deadline pushed back (again!) – The Next Web

I hate to be the bearer of bad news, but victims who lost money as a result of Mt. Goxs implosion will have to wait even longer to get their refunds.

The news comes after the trustee, tasked with refunding users, again decided to extend the submission deadline for claims.

In a statement released earlier this week,Nobuaki Kobayashi said a Tokyo District Court had issued an order to extend the deadline until March 31, 2020.

Kobayashi announced the deadline extension just one day before the current one, which was agreed in April, expired.

When it collapsed in 2014, Mt. Gox was the biggest cryptocurrency exchange in the world, handling approximately 70 percent of all Bitcoin transactions.

It officiallyfiled for liquidationin April 2014, claiming750,000 BTC had been lost, although 200,000 BTC was later recoveredfrom a forgotten wallet.

Nobuaki Kobayashi was appointed a trustee after former CEO Mark Karpeles failed to safely operate the exchange.

Last summer, apress releasewas published on the Mt. Goxwebsite alongside anonline toolfor submitting claims, signaling it was readyingto return$1 billion in stolencryptocurrency.

As frustrating as it must be for victims, it seems they have no other choice but to sit and wait for their cryptocurrency to be returned.

Published October 31, 2019 13:39 UTC

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The never-ending Mt. Gox saga: Cryptocurrency recovery deadline pushed back (again!) - The Next Web

The 5 Best Money and Retirement Podcasts You Haven’t Heard of Yet – Kiplinger’s Personal Finance

Want to retire early? Learn the difference between being frugal and being cheap? Get over embarrassing money matters, and apply practical money rules to your own life? I've got some off-the-beaten path podcasts for you.

Want to cue up a brand new podcast, but not sure where to start? Most best of lists for financial podcasts tend to feature the same well-known shows over and over again, which isnt all that helpful for those of us who want to branch out and discover something we never knew we needed.

This list is different, and features some of my favorite financial and retirement podcasts that can help you better plan, prepare and enjoy your money today and in the future.

Whether youre getting ready for retirement or are only about halfway there, each of these shows provides you with the kind of insight, wisdom, tools and strategies you can use to make your financial life better, your net worth bigger and your ideal vision for your future a reality.

Our common understanding of what retirement looks like, when it starts and how you experience it has changed dramatically over the last decade or so and the idea of retirement continues to evolve today.

Some of the changes are due to the fact that pensions are almost nonexistent, and most employees dont get much help beyond their own savings power during their careers to fund their life after work. But other changes to what it means to retire today have emerged as more and more people realize going from full-time work to full-time leisure isnt always a good thing, and some workers opt to take on second-act careers, part-time work or a new position in a different industry instead of fully retiring and kicking back to do nothing at all.

Regardless of what your ideal retirement looks like, Retirement Starts Today Radio can help you achieve it. Benjamin Brandt covers what any soon-to-be-retiree needs to understand, from the expected (including protecting yourself against Social Security scams) to the downright strange-yet-downright-entertaining (like Benjamins take on what a mullet hairdo can teach us about portfolio distribution).

Thinking about retirement and want to cut back on your expenses before you leave your job behind? Been feeling a little too spendy lately and want to understand how you can rein things in (without becoming a complete cheapskate)? The Frugal Friends Podcast might have a few ideas for you to try.

Even if you dont identify as someone who is (or likes being) frugal, co-host Jen points out that their show is not full of tips on reverting to your broke college kid days. Being frugal [is about] being a better steward of your time and resources.

Jen Smith, Jill Sirianni and their guests generally talk about not just spending less, but spending with more intention and purpose. From simple plans to hack your travel and reduce trip expenses to frank discussions on where the line between being frugal and just being cheap is, these friends know how to help you spend less, save more and actually enjoy doing it.

Most people dont love to talk about money. Its usually a taboo topic when youre trying to keep polite company, and even in spaces where were supposed to divulge the details of our finances (think, in the office of a financial planner, for example), it can be hard to have financial conversations.

Thats because personal finance is never just about numbers, and there are a lot of emotions and feelings that can stop us from understanding the right money moves to make or reaching out for help when we need it most.

Dropping in on the open and honest conversations that take place on Beyond The Dollar with Sarah Li Cain, however, can help you understand how to better navigate really tough topics. My favorite thing about this podcast is that the episodes help to normalize issues that might feel embarrassing, overwhelming or impossible to figure out if youre going through them.

Whether its knowing how to have the talk about money with your parents or getting real about how infertility can impact a familys finances, Beyond The Dollar helps listeners realize theyre not alone and that there are solutions to even the toughest money challenges that we might face in our lives.

Not interested in waiting until age 67 to retire? You might consider joining the growing crowd of financial independence/retire early devotees, or FIRE enthusiasts. Whether you just want to be financially independent at any age or want to commit hardcore to the idea of retiring as early as possible, youll need to know how to maximize your income, manage your investments and cut down on expenses to help you get there.

The FI Show can help you do all this and more, as they feature real people who have managed to retire early, become financially independent or both. Podcast hosts Cody Berman and Justin Taylor share the stories of people whose experiences run a wide spectrum, from those who chased financial independence on as little as $10.75 an hour to entrepreneurs with million-dollar businesses they started from scratch.

This podcast highlights the seemingly countless ways you can successfully achieve financial freedom or retire early regardless of where you are in your life right now.

OK, Ill admit: Im biased on this one, as I host this podcast with my wife, Kali. But I think that dynamic is part of the reason listeners have deeply resonated with the show, and why it deserves a turn on your favorite podcast app.

Beyond Finances aims to provide real-life context to the practical money rules and the theory of financial advice that youve probably heard before but just arent sure how to best apply in your own life. Common themes range from using your money as a tool to get more value from every dollar to learning how to zoom out and look at the big picture of your financial life to increase your odds of long-term financial success.

If youre interested in the intersection of self-awareness, personal development and financial success, Beyond Finances will help you make a meaningful impact on not just your finances, but your life in general.

Eric Roberge, CFP, is the founder of Beyond Your Hammock, a virtual financial planning firm that helps professionals in their 30s and 40s make mindful decisions with their money and strategically use their incomes to achieve financial freedom.

Eric is one of Investopedia's Top 100 most influential financial advisers and is a member of "Investment News' " exclusive 40 Under 40 class of 2016.

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This article was written by and presents the views of our contributing adviser, not the Kiplinger editorial staff. You can check adviser records with the SEC or with FINRA.

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The 5 Best Money and Retirement Podcasts You Haven't Heard of Yet - Kiplinger's Personal Finance