Úno 13

VP Mike Pence’s New Chief Economist is a Bitcoin Supporter

· February 13, 2017 · 8:00 am

Bitcoin supporter Mark Calabria from the Cato Institute has been selected to serve as Chief Economist for Vice President Mike Pence.


Bitcoin-Supporter to Advise Mike Pence

The Vice President of the United States, Mike Pence, has selected a well-known libertarian and Bitcoin advocate, Mark Calabria, as his chief economist.

calabria

Having also previously worked for the Senate Banking Committee, Calabria is best known as the former director of financial regulation studies at the Cato Institute. He is also an outspoken advocate of free markets, housing reform and alternative currencies.

He expressed his support for Bitcoin on multiple occasions. In an interview, Calabria said:

While I’m an economist, not a tech guy, I’m very excited about Bitcoin, as I am about alternative currencies in general, and perhaps even more interested in the blockchain.

According to Jim Parrot, a senior adviser to Barack Obama’s National Economic Council, Calabria provides the Trump administration with “a voice around the table that will give them their philosophical true North.”

Moreover, Calabria even acknowledged in 2015 that “pretty much everyone at Cato, to varying degrees, is supportive of Bitcoin.” In fact, a few even own bitcoin, “as well as a few other alt-currencies.”

Bitcoin-Advocates Fill Administration

Mark Calabria is not the first Bitcoin advocate to join the ranks of the Trump administration. The president’s Bitcoin-friendly entourage is one of the main reasons why many Bitcoinists are optimistic about the Trump presidency.

Among these is Peter Thiel, co-founder of PayPal and initial financier of Facebook. Thiel has been part of Trump’s transitional team for over a year and has invested millions of dollars in Bitcoin businesses over the years.

Greater

Senator Mick Mulvaney, also known as ‘Bitcoin Congressman,’ has been chosen as Trump’s budget chief. Mulvaney has been actively promoting Bitcoin education in Washington for several years.

Most notable, however, is perhaps Balaji Srinivasan, an executive at venture capital firm Andreessen Horowitz and founder of the Bitcoin startup 21.co, who is contending to lead the Food and Drug Administration (FDA).

Bitcoin Gaining Ground in Washington D.C.

Furthermore, the U.S. Government is taking other steps to better understand Blockchain and its industry. This is the case with the new Congressional Blockchain Caucus, an initiative spearheaded by Rep. Jared Polis (D-Colo.) and David Schweikert (R-Ariz.).

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In 2015, Calabria expressed his concern with regards to Bitcoin regulations, saying:

I don’t think the Bitcoin community should be complacent about the current regulatory environment. The potential to get a lot worse is definitely there.

The Congressional Blockchain Caucus hopes to improve the approach to regulating cryptocurrencies through education about Bitcoin and blockchain technology. Hopefully, Calabria’s libertarian and laissez-faire approach can help lawmakers establish a sensible policy towards Bitcoin regulation in the near future.

Will the addition of Mark Calabria as Chief Economist help push Bitcoin adoption forward? Will it be good for the American Economy? Share your thoughts below!


Images courtesy of Shutterstock, Cato.org

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Led 20

4 ‘Yuuge’ Reasons Why Trump Will Make Bitcoin Greater

· January 20, 2017 · 6:00 am

Here are four reasons why we at Bitcoinist believe the Trump presidency can make Bitcoin even greater in the next four years. 


Making Bitcoin Even Greater

We at Bitcoinist believe the world’s most popular cryptocurrency is already great. Indeed, it has shown that it can weather any political storm. But what about the looming ‘Trumpocalypse’ that some political pundits have predicted?

Judging by Trump’s actions and comments thus far: Bitcoin will not only survive, but will also become greater than ever. Here’s four reasons why…

An Entourage of Bitcoin Supporters

Trump’s team includes some of the Bitcoin industry’s most well-known investors.

As Bitcoinist previously reported, among them is Peter Thiel, a serial entrepreneur who has been part of Trump’s transitional team for over a year. Various Thiel associates, themselves crypto startup investors, namely 21 Inc. CEO Balaji S. Srinivasan, are meanwhile contending for positions at the Food And Drug Administration (FDA).

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In addition, Trump announced wildcard senator Mick Mulvaney as his budget chief last month. Also known as ‘Bitcoin Congressman,’ Mulvaney has been actively promoting Bitcoin education in Washington for several years, liaising with various community figures and launching a Bitcoin Caucus to raise awareness among politicians.

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Mulvaney and fellow congressman Jared Polis are also working with the Coin Center, a Washington-based nonprofit that focuses on digital currency technology, to help Congress understand how it all works.

“For the past two years we have worked with Representatives Mulvaney and Polis to educate their colleagues through briefings and other events, and the new Congressional Blockchain Caucus will be a wonderful new platform to continue these efforts,” said Jerry Brito, executive director of Coin Center.

Their forward-thinking leadership on blockchain technology in Congress is unmatched.

Bitcoin: The Remedy to Protectionism

It is no secret that Trump’s policy is firmly focussed on strengthening domestic identity. Critics have long hailed the Trump era as a time when globalization will take a back seat and the US will look inward.

Bitcoin, as a borderless tool excluding no one – even those without the internet – is the antithesis of this stance. What’s more, as has been witnessed by various failed crackdowns worldwide in recent years, Bitcoin’s relentless spread is impossible to control.

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An example lies in Trump’s expected new ally, Russia. Having previously sought to block information and trading sites connected with Bitcoin and other “surrogate currencies,” this month saw the country’s central bank officially admit that it had to work with Bitcoin rather than ban it and pretend it would go away.

Devil’s in the Dollar

Trump’s ingrowing toenail style fiscal policies have been slated as extremely bad news for the US budget deficit. Saxo Bank stated last month it expects Trump to increase the imbalance from “from $600 billion to $1.2-1.8 trillion,” which could propel the price to as high as $2,100 in 2017.

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This, it says, will cause knock-on effects worldwide as the Federal Reserve increases interest rates, leading to an overly strong dollar and demand for alternatives among foreign investors.

“This leads to an increased popularity of cryptocurrency alternatives, with Bitcoin benefiting the most,” it concluded.

Moreover, he will inherit nearly $20 trillion dollars in US national debt that he hopes to alleviate by decreasing government spending and being “very strong on the debt limit.” He said:

OK, I would use the debt limit. I want to be unpredictable, because, you know, we need unpredictability. Everything is so predictable with our country. But I would be very, very strong on the debt limit.

Bitcoin meanwhile has been known to thrive under conditions of unpredictability and global economic uncertainty.

No More Bricks in the Wall

Trump’s classic threat of walling in Mexico with a physical barrier he would make it pay for is already looking less and less watertight thanks to borderless currencies.

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As Mexico’s currency takes a continued beating following a major drop on election day, November 8, interest in Bitcoin and trading is growing fast.

As is being witnessed in countries such as Argentina and Venezuela, citizens are actively looking for a safe haven for their capital, which will be safe from geopolitical posturing. In Bitcoin, they have flexibility combined with increasing practicality as a day-to-day currency (although, as we have seen, it is by no means there yet).

What YOU Can Do For Your Country…

While Trump has still made no official comments about Bitcoin or its status under his rule, the community is already hitting the ground running with a concerted petition efforts.

In the meantime, for those who can’t wait until the inauguration, here’s something to hold you over while looking stylish at the same time:

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Will Trump’s presidency boost Bitcoin into the mainstream? Let us know in the comments below!


Images courtesy of genesis-mining.com, mulvaney.house.gov, shutterstock, btcc.com

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Dub 05

Trump Luxury Hotel Credit Card Breach Displays Need For Bitcoin

Source: bitcoin

Bitcoinist_Trump Hotel Collection

With the Presidential Elections in full effect, the last thing any of the candidates needs is bad press. Unfortunately for Donald Trump, his chain of luxury hotels has fallen victim a security breach which gave hackers access to customer credit card information. It is not the first time major hotel chains are faced with security threats, and stepping up security measures is of the utmost importance.

Also read: Oliver Wyman Principal: Blockchain Exhibiting ‘Kardashian Effect’

Trump Luxury Hotel Chain Breached

Donald Trump, one of the candidates to become the next President of the United States, is not a happy camper when it comes to cybersecurity worries. His chain of luxury hotels – called the Trump Hotel Collection – has fallen victim to a security breach for the second time in less than a year. Similarly to what happened the first, customer credit card details were obtained,

But that is not all, as the hacker collective Anonymous has been able to attack Trump’s websites in the past, and will most likely continue to do so. However, it is doubtful the collective has anything to do with this new payment data breach of the Trump Hotel Collection. Hackers all over the world are looking for security flaws in any platform, preferably the ones storing customer credit card information.

In July of 2015, when the Trump Hotel Collection was targeted the first time, hackers managed to obtain details from multiple customers, which eventually lead to fraudulent credit card charges. After a thorough investigation, it turned out Donald Trump’s luxury hotel chain was responsible for these charges, as their security was breached.

Details regarding this latest breach, however, remain scarce for the time being. An investigation has been launched with the help of federal law enforcement, but there is no indication as to how this hack was performed. What is even more worrying is how it remains unclear as to which hotels were affected.

Stepping up payment system security should be a priority for any hotel chain owner or manager, but the US is lagging behind in this regard. Despite best efforts to introduce EMV chips and tiny microprocessors for one-time credit card payments, data breaches, and fraudulent transactions remain far too common.

Bitcoin is A Favorable Payment Option

Although a lot of people will argue credit cards are inherently insecure, changing consumer behavior will be a struggle. Bitcoin payments, for example, have a lot of merits as they do not disclose sensitive financial information during payment. However, hotel chains such as Trump Hotel Collection are not too keen on accepting digital currency due to its privacy and anonymity aspects.

As more and more of these data breaches take place, consumers will be forced to look for alternative solutions sooner or later. Bitcoin is a viable global solution for hotel chains, but Donald Trump is anything but in favor of a financial solution outside of the control of banks and governments by the look of things.

What are your thoughts on this recent Trump Hotel Collection data breach? Let us know in the comments below!

Source: CNET

Images courtesy of Robbreport, Shutterstock

The post Trump Luxury Hotel Credit Card Breach Displays Need For Bitcoin appeared first on Bitcoinist.net.

Trump Luxury Hotel Credit Card Breach Displays Need For Bitcoin

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