Aussie claiming he invented bitcoin ordered to cough up $5bn

The Australian who says he invented cryptocurrency bitcoin has been ordered to hand over half of his alleged bitcoin holdings, reported to be worth up to $5bn.

Craig Wright, 49, the IT security consultant being sued by the estate of David Kleiman, a programmer who died in 2013, for a share of Wright’s bitcoin haul over the pair’s involvement in the birth and weaning of the cryptocurrency from 2009 to 2013.

Kleiman’s estate alleges Wright and Kleiman were partners, and therefore his family is entitled to a share of the bitcoin that was mined by the pair in that time. Wright denies there was a partnership. A US district court in Florida on Tuesday ruled that half of the bitcoin mined and half of the intellectual property held by Wright from that time belongs to Kleiman.

Of course nobody knows how much bitcoin Wright holds. It has been claimed that the Kleiman estate could get anywhere between 410,000 and 500,000 bitcoin, putting the value at between A$6.1bn and A$7.4bn as of Wednesday.

Real fake news: Libra spawns fakes, including on Facebook too!

A barrelful of phonies offering or repping Facebook’s Libra currency appeared right onto Facebook’s own platforms,. Talk about fighting to reestablish trust and protect against any fraudsters likely to surround the Libra financial system.

A dozen ror more fake accounts, pages and groups scattered across Facebook and its giant Instagram introduce themselves as official hubs for the digital currency. The spread of knockoffs — and Facebook’s inability to detect them on its own — could undermine Facebook-backed efforts to inspire confidence and satisfy the regulators now scrutinizing the newly proposed global currency. Many of the fakes included Facebook’s logo, photos of Facebook chief Mark Zuckerberg, Sandberg or Libra’s own logo..

Hold Everything! Trump Just Made Bitcoin A 2020 Election Issue

Like the way the US was stunned the day the Japanese attacked Pearl Harbor, the bitcoin and crypto universe has been staggering after U.S. president Donald J.Trump unleashed a scathing sneak attack on bitcoin and cryptocurrencies, calling them "unregulated crypto assets" and based on "thin air."

The bitcoin price rose slightly following Trump's comments as bitcoin traders and investors bet that Trump's acknowledgment of bitcoin will bring greater awareness of crypto and push prices up. But more importantly, Trump has inadvertently catapulted bitcoin and cryptocurrencies into a presidential issue and given valuable recognition to the burgeoning bitcoin technology—with some 2020 U.S. presidential election hopefuls already bitcoin and cryptocurrency fans.

Believe Facebook? Libra Crypto Users Won’t Have to Trust Us

Facebook’s Dave Marcus addressed a number of issues that have been raised by lawmakers and informed observers alike...Perhaps most importantly, he talked about the widespread distrust of Facebook given the Cambridge Analytica deal, 2016 election interference and other screw-ups.

If you can swallow the official line that you won’t have to trust Facebook to get the benefit of Libra, see if you don’t choke over the next Marcus proposition

“And Facebook won’t have any special responsibility over the Libra Network. ….We’ve been clear about our approach to financial data separation and we will live up to our commitments and work hard to deliver real utility.”

Bitcoin Could Ruin U.S. Control Of Global Currency Reserves

Post WWII world wide acceptance of USD led to the exponential rise of the United States, which has carried over to date.. However, after 75 years of its dominance, the USD has met its fiercest rival in Bitcoin. Bitcoin is based on revolutionary blockchain technology. In simple terms, the technology takes off the control of authorities over the monetary system, and pass it to the users themselves. The popularity it has managed to garner over a period of time has forced government regulators like central banks, finance ministries, etc. to take them seriously and find ways to regulate them.

Nonetheless, all efforts to control, regulate, or even ban cryptocurrencies haven’t worked out. So what’s next? Adopt them! And a few countries like Russia or Venezuela, who are doing so, have found it to be a mode of liberation from the American dominance. How? Quite simple. They have found a new currency to trade with other countries and hence will no longer need the US dollar. This is what eats at DC….

https://www.cryptonewsz.com/bitcoins-btc-rise-could-damage-the-control-of-the-united-states-over-world-currency-reserves/28574/

What Bitcoin Bubble?: Why this rally isn’t like the 2017 rally

Bitcoin’s 2019 rally, which kicked off in March, has gained traction over the last few weeks. As of Wednesday at 6 p.m. eastern, the price had surged more than 9 percent over the previous 24 hours...which naturaly makes a person wonder if

bitcoin will repeat the meteoric 1,400-percent gain it made in 2017.

To begin with nobody knows nothin’ but you have to understand how much the crypto universe evolved and improved since the last crash, explains Campbell Harvey, a finance professor at Duke and student of crypto world..

Now, in spite of the recent dive there are more substantive explanations for why the outlook for bitcoin and cryptos seems to be getting better, Harvey says, citing three primary factors. a.) institutional adoption from the most powerful companies in the world, b.) not only Facebook, c.) but also banking giant JP Morgan, who introduced its JPMcoin.

Who Can trust FaceBook with their money?

For a long time there were rumors of Facebook gnomes slaving away working on a cryptocurrency. Funny names were rumored like the GlobalCoin. Or the Zuckerberg. Some people reckoned that it was all a joke. After all who would trust Facebook, of Cambridge Analytica fame, with their dough?

Here’s the Libra theory. You cash in your hard-earned kroners euros, dollars etc into the Libra reserve, which then “mints” an equivalent amount of Libras (at the prevailing exchange rate). If you want to cash out by returning your Libras, they are “burned” and you get the equivalent back in pounds, euros, dollars, etc. That way all of the available Libras at any point in time remain backed by the reserves held by the association. The idea is you can always get your real money back at a fair exchange rate.

All the central banks have spoken out if not actually attacked. This looks like the standard reaction of the established to an unruly rogue. But before you toss it off as the defensive huffing and puffing of the establishment fat cats, there are some serious questions. One: are we comfortable with the idea of a new global currency controlled by corporate bosses? At least central bankers are appointed by democratic administrations. Who elected Zuckerberg & Co. And secondly, the biggest question of all: what does Facebook get out of it? Who knows?  Rational economics seems to have left the world a while ago.