Front National wants to ban Bitcoin in France

If it were up to the National Front, the Bitcoin should be banned in France immediately. The political party sees any form of virtual currency as a serious threat and they should protect and preserve the “real economy” at all costs.

Bitcoin has received the attention of many governments and politicians around the world. Yet no country except Russia wants to ban Bitcoin at all. But most central banks have issued a warning that one could get involved in assets that would not be covered by banks or governments.

Front National and the Bitcoin secret ban

The Front National is a political party in France that is more likely to belong to the right-wing spectrum and that initially takes a relatively aggressive stance towards the Bitcoin secret virtual currency like this: The members of the party feel obliged to protect the “real economy” above everything else. They also assume that the euro will need all the support of the euro zone in times of imminent “Brexit”.

Front National MEP Bernard Monot told the media about cryptosoft:

“Cryptosoft and digital currencies are the result of a capitalism that is taking its final steps. Negative interest rates are becoming more common throughout the Eurozone. To overthrow the existing financial system is not the right way forward. Cryptosoft currencies are an incentive for end-users to empty their bank accounts to escape the fear of negative interest rates.”

Others, however, see the democratic value of Bitcoin and its companions as preventing citizens from becoming hostages to banks. Building on this, Monot said he believes that Bitcoin and other virtual currencies are a scam and that end consumers need to distinguish between electronic money and virtual currencies.

These clashing ideas have sparked a debate within the Front National, which will eventually lead to the proposal to ban Bitcoin and other crypto currencies in France. In addition, they want to create a new government authority to monitor within the euro zone that no one uses Bitcoin or other virtual currencies.

We would rather see the franc restored in France

“The euro should be the only legal currency within France and other European countries. It is possible to ban consumers from buying and selling Bitcoins, but then they could still buy them elsewhere internationally. But then on an equal footing with the euro.”

Contrary to what the Front National members think, it is impossible to ban Bitcoin. The popular crypto currency is not bound by rules and does not wait to be “allowed”. Building on this, the party plans to present a detailed economic programme on 29 July. The main topics there will be Bitcoin and crypto currencies.

Who of you feels reminded of a certain German party? I am myself partly amused, but also a little frightened. The Bitcoin system gives us democratic freedoms that no central government has been able to offer us so far. Everyone can be their own bank and the Bitcoin is not only stable at the moment, it is gaining in value, we are seeing ever greater acceptance and, I hope, better stability. On the one hand, I am amused because such a project is unlikely to be implemented. How do you even imagine this government authority to monitor, which nobody buys Bitcoins in the EU? And from here on I am a little frightened, is that the surveillance state that some fear? It remains to be seen how things will develop in the future, I am curious to see what the Front National will allow itself at the end of the month with its report on Bitcoin and other crypto currencies. What are your opinions?

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Bitcoin – Blocksize debate, the thousandth

Since 2015, the blocksize debate about how to scale Bitcoin has been boiling up again and again. Despite the developers’ best efforts, this question remains the biggest challenge for Bitcoin’s further development.

Even now, one year after the first proposals in this direction, Miner are again in favour of increasing the block size. They hope that this will make Bitcoin fit for more transactions and a larger number of users. The Bitcoin core developers, on the other hand, focus on optimizations through top-level protocols. In their opinion, this is the safest way forward.

But what is a Bitcoin loophole?

On the one hand, Segregated Witness has been released as a solution to solve the Bitcoin loophole problem. In addition, a new mining pool (ViaBTC) and Roger Ver himself have begun using Bitcoin loophole software that can handle larger blocks.

With this not-small Miner, the party that advocates large blocks has gained some weight and can block segregated witness if necessary. They might even become powerful enough to go for a fork.

David A Johnston is Chairman of the board of the Factom Foundation. In his opinion, a fork is inevitable after these events. In several blog posts he emphasizes that the two camps in the Bitcoin community now have different goals and should therefore operate in two separate networks.

“After more than two years of fighting, the loss of time of one or two months due to a fork is a small price to pay: the development of both concepts could finally progress undisturbed.

Different visions on the news spy?

A new fork? Not everyone wants to go along with Johnson’s opinion: Critics say that such attempts by miners to force an increase in the news spy block size have so far failed. What should be different today?

“I don’t think it could come to such a fork. Yes, there is a very noisy group that makes its case. But it’s a tiny group whose arguments don’t have a realistic foundation,” says Coinkite CEO Rodolfo Novak.

Novak recalled that Bitcoin Unlimited resembles concepts such as Bitcoin XT and Bitcoin Classic – both proposals hit the same notch in the blocksize increase. And where are they now?

All of these proposals have sparked discussion, but no one has managed to unite the 95% Hashrate on themselves, what needs to be achieved for an upgrade.

This time some observers see the chances for a fork a bit more realistic, as there was continued support for a blocksize increase from the Miner.

Stephen McKie is product manager at a bitcoin-based social platform called Yours. He pointed out that according to some news, the Segregated Witness and Lightning Network solutions preferred by the core developers are advancing, which would prevent a fork like the one above.

“With the advent of implementations similar to the Lightning Network, the blocksize debates could be silenced, so that everything would remain as it was in terms of scaling.”

Either way, Johnston thinks that the only sensible solution in this debate would be to split along different visions.

“It would be better than the endless arguments.”

From his point of view, the Ethereum split is a great example of a vision-based fork, as each group can now focus on its own.

BTCC CEO Samson Mow also said that ViaBTC and others could launch their own currency whenever they wanted.

“If someone really thinks that the block size is an obstacle to potential adoption and that this is the reason for high fees and unpredictable confirmation times, why shouldn’t they fork and solve all the problems?

Currently, however, both groups are economically tied to each other. Mow says that a hard fork would not only endanger Bitcoin’s future, but that of all those who support Bitcoin.

“A hard fork would cost billions of dollars, a price that people and companies who own Bitcoin would have to pay.

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ETH course analysis – Entry into new Upward Channel?

After a rise to up to 0.083 BTC (151.86 EUR), the price fell to up to 0.065 BTC (118.92 EUR), but is currently back at 0.075 BTC (137.22 EUR).

Summary of the news spy

The share price rose in two stages according to the news spy to a new all-time high of 0.083 BTC (151.86 EUR). Since 21 May, the price has been in a slight triangle pattern, which is bullish. After a test of the support of the triangle pattern mentioned the price could rise, tests the resistance of the same and now stands at 0.075 BTC (137.22 EUR).
As in the case of Bitcoin, the share price has fallen. With regard to the value pair ETH BTC, however, the price drop was not dramatic. In fact, the price even rose by 25% overall and is stable above EMA24 and EMA48, so that currently everything looks like a bullish crossing of both moving averages.

The bullish picture is confirmed by the Bitcoin secret

The MACD (second panel from above) rose above zero today. Accordingly, the MACD line (blue) is above the signal (orange), so that the MACD as a whole speaks a bullish language. What worries one a little is that the MACD line is currently falling again, but this trend does not yet sadden the bullish character of the Bitcoin secret indicator.

At 51, the RSI (third panel from above) is slightly bullish at best. It was slightly higher, but has dropped in the last few hours.

The 60min chart is looking slightly bullish on the price side. However, we will have to see how the price behaves on the support described by the EMAs. For further consideration, we therefore look at the medium- to long-term charts.

The long-term course development: A variant of the triangle pattern mentioned above is shown here. According to last week’s price minima and maxima, it looks as if the slightly negative triangle pattern will be exited on May 29th at the latest.

The MACD is positive. Although the MACD line is below the signal, it was able to bounce at the zero line and is now aiming for a bullish crossing with the signal. The RSI is also bullish with 55. Overall, the 240min chart is bullish.

Beside the already existing Upward Channel the name giver for this price analysis is represented: Since the end of April the price seems to be in a new, slightly steeper Upward Channel. We will observe whether it remains in this channel. We also see that the price has tested the EMA31 several times.

Anyway, the MACD is positive, additionally the MACD line is above the signal. The RSI is currently at 67 and is bullish as well.

The long-term forecast is bullish according to price, trend and MACD. Overall, the forecasts are therefore positive for the time being. We will have to see how the price currently behaves at the supports described by the EMAs on the 60min chart.

But even if this support does not hold one should not worry immediately and see immediately a decline; even the support of the current Upward Channel lies under 0,06 BTC and thus with approximately 110 euro. At the latest, it will then become clear whether the current uptrend can be maintained.

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HUSD: The stable coin solution of the Bitcoin stock exchange Huobi

The Bitcoin exchange Huobi is planning its own stable coin solution. However, instead of issuing a new token, as is currently the case with many others, the company is working on a solution to connect the existing coins.

Stable coins are a controversial issue in the Bitcoin ecosystem. Although they are theoretically very practical, they promise a one-to-one mapping of fiat currencies such as the US dollar. This allows one to switch directly between crypto and fiat when trading on the Bitcoin exchanges, without having to go through any bank accounts.

In practice, however, doubts repeatedly arise about the supposed stability of stable coins. As the Tether case has recently shown, there are currently still some problems in the implementation. Even in the sheer mass of stable coins, you can sometimes ask yourself the question: Do we really need several stable coins? A stable currency should actually be enough.

Huobi launches new stable coin for stable coins with HUSD

Be that as it may, the Bitcoin exchange Huobi is now throwing its own stable coin onto the market, which in turn is to represent other stable coins: the HUSD. According to the official announcement, Huobi wants to release a stable coin, which represents a total of four stable coins. These are Paxos Standard (PAX), TrueUSD (TUSD), USD Coin (USDC) and Gemini Dollars (GUSD). If you transfer stable coins to your Huobi account in the future, the stable coin balance will be displayed directly in HUSD – a conversion and an exchange into one of the stable coins will be done directly by the exchange’s own token.

Bitcoin trading pair is still to come

As you can see from the blog post, the Stable Coins PAX, TUSD, USDC and GUSD can be deposited on the exchange from October 16th. The trading pair USDT/HUSD for Tether will be available on the Bitcoin exchange from 22 October. The BTC/HUSD and ETH/HUSD trading pair will probably have to wait some time. Huobi first wants to evaluate the “market conditions”.

Phillip HorchPhillip Horch is head of the BTC-ECHO service and responsible for the structuring and planning of editorial content. He gained several years of editorial experience during his studies and then worked as a freelance journalist before joining BTC-ECHO as an editor in January 2018. Phillip holds a Master’s degree in Literature, Art and Media Studies from the University of Constance and the Universidad de Valparaíso.

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