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Bitcoin [BTC]’s first embedded message speaks of the failure of financial systems, says Andreas Antonopoulos

Priya

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Bitcoin [BTC]'s first embedded message speaks of the failure of financial systems, says Andreas Antonopoulos
Source: Unsplash

Andreas M Antonopoulos, a well-known Bitcoin Advocate and the author of ‘Mastering Bitcoin’, spoke about Bitcoin and the Genesis block, during the ‘Internet of Money’ tour.

Andreas first spoke about the Bitcoin paper, published in the month of October 2008, which explained the mechanism of the system. The white paper was published under the pseudo name, Satoshi Nakamoto, whose identity remains unknown until today.

He said:

“So somebody out there on the internet came up with an idea of how to build a digital currency and they published the paper in October 2008. Now, they had also written a prototype software program that ran the Bitcoin software which they launched on 3rd January 2009.”

This was followed by the beginning of the Bitcoin network and Bitcoin currency. He exclaimed that this was also the introduction to the world of a new concept, the blockchain technology, the technology behind the Bitcoin technology, which is now mentioned on the television on the financial news channels on a daily basis.

Andreas continued to say:

“So this sounds like a weird story right? Some person, we don’t know who it is, shows up on the internet, posts the paper, launches some software. Some other people run this software as well and this thing starts running.”

The author further spoke about the message which was embedded within the first block which was created on the Bitcoin blockchain. The message was handcrafted into the Bitcoin software and, to him, it was embedded for a reason.

The message which was embedded was the headline of the British newspaper, The Times of London, which was published on the same day when the message was embedded. It says, ‘The Times 03/Jan/2009 Chancellor on brink of second bailout for banks’.

Andreas said:



“So the headline for that day, the day Bitcoin was launched, was that the British Chancellor… which is like the Head of the Treasury here right, was going to start a second bailout for the banks.”

According to him, the message was not a coincidence, it speaks about the motivation behind Bitcoin and a part of that motivation was the idea that the financial system, existing for 20 years, has not evolved much and is not serving the people.

He further stated that banks serve weapon dealers, money launderers, international drug cartels, multinational corporations but not the poor people, people without proper documentation, immigrants etc. Instead of the financial systems getting better and more inclusive over these years, it is ‘backtracking’ and has become a weaponized tool for geopolitics.





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Priya is a full-time member of the reporting team at AMBCrypto. She is a finance major with one year of writing experience. She has not held any value in Bitcoin or other currencies.

Bitcoin

US 2020 Presidential Candidate promises to provide better regulatory clarity on cryptocurrency market

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US 2020 Presidential Candidate promises to provide better regulatory clarity on cryptocurrency market
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Andrew Yang, the United States 2020 Democratic Presidential candidate, released a new policy for the regulation of the cryptocurrency space on April 20. The new policy statement titled ‘Crypto/ Digital Asset Regulation And Consumer Protection’, emphasized on the need for regulating the digital asset place, and also listed the actions Yang would do for the cryptocurrency market as the President.

Yang said on Twitter,

“New Policy #22 – Digital Asset/Cryptocurrency Regulation. Investment in cryptocurrencies and digital assets has far outpaced our regulatory frameworks. Investors need to know what their treatment will be in order to properly innovate in the U.S.”

On the official site, Yang stated that the cryptocurrencies “have quickly grown to represent a large amount of value and economic activity”. He further spoke about the lack of regulation of the cryptocurrency space, adding that the “patchwork of varying regulations” introduced by states has made it “difficult for the US cryptocurrency market” to compete with any other market, importantly China and Europe.



The Presidential Candidate further listed three key problems that needed to be solved, growth of cryptocurrency market being faster than that of the government’s response, differing regulations in different states, and uncertainty of the framework that would be unveiled.

Source: Yang2020

Source: Yang2020

Fang, a Twitter user, said,

“A candidate that is actually in touch with technology, blockchain and crypto. I missed the Bitcoin train but got in early on Ethereum mining: A significant % of my net worth is in crypto. So far I’ve done nothing but HODL. Our government has no idea what to do with digital asset”





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