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Bitcoin has been corrupted because it’s a creation of man; while gold is a creation of God, says Analyst




Bitcoin's [BTC] been corrupted because it's a creation of man; while gold is a creation of god, says Analyst
Source: Pixabay

“Bitcoin is a store of value,” stated Chris Mancini, an Analyst at Gabelli Gold Funds. However, unlike several critics who asserted that the coin was a tool for criminals because of its “anonymity”, Mancini remarked that the coin was corrupted because it is a “creation of man”, unlike gold, which is a “creation of God”.

Bitcoin [BTC] often referred to as Digital Gold was yet again placed in the limelight along with Gold. In an interview with Kitco News, Chris Mancini spoke about the digital currency, in comparison to gold. The discussion on the topic began by Mancini stating, “Bitcoin […] it’s a store of value. I mean, it’s kind of a thing you can’t necessarily be replicated in its current form.”

This was followed by the analysts speaking about the “issue with Bitcoin”; first was that Central Banks were not going to buy the Bitcoin and second was the “concept of forks”. Mancini stated that Central Banks such as the Chinese Central Bank and the Russian Central Bank was buying gold, adding that they would not buy Bitcoin. He further stated that the “crazy” thing about the cryptocurrency was its forks, such as Bitcoin Cash and Bitcoin Gold.

He said,

“[…] the concept of coming in and buying a gold coin down the street, putting it in my socks and having another gold coin one day, that’s crazy. So, that just can’t happen. But, with Bitcoin, you can. You can have another peice of Bitcoin, created off of Bitcoin […]”

Mancini further stated,

“So, the big picture is that Bitcoin has been corrupted. It’s been corrupted because it’s a creation of man and gold cannot be corrupted because, Gold is a creation of god.”

Further, when asked about his view on Bitcoin, whether it was a safe haven or a currency, Mancini stated that the Bitcoin was a means of payment. He also spoke about the other cryptocurrencies that were backed by physical metals, stating that it was “just another way” for individuals to buy metals, with the use of blockchain technology, which according to him “is great”.

Jameson Lopp stated on Twitter,

“Prove that Satoshi Nakamoto is a human and not an artificial intelligence from the future. I’ll wait.”

@BollingDain, a Twitter user stated,

“If God created Man in his own image, and Bitcoin was created by Man, then Bitcoin is one Holy Creation.”

Stevie J, another Twitter user said,

“gold was created by stars gone supernova, this has been proven by science and should be the end of discussion. If god created the conditions for gold to be created; he did the same for BTC.”

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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.


ErisX goes all hands on deck to launch a Bitcoin Futures market




ErisX goes all-hands on deck to launch a Bitcoin Futures market
Source: Unsplash

ErisX’s CSO, Matt Trudeau, detailed the company’s four important plans for the future, which includes launching a spot market, to secure a Bit License, DCO, and to launch a futures market.

ErisX currently has a DCM contract, which is a Derivative Contract Market that allows ErisX to run a CFTC-regulated futures exchange. However, ErisX aims to get a DCO [Derivatives Organization], which will effectively allow it to run a CFTC-regulated clearinghouse. A clearinghouse would mean that ErisX can take control of the custody of the assets and clear and settled trades.

The CSO explained the benefit of this, stating,

“There is some efficiency for firms like producers [like mining companies]; if they need to hedge their inventory or need liquidity on a spot market, they could do that conveniently on a single platform. “

Trudeau added that from the “post-trade standpoint” and “the collateral management standpoint,” ErisX would have cash, crypto, and the futures, all stored in their clearinghouse. This would boost efficiency since it would be available for all customers under a single platform. The CSO added,

“… so there is some efficiency in terms of managing collateral, if you don’t have assets on  multiple platforms, it can all be in our clearinghouse.”

Apart from the aforementioned plans, Trudeau added that the crypto-industry needs to mature more and that ErisX plans to make a significant contribution to that. He added,

“The market is professionalizing and we think that in terms of what institutions are expecting from a trading/custody experience, we will bring some of the solutions to the market and that’s really the foundational pieces that they are looking in order to build their businesses on top of us.”

Apart from ErisX, LedgerX has also received a go-sign from the CFTC to settle Bitcoin Futures in Bitcoins. Other exchanges include Intercontinental Exchange’s Bakkt and Seed CX.

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