Much of Friday morning’s action — which many crypto fanatics have dubbed the beginning of “Uptober” — came during an astounding 20 minute run between 6:25 a.m. and 6:45 a.m., when Bitcoin surged from $44,900 to nearly $47,400.
Some crypto analysts attributed that jump to a squeeze on Bitcoin derivatives markets that forced shorts to sell their positions.
“Squeeeeeeeeezed,” wrote analyst Daniel Joe on Twitter. “539 #BTC shorts liquidated in 1 minute.”
Crypto traders may have also been digesting comments from Federal Reserve chief Jerome Powell, who told Congress Thursday that he has “no intention to ban” cryptocurrencies.
Powell has signaled for months that “stablecoins,” which are cryptocurrencies that are tied to the US dollar, may face more regulation. He has also said that cryptocurrencies as a whole present some risk to the financial system.
Should we fear bitcoin or celebrate it
It’s no surprise to me that immigrants can be so successful in America compared to other places.”
“I could focus on the negatives,” Al Mutar says, hinting at anti-Arab discrimination. “Yes, some people send me hate mail. But there are a lot of people who send me love mail.
If you always think of yourself as a victim, you will only focus on the negative. I try not to do that.”
“The immigrant experience in America today,” he says, “is largely positive because of the opportunities that exist and the values that this country was founded on.”
“Look at gay rights,” Al Mutar says.
“In the past 50 years, there’s been a huge change of mindset, and a sweeping trend in favor of legalized gay marriage. Compare that to countries in Africa or Asia or the Muslim world.
We bitcoin celebrate it
America. “Here,” he says, “we take indoor plumbing, air conditioning, having a robust transportation system, and even having a relatively stable currency for granted. Many people around the world lack these things.” He stops short of saying he’s proud to be American.
But, not wanting to depress you on your Independence Day, Jackson says despite the past he is hopeful for the future — because of Bitcoin.
Bitcoin, he says, is “more American than apple pie.” It is “based on the initial ideals, where we started with a revolution, an overthrow of oppressors taking taxes without representation, challenging tyranny.” He says Bitcoin “is doing the same thing, just in a global manner.”
Could bitcoin give real freedom where a piece of paper failed?
“The reason why the revolutionary dream remains unfulfilled,” he says, “is because the money is flawed.
We bitcoin celebrate its
During the occupation, Al Mutar would go up to American soldiers and ask a lot of questions.
“They would be sitting in a humvee and holding M16s,” he says, “but I was not afraid. I found the humanity in them. Some thought what they were doing was noble, others just wanted to pay bills.
As he grew older, Al Mutar became a more outspoken atheist, founded the Global Secular Humanist Movement and became a target for Islamists over his writings and activities.
“I survived three kidnappings,” he says.
At least not in the next 10 years.
Note from the author:
I wrote this article last night and as always, I gave it a day so I can come back and edit it with a fresh perspective. Over night, the CEO of Paypal made an interesting announcement that could potentially bring us closer to using Bitcoin in real world applications.
But we’re still a long ways away.
Watch the video below.
The CEO of PayPal is on national television showing you the future.
The question is…are you open minded enough to listen? pic.twitter.com/vaZGkWhnIS
— Pomp 🌪 (@APompliano) November 23, 2020
The lines don’t matter anymore.”
From Baghdad To Bitcoin
“My first introduction to America,” Faisal Saeed Al Mutar says, “was a tank in front of my house.”
Al Mutar was born during the first Gulf War, and his first contact with the Americans was during the invasion of his country Iraq in 2003, when he was 12 years old.
He had grown up under the dictatorship of Saddam Hussein, in an education system whose goal was to “create as many ignorant people as possible,” teaching only “how to be loyal to the president.” He says you always had to worship, and you always had to say Saddam was right, no matter what.
To illustrate the climate of fear he grew up in, Al Mutar says, “Let’s say that your father was against the president … he’ll ask the son to kill the father with a pistol, and ask the son to pay the price of the bullet that he killed his father with.
In one recent study, “Borrowers in upper-income black neighborhoods were twice as likely as homeowners in low-income white neighborhoods to refinance with a subprime loan.” As a result of the legacy of slavery and practices like these, he writes that “black households have the lowest median wealth among races in America.”
His plan to change the fate of his community? To spread the word about “how Bitcoin could spark a revolution among regular, working class people.” He says: “I specifically showed how we could gradually reject fiat currency, use Bitcoin, and start or own local economies … I propose that we build our foundation of social change and protest by steadily moving our funds out of the banking system.”
Because of Bitcoin, forced dependency on a system that keeps black people down is, he says, no longer the only option.
His organization handled the Arabic translation of “The Little Bitcoin Book,” and he has been exploring how to pay translators across the Arab world in bitcoin.
“Bitcoin,” he says, “is a tool that could spread American values more effectively than any war or intervention. I have seen how it can empower and connect people.”
He says it has a similar combination of innovation, anti-censorship and openness that made the American idea so great.
As the world continues to turn geopolitically, Al Mutar says we should consider how Bitcoin may benefit more open and free societies like America, that despite its flaws is based on enlightenment values, and how it may cause fatal issues for dictatorial regimes.
“Bitcoin expands free speech, property rights, individual sovereignty, open capital markets, and checks on government power.
These stories need to be taught and remembered,” he says, “but we cannot judge the values of those living three centuries ago with the values of those living today.”
“In 100 years,” he says, “we may look back at today and say that the t-shirts we are all wearing make us all immoral because they are made with slave labor. So are we any more moral than the founding fathers? Consider that,” he says, “in my part of the world, Mauritania didn’t outlaw slavery until 1980, and today so much of the Gulf cities are built with slavery, including the infrastructure for the upcoming world cup. Some say that Martin Luther King Jr. was homophobic — is that what we should judge him on?”
“No,” Al Mutar says.
But we need to come clean about the fact that Bitcoin has no use. It’s not a commodity. You can’t eat it and you can’t build anything with it.
I believe the “saving grace” of Bitcoin is how easily it can cross government lines, which means it can be a miraculous tool to bring third world countries out of poverty or fund venture startups in countries like Nigeria where there are currency problems.
But that hasn’t happened yet and I don’t see any evidence that this will happen soon.
So far, Bitcoin serves no purpose other than to trade and the hedge against inflation.
Which brings me to my next point.
He remembers watching the TV screen and seeing estimates that the military operation would cost more than a trillion dollars. (To date the U.S. has spent more than $6 trillion on the War on Terror). He was stunned.
“A trillion dollars? I was sitting in a neighborhood filled with poor people. We had no infrastructure, terrible education, terrible healthcare. Even as a young kid,” he says, “I knew we should have used that money domestically, instead of using it to destroy another country.”
Jackson says he has one uncle who “doesn’t believe anything in the media.” Everyone, he says, thought this particular uncle was crazy for questioning the Iraq War, which was very popular at the time.