CryptoFly.us | CRYPTOCURRENCY BITCOIN SHIRTS CLOTHING APPAREL HATS

CRYPTO NEWS

Bank Of England Will Scramble To Buy BTC Before It Hits $1 Million, Says Bitcoin Maximalist

Bitcoin expert Max Keiser has said that the Bank of England (BoE) will scramble to buy Bitcoin before the digital asset trades at $1 million.

His comments come after Bank of England’s deputy governor for financial stability, Jon Cunliffe, warned that cryptocurrencies could spark a global financial crisis unless tough regulations are introduced. Although regulators in many countries have started putting policies in place to manage the rapid growth of cryptocurrencies, Cunliffe said this must be pursued as a matter of urgency.

Bank of England Warns Against Crypto

The deputy Bank of England governor has called for strict regulations on Bitcoin and other cryptocurrencies. According to the Guardian, Cunliffe has played a central role in monitoring cryptocurrencies over recent years as an adviser to the G20’s financial stability board and the central banks’ overarching advisory body, the Geneva-based Bank of International Settlements.

Related Reading | Bank Of England Seeks To Strengthen Cryptocurrency Regulations

In a speech on Wednesday, October 13, Cunliffe compared the growth rate of the crypto market, from $16 billion five years ago to $2.3 trillion today, to the $1.2 trillion subprime mortgage market before the 2008 financial crash. He said there was a probability that financial markets could be rocked in a few years by an event of similar magnitude.

“When something in the financial system is growing very fast and growing in largely unregulated space, financial stability authorities have to sit up and take notice,” he said.

He also spoke about the majority of crypto-assets having no intrinsic value and could be worthless overnight. He stated emphatically how the crypto world is beginning to connect to the traditional financial system even though the space is still largely unregulated.

The banking chief added that there were “Financial stability risks currently are relatively limited, but they could grow very rapidly if, as I expect, this area continues to develop and expand at pace. How large those risks could grow will depend in no small part on the nature and on the speed of the response by regulatory and supervisory authorities.”

Related Reading | Bank of England Governor Still Isn’t a Fan of Bitcoin

His comments are similar to those of Bank of England Governor Andrew Bailey. In May, Bailey called crypto dangerous and warned that investors should be prepared to lose all their money due to the digital assets’ lack of intrinsic value.

Bitcoin Expert’s Response

Bitcoin expert Max Keiser responded to the Bank of England’s deputy governor’s recent warning about cryptocurrencies in a statement to Express.co.uk.

He said, “Bitcoin is designed to trigger a meltdown of the current fiat money banking system. This is a mathematically guaranteed outcome.”

BTC trading at over $60.8K | Source: BTCUSD on TradingView.com

Keiser implies that the BoE is grieving because Bitcoin killed central banks. “Bitcoin killed central banks. The Bank of England is in the second stage of the five stages of grief, the anger phase.”

He further pronounces that the Bank of England will eventually consider adopting Bitcoin.

“The bargaining phase will be their central bank digital currency stage and when that fails comes depression as the price tops £363,000 ($500,000) and then acceptance with the Bank of England scrambling to buy Bitcoin before it tops £727,000 ($1million) per coin,” Keiser says.

Featured image by Proactive investors, Chart from TradingView.com

Efficient way to save and retrieve hash in blockchain

I am learning Ethereum using Geth. I have a private blockchain and I am saving hashes through a REST API (python web service). I have readed I can save hash values using maps (mapping data type) and using logs. I am using the logs option and it works fine, but I want to know if::Listen

I am learning Ethereum using Geth. I have a private blockchain and I am saving hashes through a REST API (python web service). I have readed I can save hash values using maps (mapping data type) and using logs. I am using the logs option and it works fine, but I want to know if it is the most efficient way, or if I should use a map or other kind of variable (like a string or byte array). I need to save millions of hashes (about 1 per second) so I am worried about the long-term scalability, mainly related to the search. By now I have a service saveHash(string hexHashValue) returning the transaction hash, and a service verifyHash(string hexHashValue, string transactionHash).

In python using web3.py I have this functions, I don’t now if this can be improved, if using a map I can save millions of values in a better way or if I can find a specific string value in the contract using other methods. So my question is if the best way is logs, maps, strings or if the difference is trivial.

The contract:

pragma solidity ^0.5.0;  contract HashSave {                       event log_current_hash(bytes hashArg);     constructor() public {                           }     function set_hash(bytes memory objectHash) public {        emit log_current_hash(objectHash);    } } 

My current test methods using logs (event log_current_hash):

def save_new_hash(hash_bytes):     tx_hash = contract_instance.functions.set_hash(hash_bytes).transact()        log_test_file=open("hash_logs_simplified.txt","a")     log_test_file.write("Hash: 0x%s Tx: %srn" % (hash_bytes.hex(), tx_hash.hex()))     log_test_file.close()         return tx_hash.hex()   def check_transaction_exists(tx_hex_hash, obj_hash_bytes):     try:         tx_data = w3.eth.getTransaction(tx_hex_hash)         if tx_data is not None:             print("Transaction is in the blockchain")             if find_obj_hash_in_transaction(tx_data.blockNumber, obj_hash_bytes) is True:                 return "Data validated ok"             else:                 return "Data is not valid"     except Exception:         return "Transaction does't exists"   def find_obj_hash_in_transaction(block_num, obj_hash_bytes):     hash_filter = contract_instance.events.log_current_hash.createFilter(fromBlock=block_num, toBlock=block_num,                                                                        argument_filters={'hashArg': obj_hash_bytes})     if hash_filter is None:         return False     hash_events = hash_filter.get_all_entries()     if len(hash_events) > 0:         return True     else:         return False 

Bank Of England Will Scramble To Buy BTC Before It Hits $1 Million, Says Bitcoin Maximalist

Shopping cart
There are no products in the cart!
Continue shopping
0