Latest news with #SamsonMow
Crypto Insight
3 hours ago
- Business
- Crypto Insight
Bitcoin core devs' joint statement sparks heated debate among Bitcoiners
A collective statement from 31 Bitcoin core developers has sparked a global debate among Bitcoiners after suggesting a hands-off approach to how the Bitcoin network is used, amid ongoing controversy over non-monetary use cases. 'This is not endorsing or condoning non-financial data usage, but accepting that as a censorship-resistant system, Bitcoin can and will be used for use cases not everyone agrees on,' the June 6 statement published on the Bitcoin Core website said. Bitcoiners are 'not in a position' to place mandates The letter argued that Bitcoin is a network 'defined by its users' and that its core contributors are 'not in a position' to mandate what software or policies they desire. It comes amid the ongoing debate over spam inscriptions on the Bitcoin network. 'Being free to run any software is the network's primary safeguard against coercion,' it added. While many Bitcoiners supported the update with an 'ACK' comment, others objected. JAN3 CEO Samson Mow criticized the tone of the letter on the same day. He said, 'It's disingenuous to just say 'it is what it is now, too bad.' 'Bitcoin Core devs have been changing the network gradually to enable spam and now seem focused on also removing barriers for spammers,' Mow said. 'This statement itself is also inappropriate,' he added. On May 8, Bitcoin Core developers decided to remove a long-standing limit on transaction data in a network upgrade to allow for larger data segments, which some Bitcoiners saw as opening the door to non-financial use cases. However, Casa founder Jameson Lopp defended the letter. Lopp said, 'Core Devs are a group saying we can't force anyone to run code they don't like; here is our thinking on relay policy and network health.' 'When there was no cohesive message, and it was just a bunch of independent developers making individual statements, Bitcoin Core was accused of having 'poor public relations,' Lopp said, adding: 'Now a joint statement is published, and people find reasons to cry about it.' The developers argued in the letter that it is better for the Bitcoin node software 'to aim to have a realistic idea of what will end up in the next block, rather than attempting to intervene between consenting transaction creators and miners to discourage activity that is largely harmless at a technical level.' It added: 'While we recognize that this view isn't held universally by all users and developers, it is our sincere belief that it is in the best interest of Bitcoin and its users, and we hope our users agree.' Bitcoiner Carl Horton said, 'It's Bit 'Coin' not Bit 'Bucket' or Bit 'Store' or whatever general purpose data store you have in mind. It's a 'peer to peer electronic cash system.' Meanwhile, Bitcoin core developer Luke Dashjr criticized the goals of the transaction relay policy outlined in the statement. 'The goals of transaction relay listed are basically all wrong,' Dashjr said. 'Predicting what will be mined is a centralizing goal. Expecting spam to be mined is defeatism. Helping spam propagate is harmful,' Dashjr said. The developers said the main goals of transaction relay are predicting what Bitcoin transactions will be mined, 'speeding up block propagation' for the transactions expected to be mined, and helping Bitcoin miners learn about fee-paying transactions. Source:
Crypto Insight
10-05-2025
- Business
- Crypto Insight
Taiwan lawmaker calls for Bitcoin reserve at national conference
Taiwanese lawmaker Ko Ju-Chun has called on the government to consider adding Bitcoin to its national reserves, suggesting it could serve as a hedge against global economic uncertainty. Ko, a legislator at-large in Taiwan's legislative body, the Legislative Yuan, took to X on Friday to report that he had advocated Bitcoin investment by the Taiwanese government at the National Conference on May 9. In his remarks, Ko cited Bitcoin's potential to become a hedge amid global economic risks and urged Taiwan to recognize the cryptocurrency alongside gold and foreign exchange reserves to boost its financial resilience. Ko's announcement came shortly after the legislator held talks with Samson Mow, who advocates for Bitcoin adoption by states like El Salvador at his BTC tech firm Jan3. Taiwan is an export-oriented economy Ko highlighted that Taiwan is an export-driven economy that has experienced significant fluctuations in its national currency, the New Taiwan dollar, amid global inflation and intensifying geopolitical risks. 'We currently have a gold reserve of 423 metric tons, and our foreign exchange reserves amount to $577 billion, including investments in US Treasury bonds,' the lawmaker stated. In a scenario of more intense currency volatility or potential regional conflicts, Taiwan may 'very likely be unable to ensure the security and liquidity,' Ko continued, adding that Bitcoin could be a great addition to Taiwan's reserves for several reasons. 'Bitcoin has been operating for over 15 years. It has a fixed total supply, is decentralized, and is resistant to censorship. Many countries are focusing on its hedging attributes. At the same time, in intense situations, it may not face the risk of embargo,' he said. Bitcoin is not the only solution Referring to many global initiatives considering Bitcoin adoption as a reserve asset, Ko stressed that he's not advocating for Bitcoin as the 'only solution' to rising economic challenges. Instead, the legislator suggested adding a 'small proportion of Bitcoin' into the diversified assets as tools for sovereign asset allocation and risk hedging, and backup capacity of Taiwan's financial system. He previously suggested that Taiwan could allocate a maximum of 5% of its $50 billion reserve to Bitcoin in an X post on May 6. 'When exchange rate risk and regional uncertainty increase, it is time to introduce new tools to construct a more flexible financial strategy framework,' Ko said, adding: 'As former Dean Chen Chong said, Bitcoin is the gun of the digital era. It may also be the gold of the digital era, the silver of the digital era. Or it could be gunpowder. A wise nation will not let weapons be in others' hands.' The news comes as Taiwan is emerging as a crypto-friendly jurisdiction, with the Financial Supervisory Commission pushing institutional trials of crypto custody services in late 2024. Mainland China continues to maintain its hostile stance on cryptocurrency after imposing a ban on multiple crypto activities, including mining, in 2021. Source:
Yahoo
20-02-2025
- Business
- Yahoo
Bitcoin's Price Action ‘Looks Very Manufactured'—Samson Mow Questions Market Dynamics Amid Institutional Inflows
Bitcoin's price has been a point of concern, with some experts believing that its recent movements appear to be 'manufactured.' Trading between $92,400 and $106,500 since mid-December 2024, the cryptocurrency has remained largely range-bound despite significant institutional inflows. Samson Mow, CEO of Jan3, discussed this issue during a panel at Consensus Hong Kong, stating that Bitcoin's price movement 'just doesn't look natural at all.' He observed that the coin would peak and then remain steady, often moving sideways. Mow suggested that the tight range in which Bitcoin has been trading could indicate some sort of price suppression. Despite the stagnation, there remains optimism about Bitcoin's long-term future. Mow noted that Bitcoin's rise past $100,000 could be the start of a massive wave of institutional adoption that could last 10 to 20 years. Previous bull runs, he explained, were muted due to backlogged exchanges. However, with the introduction of ETFs, Mow emphasized that there are no longer barriers to traditional finance capital flowing into Bitcoin. Still, the influx of capital has not yet fully materialized, with institutions currently only "dipping their toes" in the market. The slow-moving price action is even more puzzling given that institutional buyers, such as Michael Saylor's Strategy, have been continuously accumulating Bitcoin. Mow pointed out that while retail buyers are dollar-cost averaging and buying Bitcoin regularly, there still seems to be selling pressure. 'If Bitcoin's price isn't moving despite institutions and retail buyers accumulating BTC, then someone must be selling,' he said. He further explained that while the market faced structural sellers due to bankruptcies and restructuring last year, that period is largely over. The repayment process at FTX is also contributing to the selling pressure. As the company begins repaying creditors, it is doing so based on Bitcoin's price from November 2022 when it was around $20,000. This could lead to more selling as creditors attempt to capitalize on their gains. Mow mentioned that FTX's Bitcoin sales, made at much lower prices, could explain the lack of upward movement. Bitcoin's price reached an all-time high of $109,000 following Donald Trump's inauguration but quickly fell back into its previous range. This movement, combined with a significant absorption of Bitcoin by institutional buyers, has left some analysts scratching their heads. In the two months leading up to October 2024, 1.1 million Bitcoin were absorbed, worth around $110 billion at current prices. Despite this, Bitcoin's price remained constrained within a narrow range. In addition to these developments, the wider cryptocurrency market has also been facing losses. Bitcoin recently dropped below $95,000, marking its lowest price in weeks. Other coins like Solana, XRP, and Dogecoin have also experienced declines. Despite these fluctuations, some analysts predict that Bitcoin could surpass $160,000 to $180,000 in the near future. Sign in to access your portfolio
Gulf Insider
13-02-2025
- Business
- Gulf Insider
Bitcoin Will Reach $1 Million ‘Violently' Within Months, Says Jan3 CEO
Bitcoin advocate Samson Mow, CEO of JAN3, has reiterated his prediction that Bitcoin will reach $1 million by 2025. He noted that this surge won't be gradual but rather a rapid escalation occurring over weeks or months. 'If you look at the failure of fiat currencies, they don't gradually fail. They fail spectacularly. And this is the premise behind the 1 million Bitcoin call that is not going to be a gradual, slow increase to $1 million a coin, but rather a very short and violent upheaval that sends us there in a matter of months, weeks to months,' he said in a podcast. Mow points to the increasing involvement of nations in Bitcoin mining as a key indicator of this impending 'hyperbitcoinization.' Hyperbitcoinization refers to a scenario where Bitcoin becomes the dominant global currency, replacing traditional fiat currencies as the primary medium of exchange and store of value. He cites Bhutan's Bitcoin holdings, accumulated through mining over the past few years, as a prime example. 'If this is not an indication that hyperbitcoinization is coming, I'm not really sure what is,' Mow asserts. He also anticipates that countries will soon issue sovereign debt to acquire Bitcoin, drawing parallels to MicroStrategy's strategy of leveraging debt to purchase the cryptocurrency. 'It's just simply a matter of time before a country pulls that trigger and unleashes a torrent of sovereign debt to acquire Bitcoin,' Mow predicts. As of Feb. 11, Bitcoin is trading at approximately $96,831, reflecting a 0.88% increase from the previous day and a substantial 102.1% rise from its price of $48,189.88 one year ago. Over the past month, Bitcoin has experienced a 2.39% increase, opening at $93,756.77 and reaching a high of $108,786 on Jan. 20.
