Tag: Crypto Twitter

Did Turkey’s President Say “We Are In A War Against Bitcoin”? An Investigation

by NEWSBTC

Is President Erdogan so out of touch with what’s happening around him that he declared war against Bitcoin? Or is this a case of “lost in translation” and quotes out of context? An article titled “We are in a war against bitcoin,” says Turkey’s president” has been making the rounds over at Bitcoin-Twitter, receiving both mockery and rightful criticism. However, we noticed a crucial detail: the article doesn’t contain a direct quote from Erdogan. That’s suspect.

Related Reading | New To Bitcoin? Learn To Trade Crypto With The NewsBTC Trading Course

Armed with an iron will and Google Translate, NewsBTC explored the issue and came to unexpected conclusions. 

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Let’s fall into the rabbit hole.

Is It War Against Bitcoin Or War Against Cryptocurrencies? 

The original article cited a mainstream and generally trusted source, an article in Turkish at Bloomberght titled “Erdogan: We have a separate war against cryptocurrencies.” Reportedly, the president held a Youth Meeting Program, so his audience for this was students from all over the country. They were discussing the Digital Turkish Lira, the country’s proposed CBDC, and one of the participants asked about their current views on cryptocurrencies:

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“Erdoğan said that they do not have a problem of opening up to crypto money, on the contrary, they have a separate war and struggle against them.

Erdogan said, “We will not give them such a premium, nor will we. Because we will continue on our way with our money, which is our fundamental identity in this matter.”

He never even mentions a war against Bitcoin. Remember, this is a Google translation and some info might’ve been lost. However, the discrepancies are there. The President says they “do not have a problem” with crypto, but that “on the contrary, they have a separate war and struggle against them.” On the contrary to what? And do notice, it’s not a direct quote either. In the actual Erdogan quote, he says nothing about a war against Bitcoin.

We need more data. Let’s consult other sources.

What Did President Erdogan Say Exactly?

A quick search leads us to The New Arab. They don’t quote the President directly, but their translation makes much clearer the intent of what he said:

“Erdogan claimed that the country “definitely” doesn’t have a problem with the spread of digital assets.     

However, that Turkey would carry on with its own money, which he believes is part of the national identity.”

They don’t have a problem with the spread of digital assets because they’re preparing their CBDC, and their way to sell it is that money is “part of the national identity.” Got it. But, what about this war against Bitcoin thing?

A second search leads us to Newsbit, who seemingly quote a much more clear-headed President Erdogan directly:

“We have absolutely no intention of embracing cryptocurrencies,” the president replied, adding: “On the contrary, we have a war against them. We would never support cryptocurrencies. Because we continue with our own currency that has its own identity.”

Ok, now we know that Erdogan never said anything about a war against Bitcoin and always referred to cryptocurrencies. And that, in code, he was always talking about the Digital Turkish Lira. However, did he really say all that? That quote seems suspiciously close to the original Bloomberg quote, and that one wasn’t literal. If the President said everything that clearly, why wouldn’t Bloomberg quote him?

BTCUSD price chart for 09/20/2021 - TradingView

BTCUSD price chart for 09/20/2021 - TradingView


BTC price chart for 09/20/2021 on Exmo | Source: BTC/USD on TradingView.com

Time To Consult Primary Sources

Luckily for us, Newsbit linked to the Anadolu Agency, a Turkish state-run news agency. This is as close to primary sources as we’re going to get. A report on the whole event that only casually mentions cryptocurrencies at the end. Is the quote present in that report? What did President Erdogan say exactly? Well, according to the Anadolu Agency:

“Erdoğan said that they do not have a problem of opening up to crypto money, on the contrary, they have a separate war and struggle against them.

Erdogan said, “We will not give them such a premium, nor will we. Because we will continue on our way with our money, which is our fundamental identity in this matter.”

Related Reading | Turkey’s Economic Turmoil Shows Bitcoin Is a Better Bet Than Emerging Markets

That’s right! The same exact quote with the same exact wording that Bloomberg used at the beginning. So, Bloomberg literally copied and pasted their article. And Newsbit’s supposed quote is just a rewording of that phrase. We don’t know exactly what President Erdogan said, but at least his intention is clear: Yes to his CBDC. War on cryptocurrencies. And we know for sure he never said anything about a war against Bitcoin.

Cryptocurrencies and Bitcoin are not synonymous, journalists.

Featured Image by Faruk Melik ÇEVİK on Unsplash - Charts by TradingView

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Why Is Bitcoin-Twitter Suddenly Obsessed With The Essay “Anatomy Of The State”?

by NEWSBTC

It’s only logical that Jack Dorsey is a Twitter influencer. The mind behind Twitter used his platform to promote “Anatomy Of the State,” an essay by Murray N. Rothbard. The Austrian School of Economics is slowly permeating mainstream consciousness. Dorsey’s focus and dedication to Bitcoin’s ideals reached a whole new level. And crypto-Twitter reacted in different ways, with Rothbard’s name trending over the weekend.

Related Reading | Why Square Will Create New Bitcoin-Focused Company, According To CEO Jack Dorsey

The tweet that started it all offered no explanation:

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The .pdf file containing it is freely distributed by Mises.org, an institution dedicated “to promote teaching and research in the Austrian school of economics, and individual freedom, honest history, and international peace, in the tradition of Ludwig von Mises and Murray N. Rothbard.” About the incident, the increased attention they received, and Dorsey’s choice, the institution said:

Dorsey linked not to some article on bitcoin or money, but to Murray N. Rothbard’s seminal 1974 essay “Anatomy of the State.” This short missive may well represent Rothbard’s most bracing and concise attack on government as an institution, and that’s saying something. 

So, this is not just some essay. What does it say about the government exactly?

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A Summary of  “Anatomy Of the State”

This short book is deep and covers many concepts and hard truths. The monopoly on violence. The fallacy of the “social contract” concept. How governments use “vested economic interests” to keep us at bay. “The alliance between the State and the intellectuals.” War. Revolution. The alliances between different states. Social power. State power. A lot. However, we could summarize “Anatomy Of the State” with this example it provides:

“One method of the birth of a State may be illustrated as follows: in the hills of southern “Ruritania,” a bandit group manages to obtain physical control over the territory, and finally the bandit chieftain proclaims himself “King of the sovereign and independent government of South Ruritania”; and, if he and his men have the force to maintain this rule for a while, lo and behold! a new State has joined the “family of nations,” and the former bandit leaders have been transformed into the lawful nobility of the realm.”

And that explains the world we live in.

BTCUSD price chart for 08/17/2021 - TradingView

BTCUSD price chart for 08/17/2021 - TradingView


BTC price chart for 08/17/2021 on Bitstamp | Source: BTC/USD on TradingView.com

Ok, But, What Does Rothbard Have To Do With Bitcoin?

The Mises.org institute links Dorsey’s “Anatomy Of the State” tweet to this one:

That one refers to this phenomenal website that uses easy to understand charts to show how everything got exponentially worst when Nixon un-pegged the US Dollar from gold, giving rise to the Fiat currency era. The era we’re living in. Well, that directly relates to the Austrian School of Economics, as the institute explains:

Only Austrian economists present a coherent critique of pure fiat currency, which means only Austrians have anything compelling to say about Nixon’s final closure of gold redemption. The Mengerian and Misesian explanation of how money arises and obtains value as a highly saleable commodity requires no central fiscal or monetary authority. It requires no state.

And, do you know what else requires no state or central authority to function? Bitcoin, the greatest money ever created. 

What Is Sound Money And How Do We Get It?

And that relates “Anatomy Of the State” to our sister website’s Book Club. They’re  analyzing “The Bitcoin Standard,” and defined sound money as:

 Austrian economists pose that, “the best money revolved around understanding salability and what the market would choose as money.” Saifedean Ammous adds one more thing.

“… the salability of money according to the will of its holder and not some other party. Combining these criteria together formulates a complete understanding of the term sound money as the money that is chosen by the market freely and the money completely under the control of the person who earned it legitimately on the free market and not any other third party.” 

Related Reading | Why a Hedge Fund’s Attempt to Usurp Twitter CEO Jack Dorsey Could Hurt Crypto

So, to sum it all up, the human family doesn’t need the independent government of South Ruritania to dictate what we should use as money. We have Bitcoin. And that’s what Dorsey’s “Anatomy Of the State” tweet was all about.

Featured Image: extract from “Anatomy Of the State's” cover image  | Charts by TradingView

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Why Is Bitcoin-Twitter Suddenly Obsessed With The Essay “Anatomy Of The State”?

by NEWSBTC

It’s only logical that Jack Dorsey is a Twitter influencer. The mind behind Twitter used his platform to promote “Anatomy Of the State,” an essay by Murray N. Rothbard. The Austrian School of Economics is slowly permeating mainstream consciousness. Dorsey’s focus and dedication to Bitcoin’s ideals reached a whole new level. And crypto-Twitter reacted in different ways, with Rothbard’s name trending over the weekend.

Related Reading | Why Square Will Create New Bitcoin-Focused Company, According To CEO Jack Dorsey

The tweet that started it all offered no explanation:

5 BTC + 300 Free Spins for new players & 15 BTC + 35.000 Free Spins every month, only at mBitcasino. Play Now!

The .pdf file containing it is freely distributed by Mises.org, an institution dedicated “to promote teaching and research in the Austrian school of economics, and individual freedom, honest history, and international peace, in the tradition of Ludwig von Mises and Murray N. Rothbard.” About the incident, the increased attention they received, and Dorsey’s choice, the institution said:

Dorsey linked not to some article on bitcoin or money, but to Murray N. Rothbard’s seminal 1974 essay “Anatomy of the State.” This short missive may well represent Rothbard’s most bracing and concise attack on government as an institution, and that’s saying something. 

So, this is not just some essay. What does it say about the government exactly?

Get 110 USDT Futures Bonus for FREE!

A Summary of  “Anatomy Of the State”

This short book is deep and covers many concepts and hard truths. The monopoly on violence. The fallacy of the “social contract” concept. How governments use “vested economic interests” to keep us at bay. “The alliance between the State and the intellectuals.” War. Revolution. The alliances between different states. State power and social power. A lot. However, we could summarize “Anatomy Of the State” with this example it provides:

“One method of the birth of a State may be illustrated as follows: in the hills of southern “Ruritania,” a bandit group manages to obtain physical control over the territory, and finally the bandit chieftain proclaims himself “King of the sovereign and independent government of South Ruritania”; and, if he and his men have the force to maintain this rule for a while, lo and behold! a new State has joined the “family of nations,” and the former bandit leaders have been transformed into the lawful nobility of the realm.”

And that explains the world we live in.

BTCUSD price chart for 08/17/2021 - TradingView

BTCUSD price chart for 08/17/2021 - TradingView


BTC price chart for 08/17/2021 on Bitstamp | Source: BTC/USD on TradingView.com

Ok, But, What Does Rothbard Have To Do With Bitcoin?

The Mises.org institute links Dorsey’s “Anatomy Of the State” tweet to this one:

That one refers to this phenomenal website that uses easy to understand charts to show how everything got exponentially worst when Nixon un-pegged the US Dollar from gold, giving rise to the Fiat currency era. The era we’re living in. Well, that directly relates to the Austrian School of Economics, as the institute explains:

Only Austrian economists present a coherent critique of pure fiat currency, which means only Austrians have anything compelling to say about Nixon’s final closure of gold redemption. The Mengerian and Misesian explanation of how money arises and obtains value as a highly saleable commodity requires no central fiscal or monetary authority. It requires no state.

And, do you know what else requires no state or central authority to function? Bitcoin, the greatest money ever created. 

What Is Sound Money And How Do We Get It?

And that relates “Anatomy Of the State” to our sister website’s Book Club. They’re  analyzing “The Bitcoin Standard,” and defined sound money as:

 Austrian economists pose that, “the best money revolved around understanding salability and what the market would choose as money.” Saifedean Ammous adds one more thing.

… the salability of money according to the will of its holder and not some other party. Combining these criteria together formulates a complete understanding of the term sound money as the money that is chosen by the market freely and the money completely under the control of the person who earned it legitimately on the free market and not any other third party. 

Related Reading | Why a Hedge Fund’s Attempt to Usurp Twitter CEO Jack Dorsey Could Hurt Crypto

So, to sum it all up, the human family doesn’t need the independent government of South Ruritania to dictate what we should use as money. We have Bitcoin. And that’s what Dorsey’s “Anatomy Of the State” tweet was all about.

Featured Image: extract from “Anatomy Of the State's” cover image  | Charts by TradingView

Source

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Over $2.5 Billion Longs Liquidated Amid Elon Musk vs Crypto Twitter Tussle

by Btcmanager

Elon Musk vs Crypto Twitter resulted in almost $2.5 billion in liquidations.

Longs Liquidated

Yesterday’s Twitter drama between business tycoon Elon Musk and the crypto community had a far-reaching impact not just limited to the constant verbal back and forth on the popular social media platform.

The market dump caused by the bearish Bitcoin tweets of Elon Musk led to longs’ demise as according to data from ByBit, a total of $2.4 billion worth of longs were liquidated in the past 24 hours. Similarly, the figure stands at $1.16 billion worth of liquidated longs in the last 12 years.

Notably, a total of 303,836 traders were liquidated in the past 24 hours with the largest single liquidation order happening on Huobi-BTC worth close to $90 million.

Among the typical top digital assets such as bitcoin, ether, XRP, and others, the hot cryptocurrency SHIB that got popular due to the rising fanbase of dogecoin witnessed almost $43 million being liquidated in SHIB longs.

The market was not forgiving to the shorters either. ByBit data suggests that a total of $441.5 million worth of shorts were liquidated due to the violent price action witnessed in the crypto markets yesterday.

According to data from Datamish, $34 million in longs were liquidated on BitMEX alone over the past 24 hours while 417 BTC was liquidated on Bitfinex.

Urgency for Regulations

While there is no clear villain as such for yesterday’s violent market condition, there is definitely an urgent need for regulations, especially by the U.S. SEC geared toward crypto markets as affluent individuals such as Elon Musk have a heavy say in determining the market direction.

A mere tweet posted by Musk can have completely unexpected outcomes for the global crypto market. Therefore, there is an immediate need for conducive regulations in the cryptocurrency industry that look after the welfare of retail investors.

Interestingly enough, just before his highly-anticipated cameo at Saturday Night Live this month, Musk urged people to be wary of making cryptocurrency investments.

At press time, the markets are still reeling from Musk’s Twitter assault although with a slight recovery as bitcoin trades at $45,436, according to data from CoinGecko.

Related posts:






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Twitter Suspends Accounts of Major Crypto Influencers

by Btcmanager

Major social media platform Twitter, headed by bitcoin proponent Jack Dorsey, has suspended the accounts of some influencers in the cryptocurrency space.

Crypto Accounts Mistakenly Considered as Scams

According to a tweet by popular YouTuber Tone Vays on Wednesday (Mar. 10, 2021), accounts belonging to a bunch of well-known crypto influencers like bitcoin analyst Willy Woo and Plan B, creator of the Bitcoin sock-to-flow model, got suspended by Twitter. 

Usually, Twitter accounts get suspended if the holders act in contravention of the laid down rules. A suspension also comes after various individuals report accounts for abuse, harassment, and other related matters. 

In the case of the affected accounts, it was not known what they did or why they got suspended. Meanwhile, apart from Willy Woo and Plan B, other notable influencers in the crypto space were suspended.


In a tweet by Peter McCormack detailing the full list, other accounts include MMcrypto, WSBchairman, themooncarl, KoroushAK, and TheCryptoDog. However, of the seven affected accounts, only those belonging to Willy Woo and Plan B have been restored. 

Following the restoration of his account, Plan B stated that the reason Twitter suspended the accounts was that the platform thought they were spam. The crypto influencer also noted that verifying the accounts with its notable blue mark check would prevent such mistakes from recurring.

“So the reason for suspension was twitter flagged our accounts as spam by mistake. Note that victims of scammers and impersonators think it is us and report the real accounts…a blue “verified” checkmark would solve this and prevent a lot of harm.”

Social media centralization heightens calls for decentralized options

Meanwhile, Twitter is not the only mainstream platform to take down crypto-related accounts. YouTube, a major online video-sharing platform also banned various cryptocurrency channels. 

As previously reported by BTCManager back in 2019, YouTube deleted various crypto-linked contents on its platform, while stating that such contents were dangerous or harmful. The platform later said that it acted in error. In March 2020, YouTube again deleted a video belonging to YouTuber Ivan on Tech.

With centralized platforms like Twitter and YouTube censoring what its users can post, it becomes imperative for the crypto community to start considering decentralized options. 

Meanwhile, Twitter chief Jack Dorsey has always been aware that the decentralization route was the way to go. Back in 2019, Dorsey said Twitter hired a team of developers to build a decentralized social media protocol called BlueSky. 

Earlier in January 2021, Dorsey spoke up following Twitter’s ban on the account belonging to former U.S. President Donald Trump. In a tweet thread, the Twitter CEO lauded the decentralized nature of bitcoin, saying:

“The reason I have so much passion for #Bitcoin is largely because of the model it demonstrates: a foundational internet technology that is not controlled or influenced by any single individual or entity. This is what the internet wants to be, and over time, more of it will be.”


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Twitter Suspends Several Crypto Influencer Accounts

by Cryptobriefing

Key Takeaways

  • Several highly-popular Twitter accounts have been suspended from the social media platform.

  • Many of the accounts were well-known in the crypto trading community for their analysis of markets.

  • The suspensions come amidst growing attention from Twitter’s CEO, Jack Dorsey.




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Twitter has suspended the accounts of several popular crypto-focused accounts.

Twitter on Suspension Spree

Several crypto thought leaders have had their Twitter accounts suspended. 

At least seven users have been affected. They include @100trillionUSD, @KoroushAK, @mmcrypto, @themooncarl, @TheCryptoDog, and @woonomic, and @wsbchairman, though @woonomic and @100trilionUSD have since had their accounts restored. 

All of the accounts have built substantial followings over the last few years. The individuals affected are mostly known in the crypto community for sharing trading tips and analysis. 

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Though Twitter gave no reason for the serial shutdown, Willy Woo (@woonomic) shared an update he received from Twitter. It read: 

“We have systems that find and remove multiple automated spam accounts in bulk, and yours was flagged by mistake. Please note that it may take an hour or so for your follower and following numbers to return to normal.” 

Many members of the crypto community congregate on what’s become known as “Crypto Twitter,” but the space suffers from a high volume of scammers. Users like @KoroushAK have many clone accounts that attempt to extort crypto assets from other users. 

The suspensions come amid clear signs of interest in crypto from Twitter’s own CEO, Jack Dorsey.

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Most recently, he put his first-ever tweet up for sale as an NFT via Cent. Bidding is at $2.5 million with 11 days to go; Dorsey said the funds would be converted to Bitcoin and sent to GiveDirectly Africa Response. Dorsey, who also runs Bitcoin-leaning payments company Square, has been particularly focused on using crypto to help Africa.

Last month, he announced his plans to launch a Bitcoin endowment, targeting Africa and India. The venture to “make Bitcoin the Internet’s currency” is part of a collaboration with Jay-Z. 

Disclosure: At the time of writing, the author of this feature owned ETH and several other cryptocurrencies. 

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