Welcome to the daily crypto news :

• ‘No Capitulation’ — Bitcoin Miners Completely Unfazed by Price Drop;

• Sticking to Crypto's Core Philosophy Is the Way to Prevent Its Abuse;

• 2019: A Berlin Odyssey — 7 Days of Crypto-Living on Monolith's ETH Debit Card;

• China's Dive Into Blockchain, Digital ID Spurs Rest of World to Action;

• Binance Denies Police Raid, Bitcoin Wipeout, Facebook ‘Stupid’: Hodler’s Digest, Nov. 18–24;

‘No Capitulation’ — Bitcoin Miners Completely Unfazed by Price Drop

Bitcoin (BTC) is not seeing capitulation among miners despite its price dipping over 15% in the past week, new data suggests.

According to estimates of Bitcoin’s hash rate from monitoring resource Coin Dance, participation remains as strong now as before the price drop. Hash rate refers to the amount of computing power dedicated to maintaining the Bitcoin network.

Hash rate sees 2nd all-time high

According to some measures, the hash rate on Nov. 23, in fact, nearly matched its previous all-time high. At 134 quintillion hashes per second, Saturday’s reading was almost identical to that from Oct. 10, Coin Dance statistics suggest.

BTC/USD traded at around $7,200 on that day, compared to $8,600 in October.

Previously, Cointelegraph reported on the rising consensus that Bitcoin miners were exiting their positions as losses mounted. According to statistician Willy Woo, that process had already almost completed as of this week.

Taking an opposing position based on the fresh data, entrepreneur Alistair Milne suggested miners were in fact little concerned with current price action.

“There is NO miner capitulation,” he summarized in a tweet on Sunday. He continued:

“They are acutely aware of the upcoming halving and are apparently unphased by the recent dip.”

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Sticking to Crypto's Core Philosophy Is the Way to Prevent Its Abuse

When the internet was a fledgling technology, there was a lot of uncertainty. Some people thought it would amount to nothing. Clearly, they were wrong. Today, the internet is a massive, global necessity.

The internet has enabled us to connect to each other around the globe, it allows us to purchase anything we want in one click, and it has given us access to all the content we could ever want. However, the internet also brought about many less-than-desirable developments.

The internet enabled the government and big corporations to surveil us and exploit us for profit. The internet enabled a new business model that removes humanity from humans and views us as datasets that are used for tracking and advertising purposes.

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2019: A Berlin Odyssey — 7 Days of Crypto-Living on Monolith's ETH Debit Card

“YOU’VE TRANSCENDED. You are here because you’ve opened your eyes to a new type of society; one powered by a decentralised economy and full of shimmering new possibilities.”

This is not the calling card for a new religion. This is what new Monolith customers are met with when opening up the box for the first time. Narrative is a central part of cryptocurrency, whether people like it or not. Monolith has taken that narrative and made it central to its branding.

When I fished the Monolith crypto debit card out of my letterbox in South Berlin one morning, I was no longer an ordinary man. I became a man on a mission. A mission to live on crypto in Germany’s capital city.

Although the wall separating East from West in Berlin may have come down 40 years ago, I would take a virtual sledgehammer to financial divisions within this city of sin and ambition. For 7 days, I became a one-man disruption machine.

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China's Dive Into Blockchain, Digital ID Spurs Rest of World to Action

News on crypto and blockchain technology is coming in abundance from China. This became especially true in late October 2019, when the Chinese President Xi Jinping called for accelerating the use of blockchain technology in the country.

President Xi identified dozens of use cases that should be promoted: loans, health care, anti-counterfeiting, charity and food security. Xi emphasized that blockchain development could “China gain an edge in the theoretical, innovative and industrial aspects of this emerging field.” That was the green light the Chinese blockchain startups and ongoing projects needed to further accelerate their development.

A few days after the announcement, China launched a blockchain-based smart city identification system to support the interaction between infrastructure, data and cities. The system was put in motion by the China Center for Urban Development, the Chinese Academy of Social Sciences, and the Zhongguancun Industrial and Information Research Institute for Two-Dimensional Code Technology.

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Binance Denies Police Raid, Bitcoin Wipeout, Facebook ‘Stupid’: Hodler’s Digest, Nov. 18–24

Top Stories This Week

Binance and Bithumb deny reports of Chinese police raids

Heads were turned this week when reports suggested that Binance and Bithumb, two major crypto exchanges, have closed their offices in Shanghai following raids by Chinese police. However, not everything is as it seems, with both companies claiming that the rumors aren’t true. Binance has said such a police operation would actually be impossible because it doesn’t have offices in the city, while Bithumb insisted that its Shanghai team is continuing to operate “steadily without pause.” A spokesperson for Binance told Cointelegraph that the company has been subject to a spate of negative articles in the Chinese media — and urged journalists to check whether their sources are telling the truth. On Saturday, CEO Changpeng Zhao (CZ for short) went one further and vowed to sue The Block, accusing the industry media outlet of false reporting.

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