Cryptocurrency News for 31 Oct 2017

 

Making Noise: Bitcoin Price Looks Higher as Global Volumes Grow

 

Bitcoin's rally is showing no signs of abating.

Prices surged to record levels on the CoinDesk Bitcoin Price Index (BPI) yesterday, with the world's largest cryptocurrency clocking a new all-time high of $6,306.58. With the push, bitcoin passed its previous high of $6,183 set on Oct. 21. At press time, the bitcoin-U.S. dollar (BTC/USD) exchange rate is $6,218.

As for why the price is trending higher, it seems there was an absence of strong news drivers. However, trading volumes in the BTC/USD pair jumped 103 percent on Sunday – indicating that the rally, fueled by trading activity, looks sustainable.

Volumes jumped to two-week highs on Sunday, and remain well below the Oct 13. high and the 2017 peak registered on Sept. 15.

Full story at http://bit.ly/2xEH2V8

Source: CoinDesk

 

Does Bitcoin Really Need Wall Street?

 

The expectation that Bitcoin's price will increase rapidly once institutional money starts flowing into the cryptocurrency, has resulted in a lot of Bitcoin holders eagerly awaiting Wall Street's formal entry in the crypto-markets. But does Bitcoin really need Wall Street?

Global banks have paid over $10 bln in penalties to settle allegations that they defrauded their clients while engaging in foreign currency trades on their behalf. The banks typically shortchanged their customers by front-running - a process of executing trades for the bank's proprietary trading desk before executing trades on their client's behalf.

They used their knowledge of the client's impending trade to make profits for their bank. The list of banks who have settled include Bank of America, Citi, HSBC and Barclays. The penalties paid by the banks may not be the end of the story - a former HSBC FX trader, Mark Johnson, has been convicted on nine charges of fraud for front-running a $3.5 bln order of Cairn Energy to convert dollars to pounds.

Big banks have come to play a large role both in the physical commodities space as well as the market in commodity derivatives. After Goldman Sachs entered the aluminum business in a big way, it led to an increase in prices.

Full story at http://bit.ly/2xEEtCN

Source: CoinTelegraph

 

Iranian Government Preparing for Bitcoin Use Inside the Country

 

Iran’s Deputy Minister of Information and Communication Technology, Amir Hossein Davaee, reportedly said in an interview with Shargh newspaper last week:

"The ministry of communications and information technology has already conducted a number of research studies as part of [its] efforts to prepare the infrastructure to use bitcoin inside the country."

He said that the cryptocurrency has two aspects, economic and infrastructural, adding that adopting it in Iran will end up being in the general interest of the country. “We, as the main centre in Iran dealing with the country’s technology developments, have taken very seriously the issue of preparing the infrastructure for the new currency,” he was quoted saying, noting that:

"Arrangements are being made with the related organizations to put together the infrastructure as early as possible."

Full story at http://bit.ly/2xCYPfr

Source: Bitcoin News

 

We've seen an 82 percent jump in bitcoin-related jobs, says employment website CEO

 

Bitcoin-related jobs are the fastest growing category of role on international employment marketplace Freelancer, the company said Wednesday.

With 82 percent growth in the third quarter, work related to cryptocurrency is skyrocketing, the data showed. The company's periodic report tracks top trends in online jobs based on the listings on its Freelancer.com platform.

"People are getting freelancers to design new types of cryptocurrencies," Matt Barrie, CEO of Freelancer, told CNBC. One of the main skills for which companies are looking is the ability to manage an initial coin offering — when a new digital token is first sold to outside speculators in a bid to raise money.

According to Freelancer, employers were also looking for people to create new cryptocurrencies and to write proposal plans for technologies employing blockchain — the data structure pioneered by bitcoin.

Full story at http://cnb.cx/2xGETZ5

Source: CNBC

 

5 Questions Bitcoin Traders Can't Answer

 

As a bona fide cryptocurrency skeptic, I'm of two minds on Bitcoin and other cryptos. One, I don't think we know enough about them to invest in them as if they were stocks and bonds. The transparency isn't there.

But I also think that the tide of technology and investors isn't going to be stopped any time soon.

Regulators, of course, are concerned about cryptos. Vehicles are started up every day to invest and speculate in them. According to the Financial Times, the U.K.'s Financial Conduct Authority is eyeing new trading platforms that allow you to bet on crypto movements with as much as 30:1 leverage on derivative contracts linked to Bitcoin.

Where is this all going? As Bitcoin prices blow past $6,000 a share, millions of investors want a piece of the action. Yet there are far too many questions to answer before cryptos become mainstream investments.

Full story at http://bit.ly/2xGFuKx

Source: Forbes

 

10 Surprising Celeb Bitcoiners

 

While Bitcoin is not the sleek and sexy plaything of the rich and famous, it certainly is no longer only a tool for the tech-savvy computer whizzes. The mainstream appeal of Bitcoin has seen it spread across different demographics, from retired grandmothers to some of the world’s biggest rappers.

Celebrities have been used to market certain ICOs, as well as be the face of a host of different coins, but many celebrities have chosen to invest their immense wealth into digital currencies.

Full story at http://bit.ly/2xFpcS8

Source: CoinTelegraph

 

 

 

Donation:
If you appreciate the things I share, consider making a contribution
no matter how small via PayPal or with TransferWise (EUR).
If you use Waves my wallet address is: 3PPeCnXEDAiRVzvsuGRycrNDHhWgDq68uVt
If you use Bitcoin my wallet address is: 12pAsyMdZoTHPvkiRAZiuQhC8bF4DLbYpQ

Bitcoin QR-Code

 

 

Cryptocurrency News for 30 Oct 2017

 

Chinese Might be Able to Trade Bitcoin Again Soon

 

19th National Congress of the Communist Party of China, the most important conference in China this year, ended on Oct. 24. With the end of the conference, some temporary regulations and policies are canceled as well. Among the regulations, the shutdown of Bitcoin trading in China might be one.

On Oct. 28 ZB.com, which is a new cryptocurrency trading platform, announced that all trading functionality will be available from Nov. 1. Users can sign up for accounts and deposit now.

The platform claims that people all over the world, including those in mainland China, can exchange and trade on the platform. The languages of the website are Chinese and English. However, it’s too soon to state that the regulation toward Bitcoin and other cryptocurrencies is invalid. Maybe the platform will be closed by the government soon. Nevertheless, there are also people saying that the Chinese government is behind the platform.

Full story at http://bit.ly/2gMewKu

Source: CoinTelegraph

 

Bank of America Bullish on Bitcoin ETFs, Anticipates 1.6 Billion USD Market

 

With a few baked-in assumptions, BAML pegs foreign currency exchange market (FX) volume to around 1.65 trillion USD. FX currency markets cast a huge shadow, and their decentralized and around-the-clock trading seems match-made for bitcoin. If, BAML projects, the world’s most popular cryptocurrency can grab ten percent of that trillion dollar volume, then the 1.6 billion USD number is arrived at rather easily.

As quoted by Frank Chaparro of Business Insider, BAML explains, “If these volumes were to materialize, with the same relationship between spot market and futures, and the same revenue per contract, the revenue pool would be about $1.6bn.”

One US company stands to gain almost immediately from such an environment of “significant revenue stream,” according to the bank, and that’s Cboe.

Cboe, readers might recall, first embraced cryptocurrencies when it gobbled up Bats Global Markets, at least partially in an effort to help Cameron and Tyler Winklevoss gain a mainstream exchange trading seat. The Securities and Exchange Commission (SEC) squashed the deal, however. Later, former Chairman Arthur Levitt remarkedhow the SEC doesn’t “want to take on something as complex from a regulatory point of view as bitcoin is.”

Full story at http://bit.ly/2gMYcsV

Source: Bitcoin News

 

How Bitcoin Forks Influence Bitcoin Price Rise and Fall

 

Prior to the Bitcoin Gold fork two days ago, the market made some interesting moves.

Bitcoin price reached a new all time high on Oct. 20, 2017 - five days before the Bitcoin Gold fork -surpassing $6,000 for the first time and eventually climbing to nearly $6,200.

Those of you who have endured past chain splits are aware of what usually happens when there’s a split from the Bitcoin network. Ordinarily, the community complains, reddit.com, medium.com, and twitter.com become platforms for soapbox speeches, and a lot of trash is talked by factions within the community.

However, have you noticed the other events that are correlated with a chain split? Once a chain splits, you suddenly own a number of split tokens equivalent to the number of tokens you had on the Bitcoin network. This is because the new chain will be an exact copy of the Bitcoin Blockchain up until the point where the fork occurs.

If the wallet you use supports the forked chain’s software, you will be the owner of two digital tokens: Bitcoin and the Forked Chain Token. In our example we will use Bitcoin Cash (BCH) as the forked token. When the Bitcoin Cash chain forked off of the main chain, owners of Bitcoin became owners of an equivalent amount of Bitcoin Cash. This is because the chains were identical until the fork occurred. If you owned 10 BTC before the split, then you owned 10 BTC and 10 BCH after the split.

This is where the slope becomes slippery. People or organizations with unfathomable amounts of money can use forks as an opportunity to extort both the Bitcoin network and the forked network for enticing capital gains when a fork occurs.

Full story at http://bit.ly/2gOvbNM

Source: CoinTelegraph

 

$6,300: Bitcoin Price Hits Record High

 

The price of bitcoin has set a new all-time high.

Just over a week after pushing past the $6,000-mark for the first time, the world's first cryptocurrency rose to a high of $6,306.58 on the CoinDesk Bitcoin Price Index at 20:30 UTC today. The previous all-time high of $6,183 was set on October 21st and held for just eight days.

In setting the new high, the price of bitcoin is now up more than 500 percent on the year, having climbed from just below $1,000 on January 1st to the new high.

However, at press time, it remains unclear just how much appetite there is to extend bitcoin prices above this mark at the moment. Hours after the milestone, prices are down somewhat, trading at an average of $6,166 across a selection of global exchanges.

Full story at http://bit.ly/2xwEMPR

Source: CoinDesk

 

Catalonia Considering Cryptocurrency Post-Independence, Advised By Ethereum Creator

 

The small but economically vital Catalonia region of Spain has declared its independence, but Madrid vows to keep the region a part of Spain. While governments and thought leaders around the world line up behind opposing sides, the would-be independent government is looking to use a national cryptocurrency and a Blockchain-based residency system.

According to a local newspaper in Spain, the Catalonian director of the digital office (called SmartCatalonia) has already visited Estonia on a number of occasions in order to understand their digital residency plans. Estonia famously made news when their plan for a national currency was harshly shot down by the European Central Bank President.

While the Blockchain residency program would be the first of its kind in Europe, perhaps the bigger news is that an independent Catalan government would likely not have a central bank, choosing a national cryptocurrency instead. With Russian and Kazakhstan already suggesting national cryptocurrencies, the move would not come as a huge surprise.

Full story at http://bit.ly/2gNvjwU

Source: CoinTelegraph

 

Central Bank of Singapore Sees No Reason to Regulate Cryptocurrencies

 

The managing director of the Monetary Authority of Singapore (MAS), Ravi Menon, expressed in an interview on Tuesday that “Singapore doesn’t plan to regulate cryptocurrencies such as bitcoin,” Bloomberg reported. However, he added that it “will remain alert to money laundering and other potential risks stemming from their use.” He was quoted saying:

"As of now I see no basis for wanting to regulate cryptocurrencies."

Instead, the central bank will focus on looking at “the activities surrounding the cryptocurrency and asking ourselves what kinds of risks they pose, which risks would require a regulatory response, and then proceed from there,” he detailed.

Ramon’s stance confirmed a statement by Singapore’s Deputy Prime Minister, Tharman Shanmugaratnam. Responding to a parliamentary question regarding cryptocurrency regulation, he said, “we regulate the activities that surround them [cryptocurrencies], if those activities fall within our more general ambit as financial regulator.”

Full story at http://bit.ly/2i9CQX1

Source: Bitcoin News

 

 

 

Donation:
If you appreciate the things I share, consider making a contribution
no matter how small via PayPal or with TransferWise (EUR).
If you use Waves my wallet address is: 3PPeCnXEDAiRVzvsuGRycrNDHhWgDq68uVt
If you use Bitcoin my wallet address is: 12pAsyMdZoTHPvkiRAZiuQhC8bF4DLbYpQ

Bitcoin QR-Code

 

 

Cryptocurrency News for 27 Oct 2017

 

More Rumors Amazon Could Accept Bitcoin as All Eyes on Conference Call

 

Further rumors are surfacing that Amazon will announce a Bitcoin-related innovation Thursday, as a German newspaper fuels speculation.

In an article Tuesday, Die Welt reported that fintech sources in Silicon Valley were echoing previous hints from investor James Altucher that the global giant could soon integrate Bitcoin as a payment option.

Altucher made the comments in a report last month, citing Thursday’s conference call as a D-Day moment for Amazon and Bitcoin.

Ahead of the call, which anyone can listen to, momentum that the rumors actually hold substance are mounting.

Full story at http://bit.ly/2i942Fm

Source: CoinTelegraph

 

Coinbase Plans to Call the Fork With the Most Accumulated Difficulty “Bitcoin”

 

The bitcoin network may fork in a few weeks on or around November 16 at block height 494784. Many bitcoin-based businesses have been revealing their plans for the upcoming Segwit2x fork, detailing how they will handle a possible split, and how they will determine the name of each token. The San Francisco-based company Coinbase is a business everyone is watching closely, because it has millions of users and processes a lot of bitcoin transactions. On October 23, the exchange revealed how it would proceed with the blockchain labeling, on its frequently asked questions (FAQ) section.

“Following the fork, we will continue referring to the current bitcoin blockchain as Bitcoin with the symbol ‘BTC’,” explains Coinbase. “We will refer to the new blockchain resulting from the fork as Bitcoin2x with the symbol ‘B2X’. If the Segwit2x change is accepted by most users, we may choose to rename these blockchains at a later date.”

However, the FAQ section has since been edited, and there is a new clarification written. Now the company’s Segwit2x guidelines explain the labeling a touch differently as the FAQ states;    

"[EDIT] At the time of the fork, the existing chain will be called Bitcoin and the Segwit2x for will be called Bitcoin2x. Ultimately, we will call the fork with the most accumulated difficulty Bitcoin. We will wait for a period of time after the fork, before finalizing the naming."

Full story at http://bit.ly/2i7U9aZ

Source: Bitcoin News

 

Back Above $5,500: Bitcoin Shrugs Off Fork with Price Rebound

 

At press time, the bitcoin-US dollar (BTC/USD) exchange rate is $5,540, up 3 percent from the intraday low of $5,376, but still down 2 percent on a daily basis. Week-on-week, BTC is trading largely unchanged, while on a monthly basis, it is up 41 percent.

But, it's perhaps the daily recovery that is most notable. While slight, it can be read as encouraging as it follows the news that bitcoin gold, a new publicly traded copy of the bitcoin network was made available to investors on exchanges yesterday. While the asset is not yet issued by developers, many exchanges made IOU versions of BTG available, putting sell pressure on the market and spurring buying elsewhere.

Yet, it does not seem that new bitcoin buyers are in a rush to exchange these phantom BTG tokens for fiat currency, and the recovery suggests more new money could be entering the BTC market at a price they feel is attractive.

So, is bitcoin heading back towards record highs?

Full story at http://bit.ly/2i9CU9d

Source: CoinDesk

 

Distributed Denial of Service Attack Greets Forked Bitcoin Gold on First Day

 

Bitcoin block height 491,407 was reached 23 October, more than a day earlier than anticipated, triggering the so called Bitcoin Gold hard fork. It is the second such fork of its kind since August, and another is predicted mid-November, Segwit2x, at block 494,784.

Not long after celebrating block height 491,407, the Bitcoin Gold (BTG) team noticed 10 million hits per minute clogging up its web traffic requests. BTG’s Slack channel later attributed most of the hits to internet protocol (IP) addresses routed through China.

It was a clear a DDoS campaign was used against the site, which rendered it essentially unavailable for four hours, causing numerous reports about either the team’s inability to insure against such basic attacks or the team’s lack of knowledge in critical areas of website security.

DDoS attacks are fairly routine, and many markets exist to facilitate those who wish to disrupt a company or group’s online activities. For under 200 USD, robot networks (botnets) can be had in the service of DDoS attacks. Smaller organizations are especially vulnerable.

Full story at http://bit.ly/2i9CRKz

Source: Bitcoin News

 

2017 Will Be Remembered As The Year Of Bitcoin

 

In January 2016, an anonymous user posted the following question on Quora: Does it still make any sense to buy Bitcoin in 2016? The price of Bitcoin then was below $400.

My answer then was yes, but it wasn’t that I was religious about Bitcoin or had tools to analyze it quantitatively. To me, Bitcoin was just a very promising early stage startup.

All VC investors know that it’s the early stage where the big multiples are (alongside the high risk, of course). No matter how bullish you are about Facebook’s future today- you can never hope to match the 800x return of Accel Partners who invested in Facebook’s series A.

Back then, I theorized that Bitcoin was likely to disappear or lose value over time. But I thought it made a fantastic investment for the small chance it would ever reach the financial mainstream. Real estate investors hardly relate to this “funny math”, but for venture capitalists it’s the bread and butter.

Full story at http://bit.ly/2i9bJLG

Source: Forbes

 

Tezos Derivatives Crashes Amid Management Infighting after $232 Million ICO

 

The price of Tezos derivatives has crashed on multiple exchanges following the revelation of infighting between the platform’s developers and the independently-operated Tezos Foundation.

Initial coin offerings (ICOs) have exploded in 2017, and the Tezos ICO rode that wave to a then-record $232 million ICO in July. According to some estimates, that stockpile has appreciated to $400 million as a result of the crypto market’s rising tide, meaning that Tezos should be positioned to devote unprecedented resources to the development of its “self-amending cryptographic ledger”.

However, as an investigation by Reuters reveals, this mammoth crypto war chest could not prevent management infighting from derailing the project — and it may have even contributed to the problem.

According to Reuters, Tezos management is rife with infighting. The platform’s inventors, Arthur and Kathleen Breitman, founded a company that develops — and owns — the Tezos code, as well as all associated intellectual property. However, they set up an independent Swiss foundation to manage the ICO and maintain the funds, the plan being that the foundation would eventually purchase the company from the Breitmans and their other shareholder — venture capitalist Tim Draper — for approximately $20 million. This is in addition to the 10% stake the shareholders will receive from the total supply of “tezzies”.

Full story at http://bit.ly/2i8szum

Source: CryptoCoinsNews

 

 

 

Donation:
If you appreciate the things I share, consider making a contribution
no matter how small via PayPal or with TransferWise (EUR).
If you use Waves my wallet address is: 3PPeCnXEDAiRVzvsuGRycrNDHhWgDq68uVt
If you use Bitcoin my wallet address is: 12pAsyMdZoTHPvkiRAZiuQhC8bF4DLbYpQ

Bitcoin QR-Code

 

 

Cryptocurrency News for 24 Oct 2017

 

With 11 Million Users Coinbase Enables Instant Bitcoin Buying With a US Bank Account

 

Bitcoin exchange Coinbase announced that it will now allow users to buy bitcoin, ethereum, and litecoin instantly when paying with a US bank account.

Coinbase made the announcement in a blog post. Previously, customers who purchased cryptocurrency using a bank account had to wait several days — sometimes as long as a week — before they received access to their assets. Now, customers who pay for their cryptocurrency purchases using a US bank account can buy up to $25,000 worth of BTC, ETH, and LTC and receive access to their coins immediately.

This will be a welcome addition for consumers, many of whom desire to purchase ether so they can participate in initial coin offerings (ICOs), but new users in particular often do not realize they need to plan ahead to make sure their coins are available at the start of the ICO.

Full story at http://bit.ly/2yNIiZI

Source: CryptoCoinsNews

 

What Leaders Need To Know About The Power Of Cryptocurrency

 

Over the past few years, adoption of cryptocurrency has grown exponentially, primarily because of its attractiveness to people looking to use alternative money. Because all cryptocurrencies are decentralized, anonymous, and electronic, they’ve been called the currency of the future. Let’s take a look at a few of the areas where cryptocurrency is having an impact on the world.

Bitcoin was the first cryptocurrency, and remains the most prominent. Because of its growing popularity, it’s now being used every day, for ordinary transactions. Well-known businesses such as Etsy and Subway accept bitcoins as payment. The BitPay Visa debit card allows you to transform your bitcoins into conventional money within minutes, and use the card anywhere that accepts Visa. Another platform, ChainTrade, is using blockchain to revolutionize the trade of food and raw materials. This financial sector represents more than $2 trillion annually.

It’s no surprise, then, that there have been movements to legitimize cryptocurrencies as real forms of payment in countries like Japan and Russia. Japan has already accepted bitcoin as legal currency with numerous major retailers. Russia is seeking to recognize cryptocurrencies as legal financial instruments, which will allow them to deal with the problem of money laundering.

Major investors are also starting to consider cryptocurrencies as an investment. As Ron Quaranta, Chairman of the Wall Street Blockchain Alliance, explains: “Bitcoin and Ether and all these cryptocurrencies are representing a different type of asset class; a different type of tradable commodity. Investment managers are our fastest growing demographic.”

Full story at http://bit.ly/2yQnfpv

Source: Forbes

 

A Look at Five Different Cryptocurrency Hardware Wallets and Prices

 

As bitcoin and alternative digital currencies grow more valuable, the demand for hardware wallets has grown significantly. Currently, there are a lot more options than when the first bitcoin hardware wallets came out and a lot more features. Here’s a look at some of the most popular cryptocurrency physical storage devices out on the market today.

A cryptocurrency hardware wallet is a physical device that stores private keys in a protected area within the device. People appreciate hardware wallets because they act similarly to a paper wallet but are far more functional for spending and receiving purposes. To date, there really hasn’t been any major incidents of large-scale hardware wallet vulnerabilities or verifiable incidents of funds stolen by hackers. Hardware wallets are also resistant to viruses, and private keys cannot be removed from these devices in plaintext. Although no method is 100 percent secure, Bitcoiners believe there are many significant advantages of using a hardware wallet, and there’s a bunch of devices to choose from on the market.

Full story at http://bit.ly/2xUepCK

Source: Bitcoin News

 

Your Browser Could Be Mining Cryptocurrency For a Stranger

 

THERE’S SOMETHING NEW to add to your fun mental list of invisible internet dangers. Joining classic favorites like adware and spyware comes a new, tricky threat called “cryptojacking,” which secretly uses your laptop or mobile device to mine cryptocurrency when you visit an infected site.

Malicious miners aren’t new in themselves, but cryptojacking has exploded in popularity over the past few weeks, because it offers a clever twist. Bad guys don’t need to sneak software onto your computer to get it going, which can be a resource-intensive attack. Instead, the latest technique uses Javascript to start working instantly when you load a compromised web page. There's no immediate way to tell that the page has a hidden mining component, and you may not even notice any impact on performance, but someone has hijacked your devices—and electric bill—for digital profit.

The idea for cryptojacking coalesced in mid-September, when a company called Coinhive debuted a script that could start mining the cryptocurrency Monero when a webpage loaded. The Pirate Bay torrenting site quickly incorporated it to raise funds, and within weeks Coinhive copycats started cropping up. Hackers have even found ways to inject the scripts into websites like Politifact.com and Showtime, unbeknownst to the proprietors, mining money for themselves off of another site’s traffic.

So far these types of attacks have been discovered in compromised sites' source code by users—including security researcher Troy Mursch—who notice their processor load spiking dramatically after navigating to cryptojacked pages. To protect yourself from cryptojacking, you can add sites you're worried about, or ones that you know practice in-browser mining, to your browser's ad blocking tool. There's also a Chrome extension called No Coin, created by developer Rafael Keramidas, that blocks Coinhive mining and is adding protection against other miners, too.

Full story at http://bit.ly/2xUcnT5

Source: https://www.wired.com

 

The State of Cryptocurrency: What it is and How it Works

 

If you’re new to blockchain (or if you’ve never heard of it), it can seem a bit daunting. Cryptocurrency as an industry is in its infancy, but the barriers to entry are complex. Without a solid understanding of the premise of blockchain or the platforms on which cryptocurrencies are bought and exchanged, it can be difficult to enter the marketplace, and even harder to transact in it.

One of the first things to understand is that blockchain has nothing to do with bitcoin (cryptocurrency), which is a common misconception. Blockchain is the technology behind bitcoin, first invented to serve as a digital ledger to solve the double spending problem without the use of a singular authority or server.

The decentralized technology uses a peer-to-peer network to record and validate transactions (called blocks) across multiple computers so that the records cannot be altered, you can view it and add to it, but you can’t change the information that’s already there. It’s essentially an online database that anyone can use but no one owns, it’s able to stay relatively hack proof because of blockchains’ millions of users.

The gap in the market that remains is that between traditional financial services and cryptocurrency transactions. Bridging that gap will play a significant role in our ability to integrate cryptocurrency into our mainstream lives.

Full story at http://bit.ly/2xUd4vP

Source: Huffington Post

 

Will This Battle For The Soul Of Bitcoin Destroy It?

 

As Bitcoin hit a new record high less than two weeks ago, long-time “hodlers” (an inside joke in crypto based on a typo in a drunken Bitcoin Talk forum message in 2013) celebrated on Twitter and Reddit with jokes about buying Lambos, and a clip from Wayne’s World where the main characters frolic and chant, “We’ve got $5,000! We’ve got $5,000!”

On Saturday, the price surged to yet another all-time high, $6,194.88, according to Coinmarketcap.com, and the market capitalization briefly exceeded $100 billion.

The reasons for the jumps are unclear, but unless there's negative news, every day, at minimum, the price is likely to rise because of new money coming into the system. Every day on Coinbase alone, about 35,000 new accounts open -- a figure that sometimes reaches 50,000 -- and thousands of people in South Korea and Japan, two countries where Bitcoin has taken off, are also bringing new fiat money into the system.

But the market’s rosy outlook is in stark contrast to the prognosis many insiders give to Bitcoin right now: The almost nine-year-old cryptocurrency is facing its gravest test yet. Whether or not it will survive, or in what form, is anyone’s guess.

Full story at http://bit.ly/2yPrNME

Source: Forbes

 

 

 

Donation:
If you appreciate the things I share, consider making a contribution
no matter how small via PayPal or with TransferWise (EUR).
If you use Waves my wallet address is: 3PPeCnXEDAiRVzvsuGRycrNDHhWgDq68uVt
If you use Bitcoin my wallet address is: 12pAsyMdZoTHPvkiRAZiuQhC8bF4DLbYpQ

Bitcoin QR-Code