Bitcoin price soars above $5,000 to record high
The price of bitcoin has smashed through $5,000 to an all-time high.
The cryptocurrency rose by more than 8% to $5,243 having started the year at $966. Bitcoin has soared by more than 750% in the past year and is worth four times as much as an ounce of gold.
But the price has been volatile. The digital currency plunged below $3,000 in mid-September after the Chinese authorities announced a crackdown. Beijing ordered cryptocurrency exchanges to stop trading and block new registrations, due to fears that increasing numbers of consumers piling into the bitcoin market could prompt wider financial problems.
Full story at http://bit.ly/2yKygsU
Source: The Guardian
Ultra-Rich Investor Trace Mayer Predicts Bitcoin Price Will Reach $27,395 in Just Four Months
Trace Mayer tweeted that he believes Bitcoin is currently undervalued, and that his target price for this coming February (only four months away) is $27,395 per Bitcoin. He bases this prediction on the steady increase of Bitcoin’s 200 day moving average. Mayer is extrapolating the rise of the 200 day moving average, assuming it will reach $5,767 by February. If this is the case, he asserts that a per-coin value of 4.75 times the moving average, or $27,395, would be a “fair” price.
Trace Mayer, J.D., was one of the “first popular bloggers to publicly recommend Blockchain technology” according to his website. At the time, Mayer recommended that his followers purchase Bitcoin, the price per coin was just $0.25.
Like most Bitcoin early adopters, Mayer is extremely wealthy, having recently challenged Roger Ver to a 25,000 BTC wager. There are very few people in the world with enough juice to make $121 mln bets. In addition to his early adoption and recommendation of Bitcoin, Mayer provided seed money for Kraken, BitPay, and Armory.
On his website, Mayer describes himself as:
“An entrepreneur, investor, journalist, monetary scientist and ardent defender of the freedom of speech. Trace Mayer holds degrees in accounting and law. He studied Austrian economics focusing on Murray Rothbard and Ludwig von Mises.”
Full story at http://bit.ly/2yK4zZf
Source: CoinTelegraph
The Bitcoin bubble will continue blowing up until it inevitably pops, according to Michael Novogratz, a former manager at the $72 billion investor Fortress.
"It would not surprise me if, in the next six to 10 months, we're over $10,000," Novogratz told CNBC on Tuesday. Bitcoin traded near $4,823 per dollar at 11:31 a.m. ET on Monday, up 657% for the year.
At a recent meeting with institutional investors in San Francisco, he realized the "herd" was approaching to cash in on the booming demand for cryptocurrencies. The CEOs of major investment banks including Morgan Stanley and Goldman Sachs have recently commented publicly on bitcoin.
Novogratz is starting a $500 million crypto fund that invests in bitcoin, ethereum, and initial-coin offerings.
Full story at http://read.bi/2yKyoIU
Source: Business Insider Nordic
The Bitcoin Gold Project Responds to Negative Criticism
The topic of the Bitcoin Gold (BTG) fork is once again finding its way throughout the cryptocurrency community. Over the past week, a lot of people have been investigating this proposed hard fork and finding many flaws associated with the project. It’s safe to say people are skeptical as there are few written articles highlighting issues with the BTG plan and many unanswered questions. Further, while visiting the team’s Slack channel, there are quite a few people there at times asking hard questions and pretty much telling the BTG team that the project is “shady.” Alongside this, people are astonished that there is literally no infrastructure or exchange listings showing support for this fork that’s coming soon.
This week one individual did a reverse Whois background search on the BTG website and found the owner of the site owns a lot of cryptocurrency domains. The person also discovered the project’s new consensus algorithm is unfinished and replay attack protection has not yet been added. Work has also been light as there hasn’t been much development with the code for a project that’s just two weeks away. Lastly, the project has a premine implemented into the code which means the developers will have a significant amount of BTG if this project actually forks.
Then on October 10, news.Bitcoin.com was sent an official response to all the accusations that currently surround the BTG project.
“Recently we have been targeted and attacked by people who don’t understand the importance of decentralisation in the Bitcoin network,” explains the BTG team. “This deceptive attack was made by using a snapshot of our site from months ago.”
Full story at http://bit.ly/2yIYH2a
Source: Bitcoin News
Why is Africa Slow on the Bitcoin Uptake?
There are masses of potential for Bitcoin in Africa. It’s a monetary system for the unbanked, it’s trustless and far less corruptible, and it can create a new monetary system where there’s no long legacy of banking and financials.
However, across the continent, in different countries, the uptake has been surprisingly slow. From South Africa and Nigeria, as the biggest players in Bitcoin, to smaller nations like Tanzania who are seeing big growth, but with small numbers.
Perhaps one of the biggest issues facing Bitcoin adoption in Africa is educating people about digital currencies. Bitcoin and the cryptocurrency world is still a foggy minefield for those who are actively using it, so it’s difficult to try and educate a whole continent
Africa is largely a cash-based infrastructure with a simplistic model, even banking is still a novel concept to a large portion of the population.
Full story at http://bit.ly/2i3s4Fk
Source: CoinTelegraph
Jamie Dimon Says He's Done Talking About Bitcoin
JPMorgan Chase chief executive Jamie Dimon has said he won't be commenting on bitcoin anymore.
It's a statement that comes a month after his now-infamous declaration that the cryptocurrency is a "fraud." Dimon made the remarks during a third-quarter earnings call with reporters this morning, as cited by CNBC.
He reportedly said:
"I wouldn't put this high on the category of important things in the world, but I'm not going to talk about bitcoin anymore."
Full story at http://bit.ly/2yJTSpp
Source: CoinDesk
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