The combined market capitalization of all public cryptocurrencies

has surged nearly 80% over the last month, as more than $20bn worth of new investment dollars has flooded the nascent market. In roughly 30 days alone, the market cap for experimental blockchain-based cryptographic assets has ballooned from $27.8bn to $49.5bn, according to data from CoinMarketCap, with the strongest gains observed outside of the market's historical leader, bitcoin.

A closer look reveals the total market cap of so-called 'altcoins', cryptographic tokens that seek to serve alternative use cases to bitcoin, has surged to $23.5bn, up more than 600% from just over $3bn in early March. Amid this sharp rally, some market observers have expressed concerns that the asset class may have entered a speculative bubble. When supporting his argument, Jacob Eliosoff, a trader who runs a cryptocurrency fund, pointed to not only to the price gains, but also the fact that so many cryptocurrencies – including those that haven't seen technical or business progress – have risen in value.

Eliosoff told CoinDesk:

"I've been making the bubble argument for weeks. Doge, Dash, Litecoin, Stellar, Gnosis … practically every coin has surged."

He further cautioned that this development is "a sign of unthinking buyers that will sell as soon as the tide turns." Daniel Masters, director of the regulated investment vehicle Global Advisors Bitcoin Investment Fund (GABI), offered similar sentiment, emphasizing that even cryptocurrencies with smaller market caps – like litecoin, ether, namecoin and ripple – have all experienced strong gains over the last few months. He told CoinDesk that he believes "sentiment [is] too strong," noting that between this and record prices for cryptocurrencies, a bubble may be forming.

More room to grow

While the aforementioned analysts provided cautious viewpoints, other market observers were more optimistic, asserting that cryptocurrency prices have significant room to appreciate despite current prices. Harry Yeh, the managing partner of Binary Financial, took a bullish slant, telling CoinDesk that "there's still quite a ways to move" as more investors take note of big gains in the sector. Tim Enneking, chairman of Crypto Currency Fund, also spoke to the market's potential. "I would agree that prices have increased too far too fast, but I don't think it's a serious problem – more like a buying opportunity," he said. He elaborated on this statement, pointing out that it is challenging to determine the "true value" of a cryptocurrency: "I'm not sure I would label it a bubble, at least not yet. It's quite difficult to definitively state what the intrinsic value is or should be of an altcoin,"

he said, adding:

"Property is worth what people are willing to pay for it."

Rising OTC trading

One strong indicator of the bullish sentiment is robust trading. While transaction volume for many of the digital assets listed on Coinmarketcap has risen, over-the-counter (OTC) trading firms have also reported an increase in activity. Martin Garcia, vice president of Genesis Global Trading, noted that his New York-based firm is experiencing such an improvement. "Our new applications are up significantly, and old clients are circling back as well," Garcia said. Ryan Rabaglia, head trader for Octagon Strategy, expressed a similar sentiment.

"Our desk has had [a threefold] volume increase over the last few months and over the last few weeks we're onboarding new counterparties at a record rate," he said. Finally, Rabaglia spoke to the changing demands of his customers, emphasizing that while bitcoin and ether are still the "hottest names," his trading desk has repeatedly received requests for trades involving lesser-known alternative cryptocurrencies such as ZEC, DASH, ETC and XRP. Ultimately, he characterized the current market as one with abundant opportunities for his business.

He concluded:

"Up to this point we've dabbled in each and are considering dedicating more resources if the demand persists."

Chuck Reynolds
Contributor
Please click either Link to Learn more about Bitcoin.

Alan Zibluk – Markethive Founding Member

Cryptocurrency –
Looking Ahead from May 2017

  

For cryptocurrency enthusiasts, developers and investors,

the first half of 2017 has been nothing but exciting. Very few people would have predicted the trends that we are now seeing today: a vibrant and rapidly growing altcoin market, massive all time highs for both Bitcoin and Ethereum and an initial coin offering (ICO) crowdfunding mechanism that is creating enormous investor hype. Among all of this noise are a number of very interesting developments. These developments could indicate what’s to come in the second half of 2017, and this article aims to summarize events so far and what may be to come. Whatever your role in the cryptocurrency space, this piece should serve as some inspiration as to where to look next.

Ripple – Bitcoin for Banks

ripple logo

The popularity of Bitcoin’s blockchain stems from its ability to circumvent banks and allow users to engage in peer to peer transactions without authority; creating an enormous array of applications for Bitcoin gambling and dark net markets, as well as limitless “white hat” models. This ideology is more powerful than ever today, but the introduction of Ripple in 2013 has demonstrated that banks themselves can be revolutionized by overhauling their systems to use blockchain-based payments.

Ripple is unlike most other cryptocurrencies, in that it operates on a private or “consortium” blockchain, whereby the nodes (transaction verifiers) are controlled by trusted financial institutions that have been vetted to join the network – on the contrary, anyone in the world is free to join and use the Bitcoin network. The Ripple tokens (XRP) power international transactions on the network, whether that’s fiat to fiat, crypto to crypto or a mix of the two – with currency exchange conversions happening on the fly. Ripple allows banks to reduce global (and domestic) payment times from days and weeks down to seconds, with layers of transparency that are unprecedented in the traditional banking sector.

Despite being a private blockchain, anyone in the world is able to purchase XRP, and with a fixed supply of 100bn, scarcity may play an important role in the future price of XRP. This scarcity has also been compounded by the founding team of Ripple agreeing to verifiably “lock up” well over half of that total supply – adding some predictability to the XRP price. This lock up time is possibly planned for an extension, which – combined with the listing of XRP on major exchanges like Bitstamp, and Ripple’s partnership with Japan’s largest bank – has led to a meteoric rise in the value of XRP from $0.01 to $0.18 in a matter of weeks. Over the past several months, it has become apparent that large financial institutions are leaning towards consortium based blockchains as opposed to the public ones offered by Bitcoin – although Ethereum may buck that trend as discussed below.

Ethereum – EEA and Development Roadmap

 Ethereum Logo

Ethereum was the first blockchain to successfully convince investors that altcoins had a viable place in what was largely considered a Bitcoin-only ecosystem. Popular due to its built-in smart contract protocol, Ethereum is able to run computations that can transact value without middlemen. As a result, the project has led to the formation of the Enterprise Ethereum Alliance (EEA) which connects dozens of businesses and academics who are rapidly researching and developing smart contract technology.

While a number of the projects being worked on are private forks of Ethereum – such as JP Morgan’s Quorum protocol – the interoperability with the main Ethereum chain, as well as the lessons being learned (and shared among EEA members and the open source community), is having profound effects on Ethereum as a whole. The EEA is just one offshoot of Ethereum that has attracted enormous investment, however, there are other developments which have led to a recent upsurge in the price of Ether, from $10 to roughly $90 at the time of writing.

Ethereum Name Service

In May 2017, the Ethereum Foundation (EF) launched the Ethereum Name Service (ENS). This protocol is analogous to the separate Domain Name Service (DNS), which ties domain names to i.p. addresses – making them more readable to human users. In a similar way, the ENS will tie long and unreadable smart contract or personal wallet addresses to a memorable “name” such as mywallet.eth. These names are currently at auction, and there has so far been $7m worth of bids, with the exchange.eth receiving a massive $600,000 bid. Note that this is a proxy bid, meaning the winner would only ever pay a trivial amount more than the next highest bidder.

Reducing Miner Reward

A poll taking place on carbonvote.com has indicated that an overwhelming 99.73% are in agreement with a move to reduce the miner reward from 5 ETH per block to 2 ETH (with blocks continuing to be mined at roughly 15-second intervals). The motivation behind such a change is to reduce uncertainty about the future total ETH token supply, helping to drop ETH inflation from 13% to a figure that is more in line with Bitcoin’s 4% inflation.

Proof of Stake

Proof of Stake (PoS) is an alternative consensus protocol to the Proof of Work (PoW) mechanism that was made famous by Bitcoin’s blockchain. In order to secure a blockchain, miners must be rewarded by processing valid transactions and ignoring invalid transactions. In a PoW system, a miner must expend enormous amounts of energy (with a significant cost in doing so) to process a “block” of transactions and to earn their reward. PoW protocols are enormously inefficient, with huge energy requirements that are not in line with modern day environmental considerations.

Proof of Stake serves as an alternative consensus protocol that achieves similar levels of security but requires “miners” (called validators) to stake value in the form of cryptocurrency – expending little to no energy at all. If the validator tries to game the system for their own advantage, they lose all of their stated value. Validators that act honestly are rewarded by receiving what is analogous to interest payments. Ethereum plans to move from their PoW structure to a PoS one, and this move is pegged for the end of 2017/start of 2018. Such a change in protocol would lock enormous amounts of Ether in taking contracts, removing said Ether from the ecosystem and reducing circulating supply.

Bitcoin – Segregated Witness and the Litecoin test bed

bitcoin logo

Bitcoin has been unswayed by the incredible rise in altcoin market caps over the past 6 months and remains one of the best performing cryptocurrencies in the market. Having matured beyond the “pump and dump” phase, the currency has now established itself as the gateway to the world of crypto. Bitcoin is, in its current form, the ultimate store of value and medium for exchange when dealing with other currencies. All of this is despite major concerns over the currency’s ability to scale. Transaction fees have increased several times, and the mempool (unconfirmed transactions) has seen enormous growth – leading to delays of several hours or even days.

Thankfully, Bitcoin’s little cousin – Litecoin – has played a vital role in abating fear amongst Bitcoin investors. Litecoin, whose market cap is a fraction of Bitcoin’s, has acted as a test bed for introducing Segregated Witness (SegWit) – a code change to help mitigate some of the scaling problems mentioned above. Litecoin’s activation of SegWit has given developers, users and miners renewed confidence in what this code change can do for Bitcoin, providing a “light at the end of the tunnel” on a 3-year long debate.

Where do cryptocurrencies go from here?

Many early adopters have hailed blockchain technology as “the internet 2.0”. In past years, a number of key figures in the industry analogized the current state of blockchain to that of email in the 1990s, suggesting that what we see today is a fraction of what can be achieved with the protocol in the years ahead. That analogy, which was (and still is) heavily criticized by skeptics, is now becoming too obvious to ignore. Rather than blockchains competing with one another, we are seeing interoperability take hold, and growth is practically ubiquitous amongst all major cryptocurrencies. Smart contract technology is destined to have an enormous impact on a broad range of markets in the years to come, and the impact that blockchain-based banking will have on global economics is undeniable.

It is likely that cryptocurrencies will continue to grow at an unprecedented rate until, in the same analogous way to the Internet, we experience a gigantic bubble. At what point the bubble bursts is an unknown, however – sticking with the analogy – it wasn’t until the Internet reached a value well into the trillions that the market crashed. Compare this figure with that of the blockchain market which is worth no more than $100bn and it seems that we may still be some way off. Despite what seems like an inevitable bubble, the very long-term outlook for blockchain users, investors and developers could not be brighter.

Chuck Reynolds
Contributor
Please click either Link to Learn more about Bitcoin.

Alan Zibluk – Markethive Founding Member

Launching Today:
Liberalcoins.com – the First One-Stop-Shop for Cryptocurrency Trading

Let's unite the diverse cryptocurrency market by also facilitating trades between cryptocurrencies.

  

Alan Zibluk – Markethive Founding Member

Russians and Koreans are the biggest payers to the global ransomware hackers

All bitcoin transactions are permanently recorded on the blockchain, and anyone can view them. Chainalysis crunches these transactions and assigns them to clusters of “entities,” which could be bitcoin exchanges, wallet providers, or bitcoin miners. The firm found that the hackers, who ask for ransom to be sent to three bitcoin addresses, had received a total of nearly $23,000 so far in dollar terms, converted at the point the transaction was made. The two entities that sent the most money to the hackers were bitcoin exchanges serving the Russian and Korean markets. “If you look at the infection rates, a lot of it is in Russia, so [the data] is complementing that,” says Jonathan Levin, a Chainalysis co-founder. “Given that we know the infections are also in Russia, I would say, it’s Russian users.”

Analysis by information security firm Kaspersky Lab showed Russia had the most infections, although South Korea doesn’t appear among the top countries. Here’s the list of where ransoms originated from via Chainalysis:

Alan Zibluk – Markethive Founding Member

Top Safe Bitcoin Wallets

  

The only way to properly store your bitcoin wealth is by using a safe wallet solution.

It is hard to quantify what makes one wallet safer than the next, as users have their individual preferences and needs in this regard. However, there are some wallet solutions out there that take keeping funds safe to a whole new level. Keep in mind these wallets are listed in random order.

Electrum

On the software side of things, there are quite a few different bitcoin wallets to choose from. However, one of the primary wallets people use in this regard is Electrum, as it is a lightweight wallet that offers plenty of functionality. Thanks to proprietary – yet decentralized and redundant – servers, synchronizing with the bitcoin blockchain takes mere minutes. Moreover, the wallet offers a cold storage solution, as well as multisig wallet support. 

Trezor

Bitcoin users all over the world are familiar with the Trezor brand, as it is one of the most secure hardware wallets available today. Trezor is the original hardware wallet for bitcoin users and comes at affordable prices. It is also compatible with all major operating systems. Various bitcoin businesses implemented Trezor support, including Bitstamp, Bitwala, and BitPay. It also supports two-factor authentication for additional security.  

 Mycelium

On the mobile front, there is a lot of competition for the crown of being the most secure wallet solutions available today. Mycelium has gotten a lot of support in this regard, as they are considered to be a must-have secure bitcoin storage application. Their HD wallet support, as well as an option to delete the private key from the device and integrate “watch only” accounts make Mycelium one of the top secure mobile bitcoin wallets.

KeepKey

Hardware bitcoin wallets have become quite popular over the past few years. That is only normal, as storing bitcoin in a secure manner becomes more important than ever. Hardware wallets are designed to facilitate secure funds storage, with quite a few companies launching their products in recent years. KeepKey is one of the top solutions in this regard, as the device requires users to manually approve every transaction. Moreover, the device has PIN protection, adding an extra layer of security.

Ledger Nano (S)

The Ledger line of hardware bitcoin wallets can not be ignored. The company prides itself on making affordable yet secure bitcoin wallet solutions. There is no reason to pay hundreds of dollars for a device when the same goal can be achieved with a device costing a fraction of the price. Don’t let the cheap price fool you, though, as every one of Ledger’s devices is more than capable of keeping your wealth safe. All of Ledger’s wallets come in the form of a USB-size, although there are minor differences between each type. The Ledger Nano S is by far the most popular hardware wallet, as it is capable of storing both Bitcoin and Ethereum. Moreover, users can complete wallet actions through the display on the device or by using the browser plugins. An affordable, robust, and secure line of products, that much is certain.

Chuck Reynolds
Contributor
Please click either Link to Learn more about Bitcoin.

Alan Zibluk – Markethive Founding Member

Jaff Ransomware Demands a Two Bitcoin Payment to Decrypt Files

  

Ransomware comes in many different shapes and sizes.

Some malware strains are rather easy to remove free of charge, whereas others can be a real pain in the rear. Jaff, a new type of ransomware, is perhaps one of the most expensive types of malware we have seen in quite some time. It demands a ransom of $3,700 to be paid in Bitcoin, which is a rather steep amount.

Jaff Ransomware Swings For The Fences

It is evident criminals who rely on ransomware distribution are looking to make a lot of money in quick succession. That is much easier said than done, though, as security researchers often come up with free decryption tools to nullify these threats.  However, in the case of Jaff,  there is no free decryption option whatsoever right now. Similarly to virtually any other type of ransomware, the Jaff malware encrypts files and gives them a custom file extension. It appears the files are encrypted using AES, which has become the norm over the past few months. It also appears Jaff shares a lot of similarities with Locky, at least here the payment page is concerned. That is rather interesting, although Jaff demands a much higher amount compared to Locky.

This brings us to what puts Jaff on the radar of security researchers right now. The malware demands victims to pay $3,700 worth of Bitcoin to have the files restored. It is rated unusual for ransomware types to charge such a steep amount, considering most consumers won’t spend that amount of money on recovering their files. Then again, people who are genuinely worried about losing sensitive files may be tricked into paying the ransom in the end. Regarding the distribution of Jaff ransomware, it appears the malware is actively distributed through MALSPAM traffic originating from the Necurs botnet. People who have been following our ransomware coverage may recall the Necurs name, as it is a popular botnet to distribute malware on a rather large scale. Spam email campaigns have been a very popular tool among cybercriminals over the past few years, and it looks like things will not change anytime soon.

To be more specific, the Jaff ransomware is hidden in a malware-laden email attachment that requires users to enable macros in Microsoft Word. Once the user does so, they will download multiple malicious files on their machine, including the Jaff payload itself.  As soon as the download is finished, the files on the computer will be encrypted. Breaking this encryption is impossible right now unless the money is paid. A demand of a $3,700 payment in Bitcoin is rather unusual, to say the least. This aggressive method by the criminals will make their ransomware a type priority for security researchers to decrypt with a free tool, though. It is doubtful anyone would pay 2 Bitcoin to restore file access. It is unclear if files can be restored from a previous backup, though, as most ransomware types often delete shadow volume copies as well.

Chuck Reynolds
Contributor
Please click either Link to Learn more about Bitcoin.

Alan Zibluk – Markethive Founding Member

  

Bitcoin has shown amazing, and fairly steady, growth over the last year.

A single bitcoin was worth just $455 in May 2016. And even after retrenching slightly from a record Thursday high of over $1,800 per token, it has shown a stunning 286% annual return, based on prices from CoinMarketCap. As with most assets, explaining bitcoin’s bull stampede is more art than science. Bitcoin's price is fundamentally linked to how many people use the system to send money. But it's currently mostly driven by speculators, who trade on their belief that it will become more popular in the future. Positive news on that front has been plentiful in the last three months in particular.

Globally, Bitcoin is being treated with a great deal more respect by regulators. Positive comments about blockchain by Minneapolis Federal Reserve President Neel Kashkari coincided with the latest Bitcoin price surge. Japan approved Bitcoin as a legal method of payment in early April, and Chinese regulators have made progress in squaring Bitcoin usage with that country’s tight capital controls. There have been positive internal indicators, as well. Bitcoin’s major headwind is an ongoing debate over scaling up the system to handle more transactions. While that effort is still basically stalled by bitter infighting, some have seen a positive development in the successful deployment of a solution known as Segregated Witness on the LiteCoin system, which is largely a Bitcoin clone.

When considering further upside on Bitcoin and other cryptocurrencies, one factor looms above all: cryptocurrency is still essentially off-limits for institutional investors. While venture capitalists have poured more than $1.5 billion into blockchain startups, the tokens themselves don’t meet regulatory standards for more traditional funds. Once something like the Winklevoss twins’ proposed Bitcoin ETF is approved, the pool of potential Bitcoin investors will explode overnight. There are also two very important points of caution. First, Bitcoin is still a risky asset in the short term. Boosters were just as excited when it peaked at over $1,100 in late 2013—and the price then spent years gradually slumping, reaching a low of $200 in mid-2015.

There’s also a serious long-term downside risk to Bitcoin. While the potential of Bitcoin’s underlying blockchain technology is widely acknowledged, Bitcoin itself is now only one of dozens of implementations of the idea. Bitcoin has a big first-mover advantage, but innovators with names like Ripple and Dash have already significantly expanded on its features. Foremost among those innovative competitors is Ethereum, the second-largest cryptocurrency, whose price has also spiked over the last month. Many entrepreneurs building blockchain applications are using Ethereum, so it’s likely to share in—and maybe even cannibalize—Bitcoin’s long-term growth.

Chuck Reynolds
Contributor
Please click either Link to Learn more about Bitcoin.

Alan Zibluk – Markethive Founding Member

Dr. Paul Ennis
is a research assistant at The Centre for Innovation,
Technology & Organization at University College Dublin,
specializing in bitcoin and blockchain studies.

Dr. Ennis
investigates the daily activities and political attitudes of China's well-established bitcoin mining sector,
positioning his findings within the context of the network's scaling debate.

Positioned on one side are the Bitcoin Core developers

At present, the bitcoin community is engaged in a voracious debate about how best to scale the network. But in such a context, it's sometimes all too easy to overlook the human figures involved in that debate. Positioned on one side are the Bitcoin Core developers, (a term many wishes to avoid reifying) but who nonetheless are recognizable as a cadre of sorts. On the other side of the debate, underrepresented and frequently misunderstood, are the China-based mining pools and hardware providers. We reached out to three mining pools – AntPool, Bixin and BW – to get a varied perspective on how they feel about Western attitudes toward them, but also how the day-to-day operations of mining occur.

Bitcoin culture can, at times, be argumentative, and this is at least partially attributable to the communication gap between China and the English-speaking world. Virgilio Lizardo Jr, head of international for Bitbank Group (owners of BW pool), describes the language barrier between China and the English-speaking world as "immense", leading to a dialogue blighted by miscommunication. One significant effect of this divide, Virgilio emphasized, is that due to the lack of Chinese presence on English-speaking bitcoin forums, stereotypes of Chinese miners continue to proliferate. The sentiment is echoed by perhaps the most well-known Chinese miner of them all, Jihan Wu, co-founder of Bitmain, the operator of AntPool.

He told CoinDesk:

"A lack of a common discussion field has allowed for the creation of an echo-chamber in the technical community outside China, where the voice and interests of the Chinese miners are misunderstood and not represented."

Nature of the problem

Lizardo, a transposed Westerner with a strong sense of Chinese culture, noted that one overlooked issue is that the miners have no obvious media outlet to get their position across, leading to distorted narratives and the compounding of mistrust. He further emphasized that there is a tendency to group the Chinese miners together as a single "monolithic entity".

However, their visions for the future are predictably diverse. While Wu is an open supporter of Bitcoin Unlimited, positions toward the scaling debate vary enormously across the miners. Asked for his opinion, Tyler Xiong of Bixin, formerly HaoBTC, argued the importance of maintaining a single implementation of the protocol and a healthy community, stating: "We don't want the breakup of bitcoin".

This is contrary to Wu, who commented:

"I believe multiple implementations are healthy for the bitcoin ecosystem."

Business priorities

Wu also stressed that it is important to recognize that the mining operations in China and elsewhere are businesses, each with their own agenda and strategies. According to Wu, while there is a general consensus among miners that bigger blocks are needed, "most miners prefer to stay away from the discussion" and focus on the daily operation of their businesses.

As is well-known, information about the actual, day-to-day mining operations in China is hard to come by. Occasionally, we will get photographs or videos of vast industrial warehouses packed with whirring mining machines, but not much more. Often situated in the depths of the Chinese countryside they are, admittedly, aesthetically powerful: equal parts industrial traditionalism and science fiction. Most of the miners confirmed what many have long known about why China cornered the mining market – cheap electricity.

Wu, arguably the most successful mine operator in the history of bitcoin, said the most challenging part of planning a new mining farm is finding access to a low-cost and reliable electricity supply. Lizardo also reported that while constructing a mine is not difficult the "logistics of transporting thousands of miners is challenging."

Tyler painted a picture of what occurs once construction is complete:

"The daily job includes 1) the installing, maintenance and repairing of miners and other facilities, and 2) monitoring the temperature in different areas of the mining farm. It requires a lot of passion because there are tens of thousands of miner at the same time and you want all of them are available 24/7."

Important function

At BW pool, most of the labor is drawn from local communities, trained by the company to become technicians and maintenance workers. Each miner we spoke to stressed that looking after the mines was a 24-hour job, requiring constant supervision by employees.

Jihan highlighted this same phenomenon, stating:

"You need to human resource to constantly look after the farm, you need to maintain constant and direct communication with the investors of your farm, you need to maintain the mining equipment."

The take home across all the interviews was that mining was, at heart, a difficult, costly and time-consuming job. Further, that perhaps in the fog of endless debates we have lost sight of the important function Chinese miners have for bitcoin’s maintenance and security.

Chuck Reynolds
Contributor
Please above Link to Learn more about Bitcoin.

Alan Zibluk – Markethive Founding Member

  

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And a Bitcoin Is Now Worth…
Be careful with your price comparisons.

The Future of Crypto-Currencies

With a 94 percent year-to-date gain, and a single "coin" now worth $1,843, bitcoin has been on a helluva run lately.  The increase in the cost of the massively-volatile electronic tokens has led to many comparisons with that other favorite outsider "currency'' — gold — recently. True, a unit of Bitcoin passed the dollar value of one troy ounce of gold this year and is now more than $600 higher. 

  

But the daily swings in the digitally created asset have been vast. Even during the huge run up this year, it has moved more than five percent on 21 different days, with nine of those being moved lower. Gold, on the other hand, has been much more stable.  

Volatility aside, there is a major problem with gold as a comparator for the software-based unit. Nobody thinks compared to one share of Apple Inc.  — current price around $155 — with one share of, for example, outdoor lighting company Acuity Brands Inc. — current price around $178 — is valid. It certainly does not show that Acuity (market cap $7.9 billion) is worth more than Apple (market cap $814 billion).

By the time the supply of new bitcoins ends, sometime after the year 2110, there will be 21 million bitcoins in (digital) existence, meaning the total value of all of the electronic tokens that will ever exist, at today's market price, is just under $39 billion. According to the World Gold Council, total gold stocks amount to approximately six billion troy ounces or $7.3 trillion at today's price. To put it another way, in order for bitcoin to be worth more than gold, a one 'coin' would have to trade at $347,000 in order for 'bitcoin worth more than gold' to be a defensible statement. Must dash now, one bitcoin is about to be worth more than one aluminum future…

Chuck Reynolds
Contributor

Alan Zibluk – Markethive Founding Member