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Despite Bitcoin’s ‘Sell-Off’ The Cryptocurrency Space Continues To Attract Investors

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Despite Bitcoin's 'Sell-Off' The Cryptocurrency Space Continues To Attract Investors

Despite Bitcoin's 'Sell-Off' The Cryptocurrency Space Continues To Attract Investors

Despite Bitcoin's 'Sell-Off' The Cryptocurrency Space Continues To Attract Investors

Volatility, volatility, volatility. Traders certainly love it. But the volatility witnessed of late among many leading cryptocurrencies – including the ‘Big Daddy’ of them all in the shape of Bitcoin as well as Ethereum – has been a "double-edged sword" according to some pundits. Price swings can occur dramatically and result in big profits, should you catch it right.

Equally, significant losses can be sustained should your timing be all awry, there is negative newsflow around the crypto space and/or particular digital currencies.
 

Bitcoin’s Halcyon Days?

One might say you pays your money and takes your chances in the “Wild West” of crypto land. More succinctly, caveat emptor (buyer beware). And, according to Jordan Hiscott, chief trader at ayondo markets, a brokerage in The City of London, in a note from last week (March 27) said: “Certainly the halcyon days of performance gains [for Bitcoin] from 2017 seem long gone.”

Bitcoin moved lower early last week on Tuesday and was trading at around the $7,900 mark. However, this was in stark contrast to the level of $13,275 at the start of 2018. Hiscott’s view expressed at the time in late March was that the situation around the current soggy price level could persist for “at least six months.”

He added: “My theory is based around the situation regarding the liquidation of the Mt Gox Exchange, and the appointed trustee to handle the bankruptcy. Colloquially, this individual is known at the "Tokyo Whale", and having already sold around $400 million worth of both Bitcoin and Bitcoin Cash, he is likely the main catalyst for this year’s move down.”

Interestingly, there still remains around three times that amount of Bitcoin to potentially to hit the market. “With this kind of volume yet to surface, in my view, prices on Bitcoin will remain depressed until this situation has been resolved,” ayondo’s Hiscott posited.
 

New Investors

The wild run on the crypto scene starting from late last year may have created a few sob stories for new investors, as those who bought in during the all-time highs are likely to have incurred losses due to February’s massive correction. Some might even be ruing the day they ever decided to dive in and invest.

In fact, recent statistics indicate that most people who got into bed with and invested in Bitcoin did so at a significantly higher price than the current market price, which is now well below the $10,000 market. This is a remarkable turnaround.

Having reached just slightly north of $19,000 a pop on December 17, 2017, in a something of a feeding frenzy from the month before (seeing the currency’s value almost quadruple from $5,857.32 on 12 November), Bitcoin’s price retreated and has fallen back to around $6,500 as of today (April 1) – and that’s no joke. Since the peak it equates to a decline of 65% in a matter of fifteen weeks.

Bitcoin was not alone in seeing a price a substantial correction from its peak.

Ethereum’s price, which was standing at around $366 as April 1 is down from over $1,330 – the currency's peak – reached on January 14 this year, while it’s a similar picture declining prices from their highs for Bitcoin Cash, Litecoin and Ripple.
 

Top Cryptocurrencies: Trading Prices

Dec 17, 2017 April 1, 2018

Bitcoin

$19,086.64 $6,493.84
 

Ethereum

$717.29 $366.09

 

Bitcoin Cash

$1,939.93 $633.68

 

Litecoin

$332.59 $110.86

 

XRP (Ripple)

$0.76 $0.4713

Source: CoinDesk Inc. Prices in US dollars as of April 1, 2018, 15.20 UTC.

There were stories that many had invested using their credit cards. And, some plucky investors even re-mortgaged their homes. What they are thinking now is anyone’s guess. But if you play high risk markets then there is also the possibility of getting burned big time.

And, if there is one lesson from all this, it is not to believe in all the hype that surrounded cryptocurrencies when the prices were getting pretty frothy and frankly some people were getting ahead of themselves.

This was especially so just prior to Bitcoin futures being traded on the Chicago derivative exchanges, the CBOT and CME. Between the point when it was announced late last October that futures in the cryptocurrency would commence during the fourth quarter 2017 – until Bitcoin’s peak in December – the price had surged by 211%. And, now for Bitcoin we are broadly back at those levels seen when the announcement was made first disseminated to the market by the CME.

Looking back it was unrealistic and unsustainable to expect Bitcoin and other leading cryptocurrencies to continue their explosive runs – ever upwards. And, while not wishing to say I told you so, it is something I had pointed out in some of my previous posts on Forbes. Namely that it didn’t exactly look too healthy or sustainable. Some out there think though there will be correction upwards to where it was before and well beyond, given the recent trading lows over the last 50-day trading period.

Now there has been a tightening of regulations. One of the latest examples being from the European Securities and Markets Authority (ESMA), the Paris-based financial regulator, with its communique on 26 March concerning leverage on derivative products related to cryptocurrencies amongst other financial products. Regulators in South Korea and China have also weighed in with pronouncements on bans for Initial Coin Offerings (ICOs) and other crypto prohibitions over recent months.

It was fortunate perhaps that the latest G20 meeting in Argentina did not bear down on the crypto space as they could have, which had been flagged up as a distinct possibility by French and German central bankers along with Mark Carney, Governor of the Bank of England and head of the Basle-based Financial Stability Board (FSB).
 

Investor Appetite?

All of this, however, does not appear to have dampened investors’ drive to be part of the crypto space. Hundreds of millions of dollars in tokens continue to be traded on exchanges. ICOs also continue to rake in the big bucks. Indeed, just three months into 2018 and $4.8 billion in funding has already been raised through various token sales so far.

Blockchain is widely considered to be the next disruptive technology. As such, many believe that the crypto space is a high-potential growth area that could provide massive returns of investment. For early adopters of coins like Bitcoin and Ether, it most definitely has. Although for later ones the jury is out.

As pointed out above, if you bought when the mania gripped at the end of last year you will be nursing a hefty loss. Of course, one might see this as ripe time to buy back in and average out your crypto holdings.

Even established companies are making their respective plays in crypto investing. Trading platform eToro recently secured $100 million in a Series E funding round to support its global expansion and further support of crypto and blockchain. The platform already supports major tokens including Bitcoin, Ether, Litecoin and Ripple.

But the funding round hints at the adoption of blockchain technology for its own use. Crypto exchange Poloniex was also recently bought by Circle, a fintech firm backed by Goldman Sachs, which underscores how traditional institutions acknowledge crypto’s impact.

Such developments only help inspire investor confidence, or so some pundits argue. And, even if coins remain far from their all-time highs, backers continue to stake in blockchain and crypto.

And, in that vein here are five reasons as to why the crypto space still continues to encourage more investors to participate.

 

1. The Promise of Blockchain

It’s tough to argue against blockchain as a technology since there is value in the immutable and transparent record keeping that it provides. But it should be pointed out that Blockchain projects and their protagonists have had a nasty habit of over promising and underdelivering. And, the number of ICOs that failed to deliver in 2017 isn't exactly something to shout about.

Several projects though have already made headway in the areas of finance, healthcare and security. Blockchain’s distributed nature also helps mitigate security and reliability issues that plague other technologies.

Blockchain’s appeal is even bolstered by the emergence of smart contracts and cross-chain interoperability. The possibilities for developing new applications based on blockchain now seem boundless according to the view of some. Because of this, there is no shortage of new and promising ventures building their projects on blockchain.

And, I for one can certainly vouch that hardly a day passes when I do not receive a slew of press release ICO launches in the crypto space. It seems never ending.

Traditional institutions and large enterprises are also committed to adopting the technology. Even banks are forming consortia that would enable them to use blockchain for their various services. Due to this demand, IT providers like IBM and Microsoft are even compelled to offer blockchain-related products and services and blockchain-as-a-service.

 

2. Unicorn Potential

This next wave of tech companies is attempting to bring disruption to a variety of verticals. New projects have now extended beyond blockchain’s typical use cases and have found their way even in sectors like social networks, media and gaming – all of which are billion-dollar industries.

Casting a wider net could help these ventures catch bigger fish. And, for investors, backing such companies early on could deliver significant returns down the line.

Some may be labeling this boom a bubble, in much the same way as happened with a whole host of dotcom ventures back in the naughtiest (2000’s). While this may be true in some regard, one should not dismiss the likelihood that winners can emerge – even if the bubble bursts.

And, in hindsight, who would not have wanted access to Google or Amazon stocks at pre-IPO or at IPO prices? There is always a chance that this slate of crypto-based projects may include future unicorns.
 

3. Early “In”

Clearly, not everyone is a venture capitalist (VC) or an angel investor who could find early “ins” to startups. This typically requires a certain amount of clout and reputation in the business community as well as significant wealth in the war chest. The only way ordinary people were able to invest in new companies was to wait for a public offering.

Today, ICOs have allowed just about anyone to invest early in new projects. ICOs now generates 3.5 times more capital than VC funding. This is largely due to how ordinary investors could invest even relatively small amounts right at the start, based on the promise of returns once the token hits exchanges or when the venture eventually flies.

 

4. Fundamentals Start to Matter

More investors are also realizing that they should not be rash in spending their money on any ICO that comes their way. It does take disciplined due diligence to spot potential unicorns. But even a good idea does not necessarily come to fruition until the service goes live and the market takes to it.

Fortunately, more investors are learning to look into a project’s fundamentals. The uniqueness and value of the concept, the token economy, the potential for target verticals to be disrupted by the technology, the strength of teams behind the projects, and other factors are now being considered by investors.

This rising focus on fundamentals can eventually help minimize speculation and the market’s volatility and even encourage traditional investors to participate.

 

5. Global Reach

Traditional investing has largely been geographically limited due to the regulatory constraints. ICOs, however, have opened up the game, allowing investors from all over the world to participate. This is also becoming increasingly easy given how established platforms are supporting more cryptocurrencies.

While some countries have already put up stringent regulations to limit and even ban crypto investing, many countries still only advise their citizens to be cautious when investing in crypto. Investors from these certain countries are otherwise unbridled to trade cryptocurrencies.

 

Risks and Rewards

At the end of the day, investing as a financial activity entails risks and rewards. While crypto investing seems to carry more risk due to the technology and space’s infancy, the rewards can also be significant.

Fortunately, the crypto space appears to be headed – some believe – towards normalcy as regulation and a focus on fundamentals are helping lessen speculation. Increasing support by traditional trading platforms and the participation of other established organizations also helps bring legitimacy to crypto activities, which ultimately should inspire investor confidence.

Add to all this, the space continues to make significant money. And, as long as this is the case, it will continue to attract enterprising parties from all over. But watch this space.

 

Roger Aitken , CONTRIBUTOR

 

Posted by David Ogden Entrepreneur

Alan Zibluk – Markethive Founding Member

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5 ALTCOINS WITH MAJOR EVENTS THE WEEK OF APRIL 1, 2018 (GAINS LIKELY TO BEAT BITCOIN RETURNS!)

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5 ALTCOINS WITH MAJOR EVENTS THE WEEK OF APRIL 1, 2018 (GAINS LIKELY TO BEAT BITCOIN RETURNS!)

5 ALTCOINS WITH MAJOR EVENTS THE WEEK OF APRIL 1, 2018 (GAINS LIKELY TO BEAT BITCOIN RETURNS!)

This past week has seen Bitcoin and many altcoins fluctuate dramatically. These significant fluctuations can be profited off of by trading or increasing one’s position in the underlying crypto. The upcoming week has major events for five cryptocurrencies: PRL, UKG, EOS, PKB, and BRD.
 

THE MARKET CONDITIONS

In December of 2017, Bitcoin was pushing the $20,000 mark with many experts predicting a run much higher. The bull market turned bear and BTC is currently priced at approximately $7,000 per coin. This sixty plus percent retraction has led altcoins to retract even further. Bitcoin’s dominance in the past three months has increased as the total market cap of all cryptos has decreased. BTC now makes up a greater share (percentage wise) of the total crypto markets than it did in December, when its price was 200% higher.
 

Markets in turmoil usually scare investors away. However, the savvy investor is keenly aware of the opportunities markets in turmoil provide. There are buying opportunities galore with many altcoins having major events on a weekly basis. Rotating one’s holding from one altcoin to another week to week is a timely task but if accomplished in a sophisticated manner can lead to substantial returns outpacing Bitcoin and the rest of the crypto markets.
 

This week has 5 altcoins with major events: PRL, UKG, EOS, PKB, and BRD.

PRL – OYSTER PROTOCOL (SHL AIRDROP, EXCHANGE SUPPORT)

The SHL airdrop to PRL holders is finally a week away! On April 6, 2018, each holder of PRL will receive a 1:1 ratio of SHL for each PRL crypto held. Last week no exchanges had announced support for the airdrop. However, this week, the exchange PRL is predominantly traded on expressed their support for the airdrop. Now holders of PRL in their wallets or on the main PRL exchange can easily attain the SHL tokens.
 

PRL is planning to revolutionize the way web hosts earn an income. Instead of advertising revenue making up the majority of income for web hosts; PRL intends to replace ad revenue. Web hosts will soon be able to input a line of code into their websites that allow for no advertisements but still provide revenue based on total views/visitors. How is this completed? Well, the visitor to the website is unaware but a miniscule amount of their spare computing power is used to confirm transactions on the PRL network, rewarding the webhost in PRL tokens.

 

The amount of revenue attained from removing advertisers is expected to surpass the amount received from running advertisements. PRL is a great crypto without having to airdrop SHL, but SHL adds any entirely new degree of value in the form of an airdrop. SHL intends to decentralize the internet and if it comes even close to its ambitions should increase exponentially in value.

 

As airdrops approach the underlying crypto usually increases until exchange support is announced or declined. If a major exchange supports the airdrop the value of the underlying crypto tends to increase until the date of the airdrop. If an exchange declines support for the airdrop the crypto generally retracts significantly as individuals have to decide to move the crypto to a desktop/application based wallet or to sell at the current price. PRL received support for their SHL token airdrop on the main exchange PRL is traded.

 

This week should be a very positive week for PRL. Following the airdrop, there should be a significant correction in the price of PRL as many are currently holding for the SHL token.

UKG – UNIKOIN GOLD (ESPORTS LIVE BETTING, SPECTATOR BETTING)

Unikoin Gold (UKG) is an ERC-20 token that has been incorporated into the Unikrn platform. The Unikrn platform specializes in licensed, legal betting on eSports tournaments and matches. UKG provides a reward and incentivization structure for teams, players, and the participants of eSports. One of the biggest backers of the Unikrn project is the infamous Mark Cuban, billionaire, investor, Dallas Mavericks owner, and television personality. With investors such as Mark Cuban and a major upcoming week UKG should see a strong rally in the short term.
 

UKG is fairly useless without its Esports live betting and spectator betting platforms. Well, these platforms allegedly go live this week, on April 6, 2018. If UKG achieves this deadline the price of UKG will respond accordingly in a positive manner. Similarly, if UKG misses this deadline the public will lose faith regardless of the importance of Mark Cuban. What UKG is “supposed” to be, a major aspect of their roadmap, and the backbone of the platform is supposed to go live in less than a week. The ability to access spectator and Esports betting is what gives UKG utility. Utility adds value more than anything else in the crypto space.
 

If UKG is able to implement spectator and Esports live betting this week UKG should see a nice boost in sentiment regarding the coin, and the underlying value of UKG.

EOS – EOS (DAWN 3.0 RELEASE)

EOS is a similar cryptocurrency to Ethereum (ETH) but excels in areas ETH fails. EOS specializes in scalability, an area where ETH suffers greatly. However, ETH has attained the most important thing of all: market penetration. The overwhelming majority of ICOs from the past year were ETH based on the ERC-20 platform. This sheer quantity led to many scaling problems for ETH and this is specifically where EOS excels.
 

For those that are not technology advanced understanding what Dawn 3.0 is will be fairly difficult. To summarize, Dawn 3.0 is finally stable enough to release as an Alpha and will soon become the GitHub master branch for EOS. This substantial development for EOS ensures its relevancy in the future as long as ICOs continued to be launched.
 

EOS is on the cusp of being fully implemented and functioning. Once these benchmarks in their roadmap are met, EOS will have an inherent advantage when compared to other cryptos that specialize in ICOs. It is expected by many crypto enthusiasts that EOS is the only capable platform able to handle full-scale commercial decentralized applications. Once this is achieved developers and investors will flock to the EOS platform for its advantages over other ICO platforms. Dawn 3.0 is the beginning of being able to understand what these advances truly include.

BRD – BREAD (IOS AND ANDROID UPDATES)

The BRD token was sold during an ICO to raise money for the Bread App (a great mobile wallet for iOS and Android). It seems curious but currently, the Bread App only can buy, sell, and transfer Bitcoin (BTC). The Bread application currently does not have the ability to hold the BRD token. This will obviously change in the short term with April 7, 2018, being the targeted date. The plan according to BRD is to update the iOS and Android applications to support ETH, ERC-20 tokens, and Bitcoin Cash (BCC). BRD currently has no utility and cannot even be held in the Bread application.
 

This week should be the last week the Bread application cannot hold BRD tokens. By incorporating BRD, ETH, ERC-20 tokens, BTC, and BCC all in one mobile wallet many individuals may begin using Bread for its overwhelming benefits. Once BRD can be held on the Bread application the plan is to allow BRD to be used to “unlock” special features within the app. If a wallet user has 10,000 BRD for example, they may be able to purchase BTC for a 1% fee instead of the industry standard of over 4%. The more BRD you hold in your wallet, the more benefits the user will receive for possessing them.

 

BRD’s token is about to be given significant utility by being able to provide the holder special benefits within the Bread application. This system creates an environment where holders of BRD are not selling but continuing to acquire as their will be benefits based on quantity held. By decreasing supply on the open market while increasing utility of BRD, the price should correspondingly increase.

PKB – PARKBYTE DELISTING (BITTREX, SHORT)

Not all news is “good” in crypto. PKB is being delisted from Bittrex on April 6, 2018. PKB was unable to provide all the documentation Bittrex requested in the 7-day time frame they were given. Unfortunately for PKB holders, this resulted in their delisting by Bittrex. Other cryptos like MTL have rebounded following their delisting but it seems PKB may fall into the majority category and fade into oblivion unless they can create positive sentiment very quickly. Being delisted from Bittrex generally is a “nail in the coffin” unless significant changes, public outreach, and a strong team remain.

 

PKB has a solid team but with a market cap of under $500,000, it seems unlikely they can revive their project following a Bittrex delisting. However, if they are able to this very small market cap crypto that can still be purchased on Bittrex will skyrocket in value. Of the coins on this list this is the only one that is reasonably expected to continue fading into oblivion. There is no real ability to short this crypto which would be the recommendation but if you are feeling risky do the opposite of what the public does! This is crypto, anything can happen.
 

If PKB can get themselves relisted or provide project updates that change market sentiment, expect this very small market cap crypto to increase dramatically in value. With the current negative news regarding a delisting, this is a very risky coin to hold but provides more upside than any on this list.
 

EVERY WEEK HAS GREAT OPPORTUNITIES, FINDING THEM IS NOT ALWAYS EASY

This week has four coins with great upcoming news and one with very negative news. This is a very exciting time for crypto as a whole as many projects started six months ago are finally coming to fruition this week. With such important events in the upcoming week it is important to stay diversified while keeping an eye on five coins for the upcoming week. These five coins should fluctuate dramatically depending on the developments over the next week.

 

Author JAKETHECRYPTOKING · MARCH 31, 2018 · 5:00 PM

 

Posted by David Ogden Entrepreneur
David Ogden Cryptocurrency Entrepreneur

 

Alan Zibluk – Markethive Founding Member

Markethive

Bitcoin Price Surges 10% as G20 Will Not Crackdown on Cryptocurrencies

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Bitcoin Price Surges 10% as G20 Will Not Crackdown on Cryptocurrencies

Bitcoin Price Surges 10% as G20 Will Not Crackdown on Cryptocurrencies

The G20’s announcement that it will pivot away from creating new regulations in favor of examining existing rules gave the cryptocurrency market a much needed seeing Bitcoin surge by $1000.

 

No New Regulations

The anticipation of what new regulations might come of the G20 meeting this week in Buenos Aires added to a rocky cryptocurrency market over the past week but the news as reported by Reuters is that there will be no new regulation recommendations handed down.

Some of the nervousness of cryptocurrency market watchers coming up to the G20 was due in part to the fact that Mark Carney, Governor of the Bank Of England and outspoken critic of Bitcoin heads the Financial Stability Board which coordinates financial regulation for the Group of 20 economies.

Carney has been very vocal about his doubts concerning the credibility of cryptocurrency in the past speaking as the head of the Bank of England.

Deciding that there was not enough of a consensus to create radical new regulation among the 20 countries that make up the G20 the FSB issued a letter to the central bankers and finance ministers who will convene in Buenos Aries on the 19 and 20 saying

“The FSB’s initial assessment is that crypto-assets do not pose risks to global financial stability at this time,”

Carneys singing off on this letter shows an increased willingness in his attitude towards accepting cryptocurrency as part of the worlds financial system. Noting that this would be his last year as both chairman of the FSB and Governor of the Bank of England he said his successor would be reviewing existing rules as opposed to pushing through new standards.
 

Scaling Down

President Donald Trump set a mood for scaling back regulatory powers when he ordered American regulators to relax post-banking crisis reforms in order to encourage lending in the economy.

This made world regulators speculate that America, already reticent to join global regulatory bodies would reject any new suggestions and possibly fragment markets.

In reaction, the FSB membership vowed to make a complete review of whether the watchdog is still “fit for Purpose” for evaluating and amending rules.

Having already scrapped a quarter of its working groups in an effort to make the FSB more efficient and dedicated Carney said “As its work to fix the fault lines that caused the financial crisis draws to a close, the FSB is increasingly pivoting away from design of new policy initiatives towards dynamic implementation and rigorous evaluation of the effects of the agreed G20 reforms,”

This seemingly good news for cryptocurrency regulation and the hangover effects of the latest Mt. Gox bulk sale wearing off gave the faltering Bitcoin price a nice boost, up $1000 recovering nearly 8% of its value in 24 hours.
 

Author JOHN MCMAHON • MAR 19, 2018 • 05:03

 

Posted by David Ogden Entrepreneur
David Ogden Entrepreneur

Alan Zibluk – Markethive Founding Member

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Bitcoin WARNING – EU Commission says crypto is NOT currency ahead of imminent crackdown

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Bitcoin WARNING - EU Commission says crypto is NOT currency ahead of imminent crackdown

Bitcoin WARNING – EU Commission says crypto is NOT currency ahead of imminent crackdown

BITCOIN and other cryptocurrencies do not have a "guaranteed value" and should come with a "clear and frequent" warning to investors in order to safeguard them from possible risks to their investments, EU financial services commissioner Valdis Dombrovskis said.

Bitcoin and other cryptocurrencies have attracted a growing number of investors since their value began skyrocketing shortly before Christmas 2017.

Mr Dombrovkis warned that speculation could pose risks to investors, suggesting the European Union stands ready to regulate cryptocurrencies in months to come.

He said: "Cryptocurrencies – which are not currencies in a traditional sense and whose value is not guaranteed – have become subject to considerable speculation: this exposes consumers and investors to substantial risk, including risks to lose their investment.

"This is why our conclusion is that warnings about those risks to consumers and investors are important and must be clear, frequent and across all jurisdictions."

Speaking to the press following a roundtable discussing the challenges and opportunities of crypto trading, Mr Dombrovkis said: "We do not exclude the possibility to move ahead by regulating crypto-currencies at the EU level if we see, for example, risks emerging but no clear international response emerging.”

But despite calls for caution from investors, the EU Commissioner suggested Brussels recognised the technological importance of the structure driving the trade of bitcoin and other cryptocurrencies – the blockchain.

He said: "We concluded that blockchain technology holds strong promise for financial markets and to remain competitive Europe must embrace this innovation."

Bitcoin’s underlying blockchain technology has been repeatedly championed as the foundation for a new kind of global finance. However after nearly a decade of hype, real working examples of its value have been few and far between.

Last month a massive trade deal between the US and China renewed hopes that the technology was finally peaking above the parapet of the cryptocurrency community and gaining mainstream traction.

The deal used a blockchain-based digital platform to complete terms between the US and China for the sale of 60,000 tonnes of US soya beans.

The blockchain is broadly understood as an incorruptible digital ledger of economic transactions that can be programmed to record not just financial transactions but virtually everything of value.

 

 

Author : AURORA BOSOTTI UPDATED: 22:16, Mon, Feb 26, 2018

 

Published by David Ogden Entrepreneur
David Ogden Cryptocurrency Entrepreneur

 

Alan Zibluk – Markethive Founding Member

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Tesla Billionaire Elon Musk Reveals How Much Bitcoin He Owns

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Tesla Billionaire Elon Musk Reveals How Much Bitcoin He Owns

Billionaire Elon Musk is a huge fan of cutting-edge technology and is usually ahead of the curve when it comes to finance, but he's not a bitcoin bull. The co-founder of Tesla Inc. revealed on Twitter that he owns only a tiny fraction of one bitcoin token.

"I literally own zero cryptocurrency, apart from .25 BTC that a friend sent me many years ago," Musk confessed. Using today's bitcoin price of about $10,000 a coin, that translates to $2,500.

The serial entrepreneur – whose net worth tops $20 billion – made the revelation in response to a question about a Twitter scam where random users posed as celebrities (like Musk) in a bid to steal people's cryptocurrencies.

Musk's indifference to bitcoin probably wasn't a shock to his fans, since he recently told his 19.8 million Twitter followers that "a friend sent me part of a BTC a few years, but I don’t know where it is." (See also: Elon Musk: Education, Success Story and Net Worth.)

In November 2017, Musk denied rumors that he was Satoshi Nakamoto, the mysterious inventor of bitcoin. The brouhaha erupted after a former SpaceX intern claimed in a blog post that the serial entrepreneur was "probably" Nakamoto.
 

Is Elon Musk Satoshi Nakamoto?

In a blog post on Medium, Sahil Gupta, who had interned at Musk's space company SpaceX in 2015, said "Satoshi is probably Elon."

Gupta reasoned: "Elon is a self-taught polymath. He’s repeatedly innovated across fields by reading books on a subject and applying the knowledge. It’s how he built rockets, invented the Hyperloop (which he released to the world as a paper), and could have invented Bitcoin."

The true identity of Satoshi Nakamoto has never been confirmed, but there has a steady stream of rampant speculation about who he really is ever since bitcoin quietly launched in 2009. (See also: Has Bitcoin Creator Satoshi Nakamoto Been Found?)

Meanwhile, Elon Musk isn't the only billionaire who's skeptical of bitcoin and the crypto phenomenon. Bitcoin cynics are put off by the virtual currency's erratic price movements, lack of regulation, and absence of a valuation guarantee because it's not backed by a central bank.

Billionaire Charlie Munger, the second-in-command at Berkshire Hathaway, slammed bitcoin as a "noxious poison" and called the media hype surrounding digital currencies "totally asinine."

Similarly, Munger's boss, mega-billionaire Warren Buffett, predicted that cryptocurrencies will almost certainly "come to a bad ending." (See more: Bitcoin Is 'Poison,' Says Berkshire Billionaire Charlie Munger.)

And in its latest letter to clients, the Paul Singer-led Elliott Management, which oversees $34 billion in assets, excoriated cryptocurrencies as a bubble, a scam and a fraud. “This is not just a bubble," Elliott wrote. "It is not just a fraud. It is perhaps the outer limit, the ultimate expression, of the ability of humans to seize upon ether and hope to ride it to the stars."

 

 

Author Samantha Chang | Updated February 23, 2018 — 6:50 PM EST

 

Posted by David Ogden Entrepreneur
David Ogden Cryptocurrency Entrepreneur

 

Alan Zibluk – Markethive Founding Member

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Bitcoin – British MPs launch inquiry into digital currencies

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Bitcoin – British MPs launch inquiry into digital currencies

MPs have launched an inquiry into cryptocurrencies and the technology behind them.

The Treasury Committee said it wants to understand the risks and benefits of digital money following an explosion of interest – and investment – in them.

The MPs will cover the role of digital currencies in the UK, including the impact on consumers and businesses.

Although currencies such as Bitcoin have drawn criticism, the technology behind them has been praised.

Nicky Morgan, chair of the of the committee, said the MPs would look into how consumers and Britain's financial infrastructure might be better protected, without stifling innovation.

Last year's rapid rise, and subsequent fall, in the value of Bitcoin focussed attention on cryptocurrencies. They were variously dismissed as fraudulent, a "Ponzi" investment scam, and a vehicle for criminals and tax evaders.

Bank of England governor Mark Carney said Bitcoin had failed as a currency, but that the underlying technology which records and verifies the chain of transactions might prove useful.

Warren Buffett, the venerated investor, said the speculative cryptocurrency craze "will come to a bad end".

Divorcing couples may clash over Bitcoin

Ms Morgan said: "People are becoming increasingly aware of cryptocurrencies such as Bitcoin, but they may not be aware that they are currently unregulated in the UK, and that there is no protection for individual investors.

"The Treasury Committee will look at the potential risks that digital currencies could generate for consumers, businesses, and governments, including those relating to volatility, money laundering, and cyber-crime.

"We will also examine the potential benefits of cryptocurrencies and the technology underpinning them, how they can create innovative opportunities, and to what extent they could disrupt the economy and replace traditional means of payment."

But she also wants to strike a balance between protection and regulation, and not hindering the blockchain technology behind cryptocurrencies. "As part of the inquiry, we will explore how this can be achieved," she said.

The committee, which has yet to set a date for its first evidence session, will take evidence on key questions, including:

  • Are digital currencies ultimately capable of replacing traditional means of payment?

  • To what extent could digital currencies disrupt the economy and the workings of the public sector?

  • What risks and benefits could digital currencies generate for consumers, businesses and governments?

  • Could regulation benefit digital currency start-ups by improving consumer trust?

  • How are governments and regulators in other countries approaching digital currencies and what lessons can the UK learn from overseas?

Source   BBC

 

Posted by David Ogden Entrpreneur

 

Bitcoin - British MPs launch inquiry into digital currencies

Alan Zibluk – Markethive Founding Member

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Cryptocurrency latest – Unprecedented Bitcoin legal battles BAFFLE top regulation lawyers

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Cryptocurrency latest - Unprecedented Bitcoin legal battles BAFFLE top regulation lawyers

Cryptocurrency latest – Unprecedented Bitcoin legal battles BAFFLE top regulation lawyers

UNPRECEDENTED legal battles are set to take place in the UK after it was reported that divorce lawyers are struggling to come up with settlement agreements over cryptocurrencies.

The unusual legal cases are said to concern at least three couples looking to legally separate.

One pair has a fortune of £600,000 in cryptocurrencies that they are currently struggling to agree how to split.

The lack of regulation surrounding the digital currencies means that there is little legal cover for those looking to protect their online assets in the case of a divorce.

Bitcoin, Litecoin, Ripple and Ethereum are all understood to be at the centre of online money involved in the divorce cases.

Vandana Chitroda, a partner at the law firm Royds Withy King, said: “These are the first cases we have seen, and we expect to see many more.

“We believe that cryptocurrencies will be a significant feature in a large number of divorces.

“Whilst cryptocurrencies are volatile, they are not going to go away.”

Bitcoin has dramatically seen its value plunge throughout 2018 from a record high of nearly £15,000 in December 2017 to now under £7,000.

However, there is evidence to suggest the number of people investing in cryptocurrencies is rising.

Ms Chitroda added: “It is important that if you believe your husband or wife has invested in or purchased cryptocurrencies, such as Bitcoin, and you are separating, you tell your legal adviser.”

Countries around the world are currently looking at implementing regulation for digital currencies in an effort to catch up with the latest financial craze.

The finance minister and Central Bank Governors of France and Germany have requested that talks on policy and monetary implications of cryptocurrencies be part of G20 talks in March.

They want world leaders to come up with a global strategy for the online assets.

Some countries have already begun to act unilaterally to increase regulation.

South Korea introduced a raft of measures last month aimed at regulating Bitcoin and similar currencies such as Ripple and Ethereum.

A ban on anonymous trading was implemented by the Asian power in a bid to crack down on all possible criminal activities the secret nature of trading Bitcoin allowed.

Meanwhile, India’s Government has said it does not consider cryptocurrencies to be legal tender and will try to phase out payments using the online money.

 

 

 

Author DAN FALVEY UPDATED: 05:29, Thu, Feb 15, 2018

 

Posted by David Ogden Entrepreneur
David Ogden Cryptocurrency Entrepreneur

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Bitcoin continues its steady recovery, rising above $8,000/more

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Bitcoin continues its steady recovery, rising above $8,000

Other cryptocurrencies match bitcoin’s march higher

Bitcoin continued to move above $8,000 on Thursday,
taking a cue from global equity markets, which appeared to be stabilizing somewhat after a week of extreme volatility. The price of a single bitcoin BTCUSD, +2.72% gained 6.7% to $8,091.23, bouncing off a session low of $7,576.25, according to CoinDesk data. The price of bitcoin remains well below a level of $10,000 seen a week ago, and its December peak above $19,000, but has recovered from a drop below $6,000 on Tuesday. Ether, the coin on the ethereum network, saw a similar rise, up 6.3% to $806.63, while bitcoin cash was at $995.25, up 3.5%. Litecoin rose 2.7% to $142.66, and Ripple gained 3.4% to 75 cents, CoinDesk prices indicated.

Winklevoss:
If you can’t see bitcoin at $320,000, you just lack imagination

‘We believe bitcoin disrupts gold’

Tyler Winklevoss and Cameron Winklevoss are still fired up about bitcoin.

‘You know the criticisms are just a failure of the imagination.’

That’s what Tyler, one of the Winklevoss twins, had to say to the skeptics — and there are many — who fail to see the massive potential for bitcoin BTCUSD, +2.33%  and the rest of the crypto space. “Cryptocurrencies aren’t really important for human-to-human transactions… but when machines-to-machines trade economic value, they are going to plug into protocols like bitcoin and ethereum,” he explained to CNBC. “They are not going to open bank accounts at J.P. Morgan… those were invented by bankers before the internet existed. Trying to use them as payments or money on the internet is a square peg in a round hole at best.” His brother, Cameron, says bitcoin will one day be worth 40 times today’s price, which is currently just over $8,000, thanks to a double-digit rally.

“We believe bitcoin disrupts gold GCH8, -0.01% We think it’s a better gold if you look at the properties of money. And what makes gold gold? Scarcity,” Cameron said. “Bitcoin is actually fixed in supply so it’s better than scarce … it’s more portable, its fungible, it’s more durable. Its sort of equals a better gold across the board. We think regardless of the price moves in the last few weeks, it’s still a very underappreciated asset.”

Neither Cameron nor his brother put a specific timeline on the prediction during the chat, but they did say they’re taking the 10-to-20 year view. The Winklevoss twins were hailed as the first crypto billionaires, after riding the hype and creating an exchange that processes $300 million in daily transactions. The brothers are currently No. 4 on the Forbes list of wealthiest players in the space, behind the Binance CEO Changpeng Zhao.

February Bitcoin futures on the Cboe Global Markets XBTG8, -0.30%  slipped 2.4%, to settle at $8,040, while those on the CME Group Inc. BTCG8, -1.52%  fell 3.6% to $7,970. Cryptocurrencies have drawn some support this week from a Senate hearing to discuss regulations for the industry , which was viewed as generally positive. But bitcoin and its rivals have been not escaped the volatility that has at times whipsawed global equity markets.

Chuck Reynolds

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Bitcoin drops below $6,200 for first time in three months

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Bitcoin drops below $6,200 for first time in three months

Bitcoin drops below $6,200 for first time in three months

The virtual currency fell to $6,190 for the first time since mid-November, according to Bloomberg News, and represents the latest hammering for a unit that saw a stratospheric 26-fold rise last year.

Bitcoin plunged 20 per cent to a three-month low today, its latest sharp loss following a series of setbacks for the cryptocurrency that, with a collapse across global mainstream markets adding to the selling.

The virtual currency fell to $6,190 for the first time since mid-November, according to Bloomberg News, and represents the latest hammering for a unit that saw a stratospheric 26-fold rise last year.

Today's collapse comes just six weeks after bitcoin hit a record high of $19,511, fuelled by a flood of speculators looking to make a quick buck, with warnings it could fall another 50 per cent.

Since those heady days the cryptomarket — which includes dozens of other units — has been pounded by news of crackdowns by governments including in China, Russia and South Korea, one of the biggest markets for the sector.

On Thursday, India said it would "take all measures to eliminate" cryptocurrencies' use as part of a payment system and in funding illegitimate activities, while Japanese authorities raided a virtual currency exchange after it lost $530 million to hackers.

Central bank in Europe, Japan and the United States have also flagged concerns about the unit and this week saw several commercial lenders say they would stop allowing their customers to buy bitcoin through their credit cards owing to debt concerns.

Stephen Innes, head of trading for Asia Pacific at Oanda, said "the dynamics behind the moves are regulatory clampdowns and investors losing confidence in crypto".

The sell-off on Tuesday was exacerbated by crushing losses on world stock markets, with the Dow on Wall Street suffering its biggest one-day points loss and wiping out all its 2018 gains.

The global rout comes as panicked investors fret over rising US borrowing costs, leading them to cash in profits after a stellar couple of months that have seen many indexes hit record or all-time highs.

Equities have enjoyed months of surges fuelled by optimism over the US economy, corporate earnings and the global outlook.

But while traders have been piling into equities, pushing many global indexes to record or multi-year highs, there has been growing concern on trading floors about elevated US Treasury bond yields — at four-year highs — and the likelihood of fresh Federal Reserve interest rate hikes.

"The risk-off tone is hitting Bitcoin almost as hard as a global regulator and bank scrutiny," said Greg McKenna, chief market strategist at AxiTrader. "The latest dent to the Cryptospace has been banks saying they are shutting down the ability of clients to buy bitcoin with their cards."

"This could end up a full round trip back into the $1,850/$2,966 region.

Source: Feb 06, 2018 10:39 AM IST | Source: PTI

 

Posted by David Ogden Entrepreneur

David Ogden Cryptocurrency entrepreneur

 

 

Alan Zibluk – Markethive Founding Member

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Cryptocurrency Markets Move Back Into Green After Substantial Selloff

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Cryptocurrency Markets Move Back Into Green After Substantial Selloff

Cryptocurrency Markets Move Back Into Green After Substantial Selloff

Cryptocurrency markets are rebounding today, Feb. 3, following yesterday’s multi-month low in Bitcoin's price. Most of the top 50 coins are in green, with 24 hour gains over 20 percent.

In part due to pressure from misleading reporting on regulations in India, the overall cryptocurrency market took a massive nosedive starting Thursday, Feb.1, shedding more than $100 billion in market cap in the 24 hours following the news.

However, after the substantial selloff, the market has spent today bouncing back, with Bitcoin rising back above the $9,000 level. At press time, Bitcoin was trading at an average of $9,095, up 3.54 percent on the day.

Following Bitcoin’s lead, other coins have also rallied substantially. With the except of three coins, every top 50 cryptocurrency has seen gains, with Litecoin (LTC) and Cardano (ADA), and Verge (XVG) leading the pack with gains between 15 and 20 percent.

A quick glance at the Coin360 market snapshot indicates a clear positive turn after the substantial negatives of the week.

Despite the market lows this week, figures such as Litecoin founder Charlie Lee and CNBC’s Cryptotrader host Ran Neuner have made bullish statements recently about Bitcoin. In an interview with Cointelegraph, Lee in particular offered some level-headed perspective on volatility in crypto markets, often lacking in a market crowded with fearful newcomers.

News of the first Canadian Blockchain ETF approval may well have played into today’s rally.

Bitcoin hit a record high of 20,000 in late December, only to crash, along with the rest of the market, just a few days later, Dec. 22, when Bitcoin and altcoins lost 20-30 percent.

Since then, the leading cryptocurrency has yet to fully recover, hovering roughly between $10-$15,000 per coin, until this yesterday’s multi-month lows under $8000.

The entire month of January saw a market sell off, in part due to increased regulatory news from South Korea – and misleading reporting on it – that left many investors fearful.

 

Author Jon Buck

 

Posted by David Ogden Entrepreneur
David Ogden Cryptocurrency Entrepreneur

Alan Zibluk – Markethive Founding Member