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alfwesh22

Stanford's Applied Cryptography Group Aims to Bulletproof Bitcoin  

Stanford University’s Applied Cryptography Group (ACG) is proposing  Bulletproofs, a way to drastically reduce blockchain data, roughly ten-fold. The ACG team argues how using aggregation for transaction proofs and reducing block will result in two goals long sought in Bitcoin, confidentiality and speed.   

Bitcoin’s Bulletproofs
Bulletproofs: Efficient Range Proofs for Confidential Transactions is a working publication from Stanford University’s Applied Cryptography Group. The project is overseen by professor Dan Boneh, and it involves PhD students and researchers from Stanford, University College London, and Blockstream. “Bulletproofs are designed to enable efficient confidential transactions in Bitcoin and other cryptocurrencies,” a background abstract begins.
A common misconception is transacting in bitcoin is somehow anonymous, confidential. The press often touts it as such, especially in the service of crime.

Stanford
        's Applied Cryptography Group Aims to Bulletproof Bitcoin
 

The irony of payment systems in the digital age is how public they are. Entire industries have been built up around gathering payment information, habits. Bitcoin is a step, for sure, toward thwarting institutional electronic payments’ invasiveness, but it is a long way from the anonymity of cash, for example.
“Confidential transactions hide the amount that is transferred in the transaction,” the paper continues, “Every confidential transaction contains a cryptographic proof that the transaction is valid. Bulletproofs shrink the of the cryptographic proof from over 10kB to less than 1kB,” they claim.

Could Bulletproofs Ease the Scaling Debate?
Nothing in the paper overtly refers to the ongoing scaling debate, other than Bulletproofs assisting in scaling as a general idea. Those championing large block s have done so under the criticism of slow transaction times and higher fees. Meanwhile, status-quo arguments revolve around a bitcoin not reserved for micropayments, more for a settlement standard and store of value.

“If all Bitcoin transactions were confidential and used Bulletproofs, then the total of the blockchain would be only 17 GB, compared to 160 GB with the currently used proofs,” authorsBenedikt Bünz, Jonathan Bootle, Dan Boneh, Andrew Poelstra, Pieter Wiulle, Greg Maxwell insist.

Stanford's Applied Cryptography Group Bulletproofs Bitcoin
Professor Dan Boneh

zkSNARKs, popularized in ZCash, are precursors to Bulletproofs. However, “Bulletproofs are short non-interactive zero-knowledge proofs that require no trusted setup,” which is the case with SNARKs.
“A Bulletproof can be used to convince a verifier that an encrypted plaintext is well formed. For example, prove that an encrypted number is in a given range, without revealing anything else about the number,” the ACG team asserts. The tradeoff in using Bulletproofs is in verification, as it is “more time consuming than verifying a SNARK proof.”
Block efficiency usage means the ACG proposal can “have many other applications in cryptographic protocols,” they write, “such as shortening proofs of solvency, short verifiable shuffles, confidential smart contracts, and as a general drop-in replacement for Sigma-protocols.”




alfwesh22


Israel, Bitcoin


Ambiguity can be dreadfully annoying when it comes to matters of law. Such is the case of bitcoin use in Israel, where citizens have yet to receive any official word on the subject. Soon, however, this issue might finally be resolved.

On Tuesday it was announced that the Israeli Ministry of Finance will establish a working team on digital currencies together with the heads of the big accounting firms and relevant professional chambers.

Israel Might Finally Issue Clear Bitcoin Regulations  

This was decided at a meeting initiated by Finance Minister Moshe Kahlon with the same bodies, where they acknowledged that Israel has not prepared well enough to handle the issue of digital currencies so far.
One of the people who has been pushing for this is Israeli serial entrepreneur (and vocal bitcoin advocate) Moshe Hogeg. He met with the finance minister last month to promote the issues of blockchain and cryptocurrencies.
Speaking today with news.Bitcoin.com, Hogeg said: “We are leading this with the minister and very happy to see he is all for it.” As for a potential timetable, he added: “The committees will begin their operations very fast. In my opinion, we will see results on the ground in up to six months.”

Current State of Ambiguity
As mentioned above, the current lack of official regulations on bitcoin has created a lot of trouble in Israel for both end users and businesses in the field.
In June the Tel Aviv district court ruled that banks can deny service to bitcoin-related ventures, such as exchanges due to the banks’ inability to verify their own KYC and AML obligations before the law. And in the beginning of the year, the Israeli Tax Authority determined that if bitcoin is not legally defined as a currency, the sale of it will be subject to a number of taxes that can severely hurt adoption.

Israel Might Finally Issue Clear Bitcoin Regulations 

It also needs to be remembered that whatever recommendations will eventually come out of the working team, they are not likely to be too supportive. At least one high-ranking Israeli public official is known to be rather concerned about the harmful potential of cryptocurrencies and the team is certain to hear from him.

Professor Shmuel Hauser, Head of the Israel Securities Authority (ISA), has spoken out for a need by regulators to take a ‘paternalistic’ approach regarding both ICOs and bitcoin. The ISA has since established its own committee for assessing possible regulations in Israel.

Should Israelis welcome government regulation on bitcoin? Tell us what you think in the comments section above.




alfwesh22

Roger Ver Declares Bitcoin Cash to Be True Bitcoin, Market Forces Bring More Attention

Earlier this year, divergent groups within the original Bitcoin community could not agree on a particular protocol to be implemented in scaling the platform. Those who sought bigger blocks therefore hard forked away from Bitcoin and created Bitcoin Cash (BCH).

Battle for supremacy
Since the creation of Bitcoin Cash in August 2017, there has been a tug on both sides of the divide and many key players and stakeholders have publicly taken sides based on reasons that are peculiar to them.

After the hard fork, Bitcoin Cash followed a general downward trend following its initial surge post-creation, while Bitcoin continued to smash the roof and set new record-highs repeatedly. Recently, Bitcoin retraced significantly over a short period of time - about $2,300 in just a few days. The difference between this dip and previous corrections was the corresponding surge in value of Bitcoin Cash which many people see as a direct rival to Bitcoin.

This Bitcoin Cash surge has caused formerly-neutral trading platforms like eToro to add Bitcoin Cash to their platform, with members paying a closer attention to developments around the cryptocurrency.

Which is the real Bitcoin?
Roger Ver is known as ‘Bitcoin Jesus’ due to the fervour with which he preached the Bitcoin gospel in its early days, but now appears as the main face behind Bitcoin Cash. He insists that his version of cryptocurrency, Bitcoin Cash, is the future of Bitcoin.
Ver tells Cointelegraph:
“Bitcoin Cash is the real Bitcoin and will have the bigger market cap, trade volume and user base in the future.”
Currently, Bitcoin Cash has a market cap that is just about one-fifth that of Bitcoin, a daily trading volume of over half and a circulating supply that is slightly higher when compared to Bitcoin. Following the recent price fluctuations, the crypto community is beginning to pay closer attention to Bitcoin Cash.

Challenges are essential for growth
The CEO of Netcoins, Michael Vogel, sees Bitcoin and cryptocurrency as the world's largest and most ambitious open source project. The closest parallel, according to Vogel, is the open source nature of Linux, which is notorious for the sparring that happens between the backers of different versions of the software. Vogel believes that the rivalry between different camps of the Bitcoin community is just a temporary roadblock that will lead to a more robust and resilient technology.
Vogel says:
“I do not think the challenges and in-fighting between various crypto camps are a bad thing. In another way we're effectively witnessing democracy in action. These are, in part, simply growing pains of a new technology, but by blasting through these roadblocks Bitcoin also becomes more robust and resilient. This is why, in my opinion, Bitcoin continued to rally to all-time highs after the Bitcoin Cash fork during the summer; Bitcoin users have realized that "Bitcoin is still Bitcoin " any time a new fork occurs.”
Deliberate market influence
Dana L. Coe, Director at BitLox, sees the current situation as a deliberate action of market makers who are taking advantage of the tender stage of the crypto ecosystem. Coe tells Cointelegraph that the activity between Bitcoin and Bitcoin Cash is pure market volatility driven by rumors and speculation, which essentially drives all markets. However, he notes that in this case one can easily observe the market makers as they are quite obvious. This is especially so, as we have seen Bitcoin recover fully from the fall in price and subsequently break the $8,000 mark.
Coe says:
“The cryptosphere has come a long way, but let us not forget that compared to the economy as a whole, it is still small. Therefore, when actors from the larger national economies take an interest, crypto prices are most certainly to be subject to outd influences. In the end, Bitcoin will stand or fall on the faith of it’s users and it’s users alone.”
Still more to come
Apparently, there is genuine attention being paid to the two most expensive cryptocurrencies at the moment. Most proponents have taken to social media to show support or criticize either Bitcoin or Bitcoin Cash, depending on which one they support.

Immediately after the hard fork, exchanges such as Bittrex, Kraken, ViaBitcoin and Bter all listed Bitcoin Cash on their platforms, after which its adoption seemed to have reached a plateau. But with more trading platforms listing Bitcoin Cash in the wake of its biggest push since creation, it is only normal to expect more developments around the community as time goes on.




alfwesh22

The Price of Bitcoin Exceeds $8K Across Global Exchanges

The price of bitcoin reached an all-time high of over $8K per BTC across global exchanges on November 19. The bullish momentum pushed the price upwards nine days after the Segwit2x working group canceled their efforts to fork the network.

         Bitcoin Reaches an All-Time High of Eight Grand Per BTC
Bitcoin (BTC) markets have been surging today and surpassed $8K per BTC on November 19, 2017, at approximately 1:00 pm EDT. The price spiked just nine days after the Segwit2x working group canceled the 2MB hard fork. This past weekend bitcoin’s value dropped below the sub-$6K region, after experiencing an interesting market correlation with bitcoin cash (BCH) markets. At the time BCH markets reached an all-time high of $2400 per token, but the tables have since turned. Bitcoin’s value started riding back up on November 14 and has continued to rise since. BTC trade volume is decent as roughly $2.8B worth of BTC has been traded over the past 24-hours. Over the course of the past 12 hours, bitcoin markets are up 10 percent while altcoins are seeing percentage increases as well. A few days before, the digital asset came awfully close to the $8K region twice but stopped short at $7,997. 

The Price of Bitcoin Exceeds $8K Across Global Exchanges

                               Technical Indicators

Right now technical indicators show some resistance above $8,200 range, and there may be a touch of sell off at this vantage point. The 100 Simple Moving Average (SMA) is still well above the long-term 200 SMA, as both trend lines have remained consistent since our last price analysis. This means after breaking some upper resistance, the path to the upside will likely keep steady with these two trend lines spread. Oscillators such as the RSI show oversold conditions, while the Stochastic shows more upside possibilities. Order books show after moving past the $8200 territory, the price could easily see some smooth sailing to the $9K region. Fibonacci retracement at 61.8 indicates a high of $8700 is obtainable in the short term. If the price experiences some extreme sell-off after the $8K highs, then prices could find a home back in the $7600-7800 territory.

The price of bitcoin exceeds $8,000 per BTC across global exchanges at 1 pm EDT on November 19, 2017. 
 

Community Sentiment Seems Positive, but What Else Is in Store for Bitcoiners?

Bitcoin’s market spike hasn’t been the only metric showing optimism, as last week’s announcement canceling Segwit2x threw crypto-enthusiasts into a tizzy. Overall the bitcoin ‘community’ on both sides of the scaling debate seemed pleased with the decision to cancel Segwit2x. Of course, NO2x supporters were happy, but even bitcoin cash (BCH) fans celebrated the fork being canceled. As one BCH supporter said, “guys, seriously, this is great news for both BTC and BCH.”
We now have a healthy competition for the two “opposite” scaling solutions: on-chain and off-chain.
The Price of Bitcoin Exceeds $8K Across Global Exchanges  

Since then the debate is a bit quieter, but it has sparked back up a hair during the BTC/BCH market rivalry this past weekend. Moreover, there have been many complaints surrounding the BTC chain’s network congestion this week. Skeptics believe many Segwit2x supporters moved their positions to bitcoin cash, and the significant transaction backlog and high fees last week made things worse. Following the bitcoin cash hard fork on November 13, speculators now believe the two opposite scaling solutions will indeed have “healthy competition.” Additionally, the world is witnessing the cryptocurrency phenomenon grow larger every day as the entire digital asset ecosystem is around $226B, swapping over $12B worth of digital assets daily.   

Now as bitcoin enjoys being above $8K for the first time, many bitcoiners are wondering what else is in store for the decentralized currency. Quite a few bitcoin supporters are excited to see what happens to bitcoin markets once CME Group launches its futures market for mainstream investors. While other cryptocurrency fans look forward to the decentralized currency disrupting the old financial methods of the past, such as central banking and its tethered hyperinflation. Confirmation of this can be seen vividly as failed monetary policy is causing the citizens from countries like Zimbabwe and Venezuela to flock towards bitcoin’s valuable attributes.   
One thing is for sure, as many bitcoiners can attest — There’s never a dull day in Bitcoin-Land! 

What do you think about bitcoin touching $8K per BTC? Where do you see the price of bitcoin going from here? Let us know in the comments above.




alfwesh22


An increasing number of Chinese miners are reportedly exploring other jurisdictions in which to operate amid growing uncertainty regarding the future of China’s mining industry. Although the Chinese government has not indicated that it will extend its cryptocurrency crackdown to target miners, many are making plans to base their operations elsewhere.

Vietnam, Laos, Thailand, Russia, and the United States are Among the Nations that Chinese Miners are Considering 

Chinese Bitcoin Miners Explore Relocating Abroad Amid Fears of Crackdown  

Last week, a circulating document indicated that the state-owned power company in China’s Sichuan province would be mounting a crackdown on bitcoin mining. Despite the company seeking to play down the document – stating that the document comprised an internal memo addressing the misallocation of scarce hydropower to miners rather than underserved rural communities during the province’s dry season – many miners are increasingly exploring international options in order to reduce their vulnerability to further regulatory action on the part of the Chinese state.

Chinese miner, Akira Cui, recently told the South China Morning Post that many miners “have already paid visit to Vietnam, Laos, Thailand, Russia and the US, negotiating electricity prices with local authorities and buying sites for future use.” Mr. Cui argues that “the [mining] business blueprint is bound to go overseas, even if there’s only a 1 percent possibility that China’s crackdown against bitcoin would extend to mining.”

The South China Morning Post states that it contacted four major mining companies, with Mr. Cui being the sole respondee. Representatives of Chinese mining companies seldom speak with media as many miners are reported to strike private deals with local power companies that are concealed from higher-ranking officials and institutions. “No one brags about it because it’s best to make a fortune in silence,” Mr. Cui said.

It is Estimated that Chinese Miners Produce Approximately 70 percent of the Bitcoin Network’s Total Mining Power 
Chinese Miners Explore Relocating Internationally Amid Fears of Crackdown  
Mr Cui states that he started mining bitcoin in 2013 after selling his previous broadband internet company for 30 million yuan ($4.5 million USD approximately). Mr. Cui initially invested roughly 5-6 million yuan ($800,000 USD) into mining hardware, and has expanded to now manage 100,000 machines. Mr. Cui estimates that 90 per cent of his hardware belongs to friends and clients for whom he maintains their equipment. “It’s very noisy to store them at your own place. Instead, clients can choose between delivery or keeping them at my factory for a fee and access remotely via pass codes,” Mr. Cui states.

Mr. Cui says that securing a reliable source of power is the principal concern for large scale miners. Each machine can generate roughly 100 yuan ($15 USD) in profit daily, meaning that the financial losses incurred through having idle equipment can be significant. As such, many miners are looking to preempt an intensification of China’s cryptocurrency crackdown by seeking to relocate overseas.

Who’s Got the Power?
“We are in discussion with partners in Los Angeles, and have also visited Russia and Vietnam for potential sites,” Mr. Cui states. “If the regulators move to outlaw mining, it will only take us about three months to resume operations overseas. Money spent in buying land is a relatively small amount compared to the whole business.”

Curiously, Mr. Cui forecasts that China’s cryptocurrency crackdown may ultimately serve as a positive for the bitcoin community at large. He argues that China’s dominance over the bitcoin markets in recent years undermined the cryptocurrency’s decentralization, stating “it is important for bitcoin to [reduce its dependence on] China so it can become stronger, as was already proven in its latest price surge.” Similarly, Mr. Cui believes that the Chinese crackdown on cryptocurrency exchanges will lead to greater decentralization, stating “it’s abnormal to have exchanges globally, as any centralized institution goes against the cryptocurrency’s very nature.”




alfwesh22

Bitcoin markets have been hovering around some new price territories recently, as the currency reached a few all-time highs over the past 72-hours. BTC reached a top of $7,997 on the popular exchange Bitstamp, and has come awfully close to $8,000 throughout many other trading platforms. Cryptocurrency enthusiasts are steadily waiting for bitcoin to surpass the $8K barrier and capture a whole new price range. 

                                                             Bitcoin Markets Tease the $8,000 Mark

Markets Update: Traders Seek New Positions Waiting for the Next
            Price Swings   

It’s been a week since bitcoin dropped below the $6K region last weekend and the end of this week shows — a whole new ball game is being played. Bitcoin markets have spiked quite a bit as bulls have been trying to charge past the $8K zone for a few days.

Presently, the price is trading between $7,700-7,800 across multiple exchanges with a 24-hour trade volume of $3B. Big money is flowing into bitcoin from Japan once again, as the yen is commanding over 67 percent of the global BTC volume. The USD is following the yen’s lead with 17 percent, and the South Korean won has around 9 percent of bitcoin’s trade volume today. The top five exchanges dominating the majority of trade volume include Bitfinex, Bithumb, Bittrex, GDAX, and Hitbtc.

Markets Update: Traders
            Seek New Positions Waiting for the Next Price Swings
Order books show resistance in the $8,000-8,200 price territories.
 

                                           Bitcoin (BTC) Technical Indicators

Looking at charts for the past two days, bitcoin has been hovering around $7,700-7,800 after reaching its new highs. There has been some consolidation and order books show stiff resistance in the $8K region, which will get even tougher at $8,200. The sideways action has allowed traders to plant new positions at higher playing fields. Right now, the 100 Simple Moving Average is coasting along well above the 200 SMA, indicating we are still seeing a buyers market.

However, trade volume is weaker as volumes have dropped by $2B over the past 24 hours which may be showing signs of market exhaustion. At the moment the stochastic indicates some more upside play action may happen, and the RSI reveals some possible oversold conditions. If bulls push past $8,000 range, watch for the two key regions at $8,200 and $8,600 as there will be resistance in these areas. If buyers get exhausted and bears start clawing the market again, there are solid foundations around $7,400 and 7,200 if things get uglier.

Markets Update: Traders
            Seek New Positions Waiting for the Next Price Swings
Bitcoin’s price is averaging around $7,725.
 

                                     A Quick Glimpse at Altcoin Markets

The top few altcoins are all in green right now with upward gains of around 3-8 percent. Ethereum (ETH) is grabbing the 8 percent increase today with a price around 361 per ETH. This is followed by Ripple (XRP) which is priced at $0.22 per token and is up by 2 percent. Litecoin (LTC) is up by 5 percent as each LTC is selling for $70 at press time. One notable altcoin rise this week is NEO which is up 14 percent capturing a value of $43 per token.

Markets Update: Traders Seek New Positions Waiting for the Next Price Swings
   

                                  Bitcoin Cash Markets Dip After Rising to $1300

Markets Update: Traders Seek New Positions Waiting for the Next
            Price Swings
This week bitcoin cash (BCH) has seen a significant increase after dropping below the $1K region. Following this event, BCH rebounded back up to the $1300 price range. Right now, one BCH is averaging around $1170 per token, but markets are down 5 percent since yesterday. Bitcoin cash markets have about $1.9B in global trade volume, with the South Korean won still taking the lion’s share. There’s some good arbitrage at the moment between the Korean exchanges Coinone and Bithumb. The top five exchanges trading the most BCH today by volume include Bithumb, Coinone, Bitfinex, Bittrex, and Hitbtc.

Bitcoin Cash (BCH) Technical Indicators
Looking at BCH charts also shows theres been some pretty consistent 36-hour market stability, but there’s heavy resistance in the $1300 region. The short-term 100 SMA is a touch higher from the long-term 200 SMA indicating a good chance for more upside swings. Expect some resistance in the $1300 area again and even more so around $1400 territory. Both the RSI and the stochastic reveal there’s definitely room for upper bounds in BCH value. The price could surpass $1300-1400 again in the near future, but it also could slide back to $1100-1000.

Markets Update: Traders
            Seek New Positions Waiting for the Next Price Swings
Bitcoin Cash is averaging around $1,170 per BCH.
 

                                                                   The Verdict

As far as markets go, many traders have moved their attention away from the scaling debate and forks, and seem to be focused on better long-term positions. Traders are optimistic in regard to bitcoin exceeding the $8K territory, as many believe we will see $10K by the year-end. Speculators think the upcoming futures contracts from CME Group will bolster the price, alongside Cboe entering the game as well. So far LedgerX has already been processing millions of dollars worth of futures products, and at least one trader has wagered a long position predicting that bitcoin will hit $10K by December 28.

Where do you see the price of bitcoin (BTC) going from here? What do you think about bitcoin cash (BCH) markets right now? Let us know your thoughts in the comments above




alfwesh22

For the past several months I have been positive on Bitcoin.  I have liked the fact that it rebounded from the China Crackdown that coincided with the Jamie Dimon - Bitcoin is a Fraud comment.

Since then, I have argued that the launch of Bitcoin futures and even more importantly, Bitcoin ETFs, would drive further gains in the price of Bitcoin (and all major cryptocurrencies).

Here we are with Bitcoin closing the week at over $7,700 (according to Bloomberg), which is just below its all-time high.

The market has reacted well to all the news and it is clear that there are new adopters on a daily basis.  Not only will futures and ETFs help attract new interest, but it is clear that many firms have done a good job of making Bitcoin (and other cryptocurrencies) more accessible.

What is starting to concern me is the proliferation of cryptocurrencies.
Within Bitcoin you have the 'forks' that are creating potentially new paths (link).
Then you have not only the existing 'major' cryptocurrencies like Ethereum (link), but it seems like there are new cryptocurrency launches on a daily basis, ranging from WhopperCoin (link) to stories about Banks attempting to create their own cryptocurrencies.




alfwesh22

Bitcoin Demand Surges in Zimbabwe Following Successful Coup
 

The price of Bitcoin surged by as much as 10% on the Zimbabwean exchange Golix in mid-November 2017 after the military successfully staged a coup d'état. The country is already known not to have a strong economy; Zimbabwe’s peak month of inflation was November 2008, when the rate of inflation hit an estimated at 79.6 billion percent.

Based on data from the Golix website, Bitcoin’s price has skyrocketed to up to $13,499 in the country, nearly double its rate in the international markets. As of November 15, Bitcoin was trading at $13,010 in the country’s capital Harare.

Crisis in Zimbabwe and its effect(s) on Bitcoin
The Zimbabwean army assaulted Harare on November 14 following a week of confrontation with the administration of President Robert Mugabe. According to the army, the move was aimed at preventing an expected violent and deadly civil war in the country. Mugabe has been the country’s head since 1980.

Due to the political crisis, the demand for Bitcoin in the country has skyrocketed to new highs because of a shortage of hard currency. The situation was exacerbated by the lack of national currency in Zimbabwe. In 2009, the country’s government adopted several fiat currencies like the US dollar and South African rand as a legal tender after hyperinflation turned the local dollar virtually worthless.

According to Golix, it has processed over $1 million worth of transactions in the past 30 days, a sharp increase from its turnover of $100,000 for the entire year of 2016.

According to Golix co-owner Taurai Chinyamakobvu, the prices for Bitcoin are determined by supply and demand. The sellers of the digital currency are paid in US dollars that are deposited electronically. The money, however, can only be converted into hard cash at a able discount on the black market.

On November 15, an “electronic” dollar can purchase around eight South African rands, compared with the market exchange rate of 14.32 rands.

BTC  

Such political unrest usually triggers many to turn to cryptocurrency as a form of ‘insurance’ and hedge against financial risks. For example, many Venezuelans have turned to Bitcoin mining to survive the political and financial crisis in the country.




alfwesh22

VC Expert Gurley: Bitcoin is Incredible Store of Value
 

Venture Capitalist expert and investor Bill Gurley believes Bitcoin is an incredible store of value. In an interview with CNBC, the financier made it clear he believes that a bullish future for Bitcoin is a certainty given its utility in destabilized currency economies.

Gurley stated during the interview that he’s positive on Bitcoin’s future and sees a clear path forward, especially in places where other currencies are not an option, since it represents a stable store of value. His company owns a small position in the cryptocurrency. He said:
"I think of it as an incredible store of value in the rest of the world. I don 't think it's irrational. Many people who live in those types of countries want to be paid in Bitcoin.”
Wall Street seeing the future?
The comments further reflect the divide that is fast forming in Wall Street, with those who are very positive about the coin’s future, and those who consider it a fraud or a tool for money laundering.

However, the reality that adoption continues to grow has made it impossible to ignore the cryptocurrency. Nevertheless, according to many industry insiders much still needs to be done as adoption growth continues. According to Ami Ben David, Co-Founder of SPiCE VC:
“Bitcoin is now rewriting the definition books. Historically people thought of a store of value as “an asset you can predictably hold or trade”, but Bitcoin is a DIGITAL store of value, and as such, it adds the exponential Network Effect - Bitcoin is the Facebook of money, used by millions today, but over the next 10 years, it’s real challenge will be to adapt and improve as it reaches billions of users.”
These challenges will continue as the cryptocurrency market continues to mature. However, the reality of the need for utility to create stores of value continues to plague the minds of some experts. Eyal Hertzog Co-Founder of Bancor:
"Store of value" is one of the ways a currency can be used. For anything to be used as SoV it has to be valuable otherwise. Money can be used as SoV since it’s useful for commerce. Gold can be used as SoV due to the market demand for that specific rare substance. For a digital currency to be useful as SoV it probably has to be useful for other purposes.”




alfwesh22

Bitcoin is reported to have been in a bubble for nearly eight years and counting. It’s a very elastic bubble, since it can go from a $1 bubble to an $8,000 bubble. Initially, when trading at fractions of a penny—where it took thousands of Bitcoin to buy the first pizza—it was largely seen as a novelty. I wasn’t a participant, unfortunately, and wouldn’t buy my first coin until 2014 when it was a mega-bubble at $618, down from super-mega-bubble at $1,000 at the end of 2013, igniting its biggest selloff ever by lots of deer-in-headlights who realized they’re millionaires on a lark, a dare, true belief, or whatever. Just certainly not anything rational. That would be impossible, since it’s a bubble, where mockery and derision is simply a priori, baked in the cake.

Because, it’s not supposed to happen. No experts predicted it, unlike all the things the experts got completely right throughout human history:
  • They really shut down those Luddites at the dawn of the Industrial Revolution. No expert touted that people could lose jobs and that would be bad. In fact, they embraced the job and skill migration inherent in rapid industrial progress.
  • The first thing the experts did with the invention of the automobile was admonish and assure everyone that horses and buggies were done, obsolete, that the automobile was here to stay. The future.
  • When labor and money-saving appliances like washing machines, dishwashers, refrigerators, gas and electric ranges, and microwave ovens hit the marketplace, the experts were the first to assure the public that this was a completely normal, capitalist progression. Everyone should embrace all of it, now, no question about it. No concerns or troubling feelings expressed.
  • When computers came along, the first thing all the experts did was to line up and proclaim that this was solidly the future—a computer or two in every home. And, when it went from mainframes to personal computing, they especially embraced the decentralization and flowing down of digital power to the unit of the individual human being. They all said, to an expert, “It’s best if individuals all figure this out on their own, chose their own values, and place their own bets.” It’s what they said. Trust me!
  • Then came the Internet and the Web. Once again, all the experts dismissed all doubt and instead, admonished looking to the future, banking heavily on its wide adoption, never looking back. None of them posed or raised cautionary or insurmountable problems or obstacles.
It’s human nature to poo poo all that’s new new. I’ve been doing it with hiphop and rap forever, and you can too—because its hiphop and rap. But the foregoing bullet list is merely a small sample of all that the anointed experts throughout ages of centralized hierarchical authority have mocked, derided, and dismissed in the service of the sovereign elite.

Understand it from their point of view. Life is short, they have their privileged positions of power and influence, plus taxing authority, and they have a lavish gala someplace, at least once per month. What’s not to love? Why rock the damn boat? And hey, we can already show we care. What do you think charities and foundations are for?
Sovereigns need experts to hedge against rapid and revolutionary change, because whether religion, science, social evolution, or finance, the population gets to make excuses too. And if you’re going to make excuses, play a victim, or whatever way you’re going to complain about human progress, it’s better to refer to an expert than to a King or a Queen—it sounds better; and almost, like being smart and discerning.

You’re in charge of your own mind, dammit; you cited an expert!

Smart sovereigns and the smart experts in their service understand well that short of dictatorship, and with a modicum of free markets, they can’t prevent any of this change long term. All this, then, is for the purpose of management, giving sovereign and staff time to understand it, chew on it, angle it, spin it…to work out details, to eventually control it by embracing it and bringing it under its wing—to ultimately lend the impression that it was their idea in the first place, or at least by their encouragement; and taking credit is where their true and essential whoredom lies in modern Western democracy. Al Gore—who created the Internet after his dad created the highway system—the guy you’d have to invent if he didn’t exist—is far too obvious to be considered masterful, but it’s cute and strangely endearing.

Bless Al Gore’s heart.

Bitcoin. $7,000, up to $8,000. The current range. When does the bubble pop…as you hear the pleas from the experts? Please, can’t it pop, already? We’re waiting.




alfwesh22

Bitcoin is reported to have been in a bubble for nearly eight years and counting. It’s a very elastic bubble, since it can go from a $1 bubble to an $8,000 bubble. Initially, when trading at fractions of a penny—where it took thousands of Bitcoin to buy the first pizza—it was largely seen as a novelty. I wasn’t a participant, unfortunately, and wouldn’t buy my first coin until 2014 when it was a mega-bubble at $618, down from super-mega-bubble at $1,000 at the end of 2013, igniting its biggest selloff ever by lots of deer-in-headlights who realized they’re millionaires on a lark, a dare, true belief, or whatever. Just certainly not anything rational. That would be impossible, since it’s a bubble, where mockery and derision is simply a priori, baked in the cake.

Because, it’s not supposed to happen. No experts predicted it, unlike all the things the experts got completely right throughout human history:
  • They really shut down those Luddites at the dawn of the Industrial Revolution. No expert touted that people could lose jobs and that would be bad. In fact, they embraced the job and skill migration inherent in rapid industrial progress.
  • The first thing the experts did with the invention of the automobile was admonish and assure everyone that horses and buggies were done, obsolete, that the automobile was here to stay. The future.
  • When labor and money-saving appliances like washing machines, dishwashers, refrigerators, gas and electric ranges, and microwave ovens hit the marketplace, the experts were the first to assure the public that this was a completely normal, capitalist progression. Everyone should embrace all of it, now, no question about it. No concerns or troubling feelings expressed.
  • When computers came along, the first thing all the experts did was to line up and proclaim that this was solidly the future—a computer or two in every home. And, when it went from mainframes to personal computing, they especially embraced the decentralization and flowing down of digital power to the unit of the individual human being. They all said, to an expert, “It’s best if individuals all figure this out on their own, chose their own values, and place their own bets.” It’s what they said. Trust me!
  • Then came the Internet and the Web. Once again, all the experts dismissed all doubt and instead, admonished looking to the future, banking heavily on its wide adoption, never looking back. None of them posed or raised cautionary or insurmountable problems or obstacles.
It’s human nature to poo poo all that’s new new. I’ve been doing it with hiphop and rap forever, and you can too—because its hiphop and rap. But the foregoing bullet list is merely a small sample of all that the anointed experts throughout ages of centralized hierarchical authority have mocked, derided, and dismissed in the service of the sovereign elite.

Understand it from their point of view. Life is short, they have their privileged positions of power and influence, plus taxing authority, and they have a lavish gala someplace, at least once per month. What’s not to love? Why rock the damn boat? And hey, we can already show we care. What do you think charities and foundations are for?
Sovereigns need experts to hedge against rapid and revolutionary change, because whether religion, science, social evolution, or finance, the population gets to make excuses too. And if you’re going to make excuses, play a victim, or whatever way you’re going to complain about human progress, it’s better to refer to an expert than to a King or a Queen—it sounds better; and almost, like being smart and discerning.

You’re in charge of your own mind, dammit; you cited an expert!

Smart sovereigns and the smart experts in their service understand well that short of dictatorship, and with a modicum of free markets, they can’t prevent any of this change long term. All this, then, is for the purpose of management, giving sovereign and staff time to understand it, chew on it, angle it, spin it…to work out details, to eventually control it by embracing it and bringing it under its wing—to ultimately lend the impression that it was their idea in the first place, or at least by their encouragement; and taking credit is where their true and essential whoredom lies in modern Western democracy. Al Gore—who created the Internet after his dad created the highway system—the guy you’d have to invent if he didn’t exist—is far too obvious to be considered masterful, but it’s cute and strangely endearing.

Bless Al Gore’s heart.

Bitcoin. $7,000, up to $8,000. The current range. When does the bubble pop…as you hear the pleas from the experts? Please, can’t it pop, already? We’re waiting.




alfwesh22


Norwegians Develop a Thirst for Bitcoin Cash

Oslo Bitcoin Meetup, an annual gathering of like-minded cryptocurrency enthusiasts, has announced a name change. The group shall henceforth be known as Oslo Bitcoin Cash Meetup to reflect its founders’ newfound appreciation for the revitalized bitcoin fork. The fourth meetup of the Norwegian group will take place on November 24th under the BCH banner. The name might have changed, but the plan – drink beer and talk crypto – remains unchanged.

Free Beer and Free Coins
When the blockchain forked on August 1, all bitcoin holders received an equal distribution of bitcoin cash. Attendees of the Oslo Bitcoin Cash Meetup can look forward to enjoyingfree beer paid for those same free coins. Organizer Stein Ludvigsen has created a  dedicated BCH wallet for the event to serve as a “global fundraiser” for the meetup’s beer purchases. The cryptocurrency enthusiast has generously put in almost 0.3 of his own BCH, and the pool has since doubled in . In a country where a beer costs around US $9, that’s a gesture that all bitcoiners can get behind.
It is hoped that even sceptics of bitcoin cash will be able to put their doubts on hold for an evening, if only to quaff some pints and debate scaling solutions. All are welcome, including:
Small blockers, Lightning fanbois, journalists, altcoin preachers, ICO launchers, bitcurious people, traders, movie makers, lawyers, crazy inventors, police & bad boys, tech companies, investors, politicians and even banksters
Drink to This
Cryptocurrency meetups have sprung up all over the world, with the number and frequency of the events increasing in line with a growing interest in all things bitcoin. They provide a valuable opportunity to take the digital currency into an analogue space, and to meet, educate, and debate other bitcoin believers.

Bitcoin cash is experiencing a string of endorsements and widespread adoption, aided by low transaction fees and faster transaction times. BCH donations via Reddit’s Tippr bot have soared and Air VPN is the latest company to accept payment in bitcoin cash, joining other vendors such as forex broker SimpleFX and P2P marketplace Openbazaar.




alfwesh22


Norwegians Develop a Thirst for Bitcoin Cash

Oslo Bitcoin Meetup, an annual gathering of like-minded cryptocurrency enthusiasts, has announced a name change. The group shall henceforth be known as Oslo Bitcoin Cash Meetup to reflect its founders’ newfound appreciation for the revitalized bitcoin fork. The fourth meetup of the Norwegian group will take place on November 24th under the BCH banner. The name might have changed, but the plan – drink beer and talk crypto – remains unchanged.

Free Beer and Free Coins
When the blockchain forked on August 1, all bitcoin holders received an equal distribution of bitcoin cash. Attendees of the Oslo Bitcoin Cash Meetup can look forward to enjoyingfree beer paid for those same free coins. Organizer Stein Ludvigsen has created a  dedicated BCH wallet for the event to serve as a “global fundraiser” for the meetup’s beer purchases. The cryptocurrency enthusiast has generously put in almost 0.3 of his own BCH, and the pool has since doubled in . In a country where a beer costs around US $9, that’s a gesture that all bitcoiners can get behind.
It is hoped that even sceptics of bitcoin cash will be able to put their doubts on hold for an evening, if only to quaff some pints and debate scaling solutions. All are welcome, including:
Small blockers, Lightning fanbois, journalists, altcoin preachers, ICO launchers, bitcurious people, traders, movie makers, lawyers, crazy inventors, police & bad boys, tech companies, investors, politicians and even banksters
Drink to This
Cryptocurrency meetups have sprung up all over the world, with the number and frequency of the events increasing in line with a growing interest in all things bitcoin. They provide a valuable opportunity to take the digital currency into an analogue space, and to meet, educate, and debate other bitcoin believers.

Bitcoin cash is experiencing a string of endorsements and widespread adoption, aided by low transaction fees and faster transaction times. BCH donations via Reddit’s Tippr bot have soared and Air VPN is the latest company to accept payment in bitcoin cash, joining other vendors such as forex broker SimpleFX and P2P marketplace Openbazaar.




alfwesh22

The new digital currency that has the investment world talking

Bitcoin has risen exponentially in value in 2017 to over $7000

cbbitcoin82

Bitcoin is the new digital currency everyone is talking about. Little assets have garnered the same amount of allure and mystery that the cryptocurrency has over the last few years, with millions of investors backing it to record highs this year. One of the most volatile and exciting assets on the market, one Bitcoin has risen from just under $1000 at the beginning of 2017 to more than $7000 towards the end of the year. Here’s everything you need to know about the enigma that is Bitcoin.

WHERE DID IT COME FROM?
Bitcoin is known as a ‘decentralised’ currency i.e it is not tied to any central bank or government regulator. It is a digital currency that has no physical form and exists as an encrypted set of code. Its creators wanted to introduce a currency which was not tied down to regulation and could traverse national borders. Bitcoin ‘miners’crack complex sections of code known as ‘blockchain’, which can then be used as a payment method, but the creators have only introduced enough of this to reach a peak level of 21 million Bitcoins.
Very few businesses accepted the cryptocurrency in its early form, but more and more began to see it as an acceptable form of payment. As its star grew, so did its value and the equivalent scorn from major financial institutions across the globe. People are increasingly beginning to embrace the idea of a decentralised currency.

ROLLERCOASTER
In its relatively short life so far Bitcoin has seen more ups and downs than many of its currency counterparts have seen in several decades, with several rockets up in value accompanied by damaging crashes.
Opinions differ on whether Bitcoin’s current rally is simply another flash in the pan, or whether it has the staying ability to become a recognised global currency and viable alternative to centralised systems. Time will tell.

INVESTING IN BITCOIN
Even though a single Bitcoin is currently heading towards more than $7000, online trading platforms such as ZuPago allow users to engage in fractional trading, whereby sellers and buyers can agree prices based on values of less than one full Bitcoin. This can be done through a CFD (Contract for Difference). As with any other investment, it is important to pick a strategy and stick to it, particularly with something as topsy-turvy as Bitcoin. Using the ZuPago platform, users can also view the actions of experienced Bitcoin traders and replicate their strategies to achieve the best results.




alfwesh22

I find it remarkable and somewhat frightening how, no matter how much Bitcoin is pummeled by sellers, it simply bounces back even stronger.

Themost talked about cryptocurrency marched to a record high above $8000 on Friday, just five days after it sharply tumbled 29%. Bulls arealways hungry for an opportunity to make a move, and this was deliveredin the form of renewed ambiguity around the SegWit2X fork. With Bitcoin appreciating over 700% year-to-date (YTD), and the cryptocurrency frequently hitting record highs, bulls are clearly in control. The price action is extremely bullish, especially when considering how the $8000 resistance has already been breached. Will Bitcoin hit $10000 before year end? This is the question every investor is asking.

Dollar slips on renewed political jitters
The Dollar sulked into Friday’s trading session under pressure following reports that U.S. Special Counsel Robert Mueller hadsubpoenaed Donald Trump’s election campaign for more documents relating to Russia. Investor jitters over the report have clearly overshadowed the passing of yesterday’s tax bill through Congress, and this hasbeen reflected in the Dollar’s bearish price action. With renewed political uncertainty likely to weigh on the Dollar, further downside may be on the cards. Taking a look at the technical picture, the Dollar Index is turning bearish on the daily charts. A breakdown below 93.50 may encourage a further decline towards 93.00.

Currency spotlight - EURUSD
This has been a positive trading week for the Euro as it found ample support from strongerthanexpected German and Italian Q3 GDP data.

The EURUSD sprinted towards 1.1850 on the back of rising optimism over the European economy, while a vulnerable Dollar complimented the upside. Although the Euro has roared back to life this week, the technical picture on the daily charts remains somewhat bearish below 1.1850. While prices have breached the 1.1730 level, bulls need to secure a solid weekly close above 1.1850 to pressure the daily bearish setup. Sustained weakness below 1.1850 may encourage a further decline back towards 1.1730 and 1.1680. Alternatively, a breakout above this level should open a path higher towards 1.1920.

EURUSD

Commodity spotlight - Gold
Gold modestly appreciated during Friday’s trading session thanks to a depressed US Dollar.
This has been a volatile trading week for the yellow metal as bulls and bears continue to battle for dominance. Prices sharply appreciated to a three-week high at $1289 mid-week, before sliding into losses after positive US economic data fortified expectations of a Fed rate hike in December. While investor caution and geopolitical tensions may support Gold bulls, bears remain inspired by the mounting expectations of higher US interest rates. It is becoming increasingly clear that a catalyst is needed for the next major move. Technical traders will continue to pay attention to how prices react around the pivotal $1280 level. A weekly close above $1280 may encourage a further incline back towards $1289 and $1300, respectively. A failure to stay above$1280 may open a path back towards $1267.




alfwesh22

I find it remarkable and somewhat frightening how, no matter how much Bitcoin is pummeled by sellers, it simply bounces back even stronger.

Themost talked about cryptocurrency marched to a record high above $8000 on Friday, just five days after it sharply tumbled 29%. Bulls arealways hungry for an opportunity to make a move, and this was deliveredin the form of renewed ambiguity around the SegWit2X fork. With Bitcoin appreciating over 700% year-to-date (YTD), and the cryptocurrency frequently hitting record highs, bulls are clearly in control. The price action is extremely bullish, especially when considering how the $8000 resistance has already been breached. Will Bitcoin hit $10000 before year end? This is the question every investor is asking.

Dollar slips on renewed political jitters
The Dollar sulked into Friday’s trading session under pressure following reports that U.S. Special Counsel Robert Mueller hadsubpoenaed Donald Trump’s election campaign for more documents relating to Russia. Investor jitters over the report have clearly overshadowed the passing of yesterday’s tax bill through Congress, and this hasbeen reflected in the Dollar’s bearish price action. With renewed political uncertainty likely to weigh on the Dollar, further downside may be on the cards. Taking a look at the technical picture, the Dollar Index is turning bearish on the daily charts. A breakdown below 93.50 may encourage a further decline towards 93.00.

Currency spotlight - EURUSD
This has been a positive trading week for the Euro as it found ample support from strongerthanexpected German and Italian Q3 GDP data.

The EURUSD sprinted towards 1.1850 on the back of rising optimism over the European economy, while a vulnerable Dollar complimented the upside. Although the Euro has roared back to life this week, the technical picture on the daily charts remains somewhat bearish below 1.1850. While prices have breached the 1.1730 level, bulls need to secure a solid weekly close above 1.1850 to pressure the daily bearish setup. Sustained weakness below 1.1850 may encourage a further decline back towards 1.1730 and 1.1680. Alternatively, a breakout above this level should open a path higher towards 1.1920.

EURUSD

Commodity spotlight - Gold
Gold modestly appreciated during Friday’s trading session thanks to a depressed US Dollar.
This has been a volatile trading week for the yellow metal as bulls and bears continue to battle for dominance. Prices sharply appreciated to a three-week high at $1289 mid-week, before sliding into losses after positive US economic data fortified expectations of a Fed rate hike in December. While investor caution and geopolitical tensions may support Gold bulls, bears remain inspired by the mounting expectations of higher US interest rates. It is becoming increasingly clear that a catalyst is needed for the next major move. Technical traders will continue to pay attention to how prices react around the pivotal $1280 level. A weekly close above $1280 may encourage a further incline back towards $1289 and $1300, respectively. A failure to stay above$1280 may open a path back towards $1267.




alfwesh22

I find it remarkable and somewhat frightening how, no matter how much Bitcoin is pummeled by sellers, it simply bounces back even stronger.

Themost talked about cryptocurrency marched to a record high above $8000 on Friday, just five days after it sharply tumbled 29%. Bulls arealways hungry for an opportunity to make a move, and this was deliveredin the form of renewed ambiguity around the SegWit2X fork. With Bitcoin appreciating over 700% year-to-date (YTD), and the cryptocurrency frequently hitting record highs, bulls are clearly in control. The price action is extremely bullish, especially when considering how the $8000 resistance has already been breached. Will Bitcoin hit $10000 before year end? This is the question every investor is asking.

Dollar slips on renewed political jitters
The Dollar sulked into Friday’s trading session under pressure following reports that U.S. Special Counsel Robert Mueller hadsubpoenaed Donald Trump’s election campaign for more documents relating to Russia. Investor jitters over the report have clearly overshadowed the passing of yesterday’s tax bill through Congress, and this hasbeen reflected in the Dollar’s bearish price action. With renewed political uncertainty likely to weigh on the Dollar, further downside may be on the cards. Taking a look at the technical picture, the Dollar Index is turning bearish on the daily charts. A breakdown below 93.50 may encourage a further decline towards 93.00.

Currency spotlight - EURUSD
This has been a positive trading week for the Euro as it found ample support from strongerthanexpected German and Italian Q3 GDP data.

The EURUSD sprinted towards 1.1850 on the back of rising optimism over the European economy, while a vulnerable Dollar complimented the upside. Although the Euro has roared back to life this week, the technical picture on the daily charts remains somewhat bearish below 1.1850. While prices have breached the 1.1730 level, bulls need to secure a solid weekly close above 1.1850 to pressure the daily bearish setup. Sustained weakness below 1.1850 may encourage a further decline back towards 1.1730 and 1.1680. Alternatively, a breakout above this level should open a path higher towards 1.1920.

EURUSD

Commodity spotlight - Gold
Gold modestly appreciated during Friday’s trading session thanks to a depressed US Dollar.
This has been a volatile trading week for the yellow metal as bulls and bears continue to battle for dominance. Prices sharply appreciated to a three-week high at $1289 mid-week, before sliding into losses after positive US economic data fortified expectations of a Fed rate hike in December. While investor caution and geopolitical tensions may support Gold bulls, bears remain inspired by the mounting expectations of higher US interest rates. It is becoming increasingly clear that a catalyst is needed for the next major move. Technical traders will continue to pay attention to how prices react around the pivotal $1280 level. A weekly close above $1280 may encourage a further incline back towards $1289 and $1300, respectively. A failure to stay above$1280 may open a path back towards $1267.




alfwesh22

The total cryptocurrency market managed to reach a market valuation of over $200 billion this year, and this has caught the attention of the entire finance world.

                                 COULD BITCOIN REPLACE THE DOLLAR?


Could Bitcoin Replace the Dollar?

Cryptocurrencies were the clear winner of 2017. Major cryptocurrencies like Bitcoin, Ethereum and Litecoin have massively increased in value over the year, effectively outperforming investments like stocks, commodities, and bonds. The incredible performance of cryptocurrencies has given many skeptical people in the finance and business community more confidence in decentralized currencies.

In September 2017, Christine Lagarde, the Managing Director of the International Monetary Fund, stated that cryptocurrencies could potentially replace most fiat currencies in the future. The biggest finance and technology corporations are mostly focusing on the technology that powers most cryptocurrencies, the blockchain. Some experts believe that the blockchain technology could greatly benefit the traditional finance system, without having to completely replace it with Bitcoin.

                         BYPASSING SANCTIONS WITH CRYPTOCURRENCIES


Bypassing Sanctions with Cryptocurrencies

The finance and business communities aren’t the only ones that are closely watching cryptocurrency space. Several governments have shown interest in digital currencies and their underlying technology. 

The Estonian and  Tunisian government have already experimented with their own fiat-based cryptocurrencies. The Russian government sees another use case for cryptocurrencies like Bitcoin. In the last couple of years, Russia has been under heavy financial sanctions from western countries. After Russia annexed Crimea, many politicians suggested banning Russia from accessing the international banking system, SWIFT.

Finance experts suggest that decentralized currencies like Bitcoin and Ethereum could greatly help countries that are under sanctions like Cuba, Russia, Iran and North Korea to transfer wealth internationally without having to rely on banks and financial institutions. Analysts believe that cryptocurrencies could gradually replace fiat currencies like the US dollar and potentially replace financial institutions in the future.

What are your thoughts on cryptocurrencies replacing the US dollar as world reserve currency? Do you think that governments and individuals could bypass sanctions and restrictions with digital currencies? Let us know in the comments!




alfwesh22

Bitcoin Breaks Through $8,000 Following Massive Head Fake


Bitcoin just surmounted the $8,000 level, topping out at $8,020 on Bitfinex before retreating to $7,900 at press time. By now, reading about Bitcoin’s breach of its previous high might be getting repetitious, so strong has the currency’s bull run been. This time is an exception, though, because Bitcoin just pulled the mother of all head fakes.

Looking back
About a week ago, the SegWit2x hard fork was cancelled and the price immediately spiked from $7,200 to $7,800. But within the hour, the price had dropped and continued to fall further. Just a few days later, Bitcoin had sunk to a local low of $5,500, while rival Bitcoin Cash shot up from $600 to $2,600. At the time, a large number of Bitcoin miners had moved to Bitcoin Cash and the number of unconfirmed transactions soared to over 135,000. Fees increased commensurately.

Things didn’t look good. Bitcoin had just officially eschewed the only near-term solution to the scalability crisis. SegWit, which was adopted back in August, will take time to gain traction as wallet providers must include the feature and users must voluntarily begin using it. Lightning Network, Bitcoin’s long-term scaling plan, is still in testing and not ready for primetime yet. With the cancellation of 2MB blocks, it became obvious that there would be no quick fix to the currency’s scaling problem.

Waves of good news
However, Bitcoin Cash began rapidly dropping from its nearly vertical price ascent, miners came back to Bitcoin, and the transaction backlog subsided. Bitcoin’s price began to rise, and as good news arrived, the price moves became even larger.

What good news? Well, the British hedge fund Man Group, with over $100 bln in funds under management, announced they will begin trading Bitcoin once  CME’s futures market is launched. Immediately following this, Payments app Square announced its full integration of Bitcoin into the payments platform. The company stated:
“We’re always listening to our customers and we’ve found that they are interested in using the Cash App to buy Bitcoin. We're exploring how Square can make this experience faster and easier, and have rolled out this feature to a small number of Cash App customers. We believe cryptocurrency can greatly impact the ability of individuals to participate in the global financial system and we're excited to learn more here.”
Square’s market capitalization swelled from $15 bln to $16 bln following the announcement, so Wall Street is apparently just as pleased as the Bitcoin community.

Coinbase Custody
Adding to the good news, Coinbase today announced Coinbase Custody, a Bitcoin storage service intended for hedge funds that might want to invest in the digital currency.  Coinbase’s announcement states:
“Over 100 hedge funds have been created in the past year exclusively to trade digital currency. An even greater number of traditional institutional investors are starting to look at trading digital assets (including family offices, sovereign wealth funds, traditional hedge funds, and more). By some estimates there is $10B of institutional money waiting on the sidelines to invest in digital currency today. When we speak with these institutions, they tell us that the number one thing preventing them from getting started is the existence of a digital asset custodian that they can trust to store client funds securely.”
The announcement continues, describing the benefits of the service:
We are designing Coinbase Custody to meet the needs of institutional clients. In particular, we feel that institutional clients require:
  • Strict financial controls (multiple signers, audit trails, limits, etc)
  • Dedicated account representatives and phone support
  • SLAs on funds transfers
  • A regulated digital currency custodian
  • Multi-user accounts with separate permissions
  • Support for a wide range of digital assets and currencies
  • Insurance (in some cases)
  • And high levels of cyber and physical security
The new service is expected to launch in 2018.

Expect sharp moves
Bitcoin’s technical analysts, who look at chart patterns to try and predict price moves, suggest that the currency is about to experience a significant price move. Because of its rapid climb, analysis would seem to indicate that the price should experience a pullback here to regroup and consolidate before pushing higher. However, around $8,000 is the top of the trading channel that Bitcoin has been in for months, and if the price can resoundingly break through this barrier, it could go parabolic.

In a sense, Bitcoin’s value is even higher than it would appear, at least for those who owned Bitcoin before the August 1 fork and who held the resulting Bitcoin Cash they received. User csasker on the /r/BitcoinMarkets subreddit  wrote:
BTG + BCH + BTC now over 9000! :D:DDD




alfwesh22

Prominent Investor: By 2040, There Will Be No World Without Bitcoin

Balaji Srinivasan, a prominent venture capital investor and the CEO at Earn.com, a Bitcoin-focused startup that has raised over a hundred million dollars in early-stage funding, believes by 2040, everyone under the age of 30 will “have never known a world without Bitcoin.”

By that, Srinivasan essentially means everyone born after the year 2010 would be using Bitcoin as a store of value or a currency by 2040, given the current rate of Bitcoin adoption by general consumers, businesses, investment firms and financial institutions.

Rapid adoption rate
This week, Coinbase, CME, CBOE and Gemini, some of the world’s largest Bitcoin brokerages and financial institutions, have rolled out strategies and infrastructure to target institutional investors in the mid to long-term.
With Coinbase’s Custody platform which allows institutional investors to invest a minimum value of $10 mln, and CME Group’s strictly regulated Bitcoin futures exchange approved by the US Commodities and Futures Trading Commission, by mid-2018, it is highly likely that most financial institutions in the US, as well as major markets such as South Korea and Japan, will have already adopted Bitcoin as a robust store of value and digital currency.
Millenials not happy
As hundreds of billions of dollars shift to the Bitcoin market from the traditional finance industry in the upcoming years, naturally, Bitcoin will evolve into the global digital currency, especially amongst millennials. A study conducted by Facebook IQ revealed that millennials feel disconnected from the banking industry, and do not trust financial institutions with their money, capital and investments.

“To start, Millennials want to feel understood. And it matters because Millennials are 1.4x more likely than Gen Xers/Boomers to switch financial institutions. 45 percent of Millennials say they would switch banks, credit cards or brokerage accounts if a better option came along,” read the study.
Considering the fact that the vast majority of millennials are unsatisfied with the services of conventional financial service providers and are willing to move towards better, more efficient and transparent systems, in the long-term, it is likely that Bitcoin will transform the global finance sector, as Srinivasan stated.

Spencer Bogart, a managing director and the head of research for Blockchain Capital, further emphad:
“More than one in four millennials prefer Bitcoin to stocks: 27 percent of whom said they would prefer to own $1,000 of Bitcoin over $1,000 in stocks. The number was even higher for male millennials—38 percent of whom said they prefer Bitcoin. Not just stocks, many millennials prefer Bitcoin to other traditional financial assets as well. Given the choice of either $1,000 of Bitcoin or $1,000 of a traditional financial asset, 30 percent of millennials said they would choose Bitcoin over government bonds, 22 percent would choose Bitcoin over real estate, and 19 percent would choose Bitcoin over gold.”

Fear of banks towards Bitcoin is triggering adoption
Baseless condemnation of Bitcoin by public figures in the banking sector, such as JPMorgan CEO Jamie Dimon, has also triggered mainstream adoption of Bitcoin. A few months ago, Dimon described Bitcoin as a fraud and a bubble, while JPMorgan was fined for $2 bln for committing mortgage fraud, an actual fraudulent activity.

It was later discovered that JPMorgan traders and their clients invested in bitcoin after Dimon’s condemnation of Bitcoin, through the Nordic Nasdaq’s XBT Provider, a Bitcoin exchange-traded note (ETN).
Millennials are quickly understanding the lack of transparency and fraud that the finance industry represents, and shifting towards Bitcoin that is purely mathematical, systematic and decentralized.




ZuPago Blog

ZuPago is the most recognized and reliable platform that provides the best and the most affordable way to transfer E-currency across the globe. By using ZuPago HyBrid (HD) Wallet, you can easily send E-currency in Bitcoin, Bank transfer, USD, EUR, GBP or in any currency of your choice and the receiver will receive it in Bank transfer, Bitcoin or in any other currency that you prefer.

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