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Jeff Garzik started writing software code for Bitcoin after reading a blog post about the digital currency in July 2010. At the time, he was working remotely for open-source powerhouse Red Hat Inc from an RV parked in an empty lot in Raleigh, North Carolina.
He soon became the third-biggest contributor to Bitcoin’s code after the cryptocurrency’s anonymous creator Satoshi Nakamoto and developer Gavin Andresen, and remained so through 2014. Looking back 10 years after its creation, Garzik says he is proud, even though Bitcoin is not what he envisioned it would become.
As a father I enjoy watching my kids grow up, even as they make mistakes or grow in ways that I wouldn’t expect,” said Garzik, who has given away Bitcoin valued at more than US$100mil (RM417.83mil) based on current prices.
During the initial period, Garzik, 44, worked directly with Nakamoto, corresponding via private email and the Bitcointalk forum, until the token’s creator abruptly disappeared in 2011. Former collaborators and journalists have been guessing since about who he or she or they were – a matter of importance since Nakamoto controls about 1 million Bitcoins, and could impact the cryptocurrency’s market price.
”My personal theory is that it’s Floridian Dave Kleiman,” Garzik said in an phone interview. “It matches his coding style, this gentleman was self taught. And the Bitcoin coder was someone who was very, very smart, but not a classically trained software engineer.”
Kleiman, a former Florida sheriff’s officer who ended up becoming a computer forensics expert, died in 2013. Kleiman’s estate is suing Australian Craig Wright, who has claimed to be Nakamoto, for allegedly seizing billions of dollars worth of Bitcoins and intellectual property from Kleiman. Wright denies the claim.
Nakamoto’s vision of Bitcoin as private money hasn’t come to fruition. Its use in commerce is actually falling, according to a recent analysis from researcher Chainalysis. Instead, speculators and investors have treated it as an asset like gold. That’s fine with the Atlanta-based Garzik.
”It is an organism, it’s something that evolves,” said Garzik, who worked for crypto payment processor BitPay and still sits on its board, as well as the boards of blockchain-technology company BitFury and the Linux Foundation. “It hasn’t evolved in the direction of high-volume payments, which is something we thought about in the very early days: getting merchants to accept Bitcoins. But on the store-of-value side it’s unquestionably a success.”
Garzik continued coding for Bitcoin until 2016, when he shifted focus to his own ventures amid bickering among developers and miners over how to scale the network. Bloq Inc, a startup Garzik co-founded, has sought to carve out a niche serving enterprise clients. Bloq, where Andresen sits on the advisory board, now has 30 employees and clients among Fortune 50 companies as well as cryptocurrency-focused firms.
Developer bounties
Today, Bitcoin is worth about US$6,500 (RM27,156) – a far cry from last December’s high of almost US$20,000 (RM83,564), but way more than when Garzik first started working on the project. He remembers a party to celebrate Bitcoin hitting US$1 (RM4.18) back in 2011.
Garzik declined to disclose his current holdings, but said he gave away 15,678 Bitcoins about seven years ago in developer bounties to spur work on the software. They would be worth more than US$100mil at current prices. He has no regrets about the giveaway, and said what matters is that Bitcoin is still around.
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Thursday, 8 September 2022
Sunday, 13 January 2019
UK Investor Who Lost a Million Still Has Faith in Bitcoin
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It’s a familiar story, but it still hurts for those who have had the same experience as investor Peter McCormack who lost $1 million in the recent bear market. But he has faith.
McCormack claims that he got himself too “caught up in the hype’ during the buoyant and heady cryptocurrency market in 2017. The ex-London advertising agency manager decided that after losing his job in 2016 he’d try investing GBP 5000 (USD 6,400) in Bitcoin.
By the spring of 2017 his modest BTC investment with some extra purchases swelled to $300,000 and like many other investors at this time decided that he was in for the long ride. What happened next in the market is history, of course.
By the end of the year, his portfolio was worth GBP 1.2 million but crashed in January of 2018 wiping out his investments, having traveled and splurged money on dining out, travel, and extravagant family gifts, meanwhile dipping into his BTC throughout 2017.
“I wish I had taken everything out before the bubble burst, I have earned money in the past through hard work and enjoyed it more,” he reflected, adding “Much of my spending was quite frivolous.”
Today McCormack still podcasts and is surprisingly upbeat about Bitcoin, but warns others to be more careful with their money than he was. To him, cryptocurrency remains a “force for good” despite his up and down relationship with the market, particularly, in some undeveloped or war-torn countries where bitcoin and other digital currencies are empowering communities and minorities, he argues.
Saturday, 12 January 2019
New Blockchain Center Backed by Microsoft and IBM Opens in New York City
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A long-lasting bearish trend that holds its grip over the crypto-market does not seem to scare away the technology major fans. Thus the NYC Economic Development Corp. backed by IBM and Microsoft is opening a new business centre devoted to the blockchain.
Some may say that the time of Bitcoin and other top cryptocurrencies has passed. The crypto-market is shattering under an onslaught of major price swings and ubiquitous capital outflow. Lots of crypto-startups that stemmed from a vivid dream of widespread Bitcoin adoption are forced to shut down their offices and downshift their personnel. The newspapers frequently use a term Crypto Winter to describe a current trend rolling out in the industry.
Nevertheless, while digital assets empowered by the blockchain technology are undergoing hard times, the technology itself is almost at the peak. Blockchain-based systems of a distributed digital ledger are successfully implemented in many first-class companies including American retail giant Walmart Inc. Moreover, the blockchain technology has been a keynote address of large tech companies like Blue Big and Microsoft Corp. that have been exploiting the technology to test numerous user applications.
No wonder that while naysayers get sharp and vocal in their claims of crypto-frenzy, some companies stay loyal to the blockchain technology and consider a nascent decline as an explicit opportunity.
Blockchain Centre
For example, the NYC Economic Development Corp. refuses to drive the last nail in the coffin of cryptos and the blockchain saying that the market plunge is temporary and it is very common for such a robust technology. As a part of a partnership with affiliates of venture-capital fund Future\Perfect Ventures and the Global Blockchain Business Council, the corporation does not think of better time to build a brand-new Blockchain Centre located in downtown Manhattan.
The EDC spokesman commented on the opening saying that the corporation is playing a long game and it is not going to give up on the blockchain. The chief strategy officer at the EDC, Ana Arino was cited as saying: “While we don’t know what the future holds, we want to make sure we have a seat at the table shaping it.”
The location chosen for Blockchain Centre is quite trendy. The Flatiron district hosts many innovative tech companies and it is also called a New York alternative of Silicon Valley.
The 4,000-square-foot centre will offer everything from coding classes to lunch lectures for software developers to the general public. Tenants of the 12-story building include data aggregator Quovo Inc., startup investor Palm Drive Capital LLC and beauty services outfit Glamsquad Inc.
The city of New York is providing the one-time initial investment of $100,000. Further, the operators are expecting to raise funds via membership dues and corporate partnerships. It is worth mentioning that IBM and Microsoft Corp. have reportedly joined a list of the project’s strategic partners as Jalak Jobanputra, managing partner at Future\Perfect Ventures, reveals.
Speaking of the Blockchain Centre Jobanputra said: “This is a neutral spot, there’s no one platform or company that has undue influence over programming. What we want entrepreneurs to have is a choice.”
New York and the Blockchain
Being at the frontier of the financial world, New York is ready to embrace every initiative. The blockchain is no exception. According to Bloomberg, last year New York’s blockchain startups received more than $500 million in venture capital funding that is up 500% compared to the previous year. The same surge was observed at the job market offering more than 2,200 blockchain-related job postings.
Considering the sheer blockchain demand, the State of New York is officially launching a cryptocurrency task force in a genuine attempt to understand cryptocurrency markets and all their underlying blockchain technology.
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Tuesday, 8 January 2019
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Wednesday, 26 December 2018
Binance is Most Trusted Crypto Exchange Despite Light Regulation” says Su Zhu
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Three Arrows Capital CEO, Su Zhu recently said that Binance, the world’s major crypto exchange is the most trusted exchange amongst investors in the crypto community.
Zhu responded to a poll ran by a small crypto exchange on Twitter and said that Binance a lightly regulated exchange has become the most trusted crypto exchange amongst the real users. He further added that one cannot build trust by obtaining government licenses or rubber stamps.
In most of the sectors, regulators impose some strict limitations on crypto trading to avert the use of crypto assets in money laundering and illicit acts. Even if the main platform of the world’s largest crypto exchange focuses on pure crypto-to-crypto trading, it also runs some strictly regulated fiat-to-crypto exchanges in Uganda. And it is soon going to operate one in Singapore with the support of local banks and Singaporean authorities.
Binance especially benefits from the crypto-friendly rules that Malta has imposed to facilitate the development of a local crypto market. Yet as a Europe country, Malta also has some determined financial rules and policies that the crypto exchange have to follow.
Key Focus on Security and Investor Protection
Ever since Binance was launched, it has always focused on security and investor protection. And even today, Binance remains to be in a reputable group of crypto exchanges besides Coinbase and a few other exchanges that have not suffered any sort of security breach and hacking attack since the launch.
Nevertheless, the trust that actual traders and investors have on Binance likely comes from the track record of the firm and the systematic communication betwixt the exchange’s officials and the community.
Binance CEO, Changpeng Zhao is well known for providing frequent updates about potential updates, announcements and changes related to the exchange. For instance, when previously Binance ran an important server and database updates, the CEO and the team of the exchange provided hourly updates, assuring that the investor’s funds remain safe on the platform.
And without any sort of regulatory pressure, the exchange voluntarily collaborated with a blockchain data analysis firm called Chainalysis that monitors transactions and wallets involved in criminal and fraudulent acts.
However, for major exchanges that take steps to prevent the use of crypto assets in illicit acts and which are well equipped with strong internal management systems, a self-regulatory status can be considered to offer regulatory clemency to the swiftly developing crypto market.
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Three Arrows Capital CEO, Su Zhu recently said that Binance, the world’s major crypto exchange is the most trusted exchange amongst investors in the crypto community.
Zhu responded to a poll ran by a small crypto exchange on Twitter and said that Binance a lightly regulated exchange has become the most trusted crypto exchange amongst the real users. He further added that one cannot build trust by obtaining government licenses or rubber stamps.
In most of the sectors, regulators impose some strict limitations on crypto trading to avert the use of crypto assets in money laundering and illicit acts. Even if the main platform of the world’s largest crypto exchange focuses on pure crypto-to-crypto trading, it also runs some strictly regulated fiat-to-crypto exchanges in Uganda. And it is soon going to operate one in Singapore with the support of local banks and Singaporean authorities.
Binance especially benefits from the crypto-friendly rules that Malta has imposed to facilitate the development of a local crypto market. Yet as a Europe country, Malta also has some determined financial rules and policies that the crypto exchange have to follow.
Key Focus on Security and Investor Protection
Ever since Binance was launched, it has always focused on security and investor protection. And even today, Binance remains to be in a reputable group of crypto exchanges besides Coinbase and a few other exchanges that have not suffered any sort of security breach and hacking attack since the launch.
Nevertheless, the trust that actual traders and investors have on Binance likely comes from the track record of the firm and the systematic communication betwixt the exchange’s officials and the community.
Binance CEO, Changpeng Zhao is well known for providing frequent updates about potential updates, announcements and changes related to the exchange. For instance, when previously Binance ran an important server and database updates, the CEO and the team of the exchange provided hourly updates, assuring that the investor’s funds remain safe on the platform.
And without any sort of regulatory pressure, the exchange voluntarily collaborated with a blockchain data analysis firm called Chainalysis that monitors transactions and wallets involved in criminal and fraudulent acts.
However, for major exchanges that take steps to prevent the use of crypto assets in illicit acts and which are well equipped with strong internal management systems, a self-regulatory status can be considered to offer regulatory clemency to the swiftly developing crypto market.
Friday, 7 December 2018
Swiss National Postal Service and Telecom Leader to Build Blockchain Platform
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Swiss Post and Swisscom will take advantage of their trusted reputation in Switzerland to create a blockchain platform for use by themselves and others that will be based on Hyperledger Fabric2.
Swiss Post is publicly owned and the country’s second largest employer. It already uses blockchain technology to record temperature data while transporting pharmaceuticals in the national postal network. It is also running an energy provision and billing pilot for power generating landlords to accurately charge their tenants in collaboration with Energie Wasser Bern.
Swisscom is 51% publicly owned and a major telecommunications provider in Switzerland. It’s working on a blockchain platform, alongside law firm MME, for securely issuing and transferring shares called “C-Share.”
The announcement read:
“Swiss Post and Swisscom are connecting their existing private infrastructures for blockchain applications. On the basis of distributed ledger technology, the two instances check each other and thus help to establish trust.”
It goes on to confirm the new blockchain platform will be used for their own blockchain-based applications, and be made available to other companies.
The development will be a private blockchain infrastructure, limited to its own blockchain users and hence, says the release, requiring less power than other public blockchains.
Blockchain Data will Remain in Switzerland
Explaining that Swiss Post and Swisscom are “known for their reliable handling of sensitive information,” the release also confirms that data on their blockchain platform will stay solely in Switzerland and meet the “high security” requirements of banks.
“Swiss Post and Swisscom are thus creating attractive advantages for companies in all sectors and therefore also for Switzerland as a business location,” an excerpt from the press release added.
The pair plan to launch the first pilot applications on the new blockchain platform in the second-quarter of 2019, and will focus on working with companies and public authorities in the country as well as being open to other key partners for the project.
A National Blockchain?
Considering the public ownership of both companies, the development could almost be termed a national blockchain platform provision, and thus potentially a first for blockchain.
It’s no surprise this kind of progression emerges from Switzerland, both a financial innovator in its own right and a proven supporter of cryptocurrencies and blockchain technology.
The credibility of the two companies in Switzerland may attract interest in the platform and further accelerate blockchain adoption in the European Union (EU) country.
The Swiss exchange SIX has created its own cryptocurrency and exchange and approved the first listing of a cryptocurrency-based exchange-traded fund (ETF). The Swiss government is still investigating the possibility of its own digital currency the “e-franc.” And, one of the first cryptocurrency hubs in the world, the city of Zug, was one of the first to trial blockchain-based e-voting.
Wednesday, 5 December 2018
Banks in Latin America Launch a Blockchain-based Platform for Loans
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Two banks in Latin America have collaborated to develop a Blockchain-based platform that will aid in issuing loans. The banks are Itaú Unibanco Holding SA and Standard Chartered. They revealed in a statement that they aim to eliminate fraud and cut the legal cost that is usually involved.
Blockchain-based Platform to be Used to a Handle Client Loans
R3, a New York-based startup is the developer of the Blockchain platform. This platform is called Corda, and the new system will be used to handle clients’ loans. These loans are known as club-loans because the lenders are usually a small group of people, and the amount to be lent is considerably small.
Currently, it can take weeks before transactions can be completed because about 2,000 emails have to be sent between parties who will be involved. Asides being a complex process, there are also legal costs to consider. The level of risks associated can be said to be high since it may be difficult to detect fraud in financial transactions easily.
New Platform Promises Faster and More Efficient Transactions
Therefore, Blockchain technology which is reputably known to be faster, more efficient and reliable has been relied upon. Its application in this area will bring about efficiency in the processes and transparency between parties. Ricardo Nuno, Itaú’s treasury managing director, has also revealed that it will help to reduce legal cost.
To ensure the smooth operation of Corda, the banks have tested it by issuing loans. First of all, Itaú Unibanco and Standard Chartered raised $100 million and then negotiated the terms of the loan. Although the money was not transferred, it was said that in future, the money could be sent to the receiving party.
Financial Institutions are Adopting Blockchain Technology
More banks are adopting Blockchain technology either in combating fraud or facilitating their processes. An example is SWIFT India, a financial services provider who has collaborated with the Fintech firm, MonetaGO. The former will use MonetaGO’s Blockchain platform for secure messaging. In this case, banks in India will be able to share the same DLT network to gain access to its stored information.
Thailand’s Revenue Department, on the other hand, has decided to use the Distributed Ledger Technology to combat VAT payment fraud. The department has decided that VAT invoices will now be stored on Blockchain to make them traceable. As a result, it will help to resolve issues relating to tax refund claims
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Two banks in Latin America have collaborated to develop a Blockchain-based platform that will aid in issuing loans. The banks are Itaú Unibanco Holding SA and Standard Chartered. They revealed in a statement that they aim to eliminate fraud and cut the legal cost that is usually involved.
Blockchain-based Platform to be Used to a Handle Client Loans
R3, a New York-based startup is the developer of the Blockchain platform. This platform is called Corda, and the new system will be used to handle clients’ loans. These loans are known as club-loans because the lenders are usually a small group of people, and the amount to be lent is considerably small.
Currently, it can take weeks before transactions can be completed because about 2,000 emails have to be sent between parties who will be involved. Asides being a complex process, there are also legal costs to consider. The level of risks associated can be said to be high since it may be difficult to detect fraud in financial transactions easily.
New Platform Promises Faster and More Efficient Transactions
Therefore, Blockchain technology which is reputably known to be faster, more efficient and reliable has been relied upon. Its application in this area will bring about efficiency in the processes and transparency between parties. Ricardo Nuno, Itaú’s treasury managing director, has also revealed that it will help to reduce legal cost.
To ensure the smooth operation of Corda, the banks have tested it by issuing loans. First of all, Itaú Unibanco and Standard Chartered raised $100 million and then negotiated the terms of the loan. Although the money was not transferred, it was said that in future, the money could be sent to the receiving party.
Financial Institutions are Adopting Blockchain Technology
More banks are adopting Blockchain technology either in combating fraud or facilitating their processes. An example is SWIFT India, a financial services provider who has collaborated with the Fintech firm, MonetaGO. The former will use MonetaGO’s Blockchain platform for secure messaging. In this case, banks in India will be able to share the same DLT network to gain access to its stored information.
Thailand’s Revenue Department, on the other hand, has decided to use the Distributed Ledger Technology to combat VAT payment fraud. The department has decided that VAT invoices will now be stored on Blockchain to make them traceable. As a result, it will help to resolve issues relating to tax refund claims
Friday, 30 November 2018
Is Bitcoin dead? 8 reasons why it is NOT
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Is the price of Bitcoin down to zero?
No.
Bitcoin is trading above $4000 at the time of writing. Yes, that's far from the all time high of close to $20K, but people are still buying Bitcoin every day, every hour, every minute. Don't forget that only two years ago, one Bitcoin was worth $736, and in September of 2017 BTC was still trading below $4000.
Many people got hurt post-bull run, but zoom out and look at the bigger picture. Patience is the name of the game here.
Is this the worst Bitcoin bear market EVER?
Nope, we've been here before.
We've seen worse.
And we survived.
Be like the hodlers who got through the 2011 crash. Who dealt with the -83% retracement in 2013. Who were not afraid anymore during the 2013-2015 bear market because they knew that Bitcoin would come back stronger, eventually.
Hi CNBC Crypto Crew, can you please discuss about the gains after each of the last 4 major Bitcoin crashes (80% or more) in the past 9 years.
The 2014-2016 bear market resulted in a 13,100% gain from the bottom of $150.
Did Bitcoin stop working?
No.
Every 10 minutes or so, a new block is created on the Bitcoin network. Every 10 minutes, assets, sometimes worth millions of dollars, are being sent across the world, fast, for a low fee. Bitcoin dead? Miners are still mining, blocks are still being created, transactions are still being confirmed. The fact $BTC dropped in price didn't change anything to that.
Are institutional investors walking off because of the BTC price drop?
No.
What would institutional investors be more interested in? Buy at the all time high together with the retail investors, or wait for the inevitable correction and buy in 5 times cheaper?
And if they buy at those cheap prices, would they send out a tweet right away, stating 'I just bought 9000BTC on Bitfinex'? No. They accumulate quietly, knowing that, at some point, retail FOMO will push their ROI.
Some big players might be buying already, some institutional investors might be waiting on the sidelines for the price to drop even further, or for regulation to be implemented, or for the right products to be launched. But one thing that's certain is that when it comes to buying, institutional investors like blood on the streets more than hype.
As Michael Novogratz says, when the time is right, institutional FOMO will kick in too.
Did the fundamentals of Bitcoin change?
No.
Let's just steer away from the price action for now. Is transaction volume on the Bitcoin network still high? Are people actually using it? 'Pomp', take it away and explain to us why Bitcoin fundamentals haven't changed at all.
Thursday, 22 November 2018
Tobacco Shops In France Get Permission To Sell Bitcoins
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French tobacco shops are starting to trade two most liquid cryptocurrencies — bitcoin and ether, from January 1, 2019. Local regulators supported the initiative since the people’s interest in digital money is growing, Europe 1 reports.
At the beginning of the new year, up to 4000 stores will join the crypto industry and install the terminals for purchasing digital currencies. Later, 27,000 enterprises throughout France will also receive the software. Tobacco shops will sell small portions of bitcoin and ether, equal to 50, 100 or 250 euros.
To implement this initiative, the local federation of tobacco shops gained the approval of the country's central bank. However, according to Le Monde, this permission was not mandatory, as the stores will only be intermediaries in the cryptocurrency sales. The KeplerK and Bimedia platforms will perform as the dealers of the digital currencies, and will also provide processing services.
The regulator reportedly signed an agreement with the federation to meet the demands of local residents for cryptocurrency. Moreover, there is a political motive in this step — French authorities are going to raise prices for cigarettes, what may hamper the business of tobacco stores. Earlier, shopkeepers threatened to go out on strike because of high taxes on tobacco. Therefore, the support of the cryptocurrency trading will allow the central bank to improve relations with the local businesses.
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French tobacco shops are starting to trade two most liquid cryptocurrencies — bitcoin and ether, from January 1, 2019. Local regulators supported the initiative since the people’s interest in digital money is growing, Europe 1 reports.
At the beginning of the new year, up to 4000 stores will join the crypto industry and install the terminals for purchasing digital currencies. Later, 27,000 enterprises throughout France will also receive the software. Tobacco shops will sell small portions of bitcoin and ether, equal to 50, 100 or 250 euros.
To implement this initiative, the local federation of tobacco shops gained the approval of the country's central bank. However, according to Le Monde, this permission was not mandatory, as the stores will only be intermediaries in the cryptocurrency sales. The KeplerK and Bimedia platforms will perform as the dealers of the digital currencies, and will also provide processing services.
The regulator reportedly signed an agreement with the federation to meet the demands of local residents for cryptocurrency. Moreover, there is a political motive in this step — French authorities are going to raise prices for cigarettes, what may hamper the business of tobacco stores. Earlier, shopkeepers threatened to go out on strike because of high taxes on tobacco. Therefore, the support of the cryptocurrency trading will allow the central bank to improve relations with the local businesses.
Saturday, 17 November 2018
Tom Lee Has Slashed His Price Target on Bitcoin from $25,000 to $15,000
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The popular digital currency supporter has sharply reduced his price target from $25,000 to $15,000 on bitcoin for the year-end.
Sherlock by Sherlock November 17, 2018 in Crypto news, Opinion
As the bitcoin price traded below the psychological level of $6,000 mark, Fundstrat Global Advisors co-founder, Tom Lee, has slashed his price target on bitcoin nearly half. However, the revised target price is much higher than the current trading price. Significantly, his comments come on the heels of seven out of top ten cryptocurrencies witnessing a double-digit drop in the 7-day period.
Break-Even Point
The popular digital currency supporter has sharply reduced his price target from $25,000 to $15,000 on bitcoin for the year-end. He believes that the important driver is ‘break-even’ point. This meant that mining costs should match the trading price. According to him, the matching level reduced to $7,000 from his previous estimate of 8,000. This is based on the Bitmain’s S9 mining machine. This would mean a fair value of roughly 2.2 times of the fresh break-even price.
Bitcoin is trading around $5,450 at the time of writing and has shed 13.56 percent for the one-week period. Despite the existing sluggishness or the bearishness, Lee is confident of a recovery in bitcoin price. In a research note to clients, he pointed out the earlier bear market during the period 2013 – 2015 and said that it “never sustained a move below breakeven.” The former chief equity strategist at J.P. Morgan Lee thinks that the psychological breaking down of $6,000 has driven a fresh wave of pessimism.
Negative Swing in Sentiment
He also pointed out that there is a negative swing in sentiment that is much worse relative to the fundamental implications. Lee said that most of the price movement was fueled by certain events like the argument over bitcoin cash. There have been several tweets on bitcoin cash hard fork and splitting into bitcoin ABC or bitcoin SV. Significantly, bitcoin cash itself was a fork from bitcoin.
Though the bitcoin price remained somewhat stable in October, the sell-off has started a few days back after remaining around $6,400 levels. However, Lee is unmoved by the current condition and sees bullishness on the most valuable digital coin with the belief that institutional involvement will boost the price before the current year ends. He pointed out the wider infrastructure creation for institutional involvement to support his belief.
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The popular digital currency supporter has sharply reduced his price target from $25,000 to $15,000 on bitcoin for the year-end.
Sherlock by Sherlock November 17, 2018 in Crypto news, Opinion
As the bitcoin price traded below the psychological level of $6,000 mark, Fundstrat Global Advisors co-founder, Tom Lee, has slashed his price target on bitcoin nearly half. However, the revised target price is much higher than the current trading price. Significantly, his comments come on the heels of seven out of top ten cryptocurrencies witnessing a double-digit drop in the 7-day period.
Break-Even Point
The popular digital currency supporter has sharply reduced his price target from $25,000 to $15,000 on bitcoin for the year-end. He believes that the important driver is ‘break-even’ point. This meant that mining costs should match the trading price. According to him, the matching level reduced to $7,000 from his previous estimate of 8,000. This is based on the Bitmain’s S9 mining machine. This would mean a fair value of roughly 2.2 times of the fresh break-even price.
Bitcoin is trading around $5,450 at the time of writing and has shed 13.56 percent for the one-week period. Despite the existing sluggishness or the bearishness, Lee is confident of a recovery in bitcoin price. In a research note to clients, he pointed out the earlier bear market during the period 2013 – 2015 and said that it “never sustained a move below breakeven.” The former chief equity strategist at J.P. Morgan Lee thinks that the psychological breaking down of $6,000 has driven a fresh wave of pessimism.
Negative Swing in Sentiment
He also pointed out that there is a negative swing in sentiment that is much worse relative to the fundamental implications. Lee said that most of the price movement was fueled by certain events like the argument over bitcoin cash. There have been several tweets on bitcoin cash hard fork and splitting into bitcoin ABC or bitcoin SV. Significantly, bitcoin cash itself was a fork from bitcoin.
Though the bitcoin price remained somewhat stable in October, the sell-off has started a few days back after remaining around $6,400 levels. However, Lee is unmoved by the current condition and sees bullishness on the most valuable digital coin with the belief that institutional involvement will boost the price before the current year ends. He pointed out the wider infrastructure creation for institutional involvement to support his belief.
Sunday, 11 November 2018
Friday, 9 November 2018
> The United States Is In The Middle Of A Global Blockchain Race - And Is Losing
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It is no secret that government entities are struggling to both define and regulate blockchain technology — particularly in the United States. Despite holding Congressional hearings on the matter, U.S. federal governing bodies cannot come to a consensus on, let alone fix, the discrepancies between state definitions and regulations.
Education in the blockchain space is severely lacking, and as U.S. legislators struggle to understand the technology, other countries have surpassed us — moving onto both proposing meaningful regulation and presenting blockchain use-cases for more transparent government practices. Among the various blockchain technologies, cryptocurrencies are the highest regulatory target across the world. This raises the question: when will the U.S. follow the lead of other countries and form cohesive regulation for cryptocurrencies?
Other countries, particularly in Asia, are strides ahead of the U.S. when it comes to regulation of cryptocurrencies. For example, we can look to Chile helping to establishing a Bitcoin-to-peso exchange in 2015, or China implementing a ban on initial coin offerings (ICOs) earlier this year.
Whether harsh or not, having regulatory guidance not only assists in defining the use-case of the technology for various sectors, but also helps form a roadmap to clear regulation - one that can be built upon as the technology evolves. In fact, Chinese regulators are moving to improve upon their own legislation by looking to the public for feedback. This effort was most recently demonstrated by the draft policy released by the country's top internet censorship agency on how to regulate blockchain service providers. The news followed the Hong Kong Stock Exchange ’s proposal classify fintech startups as subject to existing financial regulations.
China is not the only instance of other countries leading the charge for blockchain legislation — Japan is also at the forefront with their being one of the first to draft regulation recognizing bitcoin as a legal form of payment, issue cryptocurrency exchange licenses, and then taking that a step further by exploring best practices for simplifying tax return filings for cryptocurrencies.
Even countries in Europe and South America have gotten involved, with an EU Securities Group recommending regulating crypto assets under existing financial laws, and Fernando Haddad, the presidential candidate for the Brazil Workers’ Party, recently publishing his plan for the government on the blockchain — helping to heed citizens’ calls for more government transparency.
As other countries are looking for ways to ensure cryptocurrencies can be utilized by the general public, in the U.S., we have a dearth of policy makers and decision makers who are champions of innovation. There is an immediate need for blockchain education among political leaders in the U.S.
The U.S. Securities and Exchange Commission (SEC) should absolutely be applauded for the recent formation of a division to talk to ICO startups , but the only way to create loophole-free regulation is to open the conversation and include blockchain leaders from various companies, both developing and utilizing the technology. Regulation on blockchain should be treated very similarly to the process used when revamping the tax code or updating the Telecommunications Act — by holding hearings and having roundtables with experts representing all stances on the technology.
The U.S. has a reputation for being a tech industry leader and economic giant; however, we are at risk of being surpassed entirely if legislators do not get up to speed on both the technology and how to best regulate it. We are no longer in a position to be debating the use-cases of the technology, but instead have to figure out best practices for ensuring blockchain is widely available and safe for mainstream use.
In fact, it was released that blockchain technology could actually save the federal government billions of dollars — but the lack of education on the matter within Congress is slowing movement on regulation, and will cause the U.S. to quickly fall further behind in the global technical economy.
It is evident that U.S. consumers and legislators alike are feeling the pressure to enact regulation as quickly as possible. This is no longer a question of when, but a more complicated question of how. While the creation of the Congressional Blockchain Congress was a step, there are still several back roads to the highway of mainstream adoption; we need to agree, as a nation, which one to take.
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It is no secret that government entities are struggling to both define and regulate blockchain technology — particularly in the United States. Despite holding Congressional hearings on the matter, U.S. federal governing bodies cannot come to a consensus on, let alone fix, the discrepancies between state definitions and regulations.
Education in the blockchain space is severely lacking, and as U.S. legislators struggle to understand the technology, other countries have surpassed us — moving onto both proposing meaningful regulation and presenting blockchain use-cases for more transparent government practices. Among the various blockchain technologies, cryptocurrencies are the highest regulatory target across the world. This raises the question: when will the U.S. follow the lead of other countries and form cohesive regulation for cryptocurrencies?
Other countries, particularly in Asia, are strides ahead of the U.S. when it comes to regulation of cryptocurrencies. For example, we can look to Chile helping to establishing a Bitcoin-to-peso exchange in 2015, or China implementing a ban on initial coin offerings (ICOs) earlier this year.
Whether harsh or not, having regulatory guidance not only assists in defining the use-case of the technology for various sectors, but also helps form a roadmap to clear regulation - one that can be built upon as the technology evolves. In fact, Chinese regulators are moving to improve upon their own legislation by looking to the public for feedback. This effort was most recently demonstrated by the draft policy released by the country's top internet censorship agency on how to regulate blockchain service providers. The news followed the Hong Kong Stock Exchange ’s proposal classify fintech startups as subject to existing financial regulations.
China is not the only instance of other countries leading the charge for blockchain legislation — Japan is also at the forefront with their being one of the first to draft regulation recognizing bitcoin as a legal form of payment, issue cryptocurrency exchange licenses, and then taking that a step further by exploring best practices for simplifying tax return filings for cryptocurrencies.
Even countries in Europe and South America have gotten involved, with an EU Securities Group recommending regulating crypto assets under existing financial laws, and Fernando Haddad, the presidential candidate for the Brazil Workers’ Party, recently publishing his plan for the government on the blockchain — helping to heed citizens’ calls for more government transparency.
As other countries are looking for ways to ensure cryptocurrencies can be utilized by the general public, in the U.S., we have a dearth of policy makers and decision makers who are champions of innovation. There is an immediate need for blockchain education among political leaders in the U.S.
The U.S. Securities and Exchange Commission (SEC) should absolutely be applauded for the recent formation of a division to talk to ICO startups , but the only way to create loophole-free regulation is to open the conversation and include blockchain leaders from various companies, both developing and utilizing the technology. Regulation on blockchain should be treated very similarly to the process used when revamping the tax code or updating the Telecommunications Act — by holding hearings and having roundtables with experts representing all stances on the technology.
The U.S. has a reputation for being a tech industry leader and economic giant; however, we are at risk of being surpassed entirely if legislators do not get up to speed on both the technology and how to best regulate it. We are no longer in a position to be debating the use-cases of the technology, but instead have to figure out best practices for ensuring blockchain is widely available and safe for mainstream use.
In fact, it was released that blockchain technology could actually save the federal government billions of dollars — but the lack of education on the matter within Congress is slowing movement on regulation, and will cause the U.S. to quickly fall further behind in the global technical economy.
It is evident that U.S. consumers and legislators alike are feeling the pressure to enact regulation as quickly as possible. This is no longer a question of when, but a more complicated question of how. While the creation of the Congressional Blockchain Congress was a step, there are still several back roads to the highway of mainstream adoption; we need to agree, as a nation, which one to take.
Sunday, 4 November 2018
How Will The US Midterm Elections Impact Bitcoin
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Tuesday the 6th of November 2018 marks the next big election date in the United States, the midterm elections that allow the country to decide who represents individual states at Senate level. It’s an important election, as this is the first chance the people of the United States have a chance to show newly elected Donald Trump what they really think of him, sort of anyway.
It’s a little complicated if like me, you don’t know a lot about US politics, however the general feeling is that due to Trump’s politics, these elections are some of the most important to ever take place within the United States, suggesting that not only will this impact politics and public feeling, this is sure to have an effect on the cryptocurrency markets too.
What will happen to Bitcoin
During the 2014 midterm elections, Bitcoin didn’t really react to the political movements, therefore some expect that in this instance, Bitcoin will remain steady at a price nearing $6,500.00. Others however believe that during 2014, Bitcoin was still very immature, it didn’t truly fly until the end of 2017, so, a response to US politics in 2014 would have been far less likely. As a result of this, many are unsure about what will happen with Bitcoin.
The same goes for the actual election of President Donald Trump in November 2016. During this time, Bitcoin was valued at a price around $730.00 and remained steady throughout the duration of the election. Even when Trump came into power in January 2017, Bitcoin remained very slow and very steady.
History tells us nothing
The history of presidential elections in the United States and their relationship can’t tell us anything, because the relationship is so new. Therefore, we can’t really predict what will happen to Bitcoin come tuesday. Hopefully, the elections run smoothly and there isn’t too much of a political shake up. We have a feeling though that suggests if there is a bit of a shake up and Senate level, Bitcoin might react accordingly. If people are happy with the outcome in the US, Bitcoin might start to climb, if things don’t go to plan, Bitcoin might take a tumble. We won’t know until tuesday, so at the very best see this as a warning that things do have the chance to change slightly this week. Our advice, hold on and see what happens.
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Tuesday the 6th of November 2018 marks the next big election date in the United States, the midterm elections that allow the country to decide who represents individual states at Senate level. It’s an important election, as this is the first chance the people of the United States have a chance to show newly elected Donald Trump what they really think of him, sort of anyway.
It’s a little complicated if like me, you don’t know a lot about US politics, however the general feeling is that due to Trump’s politics, these elections are some of the most important to ever take place within the United States, suggesting that not only will this impact politics and public feeling, this is sure to have an effect on the cryptocurrency markets too.
What will happen to Bitcoin
During the 2014 midterm elections, Bitcoin didn’t really react to the political movements, therefore some expect that in this instance, Bitcoin will remain steady at a price nearing $6,500.00. Others however believe that during 2014, Bitcoin was still very immature, it didn’t truly fly until the end of 2017, so, a response to US politics in 2014 would have been far less likely. As a result of this, many are unsure about what will happen with Bitcoin.
The same goes for the actual election of President Donald Trump in November 2016. During this time, Bitcoin was valued at a price around $730.00 and remained steady throughout the duration of the election. Even when Trump came into power in January 2017, Bitcoin remained very slow and very steady.
History tells us nothing
The history of presidential elections in the United States and their relationship can’t tell us anything, because the relationship is so new. Therefore, we can’t really predict what will happen to Bitcoin come tuesday. Hopefully, the elections run smoothly and there isn’t too much of a political shake up. We have a feeling though that suggests if there is a bit of a shake up and Senate level, Bitcoin might react accordingly. If people are happy with the outcome in the US, Bitcoin might start to climb, if things don’t go to plan, Bitcoin might take a tumble. We won’t know until tuesday, so at the very best see this as a warning that things do have the chance to change slightly this week. Our advice, hold on and see what happens.
Wednesday, 31 October 2018
Ceo Of Pantera Capital Says Buy One Bitcoin, Get Two for Free
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Dan Morehead, The CEO of Pantera Capital, in a discussion with CryptoTrader Ran NeuNer, shed some light on the emerging patterns in the cryptocurrency ecosystem and their current state. He notes that last October, Bitcoin (BTC) started to rise and crossed the $19,000 barrier, things this year are quite the contrary.
Morehead insist that while Bitcoin is on the verge of completing a decade, the stress should be not on the current state but what the future entails for the token and the overall cryptocurrency markets. Furthermore, investors need to view the market with a multi-year approach and not just seek immediate gains.
When NeuNer asked Morehead about the current doubt looming over cryptocurrency market might be due to the loss of money on the space, the CEO confidently points out that the current market patterns are not entirely new, with varying degrees of changes they have been observed earlier as well. Adding that bitcoin market is more “manic than other industries,” he stated:
Morehead referred the current situation as the buy one, get two sale, indicating the price drop and predicting the hike. Elaborating further he states that the FOMO devil has been controlling the investor sentiment as investors tend to stream in when the prices are too high.
Discussing the benefits of utility tokens he described them as “one of the most powerful financial tools ever.” The use case of Bitcoin as a multi-utility tool and not just as a store in value is dependant on the keen eye of investors. He hopes that the coming years the ecosystem will grow to 500 million.
Tuesday, 30 October 2018
Binance’s Donation Portal Will Bring Transparency to Charity
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Binance, through its charity arm, has introduced a new blockchain-based donation portal that will make crypto donations more accessible and transparent. The company’s CEO, Changpeng Zhao, presented the portal during the UNCTAD World Investment Forum in Geneva, Switzerland on Wednesday.
The news comes just after an update on Binance’s ongoing flood recovery campaign, which has raised $1.41 million in crypto. The campaign has efficiently transferred donations through several charity organizations and community members, allowing money to reach those who need it the most.
Binance is now opening a donation channel that will support residents of Eastern Uganda, which is suffering floods and landslides. This task will be facilitated by the new donation portal.
Donations On the Blockchain
The blockchain and cryptocurrency have long had potential for use in donation platforms. Many charity organizations get relatively little money to those in need due to their own administrative fees and the costs of transferring money internationally. Some of these costs are defensible; some are not.
Binance’s blockchain solution will solve this problem by providing transparency: the public will be able to see exactly where donations are going and find out how much of those donations actually make it to recipients. Binance will track donations across four different categories: donors, charity programs, charity partners, and beneficiaries.
Although crypto-based donations can avoid some bureaucratic costs and international exchange fees, they can also introduce costs of their own. In theory, cryptocurrency can be sent directly to recipients, but the process of changing crypto to cash (or otherwise making use of it) can be costly in and of itself.
This means that charity organizations that can handle crypto effectively and inexpensively are still a necessity for full-scale relief, even when it comes to crypto donations. As such, Binance has committed to covering operational fees and “ensuring that 100% of donations will go directly to end-beneficiaries,” according to Changpeng Zhao.
Suggested Reading : Learn why Binance is among our top exchanges for 2018.
Who Can Help?
The new donation portal will allow individuals and organizations alike to engage in charity. Binance’s initiative has already attracted TRON, which has pledged $3 million to Binance’s Blockchain Charity Foundation (BCF). Meanwhile, individuals can donate and view donation records at the BCF website.
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Binance, through its charity arm, has introduced a new blockchain-based donation portal that will make crypto donations more accessible and transparent. The company’s CEO, Changpeng Zhao, presented the portal during the UNCTAD World Investment Forum in Geneva, Switzerland on Wednesday.
The news comes just after an update on Binance’s ongoing flood recovery campaign, which has raised $1.41 million in crypto. The campaign has efficiently transferred donations through several charity organizations and community members, allowing money to reach those who need it the most.
Binance is now opening a donation channel that will support residents of Eastern Uganda, which is suffering floods and landslides. This task will be facilitated by the new donation portal.
Donations On the Blockchain
The blockchain and cryptocurrency have long had potential for use in donation platforms. Many charity organizations get relatively little money to those in need due to their own administrative fees and the costs of transferring money internationally. Some of these costs are defensible; some are not.
Binance’s blockchain solution will solve this problem by providing transparency: the public will be able to see exactly where donations are going and find out how much of those donations actually make it to recipients. Binance will track donations across four different categories: donors, charity programs, charity partners, and beneficiaries.
Although crypto-based donations can avoid some bureaucratic costs and international exchange fees, they can also introduce costs of their own. In theory, cryptocurrency can be sent directly to recipients, but the process of changing crypto to cash (or otherwise making use of it) can be costly in and of itself.
This means that charity organizations that can handle crypto effectively and inexpensively are still a necessity for full-scale relief, even when it comes to crypto donations. As such, Binance has committed to covering operational fees and “ensuring that 100% of donations will go directly to end-beneficiaries,” according to Changpeng Zhao.
Suggested Reading : Learn why Binance is among our top exchanges for 2018.
Who Can Help?
The new donation portal will allow individuals and organizations alike to engage in charity. Binance’s initiative has already attracted TRON, which has pledged $3 million to Binance’s Blockchain Charity Foundation (BCF). Meanwhile, individuals can donate and view donation records at the BCF website.
Monday, 29 October 2018
65% Profit On #IOTX - Binance Bitmex Crypto Signal on Telegram & Crypto Auto Trading Bot
Buy #IOTX around 260 (Binance)
Sell Target - 280-330-370
Profit - 65%
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Sell Target - 280-330-370
Profit - 65%
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Automated Crypto Trading BOT trades Automatically in your Account no need manual trading. All Telegram Signals visible on Bot- User has the benefit to see all Signals posted in Telegram directly on BOT Crypto currency Trading basic training Crypto mobile trading APPS now get all your Crypto signal on mobile apps google play store & Crypto Trading Signals with consistent profit
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