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CuriousWon, The pullback in these cryptos seems healthy so far. I mainly go by the charts, and it would be best if the orderly pullback/consolidation would go on for a while. The late Summer surge was so huge that it needs some time to digest.
One thing to worry about is the arrival of the famous short-side operator Andrew Left. Looks like he's mainly bearish on the GBTC fund and the ICO mania, rather than on cryptos in general, but if enough of the big players and hedge funds start following his lead, that would spell trouble. Andrew Left was the one who got things rolling against Valeant Pharma, and his criticisms were valid then, and are valid now with GBTC.
I'm not sure how easy/difficult it is to short these cryptos, since they don't trade on a traditional exchange. GBTC does trade that way, so it's probably the easiest to short.
That said, manias can go on way past all logic. If additional crypto funds/ETFs are approved for trading by the SEC, it might be just the beginning for the crypto bull market, since as of now the general public hasn't even arrived yet. On the other hand, funds/ETFs for additional cryptos might allow large scale shorting by the big players. So who knows, it's really the Wild West -
>>> Noted Short Seller Andrew Left Is Bearish on Bitcoin Investment Trust and ICOs
Tanzeel Akhtar
Sep 11, 2017
https://www.thestreet.com/story/14300831/1/andrew-left-is-bearish-on-bitcoin-investment-trust-and-icos.html
Citron Research's Andrew Left is not at all impressed by the latest wave of initial coin offerings (ICOs) and the Grayscale Bitcoin Investment Trust (GBTC) .
ICOs have become popular as more and more start-up are using them to raise money.
Citron Research's Left, who is a well known activist short seller, has also bet against Grayscale Bitcoin Investment Trust. He told TheStreet he has "no long-term view on Bitcoin.....more of a comment on that particular vehicle [ICOs]." And that comment is one of skepticism, even though he doesn't dismiss the cryptocurrency at large.
"I would be more bearish on the wave of ICOs than Bitcoin," said Left.
Recently on CNBC, Left said he has taken a short position on Grayscale Bitcoin Investment Trust, because the net asset value is twice the amount of the underlying Bitcoin.
"That alone is completely ridiculous," Left said. "But on top of that just go read the SEC filings and you will see they [Grayscale] do not have insurance of the the Bitcoin that they are custodians of."
Left sees this as a negative sign. To boot, the GBTC doesn't offer a guarantee that its owners are going to get a distribution of Bitcoin cash.
Left said he is short and held the position "recently" and refused to discuss the size. However, he added that "I'm half-hedged and half-unhedged."
As a seasoned investor, he's willing to take on some risk as long as he can protect his downside. But he's a realist when it comes to the danger of high valuations that can only reach certain altitude.
"I actually think ... as somebody who has been trading markets for 30 years, I have a certain level of understanding, and that would be the higher things go, the more thin the air becomes," he said.
The Grayscale Bitcoin Investment Trust Eligible shares are publicly quoted on OTCQX. Investors can buy and sell unregistered but freely tradeable Bitcoin Investment Trust shares through their personal brokerage account in the same manner as they would other unregistered OTC securities.
Grayscale also recently launched a fund that invests in the digital currency Ethereum called the Ethereum Classic Investment Trust.
Bitcoin ETFs will enter the market
Left also added he believes the SEC will soon approve other Bitcoin products such as exchange traded funds. We should expect cryptocurrency ETFs very soon.
The Winklevoss Twins application to launch the Winklevoss Bitcoin ETF (COIN) ETF was rejected earlier this. The SEC citied a lack of regulation and surveillance-sharing agreements between exchanges. The twins have reapplied to the SEC for approval. It seems the bar is high for approval.
"Unfortunately, we are restricted from commenting under federal security laws," Grayscale told TheStreet.
<<<
>> Rickards <<
Rickards has given out some very useful info over the years, especially concerning the SDR/Special Drawing Rights of the IMF and the SDR's future role as the world's reserve currency. He's had close interaction with high level 'elites' in finance and the US intelligence community.
Fwiw, my working hypothesis on Rickards is that in addition to making money for himself, he works for them (the NWO elites) as a conduit for disseminating info that they want to get out to the public, with varying degrees of spin that they require.
Floating out info is a technique that acclimates the public to what's coming, and improves the public's acceptance of it later ('predictive programming'). I think of Rickards as a designated disseminator working loosely for the NWO, and in return he's allowed to make money off the process -
>>> "Predictive programming is a subtle form of psychological conditioning provided by the media to acquaint the public with planned societal changes to be implemented by our leaders." <<<
I think there's good stuff in here and it's stoll relevant, but Rickards has very much likes trying to scare people with the worst case scenario.
If anything, I think the removing the US dollar as the reserve currency will strengthen crypto markets.
He mentioned 'permissioned' vs 'permissionless' but doesn't clarify that they [appear to be] referring specifically to the transaction validation process -- not the ability to use the network/currency itself.
Now, with that said, if you do some research and are feeling bullish still, buy however much you can afford to lose and hold em! Just don't overexpose yourself :)
Personally, I don't have as much faith in the Ether currency. I think the ethereum platform itself will and is changing the world, but specifically Ether...idk.
There is strong interests from big corporations, which is promising, but they could always just fork off and make their own token that runs on the ethereum platform. Look at CoCo from Microsoft. They will beef up security, privacy, and anything else they want, to make it suit their corporate needs.
Now, the public will still probably have access to some sort of platform, and it may be very well run on Ether. With the legislation questions around Ether, ICOs, and legal contracts, it could possibly hamstring Ether. Additionally, the big issues with the DAO and all, I feel like we would be better off with a "child" currency than ether itself.
However, I feel the same way about BTC, and it's still over $4,100 today.
I think the selling is driven by people who overexposed themselves in the hopes of explosive short term gains. They got in recently and now that the gains arent happening they are scared.
For those of us who either got in early enough, didn't overexpose ourselves, and/or are just willing to lose it all, we will bite the bullet. If the floor really falls out then sell for some small gains.
If only these things were a little more stable, the future is too uncertain. At this point the 1 week charts are looking grim, but if you look at 6 months or 1 year the upward trend is still very healthy and -- as you said -- consolidation would be good.
It's either a great buying opportunity or it is the beginning of the end, as with every correction LOL
I am holding. I did move some things around to reallocate my holdings, but my dollar position is the same. I think as geopoliticaltensions worsen cryptos will remain an attractive alternative holding. As for the IMF article you posted, I am still digesting that.
What do you think? Is the "bubble" popping?
Hello everyone. I just surfed the Internet and found interesting news:
Ethereum Price Prediction 2018: $1,000
http://www.stocksmarketnews.com/ethereum-price-prediction-2018-1000-is-our-ethereum-price-target/
"Aside from Bitcoin, no cryptocurrency is more popular and promising than Ether (the native token of the Ethereum platform). ETH prices exploded by 3,995% since the start of 2017, beating every Ethereum price forecast in the world. Yet now that it’s time to make Ethereum price predictions for 2018, analysts outside crypto-land remain gun shy…"
Is Ethereum possible to catch the Price of $ 1,000?
Can somebody tell me something about it?
Thanks.
Looking at the crypto charts, the question now is if there is more downside left in the pullback?
I'm figuring there probably is, with Bitcoin entering the support band from 4000-4300. If 4000 fails, then next support would be the 3250-3500 band, and then 3000 (June high).
A period of consolidation would be healthy after the huge run up in August. Tough to say though, it might keep climbing, but better to take a breather to provide a solid base for the next move.
A major bombshell from Jim Rickards on Distributed Ledger Technology and the IMF -
He says the SDR (Special Drawing Rights) system of the IMF will use Distributed Ledger Technology (similar to Bitcoin, though not necessarily Blockchain).
Rickards says that when this system goes live, many nations will be able to dump the U.S. dollar for SDRs, and it will soon be goodbye for the US dollar as the world's reserve currency. This will devastate the US standard of living, and Rickards says that implementation of key parts of this system will begin Jan 1 2018, so the handwriting is on the wall folks -
>>> Dear President Trump: America is in for a Rude Awakening in January
By James Rickards
September 8, 2017
https://dailyreckoning.com/president-trump-america-rude-awakening/
Dear President Trump: America is in for a Rude Awakening in January
Dear President Trump,
Over the last couple of years I’ve been all over TV… from Fox News to CNBC, CNN and Bloomberg. I’ve been telling our fellow Americans that the financial global elite was planning to issue their own globalist currency called special drawing rights, or SDRs.
And that those elites would use this new currency to replace the U.S. dollar as the global reserve currency.
I’ve even written about this extensively in my best-selling books The Road to Ruin and The New Case for Gold.
I’m sure some people in the mainstream media thought I was out of line — but the United Nations and the International Monetary Fund (IMF) have both confirmed this plan to replace the U.S. dollar is real. I’ve made this warning many times, but it seems to be falling on deaf ears. That’s why I’m writing directly to you.
Here’s the proof that the U.S. dollar is under attack, right in front of our eyes:
The UN said we need “a new global reserve system… that no longer relies on the United States dollar as the single major reserve currency.”
And the IMF admitted they want to make “the special drawing right (SDR) the principal reserve asset in the [International Monetary System].”
More recently, the IMF advanced their plan by helping private institutions, such as the UK’s Standard Chartered Bank, issue bonds in SDRs.
Although our mainstream media ignored this major event, the UK media reported:
Business News - October 26, 2016
Standard Chartered successfully issues SDR bonds in China
This is all happening. And on January 1st, 2018, this trend to replace the U.S. dollar will accelerate. That’s when the global elite will implement a major change to the plumbing of our financial system.
It’s a brand-new worldwide banking system called Distributed Ledger Technology. And it will have a huge impact on seniors who are now preparing for retirement.
When this system goes live, many nations will be able to dump the U.S. dollar for SDRs.
For now, the U.S. dollar is still the world’s reserve currency. Other nations have to hold and use the U.S. dollar for international trade, instead of their own currencies.
This creates a virtually unlimited demand for U.S. dollars, which allows us to print trillions of dollars each year to pay for wars, debt and anything we want. It keeps our country operating.
Now, we can see that the global elites are working to unseat the U.S. dollar as the global reserve currency.
Here are the three key pieces of information that prove this will happen.
Fact #1 — The IMF issues a globalist currency called special drawing rights, or SDRs.
Fact #2 — The IMF has confirmed they want to replace the U.S. dollar with SDRs.
Fact #3 — The IMF has confirmed Distributed Ledgers can be used for “currency substitution”… and they’ve even set up a special task force to speed up implementation.
The IMF is using this technology to create an SDR payment system, because that’s the currency they issue.
IMF Lagarde Special Drawing Rights
As you know, Christine Lagarde, head of the IMF, is the woman in the middle.
When asked about the task force, she said:
“As I see it, all this amounts to a brave new world for the financial sector.”
Yes, a brave new world where the dollar is no longer the world reserve currency.
Barbara C. Matthews, a former US Treasury Department attaché to the European Union, has reached the same conclusion.
She said the link between the globalists’ currency and Distributed Ledgers “is impossible to avoid.”
And that “the IMF seems to be exploring the possibility of permitting a broader use of [their globalist currency] beyond internal transactions among member central banks.”
Make no mistake, if the IMF is planning to use Distributed Ledgers to replace the U.S. dollar with SDRs. And just to be clear, when SDRs take over, the American people will be left with devalued dollars.
Once other nations start accumulating the globalist currency through Distributed Ledgers, they will no longer need to hold dollars. Once Distributed Ledgers go live, other nations will no longer need to buy Treasury bonds.
And that means our government — your government — will no longer be able to finance its normal operations, including welfare programs like Social Security. For those who have their retirement account parked in stocks, they could watch it evaporate in a matter of days. The weakest companies in the stock market could collapse once this plan goes live.
Just look what happened the last time we had a big change in our global financial system. In 1971, Nixon announced the U.S. would no longer officially trade dollars for gold. That created a lot of uncertainties, turning that decade into a nightmare for stock investors.
Take a look… the Dow Jones, an index of “stable” blue chip stocks (the kind most retirees like to hold), was cut in half. Stock investors bailed out of the market and, for the most part, didn’t come back for a decade.
Dow Jones Historical Chart
I expect something similar once Distributed Ledgers go live.
The transition from a U.S. dollar system to a new system dominated by SDRs will be messy. Stocks will collapse… and will stay down. There will be no recovery this time, because the U.S. government won’t be able to come to the rescue like they did in 2008.
You won’t even have funding for normal operations, let alone enough funds to save stock investors.
I know that governments have been patiently watching Distributed Ledger (often referred to as blockchain) technology develop and grow outside their control for the past eight years. Libertarian supporters of Distributed Ledgers celebrate this lack of government control.
Yet, their celebration is premature, and their belief in the sustainability of powerful systems outside government control is naïve. Governments don’t like competition especially when it comes to money.
You probably know that you, or any government, cannot stop Distributed Ledger technology — in fact you probably don’t want to. Governments and monetary elites want to control it using powers of regulation, taxation, and investigation.
An elite U.S. legal institution called the Uniform Law Commission, which proposes model laws intended for adoption in all fifty states, has released its latest proposal called the “Uniform Regulation of Virtual Currency Businesses Act.”
This new law will not only provide a regulatory scheme for state regulators, but will also be a platform for litigation by private plaintiffs and class action lawyers seeking recourse against real or imagined abuses by digital coin exchanges and facilities.
We know the U.S. government will want to use this technology for its benefit. One step toward government control just occurred a few weeks ago.
On August 1, 2017, the SEC announced “Guidance on Regulation of Initial Coin Offerings,” the first step toward requiring fundraising through Distributed Ledger, or blockchain-based tokens to register with the government.
But consider the following additional developments:
• On August 1, 2017, the World Economic Forum, host body to the Davos conference of global super-elites, published a paper entitled “Four reasons to question the hype around blockchain.”
•On August 7, 2017, China announced they will begin using Distributed Ledger technology to collect taxes and issue “electronic invoices” to citizens there.
Perhaps most portentously, the International Monetary Fund (IMF) has weighed in.
In a special report dated June 2017, the IMF had this to say about Distributed Ledgers: The IMF favors control by a “pre-selected group of participants” or “one organization,” rather than allowing “anyone” to participate.
This paper should be viewed as the first step in the IMF’s plan to migrate its existing form of world money, the SDR, onto a DLT platform controlled by the IMF.
They’re telling you exactly what their plan is. It would be foolish to ignore them, or assume the U.S. dollar will remain the global reserve currency much longer once this plan is implemented, as early as January 1, 2018.
You know the global elites’ aren’t your biggest fan. You know the U.S. dollar has been under attack.
This is the global financial elites’ plan to remove the U.S. dollar from its position of power and to attack your administration all at once.
Who do you think American’s will blame when the stock market crashes, or Social Security runs out? We can hear the talking heads already.
Best,
James Rickards
<<<
>>> The Global Elites’ Secret Plan for Cryptocurrencies
By James Rickards
September 5, 2017
https://dailyreckoning.com/global-elites-secret-cryptocurrencies/
The Global Elites’ Secret Plan for Cryptocurrencies
Interest in Bitcoin is red hot at the moment. It’s impossible to open a website, listen to a podcast, or watch a video in the financial space without hearing about the meteoric rise in the price of Bitcoin.
Maybe you know a “Bitcoin millionaire” who bought five hundred Bitcoins a few years back for $50,000 and is now sitting on a Bitcoin fortune worth over $2,000,000. It’s true, those people actually do exist.
Yet the crypto-hysteria is distracting you from a scary truth no one is talking about. There is every indication that governments, regulators, tax authorities, and the global elite are moving in for the crypto-kill. The future of Bitcoin may be a dystopia in which Big Brother controls what’s called “the blockchain” and decides when and how you can buy or sell anything and everything.
Furthermore, cryptocurrency technology could be the very mechanism used by global elites to replace the dollar based financial system.
In 1958, Mao Zedong, the leader of the Communist Party of China and China’s dictatorial leader was confronted with demoralized intellectuals and artists who were alienated by Communist rule. As a policy response, he declared a new policy of intellectual freedom.
Mao declared, “The policy of letting a hundred flowers bloom and a hundred schools of thought contend is designed to promote the flourishing of the arts and the progress of science.”
This declaration is referred to as the “Hundred Flowers Campaign” (often misquoted as the “thousand flowers campaign”). The response to Mao’s invitation was an enthusiastic outpouring of creative thought and artistic expression.
What came next was no surprise to those familiar with the operation of state power. Once the intellectuals and artists emerged, it was easy for Mao’s secret police to round them up, kill and torture some, and send others to “reeducation camps” where they learned ideological conformity.
The Hundred Flowers Movement was a trap for those who placed their trust in the state. It was also a taste of things to come in the form of the much more violent and comprehensive Cultural Revolution of 1964–1974 in which all traces of Chinese bourgeoisie culture and much of China’s historical legacy were eradicated.
Something similar is going on with Bitcoin and the Distributed ledger technology (DLT) today. Governments have been patiently watching blockchain technology develop and grow outside their control for the past eight years.
Libertarian supporters of blockchain celebrate this lack of government control. Yet, their celebration is premature, and their belief in the sustainability of powerful systems outside government control is naïve.
Governments don’t like competition especially when it comes to money. Governments know they cannot stop blockchain, in fact they don’t want to. What they want is to control it using powers of regulation, taxation, and investigation and ultimately more coercive powers including arrest and imprisonment of individuals who refuse to obey government mandates with regard to blockchain.
Blockchain does not exist in the ether (despite the name of one cryptocurrency) and it does not reside on Mars. Blockchain depends on critical infrastructure including servers, telecommunications networks, the banking system, and the power grid, all of which are subject to government control.
A group of major companies, all regulated by government, have announced a joint effort to develop an open-source blockchain as a uniform standard for all blockchain applications. The group includes JPMorgan, Wells Fargo, State Street, SWIFT, Cisco, Accenture, the London Stock Exchange and Mitsubishi UFJ Financial. That’s not exactly five guys in hoodies working in a garage. That’s a sign of the corporate-state consortium taking over.
An elite U.S. legal institution called the Uniform Law Commission, that proposes model laws intended for adoption in all fifty states, has released its latest proposal called the “Uniform Regulation of Virtual Currency Businesses Act.”
This new law will not only provide a regulatory scheme for state regulators, but will also be a platform for litigation by private plaintiffs and class action lawyers seeking recourse against real or imagined abuses by digital coin exchanges and facilities. Once litigation begins, anonymity is the first casualty.
Cryptocurrencies and the Super-Elites Plan
Consider the following additional developments:
On August 1, 2017, the SEC announced “Guidance on Regulation of Initial Coin Offerings,” the first step toward requiring fundraising through blockchain-based tokens to register with the government.
On August 1, 2017, the World Economic Forum, host body to the Davos conference of global super-elites, published a paper entitled “Four reasons to question the hype around blockchain.”
On August 7, 2017, China announced they will begin using blockchain to collect taxes and issue “electronic invoices” to citizens there.
Perhaps most portentously, the International Monetary Fund (IMF) has weighed in. In a special report dated June 2017, the IMF had this to say about blockchain:
“Distributed ledger technology (DLT), in particular, could spur change in the financial sector. …. DLT can be categorized as “permissionless” or “permissioned” depending on who can participate in the consensus-driven validation process. Permissionless DLTs allow anyone to read, transact on, and participate in the validation process. These open schemes (that underlie Bitcoin, for instance) could be very disruptive if successfully implemented. By contrast, in permissioned DLTs, the validation process is controlled by a pre-selected group of participants (“consortium”) or managed by one organization (“fully-private”), and thus serve more as a common communications platform.” (emphasis added).
IMF releases require expert translation because they are never written in plain English, and the real meaning is always hidden between the lines. But, the thrust of this report language is clear. The IMF favors “permissioned” systems over “open schemes.” The IMF also favors control by a “pre-selected group of participants” or “one organization,” rather than allowing “anyone” to participate.
This paper should be viewed as the first step in the IMF’s plan to migrate its existing form of world money, the special drawing right or SDR, onto a DLT platform controlled by the IMF. In time, all other forms of money would be banned.
These and other developments all point toward an elite group including the IMF, JPMorgan, the Davos crowd, the IRS, SEC, and other agencies converging to shut down the existing free-wheeling blockchain ecosphere, and replace it with a “permissioned” system under “consortium” control.
Big Brother is coming to the blockchain.
Regards,
Jim Rickards
for The Daily Reckoning
<<<
It is down compared to 2 days ago, but if you look at the 1 month charts its still way up.
Resistance? Resistance is futile! Lol no but I am not sure. Honestly the ICO ban is just causing market overreaction like expected. I say hold through or even buy for long term if you're up for some risk.
Not so good cryptocurrency morning! The total market cap of cryptocurrencies, including bitcoin, is down > 25% after China bans ICOs.
Where is the resistence?
Honestly, I have mixed feelings, but IMHO this makes total sense. I don't know that it should be okay for people to be able to raise large sums of money, and issue nothing but a virtual coin/token in return. Keywords: "nothing but..."
ICOs are great, powerful things, they allow people to raise money for their ideas, people who normally might not have the menas or connections to do so. However, the risk of fraud is HUGE, and I think there does need to be some oversight.
ICOs will have a place in this world, hopefully they don't end up being so over-regulated that it stifles the entrepreneurial environment it could potentially create...but we'll see.
In the meantime, is this a possible buying opportunity for long term holders? Specifically for non-token cryptos such as bitcoin, litecoin, etc. They have nothing to do with ICOs. Although the whiff of regulation is strong, I think they'll bounce back.
China hits booming cryptocurrency market with coin fundraising ban
(Reuters) - China on Monday banned and deemed illegal the practice of raising funds through launches of token-based digital currencies.
The move was targeted at so-called initial coin offerings (ICO) in a market that has exploded since the start of the year.
ICOs have become a bonanza for digital currency entrepreneurs, globally and in China, and have provided the fuel for a rapid ascent in the value of cryptocurrencies this year that has driven fears of a bubble that could burst.
Individuals and organizations that have completed ICO fundraisings should make arrangements to return funds, said a joint statement from the People's Bank of China (PBOC), the securities and banking regulators and other government departments that was posted on the central bank's website.
In total, $2.32 billion has been raised through ICOs, with $2.16 billion of that being raised since the start of 2017, according to cryptocurrency analysis website Cryptocompare.
Bitcoin rival Ethereum, which token-issuers usually ask to be paid in and which has therefore seen unprecedented growth this year, fell sharply on the news, last trading down almost 20 percent on the day at $283, according to trade publication Coindesk.
Bitcoin was also down 8 percent, while the total value of all cryptocurrencies was down around 10 percent, according to industry website Coinmarketcap.com.
"The large price falls can be attributed to panic amongst traders and profit-taking," said Cryptocompare founder Charles Hayter.
The rapid ascent of ICOs prompted the U.S. Securities and Exchange Commission (SEC) to warn in July that some ICOs should be regulated like other securities. Singapore and Canada followed with similar warnings.
Zennon Kapron, director of the Shanghai-based financial technology consultancy Kapronasia, said he suspected regulators were putting the brakes on ICOs in order to better understand the phenomenon, but could ease off in the future.
"Regulators globally are struggling to understand what ICOs are, what the risks are, and how to ring-fence and regulate them," he said.
"China, in many ways, is no different than the U.S. or Singapore in saying, ok, we need to push back on these for now until we figure out how to deal with them...I think it will be slightly a temporary measure."
"THE MUSIC HAS STOPPED"
By creating and issuing digital tokens, entrepreneurs can raise large sums quickly -- sometimes hundreds of millions of dollars in minutes -- with little or no regulatory oversight. But unlike traditional fundraising, token holders are generally not given any share in the particular project, nor any security.
For the buyer, therefore, the main reason for buying these highly risky tokens is often simply a bet that their value will rise. Once the tokens have been issued they can be traded against other cryptocurrencies such as bitcoin, the first successful digital-only currency.
The popularity of coin offerings has surged in China this year.
In July, the state news agency Xinhua cited data from a government organization that monitors online financial activity to report that there had been 65 ICOs so far during the year raising a combined 2.62 billion yuan ($394.6 million) from 105,000 individuals in the country.
Oliver Bussman, previously chief innovation officer at UBS and now president of the Switzerland-based "Crypto Valley Association" that promotes blockchain-based technology, said Chinese authorities had to be especially vigilant about protecting consumers because of the lack of financial advice in the country, compared with Europe or North America.
Reaction to the ban was swift online.
"The music has stopped," said one member of a chat group on the social networking platform WeChat that was set up last week for an upcoming ICO for a fundraising platform called SelfSell.
"Hurry up and sell your bitcoin," said another.
The organizer of the ICO project, who recently went on a six-city roadshow, said the project had been suspended.
But Bussman said that once there was some regulatory clarity, and once it had been worked out how to classify different types of ICO, the token-based fundraising would continue.
"The initial coin offering is a new business model leveraging blockchain technology and it will remain," he said.
"This is not the end of the ICO – absolutely not."
https://www.reuters.com/article/us-china-finance-digital/china-hits-booming-cryptocurrency-market-with-coin-fundraising-ban-idUSKCN1BF0R7
Syscoin announced masternodes and is releasing BM web on the 12th. very undervalued coin. multi dollars by next year or begining of next
Or moving back up to the 90s is good to : D
Here's that consolidation, hopefully we hang out in the mid 80s this weekend!
I see that too, just hit $91! Maybe consolidation over the weekend? Its so hard to tell with cryptos...I still feel LTC is wayy undervalued, and should be at LEAST at $600 right there with bitcoin cash. I could see it consolidating then continuing the stair climb upwards.
I saw that too, I never bought the GBTC..always always thought it was pointless when it trades at a large premium and it's not that hard to just buy bitcoin straight up. The only reason I thought was legitimate was that it can be purchased with a tax advantaged account (IRA or 401k) and it is easier for the lay investor.
It does make sense though, the people want the gains of Bitcoin with none of the risk. Then as soon as this guy with a name and reputation says something they all jump ship, acting on fear trying to lock in gains.
Wow, Litecoin now 84. The chart is starting to look hyperbolic though, so may be time for some consolidation soon. Might reach 100 first though (?)
Bitcoin keeps climbing toward the 5000 mark (currently 4844). However the Bitcoin fund/ETF (GBTC) got slammed today big time, down around 25%. Famous short side investor Andrew Left came out with bearish opinion on GBTC today. He's the one who came out against Valeant Pharma a few years ago and helped precipitate its subsequent crash -
https://www.benzinga.com/media/cnbc/17/09/10005564/andrew-left-is-bearish-on-bitcoin-investment-trust
Litecoin up to $85 now!
Ethereum bouncing around 395...cant seem to break 400.
Bitcoin at 4850. I think 5000 will be tough to break. But once broken I think it's upward from there.
I see no reason why Litecoin wont hit 200 before year end. It should, at the minimum, be right there with Bitcoin cash at 600.
Litecoin just broke 70, currently at 72!
Bitcoin is nearing 5000, currently at 4734. This is a major psychological barrier, i think once broken it will continue upwards.
Also NEM broke .30, at an all time high.
Ether is sitting at 387, struggling to break 390 and 400.
CHINE CONSIDERS BLANKET BAN ON ALL ICOS:
Chinese regulators are considering the possibility of a sweeping suspension of all initial coin offerings (ICOs), according to reports.
A report by Tencent has revealed details of a notable meeting among Chinese regulatory authorities that took place on August 18. The joint meeting, hosted by the People’s Bank of China, the country’s central bank, was also attended by officials from the Securities and Futures Commission, the Banking Regulatory Commission and the insurance regulatory body, among others.
Regulators reportedly discussed means of regulatory oversight that included control over the size and scale of the ICOs, strengthening disclosure requirements and issuing additional investment risk warnings. Notably, the report added:
In addition, if a large [investor] risk is found, the regulation will even suspend all ICO activities and rectify them.
As things stand, the regulations are at a preliminary stage with discussions and comments collected from multiple regulatory bodies with policies speculated to be introduced at some point this this year.
The ICO crackdown could ultimately draw parallels to the regulatory squeeze on bitcoin exchanges earlier this year. The People’s Bank of China investigated and effectively put a halt on the Chinese bitcoin trading market, once the world’s largest, at the turn of the year. Chinese exchanges only resumed bitcoin withdrawals in early June following comprehensive reforms of AML/KYC policies, nearly four months after banning bitcoin withdrawals.
Earlier in June, a counselor to China’s central bank called for the ‘moderate regulation’ of ICOs in a way that the government’s reach did not burden innovative projects. However, the PBoC’s actions taken against the entire regional bitcoin market proves that no action is too extreme for the financial regulator and watchdog.
The cumulative investments pouring into ICOs in the first half of 2016 has already reached CNY 2.616 billion (approx. $400 million), according to Yicai, citing an official report.
~~~~~
https://www.cryptocoinsnews.com/china-considers-blanket-ban-icos-report/
~~~~~
This could be a huge blow for the Ethereum network! Not necessarily directly but in principal / signaling possible futures for crypto-funding.
However, ICOs can be easily abused, so definitely some regulation is needed, but they also give the ability for some to raise funding who normally might not be able to -- which could be a very good thing.
This is the preview of the blockchain future.
It is also behind the speculation around Ether. It is also VERY confusing for many, because blockchain technology (the ethereum network for example), is NOT the same as the Ether currency.
If you look at the forks going on with Bitcoin, any corporation (or group of), could make their own currency to run blockchain tech.
Might wanna buy stock in large tech companies...they will wind up leading the charge with this stuff. Either through their own proprietary means or simply augmenting existing networks with additional tools or programs.
Well, I didn't get in at the very bottom but my LTCs have treated me very well for sure :) still holding!
The bitcoin rift is definitely interesting. Honestly I am not sure what to think about it. I feel like it's definitely an issue, but I am not sure why it has become such a malicious debate.
It makes sense that they are claiming to be THE bitcoin, they want to be worth the whole $4000 and want the name recognition. The whole bitcoin/altcoin thing puts any forks off of bitcoin at a disadvantage regarding user adoption and recognition.
So at this point the hostiletakeover analogy is because they want to be BTC, they want to implement their protocol AS the new bitcoin.
And they have the support! Overwhelming majority, from what I can tell.
I dont fully get what is driving the core supporters. It seems to be the multiple address issue...but if rhey switched to the new Segwit2x as well...it wouldn't BE an issue!
Ill have to read some more, but that's my 2 cents at this point in time.
CuriousWon, Yes, nice breakout for Litecoin, now over 60. That's been one hell of a ride - from 4 to 63 in 5 months! You must have cleaned up on that one :o)
Btw, any thoughts on how serious this rift within Bitcoin might be? Interesting that they compare it to a hostile corporate takeover -
>>> the Core and Segwit2x factions have grown increasingly hostile toward one another. Noting that they appear to have most of the network hashpower on their side, Segwit2x supporters claim that the Core version of bitcoin will be a “dysfunctional minority chain” once the Segwit2x hard fork takes place in November. Core supporters deride Segwit2x as an altcoin (which some have nicknamed Jeffcoin) or an attempt at a hostile corporate takeover. <<<
https://www.cryptocoinsnews.com/segwit2x-dev-jeff-garzik-expelled-from-bitcoin-core-repository/
>>> Segwit2x Dev. Jeff Garzik Expelled from Bitcoin Core Repository
by Josiah Wilmoth
22/08/2017
https://www.cryptocoinsnews.com/segwit2x-dev-jeff-garzik-expelled-from-bitcoin-core-repository/
The bitcoin scaling debate heated up over the weekend, following a controversial blog post from payment processor BitPay. In the post, the company urged users to update their nodes before Segwit activation to avoid security risks. What incited controversy is that they directed people to download btc1 nodes, which are designed for Segwit2x implementation. BitPay is a New York Agreement signatory, so it’s not surprising that they want to promote btc1. However, many prominent figures accused BitPay of using deceptive–or even fraudulent–tactics to accomplish their goal. In reaction to the post, BitPay was removed from Bitcoin.org.
Segwit2x Dev. Jeff Garzik Expelled from Bitcoin Core Repository
That same day, Segwit2x developer Jeff Garzik was expelled from the Bitcoin Core repository on Github. Garzik tweeted that his removal from the repository was indicative of a “culture of reprisals.”
That this happened was not surprising; as Peter Todd noted, Garzik–who opposes Core’s position on scaling–has not made any significant contributions to the repository since 2014.
However, the timing of Garzik’s expulsion is very significant. He could have been removed at any point over the last several years for his inactivity, but it happened now, just as the Core and Segwit2x factions have grown increasingly hostile toward one another. Noting that they appear to have most of the network hashpower on their side, Segwit2x supporters claim that the Core version of bitcoin will be a “dysfunctional minority chain” once the Segwit2x hard fork takes place in November. Core supporters deride Segwit2x as an altcoin (which some have nicknamed Jeffcoin) or an attempt at a hostile corporate takeover.
Tempers Flare Over Lack of Replay Protection
Tempers have particularly flared over the issue of replay protection. Replay protection ensures that two blockchains and currencies with shared histories remain separate. Without these protections, an attacker can initiate a replay attack, whereby he broadcasts a transaction on both chains. Bitcoin cash, for instance, implemented this security measure to prevent replay attacks following its hard fork, along with choosing a new name to (somewhat) reduce user confusion.
Following the Segwit2x chain split in November, there will again be two different versions of the bitcoin protocol. This time, both versions claim that theirs is the real “Bitcoin,” while the other is not. Both users and exchanges will have to grapple with how to navigate that murky situation.
The lack of branding differential will create a great deal of confusion, but there is more at stake. Thus far, Segwit2x has not committed to implementing replay protection into the btc1 protocol, implying that the onus is on Bitcoin Core to add protection to the “legacy” chain. Core repudiated that position in a recent blog post, stating:
“It is irresponsible to ignore the outcome of these events when planning for the future. As an example, we’ve seen the confusion that arises when a single address is valid across two chains, yet the Segwit2x proposal intends to repeat the same mistake. Furthermore, BCH’s implementation of strong replay protection provided significant protection to users of both BCH, as well as Bitcoin, something Segwit2x does not plan on providing.
If both development groups remain entrenched, it will be the users who suffer.
The renewed focus on this contentious debate has been accompanied by a decline in the bitcoin price. Since August 17, the bitcoin price has fallen from a record $4,467 to a present mark of $3,998 (per CoinMarketCap).
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>>> The World’s First Government ICO: Estonia Could Offer Its Own Token
by P. H. Madore
22/08/2017
https://www.cryptocoinsnews.com/estonia-could-offer-its-own-ico/
Estonia has taken to being at the forefront of the European blockchain revolution swimmingly, offering its e-residency program and now considering a way of offering currency to e-residents.
On a page that about the proposal, Vitalik Buterin is quoted as saying:
“An ICO within the e-Residency ecosystem would create a strong incentive alignment between e-residents and this fund, and beyond the economic aspect makes the e-residents feel like more of a community since there are more things they can do together.
The page does not list much in the way of details, but the idea seems simple enough. Further, the idea would incentivize people to become e-residents, so that they could have an international currency at their command as well. It’s important to note that the e-residency program has yet to run into any legal challenges from international governments or organizations. According to a blog on the subject:
“The ability to start a location-independent company is now the main ‘product’ that’s driving the growth of e-Residency. If we left it at this then it is likely that we could still achieve a respectable rate of growth (especially among the fast growing ‘digital nomad’ community) while solving a major problem facing our world, which is how to ensure everyone has the opportunity to benefit from entrepreneurship and rising e-commerce.
Now, suppose that anyone in the world can establish residency in Estonia and then establish a business, and then in that business they can transact in a government-issued digital currency. This currency can of course be used to pay the country’s minimal taxes. Local industries will be stimulated as a result, industries which cater to foreign residents who are trying to do such things as create businesses, acquire property, and so forth.
The whole thing begs the question of when other countries will begin to compete with Estonia for real estate in the blockchain kingdom. There are many islands that have sought to enter the 21st century in ways that enabled global participants to engage in mutually beneficial behavior with them – the .TK domain comes to mind, wherein people around the globe were able to get free top-level domains as well as purchase domains from a tiny island nation.
Another useful point to make is that global know-your-customer compliance can be easier achieved when digital residents become the norm. In the case of Estonian e-residents, selective information could be shared with agencies who needed it in order to verify the status of someone trying to do business or invest.
“The private sector is investing in products and services specifically for e-residents and there is a tremendous amount of excitement in how the secure digital identities offered by e-Residency can enable easier KYC and onboarding, therefore making the e-Residency community an attractive customer market for new online services.
In general, the Estonian program is exciting for blockchain enthusiasts looking to start businesses or simply wondering when the revolution will really begin. If people around the globe can seamlessly become citizens of another country through the magic of technology, then perhaps money can be liberated through technology as well.
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>>> Securing Food on a Blockchain: Walmart, Nestlé, Unilever Partner IBM
by Samburaj Das
23/08/2017
https://investorshub.advfn.com/secure/post_new.aspx?board_id=32392
Technology giant IBM has partnered the biggest names in the global food supply chain to launch a new blockchain consortium focused on food safety.
Some of the world’s biggest retailers and food companies are now working with IBM to identify key areas of the global food supply chain that can benefit from blockchain technology. The working group sees blockchain as the solution to improve food traceability and transparency in the supply chain. The consortium’s members include Dole, Driscoll’s, Golden State Foods, Kroger, McCormick and Company, McLane Company, Tyson Foods, Nestlé, Unilever and Walmart, working in partnership with technology provider and developer IBM.
“Unlike any technology before it, blockchain is transforming the way like-minded organizations come together and enable a new level of trust based on a single view of truth,” stated Marie Wieck, general manager of IBM Blockchain.
The ultimate goal will see all participants in the global food supply chain – growers, suppliers, processors, distributors, retailers, regulators and consumers – gain permissioned access to every point of data from the origin to the sale of the food product. IBM will provide its blockchain tech via its IBM Cloud platform for the consortium’s efforts.
Frank Yiannas, vice president of food safety at Walmart stated:
“Blockchain technology enables a new era of end-to-end transparency in the global food system- equivalent to shining a light on food ecosystem participants that will further promote responsible actions and behaviors.
Traceability in Seconds
IBM has already conducted blockchain pilots across a number of industries around the world including trade, pharma, retail and more. In October 2016, Walmart partnered IBM to digitally track the movement of pork in China, a nation which has seen a number of food safety scandals in recent years. The trials revealed that tracking a product from the very farm it originated from to the retailer’s shelf could be achieved in seconds, rather than days or several weeks.
Such efficiency can help food providers and retailers to trace a contaminated product to its very source in a matter of seconds to issue an effective food recall and stop the spread of diseases and illnesses.
Other notable efforts of tracking food supply on a blockchain include the United Nations’ World Food Programme (WFP) tapping the Ethereum blockchain, a Taiwanese e-commerce platform also using the Ethereum blockchain in its own supply chain and an Arkansas livestock farmers cooperative using blockchain tech to trace meat through the supply chain.
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>>> Microsoft’s Ethereum-Friendly Blockchain Framework ‘Coco’ Hits 1,600 Txns/Sec
by Samburaj Das
23/08/2017
https://www.cryptocoinsnews.com/microsofts-ethereum-friendly-blockchain-framework-coco-hits-1600-txnssec/
Microsoft has unveiled its newest blockchain protocol in the Confidential Consortium (Coco) framework, an open-source system aiming to provide large-scale, confidential blockchain networks for companies and organizations alike.
In an announcement this month, Microsoft revealed its Coco framework reduces the complexity of implementing current blockchain protocols to the operational and security needs of enterprises by solving critical hurdles in transaction speeds, confidentiality and distributed governance.
“Coco achieves this by designing specifically for confidential consortiums, where nodes and actors are explicitly declared and controlled,” explained Mark Russinovich, technology chief at Microsoft Azure, the technology giant’s cloud computing platform.
He added:
“Coco presents an alternative approach to ledger construction, giving enterprises the scalability, distributed governance and enhanced confidentiality they need without sacrificing the inherent security and immutability they expect.
By design, the framework will be built to work with any blockchain ledger protocol. Initial implementations will include developments with a number of enterprise-blockchain heavy-hitters including Ethereum, R3’s Corda, Hyperledger Sawtooth and JP Morgan’s Quorum. Notably, the framework also works with hardware-based trusted execution environments (TEEs) such Intel’s Software Guard Extensions (SGX) or the Windows Virtual Secure Mode (VSM.
Microsoft claims its Coco framework will be capable of scaling beyond speeds of 1,600 transactions per second when integrated with a blockchain network. The framework will also aim at a pioneering governance model for enterprise blockchain networks by establishing a network constitution where members can vote on all governing terms and conditions of the blockchain software.
“Coco will be compatible, by design, with any ledger protocol and can operate in the cloud and on premises, on any operating system and hypervisor that supports a compatible TEE,” Russinovich added.
Microsoft has released a technical white paper with a demo of the Coco framework prior to its launch on GitHub in 2018 as an open source project.
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>>> Twitter CEO Jack Dorsey is a Bitcoiner, Talks up Blockchain Tech
by Francisco Memoria
20/08/2017
https://www.cryptocoinsnews.com/twitter-ceo-is-a-bitcoiner-talks-up-blockchain-tech/
In an interview with The Verge, at the Computer History Museum in Mountain View, California, Twitter and Square CEO Jack Dorsey revealed that he’s a bitcoiner and that he believes that blockchain technology will be a part of our future.
According to The Verge, Jack Dorsey believes that blockchain’s potential goes far beyond accounting, as he stated that it has the potential to “be applied to so much more,” and described it as “the next big unlock.”
Dorsey went on to talk about blockchain’s benefits and potential, even stating that it enables proof of work and proof of one entity in an untrusted network. This led to a simple conclusion that, presumably, means Jack Dorsey shares the ideas of experts who have described blockchain technology as analogous to the early days of the internet. He stated:
“There are so many problems we can help solve [with blockchain] that are not just related to finance, but finance is an obvious one.”
The entrepreneur also warned that despite blockchain technology’s availability and potential, it shouldn’t mean that everyone should try to use it. Per his own words, he believes there will be a bunch of people trying to apply blockchain everywhere and solve every single problem with it, the same way machine learning, data science, and artificial intelligence are currently being used to address every problem we have.
Dorsey believes we need to be more thoughtful with this type of technology, and first stop to think about people’s needs and how technology can help them progress.
Jack Dorsey is a Bitcoiner
Daring the interview, Jack Dorsey also addressed bitcoin and its explosive growth, both in value and in popularity. His company Square has been accepting bitcoin payments since 2014 and Dorsey even admitted he has personally invested in the cryptocurrency, although he didn’t reveal how much he had.
Notably, the entrepreneur revealed that his friends and family, who aren’t as tech-savvy as one would expect, have been asking questions about investing in the cryptocurrency. He stated that they keep asking him how they can buy bitcoin, as they heard it is “a fast easy way to make money” and that “someone said it’s like digital gold.”
In the interview, Dorsey went on to talk about the pros and cons of a decentralized digital currency like bitcoin. Regarding his friends and family asking him about the cryptocurrency, he concluded:
“It’s not about the currency at all to these people who asked me. It’s about the investment.”
<<<
Good info. Check out other YouTube videos on the subject and draw your own conclusions.
From my understanding, it's not much different than a stock index. It changes daily along with components that make up the basket of currencies.
http://www.imf.org/external/np/fin/data/rms_sdrv.aspx
Good to keep watch on Banksters though. Thanks.
Here's what is coming - not crypto, but the SDR/Special Drawing Rights of the IMF. The plan is for the SDR to eventually replace the US dollar as the world's reserve currency. The dollar will still be used as a local currency, but global trade and settlement of accounts between central banks will be conducted in SDRs -
CuriousWon, >> if they are just holding many of them in speculation that it will continue to rise <<
Some are probably doing that, but for a businessman who produces widgets and is thinking of accepting Bitcoin as payment, if he has to hold Bitcoin for any length of time he would be forced into two businesses - 1) as widget maker and 2) as currency speculator. For businesses, the goal is to remove currency risk when possible, not add more.
There is big corporate interest in blockchain technology for their own corporate use, but for use as a general currency, cryptos just aren't suitable due to their wild price swings. Most dollars/Euros/Yen transactions are already all-digital anyway, and the Fed/central banks aren't about to let some upstart crypto threaten their own financial racket.
I would look at cryptos as a near/mid term speculation, like a modern tulip bulb mania. It looks like there's still plenty of upside. Blockchain technology itself looks like it has a big future, based on the corporate interest.
But as a currency, I can't see cryptos becoming mainstream for the reasons cited. Maybe if they could fix the volatility problem, but you'd still have the central banks, to whom cryptos represent an existential threat.
Litecoin just hit a new all time high!
Sitting at 58.26 as of this writing. I wonder if the upcoming (second) BTC hard fork will drive people to the more stable LTC. I am thinking we will hit 100 in the next few months here as it slowly becomes preferred over other cryptos for the stability and benefits over Bitcoin and Bitcoin Cash
Bitcoin Is Splitting Once Again - Are You Ready?
Whether you’re ready for it or not, it’s going to happen. We will witness another Bitcoin hard fork in three months. This time it will be backed by the technical team that proposed Segwit2x.
Leading the pact is Bitcoinj developer Jean-Pierre Rupp, who filed an announcement to increase the block size to 2 MB and continues to work on SegWit2x.
According to Jeff Garzik, Bloq founder and Segwit2x developer, the proposal has received ‘general approval’ from Segwit2x members.
On the other hand we have Bitcoin Core developers who remain adamant in opposition to SegWit2x and have already said that the upcoming Bitcoin Core client 0.15.0 will automatically disconnect nodes supporting the SegWit2x fork.
New York agreement
May 23, 2017 marked the day when the Bitcoin scaling debate “supposedly” ended. Digital Currency Group released a statement declaring that 58 signatories from both camps -- SegWit supporters (aka Bitcoin Core) and those who prefered to increase the block size (aka Bitcoin miners) - agreed to increase the block size to 2 MB.
The agreement was termed as the New York Agreement (NYA). The idea was to activate SegWit using BIP 91 and then 90 days later hard fork the base block size to 2 MB.
According to the Digital Currency Group, SegWit2x is supported by:
58 companies located in 22 countries
83.28 percent of hashing power
5.1 bln USD monthly on chain transaction volume
20.5 mln Bitcoin wallets
Clearly, NYA didn’t go as planned. Now that SegWit has already been locked-in and we have Bitcoin Cash as a result of the Aug. 1 hard fork, many are left wondering what was the point of the New York Agreement.
Bitcoin2x is going ahead full steam
The Segwit2x working group has announced the roadmap for the next three months. The team plans to let Bitcoin miners choose to run new software at block 494,784 on the blockchain. This block is expected to occur sometime in November.
The announcement, called “Bitcoin Upgrade at Block 494,784,” states:
“During the month of November 2017, approximately 90 days after the activation of Segregated Witnesses in the Bitcoin blockchain, a block between 1 MB and 2 MB in size will be generated by Bitcoin miners in a move to increase network capacity. At this point it is expected that more than 90 percent of the computational capacity that secures the Bitcoin network will carry on mining on top of this large block.”
If this proposal goes through as planned, SegWit2x could lead to another Bitcoin hard fork, potentially creating yet another version of Bitcoin.
The SegWit2x plan could also drastically fail if the team is unable to get miners’ support. It remains to be seen how many miners are willing to dedicate their computational power to yet another Blockchain.
Is SegWit2x necessary?
Bitcoin Core developers got what they wanted. With the help of SegWit they’d be able to build the ultimate scaling solution: the lightning network. Core recently announced that the next Bitcoin Core client 0.15.0, due to release before November, would no longer connect to nodes running SegWit2x.
Bitcoin’s very nature is to have a decentralized system and be governed by consensus as opposed to a more traditional top-down hierarchy in which few people are in charge of decision making.
One could argue that Core developers are somehow controlling Bitcoin’s decision-making and consensus is merely there for the sake of it.
Here’s how it works: Miners are actually the ones that write blocks on the blockchain. User-run nodes maintain an up-to-date ledger across the network. When miners create new blocks, the nodes on Bitcoin’s network propagate those blocks to all clients.
That being said, Core’s announcement could have serious repercussions. Bitcoin Core nodes will no longer talk to nodes that run the SegWit2x code. So the miners will still broadcast their blocks to the network, but nodes running the Bitcoin Core client will only relay blocks to other nodes running the same client.
This decreases the level of decentralization and this is why even though we already have Bitcoin Cash, Segwit2x supporters are keen on splitting the chain once again.
Showdown in November
November could get as dramatic as August for Bitcoin, and the prices may become more volatile as we get closer the “date”.
If the claimed 83.28 percent of hashing power remains committed to the SegWit2x plan, the hard fork in November is inevitable.
It is important to understand 17 percent of the hash power didn’t sign the NYA. Signatories of NYA are under no obligation to exclusively mine the ‘2x chain’.
If they don’t see Segwit2x mining as being profitable, they could easily change their mind and keep mining for the main Bitcoin or Bitcoin Cash for that matter.
https://cointelegraph.com/news/bitcoin-is-splitting-once-again-are-you-ready
Very true, but for some reason more and more of them do. I almost wonder if they are just holding many of them in speculation that it will continue to rise.
Any of those that started accepting BTC at 2000 and held would be very happy right now!
I think at this point there are actually several legitimate uses for cryptos:
1. Transferring money between borders (this could be illegitimate as well, but for sake of argument). Many families, especially in Asian or Indian cultures, will have a breadwinner transfer a significant portion of their money back to their home country every month. This is subject to HUGE bank fees--fees which could be bearly eliminated by simply transferring the money with cryptos instead. This could be the difference between families eating and going hungry.
2. Online payment for goods or services: barring the extreme volatility, many businesses are accepting cryptos as payment for goods. Obviously this can pertain to black market shops, but if you look at people living in strictly government-controlled countries it can also grant them the freedom to buy goods or subscribe to services they normally wouldn't be able to.
3. Smart contracts: the Ethereum platform created a novel, easier way for anybody to commit to a contract without having to worry so much about lawyers, notaries, or messy paperwork. Agree to the contract, when both parties agree it is complete then the payment is made. If there is a disagreement, a third party can evaluate the situation. This can also allow for ICOs, a pseudo IPO using cryptos as the vehicle to symbolize shares in a company. (Just scratching the surface here...pardon the gloss over)
4. A speculation or hedged investment vehicle or even just a safe-haven away from fiat currency in an unstable and uncertain world. I think this one is self explanatory.
I am sure there are others, but I truly think numbers 1 and 2 have the potential to make our world BETTER. People work hard for their money, their families need food...the big banks don't need to dip their fingers into these peoples meals. For people living in less-free countries cryptos are a godsend, granting them a freedom they didn't have before!
That's my bit for a Sunday morning :)
The extreme volatility of these cryptos severely limits their usefulness as money for normal every day transactions. A retailer who accepts crypto as payment, and then holds it for any length of time (more than a few minutes), would be taking a huge risk from the currency's fluctuation, as would any customer who holds the crypto for any length of time.
But more businesses are starting to accept Bitcoin, so I assume retailers are quickly converting it to a regular currency immediately after the transaction. But the customer would need a similar mechanism, otherwise the currency's value could change by 5 or 10% while you're waiting in the checkout line.
Why bother? Which leaves cryptos where they are now - primarily for shady/nefarious transactions where anonymity is the main requirement.
Such a huge difference from stocks. With the large numbers of exchanges and measurements with a centralized average price, one exchange adding support and pushing up the price can make a big difference.
If only it was easier to do arbitrage trading with cryptos!
As far as 'untraceable' currencies, u like Bitcoin, Monero actually is supposed to be one of them. It and a few others lead the black market transactions on the dark web, while BTC and others are filling a different niche for more legitimate users.
>>> Russia’s First Deputy PM Supports a State Cryptocurrency
by Samburaj Das
25/08/2017
https://www.cryptocoinsnews.com/
A major Russian politician has called for a Russian state cryptocurrency, revealing himself to be a supporter of the “crypto-ruble.”
In an interview with Russian publication RBC, Igor Shuvalov, Russia’s First Deputy Prime Minister spoke of his support for cryptocurrencies. The senior official specifically called for the creation of a “crypto-ruble”, a state-backed cryptocurrency that would, according to him, make the Russian economy stronger.
In roughly translated statements, Shuvalov stated:
“I am a supporter, a crypto-ruble must exist…This theme will develop. But it should develop in such a way that the national economy cannot be put under attack, but rather make it stronger.
The Russian official’s comments come with months of the notable revelation that Russia’s central bank is already working on a national digital currency. Earlier in June, deputy chairwoman at Russia’s central bank Olga Skorobogatova claimed it was only a matter of time before countries adopted national digital currencies, whilst adding that Russia was working on certain pilot projects of its own.
Russia: A Bitcoin Mining Hub?
Intriguingly, Shuvalov also revealed that the Russian government had discussed the possibility of installing and operating mining centers at a state level. While there are no concrete projects yet – due to a lack of legislation and regulation of bitcoin and cryptocurrencies – Shuvalov confirmed that prospective locations were sought in regions with an abundance of energy resources. Bitcoin mining is an energy intensive process where profits are gained when the mining rewards exceed the cost of mining resources and electricity costs.
Shuvalov told RBC:
“We talked about the future of this sector, given that it is developing so rapidly in the world. Talks included the question of generetocs of electric energy, near which it would be possible to put such [mining] centers.
These developments come within a year of Russian authorities proposing criminal penalties on bitcoin adopters and miners. In March 2016, the Russian Finance Ministry sought to push a controversial bitcoin ban bill which enforced prison sentences up to 7 years for bitcoin adopters.
After spearing the effort to ban bitcoin since 2014, Russia’s deputy finance minister Alexei Moiseev admitted this year that the government may seek to regulate the bitcoin industry in 2018. Such a move would, in effect, recognize and legalize bitcoin in the country.
In recent months, Russia’s largest online retailer announced plans to accept bitcoin for payments. Russia’s official standards authority has also begun work on developing blockchain standards, ahead of regulations expected to be established in 2019.
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>>> Why Did Litecoin Hit $50 For the First Time in August?
by Joseph Young
25/08/2017
https://www.cryptocoinsnews.com/why-did-litecoin-hit-50-for-the-first-time-in-august/
Litecoin price surpassed the $50 mark for the first time in August due to two major factors: compatibility with bitcoin as a result of Segregated Witness (SegWit) activation and its hedge-like characteristics to Bitcoin Cash (BCH).
On August 21, Cryptocoinsnews reported that prominent bitcoin analyst and investor Tuur Demeester described Litecoin as a real bitcoin hedge because of its SegWit-enabled network and transactions. He explained that the sell-off of BCH was likely to cause Litecoin price to surge.
“If BCH pump fails, money could roll into LTC, it being a real Bitcoin (BTC) hedge. I just invested some BCH profits into LTC. With real ‘Bitcoin hedge’ I mean [that] Litecoin has SegWit and it will likely merge other cutting edge tech ahead of BTC,” Demeester said at the time.
Although it is difficult to wholly attribute the surge in Litecoin price to the recent sell-off of BCH, the timeline matched the analysis of Demeester. During the week when BCH fell from over $1,000 to $640, Litecoin price achieved new all-time highs, breaking through the $50 mark for the first time since July.
It is likely that the sell-off of BCH attracted investors in South Korea and China because they have been BCH’s two largest markets and the demand for Litecoin has been increasing at a rapid rate in both markets. Upon the short-term sell-off of BCH, investors moved to Litecoin, Ethereum and bitcoin in the Chinese and South Korean markets.
Another major factor that has led to a short-term surge in Litecoin price is the activation of SegWit in the Bitcoin network. The Bitcoin Core development team’s SegWit, which works a transaction malleability fix and scaling solution, was adopted by Litecoin in July and the integration of SegWit by Litecoin ultimately encouraged the bitcoin industry and community to integrate SegWit in the main bitcoin network.
With SegWit live in both Litecoin and Bitcoin networks, cross-network swaps can be made possible through cross-blockchain channels. Charlie Lee, the creator of Litecoin, and the development team behind Lightning, a SegWit-based bitcoin micropayments solution, emphasized the importance of a Litecoin-to-Bitcoin Segwit-enabled transaction swaps in recent statements.
“Version 0.3 of LND added a Litecoin operating mode as a step towards multi-chain Lightning Network for cross-chain atomic swaps. I’m working with [Litecoin Foundation Directors] Xinxi Wang and Franklyn Richards today to test out Lightning on Litecoin mainnet. Any real litecoins lost will be worth it,” Lee said.
More to that, the official update release of Lightning Network version 0.3 revealed that swaps between Litecoin and bitcoin will be facilitated at ease, allowing cross-network swaps seamlessly.
“In this release, we’ve added support for a toggle-able Litecoin chain and wallet backend. This means that lnd is now capable for easily switching back and forth between the Bitcoin and Litecoin chains. This is very exciting as the code scaffolding put in place to make this switch seamless also lays some important groundwork for the multi-chain lnd operating mode that is under development,” the document read.
Litecoin’s cross-network connection with bitcoin, a $72 billion blockchain network, is playing a vital role in sustaining the upward momentum of Litecoin price.
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Here's what's driving Monero - it's now trading on Bithumb, the world's highest volume crypto exchange. On August 25, Bithumb began accepting XMR deposits-
>>> Monero Price Just Pierced $100: Here’s What’s Fueling This Record Rally
Josiah Wilmoth
25/08/2017
https://www.cryptocoinsnews.com/monero-price-just-pierced-100-heres-whats-fueling-record-rally/
The Monero price set a new record on Friday, piercing the $100 threshold for the first time in its three-year history. This marked another important milestone for privacy-centric Monero, which has been on a year-long bull run that began when the now-defunct darknet market AlphaBay began accepting it as payment in August 2016.
Like all coins, XMR has benefited from the general upswing in the markets, but it has also managed to increase its value against bitcoin, its largest trading pair
One year ago, the Monero price was just $4.10. It broke $10 in December and had doubled to $20 by March. When the markets began to go wild in April, May, and June, the XMR price punched through $50. The market downturn forced the Monero price down to the mid-$30s in July, but August has brought a resurgence.
During the month’s first three weeks, Monero mostly tracked the wider market movement, rising to $54 on August 21. However, it broke from the pack on August 21, spiking above $90 in less than 24 hours.
Bithumb Listing Raises Monero Price to $100
The primary factor influencing this rapid advance was the announcement that Bithumb, the world’s highest-volume cryptocurrency exchange, had decided to list Monero to its platform. This move will enable Monero to break into the lucrative South Korean markets and gives XMR its first KRW trading pair.
On August 25, Bithumb began accepting XMR deposits, and the Monero price jumped to a new all-time high of $101.
Other Factors
The primary factor influencing XMR price movement is the Bithumb listing, but there have been two other factors that could be buttressing the coin’s rally. First, the Hong Kong-based LocalMonero.co launched to provide the community with a peer-to-peer exchange platform similar to LocalBitcoins.com.
Second, news broke this week that the U.S. Internal Revenue Service has been contracting with a blockchain analysis firm since 2015 to track and unmask U.S. residents who they believe are not paying taxes on bitcoin-related income or are using bitcoin to hide assets from the government. News like this could drive the privacy-conscious toward anonymity-centric altcoins such as Monero, Dash, and Zcash.
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Wow, the Monero (XMR) has more than tripled since last week, from the 40s to the current 143. The Monero was reportedly used by AlphaBay, which was a major player on the sinister 'darknet'. AlphaBay was shut down last month by law enforcement. Not sure why Monero would spike up so dramatically a month later, but will do more research -
Monero - https://en.wikipedia.org/wiki/Monero_(cryptocurrency)
I see Dash (DASH) is also on a tear, almost doubling from 2 weeks ago -
Dash - https://en.wikipedia.org/wiki/Dash_(cryptocurrency)
Here's a good site for charts and news on the crypto sector -
Cryptocoins News - https://www.cryptocoinsnews.com/bitcoin-price/
Once it hits 5000 itll be interesting to see how fat it rises and then what the new support point looks like. Ethereum seems to be at 300 and Litecoin found new support at 50.
All solid upward trends, I don't expect the "bubble" to burst very soon.
People are rallying into cryptos due to international tensions and instability. They feel it is a safe haven. Not sure I agree, but I'll enjoy the wallets fattening LOL
The Bitcoin chart looks ready to rock and roll again. After the recent consolidation, it's risen right back to key resistance (mid-Aug high), and looks about ready to blast thru on its way to 5000. Likewise for the Bitcoin fund/ETF (GBTC)
The Ethereum chart looks ready to move toward the June high area ~390.
Very impressive how orderly and resilient the Bitcoin chart has been. The more orderly the moves, the higher it's likely to go.
MGTI Best in class Crypto Currency Play.
http://www.mgtci.com/content/vision/bitcoin/index.html
http://smallcapexclusive.com/mgti-climbing-stock-news/
$MGTI
GAHC NEWS out after hours....
This is so huge to combat voting fraud...
http://www.marketwired.com/press-release/global-arena-holding-inc-subsidiary-launches-advanced-proprietary-scanning-technology-otc-pink-gahc-2230717.htm
Global Arena Holding, Inc. Subsidiary Launches Advanced Proprietary Scanning Technology for Elections
NEW YORK, NY--(Marketwired - Aug 17, 2017) - Global Arena Holding, Inc. (OTC PINK: GAHC), (the "Company") announced today that after months of development and testing, the Company's subsidiary, Global Election Services, Inc. ("GES"), is proud to announce the implementation of new proprietary software and hardware to utilize in ballot scanning during the tabulation process. The software is advanced OMR/OCR/Barcode software featuring de-skewing, de-speckling and image correction. The computer hardware and software developed by GES over the past few months was designed to run without Internet or Wi-Fi access. Recent news reports have stated that elections systems with online access can be compromised by hackers. GES' new system is hard wired, not using the Internet or Wi-Fi, ensuring complete security. The system allows for triple auditing capabilities, which are; electronically generated tabulation results, jpeg imaging and storage, and the original physical ballot. This advancement gives GES the ability to tabulate elections faster and more efficiently, and brings the opportunity for GES to compete for larger elections. GES recently deployed this system in an actual election and it operated flawlessly.
"Our development team, led by HCAS Technologies and Imaging 101 has been very easy to work with as we tailor the hardware and software to suit the needs of our current and future clients, maintaining the standard of quality I have provided over the last 35 years," said Maralin Falik, CEO of Global Election Services.
John Matthews, CEO of Global Arena Holding, Inc. said "Our priority is to provide our clients with the absolute best election services possible. These new proprietary tools, coupled with decades of reputable election management experience, makes that slogan a reality. Therefore, we will continue to aggressively pursue technological advancements that will give GES the competitive edge."
In addition to this ballot scanning system, the Company is developing multiple election platforms including Internet voting and voting solutions using the Blockchain.
About Global Arena Holding
The Company trades on the OTC Pink Sheets under the ticker symbol GAHC. The Company has been publicly traded since 2011 and holds a number of interests, including Global Elections Services, Inc., GAHI Acquisition Corp and Blockchain Technologies Corporation Inc. The Company focuses on acquiring technologies, patents and companies having the ability to leverage the blockchain crypto technology.
$GAHC
Let’s get things straight: the blockchain sector is on its way to become one of the strongest bull markets in history! You read that correctly. Blockchain stocks, publicly traded, which is only a handful of stocks, are doubling in just one single day, and are doing so several times per year. That is as extraordinary as it can be
In my opinion, GAHC could have a BITCF like move in the coming weeks and months. The same ingredients exist here in GAHC as they did with BITCF in regards to entering crypto currencies and block chain sector, innovation, branding & leadership, and last but not least the early chart set up.
GAHC will see a sustained run to dollars . IT is the only stock being traded on OTC. It is the only pure play blockchain stock.
$GAHC
Yeah, although volatile, it is definitely a solid upward trend. I dont expect that to change very soon.
As far as shorting -- I do not know off hand. I have seenthe option for margin trading on exchanges but idk how it works exactly. It's definitely not something I would short at this point!
>>> Why Elites Are Winning the War on Cash
By James Rickards
August 16, 2017
https://dailyreckoning.com/elites-winning-war-cash/
Why Elites Are Winning the War on Cash
Visa recently unveiled its own offensive in the war on cash. Visa is offering certain merchants a $10,000 reward if they refuse to accept cash in the future.
Not surprisingly, Visa’s competitor is also part of the war on cash. Mastercard is increasing its efforts to encourage merchants to refuse cash. Here’s Bloomberg, quoting the CEO of Mastercard:
“Mastercard Chief Executive Officer Ajay Banga has been one of the most ardent supporters of ditching paper currency in the U.S. The 57-year-old first declared his war on cash in 2010.”
These private efforts by Visa and MasterCard exist side by side with official efforts to eliminate or discourage the use of cash coming from governments in India, Australia, Sweden as well as the United States.
These efforts are always portrayed in the most favorable light. Private parties talk about convenience and lower costs. Governments talk about putting pressure on tax cheats, terrorists and criminals.
Governments always use money laundering, drug dealing and terrorism as an excuse to keep tabs on honest citizens and deprive them of the ability to use money alternatives such as physical cash and gold.
But the so-called “cashless society” is just a Trojan horse for a system in which all financial wealth is electronic and represented digitally in the records of a small number of megabanks and asset managers.
Once that is achieved, it will be easy for state power to seize and freeze the wealth, or subject it to constant surveillance, taxation and other forms of digital confiscation.
The war on cash has two main thrusts. The first is to make it difficult to obtain cash in the first place. U.S. banks will report anyone taking more than $3,000 in cash as engaging in a “suspicious activity” using Treasury Form SAR (Suspicious Activity Report).
The second thrust is to eliminate large-denomination banknotes. The U.S. got rid of its $500 note in 1969, and the $100 note has lost 85% of its purchasing power since then. With a little more inflation, the $100 bill will be reduced to chump change.
Last year the European Central Bank announced that they were discontinuing the production of new 500 euro notes. Existing 500 euro notes will still be legal tender, but new ones will not be produced.
This means that over time, the notes will be in short supply and individuals in need of large denominations may actually bid up the price above face value paying, say, 502 euros in smaller bills for a 500 euro note. The 2 euro premium in this example is like a negative interest rate on cash.
The real burden of the war on cash falls on honest citizens who are made vulnerable to wealth confiscation through negative interest rates, loss of privacy, account freezes and limits on cash withdrawals or transfers.
The whole idea of the war on cash is to force savers into digital bank accounts so their money can be taken from them in the form of negative interest rates. An easy solution to this is to go to physical cash.
The war on cash is a global effort being waged on many fronts. My view is that the war on cash is dangerous in terms of lost privacy and the risk of government confiscation of wealth. India provides the most dramatic example.
How would you like to go to bed one night and then wake up the next morning to discover that all bills larger than $5.00 were no longer legal tender? That’s essentially what happened in India not long ago.
The good news is that cash is still a dominant form of payment in many countries including the U.S. The problem is that as digital payments grow and the use of cash diminishes, a “tipping point” is reached where suddenly it makes no sense to continue using cash because of the expense and logistics involved.
Once cash usage shrinks to a certain point, economies of scale are lost and usage can go to zero almost overnight. Remember how music CDs disappeared suddenly once MP3 and streaming formats became popular?
That’s how fast cash can disappear.
Once the war on cash gains that kind of momentum, it will be practically impossible to stop. That’s why I’m always saying that savers and those with a long-term view should get physical gold now while prices are still attractive and while they still can.
Given these potential outcomes, one might expect that citizens would push back against the war on cash.
But in some places, the opposite seems to be happening.
A recent survey revealed that more than a third of Americans and Europeans would have no problem at all giving up cash and going completely digital.
Specifically, the study showed 34% of Europeans and 38% of Americans surveyed would prefer going cashless.
Notably, Germans are the most resistant to going cashless. Almost 80% of transactions in Germany are done in cash, and many Germans never use credit cards.
The German experience with hyperinflation after WWI and additional monetary chaos after WWII certainly plays a part in this resistance to the cashless society.
Incidentally, the German word for debt, schuld, also means guilt.
Other countries, such as Romania and Bulgaria, which have recent experiences with currency and financial crises, also tend to use cash extensively.
Of course, there’s no denying that digital payments are certainly convenient. I use them myself in the form of credit and debit cards, wire transfers, automatic deposits and bill payments.
The surest way to lull someone into complacency is to offer a “convenience” that quickly becomes habit and impossible to do without.
The convenience factor is becoming more prevalent, and consumers are moving from cash to digital payments just as they moved from gold and silver coins to paper money a hundred years ago.
But when the next financial panic comes, those without tangible wealth will be totally at the mercy of banks and governments who will decide exactly how much of your own money you’re allowed to have each day.
Just ask the citizens of Cyprus, Greece and India who have gone through this experience in recent years.
It will come to the U.S. soon enough.
Other dangers arise from the fact that digital money, transferred by credit or debit cards or other electronic payments systems, are completely dependent on the power grid. If the power grid goes out due to storms, accidents, sabotage or cyberattacks, our digital economy will grind to a complete halt.
That’s why it’s a good idea to keep some of your liquidity in paper cash (while you can) and gold or silver coins. The gold and silver coins in particular will be money good in every state of the world.
I hold significant portion of my wealth in nondigital form, including real estate, fine art and precious metals in safe, nonbank storage.
I strongly suggest you do the same.
Regards,
Jim Rickards
for The Daily Reckoning
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