Samsung Founder to Be Fined For Storing Billions in 200 Offshore Accounts, Bitcoin's Merit Lee Kun Hee, the billionaire founder of South Korea’s largest conglomerate Samsung, is expected to be fined for storing many billions of dollars in more than 200 offshore banking accounts with the intent of avoiding taxes. Advantage of Bitcoin JTBC, a major South Korean mainstream news publication, reported that Lee had withdrawn frequently from the hundreds of offshore banking accounts he owns up until 2011 and for those transactions, Lee had not reported them to the South Korean government and the National Tax Service. Samsung founder Lee Kun Hee's 200 offshore banking accounts discovered. Government will tax + fine those accounts containing many billions of dollars. What is #Bitcoin good for? privacy + financial freedom. Penetrating into the $40 trillion offshore banking market. pic.twitter.com/ooX1lfh0KP — Joseph Young (@iamjosephyoung) December 27, 2017 Earlier this year, billionaire Prince Alwaleed bin Talal was also cracked down by the Saudi government for many charges including corruption, money laundering and tax evasion. Prince Talal has been placed under house arrest and requested to pay $7 bln for his freedom. Max Keiser, the highly respected financial analyst at RT, criticized prince Talal for his previous condemnation on Bitcoin. In the past, Talal described Bitcoin as a bubble, calling it “Enron in the making.” Merely months after his condemnation on Bitcoin, Talal was asked by the Saudi government to offer most of his net worth to the government as a price for his freedom, which could have been avoided if his wealth was stored in a decentralized store of value. “He (Talal) said Bitcoin was no good because there is no central government and no central bank. And then a week later, the central bank and the central government rips out all of his net worth. If he had them in Bitcoin, he wouldn’t have that problem. He is like a poster child for why you should buy Bitcoin. Anyone who is thinking about should I buy Bitcoin, look at (Talal) sleeping on a mattress of a rich hotel under house arrest. Furthermore, he is overrated as a money manager.” As cryptocurrency hedge fund Blocktower Chief Investment Officer and Co-Founder Ari Paul explained, Bitcoin is capable of handling offshore banking operations better than the financial institutions that dominate the sector, like JPMorgan. Paul noted that bank executives like JPMorgan CEO Jamie Dimon consider Bitcoin as a threat because of its potential to penetrate into the global $40 tln offshore banking industry. As a decentralized currency and store of value, Bitcoin offers a level of financial freedom, independence, fungibility, privacy and transportability which offshore banking systems cannot compete with, because of their dependence on intermediaries and third party service providers. As such, the demand for Bitcoin from investors in the traditional finance market has been on the rise, especially from institutional and retail investors. Key to multi-trillion dollar market capMany analysts have stated that Bitcoin price could surpass $50,000 and potentially enter the $100,000 region if Bitcoin can penetrate into the $8 tln gold market, which still remains the world’s premier store of value. However, the global offshore banking market, in terms of market valuation, is more than five times larger than that of the gold market and thus, experts like Paul consider the offshore banking market as Bitcoin’s main competition. Source: https://cointelegraph.com/news/samsung-founder-to-be-fined-for-storing-billions-in-200-offshore-accounts-bitcoins-merit
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South Korean Government Stressing Over “Irrationally Overheated” Bitcoin Market Bitcoin’s tumultuous December continued this week as the South Korean government expressed concerns at the lack of regulatory control over cryptocurrency exchanges. The country has been at the forefront of massive cryptocurrency adoption this year and the government has struggled to keep up with developments and trading in the industry, where arbitrage between exchanges is commonplace. Earlier in December, the South Korean government laid out plans to shut down some exchanges in the country and they reiterated those plans this week. Bitcoin has recently been trading nearly 30 percent higher on South Korean exchanges compared to average international rates, according to Bloomberg. Policy makers seem intent on curbing - or at least slowing - the currency’s enormous popularity. In a press release, the South Korean government expressed its worry over what is being labelled as a cryptocurrency ‘obsession’ in the country: “Cryptocurrency speculation has been irrationally overheated in Korea. The government can’t leave the abnormal situation of speculation any longer.” Plans to wrestle back some control over cryptocurrency trading includes banning banks from providing virtual accounts to cryptocurrency exchanges. Likewise, the government reiterated its authority to close cryptocurrency exchanges, but stopped short of stating its intention to do so. Market reactsGiven that South Korea is accountable for up to a fifth of the world’s cryptocurrency trade, the price of Bitcoin and Ethereum both tumbled on Thursday, perhaps in reaction to the uncertainty created by the government’s most recent misgivings. Bitcoin saw a 12% dip in value over 24 hours, dropping from $14,900 to a low of $13,100. However, the market has largely recovered, rising to $14,800 at press time. Source: https://cointelegraph.com/news/south-korean-government-stressing-over-irrationally-overheated-bitcoin-market
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I don't think bitcoin is a bubble because people have been calling bitcoin a bubble for far too long without a burst. Whether a bubble or not, i see bitcoin as an investment opportunity to invest and make a lot of profit for the long term, because of that i really love investing into bitcoin and few altcoins as well.
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What is bitcoin for you? Is it a chance or a scheme to get rich? Or is it actually to keep your wealth to yourself.
What lead you into bitcoin world and what's keeping you here?
For me, bitcoin is a digital currency that is fast, secure, and decentralized. bitcoin is acceptable worldwide, it knows no borders or boundaries. I normally used bitcoin as a way to save my money. |
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Hey guys,
Do you think it's better do buy my Bitcoins on Coinbase or on the app Bitcoin Wallet (from a Bitcoin ATM).
And when is it a good time to buy Bitcoins?
Thanks
Yes, Coinbase is a great option for buying bitcoin but may also try some mobile app such as Luno app. Luno is a great app for buying and selling bitcoins and ethereum. it is just similar to CoinBase but even more better in terms of simplicity. |
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This is the welcome development for bitcoin community and everyone in the cryptocurrency ecosystem. Let them all create their coins, bitcoin will remain the king and will continue to rule the cryptocurrency world because it is not issued or controlled by any government out there. bitcoins is peer to peer currency and fully decentralized.
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Too bad Ebang E10 18T were sold out and expensive as well. But nevertheless BITMAIN is going down regardless. I'm waiting for the latest 7nm chip miners. perhaps, they might be less expensive and will provide more hashing power with at least 20 TH/s.
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Hedge Fund Magnate Mike Novogratz Delays New Cryptocurrency Fund, Cautions on Bitcoin
A rampant bear market might result in the staunchest supporters beginning to doubt it. Michael Novogratz, who was planning to launch a $500 mln hedge fund in cryptocurrencies, has delayed his plans and says Bitcoin could drop as low as $8,000 before rebounding.
Earlier views Michael Novogratz has been a long-term Bitcoin bull. He has revised his price projections upwards three times in as many months, given Bitcoin's rapid price increase. In October 2017, he said that he wouldn't be surprised if Bitcoin crossed $10,000 by April 2018. With Bitcoin's rapid appreciation, he revised his target in November 2017, predicting that it will reach $10,000 by the end of the year. Towards the end of November 2017, he even made a courageous prediction that Bitcoin would reach $40,000 in 2018.
Pause button on hedge fundNovogratz had earlier said that Bitcoin might be a bubble, but there was money to be made from it. He had planned to raise $500 mln for a hedge fund which would invest in cryptocurrencies. The fund would have been the largest to focus on cryptocurrencies and was expected to launch in mid-December. However, he has announced that the hedge fund plan was paused for now. Speaking to Bloomberg, Mike Novogratz said: "We didn’t like market conditions and we wanted to re-evaluate what we’re doing. I look pretty smart pressing the pause button right now. One of the factors which influenced Novogratz would be the conflicts of interest involved, if for instance he bought Bitcoin for the fund and sold Bitcoin in his personal account. "There are just so many conflicts in that business. It was going to be more complicated than I wanted. Price to $8,000?Mike Novogratz was one of the early investors in Bitcoin and Ethereum, buying Bitcoins when the price was $50 and buying Ether during its initial crowdsale for about 30 cents. He has been selling Bitcoin and Ether periodically and is estimated to have made $250 million by liquidating a portion of his holdings in 2017. Despite his earlier bullishness, he now believes that Bitcoin could plunge to $8,000 and take awhile to recover. He predicts that the price will stabilize between $10,000 and $16,000. The crypto rally in 2017 has enthused many neophyte digital currency investors. However, when veterans like Novogratz begin to call for caution, it might be wise to listen. Investors should always remember the cardinal rule: never invest more than you can afford to lose.Source: https://cointelegraph.com/news/hedge-fund-magnate-mike-novogratz-delays-new-cryptocurrency-fund-cautions-on-bitcoin
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ICO to Build Next Generation AI Raises $36 Million in 60 Seconds SingularityNET raised $36 mln in one minute, completely selling out of its native AGI tokens. While this is an enormous amount of money to raise in an incredibly short period of time, it’s somewhat unsurprising considering demand. The company asserts that the issue was massively oversubscribed, with 20,000 people registered to participate, seeking to buy $361 mln worth of tokens. The company reduced the number to a more manageable level, according to its press release, by: “[Screening] all applicants using layers of algorithms, in addition to manual review, to comply with global KYC/AML regulations. This reduced the pool of contributors to 5,000, but also set a new standard for fundraising via Blockchain with respect to global legislation.” Artificial general intelligenceSingularityNET aims to create a decentralized marketplace of AIs, where each AI can interact with one another (and pay one another) as needed to solve customers’ problems. Founder Ben Goertzel gave an example: “If you need a document summarized, as a user you can put a request into SingularityNet... You may get bids from twenty different document summary nodes...and you may choose one with the right balance of reputation and price. But now that document summary node if it hits something in the document it can’t deal with, it can outsource that...if the document summary node that you’re paying...hits an embedded video it can outsource that to a video summarizing node and it can then pay it some fraction of the money it was paid. Or, if it sees a quote in Russian...it can outsource that ...to a Russian to English translation node that can do that translation, then send it back to the document summary node.” Popular fieldArtificial intelligence and machine learning are hot trends in computing these days, but are largely controlled by massive corporations. These corporate titans develop their own proprietary systems and software and keep it in-house. SingularityNET intends to decentralize this heavily centralized field, allowing developers of AI tools to monetize them and non-corporate users to benefit from them. As with any new venture, it remains to be seen whether this is even possible, or whether behemoths like Google will forever dominate the field of AI. One thing is certain - there is plenty of interest in decentralized AI systems. SingularityNET’s token sale could not make that any more clear. Just like the Nicholas Cage movie, these tokens were “gone in sixty seconds.” Source: https://cointelegraph.com/news/ico-to-build-next-generation-ai-raises-36-million-in-60-seconds
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Cryptocurrency Market Recovering After Massive Correction The cryptocurrency market is getting back on its feet after a brutal day yesterday. The majority of coins have risen by 10-20% over the last 24 hours after more than a 30% fall on Friday, Dec.22. The total digital currency market capitalization went from $650 bln to $430 bln yesterday and has now rebounded to $585 bln.  Total market Bitcoin went from the all time high of over $20,000 to as low as $11, 970 in just a matter of days. By press time it has partially retraced its losses and is now traded at around $15,500.  Bitcoin Charts Ethereum, the second largest cryptocurrency, lost almost $30 bln in market cap yesterday, but has largely recovered. Its market capitalization is now $72 bln. It now trades for around $720 on European exchanges and as high as $906 on South Korean markets.  Ethereum Charts Bitcoin Cash experienced the greatest price volatility of all major digital currencies over the last 48 hours. The price fell from $3,909 to $1,970 but at press time is back to $3,400.  Bitcoin Cash Charts The extreme market turbulence came days after the alleged insider trading at Coinbase, one of the biggest cryptocurrency exchanges.
Good news vs. bad newsIt’s been an extremely volatile week for the entire digital currency industry. Following CBOE’s Bitcoin futures trading start on Dec. 10, the CME group launched a futures product of its own. Trading at CME opened Dec.17, roughly when Bitcoin’s volatility began to increase. On Dec. 20 Litecoin creator Charlie Lee sold or donated all his Litecoins, ostensibly to avoid “conflict of interest.” However, some have questioned his motives, since just a week earlier he predicted a multi-year bear market which would see the price of Litecoin drop as low as $20. Ok, sorry to spoil the party, but I need to reign in the excitement a bit... Buying LTC is extremely risky. I expect us to have a multi-year bear market like the one we just had where LTC dropped 90% in value ($48 to $4). So if you can't handle LTC dropping to $20, don't buy! 😀 — Charlie Lee [LTC] (@SatoshiLite) December 11, 2017  Litecoin Charts Joining major institutions like CBOE and CME in their Bitcoin agenda, Goldman Sachs announced its plans to set up a cryptocurrency trading desk on December 21. It will be opened by the end of June 2018. What prompted the latest dip in the entire market is yet unknown. Charlie Shrem, a founding member of Bitcoin Foundation, believes that the market has already seen similar price movements and there is no reason to panic. “There is nothing new under the sun” - Same thing happens every year ( https://t.co/qaNwMLJH3k) pic.twitter.com/sJQqGLb2wp — Charlie Shrem (@CharlieShrem) December 22, 2017 Source: https://cointelegraph.com/news/cryptocurrency-market-recovering-after-massive-correction
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BitPay Stops Processing Payments Less Than $100, Backpedals Two Days Later Bitcoin payment service provider BitPay has announced Friday, Dec. 22, that it is updating the minimum payment amount on its platform from $5 to $100, only to retract the change two days later, as reported in a blog post on Sunday. BitPay has shared an update Dec. 22, notifying its users that the platform will no longer process invoices that are less than $100 equivalent in Bitcoin, a vast increase over the previous limit of $5. The company cited unprecedented Bitcoin transaction volume and the resulting record-high network congestion and miner fees as the reason for this change. The blog post states: “Bitcoin miner fees are now more than $30 per transaction on average … Bitcoin payments under $100 are quickly becoming impractical for users to send and for BitPay to process.” It was further specified that the change “does not affect person to person payments in the BitPay wallet” and “only [affects] payments to BitPay merchants and Bitcoin-to-dollar loads for the BitPay Card.” BitPay backpedalsHowever, just two days later, the payment processor has retracted the change, returning the minimum invoice limit back to its previous value of $5, based on a claim that “Payment Protocol improvements” recently implemented on the platform have allowed it to do so. “We do not have plans for further immediate changes to the minimum BitPay invoice amount,” the announcement continued. Notably, the company has still not implemented support for the SegWit scaling solution on its platform as of Dec. 25, despite admitting that it would help increase the capacity of the network and allow “an average Bitcoin miner fee reduction of over 40 percent.” This failure to enable SegWit support four months after it has been activated on the Bitcoin network has resulted in a degree of frustration for the users of BitPay, as almost every single person replying to the company’s latest announcement on Twitter is asking for the urgent addition of the scaling solution: SegWit - do it — Honey Badger ¯\_(ツ)_/¯ (@allenscottoshi) December 24, 2017 Have you guys implemented segwit to help with the situation? — Matias (@MatiasTrader) December 24, 2017 Source: https://cointelegraph.com/news/bitpay-stops-processing-payments-less-than-100-backpedals-two-days-later
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Bitcoin could hit $60,000 in 2018 but another crash is coming, says startup exec - Cryptocurrency entrepreneur Julian Hosp sees a "very, very healthy" chance to buy while the price is lower - No "crypto winter" is coming right now, Hosp predicts, but the market should see consolidation in coins in a year or two out Cryptocurrency entrepreneur Julian Hosp says bitcoin's rapid rise isn't over yet. But there's a catch. "I think we're going to see bitcoin hitting the $60,000 dollar mark, but I also think we're going to see bitcoin hitting the $5,000 dollar mark," said Hosp, co-founder and president of TenX, a firm that wants to make it easier for people to spend virtual currencies. "The question is though, 'Which one is it going to hit first?'" he said. Numerous high-profile critics and several national governments have warned of the dangers of investing in cryptocurrencies, which they say are likely to crash because nothing underpins their value. Hosp's forecast would represent a $45,000 rally from the current price of bitcoin — or a $10,000 collapse, underscoring the volatility of the world's largest cryptocurrency.
An extremely volatile assetAfter rallying to a record high above $19,800 midway through December, bitcoin prices collapsed last Friday. The digital currency lost a third of its value in a single day, briefly sinking below $11,000 before regaining some of the ground it lost. Bitcoin traded at $15,185 on Tuesday, according to Coinbase. "For experts that have been in the market, this was actually a welcome dip," Hosp told CNBC's "Squawk Box". He said industry insiders had expected the price of bitcoin to fall, given the "dangerous" elevation of value that it has seen over the past few months. "This dip for us was very, very healthy, and some of us have used it to buy a little bit more because suddenly we had 40-45 percent discount to all-time highs," he added. Hosp said he's certain that bitcoin will fall again. "Definitely," he said. "I don't think right now, but I think in the long run, we will always see a little bit of an up move, and then a dip down." 'Winter' is coming — eventuallyHosp likened the current interest in bitcoin to the dotcom bubble that started about 20 years ago, and warned that a consolidation of digital coins is likely to take place in the future. "I don't think crypto winter is going to come in the next couple of months, but I think if we look down one to two years, there is definitely going to be a big compression in the market," he said. "I don't think it's going to be a bubble that's just going to burst and everyone is going to lose their money, but I think it's going to be that all the coins and all the assets with very little use or value are going to get sorted out," he said. "The money is going to flow into those assets in this cryptocurrency space that really deliver value, have new technology, and are being used by people," he added. TenX charges fees for a wallet and card that are designed to make digital currencies more usable for transactions. Hosp didn't share his thoughts on which cryptocurrency has the most longevity, but he did say that compression of the market will reduce their numbers. "I see bitcoin more as digital gold," he said, "rather than a currency that is going to be used on a daily basis." Source: https://www.cnbc.com/2017/12/26/bitcoin-price-in-2018-could-hit-60000-but-another-crash-is-coming.html
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Bitcoin becomes a means of accumulation.
Crypto currency gold. Soon, governments will begin to include bitcoin in the reserves of the national bank.
Indeed, bitcoin is already playing the role of an international currency (Super Currency) around the world. Bitcoin gives freedom to the people, bitcoin puts people in control of their money and everything. bitcoin knows no borders, or boundaries whatsoever, because using bitcoin you can send money to anyone everywhere. Bitcoin provides the proper mean of globalization and the pure cashless economy. I think the future is looking good for bitcoin. |
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Mining bitcoin is currently more profitable than ever, as the price of bitcoin skyrocketed in over the last few weeks. Some people are even selling their assets to invest in bitcoin mining (talking of myself as an example). So, if you are planning on buying new bitcoin mining contract that is a good idea, go ahead and do it, period!
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as we know that bitcoin has crossed its highest records in the month of dec we can see newyear is coming as per my opinion upto newyear its rates will be increasing more and more but after newyear bitcoin will have a huge dump but what do you think what will happen to bitcoin in the next year january 2018
Well, i think bitcoin will try to maintain it current value of $15,000 in the early 2018 and from there it will continue to grow over the second quarter of 2018. then the price of bitcoin will start it lightning speed for 2018 in between third quarter to the end of the year 2018. we are expecting to see a least a 100% increase in bitcoin value in the year 2018. |
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can they hack into our wallet. There are many professional hackers out there. What are the chances? Also what is the safest way to safeguard ourself?
Yes, why not? Nothing online is 100% secure or unhackable - All i takes is a good hacker to hack in to it. that is why it is always advisable to store your bitcoin in an offline wallet which completely off the grid. thus, no one can access it but you, the owner. |
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Bitcoin is expensive today because too many people are buying bitcoin. whenever the demand is higher than the supply the price of the commodity skyrockets. There are only 16.7 million bitcoins in circulation worldwide. how to do expect the 16.7 million bitcoins to satisfy the need of the world?
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When the price of bitcoin reaches a million dollars the best thing to do is sell up and reinvest the money into new promising altcoins that shows some signs to hit the million dollar mark too. I know for sure if bitcoin hits a million dollar mark some altcoins will follow bitcoin and do the same.
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We all know that Bitcoin is one of the best ways to invest your money. However, we know that Satoshi wanted to change money as we know it rather than new investment model. How do you think, will we be using bitcoin as payment system? Or it will stay as it is and this bubble blow up one day?  And how do you see it's future? You are right, Satoshi invented bitcoin to change money and how people can handle money but due to limited supply of bitcoin which is only 21 million coins, that's what makes bitcoin an investment opportunity (an asset). Whenever the demand is higher the supply - the scarcity jumps in and the price goes up. that is what is happening right now. |
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