Financial luminaries and celebrity types are talking about the bitcoin phenomenon quite a bit these days. While some of them are optimistic but hesitant, others believe the decentralized currency is a better system than gold or fiat.

Mark Cuban’s Guide to Getting Rich Includes a 10 Percent Bitcoin Investment

This past June news.Bitcoin.com reported on the billionaire entrepreneur Mark Cuban changing his tone about bitcoin after brushing off in the past. At the time Cuban told his millions of Twitter followers he just subscribed to “Inside Bitcoins, and you should too.” However, immediately after the statements Cuban started razzing bitcoin enthusiasts and said the decentralized currency was in a bubble. “I think it’s in a bubble — I just don’t know when or how much it corrects,” explained Cuban over Twitter.

Now the NBA team owner and host of the broadcast “Shark Tank” is telling people those who invest in bitcoin are true adventurers. This week in a Vanity Fair video called “Mark Cuban’s Guide to Getting Rich,” the investment tycoon states:   

        "If you’re a true adventurer and you really want to throw the Hail Mary, you might take 10 percent [of your savings] and put it in bitcoin or ethereum — But, if you do that, you’ve got to pretend you’ve already lost your money." 

The Famous Life Coach Tony Robbins Says Bitcoin Investment is Like Gambling in Vegas

In addition to Cuban’s recent ‘get rich’ video, the well-known speaker and life coach, Tony Robbins, spoke optimistically about bitcoin as well. However, Robbins also has his doubts about the cryptocurrency and likens the investment to winning big or losing hard in Las Vegas. Robbins is a fan of index funds and has a similar sentiment towards bitcoin like Cuban which is only invest what you can afford to lose.

“I look at [Bitcoin investment] like going to Vegas — As with gambling, you should only bet discretionary funds. Then a win is a big bonus, and a loss won’t hurt you financially,” explains Robbins. The life coach explains people should tell themselves:

        "I know it is just for fun that I’m investing, I know I could lose, this is Vegas."

Apple Co-Founder Steve Wozniak: ‘Bitcoin is Mathematical — It is More Legitimate Than Other Systems’

Then this week the co-founder of Apple Computers, Steve Wozniak (Woz) told a crowd at this year’s Money 20/20 event that bitcoin is far better than precious metals like gold. Last June, Wozniak told CNBC he started investing and playing around with bitcoin back when it was $700 per BTC. At Money 20/20 this past weekend Wozniak told CNBC’s Deirdre Bosa that bitcoin is a mathematical concept and as a mathematician he finds bitcoin to be better than gold and fiat currencies. The computer scientist explains that entities like the U.S. Federal Reserve can print dollars out of thin air for any reason. With bitcoin things are different Wozniak explains at this year’s Las Vegas event, stating:   

        "There is a certain finite amount of bitcoin that can ever exist — And gold continues to get mined and mined and mined. Maybe there’s a finite amount of gold in the world — But Bitcoin is even more mathematical and regulated and nobody can change mathematics."

In 2017, bitcoin is increasingly becoming a trending topic, so celebrities and finance moguls flocking towards the technology in great number is not out of the ordinary. With positive statements coming from all types of luminaries it’s likely their millions of followers are hearing about bitcoin for the first time, and some of them are contemplating investing in the decentralized economy after hearing these words.

https://news.bitcoin.com/financial-tycoons-and-celebrities-weigh-in-on-bitcoin/

According to the Miami New Times, an early bitcoin investor and a firm believer in the new economy, Mike Komaransky, recently decided to put his seven-bedroom, 9,452 square-foot mansion near Coral Gables for sale. It has a chef’s kitchen, a summer kitchen, a basketball court and a pool. The asking price is little under $6.5 million, and bitcoin is accepted.

Mike Komaransky reportedly supported every new retailer that accepted bitcoin a few years ago, just to signal confidence in the cryptocurrency. So much so, that he claims to have spent a lot of money in today’s terms. He stated:

    “I bought a bunch of stupid T-shirts and a sushi key ring that probably ended up costing like $50,000 worth of Bitcoin.”

Komaransky bought the mansion back in 2014 and offered to pay for it with bitcoin. The previous owner didn’t accept his offer but, now that Komaransky is putting it back on the market, he decided to give buyers the option to pay for it with bitcoin or bitcoin cash. He stated:

    “I want to show people that real-world goods and services are payable in Bitcoin and Bitcoin Cash.”

Moreover, he added that he knows these large investments in bitcoin are good protection against inflation, especially for people living in South America. According to him, it’s an interesting use of protection against inflation, as he predicts cryptocurrencies will be more popular in Latin America. Komaransky is currently “semi-retired” in France with his family, but plans to eventually return to Miami where he used the property as a vacation home.

Selling Homes for Bitcoin Isn’t New

The house is listed by the Cassis-Burke collection at the Brown Harris Stevens in Miami. The agents, Stephan Burke and Carol Cassis, stated that this was the first time they had a home for sale for bitcoin. In real estate, however, the option isn’t new.

As previously covered by CCN, back in 2016 a man bought a house using bitcoin in Denmark through Coinify for 117 BTC. Earlier this year, a man decided to buy a home in California with bitcoin, and to his surprise got a 25% windfall (about $1 million) thanks to a surge in the cryptocurrency’s price.

According to Stephan Burke, working with a global currency in real estate could help his business. He stated:

    “Miami is not a city; Miami is a country. We have buyers coming in from Chine and Dubai right now, and with Bitcoin Cash, a buyer could come from anywhere in the world, because it’s cryptocurrency that’s not necessarily tied to where you live.”

https://www.cryptocoinsnews.com/miami-homeowner-accepts-bitcoin-bitcoin-cash-6-5-million-mansion/

Former Yunbi COO Shares His Outlook for Bitcoin Markets After China’s Crackdown

Lao Mao, the former chief of operations for the Chinese cryptocurrency exchange Yunbi, has posted a statement outlining his outlook for bitcoin’s future both in China and globally moving forward from China’s crackdown.

Lao Mao States That China’s Recent Regulatory Maelstrom Will “Only Leave a Small Mark” on the Cryptocurrency Markets

The former COO for Yunbi expressed his belief that the blockchain and cryptocurrencies industries will continue to exhibit growth in spite of a reduced Chinese market presence. Lao Mao states that blockchain and cryptocurrency “world will continue to move forward” despite “China’s regulatory storm.”

Lao Mao expects that China’s regulators will maintain the crackdown on cryptocurrency exchanges for at least six months, stating that such will allow for regulators to make policy assessments. Lao Mao states that “regulatory authorities themselves also need a time window to observe the reactions. Therefore it’s impossible to see any public trading platform that offers CNY trade pairs within the next six months.”

Lao Mao states that the reduced influence that Chinese political and regulatory forces now exert over the bitcoin markets is positive news for the cryptocurrency ecosystem overall. Lao Mao describes his reaction to the crackdown as being a sigh of relief, stating “[in] that moment, I realized, from then, the price of bitcoin will no longer be affected by Chinese factors, whether it is China’s speculators of regulatory uncertainty, will no longer exist. For bitcoin, this may be a good thing.”

Lao Mao Believes That OTC Trading Will Become the Primary Means Through Which Bitcoins Are Circulated in China

Lao Mao anticipates that the price of bitcoin will continue to go up due to growing international demand, and advocates that Chinese citizens in possession of bitcoin continue to hold on to their tokens. Of the altcoin markets, Lao Mao warns that investors may be more prone to capital flight, as “hot money” will likely quickly move in and out of particular altcoin markets in search of short-term profits.

Lao Mao lamentingly expresses his expectation that Chinese ICO ban will deter innovation in the blockchain and cryptocurrency industries, forecasting that “many small blockchain startups will die due to lack of funding.” Lao Mao describes the ICOs as having provided “the only [opportunity] ordinary people ha[d]… to participate in the high-tech field”, stating that the crackdown has seen regulators “finally close the door to the public.”

Ultimately, Lao Mao concludes that “the global blockchain industry… will not be affected” by China’s crackdown long term. The former COO points to the newfound dominance of the Japanese bitcoin market, stating that “Japan has become the friendly” jurisdiction to cryptocurrency innovation worldwide. Lao Mao also points to the legislative frameworks being developed by South Korea, Australia, Britain, Germany, Holland, and Nordic nations as evidence of an international shift toward inclusive economic policies regarding bitcoin and cryptocurrency on part of many national governments.

https://news.bitcoin.com/former-yunbi-coo-shares-outlook-for-bitcoin-markets-after-chinas-crackdown/

Bitcoin’s recent spike above $6000 USD has elevated the estimated value of Satoshi Nakamoto’s holdings to more than $6 billion USD, qualifying the anonymous creator of bitcoin for Forbes’ list of richest individuals. At current bitcoin prices, Satoshi Nakamoto’s estimated 1,000,000 bitcoins would place bitcoin’s founder at number 237 on Forbes’ list.

Satoshi Nakamoto’s Bitcoin Stash Is Worth Approximately $5.978 Billion USD

The value of Satoshi Nakamoto’s estimated 1,000,000 bitcoins would place the anonymous creator on Forbes’ list of wealthiest individuals. Based on the estimated value of Satoshi’s holdings, which at the time of writing is approximately $6.1 billion USD, Nakamoto would be ranked number 237 on Forbes’ list.

Satoshi would be tied for 237th with South African business tycoon Johann Rupert, and Swedish heir and businessman Jorn Rausing. Nakamoto would be ranked higher than Alibaba’s Joseph Tsai, Australian mining magnate Andrew ‘Twiggy’ Forest, and Walmart heiress Ann Walkton Kroenke.

Satoshi is estimated to own approximately 5.89% of the more than 16.6 million bitcoins that are currently in circulation. The largest single bitcoin wallet is Bitfinex’s cold storage wallet, which currently holds over 168,000 bitcoins, or 1% of the total supply. The largest bitcoin wallet was previously owned by the U.S. government, after the FBI seized 144,336 bitcoins from anonymous free market The Silk Road.

https://news.bitcoin.com/with-bitcoins-price-above-6000-usd-satoshi-nakamoto-should-be-on-forbes-rich-list/

Bitcoin's total market capitalization (market cap) has surpassed $100 billion, making it worth more than many U.S. companies.

At this level, Bitcoin is worth more than investment bank Goldman Sachs Group Inc. and household names like eBay Inc.

The digital currency reached this milestone shortly after breaking through $6,000 earlier today.

After rising past this level, the cryptocurrency has returned more than 500% year-to-date (YTD).

Growing Interest

Bitcoin has managed to enjoy these continued gains as the broader digital currency space continues to draw interest from a wide range of players.

"Bitcoin and crypto space is getting a lot of interest from people and institutions," stated digital currency trader Marius Rupsys.

Ryan Rabagalia, head trader for Octagon Strategy, also weighed in on this growing visibility.

He asserted that while "Bitcoin's recent surge can be attributed to a multitude of factors," "none are quite as evident as the astounding amount of attention it's getting in the media."

"Big names continue to pour in and positive sentiment has never been higher," Rabaglia emphasized.

A Major Milestone

Surpassing $100 billion in total value represents a major milestone for Bitcoin, and this development could both fuel greater media attention and also motivate more investors to consider digital assets.

Rising above this milestone "is definitely something to report," said Rupsys.

"I would agree that it would encourage more investments into the space for particular investors," he stated.

"Many people heard of bitcoin but did not get in, so hearing that crypto space grown this much will likely to catch their attention."

Arthur Hayes, co-founder and CEO of leveraged cryptocurrency trading platform BitMEX, described Bitcoin's $100 billion market cap as a very good validator, emphasizing that "Anyone who sat on the sideline deliberating an investment in Bitcoin will FOMO into the space."

Optimistic Outlook

Going forward, several analysts offered positive outlooks on the digital currency space.

Lucas Geiger, founder and CEO of Wireline, emphasized that when considered relative to many other assets out there, $100 billion is a small figure.

"When we consider how many business processes could incorporate crypto tokens, we see how much potential there is," he stated.

Geiger emphasized that while we should celebrate Bitcoin crossing the $100 billion market, we should keep in mind all the new applications that will be enabled by more widespread adoption of digital currencies.

Disclosure: I own some Bitcoin and Ether.

https://www.forbes.com/sites/cbovaird/2017/10/20/bitcoin-is-now-worth-more-than-100-billion/#75f35ffe242c

The chief investment strategist for BlackRock, the world's largest asset manager, said in a new interview that he doesn't know where to peg the "fair" price of bitcoin.

Speaking with Business Insider, Richard Turnill said that cryptocurrencies have experienced "spectacular price increases" in recent months, leading him to conclude: "I would say that cryptocurrencies show many characteristics of a bubble right now."

His remarks echo those of other Wall Street-based analysts and investors, including Ray Dalio, who leads the world's largest hedge fund, that have argued that the cryptocurrency market is in bubble territory.

And while BlackRock's own chief executive offered cautiously optimistic remarks earlier this month on the subject, Turnill argued that, in his view, there's no way to assess a "fair value" for bitcoin or other cryptocurrencies.

He told the publication:

    "The main argument for buying them is that prices have risen and are therefore going to continue to rise over time. But there's no inherent right or wrong price for bitcoin. You could say, 'What's the fair value?' You know: 'I'm an investor; I like to think about the fair value of stocks of bonds.' I can't answer what's the fair value for bitcoin or any cryptocurrency. For that reason, I'm not an owner."

This is not the first time Turnill has expressed concern with cryptocurrencies. In July, he referred to the cryptocurrency market as "scary" based on then-recent market moves.

Despite his concerns about cryptocurrencies, however, Turnill praised blockchain technology in general, saying the tool will likely be increasingly used.

BlackRock has already begun "starting to use blockchain," according to BI.

https://www.coindesk.com/blackrock-strategist-no-right-wrong-price-bitcoin/

- The price of bitcoin could be heading to over $10,000, nearly half of respondents to a CNBC survey said
- Just over a third agreed with JPMorgan Chase CEO Jamie Dimon who said "you'll pay the price" for investing in bitcoin
- Sixteen percent of the 23,118 people who voted said bitcoin will hit between $6,000 and $8,000


The price of bitcoin could be heading to over $10,000, nearly half of respondents to a CNBC survey said.

During the week, CNBC ran an unscientific survey online asking: "Where does bitcoin go from here?"

Forty-nine percent of the 23,118 people who voted said above $10,000. Similar calls have been made by market participants. Former hedge fund manager Michael Novogratz told CNBC in a recent interview that he sees bitcoin heading to $10,000 in the next six to 10 months.

One option that people could also vote for was: "Jamie Dimon is correct, you'll pay the price for buying." JPMorgan Chase CEO Dimon has been critical of bitcoin, calling it a "fraud" and said "if you're stupid enough to buy it, you'll pay the price for it one day." Just over a third (35 percent) of people sided with Dimon.

And 16 percent of respondents went with the final option of bitcoin heading to between $6,000 and $8,000.




The cryptocurrency has risen over 470 percent this year. Earlier this month, bitcoin hit an all-time high of $5,856.10, according to data from industry website CoinDesk. So it's not far off the $6,000 mark.

Rising institutional investor interest, favorable regulation in some markets like Japan, and an upcoming split in bitcoin known as a "fork," have helped to boost the price.

But the cryptocurrency has also had a lot of criticism. UBS said in a recent note that bitcoin is a "speculative bubble" and unlikely to be come a real currency, while Goldman Sachs said the cryptocurrency is not the new gold.

https://www.cnbc.com/2017/10/20/bitcoin-price-is-heading-to-10000-cnbc-survey-says.html

President Donald Trump’s Attorney General, Jeff Sessions, testified before the Senate Committee on the Judiciary. The committee is given rather broad powers concerning federal criminal law and internet privacy. During a quick exchange, hours into the hearing, Mr. Sessions was asked about the “dark web.” His answers might foreshadow what’s ahead for digital privacy and bitcoin users.

Jeff Sessions and Dianne Feinstein
Find Consensus

Upon returning from morning recess, a skeletal assembly remained in the Senate hearing chamber. Even a sizeable number of the committee’s own members bailed.

At three hours, forty three minutes and thirty seconds into his testimony, ranking member Mrs. Dianne Feinstein, Democrat from California, announced her line of questioning would focus on “the dark web.”

Citing a New York Times article, “Opioid Dealers Embrace the Dark Web to Send Deadly Drugs by Mail,” by Nathaniel Popper, Senator Feinstein began, “it seems to me, the dark web, being used by criminals, is going to grow in the coming years.”

The “dark web” refers to a tucked-away part of the “deep web,” which is purposely aloof from mainstream search engines. Authorizations, special software, are often required. If such is considered “dark,” then regular internet usage is known as clearnet.

The phrase strikes deep fear among government officials. Mrs. Feinstein in her questioning was sure to harden the ‘b’ when pronouncing “dark web,” adding a sense of seriousness.

“If you have any plans to address it,” she continued, “or would you begin to think about it so that we might have some conversations on this, because I think there’s a lot of concern out there in law enforcement communities,” the Senator emphasized.

Holding both his hands together, Attorney General Sessions sat fully upright and announced he “would be pleased to do so.”

“We are very concerned about that,” he elaborated. “The FBI’s very concerned about that. They did take down, I think, the two biggest, dark web sites. This last one, Alphabay, we took down recently. They had 240,000 sites where individuals were selling, for the most part, illegal substances or guns on that site, including Fentanyl. And, they use bitcoins and other untraceable financial capabilities, and it is a big problem,” he nodded.

“Thank you,” Mrs. Feinstein returned a nod, “I’d like to work with you on it, and if it requires legislation in particular. So, thank you very much. I’m going to quit while I am ahead.”

Looking for a Way In

More than a few histories of Bitcoin credit darker markets for moving drug traffic off streets, and onto safer environments, limiting potential violence. They’re also central, according to theorists, to advancing the idea that bitcoin could be a viable currency in its earliest days.

These both remain controversial claims.

Alphabay Market was accessed through the Tor network, and it was sacked during a coordinated, international, law enforcement effort known as Operation Bayonet. Authorities accused Canadian Alexandre Cazes of being its ringleader. Mr. Cazes died mysteriously in a Thailand jail just days later.

Fentanyl, also known as fentanil, is an opioid pain medication.

Senator Feinstein announced her bid for reelection recently, having already served a quarter-century as Senator from California.

https://news.bitcoin.com/trumps-attorney-general-jeff-sessions-bitcoin-is-a-big-problem/

Russia is striving to lead the global blockchain movement, with President Vladimir Putin even eyeing the creation of a national cryptocurrency.

But the real work to spur the world blockchain economy is being implemented far beyond the walls of the Kremlin by small groups of private software engineers, who are working tirelessly in backrooms and cramped offices to usher in a financial evolution.

Vladimir Smerkis, the founder of The Token Fund, is one of a handful of visible figures to rise on the blockchain scene alongside Ethereum founder Vitalik Buterin and Bitcoin ambassador Andreas Antonopoulos. His fund, which opened in early 2017, runs on a software that manages the cryptocurrency assets of individuals, companies, and investment funds in Eastern Europe.

Smerkis, who is a former executive of Mail.Ru, recently opened an office in Dubai, UAE, to cover the Middle East, North Africa, and Sub-Saharan Africa.

His fund’s model has been so successful, so much that investors and hedge funds from South Africa to Switzerland have asked to white-label his system on their local markets.

The feedback got Vladimir and his team thinking. As opposed to licensing out the software to investment firms worldwide, he decided to build a turnkey platform for global users, Tokenbox.io, and scheduled a funding round for the project that’s set to take place next month.

I caught up with him earlier this week. He spoke to me about his vision for the future of cryptocurrencies, his company's plans for Africa, and how blockchain can change the world.

>>> https://www.forbes.com/sites/mfonobongnsehe/2017/10/19/russian-bitcoin-tycoon-expands-into-africa/#4de3b13314db

Following over a decade of economic turmoil, Zimbabweans are turning to bitcoin for some financial stability. Yes, you read that correctly!  I mean, seriously, just how messed up is that? As a result, bitcoin is reportedly selling in the capital, Harare, for almost double the global average, according to TheNational.ae.

I Thought Harare was That Gorilla Meme…

From our ivory tower perched high on Crypto Mountain, we often look down at the mere mortals below. We chuckle amongst ourselves at their fiat-controlled lives, then remember the deadline we must hit on our latest ICO article.

We scurry off back to our typewriters and give no further thought to countries who generate neither headline nor paycheck… until now.

They Have Bitcoin in Zimbabwe?

Yes, of course they do. Although they don’t actually have a national currency of their own, having replaced it with the US dollar for all daily transactions back in 2009.

The problem back then was that the government ran out of money, so it couldn’t pay its civil servants, the police, and the army… and two of those groups have guns. To avoid an angry, unpaid, gun-wielding mob, the government decided to quietly print a load more cash to pay them off.

Cue the crashing devaluation of the Zimdollar, hyperinflation, and empty supermarket shelves. This resulted in the HODLing of everything from bread to gasoline to shampoo. It also led to the loss of one of the pre-crypto-era’s best named currencies.

So Did the US Dollar Fix It?

For a while, yes. But as only the US mint (and my mate Dave who lives above a pizza delivery shop) can print that kind of dollar, there was still a problem. Zimbabwe had to import them. Lots of them. 10 million a week.

Zimbabwe has changed from a country in which everybody had plenty of (worthless) cash but nothing to buy, into a country with plenty on sale but no cash to buy it.

Hence the country has now shifted its focus to bitcoin, not for investment purposes, but for day-to-day transactions. A bit like what it was designed for.

And Are They Really Paying Double?

According to local exchange golix.io, they are. I should also note that while writing this article I have watched the BTC/USD price on this exchange go from $9000 to $9999.99.

But armed with my investigative journalist hat, and my willingness to capitalize on the misfortune of others, I decided to look further into it… Basically, I went on LocalBitcoins Zimbabwe with the hope of selling the BTC dust I have for a vastly inflated price.

No dice. The selling price was exactly the same as in the UK, as was the seller at the top of the list. I did notice some inflated prices on a city by city basis further down the list, but nothing that I could take advantage of… ahem, nothing more than an opportunist scam, preying on those who needed to trade in cash.

I’m not sure if golix.io do cash trades, but I’m imagining not. So are they just scamming the uninformed and the unwilling to search for a better deal? Either way, it’s not a very professional way to do business.

https://bitcoinist.com/zimbabwe-news-bitcoin-selling-at-twice-global-dollar-average/

Serial strategist Tommy Lee has added to finance experts predicting sky-high Bitcoin prices of $25,000 or more.

In an interview with Business Insider, Lee, who is already known for his bullish stance on Bitcoin versus Wall Street, repeated common speculation that capturing the power of gold is key.

Five percent of gold’s market cap, his research suggests, would give rise to a “conservative” estimate of $25,000 per coin.

Five percent rule too conservative

“It's a very — it's actually the most conservative collection of elements to get to the five percent. Because number one, we assume that gold only appreciates essentially a nominal GDP. So there's no inflation,” he told host Sarah Silverstein.

The five percent figure has frequently surfaced from sources throughout the cryptocurrency industry. Lee, however, thinks the potential for considerably higher prices is “easy.”

“The five percent number really reflects the assumption that investors will allocate in their blended portfolio only five percent to alternative currencies,” he continued.

    “Today, that allocation is much greater, it's closer to 10 percent or 15 percent in some portfolios. So, at a five percent allocation it would value Bitcoin at $25,000. You could easily get to $100,000, $200,000 numbers.”

Bitcoin prices have retraced slightly this week after a new surge that saw the virtual currency almost hit $6000 for the first time.

In the short term through mid-2018, Lee is comparatively conservative himself, predicting the $6000 mark to remain a ceiling until then.

“...When people talk about Bitcoin’s volatility today, they're forgetting that when we went off the dollar — the gold standard on the dollar, gold’s volatility for four years was about the same as Bitcoin’s volatility today,” he concluded.

https://cointelegraph.com/news/future-bitcoin-price-25k-is-conservative-estimate-tommy-lee

Two bills to provide legal frameworks for cryptocurrencies including bitcoin have now been submitted to the Ukrainian parliament. The latest one proposes recognizing them as financial assets. It also defines cryptocurrency derivatives, as well as proposes simplifying taxation and reducing electricity tariffs for mining activities.

Two Bills Submitted to Parliament

Following the first bill on cryptocurrency which was submitted on October 6, the second bill has been submitted to the Ukrainian parliament. Entitled “On the stimulation of the market of cryptocurrencies and their derivatives in Ukraine,” Bill No. 7183-1 was submitted last week.

In the new bill, the head of the Parliamentary Committee on Financial Policy and Banking, Serhiy Rybalka, proposes to recognize cryptocurrency as a “financial asset,” The Financial Club reported. “It makes no sense to reinvent the wheel and invent new rules for it. The most effective model is the adaptation of cryptocurrencies to the already existing legislation,” the publication quoted him saying. “That is why we propose to recognize cryptocurrency as a financial asset.”

Ain publication elaborated:

        "According to this document, state bodies are responsible for monitoring cryptocurrency exchanges. Cryptocurrency exchanges will be required to obtain a license for their activities. They have the right to open accounts in cryptocurrency both for citizens of Ukraine and for non-residents."

>>> https://news.bitcoin.com/ukraine-bill-bitcoin-financial-asset-mining/

The Australian Senate has begun deliberating a bill that would apply the country's anti-money laundering (AML) statutes to domestic cryptocurrency exchanges.

The bill was first unveiled in August – introduced in the House of Representatives, one of two chambers in Australia's Parliament – revealing that lawmakers are considering approaches such as criminal penalties for unlawful exchange operators. The bill also called for the creation of a so-called "Digital Currency Exchange Register," which if created would be managed by the Transaction Reports and Analysis Centre (AUSTRAC), the Australia's financial intelligence agency.

New public documents indicate that the Australian Senate Legal and Constitutional Affairs Legislation Committee has taken up the measure, signifying that the new rules are now being considered in both of the Parliament's chambers. A 35-page report, published earlier this month, details the various elements of the bill, which focuses on beefing up the rules around AML and know-your-customer regulations.

Notably, the report suggests that the committee is in support of the measure, stating in its conclusion that it "recommends that the bill be passed."

Back in August, the government said in statements at the time that the measure is intended to "close the gap" between new technologies like cryptocurrency and a set of rules in need of an update.

"The bill will ... close a regulatory gap by bringing digital currency exchange providers under the remit of AUSTRAC," officials said at the time.

It's unclear at this time whether other committees within the Australian Senate will take up the bill.

https://www.coindesk.com/australian-senate-panel-throws-support-behind-crypto-exchange-bill/

Bitcoin markets tumbled during the early hours of October 18 dropping roughly 6-7 percent to a low of $5,101 per token. Bullish optimism seemed to be stepping off to the sideline today as the decentralized currency struggled to capture the $5,640 zone again.

Bitcoin Markets See Some Short-Term Sell-Off

Bitcoin markets had a bit of sell-off today, as the currency has dropped from yesterday’s high of $5,640 to a low of $5,101 per BTC. At press time the value has rebounded as the price per bitcoin is hovering slightly above the $5,600 range, with around $2.3B in 24-hour global trade volume. At the moment, buyers seem to be waiting for better positions as the sell-off might not last, and the uptrend may pick up again in the short term. Surpassing the $6K range is still the ‘talk of the town’ among traders, and even though two forks are approaching, these traders are still optimistic. Today, bitcoin markets might stick around its current territory and consolidate between the $5,580-$5,650 zone; unless further support breaks down when Japanese markets open.  

Japan is still dominating the world’s trade volume at 57 percent with the U.S. trailing slightly behind. South Korean bitcoin markets are still red hot as this region is currently capturing the third highest BTC trade volume. This week’s top five exchanges by volume are Bitfinex, Bithumb, Bitflyer, Hitbtc, and Bitstamp. The top five exchanges command over $652M worth of bitcoin trade volumes, or 121908 BTC swapped over the past 24-hours. The price has broken key levels of support below the $5,150 range earlier today, but we are looking to see if it drops below the $5,100 zone which could lead a more substantial sell-off.  

Technical Indicators

Technical indicators show the 100 Simple Moving Average (SMA) has crossed paths with the 200 SMA and is sinking below the longer term trendline. This means the path to the upside might take longer to achieve and further dips could be in the cards. Both the Stochastic and Relative Strength Index (RSI) are also heading south as the oscillators show overbought conditions and likely a touch more correction. Fibonacci retracement levels indicate this particular dip could follow to price ranges between $5,450-5,600. As we stated in our last markets update, we are watching to see if the Displaced Moving Average (DMA) support breaks $5,100. If this happens, markets could break support below the sub-$5K zone following the typical 30 percent pullback pattern that takes place every few weeks.

The Top Five Digital Asset Market Overview

In general cryptocurrency markets, the top five digital assets are also seeing price dips today between 5-12 percent. Ethereum (ETH) markets had dropped 8 percent in value today after a quick pump before its 5th fork. The price per ETH is now $315, while the third highest market ripple (XRP) is down 11 percent at $0.21 per XRP. Bitcoin cash (BCC) markets had seen a significant uptrend in value yesterday on October 17, reaching close to $400 per BCC. The price per BCC at the time of writing is $345 after markets dipped 11 percent. Lastly, litecoin (LTC) is still holding the fifth highest market cap at $60 per LTC but has seen prices slashed by 9 percent this morning. The entire cryptocurrency market capitalization of all the digital assets combined is still a whopping $169B.

The Verdict

Bitcoin markets are commanding an $87B market cap, and BTC dominance compared to other digital asset shares is 54 percent right now. Again traders still seem confident that bitcoin markets could reach new highs before the upcoming forks. Many individuals believe money from alternative digital currencies will be sold for bitcoin to get in on the possible split(s). However, this means cheaper altcoins may get some buyers as some of these tokens haven’t seen lows like this in months. The trade-offs between altcoins and bitcoin before the fork may be a zero-sum game. Probably the most prominent thing people in crypto-land are thinking about right now is their upcoming plans for the possibility of a chain split. At this vantage point from now until the fork(s), prices could easily vary between $4800-$6K+ with extreme price swings going both ways.

Bear Scenario: Sellers have control at the moment as buyers have definitely stepped away from overbought conditions. There are strong floors between the $4,800-5,100 zone for the short term, as buyers are waiting in this area in great number. If the bearish sentiment continues prices below $5K could very well be in the playbooks, which would likely lead to some panic selling for a short period. If DMA support breaks $4800, the averages of around $4,400-4,600 could very well happen too.

Bull Scenario: As stated above bitcoin markets have followed a consistent cycle of 30 percent corrections followed by an upside trend pushing its value to new all-time-highs (ATH). This bearish period right now may not lead to a substantial correction, but it could be the start. When the bottom is found, it’s likely bulls will take the lead again and prices could reach $5,800-5,900 soon. Further, there are expectations from some traders who envision the price wave spiking to $6K or $6,500 during the pre-fork(s) period. Bulls have a lot of work to do to obtain these levels again, and for now, it’s going to take a bit longer.

https://news.bitcoin.com/markets-update-bitcoins-pre-fork-price-rollercoaster-begins/

Ben Bernanke is the latest central banker to voice his concern on bitcoin. His pretext is the same, evading regulation and government intervention. It is surprising that after creating two bubbles that burst and one that we are currently sitting on, central bankers still believe that regulation is the way ahead.

Nevertheless, the unregulated WikiLeaks founder Julian Assange tweeted that his organization made a staggering 50,000% return on investments in bitcoin.

Though it is difficult for us to match the returns generated by WikiLeaks, let’s try to at least make a beginning.

BTC/USD



Traders who had purchased bitcoin at $4150 on our earlier recommendation are sitting on about 36% gains within a few days. We suggest traders to sell another 25% of their positions at the current levels and hold only 25% with a stop loss of $5400.

But why not sell the complete position at the present levels?

Bitcoin has risen vertically from about $4816.31 to $5883.63 in four days. Since then, the cryptocurrency has traded in a small range of $5444.75 to $5883.63, forming a pennant, which is a bullish set up.

If bitcoin can breakout to new highs above $6000, it can rally to $6512 and thereafter to $7193. The target objective is a good 15% and 26% higher than the current levels.

On the other hand, if bitcoin corrects, it can fall to $5470.97, which is the 23.6% Fibonacci retracement of the rally from $4135.09 to $5883.63. Below this, a fall to $5215.69 is also possible.

Our stop loss is just below the support at $5470. If the digital currency falls and hits our stop loss, it will result in a loss of 4.7% in profits from the current levels. In order to gain a possible 15% return, we are risking 4.7% of immediate gains, which is a good risk to reward ratio of 1:3. Hence, we believe that traders should keep some position to ride the next leg up, if it materializes.

ETH/USD



Ethereum has been swinging wildly in the past few days, making large intraday ranges in the build up to its hard fork. Now that the event is behind us, chances are that volatility will be back to normal.

In our previous analysis, we had recommended traders to go long on a breakout of $317. The first profit objective was $354.

Ethereum came within a whisker of our target, as it touched $353 on October 16. Hopefully, traders would have trailed their stops higher and would have gained from the above trade.

Presently, the digital currency is retracing the breakout levels of $315. It also has a trendline support at the same level. Therefore, $315 is likely to act as a strong support. We expect ethereum to again bounce from the $315 levels. Therefore, traders can initiate long positions on a rebound from $315 and keep a stop loss of $295, which is below both the moving averages and below the low of the breakout bar on October 11. The first target objective remains $354.

The cryptocurrency will become negative once it falls and sustains below $295.

https://www.cryptocoinsnews.com/analysis-bitcoin-ethereum-litecoin-5/

Wall Street is driving Bitcoin’s price rise this month according to Bloomberg, even as Goldman Sachs still picks gold over crypto.

In comments on Bloomberg TV, the publication’s analyst Edward Robinson said bank clients are “knocking on the door” after seeing charts showing Bitcoin’s 2017 growth. He commented:

    “I think Wall Street may actually be responsible for driving the price, because it’s with every announcement that Wall Street is thinking of embracing Bitcoin as a new asset class that we start to see this surge.”

The debate over Bitcoin’s attractiveness versus precious metals meanwhile is becoming a preoccupation for major investment bank Goldman Sachs.

After its CEO suggested an open-minded approach to crypto earlier this month, analysts at the giant nonetheless said traditional assets were still “important… despite their lack of yield.”

“They are neither an accident or a historic relic,” Jeffrey Currie and Michael Hinds added.

Other theories explaining Bitcoin’s rapid appreciation towards $6,000 in October are more reactionary. The upcoming two hard forks of the network, Bitcoin Gold and SegWit2x, are expected to produce significant price volatility in a similar manner to July’s Bitcoin Cash.

Nonetheless, analysts from within the cryptocurrency space have remained broadly bullish as China’s impact waned, predicting a solid $6,000 price tag by the end of the year and significantly more in the later short-term.

https://cointelegraph.com/news/wall-street-driving-bitcoin-price-6k-surge-says-bloomberg

Nobel Prize-winning economist Robert Shiller appeared on CNBC’s “Closing Bell” earlier today. During the interview he commented on the “strange enthusiasm” people seem to have for Bitcoin but ultimately sums up the cryptocurrency up as a “fad”, comparing it to the phenomena of bimetallism.

For those unaware, bimetallism refers to a trend that occurred in the late nineteenth century. People began to favour the use of precious metals like gold as legal tender.

Despite holding this opinion, the American economist does see the potential for profit within the space:

    I’ll take bitcoin, too, because I know I can sell it and get out of it. There seems to be some strange enthusiasm for it. People get excited about things like new monetary standards. Remember bimetallism? It went into a fad, everyone was talking about it for a while. And then it faded.

From his statements, Schiller clearly thinks Bitcoin is priced above its worth today at over $5,000. That said, he also thinks gold is similarly overvalued. Declaring it a multi-millennium bubble, he doesn’t think the practical uses for the precious metal match the current price. He acknowledges its utility in some industries but ultimately deems it “a fad that’s lasted thousands of years.”

He goes on to express doubt about the current state of the markets too, noting the appearance of some worrying signs. He claims to be aware of “danger” but hasn’t yet pulled out of his position, and doesn’t advice others to do so either. Drawing a parallel between today’s outlook, and that of 2000, Schiller reminds investors that the market fell around 40 percent soon after. Such a crash would likely prompt even more “strange enthusiasm” for crypto.

It’s the second time in as many months that Professor Schiller has spoken publicly about Bitcoin. In early September, he debated CNBC’s crypto expert, Brian Kelly, in a “Bitcoin Battle Royale“. During the conversation, the Nobel Prize winner claimed that Bitcoin is similar to a bubble and that bubbles are driven by stories rather than metrics. Mentioning the mysterious birth of the planet’s most successful cryptocurrency and undermining its potential utility, Schiller said:

     "It’s the quality of the story that’s attracting all this interest, and it’s not necessarily sustainable… what’s driving the market. It’s not fundamentals. It’s not like this is a fundamentally important thing, this Bitcoin."

http://www.newsbtc.com/2017/10/17/robert-shiller-bitcoin-fad-ill-take-bitcoin/

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A potential move by global brokerages to offer products around cryptocurrencies could have a big impact on the wider market, analysts at Bank of America Merrill Lynch wrote.

In an Oct. 16 research note entitled "Introducing cryptocurrencies – what are they good for?", the analysts tackle bitcoin as well as other cryptocurrencies such as ethereum and XRP. The note both covers the basics of the market and dives more specifically into the growing galaxy of open blockchain networks in operation today.

Notably, the report touches on the possible factors that could shape the cryptocurrency market's future progression – including financial products based on the tech.

On this point, the bank's analysts suggest that a move by brokerages to begin offering such services to their clients could affect both the overall liquidity of the market as well as the market capitalization for the relevant cryptocurrencies.

"The coin universe is dynamic and innovative and volatile; while a true value for cryptocurrencies may be impossible to assess, one factor which we believe could affect their liquidity and market capitalisation would be if one or more global broker/dealers decided to offer institutional-like products," they wrote.

The past year has seen a number of high-profile efforts to build cryptocurrency-tied investment products, and firms like CBOE have described plans to take part in what is still a nascent ecosystem. Even so, regulators in the U.S. have reacted coolly to such proposals thus far.

And according to the Bank of America analysts, it remains far from certain how the market will develop in the months to come.

"[A]t present, these impacts are too far off, and too unpredictable, to form part of an estimate or an investment recommendation," they wrote.

https://www.coindesk.com/bank-america-report-bitcoins-true-value-impossible-assess/

Hi Etheal team, i would like to join your signature bounty campaign, but i see you did not yet count bounty stakes for the previous two weeks. Or you will do that job later?