What makes people compel to hold the bitcoin in this critical situation? What are they waiting for? Any good reason?
People keep holding their bitcoins because they know for sure the value of bitcoin will recover and go up again. What is happening to bitcoin price that makes all these ups and downs is called market correction. Every time the value of bitcoin reaches the highest level there most be a market correction that tend to drop the value which it might later recover and set the value to the new all-time high. Market correction happens for reasons like negative FUDs and speculations. |
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Yes, Bill Gates praised because bitcoin has proven to be the best currency that this world has ever seen before. Bitcoin payment system is what makes it unique. And the best part is bitcoin is digital currency that is fully decentralized, fast, secure, cheap transaction fee and more. Bitcoin is acceptable worldwide. Bitcoin has no borders, no boundaries and no regulations whatsoever.  |
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Hello, I've been hovering around bitcoin for months and I want to become an expert in it. What resources are available and what steps can I take to know all there is to know about bitcoin and possibly reproduce the technology involved.
Thank you.
The best way to become bitcoin expert is you have to learn about bitcoin from book and watching YouTube videos. When I started learning about bitcoin I found YouTube videos very helpful because they normally explain and demonstrates the most complex things about bitcoin for newbie to understand. Just take your time to learn more first and when you understand the whole concept and ideology behind bitcoin, then you may go for the video tutorials. I think that way you might fully understand how everything work in blockchain, bitcoin and cryptocurrency ecosystem. |
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As you can see now nothing will kill bitcoin no matter how big or small the country is, it will never kill bitcoin. The first time China plans to ban ICOs and cryptocurrency exchanges in the country everybody panics just like the end of the world, but that was obvious because bitcoin has currently show the world it's true potential in no time at all! Bitcoin is back stronger than ever like never seen before, fully recovered and ready to set the new all-time again once more  |
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 Bitcoin bulls and skeptics are making wagers on the future of the digital currency
Bitcoin is now one of the most polarizing topics on Wall Street, crystallizing a clear divide between those who think the digital currency is doomed to end in tears for investors and those who believe it has a bona fide future. Goldman Sachs GS, -1.31% is exploring a new trading platform that would be centered on trading in the No. 1 cryptocurrency in the world BTCUSD, -0.35% and its rivals like Ether, according to The Wall Street Journal. The report about the cybercurrency-sector plans for Goldman, ran by Chief Executive Lloyd Blankfein, comes just a few weeks after the rival J.P. Morgan Chase & Co. JPM, -0.53% Chief Executive Jamie DImon declared bitcoin “a fraud” that would “eventually blow up.” “It’s worse than tulip bulbs and won’t end well,” Dimon said, referring to the classic, 17th century asset bubble. To be sure, J.P. Morgan has also been experimenting with the some of the infrastructure that underpins digital currencies, known as blockchains, or open-sourced, distributed ledgers. However, the contrasting rhetoric from Dimon, and the positioning by Goldman, highlights the effort by some of the banking universe’s behemoths to identify opportunities in nascent digital currencies that have drawn equal parts ire, intrigue and fear-of-missing-out among heavyweight investors. Most recently, a single bitcoin bought $4,404 on Monday, while Ether tokens on the Ethereum blockchain were at $296, according to research-site CoinDesk. Both alternative coins have recovered from lows put in last month after Dimon’s excoriating comments and regulatory moves in China helped to push the assets into bear-market territory, defined as a decline of at least 20% from a recent peak. Year-to-date, bitcoin has enjoyed a stratospheric climb, leaving it up more than 350% so far. Ether has rocketed to a nearly 40-fold increase, or 3,600%, over the same period. Comparatively, the S&P 500 index SPX, -0.18% is up 13% so far this year, while the Dow Jones Industrial DJIA, -0.06% boasts a 14% return, and the Nasdaq Composite Index COMP, -0.16% has climbed about 21%. Moreover, the total value of digital currencies stands at around $150 billion, compared with $17.5 billion at the start of 2017, with bitcoin’s value representing about half of all cryptos. That breathtaking ascent has made it impossible for Wall Street investors to ignore digital assets that didn’t exist less than a decade ago. Bets on its success or failure have been ramping up with each record bitcoin racks up. One big proponent, Fidelity Investments CEO Abigail Johnson, has made cryptocurrency balances visible on the investment manager’s website for customers that hold an account with Coinbase—a popular crypto exchange. On the other hand, Jordan Belfort, a former stockbroker who pleaded guilty to money laundering and fraud charges in 1999 and went on to write “Wolf of Wall Street”, which was made into a movie of the same name, said he agreed with Dimon’s assessment of bitcoin. He added that his own personal criticism focuses on how easily it can be hacked and stolen. Further underlining the divide in bitcoin opinions on Wall Street, Morgan Stanley CEO James Gorman, said he saw bitcoin as “certainly something more than just a fad” at an event hosted by The Wall Street Journal last week. The blockchain—a digital record-keeping apparatus maintained by a network of computers that cannot be altered—may be the biggest area for Wall Street and Main Street bets on cryptocurrencies. Businesses see it as a way to document everything from public-health records to more accurately documenting trading. For example, the Centers for Disease Control and Prevention is examining how to use blockchain to track the spread of infectious diseases. For Wall Street’s part, digital currencies aren’t likely to get broader traction in the market until regulators provide better guidance and legislation. But that won’t stop market participants, including hedge funds and bankers, from positioning themselves for a boomlet in bitcoin investing. According to an article in Quartz last month, the rise in bitcoin hasn’t been lost on hedge fund masters of the universe. Quartz reports that Blocktower Capital, run by former Goldman executive Matthew Goetz, is among a number of hedge funds looking to capitalize on the bitcoin, and digital currency, boom. How it all plays out is the big question. But the wagers on either side of the ledger about the future of bitcoin appear to be stacking up. Source: http://www.marketwatch.com/story/bitcoin-is-creating-stark-divisions-on-wall-street-2017-10-02 |
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For the first time since May, the Bitcoin Dominance Index surpassed 51.1 percent, solidifying its position as the cryptocurrency market’s most valuable, secure, and widely utilized blockchain network. Why Bitcoin’s Dominance Index Fell Below 40 Percent and Possible Reason For RecoveryIn May, the transaction fees of Bitcoin payments increased drastically, up to $4 on average per transaction, due to the abrupt increase in the size of the Bitcoin mempool–the holding area for unconfirmed transactions–and the average Bitcoin block size. Several analysts and developers attributed to the sudden surge in the number of transactions and the size of the Bitcoin mempool to potential spam attacks that were deliberately launched with the intent of clogging the Bitcoin network with transactions with substantially low transaction fees. In an interview with BraveNewCoin, Laurent, the French developer behind Bitcoin analytics platform OXT, stated: “Considering that the published elements are the result of an exploratory analysis, I would say that I’m 95% confident [that spam attacks occurred]. 100% confidence will require an in-depth analysis which is currently outside what my financial resources allow me to do. We’ll need an in-depth analysis to estimate the cost of this attack but it’s likely that it wasn’t so expensive (all things being relative).” Whether spam attacks led to the congestion of the Bitcoin blockchain network is of less importance, as some analysts argue that spam transactions with small fees should be considered as Bitcoin transactions and verified by the miners. But, it is crucial to acknowledge that the integration of Segregated Witness (SegWit), a scaling and transaction malleability solution developed by the Bitcoin Core development team, relieved the Bitcoin blockchain network of congestion by decreasing the size of individual transactions. More importantly, the adoption rate of SegWit is growing at rapid pace. According to prominent Bitcoin investor and Atlanta Digital Currency Fund partner Alistair Milne, 10 percent of transactions in the Bitcoin network are already SegWit-enabled and more or less one tenth of the users in Bitcoins which amount of millions of users, have started to experience significant decrease in fees despite the lack of SegWit implementation by popular Bitcoin wallets such as Blockchain and Coinbase. Because receivers can start dealing with SegWit-enabled transactions and large platforms like ShapeShift, which account for three percent of all global Bitcoin transactions, the rate of SegWit adoption will continue to rise at an exponential rate. Source: https://www.cryptocoinsnews.com/51-1-bitcoin-dominates-cryptocurrency-market-first-time-since-may/ |
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The bitcoin price surged past $4,875 on Monday as traders began to flee from the altcoin markets and pour their wealth back into bitcoin ahead of the SegWit2x hard fork that is scheduled for November. Bitcoin Price Surges Past $4,875 Bitcoin’s dominant hold on the cryptocurrency economy had tapered throughout 2017, with bitcoin’s share of the total market cap falling as low as 34% after entering the year at 88%. The year’s bull market led to a dramatic expansion of the altcoin markets, and the initial coin offering boom reduced bitcoin’s market cap share further still. Today, however, bitcoin dominance soared to nearly 54%, its highest mark since May, as traders began to liquidate their altcoin holdings and concentrate their wealth in bitcoin. At present, the bitcoin price is trading at a global average of $4,877, which represents a 24-hour gain of 7% and brings bitcoin within $123 of the $5,000 threshold. Altcoin prices, meanwhile, are bleeding. Aside from bitcoin, no top 10 cryptocurrency has experienced a 24-hour price increase, and five of them have posted double-digit declines.  BTC Trading Volume Chart from CoinMarketCapThe Role of SegWit2xOne theory for today’s bitcoin price climb is that traders are positioning themselves to profit from upcoming airdrops. There are two bitcoin hard forks on the horizon that give bitcoin holders the opportunity to claim airdropped coins at the moment of the blockchain split, similarly to the Bitcoin Cash hard fork that took place on August 1. The first, Bitcoin Gold, is scheduled for October 25, and the second, SegWit2x, is slated to take place in November. It is unlikely that Bitcoin Gold is having a significant effect on the bitcoin price, although traders will definitely seek to extract any profit that they can from the airdrop. Although SegWit2x — if executed — will produce coins that are most likely more valuable than those minted by Bitcoin Gold, it also seems a bit unlikely that traders are already making such a large push to accumulate bitcoins ahead of an event with a November target date. Source: https://www.cryptocoinsnews.com/4875-bitcoin-price-surges-toward-all-time-high-as-altcoins-plummet/ |
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The Dubai Land Department (DLD) has laid claim to “becoming the world’s first government entity to adopt Blockchain technology.” In a first-of-its-kind in the global real estate sector, the Dubai Land Department – the government arm responsible for the registration and organization of real estate in the emirate – is now processing and implementing all transactions on a blockchain. The ultimate goal will see all Dubai properties recorded on a blockchain within 2-3 years. An announcement by the Dubai government’s media office read: " DLD has created the blockchain system using a smart and secure database that records all real estate contracts, including lease registrations, and links them with the Dubai Electricity & water Authority (DEWA), the telecommunications system and various property related bills. Blockchain’s secure, electronic real estate platform incorporates personal tenant databases, including Emirates Identity Cards and the validity of residency visas, and allows tenants to make payments electronically without the need to write cheques or print any papers. The entire process can be completed electronically within a few minutes at any time and from anywhere in the world, removing the need to visit any government entity. The blockchain is developed the Emirates Real Estate Solutions (ERES), the DLD’s technical arm, in collaboration with a number of other partners including the Emirates Identity Authority, DEWA, wasl Asset Management Group – one of Dubai’s largest real estate developers and Emirates NBD, the emirate’s largest bank. The initiative is a part of the emirate’s wider ‘Dubai Blockchain Strategy’, which aims to record and process 100% of all documents and transactions on a blockchain by the year 2020. The sweeping blockchain mandate was announced by Hamdan bin Mohammed, the crown prince of Dubai, in October 2016. ‘Based on this initiative, DLD will be able to create a Blockchain database for all Dubai properties, which will be available to DLD’s customers as well as all of its government and private sector partners,’ the announcement added. ‘The technology will allow investors residing in Dubai and around the world to verify property data that is backed by timestamp signatures, enhancing the accuracy of data, the credibility of investment transactions, and the transparency and clarity of the market.’ DLD director general Butti bin Mejren added: This initiative is still in a stage of infancy. In the near future, we will see many partners joining [the] Blockchain to improve their client services, including banking, mortgages, and utilities and maintenance operations…Our aim is to unite all real estate and department services on a single platform. Dubai’s dogged drive in becoming the world’s first blockchain city is gathering pace with everything from its airport, to a citywide payments system and even an official state cryptocurrency powered by blockchain technology. Elsewhere, Japan could also place its entire property registry on a blockchain by unifying all property and land registries across urban, farmland and forested areas – including some 230 million plots and 50 million buildings – by the year 2023. An urban trail in select cities will begin in summer 2018. Source: https://www.cryptocoinsnews.com/100-dubai-put-entire-land-registry-blockchain/ |
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51.1%: Bitcoin Dominates Cryptocurrency Market For First Time Since MayFor the first time since May, the Bitcoin Dominance Index surpassed 51.1 percent, solidifying its position as the cryptocurrency market’s most valuable, secure, and widely utilized blockchain network. "#bitcoin dominance over the cryptocurrency market hits 51.1 percent for the first time since May." pic.twitter.com/fuwLCRiGJx — Joseph Young (@iamjosephyoung) October 9, 2017 Why Bitcoin’s Dominance Index Fell Below 40 Percent and Possible Reason For RecoveryIn May, the transaction fees of Bitcoin payments increased drastically, up to $4 on average per transaction, due to the abrupt increase in the size of the Bitcoin mempool–the holding area for unconfirmed transactions–and the average Bitcoin block size. Several analysts and developers attributed to the sudden surge in the number of transactions and the size of the Bitcoin mempool to potential spam attacks that were deliberately launched with the intent of clogging the Bitcoin network with transactions with substantially low transaction fees. In an interview with BraveNewCoin, Laurent, the French developer behind Bitcoin analytics platform OXT, stated: “Considering that the published elements are the result of an exploratory analysis, I would say that I’m 95% confident [that spam attacks occurred]. 100% confidence will require an in-depth analysis which is currently outside what my financial resources allow me to do. We’ll need an in-depth analysis to estimate the cost of this attack but it’s likely that it wasn’t so expensive (all things being relative).” Whether spam attacks led to the congestion of the Bitcoin blockchain network is of less importance, as some analysts argue that spam transactions with small fees should be considered as Bitcoin transactions and verified by the miners. But, it is crucial to acknowledge that the integration of Segregated Witness (SegWit), a scaling and transaction malleability solution developed by the Bitcoin Core development team, relieved the Bitcoin blockchain network of congestion by decreasing the size of individual transactions. More importantly, the adoption rate of SegWit is growing at rapid pace. According to prominent Bitcoin investor and Atlanta Digital Currency Fund partner Alistair Milne, 10 percent of transactions in the Bitcoin network are already SegWit-enabled and more or less one tenth of the users in Bitcoins which amount of millions of users, have started to experience significant decrease in fees despite the lack of SegWit implementation by popular Bitcoin wallets such as Blockchain and Coinbase. Because receivers can start dealing with SegWit-enabled transactions and large platforms like ShapeShift, which account for three percent of all global Bitcoin transactions, the rate of SegWit adoption will continue to rise at an exponential rate.
Why is Scalability a Factor to Bitcoin’s Dominance Index Recovery?Through the emergence of Ethereum, the ICO market, and other unique cryptocurrencies such as Zcash and Ethereum Classic, Bitcoin has evolved into a robust store of value and a reserve currency-like safe haven asset in the cryptocurrency space. Because Bitcoin transactions were expensive and difficult to deal with pre-SegWit, many users have moved on from Bitcoin to other cryptocurrencies like Litecoin that are yet to struggle with scalability issues. However, the integration of SegWit and the rapid adoption of the software have allowed Bitcoin to become an efficient digital currency once again, with transaction fees averaging below $0.2 for regular transactions. As the development team behind Ledger explained, SegWit wallet users and transaction receives can experience up to 35 percent in transaction fee reduction, and that rate could increase in the future depending on the adoption rate of SegWit. “Segwit introduces the concept of block weight which changes the way the transaction size is computed by splitting the signatures in a different area — you can typically save 35% of the fee paid when sending a transaction immediately,” explained the Ledger team. As Bitcoin continues to evolve into a more usable and efficient digital currency, its dominance over the cryptocurrency market will only increase. Source: https://www.cryptocoinsnews.com/51-1-bitcoin-dominates-cryptocurrency-market-first-time-since-may/
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Bitcoin Price Surpasses $4,620, Analysts Optimistic in Strong Rally Toward $6,000For the first time since September 8, the Bitcoin price has surpassed $4,620, fully recovering from the Chinese government’s ban on local cryptocurrency exchanges.  In the past 24 hours, the price of Bitcoin has remained relatively stable in the $4,600 region, briefly dipping below $4,580 and rebounding beyond the $4,610 margin. With daily trading volumes in major regions including Japan, the US, and South Korea on the rise, and short-term momentum indicators including moving average convergence divergence (MACD) demonstrating a strong rally ahead, prominent analysts and investors including Tuur Demeester have expressed their confidence in the ability of Bitcoin to sustain its upward momentum in the upcoming weeks.  Japan and South Korea at the Center of Global Bitcoin TradingOver the past few weeks, investors such as Demeester have continuously analyzed the price of Bitcoin and its short-term trend with the Bitcoin-to-Korean won (KRW) pair because it has become a major Bitcoin exchange market along with Japan. The two Bitcoin exchange markets currently account for nearly 70 percent of global Bitcoin trades. More importantly, professional, large-scale, institutional, and retail investors have started to enter the cryptocurrency exchange market in Japan and South Korea, due to the friendly and practical regulatory frameworks established by both governments. Recently, the Japanese government officially authorized 11 Bitcoin exchanges including BitFlyer, the nation’s largest cryptocurrency trading platform with over 800,000 active users. If the Japanese and South Korean Bitcoin markets continue to demonstrate strong momentum in the upcoming weeks, the short and mid-term price trend of Bitcoin should aim toward the interim target of $6,000 established by prominent analysts and investors in the cryptocurrency sector including Max Keiser of RT and Demeester. Does the Upward Momentum of Bitcoin Signal Low Probability of SegWit2x Hard Fork in November?At this stage, it is highly likely that the hard fork of SegWit2x will execute in November and lead to the emergence of a new Bitcoin fork called B2X. Leading exchanges including Bitfinex have already clarified their stance on the moniker that will be used to refer to the SegWit2x coin and according to the Bitfinex development team, the company will pursue with the moniker “B2X” for SegWit2x coin after its fork. But, as Bitcoin investor at the Atlanta Digital Currency Fund Alistair Milne explained in his blog post, the likelihood of SegWit2x replacing or overtaking the legacy chain in the original Bitcoin blockchain is practically non-existent, because of a wide range of factors including opportunity costs for miners, rejection of the fork by users, and the network effect of Bitcoin. Specifically, Milne stated that even if SegWit2x debuts with more hash power than Bitcoin, if users and investors, who justify the value of public blockchain networks like Bitcoin and Ethereum, choose to stay in the legacy chain, miners will not mine SegWit2x or B2X for less profitability. “Miners follow the money, they do not lead the money. This has never been illustrated more clearly than by Bcash and the joke that is their difficulty adjustment algo. A rational miner fears the market negatively valuing the tokens they are trying to mine. They are extremely sensitive to profit & loss (no matter how rich they pretend to be),” wrote Milne. Source: https://www.cryptocoinsnews.com/bitcoin-price-surpasses-4620-analysts-optimistic-strong-rally-toward-6000/
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Last week I spoke on the topic of the blockchain last week at the Subscriber Investment Summit in Vancouver. My presentation focused on the future of mining—not just of gold and precious metals but also cryptocurrencies.  Believe it or not, there are upwards of 2,100 digital currencies being traded in the world right now, with a combined market cap of nearly $150 billion, according to Coinranking.com. Obviously not all of these cryptos will survive. We’re still in the early innings. Last month I compared this exciting new digital world to the earliest days of the dotcom era, and just as there were winners and losers then, so too will there be winners and losers today. Although bitcoin and Ethereum appear to be the frontrunners right now, recall that only 20 years ago AOL and Yahoo! were poised to dominate the internet. How times have changed! It will be interesting to see which coins emerge as the “Amazon” and “Google” of cryptocurrencies. For now, Ethereum has some huge backers. The Enterprise Ethereum Alliance (EEA), according to its website, seeks to “learn from and build upon the only smart contract supporting blockchain currently running in real-world production—Ethereum.” The EEA includes several big-name financial and tech firms such as Credit Suisse, Intel, Microsoft and JPMorgan Chase, whose own CEO, Jamie Dimon, knocked cryptos a couple of weeks ago. Will Bitcoin Replace Gold? Lately I’ve been seeing more and more headlines asking whether cryptos are “killing” gold. Would the gold price be higher today if massive amounts of money weren’t flowing into bitcoin? Both assets, after all, are sometimes favored as safe havens. They’re decentralized and accepted all over the world, 24 hours a day. Transactions are anonymous. Supply is limited.  But I don’t think for a second that cryptocurrencies will ever replace gold, for a number of reasons. For one, cryptos are strictly forms of currency, whereas gold has many other time-tested applications, from jewelry to dentistry to electronics. Unlike cryptos, gold doesn’t require electricity to trade. This makes it especially useful in situations such as hurricane-ravished Puerto Rico, where 95 percent of people are reportedly still without power. Right now the island’s economy is cash-only. If you have gold jewelry or coins, they can be converted into cash—all without electricity or WiFi. Finally, gold remains one of the most liquid assets, traded daily in well-established exchanges all around the globe. Every day, some £13.8 billion, or $18 billion, worth of physical gold are traded in London alone, according to the London Bullion Market Association (LBMA). The cryptocurrency market, although expanding rapidly, is not quite there yet. I will admit, though, that bitcoin is energizing some investors, especially millennials, in ways that gold might have a hard time doing. The proof is all over the internet. You can find a number of TED Talks on bitcoin, cryptocurrencies and the blockchain, but to my knowledge, none is available on gold investing. YouTube is likewise bursting at the seams with videos on cryptos. Bitcoin is up 350 percent for the year, Ethereum an unbelievable 3,600 percent. Gold, meanwhile, is up around 10 percent. Producers, as measured by the NYSE Arca Gold Miners Index, have gained 11.5 percent in 2017, 23 percent since its 52-week low in December 2016. Look Past the Negativity to Find the Good News The news is filled with negative headlines, and sometimes it’s challenging to stay positive. Take Friday’s jobs report. It showed that the U.S. lost 33,000 jobs in September, the first month in seven years that this happened. A weak report was expected because of Hurricane Irma, but no one could have guessed the losses would be this deep. The jobs report wasn’t all bad news, however. For one, the decline is very likely temporary. Beyond that, a record 4.88 million Americans who were previously sitting out of the labor force found work last month. This helped the unemployment rate fall to 4.2 percent, a 16-year low.  There’s more that supports a stronger U.S. economy. As I shared with you last week, the Manufacturing ISM Purchasing Managers’ Index (PMI) rose to a 13-year high in September, indicating rapid expansion in the manufacturing industry. Factory orders were up during the month. Auto sales were up. Oil has stayed in the relatively low $50-a-barrel range, which is good for transportation and industrials, especially airlines. Small-cap stocks, as measured by the Russell 2000 Index, continue to climb above their 50-day and 200-day moving averages as excitement over tax reform intensifies. These are among the reasons why I remain bullish. One final note: Speaking on tax reform, Warren Buffett told CNBC last week that he’s waiting to sell assets until he knows the plan will go through. “I would feel kind of silly if I realized $1 billion worth of gains and paid $350 million in tax on it if I just waited a few months and would have paid $250 million,” he said. It’s a fair comment, and I imagine other like-minded, forward-thinking investors, buyers and sellers will also wait to make huge transactions if they can help it. Tax reform isn’t a done deal, but I think it has a much better chance of being signed into law than a health care overhaul. All opinions expressed and data provided are subject to change without notice. Some of these opinions may not be appropriate to every investor. By clicking the link(s) above, you will be directed to a third-party website(s). U.S. Global Investors does not endorse all information supplied by this/these website(s) and is not responsible for its/their content. The S&P 500 Stock Index is a widely recognized capitalization-weighted index of 500 common stock prices in U.S. companies. The Russell 2000 Index is a U.S. equity index measuring the performance of the 2,000 smallest companies in the Russell 3000. The Russell 3000 Index consists of the 3,000 largest U.S. companies as determined by total market capitalization. The NYSE Arca Gold Miners Index is a modified market capitalization weighted index comprised of publicly traded companies involved primarily in the mining for gold and silver. The index benchmark value was 500.0 at the close of trading on December 20, 2002. The ISM manufacturing composite index is a diffusion index calculated from five of the eight sub-components of a monthly survey of purchasing managers at roughly 300 manufacturing firms from 21 industries in all 50 states. Holdings may change daily. Holdings are reported as of the most recent quarter-end. None of the securities mentioned in the article were held by any accounts managed by U.S. Global Investors as of 6/30/2017. U.S. Global Investors, Inc. is an investment adviser registered with the Securities and Exchange Commission ("SEC"). This does not mean that we are sponsored, recommended, or approved by the SEC, or that our abilities or qualifications in any respect have been passed upon by the SEC or any officer of the SEC. This commentary should not be considered a solicitation or offering of any investment product. Certain materials in this commentary may contain dated information. The information provided was current at the time of publication. Source: https://www.forbes.com/sites/greatspeculations/2017/10/09/heres-why-bitcoin-wont-replace-gold-so-easily/#3d5bac749b4b |
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 Bitcoin is building back up to records. Bitcoin on Monday was mounting a comeback, continuing to rally off its mid-September low ptember as speculative purchases around the No. 1 cryptocurrency shifts into higher gear. Where are crytocurrencies trading?A single bitcoin was most recently trading at $4,712, up 2.2% on the day, but up around 60% since the world’s most prominent currency hit a recent low of $2,951.15, according to research and data site Coindesk.com. That nadir followed critical comments from Wall Street heavyweights, including J.P. Morgan Chase & Co. JPM, -0.53% Chief Executive Jamie DImon, who declared bitcoin “a fraud” that would “eventually blow up.” “It’s worse than tulip bulbs and won’t end well,” Dimon said, referring to the classic, 17th century asset bubble. Ether tokens, trading on the Ethereum blockchain, meanwhile, were down about 5.2%, at $293. Ether tokens have risen about 25% since their mid-September retreat. So far this year, Ether has soared more than 3,500% from around $8, while bitcoin has climbed 390%. What’s driving cryptocurrency markets?Cybercurrency participants say bitcoin has gotten a bump from expectations of two separate forks on the bitcoin blockchain that could create alternative versions of the core currency. Before, the prospects of such forks rattled the digital currency, dragging prices lower. However, traders are using it as an opportunity to sell alternative coins, including Ether, and buy bitcoin, expecting to receive the new currencies when expected splits in the currency occur later this month and in November. What are digital-currency participants saying?“If you own bitcoin prior to [hard fork] then you own bitcoin and the new coins. So people are rotate from altcoins back into bitcoin,” said Rob Viglione, co-founder of ZenCash, a privacy-oriented cryptocoin. Bharath Rao, CEO of Leverj, a decentralized exchange for cryptocurrency derivatives, referred to the scenario as “free money” and said he expects the price of bitcoin to continue to rise into November as traders employ this rotation. What is the fork in bitcoin?
A pair of controversial forks, not seen as gaining wide acceptance by the digital currency community are in the works. In late October, so-called Bitcoin Gold designed to address challenges mining for bitcoin using computers to solve complex problems, will be launched. In November, bitcoin will face a second version of Segregation Witness, or SegWit2x, which would create an alternative version of the bitcoin that would increase its so-called block size to 2 mega byes from the current 1MB. If completed, those forks would create two additional versions of bitcoin, about two months after Bitcoin Cash erupted out of bitcoin back in early August. Holders of bitcoin before those forks will receive an equivalent amount of the alternative coins after the so-called hard forks. Source: http://www.marketwatch.com/story/bitcoin-is-up-nearly-60-from-its-september-low-2017-10-09 |
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$4,875: Bitcoin Price Surges toward All-Time High as Altcoins PlummetThe bitcoin price surged past $4,875 on Monday as traders began to flee from the altcoin markets and pour their wealth back into bitcoin ahead of the SegWit2x hard fork that is scheduled for November. Bitcoin Price Surges Past $4,875Bitcoin’s dominant hold on the cryptocurrency economy had tapered throughout 2017, with bitcoin’s share of the total market cap falling as low as 34% after entering the year at 88%. The year’s bull market led to a dramatic expansion of the altcoin markets, and the initial coin offering boom reduced bitcoin’s market cap share further still. Today, however, bitcoin dominance soared to nearly 54%, its highest mark since May, as traders began to liquidate their altcoin holdings and concentrate their wealth in bitcoin. At present, the bitcoin price is trading at a global average of $4,877, which represents a 24-hour gain of 7% and brings bitcoin within $123 of the $5,000 threshold. Altcoin prices, meanwhile, are bleeding. Aside from bitcoin, no top 10 cryptocurrency has experienced a 24-hour price increase, and five of them have posted double-digit declines. bitcoin price  Bitcoin Price Chart from Bitfinex The bitcoin price is faring well on every major exchange, but Korean traders appear determined to pull it past $5,000 to a new all-time high. At present, Bithumb’s BTC/KRW is trading at $4,999. This is more than $120 above the global average and more than $250 above BTC/JPY on bitFlyer. bitcoin price BTC Trading Volume Chart from CoinMarketCap The Role of SegWit2xOne theory for today’s bitcoin price climb is that traders are positioning themselves to profit from upcoming airdrops. There are two bitcoin hard forks on the horizon that give bitcoin holders the opportunity to claim airdropped coins at the moment of the blockchain split, similarly to the Bitcoin Cash hard fork that took place on August 1. The first, Bitcoin Gold, is scheduled for October 25, and the second, SegWit2x, is slated to take place in November. It is unlikely that Bitcoin Gold is having a significant effect on the bitcoin price, although traders will definitely seek to extract any profit that they can from the airdrop. Although SegWit2x — if executed — will produce coins that are most likely more valuable than those minted by Bitcoin Gold, it also seems a bit unlikely that traders are already making such a large push to accumulate bitcoins ahead of an event with a November target date. The more likely scenario is that traders are responding positively to signs that bitcoin exchanges and mining pools — even those that purportedly support the SegWit2x hard fork — have begun to announce that they will support both bitcoin blockchains following the chain split. Both Coinbase and Bitfinex have explicitly stated that they will support both the incumbent and the new blockchain, and Bitfinex has further stated that they will list the SegWit2x coins as B2X — not Bitcoin or BTC. Even mining pool ViaBTC — a proponent of both SegWit2x and Bitcoin Cash — has indicated it will allow its users to mine either blockchain. Rightly or wrongly, some traders view these developments as an indication that the SegWit2x fork will not happen or, if it does, the new blockchain will be treated as an altcoin. Source: https://www.cryptocoinsnews.com/4875-bitcoin-price-surges-toward-all-time-high-as-altcoins-plummet/
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#JOIN
Bitcointalk: cybersofts
Forum rank: Full Member
Posts count: (1045)
ETH address: 0xA3807236a0B5b0392CC5691Cc26542E6A39f6F76
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Hi Sylon,
Permission to leave the campaign.
Thank you, sir.
Regards,
cybersofts
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Hi sylon,
Why my week 2 signature bounty is empty - both posts and stakes = 0? Spreadsheet #60
I made about 50 posts last week alone. I hope you can fix this issue.
Thank you for understanding.
Warm regards,
cybersofts
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Bitcoin Price Likely to Hit $5,000 If SegWit2x Support Declines: AnalystTuur Demeester, a prominent bitcoin investor, analyst, and editor in chief at Adamant Research, believes the bitcoin price would surpass the $5,000 mark if support towards SegWit2x declines in the next few days. China May Resume Cryptocurrency Trading But What About SegWit2x?Since early September, the bitcoin price has struggled to recover beyond $4,500 due to uncertainty surrounding the Chinese cryptocurrency exchange market and SegWit2x. Analysts have started to demonstrate optimism towards the possibility of the Chinese government resuming cryptocurrency trading because of the latest report of Xinhua, a state-owned news publication in China. As local Chinese cryptocurrency news source CnLedger revealed:
“Xinhua News, the official press agency of China: Virtual currencies have become the top choices of underground economies. We shall adopt “zero-tolerance policies” towards crimes hidden underneath and take measures such as record-keeping, licensing, AML processes, real-name, limiting large transactions.” While it is becoming more evident that the Chinese government will resume cryptocurrency trading in the future, it is still too early to predict when the government would impose a national licensing program for cryptocurrency exchanges, as reported by Xinhua. But, uncertainty around SegWit2x is continuing to hold back the momentum of bitcoin and its short-term rally. Several business have pulled out from the SegWit2x NYA agreement and the plan of the Digital Currency Group-led consortium of companies to carry out a hard fork in November. Demeester noted that if support towards SegWit2x declines in the next few days and weeks, the bitcoin price target of $5,000 would be realistic and likely. “The charts need to confirm, but if the Bitcoin 2X hard fork turns out to be a nothingburger, it could provide tailwinds for a rally and $5,000,” explained Demeester. Why SegWit2x is Different From Bitcoin Cash and Ethereum Classic Forks
Earlier this week, Charlie Lee, the creator of Litecoin and former executive at Coinbase, the $1.6 billion Bitcoin wallet and trading platform, noted that SegWit2x, the proposal to increase the bitcoin block size by 2MB, is fundamentally different to Bitcoin Cash and Ethereum Classic because as of current, it has majority support from miners. Thus, it will be a rare instance in which the SegWit2x hard fork will be carried out as an “upgrade” to the bitcoin protocol but will lead to a separate blockchain network instead because both blockchain networks (bitcoin and SegWit2x) have the possibility to evolve as majority chains after the fork. It is likely that exchanges such as Coinbase will adopt the BTC and Bitcoin moniker for the original bitcoin blockchain but that could also change in the future if–even though it is not likely-SegWit2x evolves into the majority chain. Lee explained:“Because this 2x hardfork is so contentious, Coinbase cannot handle it the same way they handled the ETC and BCH hardfork. In other words, they can’t just choose one fork and ignore the other fork. Choosing to support only one fork (whichever that is) would cause a lot of confusion for users and open them up to lawsuits. So Coinbase is forced to support both forks at the time of the hardfork and need to let the market decide which is the real Bitcoin. Now the question is which fork will retain the ‘BTC’ and ‘Bitcoin’ moniker and which will be listed as something separate. Although Coinbase signed the NYA agreement, I do not believe that this agreement binds them in any way with respect to how to name the separate forks.” The mid-term performance of the bitcoin price relies on the SegWit2x hard fork. Already, positive indicators of growth are being demonstrated primarily due to the rapid adoption of bitcoin by Japan and South Korea, and the possibility of the Chinese government resuming cryptocurrency trading in the upcoming months. Source: https://www.cryptocoinsnews.com/prominent-analyst-if-segwit2x-support-declines-bitcoin-price-likely-to-hit-5000/
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For those wondering whether bitcoin is in a bubble, the crypto-converts have a answer: It's not. The price, they say, can go much higher. The answer is not all that surprising, or new. But recently bitcoiners have latched onto a metric they contend proves their sky-high predictions are not based solely on blind belief or an ideological bent against organized governments or fear of a massive financial collapse. The metric is called the network value-to-transaction ratio, or NVT. Some have dubbed it bitcoin's P/E. And, at least in the community, it's becoming something of an industry standard valuation metric. At least two websites are devoted to showing the daily value of bitcoin's NVT, which, as of Wednesday, was 119. That's above its historical average, which in bitcoin land is about eight years of data, of 87, but well below its peak of well above 400. Bitcoin by this analysis still has room to run. Bitcoin's Climb The question of whether bitcoin is in a bubble has come up before, but it has been getting louder and more frequent. The price is up 353 percent this year to a recent $4,330. The currency received a boost earlier this week from news that Goldman Sachs was considering launching a cryptocurrency trading desk, and a supportive quote for Goldman's CEO. It would be the first big bank to have dedicated bitcoin traders.  A number of Wall Street analysts have put out research reports on bitcoin, and a few have issued price targets. In mid-August, a Goldman analyst said the price of bitcoin was headed to $4,827. But nearly all of that research has been done by technical analysts, who watch charts. Technical analysis is generally based on price momentum. What is going up is assumed to continue to go up, until it doesn't. Then it is predicted to plunge, which leads to unsatisfying analysis like this: John Spallanzani at GFI Group Inc. predicts that the price of bitcoin could reach $6,000 by the end of the year, unless it doesn't cross $4,500, then it's likely to plunge to $3,000. Got that? That's what makes the NVT ratio, or the crypto P/E, more satisfying. It's based on bitcoin use, not just its wild price swings. Unfortunately, separating bitcoin's real economics from hype is harder than it seems. NVT tries to mimic the stock market's price-to-earnings ratio, which is the most widely used method for valuing share prices. Of course, creating an actual P/E for bitcoin is impossible because, unlike a company, bitcoin, like any currency, doesn't produce earnings. It does have transactions, which is not quite earnings, but it's a measure of the demand or utility of bitcoins. The theory is that as the use of bitcoin goes up, so should its value. What's more, the faster that volume of transactions rises, the higher the NVT should be, similar to how tech and higher-growth companies get higher P/E's than say utilities or low-growth companies. On Wednesday, bitcoins had a network value, that is the total value of all bitcoins, of nearly $70.2 billion, and $591 million daily in transactions, for a NVT of nearly 119. That is lower than it was in 2014 and 2011, but that still doesn't signal that bitcoins are cheap now, just that the NVT is lower than it has been. Source: https://www.bloomberg.com/gadfly/articles/2017-10-06/bitcoin-value-metric-doesn-t-lie-but-it-can-obfuscate |
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