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Genesis Mining Super Mining Rigs That Are Already Set Up & Running

Genesis Mining is a Cryptocurrency cloud mining service that offers an easy and safe way to purchase hashpower without having to deal with complex hardware and software setup. We offer hosted cryptocurrency mining services and a variety of mining related solutions to small and large scale customers. The combination of our algorithmic trading framework, mining infrastructure, and proprietary mining farm-management software, Genesis Hive, quickly made us an industry leader.

Our team of mining experts with extensive knowledge of the digital currency sector specializes in building the most efficient and reliable mining facilities. Genesis Mining is also the founding partner of Logos Fund, the first ever Bitcoin Mining Fund, which targets professional investors looking to gain access to Bitcoin’s and various other digital assets’ potential. Our service was founded by the end of 2013 and with now over 2.000.000 users we are the world‘s leading multi-algorithm cloud mining service.

It’s quick and very easy! As soon as we receive your payment your contract will be added to your profile, and you can immediately start mining. Depending on the blockchain algorithm you select and the associated mining service agreement you enter into, you can either mine native cryptocurrencies directly or allocate your hashpower to other cryptocurrencies (marked with AUTO), and even choose a specific allocation for them. For example: 60% LTC, 20% BTC and 20% DOGE. The first mining output is released after 48 hours, and then a daily mining output will follow.

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Remark: Every day of mining will be processed and sent to your account in the following 24 hours after the mining day is over. For security reasons, we do not disclose the exact location of our mining farms. As of April 2015, we are operating several mining farms that are located in Europe, America and Asia. Electricity cost and availability of cooling are important, but not the only criteria. See our Datacenters page for more information.

We do not publish a list of pools we are using. Our main criteria for a good pool are: reliability, fee structure and reject rate. Going forward we will solo-mine a few coins (and pass the fee savings to our users!).

Our internal policy is: “be a good crypto citizen”. This means, that we will at least use two different pools (in some cases we use up to four) for each coin. This is to preserve the decentralized nature of the crypto networks! If we become aware that a pool is getting close to 50% share, we will switch away from it and use a backup instead.

Since third-party calculators are a popular way of estimating mining performance, we have set up a Performance estimation tutorial on how to make your own calculations, along with the general explanation about potential mining scenarios.

When evaluating the benefits, please keep in mind that mining, and using our service, is subject to a (if applicable to your mining plan) which must be deducted from the daily mining rewards.

The results of cryptocurrency mining highly depend on the price and the network difficulties of the given cryptocurrencies that you are mining. Neither of those can be predicted, so each customer must make an independent decision about the benefits of cryptocurrency mining and, in doing so, should consider the risks and their own circumstance when choosing whether to mine.

https://i1.wp.com/www.genesis-mining.com/files/banner/300x1050/GM-300x1050-BIT-ENG-Banner.gif?resize=112%2C392&ssl=1You are able to mine Bitcoin and various altcoins directly via our mining allocation page*. The availability of cryptocurrencies you can mine depends on the contract you have chosen.

You must allocate your hashpower in order to determine the cryptocurrency received for your mining output. If no allocation has been made, the mining output will default to the following for the given blockchain algorithm:

  • SHA-256 contract – Bitcoin
  • X11 contract – Dash
  • Ethash contract – Ethereum
  • CryptoNight contract – Monero/Monero Classic
  • Scrypt – Litecoin
  • Equihash – Zcash

(*) “Genesis Mining Advanced Allocation” (special feature):
It allows you to get mining outputs in many different coins even if they are not mined directly by a certain algorithm. For example, you can get mining outputs in BTC while mining with an X11 algorithm! That is possible by mining the DASH coin directly, which is then automatically swapped to BTC by our algorithmic framework. The Allocation function is designed for customers to receive delivery of their mining results in their preferred cryptocurrency. We call it “mining BTC the smart way”. The same technique is also used to get mining results in LTC with a SHA-256 contract, etc.

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Don’t Forget About Cryptocurrency Like Bitcoin At Tax Time

Form 1040 may look similar to last year’s return, but there’s one key difference that’s attracting attention: a question about cryptocurrency.

As I reported late last year, early drafts of Form 1040 reflected a new question on the top of Schedule 1, Additional Income and Adjustments to Income (downloads as a PDF). Schedule 1 is used to report income or adjustments to income that can’t be entered directly on the front page of form 1040.

The new question made it onto the final version of Schedule 1:

The question asks: At any time during 2019, did you receive, sell, send, exchange, or otherwise acquire any financial interest in any virtual currency? 

The placement of the question is important. I believe the question is intended to be so conspicuous that it makes it difficult for any taxpayer to argue that they didn’t know that it was necessary to report cryptocurrency transactions.

The Internal Revenue Service (IRS) has made no secret of the fact that it believes that taxpayers are not properly reporting cryptocurrency transactions. An IRS dive into the data showed that for the 2013 through 2015 tax years, the IRS processed, on average, just under 150 million individual returns annually. Of those, approximately 84% were filed electronically. When IRS matched data collected from forms 8949, Sales and Other Dispositions of Capital Assets, which were filed electronically, they found that just 807 individuals reported a transaction using a property description likely related to bitcoin in 2013; in 2014, that number was only 893; and in 2015, the number fell to 802.

But… so what? If you skip over the question or answer it wrong, you can still claim that you made a mistake, right?

Here’s the thing. Even though the question is new, this kind of question certainly isn’t. Tax professionals have watched taxpayers struggle before when answering a similar question about offshore accounts and interests at the bottom of Schedule B. This one:

The IRS can and has taken the position that willfully failing to check the box related to offshores accounts and interests on Schedule B can form the basis for criminal prosecution. Failing to check the box by accident can still result in expensive headaches and draconian penalties. I fully expect a similar result when it comes to cryptocurrency.

So why all the fuss over this new question? The IRS has made cryptocurrency compliance a priority. Last year, the IRS mailed letters to more than 10,000 taxpayers who might have failed to report income and pay the resulting tax from virtual currency transactions or did not accurately report their transactions. This wasn’t unexpected since the IRS campaigns announced in 2018 that they were making noncompliance related to the use of virtual currency one of their targeted compliance campaigns.

In 2014, the Internal Revenue Service (IRS) issued guidance to taxpayers (downloads as a PDF), making it clear that virtual currency like Bitcoin and Ethereum will be treated as capital assets, provided they are convertible into cash. In simple terms, this means that capital gains rules apply to gains or losses. (You can read more on the taxation of cryptocurrencies here.)

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It’s clear that the IRS is getting serious about cryptocurrency reporting. If you have questions about how and what to report, don’t stay silent: ask your tax professional for more information.

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Years ago, I found myself sitting in law school in Moot Court wearing an oversized itchy blue suit. It was a horrible experience. In a desperate attempt to avoid anything like that in the future, I enrolled in a tax course. I loved it. I signed up for another. Before I knew it, in addition to my JD, I earned an LL.M Taxation. While at law school, I interned at the estates attorney division of the IRS. At IRS, I participated in the review and audit of federal estate tax returns. At one such audit, opposing counsel read my report, looked at his file and said, “Gentlemen, she’s exactly right.” I nearly fainted. It was a short jump from there to practicing, teaching, writing and breathing tax. Just like that, Taxgirl® was born.

Source: Don’t Forget About Cryptocurrency Like Bitcoin At Tax Time

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For more information, Checkout our Complete 2019 Guide To Cryptocurrency Taxes: https://www.cryptotrader.tax/blog/the… To learn how to import your cryptocurrency data into TurboTax: https://www.cryptotrader.tax/blog/how… To learn more about the “Cryptocurrency Tax Problem”: https://www.cryptotrader.tax/blog/cry… To learn how Cryptocurrency Mining is Treated for Tax Purposes: https://www.cryptotrader.tax/blog/how…

As Bitcoin Struggles, This Minor Cryptocurrency Is Up Almost 500% Over The Past 12 Months

bitcoin, bitcoin price, chainlink, link, cryptocurrency, image

Bitcoin has had a mixed start to the new year. The price has climbed, most likely for potentially controversial reasons—but, meanwhile, at least one minor cryptocurrency is going from strength to strength.

The bitcoin price has climbed over the first few days of 2020 but has failed to make meaningful gains and breakout of its long-running malaise, leaving many cryptocurrency traders and investors disappointed.

However, chainlink, a top 20 cryptocurrency traded under the name link boasting an $800 million market capitalization, has risen 25% already in 2020—bringing its year-on-year rise close to a staggering 500%.

The chainlink price reached its highest in late June of 2019, hitting $4.55 and up over 1800% from the start of 2019.

The massive rally was caused by interest in chainlink from China, the world’s largest bitcoin and cryptocurrency exchange by volume, Binance, working with chainlink developers so-called decentralized finance products, and search giant Google using chainlink’s blockchain to bridge legacy databases.

“As with most blockchain projects in their infancy given the low liquidity initially, any surge in demand is likely to cause significant impact on price,” said Simon Peters, bitcoin and crypto analyst at investment platform eToro.

Related imageThe chainlink price has fallen back somewhat from its all-time high but has broken the broader cryptocurrency downward trend—with almost all so-called altcoins failing to recover after the brutal crypto winter of late 2018 and early 2019.

“With chainlink developers working with the likes of Swift to help connect banks to smart contracts, as well as major companies like Google, naturally this has caused excitement around the potential of the platform going forward,” Peters added.

“This has subsequently encouraged investors to buy the link token, speculating on the project’s future success. With link prices increasing over the last year, this was further compounded by the ‘fear of missing out’ phenomenon.”

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I am a journalist with significant experience covering technology, finance, economics, and business around the world. As the founding editor of Verdict.co.uk I reported on how technology is changing business, political trends, and the latest culture and lifestyle. I have covered the rise of bitcoin and cryptocurrency since 2012 and have charted its emergence as a niche technology into the greatest threat to the established financial system the world has ever seen and the most important new technology since the internet itself. I have worked and written for CityAM, the Financial Times, and the New Statesman, amongst others. Follow me on Twitter @billybambrough or email me on billyATbillybambrough.com. Disclosure: I occasionally hold some small amount of bitcoin and other cryptocurrencies.

Source: https://www.forbes.com

Related image

China’s Planned Bitcoin-Killer Sparks Major Concerns

Bitcoin and cryptocurrency have this year successfully provoked central bankers and governments to take digital currencies seriouslythough many remain skeptical.

The bitcoin price, which has failed to return to its all-time highs set in late 2017 despite a late December rally, was given a substantial boost in the first half of this year by social media giant Facebook’s plans for a bitcoin-like rival.

Now, China’s long-awaited answer to bitcoin and Facebook’s libra is taking shape, with People’s Bank of China confirming the “digital yuan” won’t be “for speculation or require the support of a basket of currencies”— leaving many disappointed and others concerned.

“The currency is not for speculation,” Mu Changchun, head of the People’s Bank of China’s digital currency research institute, said over the weekend, according to the official Shanghai Securities News and reported by China’s South China Morning Post newspaper.

“It is different to bitcoin or stable tokens, which can be used for speculation or require the support of a basket of currencies,” Mu said, with the newspaper adding “the top-level design, formulation, functional research and testing of the Digital Currency Electronic Payment had been completed,” with “the next step” to roll out pilot programmes.

The news was met with disappointment from China’s social media users, the South China Morning Post reported.

One said there will be “no fun in it,” while another added “if you don’t allow me to speculate on the digital form of the yuan, I’ll speculate on other things, like foreign exchange.”

Meanwhile, China’s plans for a bitcoin-rival have sparked fears Beijing will use the digital yuan to better control its citizens.

“A roller-coaster decade—not just for for banking and money but also for privacy and politics—may just be beginning,” wrote Andy Mukherjee for Bloomberg, a financial newswire.

“[China’s digital yuan is] far bigger than [bitcoin]. The crypto yuan, which may be on offer as soon as 2020, will be fully backed by the central bank of the world’s second-largest economy, drawing its value from the Chinese state’s ability to impose taxes in perpetuity,” Mukherjee wrote, adding “a digital yuan could bypass [the current deposit-based banking] system and allow any holder of the currency to have a deposit at the central bank, potentially making the state the monopoly supplier of money to retail customers.”

Mukherjee also warned other nations will follow China’s lead and that “anonymity disappears when cash does.”

Last month, outgoing European Central Bank executive board member Benoît Cœuré, who last year described bitcoin as “the evil spawn of the financial crisis,” outlined plans for a European “central bank digital currency” to rival the likes of Facebook’s libra and bitcoin.

Bitcoin, with its well-earned reputation as internet cash, is only going to become more important as regions, countries and companies try to control digital assets.

Follow me on Twitter.

I am a journalist with significant experience covering technology, finance, economics, and business around the world. As the founding editor of Verdict.co.uk I reported on how technology is changing business, political trends, and the latest culture and lifestyle. I have covered the rise of bitcoin and cryptocurrency since 2012 and have charted its emergence as a niche technology into the greatest threat to the established financial system the world has ever seen and the most important new technology since the internet itself. I have worked and written for CityAM, the Financial Times, and the New Statesman, amongst others. Follow me on Twitter @billybambrough or email me on billyATbillybambrough.com. Disclosure: I occasionally hold some small amount of bitcoin and other cryptocurrencies.

Source: China’s Planned Bitcoin-Killer Sparks Major Concerns

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China’s big move for the 21st century is to pull a “trap door” on the U.S. by launching a gold-backed crypto currency that will devalue the U.S. dollar to “zero,” this according to Max Keiser, host of the Keiser Report. “[China] is rolling out a cryptocurrency, a lot of the details have not been divulged. I can tell you that the cryptocurrency that China’s rolling out will be backed by gold. It’s a two-pronged announcement. Number one, China’s got 20,000 tonnes of gold, number two, we’re rolling out a crypto coin backed by gold, and the dollar is toast,” Keiser told Kitco News. Keiser added that bitcoin is a superior form of currency to gold. “Both fiat money and gold are inferior to bitcoin for one very simple reason, that with a bitcoin transaction, it is also simultaneously the settlement. You don’t have that with fiat, you don’t have that with gold,” he said. ________________________________________________________________________________________________ Kitco News is the world’s #1 source of metals market information. Our videos feature interviews with prominent industry figures to bring you market-affecting insights, with the goal of helping people make informed investment decisions. Subscribe to our channel to stay up to date on the latest insights moving the metals markets. For more breaking news, visit http://www.kitco.com/ Follow us on social media: Facebook – https://www.facebook.com/KitcoNews/?r… Twitter – https://twitter.com/kitconewsnow Google+: https://plus.google.com/u/0/116266490… StockTwits – https://stocktwits.com/kitconews Live gold price and charts: http://www.kitco.com/gold-price-today… Live silver price and charts: http://www.kitco.com/silver-price-tod… Don’t forget to sign up for Kitco News’ Weekly Roundup – comes out every Friday to recap the hottest stories & videos of the week: https://connect.kitco.com/subscriptio… Join the conversation @ The Kitco Forums and be part of the premier online community for precious metals investors: https://gold-forum.kitco.com/ Disclaimer: Videos are not trading advice and the views expressed may not reflect those of Kitco Metals Inc.

Bitcoin: Why You Need It

Most people know little about Bitcoin. It’s a brand, like the internet was in the late 1990s that created great excitement in a small fanatical audience but confusion, indifference and often hostility in the mainstream and establishment.

“I don’t need email,” people said, while many would look blank and not know what it was. It wasn’t until the social media floodgates opened that the mainstream piled in. Now all the marvelous benefits and distractions of being connected are taken as read.

The benefits of crypto are not well understood or even considered beyond the possibility of a life change rising in value for coins that an investor might ride to riches. This may well be the future for Bitcoin so to start a list of reasons why you should hold some Bitcoin must start with:

1)  A lottery ticket to a ride that some see having a 1,000% upside.

It could happen. There are only going to be 21 million bitcoins (BTC), many of which like Roman gold coins are already lost forever. If bitcoin was to be worth just half of the gold in the world it would be  about $200,000 a coin. If all the BTC was worth $1 trillion then the price would be north of $50,000.

Today In: Money

With BTC currently at $7,400 and the ability for people to buy tiny amounts, there is a fun dividend in actually holding.

2) Blockchain is “the next big thing.”

If you want to catch that wave when it lands, you need to know a bit about it. Buying crazes on the basis of zero knowledge is the short cut to the poorhouse. Owning bitcoin and going through all the stages to “get” crypto will position you perfectly for the day “crypto IPO” hits. That day will come and it will be big. Owning bitcoin will position you to take advantage of that boom.

3) Portfolio diversification is crucial.

Everyone should have a little gold, for example, to buffer the roller coaster of other financial instruments. Bitcoin and gold are very similar in as much as they are havens. “Physical” bitcoin however is easier to store, faster to sell and has much greater upside if you are laying in assets for what you see as being extremely volatile times in the future. If you are not in the “bullets and corn beef” legion, the gold, silver and bitcoin are must haves, with bitcoin the king if you feel you might have to jump on a plane to safety. It’s easy to travel with bitcoin; with gold bars and sacks of silver, not so much.

4) Bitcoin is currently a great hedge especially for equities.

This is because for now at least, bad news for equities is good news for bitcoin. That bad news is currently the China trade war. The trade war is bad for equities and there is a clear link to moves in BTC and emergent good/bad news on the trade negotiations. Bitcoin sends the signal then the news appears, which one would imagine is because of the insider news flow in crypto-hungry China.

5) Bitcoin is useful money.

You can buy things with bitcoin, and with bitcoin debit cards you can use it to buy things anywhere that takes Visa/Mastercard. While this can prove expensive, a bitcoin debit card is another off ramp for holders wishing to spend their profits. Bitcoin is also a useful currency for B2B and while currently niche, bitcoin use for international payments is quickly expanding when products need to be bought quickly and the vendor needs to establish transfer of funds fast to cut out delays. For large sums bitcoin beats credit cards hands down as a bitcoin transaction can’t be reversed unlike a credit card payment that is always vulnerable to charge backs. Transfers can take days to materialize, so for anything that’s a “rush job” bitcoin is the best possible way to pay if the vendor takes BTC.

Every investor should buy some bitcoin, even if it’s just $1. It is always best to be too early to a financial phenomenon than too late and it turns out the bitcoin story is still in its early chapters.

If you are an investor, it was obvious you need to hold equities, bonds, gold and cash. That is still true but these days, you need to hold a little crypto, because it is a new positive sum financial instrument. If you don’t have Bitcoin, the world won’t end, but you will be less diversified and more at risk than an investor that does hold some. Bitcoin will continue to be the ‘kingpin’ of the emergent blockchain industry and everybody needs a little bit of exposure to that in the same way as they needed a little Amazon in 2002.

Forbes CryptoAsset & Blockchain Advisor cuts through the hype and identifies real investor opportunities in the emerging world of blockchain and crypto assets. Click to learn more.

Clem Chambers is the CEO of private investors website ADVFN.com and author of 101 Ways to Pick Stock Market Winners and Trading Cryptocurrencies: A Beginner’s Guide.

In 2018, Chambers won Journalist of the Year in the Business Market Commentary category in the State Street UK Institutional Press Awards.

Follow me on Twitter. Check out my website.

I am the CEO of stocks and investment website ADVFN . As well as running Europe and South America’s leading financial market website I am a prolific financial writer. I wrote a stock column for WIRED – which described me as a ‘Market Maven’ – and am a regular columnist for numerous financial publications around the world. I have written for titles including: Working Money, Active Trader, SFO and Technical Analysis of Stocks & Commodities in the US and have written for pretty much every UK national newspaper. In the last few years I have become a financial thriller writer and have just had my first non-fiction title published: 101 ways to pick stock market winners. Find me here on US Amazon. You’ll also see me regularly on CNBC, CNN, SKY, Business News Network and the BBC giving my take on the markets.

Source: Bitcoin: Why You Need It

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Bitcoin Has Crashed Again—But Is This When To Buy Bitcoin?

Bitcoin and cryptocurrency investors have had their hopes of a return to bitcoin’s all-time-high in 2019 all but dashed after the latest sudden sell-off.

[Updated Nov. 25 at 7:48 a.m. ET] The bitcoin price last night fell to a six month low of $6,515 per bitcoin on the Luxembourg-based bitcoin and crypto exchange Bitstamp. The bitcoin price is down some 6% over the last 24-hour trading period, wiping billions of dollars from the value of the world’s biggest cryptocurrency.

The bitcoin and crypto industry has been rocked by a severe bitcoin and crypto trading warning out of China, which some have blamed for the latest sell-off.

Now, Wall Street veteran Peter Brandt, who made a name for himself by predicting bitcoin’s devastating 2018 bear market, has called bitcoin’s low for July 2020–two months after bitcoin’s closely-watched halving event.

“My target of $5,500 is not far below today’s low,” Brandt wrote on Twitter ahead of the weekend’s sell-off.

“But I think the surprise might be in the duration and nature of market. I am thinking about a low in July 2020. That will wear out bulls quicker than a price correction.”

Brandt, who earlier this year said bitcoin will eventually hit $100,000 and described the bitcoin market as “like no other,” warned bitcoin bulls “must first be fully purged” before the price will rebound.

Brandt’s comments echo some of bitcoin’s biggest bulls, who have recently come out in force to reassure investors that bitcoin is far from dead.

As well as the May bitcoin halving, which will see the number of bitcoin rewarded to miners cut by half from 12.5 bitcoin to 6.25 bitcoin, bitcoin investors are hopeful next year will bring an increase in the number of bitcoin retail investors and people using bitcoin and cryptocurrencies for payments.

Bakkt, a New York Stock Exchange-owner backed bitcoin and cryptocurrency venture, announced last month it plans to launch a consumer app for cryptocurrency purchases in 2020.

U.S. coffee chain Starbucks will be its first launch partner, with the company one of the original backers of the crypto project, along with software giant Microsoft and Boston Consulting Group.

Meanwhile, Bakkt’s bitcoin futures daily volume hit a new all-time high, according to data from Intercontinental Exchange, with some $20.3 million across 2,700 futures contracts on Friday.

Many in the traditional financial industry remain unconvinced by bitcoin and crypto, however.

This month, former European Central Bank president Jean-Claude Trichet slammed bitcoin and Facebook’s crypto project, warning bitcoin is “not real” and not the future of money.

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I am a journalist with significant experience covering technology, finance, economics, and business around the world. As the founding editor of Verdict.co.uk I reported on how technology is changing business, political trends, and the latest culture and lifestyle. I have covered the rise of bitcoin and cryptocurrency since 2012 and have charted its emergence as a niche technology into the greatest threat to the established financial system the world has ever seen and the most important new technology since the internet itself. I have worked and written for CityAM, the Financial Times, and the New Statesman, amongst others. Follow me on Twitter @billybambrough or email me on billyATbillybambrough.com. Disclosure: I occasionally hold some small amount of bitcoin and other cryptocurrencies.

Source: Bitcoin Has Crashed Again—But Is This When To Buy Bitcoin?

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Check out the Cryptocurrency Technical Analysis Academy here: https://bit.ly/2EMS6nY Join The Cryptocurrency Technical Analysis Academy for $40 off using the coupon code “August 2019”. In this video we analyze a head and shoulders pattern that is forming in this downtrend. Will this mean that the down trend is over and we will have a new rally? Or will Bitcoin continue moving to the downside and go even lower? – – – If you enjoyed the video, please leave a like, and subscribe! – – – Follow me on Instagram & Twitter: @cryptojebb Join the Discord! https://discord.gg/59jGjJy #Bitcoin #BitcoinToday #BitcoinNews I am not a financial adviser, this is not financial advice. I strongly encourage all to do their own research before doing anything with their money. All investments/trades/buys/sells etc. should be made at your own risk with your own capital. Spare Change? BTC 127eLjKTBKU9HTFhYowCDC4D3JBxonVk15 ETH 0x5115ACa82edf204760fE3B351c08a48d6004D89B LTC LSKXx3fQRK5LMowGznVvo6A9NtmtaQaoqP Please do not feel obligated to donate, though donations are appreciated!

Bitcoin Isn’t Down Because of China, It’s Down Because You Don’t Need It

Crypto markets are not reeling this week because China is “cracking down on Blockchain.” Tokens have been getting slammed since the summer because most of them are unnecessary, and because the need for coins that may offer some utility is not as imminent as buyers thought it would be. This is most obvious with King Crypto, bitcoin, whose purported use-case as a store of value is not looking very compelling.

The risk-reward in bitcoin has always been an extreme one, which is why its biggest proponents/salespeople assigned astronomic price targets to it. Widespread adoption is an extremely low-probability event with an enormous payoff if the stars align. And let’s be clear: the things that need to happen for the world to turn to bitcoin – complete central bank impotence, widespread currency debasement, falling equity markets and the abandonment of traditional gold – means betting on bitcoin is essentially betting against the house. Hence the “short bankers, long bitcoin” meme. To say bitcoin will offer a 100x return yet also say it’s a highly probabilistic event is inherently contradictory and hugely dishonest.

The market is now realizing this. As the global economic slowdown of the last nine months shows signs of stabilization and the Federal Reserve sees no need for more interest-rate cuts, the case for bitcoin is taking body blows. None of the stories about adoption are turning out, big tech giants from Facebook to Google are doing everything possible to dominate electronic pay and finance, and projects designed to make bitcoin a means of exchange are either slow, fruitless, or both.

In short, the house does not look like it’s in a losing position just yet. And so bitcoin is getting killed. Sure, the U.S. and China could have a major fallout, get into a currency war, and Chinese citizens could rush to crypto as a way to get money out of the system. That’s why bitcoin will never be worthless, and why every investor should watch its price action, but that scenario is looking way, way further away from reality than the cryptoknights had so many believe.

Today In: Money

Bitcoin’s violent moves are a factor of the speculative nature described above. Because its probability of success is low, it is closer to a roulette wheel than any traditional asset class. Average people were lured into the bitcoin sales pitch in 2017 when the economy was tearing hot, cash flow was heavy, stocks were churning out huge gains, and people could afford to take a gamble. Why not roll the dice?

Now those buyers are losing faith in their chances of winning, and are using this year’s rally to get out. As the fundamental reason for owning bitcoin as a store of value also loses luster amid a stabilizing economic situation, the true believers may start bailing out too. If it continues, it should be a warning sign to more traditional investors who made a similar bet in gold, and maybe even those who ran to Treasury bonds as a hedge against chaos, too.

I am the Lead Anchor at TD Ameritrade Network, and the host of Morning Trade Live and Market On Close. I co-anchored Bloomberg BusinessWeek on TV and contributed to Bloomberg Markets and What’d You Miss while I was with Bloomberg beginning in June 2014. I also covered U.S. stocks and equity derivatives for Bloomberg News. Prior to that, I was a reporter at The Bond Buyer, primarily covering the sell side of the municipal bond industry, writing stories about bond insurers, underwriters, ratings services, bond counsel and general market trends. Early in my career I covered metropolitan news for the New York Post. I have a bachelor’s degree in materials science and engineering from Cornell University.

Source: Bitcoin Isn’t Down Because of China, It’s Down Because You Don’t Need It

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Blockchain is currently not suitable for large communities as it’s not scalable. In this video, the CVO of Dagcoin, Kris Ress, explains why the technology behind Dagcoin is perfect for small, big and very big communities. See more from the video!

A Major Bitcoin Exchange Has A ‘Massive’ Problem

Bitcoin exchanges and platforms never seem far from scandal, with crypto investors always nervously awaiting the next bitcoin hack or data breach. The bitcoin price has been known to swing wildly following reports of major bitcoin thefts, though sometimes fails to react at all.

Now, Seychelles-based bitcoin futures exchange BitMEX has sparked panic among bitcoin traders and investors after accidentally exposing thousands of its users’ emails–with the exchange’s Twitter account then compromised shortly after.

BitMEX this week sent out thousands of its users’ email addresses along with a weekly newsletter after inadvertently CC’ing recipients instead of BCC’ing them.

Today In: Money

“We are aware that some of our users have received a general user update email earlier today, which contained the email addresses of other users,” BitMEX said in a statement posted to its blog, adding an apology for the leak.

“Our team have acted immediately to contain the issue and we are taking steps to understand the extent of the impact. Rest assured that we are doing everything we can to identify the root cause of the fault and we will be in touch with any users affected by the issue.”

The exchange has blamed a bug for the leak claiming the error has been “identified and fixed.”

BitMEX, known for offering 100-times leverage trading, is currently being investigated by the U.S. Commodity Futures Trading Commission (CFTC) for allowing U.S. traders to use its platform without a licence.

“This kind of thing is a massive privacy breach with potentially serious consequences,” Jake Chervinsky, general counsel at Compound Finance, said via Twitter, adding: “[It’s] the last thing a derivatives exchange needs to deal with during a CFTC investigation.”

BitMEX has requested its users add BitMEX’s support email to their contact lists to decrease phishing emails along with adding 2-factor authentication.

Shortly after BitMEX warned users about the email leak, the exchange’s Twitter account @BitMEXdotcom posted two tweets that were promptly deleted.

The first read “Hacked” and the second advised followers to: “Take Your [bitcoin] and run. Last day for withdrawals.”

The bitcoin price, which is still choppy after a roller-coaster October, barely reacted to news of the leak, remaining steady at a little over $9,000 per bitcoin.

Last month, the bitcoin price was suddenly heavily sold off before rebounding sharply just a couple of days later.

Meanwhile, Malta-based bitcoin exchange Binance, the world’s largest bitcoin and cryptocurrency exchange by volume, warned its users to change their Binance-registered email accounts following BitMEX’s blunder.

BitMEX, known for offering 100-times leverage trading, has been criticised previously for potentially exposing traders to too much risk, with economist and bitcoin skeptic Nouriel Roubini attacking the exchange and claiming it “may be openly involved in systematic illegality.”

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I am a journalist with significant experience covering technology, finance, economics, and business around the world. As the founding editor of Verdict.co.uk I reported on how technology is changing business, political trends, and the latest culture and lifestyle. I have covered the rise of bitcoin and cryptocurrency since 2012 and have charted its emergence as a niche technology into the greatest threat to the established financial system the world has ever seen and the most important new technology since the internet itself. I have worked and written for CityAM, the Financial Times, and the New Statesman, amongst others. Follow me on Twitter @billybambrough or email me on billyATbillybambrough.com. Disclosure: I occasionally hold some small amount of bitcoin and other cryptocurrencies.

Source: A Major Bitcoin Exchange Has A ‘Massive’ Problem

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Forget China—Is This The Real Reason Bitcoin, Ethereum, Litecoin, And Ripple’s XRP Bounced?

Bitcoin has swung wildly this week, as many had expected it to, with it losing $1,000 per bitcoin a few days ago before suddenly shooting back up earlier today.

The bitcoin price is now at over $9,000 per bitcoin after dropping to lows of almost $7,000 on Thursday–and heading fast towards the psychological $10,000 mark, according to the latest prices from Luxembourg-based exchange Bitstamp.

Elsewhere, other major cryptocurrencies ethereum, litecoin, Ripple’s XRP, and bitcoin cash rallied between 7% and 23%, adding billions to the value of the combined cryptocurrency market.

Many bitcoin and cryptocurrency market analysts pointed to comments made by China’s president President Xi Jinping that the country should “seize the opportunity” of bitcoin’s blockchain technology as the reason behind bitcoin’s rally.

China banned bitcoin and cryptocurrency exchanges in 2017 and some took Xi’s blockchain comments as a sign the country could ease bitcoin and crypto restrictions.

Today In: Money

“We must take the blockchain as an important breakthrough for independent innovation of core technologies,” Xi reportedly said, speaking at the 18th collective study of the Political Bureau of the Central Committee in Beijing.

“[We must] clarify the main direction, increase investment, focus on a number of key core technologies, and accelerate the development of blockchain technology and industrial innovation.”

However, Xi’s comments, which referred only to blockchain technology and not to bitcoin and cryptocurrencies, might not have been the driver behind bitcoin’s recovery.

Following bitcoin’s sudden drop earlier this week, bitcoin and crypto investors feared the worst wasn’t over the for the market.

Facebook’s chief executive Mark Zuckerberg was savaged by U.S. senators over his plans for a bitcoin rival dubbed libra and crypto investors are fretting there could be a global crackdown on bitcoin and other digital tokens.

Elsewhere, technical data pointed to a so-called “death cross” for bitcoin, while the Fear & Greed Index slumped and a Twitter reading of investor temperature was poor.

This sentiment slump meant investors bet against the bitcoin price, predicting it would move lower.

When the bitcoin price recovered a couple of hundred dollars per bitcoin in just a few minutes, some $150 million worth of short positions on the Seychelles-based BitMEX crypto exchange were liquidated, according to bitcoin and cryptocurrency analytics provider Skew.

This triggered what’s known as a “short squeeze,” where an asset rapidly increases in value due to short sellers trying to cover their positions, resulting in buying volume that drives the price up.

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I am a journalist with significant experience covering technology, finance, economics, and business around the world. As the founding editor of Verdict.co.uk I reported on how technology is changing business, political trends, and the latest culture and lifestyle. I have covered the rise of bitcoin and cryptocurrency since 2012 and have charted its emergence as a niche technology into the greatest threat to the established financial system the world has ever seen and the most important new technology since the internet itself. I have worked and written for CityAM, the Financial Times, and the New Statesman, amongst others. Follow me on Twitter @billybambrough or email me on billyATbillybambrough.com. Disclosure: I occasionally hold some small amount of bitcoin and other cryptocurrencies.

Source: Forget China—Is This The Real Reason Bitcoin, Ethereum, Litecoin, And Ripple’s XRP Bounced?

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