Category: Bitcoin Transaction/Fees

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Brazilian President Jair Bolsonaro Reveals He Doesn’t Know What Bitcoin Is

Jair M. Bolsonaro, the president of Brazil, has recently revealed in an interview with a well-known TV show host that he doesn’t know what bitcoin is, while speaking about his administration’s decision to shut down an ‘indigenous cryptocurrency’ project.

According to local news outlet Portal do Bitcoin, the TV show host has been participating in various cryptocurrency-related events recently, and was speaking to the country’s president about a cryptocurrency-related project barred by Brazil’s Minister of Human Rights, Family, and women, Damares Alves.

Bolsonaro, with a disapproving tone, stated:

She [Damares] discovered at the end of the transition last year that they were earmarking Funai for RS $40 million, and do you know why Ratinho? To teach indigenous people how to mess with bitcoin.

The “indigenous cryptocurrency” project Bolsonaro refers to was signed three days before the mandate of Michel Temer, Brazil’s former president, ended. It would see the country spend roughly $12 million to bring in an “alternative currency” for its indigenous communities, in a move that purportedly could “transform the reality of these people.”

As CryptoGlobe covered, however, the project saw the government sign a contract directly with the National Indian Foundation (Funai) and with the Universidade Federal Fluminense (UFF), instead of seeing organizations compete for it through a traditional bidding process.

At the time, officials claimed the UFF was chosen because of its “expertise” in similar projects. It’s worth noting, however, that Funai employees claimed the work that was set to be done was of “questionable technical relevance.”

Reacting to Bolsonaro’s disapproving tone, Ratinho asked the Brazilian president if he knew what bitcoin was. Bolsonaro replied he didn’t know but with help from the host managed to get a little more out:

It’s that virtual coin. I do not know how to operate that ‘train’ yet.

As Portal do Bitcoin reports, Bolsonaro’s son Carlos Bolsonaro appears to not yet properly understand cryptocurrencies. On the microblogging platform Twitter, he claimed the halted cryptocurrency project blocked “millions in bitcoin,” when in reality it blocked millions in fiat currency.

Featured image via Jair Bolsonaro’s YouTube channel.

Source: CryptoGlobe

Bitcoin Plunged Below $8,000–Did This Cause The Sudden Price Drop?

bitcoin, bitcoin price, image

Bitcoin, which has been swinging wildly over recent weeks, has crashed under $8,000—suddenly losing almost $1,000 per bitcoin in a matter of minutes last night.

The bitcoin price, down around 8% over the last 24 hour trading period, is still up around double where it began this year after a terrible 2018 that saw many of the world’s biggest cryptocurrencies including bitcoin lose around 80% of their value.

It’s been suggested the latest sudden bitcoin sell-off, which sent the wider cryptocurrency market sharply lower, was caused by a so-called bitcoin whale selling a large amount of bitcoin then buying it back after the market has dropped due to the influx of supply—potentially earning millions of dollars in the process.

Last night a large bitcoin holder moved some 25,000 bitcoin, worth more than $200 million, from an off-exchange wallet to the San Francisco-based Coinbase bitcoin and cryptocurrency exchange, as reported by a bitcoin and cryptocurrency whale tracking Twitter bot.

Shortly after that, 14,000 bitcoin, worth $112 million, was moved from Coinbase to another wallet, then a further 11,000 bitcoin, worth $88 million.

“If you do a little math and follow the timeline, it’s not hard to see that someone dumped 25,000 bitcoin for $215 million and bought it back shortly after for $200 million,” wrote Reddit user u/makoveli in a post to popular cryptocurrency forum r/cryptocurrency. “In doing so, they pocketed $15 million and walked away with the same amount of bitcoin as they started with.”

Bitcoin, despite being the most widely traded cryptocurrency with trading volume into the billions of dollars every day, still struggles with wild price swings due to large holders moving significant volumes of bitcoin.

bitcoin, bitcoin price, chart

The bitcoin price has risen and fallen sharply multiple times over recent weeks.

Following the sharp bitcoin price plunge, other major cryptocurrencies including ethereum, Ripple’s XRP, litecoin, EOS, and bitcoin cash all fell with EOS leading the field lower, down over 10% on yesterday’s price, according to CoinMarketCap data.

Bitcoin SV, a variant of bitcoin cash, itself a fork of bitcoin, was the only top 10 cryptocurrency largely unaffected by the sudden sell-off—something that will likely further speculation the controversial token suffers from low liquidity and high price manipulation.

You can follow me on Twitter @billybambrough and read my other Forbes posts here

Disclosure: I occasionally hold some small amount of bitcoin and other cryptocurrencies

I am a journalist with significant experience covering technology, finance, economics, and business around the world.

Source: Bitcoin Plunged Below $8,000–Did This Cause The Sudden Price Drop?

Tim Draper Believes Bitcoin Will Grab 5% of the Earth’s Market Share

While Elon Musk and Jeff Bezos are focused on Mars, billionaire venture capitalist Tim Draper has his feet firmly planted on the ground. Draper might appear to have his head stuck in the clouds with a lofty $250,000 bitcoin price prediction. But from what he tells Fox Business, the early bitcoin investor isn’t stargazing:

“I’m a believer that in four years, something like that, bitcoin will be about a 5% market share of the earth.”

Draper’s Bitcoin War Chest is a Cool $189 Million

He pointed to bitcoin’s best features such as decentralization, transparency, and simply being a better currency than fiat. Draper was an early bitcoin investor, having purchased 30,000 BTC when the price was hovering at $632 per coin. He points out that the investment is worth 10x that amount today, and he’s got no doubt that it’s going much higher.

Draper envisions a future in which bitcoin further disrupts the venture capital business model.

“I eventually want to have a fund where I take in bitcoin and I fund everybody in bitcoin and they pay their employees and suppliers in bitcoin. And then I pay my investors in bitcoin. Because I would then require no acounting, no legal, no bookeeeping, no custody. It would all be done.”

Considering that transactions would be recorded on the blockchain, all relevant participants would be able to see everything. Tim is a big fan of bitcoin but he keeps an open mind about other cryptocurrencies, too. Though he does expect that the number of coins will be whittled down to only the best projects.

Tim Draper has a $250,000 price target on bitcoin. | Source: CoinMarketCap

Tim Draper on Facebook

Everyone knows Facebook is pursuing a $1 billion fund for its new stablecoin, and Draper has been linked to discussions with the company about the initiative. Incidentally, the gloves came off on one of Facebook’s founding members earlier this week, with Chris Hughes calling for the breakup of Mark Zuckerberg’s company. Draper isn’t buying into it.

“If the shareholders will benefit somehow by a breakup, then sure go ahead and do it. But the idea that he has all this centralized power…I think he’s just building a business and it’s a great business. And there are plenty of competitors to him out there. And I’m very pleased that he’s done so well.”

If his tone is any indication, perhaps we will be hearing about a VC investment into Zuckerberg’s new blockchain project.

Meanwhile, the bitcoin price is currently hovering at $6,379. It’s a far cry from Tim Draper’s $250,000 target but if he’s right and it captures 5% of the earth’s market share, the moon will seem a lot closer than it does today.

Source: Tim Draper Believes Bitcoin Will Grab 5% of the Earth’s Market Share

Crazy Crowdfund Scammer Pitched a Backpack, Stole $800,000 to Buy Bitcoin

iBackPack, Bitcoin

A prolific crowdfunder is being sued by the FTC after duping investors to use their money for himself. | Source: Kickstarter

Douglas Monahan promised consumers a ‘high-tech’ backpack known as the iBackPack, but failed to deliver the product after raising over $800,000. After allegedly scamming Indiegogo users of $720,000, Monahan staged three more crowdfund campaigns to take his total bounty to $0.8 million.

IBACKPACK ‘CREATOR’ SHUT DOWN BY FEDERAL TRADE COMMISSION

The investigation against Monahan was inadvertently revealed last year when an FTC agent’s private email exchange was made public. On May 6th, the FTC took action and levelled a Complaint for Permanent Injunction and Other Equitable Relief against the Texas man.

According to the FTC, rather than use $800,000 to create the iBackPack, Monahan used the funds for ‘personal purposes’ – among them, buying Bitcoin. From the complaint filed in the Southern District of Texas, May 6th:

“Defendants have used a large share of contributions for Defendant Monahan’ s own personal purposes, such as making bitcoin purchases and ATM withdrawals and paying off personal credit cards; for marketing efforts to raise additional funds from consumers; and for other business ventures.”

Monahan’s victims also claim that their personal data was sold, owing to the unexpected marketing communications they all received soon afterwards. This is only the second time in history that the FTC has gone after a crowdfunder. In 2015, Erik Chevalier raised $120,000 for a board game, and then sold off contributors’ personal data after failing to deliver the product.

CROWDFUND HOPPING: INDIEGOGO TO KICKSTARTER AND BACK AGAIN

After failing to produce anything from the $720,000 he raised on Indiegogo, Monahan jumped over to Kickstarter and started marketing the iBackPack 2.0. From this campaign, he raised a further $76,000, all while his original backers were still awaiting their products.

He then launched another two campaigns back on Indiegogo and siphoned a further $11,000 from gullible investors.

The Indiegogo page for the iBackPack still exists, and has been inundated with nearly 4,000 comments from disgruntled patrons. One recent comment notes:

“I love that the FTC is suing you, and I hope they make Indiegogo just as guilty for letting this continue without protecting their customers.”

GULLIBLE VICTIMS? A PARALLEL BETWEEN BITCOIN AND CROWDFUND INVESTING?

Not a week goes by where the Bitcoin isn’t lambasted by critics in one way or another. This week it was Warren Buffet who dismissed Bitcoin as nothing more than a gambling device.

Cryptocurrency adherents are often characterized as gullible victims of an obvious bubble, but if $800,000 is being thrown away on the ‘iBackPack’ then we clearly have other problems to worry about. The ‘high-tech’ iBackPack appears to be nothing more than a bag with a charger and some USB ports inside it.

The parallels between Kickstarter promises and ICO pitches are obvious here. Just like with ICOs, crowdfunders do not have to guarantee that their project will even materialize. As Andrew Smith, Director of the FTC’s Bureau of Consumer Protection, said:

“If you raise money by crowdfunding, you don’t have to guarantee that your idea will work. But you do have to use the money to work on your idea—or expect to hear from the FTC.”

 

Source: Crazy Crowdfund Scammer Pitched a Backpack, Stole $800,000 to Buy Bitcoin

Bitcoin Could Plunge to $3,000 Even if it Surges Above $4,200

Bitcoin Could Plunge to $3,000 Even if it Surges Above $4,200: According to one cryptocurrency trader, even if bitcoin hits the $4,200 resistance level, which has been widely considered as a key level for the dominant cryptocurrency to break out of, it is vulnerable to a drop to the low $3,000

https://www.pivot.one/share/post/5c9e1327ad59e75b4127d719?uid=5bd49f297d5fe7538e6111b6&invite_code=JTOJYV

Bitcoin Trading Volume in Venezuela Explodes to All-time High

In the last week, the amount of Bitcoin traded by Venezuelans via the LocalBitcoins peer-to-peer platform exploded by 30%, to reach an all-time high. The trading by residents of the financially troubled country, whose native Bolivar has been devalued by long-term hyper-inflation, amounted to the equivalent of $8.9m over the seven days up to February 8th. The news comes in the wake of the weekend announcement of new restrictions on the trading of cryptocurrencies for residents of Venezuela by its government, with the South American country’s authorities………….

Source: CryptoGlobe

Twitter CEO believes internet will have its native currency, possibly Bitcoin

In an interview with Joe Rogan, Twitter’s CEO, Jack Dorsey answers the question on whether or not he will create his own cryptocurrency. He said that he has no plans for that at the moment, however, he expressed his personal view towards cryptocurrency and the internet. Dorsey believes that the internet will have its native currency one day, although he doesn’t know what that would be………

Source: Twitter CEO believes internet will have its native currency, possibly Bitcoin

‘Resilient’ Bitcoin Price Will Rally to $25,000 [Eventually]: Tom Lee – CCN

The past 12 months haven’t been easy for any bitcoin bull, but perhaps no cryptocurrency proponent has had a worse time than Tom Lee, the Wall Street strategist who predicted that the bitcoin price would hit $25,000 by the end of 2018 and must now reckon with the result of that forecast every time he goes back on television. Tom Lee Sticks by Bitcoin Price Forecast But Drops Timeline……….

Source: ‘Resilient’ Bitcoin Price Will Rally to $25,000 [Eventually]: Tom Lee – CCN

The Bitcoin Sell-Off Is Back, With Ethereum And Ripple’s XRP Bleeding Hard–Here’s Why

Bitcoin has taken a turn for the worse this week, falling sharply as the cryptocurrency sell-off that had gripped market for months the resumes in force—putting to bed hopes that the worst of the so-called crypto winter bear market is over. The bitcoin price has lost some 6% since the weekend, with ethereum down by 11% and ripple, a common name for the XRP digital token, off by 10% over the same period, according to the latest prices on CoinMarketCap, which tracks most major cryptocurrencies.

Source: The Bitcoin Sell-Off Is Back, With Ethereum And Ripple’s XRP Bleeding Hard–Here’s Why